Convertible notes payable consisted of the following: | | | February 28,
2026 | | | February 28,
2025 | | | (amounts in thousands) | | | | | | | | (a) Convertible notes payable 1 – past due | | $ | 1,403 | | | $ | 1,403 | | | (b) Convertible notes payable 2 – past due | | | 90 | | | | 110 | | | Net | | $ | 1,493 | | | $ | 1,513 | | | (a) | In Fiscal 2013 and 2014, the Company issued nine convertible notes payable in the aggregate of $4,000. The notes are unsecured, bear interest at 5% per annum, and are convertible into shares of common stock at a conversion price of $1.40 per share, as adjusted. The notes were originally due in 2014 to 2017 and were all amended in 2017 to change the maturity to April 8, 2022. As of February 28, 2026 and 2025, the outstanding balance of the convertible notes payable amounted to $1,403 and are past due. | | (b) | In Fiscal 2024 the Company issued convertible notes payable to unrelated individuals and entities totaling $110 in exchange for cash. The notes are unsecured, bear interest at rate of 10% per annum, and matured in March 2024. The notes payable are convertible into shares of common stock at a conversion price of $0.20 per share. As of February 28, 2026 and 2025, the outstanding balance of the convertible notes payable amounted to $90 and $110, respectively, and are past due. |
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