Cover
Cover - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Jul. 22, 2020 | Aug. 31, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | Artificial Intelligence Technology Solutions Inc. | ||
Entity Central Index Key | 0001498148 | ||
Document Type | 10-K/A | ||
Title of 12(g) Security | Common stock, $0.00001 par value | ||
Trading Symbol | AITX | ||
Entity Incorporation, State or Country Code | NV | ||
Entity File Number | 000-55079 | ||
Document Period End Date | Feb. 29, 2020 | ||
Amendment Flag | true | ||
Amendment Description | EXPLANATORY NOTE: The purpose of this Amendment No. 1 to the Registrants Annual Report on Form 10-K for the year ended February 29, 2020 (Form 10-K) is to submit Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the Interactive Data Files from the Registrants Form 10-K for the year ended February 29, 2020, filed with the Securities and Exchange Commission on July 28, 2020. Additionally, we corrected two typographical errors as follows: 1. On the cover page, under the heading Title of each class the Common stock par value has been corrected from $0.001 to $0.00001. 2. On page F-1, in the table, the column heading label Balance February 29, 2019 has been corrected to Balance February 29, 2020. | ||
Current Fiscal Year End Date | --02-29 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Reporting Status Current | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 409 | ||
Entity Common Stock, Shares Outstanding | 195,549,343 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Current assets: | ||
Cash | $ 13,307 | $ 21,192 |
Accounts receivable | 50,117 | 39,964 |
Device parts inventory | 24,789 | 273,496 |
Prepaid expenses and deposit | 18,778 | |
Vehicles for disposal | 13,251 | |
Total current assets | 88,213 | 366,681 |
Revenue earning devices, net of accumulated depreciation of $123,088 and $42,784 respectively | 239,171 | 187,174 |
Fixed assets, net of accumulated depreciation of $51,637 and $29,701, respectively | 16,258 | 37,194 |
Total assets | 343,642 | 591,049 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,144,660 | 1,486,488 |
Advances payable | 1,597 | 12,637 |
Balance owed WeSecure | 162,500 | 25,000 |
Customer deposits | 10,000 | 10,000 |
Current portion of deferred variable payment obligation | 30,534 | 2,108 |
Current portion of convertible notes payable, net of discount of $120,602 and $718,015, respectively | 6,613,625 | 5,484,446 |
Loan payable - related party | 1,310,358 | 782,844 |
Current portion of loans payable | 696,154 | 321,946 |
Vehicle loan - current portion | 38,522 | 57,287 |
Current portion of accrued interest payable | 2,778,583 | 1,390,706 |
Derivative liability | 6,890,688 | 6,170,139 |
Total current liabilities | 19,677,221 | 15,743,601 |
Convertible notes payable, net of discount of $30,486 and $302,105 respectively | 69,515 | 262,895 |
Loans payable | 140,535 | |
Deferred variable payment obligation | 1,559,000 | 190,392 |
Accrued interest payable | 144,311 | 85,344 |
Customer deposits | ||
Total liabilities | 21,450,047 | 16,422,767 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred Stock, undesignated; 15,645,650 shares authorized; no shares issued and outstanding at May 31, 2018 and February 28, 2018, respectively | ||
Series E Preferred Stock, $0.001 par value; 4,350,000 shares authorized; 4,350,000 and 4,350,000 shares issued and outstanding ,respectively | 4,350 | 4,350 |
Series F Convertible Preferred Stock, $1.00 par value; 4,350 shares authorized; 3,450 and 3,450 shares issued and outstanding, respectively | 3,450 | 3,450 |
Common Stock, $0.00001 par value; 5.000,000,000 shares authorized 418,415 and 20,026 shares issued and outstanding, respectively | 4 | |
Additional paid-in capital | 4,334,564 | 3,395,606 |
Preferred stock to be issued | 174,070 | 174,070 |
Accumulated deficit | (25,622,843) | (19,409,194) |
Total stockholders' deficit | (21,106,405) | (15,831,718) |
Total liabilities and stockholders' deficit | $ 343,642 | $ 591,049 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation, Revenue earning devices | $ 123,088 | $ 42,784 |
Accumulated depreciation of fixed assets | 51,637 | 29,701 |
Discount of current portion of convertible notes payable | 120,602 | 718,015 |
Discount of convertible notes payable | $ 30,486 | $ 302,105 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 15,645,650 | 15,645,650 |
Preferred stock, issued | ||
Preferred stock, outstanding | ||
Series E Preferred Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Series E Preferred Stock, authorized | 4,350,000 | 4,350,000 |
Series E Preferred Stock, issued | 4,350,000 | 4,350,000 |
Series E Preferred Stock, outstanding | 4,350,000 | 4,350,000 |
Series F Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 |
Series F Preferred Stock, authorized | 4,350 | 4,350 |
Series F Preferred Stock, issued | 3,450 | 3,450 |
Series F Preferred Stock, outstanding | 3,450 | 3,450 |
Common stock, par value (in dollars per shares) | $ 0.00001 | $ 0.00001 |
Common stock, authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, issued | 418,415 | 20,026 |
Common stock, outstanding | 418,415 | 20,026 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 260,768 | $ 114,671 |
Cost of Goods Sold | 83,760 | 4,522 |
Gross Profit | 177,008 | 110,149 |
Operating expenses: | ||
Research and development | 332,520 | 540,971 |
General and administrative | 1,536,568 | 2,795,790 |
Depreciation and amortization | 102,241 | 114,612 |
Loss (gain) on (disposal) impairment of fixed assets | (11,515) | 73,172 |
Total operating expenses | 1,959,814 | 3,524,545 |
Loss from operations | (1,782,806) | (3,414,396) |
Other income (expense), net: | ||
Change in fair value of derivative liabilities | (1,127,119) | 26,039,039 |
Interest expense | (3,465,098) | (6,747,025) |
Gain (loss) on settlement of debt | 161,374 | 217,217 |
Total other income (expense), net | (4,430,843) | 19,509,231 |
Net income (loss) | $ (6,213,649) | $ 16,094,835 |
Net income ( loss) per share - basic (in dollars per share) | $ (21.06) | $ 5,804.57 |
Net income (loss) per share - diluted (in dollars per share) | $ (31.46) | $ (46.82) |
Weighted average common share outstanding - basic (in shares) | 197,539 | 2,773 |
Weighted average common share outstanding - diluted (in shares) | 197,539 | 195,618 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($) | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at beginning at Feb. 28, 2018 | $ 4,350 | $ 3,450 | $ 1,233,312 | $ (35,504,029) | $ (34,262,917) | |
Balance at beginning (in shares) at Feb. 28, 2018 | 4,350,000 | 3,450 | 125 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Preferred stock payable | $ 174,070 | 174,070 | ||||
Adjustment to derivative liability | 1,215,588 | 1,215,588 | ||||
Common stock issued for debt conversion | $ 851,687 | $ 851,687 | ||||
Common stock issued for debt conversion (in shares) | 19,901 | |||||
Common Stock adjustment for reverse split | 82,052 | 82,052 | ||||
Stock based compensation | $ 12,967 | $ 12,967 | ||||
Net income (loss) | 16,094,835 | 16,094,835 | ||||
Balance at end at Feb. 28, 2019 | $ 4,350 | $ 177,520 | 3,395,606 | (19,409,194) | (15,831,718) | |
Balance at end (in shares) at Feb. 28, 2019 | 4,350,000 | 3,450 | 20,026 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Adjustment to derivative liability | 440,294 | 440,294 | ||||
Common stock issued for debt conversion | $ 4 | 498,664 | 498,668 | |||
Common stock issued for debt conversion (in shares) | 395,443 | |||||
Common Stock adjustment for reverse split | ||||||
Common Stock adjustment for reverse split (in shares) | 2,946 | |||||
Net income (loss) | (6,213,649) | (6,213,649) | ||||
Balance at end at Feb. 29, 2020 | $ 4,350 | $ 177,520 | $ 4 | $ 4,334,564 | $ (25,622,843) | $ (21,106,405) |
Balance at end (in shares) at Feb. 29, 2020 | 4,350,000 | 3,450 | 418,415 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (6,213,649) | $ 16,094,835 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 102,241 | 114,612 |
Provision for note receivable | ||
Provision for note receivable | 40,000 | |
Loss (gain) on (disposal) impairment of fixed assets | (11,515) | 73,172 |
Stock based compensation | 0 | 12,967 |
Provision for inventory | 54,702 | |
Change in fair value of derivative liabilities | 1,127,119 | (26,039,039) |
Interest expense related to penalties from debt defaults | 314,347 | 352,493 |
Interest expense related to derivative liability in excess of face value of debt | 198,492 | 1,017,250 |
Amortization of debt discounts | 874,187 | 4,641,181 |
(Gain) loss on settlement of debt | (159,370) | (217,217) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (10,153) | (11,964) |
Prepaid expenses | 18,778 | 64,325 |
Device parts inventory | (6,875) | 42,617 |
Accounts payable and accrued expenses | 157,165 | 1,219,703 |
Balance owed WeSecure | (17,500) | |
Customer discounts | ||
Current portion of deferred variable payment obligation | 30,534 | |
Accrued interest payable | 1,795,514 | 790,804 |
Advances payable | (11,040) | |
Net cash used in operating activities | (1,757,023) | (1,804,261) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (26,825) | (232,858) |
Proceeds of disposal of fixed assets | 9,500 | |
Cash paid for security deposit | 30,141 | |
Net cash used in investing activities | (17,325) | (202,717) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from convertible notes payable, net | 25,000 | 1,227,608 |
Principal repayments on convertible notes payable | (187,000) | |
Proceeds from deferred variable payment obligation | 1,366,500 | 192,500 |
Proceeds from loans payable | 768,563 | 539,575 |
Repayment of loans payable | (534,890) | (156,500) |
Net borrowings on loan payable - related party | 141,290 | 218,890 |
Repayment of vehicle loan | (5,746) | |
Proceeds from sale of preferred shares | 174,070 | |
Net cash provided by financing activities | 1,766,463 | 2,003,397 |
Net change in cash | (7,885) | (3,581) |
Cash, beginning of period | 21,192 | 24,773 |
Cash, end of period | 13,307 | 21,192 |
Supplemental disclosure of cash and non-cash transactions: | ||
Cash paid for interest | 40,815 | 3,213 |
Cash paid for income taxes | ||
Noncash investing and financing activities: | ||
Inventory converted to revenue earning devices | 106,256 | |
Transfer from accounts payable to loan payable related party | 247,812 | |
Debt discount from derivative liabilities | 914,010 | |
Conversion of convertible notes and interest to shares of common stock | 498,664 | 851,687 |
Release of derivative liability on conversion of convertible notes payable | 440,294 | 1,215,588 |
Settlement and exchange of convertible notes payable | 670,286 | |
Reclassification of fixed assets to vehicle for disposal | 13,251 | |
Proceeds of disposal offset against vehicle loan | 13,251 | 21,907 |
Capitalization of accrued interest to convertible notes payable and loans payable | $ 160,282 | $ 67,272 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Feb. 29, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL INFORMATION | 1. GENERAL INFORMATION Artificial Intelligence Technology Solutions Inc. (formerly known as On the Move Systems Corp.) (“AITX” or the “Company”) was incorporated in Florida on March 25, 2010 and reincorporated in Nevada on February 17, 2015. On August 24, 2018, Artificial Intelligence Technology Solutions Inc., changed its name from On the Move Systems Corp (“OMVS”). Robotic Assistance Devices, LLC (“RAD”), was incorporated in the State of Nevada on July 26, 2016 as a LLC. On July 25, 2017, Robotic Assistance Devices LLC converted to a C Corporation, Robotic Assistance Devices, Inc. through the issuance of 10,000 common shares to its sole shareholder. On August 28, 2017, AITX completed the acquisition of RAD (the “Acquisition”), whereby AITX acquired all the ownership and equity interest in RAD for 3,350,000 shares of AITX Series E Preferred Stock and 2,450 shares of Series F Convertible Preferred Stock. AITX’s prior business focus was transportation services, and AITX was exploring the on-demand logistics market by developing a network of logistics partnerships. As a result of the closing of the Acquisition, AITX has succeeded to the business of RAD, in which AITX purchased all of the outstanding shares of capital stock of RAD. As a result, AITX’s business going forward will consist of one segment activity which is the delivery of artificial intelligence and robotic solutions for operational, security and monitoring needs. The Acquisition was treated as a reverse recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of AITX’s operations were disposed of as part of the consummation of the transaction. Therefore, no goodwill or other intangible assets were recorded by AITX as a result of the Acquisition. RAD is treated as the accounting acquirer as its stockholders control the Company after the Acquisition, even though AITX was the legal acquirer. As a result, the assets and liabilities and the historical operations that are reflected in these financial statements are those of RAD as if RAD had always been the reporting company. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Feb. 29, 2020 | |
Going Concern | |
GOING CONCERN | 2. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern. For the year ended February 29, 2020, the Company had negative cash flow from operating activities of $1,757,023. As of February 29, 2020 the Company has an accumulated deficit of $25,622,843 and negative working capital of $19,589,088. Management does not anticipate having positive cash flow from operations in the near future. These factors raise a substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these financial statements. The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. The Company is in default on many of its loans and obligations. Without additional capital, the Company will not be able to remain in business. Management has plans to address the Company’s financial situation as follows: In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raises substantial doubts about the Company’s ability to continue as a going concern. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Feb. 29, 2020 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 3. ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the instructions on Form 10-K of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The audited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Robotic Assistance Devices, Inc., On the Move Experience, LLC and OMV Transports, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates In order to prepare financial statements in conformity with accounting principals generally accepted in the United States, management must make estimates , judgements and assumptions that affect the amounts reported in the financial statements and determine whether contingent assets and liabilities, if any , are disclosed in the financial statements. The ultimate resolution of issues requiring these estimates and assumptions could differ significantly from resolution currently anticipated by management and on which the financial statements are based. The most significant estimates included in these consolidated financial statements are those associated with the assumptions used to value derivative liabilities. Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market instruments. The Company places its cash and cash equivalents with high-quality, U.S. financial institutions and, to date has not experienced losses on any of its balances. Accounts Receivable Accounts receivable are comprised of balances due from customers, net of estimated allowances for uncollectible accounts. In determining collectability, historical trends are evaluated, and specific customer issues are reviewed on a periodic basis to arrive at appropriate allowances. There were no allowances provided for the years ended February 29, 2020 and February 28, 2019. Device Parts Inventory Device parts inventory is stated at the lower of cost or net realizable value using the weighted average cost method. The Company records a valuation reserve for obsolete and slow-moving inventory, relying principally on specific identification of such inventory. The Company uses these device parts in the assembly of revenue earning devices (and demo devices) as well as research and development. Depending on use, the Company will transfer the parts to the corresponding asset or expense if used in research and development. A charge to income is taken when factors that would result in a need for an increase in the valuation, such as excess or obsolete inventory, are noted. At February 29, 2020 we had a valuation reserve of $160,000. Revenue Earning Devices Revenue earning devices are stated at cost. Depreciation is provided on a straight-line basis over the estimated useful life of 48 months. The Company continually evaluates revenue earning devices to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or whether the devices should be evaluated for possible impairment. The Company uses a combination of the undiscounted cash flows and market approaches in assessing whether an asset has been impaired. The Company measures impairment losses based upon the amount by which the carrying amount of the asset exceeds the fair value. Fixed Assets Fixed assets are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from three to five years. Major repairs or improvements are capitalized. Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. Computer equipment 3 years Office equipment 4 years Vehicles 3 years Leasehold improvements 5 years, the life of the lease The Company periodically evaluates the fair value of fixed assets whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. Upon retirement or other disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is recognized in income. Research and Development Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development Contingencies Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. Sales of Future Revenues The Company has entered into transactions, as more fully described in footnote 10, in which it has received funding from investors in exchange for which it will make payments to those investors based on the level of sales of certain revenue categories, generally based on a percentage of sales for those certain revenues. The Company determines whether these agreements constitute sales of future revenues or are in substance debt based on the facts and circumstances of each agreement, with the following primary criteria determinative of whether the agreement constitutes a sale of future revenues or debt: ● Does the agreement purport, in substance, to be a sale ● Does the Company have continuing involvement in the generation of cash flows due the investor ● Is the transaction cancellable by either party through payment of a lump sum or other transfer of assets ● Is the investors rate of return implicitly limited by the terms of the agreement ● Does the Company ’ ’ ● Does the investor have recourse relating to payments due In the event a transaction is determined to be a sale of future revenues, it is recorded as deferred revenue and amortized using the sum-of-the-revenue method. In the event a transaction is determined to be debt, it is recorded as debt and amortized using the effective interest method. As of the date of these financial statements, the Company has determined that all such agreements are debt. Revenue Recognition ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” Revenue Recognition (Topic 605) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized when items of income and expense are recognized in the financial statements in different periods than when recognized in the tax return. Deferred tax assets arise when expenses are recognized in the financial statements before the tax returns or when income items are recognized in the tax return prior to the financial statements. Deferred tax assets also arise when operating losses or tax credits are available to offset tax payments due in future years. Deferred tax liabilities arise when income items are recognized in the financial statements before the tax returns or when expenses are recognized in the tax return prior to the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. ASC 740, Accounting for Income Taxes requires companies to recognize the effects of changes in tax laws and rates on deferred tax assets and liabilities and the retroactive effects of changes in tax laws in the period in which the new legislation is enacted. The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21%. A corresponding offset has been made to the valuation allowance, and any potential other taxes arising due to the Tax Act will result in reductions to the Company’s net operating loss carryforward and valuation allowance. The Company will continue to analyze the Tax Act to assess its full effects on the Company’s financial results, including disclosures, for the Company’s fiscal year ending February 29, 2020, but the Company does not expect the Tax Act to have a material impact on the Company’s consolidated financial statements. Leases We adopted ASU No. 2016—02— Leases (topic 842) In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. The standard did not materially impact our consolidated net loss, accumulated deficit, and had no impact on cash flows. Lease agreements are evaluated to determine if they are sales/finance leases meeting any of the following criteria at inception: (a) transfer of ownership of the underlying asset; (b) purchase option that is reasonably certain of being exercised; (c) the lease term is greater than a major part of the remaining estimated economic life of the underlying asset; or (d) if the present value of the sum of lease payments and any residual value guaranteed by the lessee that has not already been included in lease payments in accordance with ASC 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset. If at its inception, a lease meets any of the four lease criteria above, the lease is classified by the Company as a sales/finance; and if none of the four criteria are met, the lease is classified by the Company as an operating lease. Operating lease payments are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. Distinguishing Liabilities from Equity The Company relies on the guidance provided by ASC Topic 480, Distinguishing Liabilities from Equity Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the balance sheet (“temporary equity”). The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity. Initial Measurement The Company records its financial instruments classified as liability, temporary equity or permanent equity at issuance at the fair value, or cash received. Subsequent Measurement – Financial Instruments Classified as Liabilities The Company records the fair value of its financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of its financial instruments classified as liabilities are recorded as other income (expenses). Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements and Disclosures ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are described as follows: ● Level 1 – ● Level 2 – ● Level 3 – Measured on a Recurring Basis The following table presents information about our liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: Fair Value Measurement Using Amount at Level 1 Level 2 Level 3 February 29, 2020 Liabilities Derivative liability – conversion features pursuant to convertible notes payable $ 6,890,688 $ — $ — $ 6,890,688 February 28, 2019 Liabilities Derivative liability – conversion features pursuant to convertible notes payable $ 6,170,139 $ — $ — $ 6,170,139 See Note 12 for specific inputs used in determining fair value. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and advances, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise of stock options and/or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. Basic loss per common share is computed based on the weighted average number of shares outstanding during the period. Diluted loss per share is computed in a manner similar to the basic loss per share, except the weighted-average number of shares outstanding is increased to include all common shares, including those with the potential to be issued by virtue of convertible debt and other such convertible instruments. Diluted loss per share contemplates a complete conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share. Recently Issued Accounting Pronouncements In September 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Feb. 29, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 4. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue is earned primarily from two sources: 1) direct sales of goods or services and 2) short-term rentals. Direct sales of goods or services are accounted for under Topic 606, and short-term rentals are accounted for under Topic 842which was adopted. On March 1, 2019. As disclosed in the revenue recognition section of Note 4 – Accounting Polices, the Company adopted Topic 606 in accordance with the effective date on March 1, 2018. Note 4 includes disclosures regarding the Company’s method of adoption and the impact on the Company’s financial statements. Revenue is recognized on direct sales of goods or services when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. Upon adoption of Topic 842, also referred to above in Note 4, the Company accounts for revenue earned from rental activities where an identified asset is transferred to the customer and the customer has the ability to control that asset. The Company recognizes revenue from its rental operations on a straight line basis over the term for each individual robotic device, as the Company has determined that to date, its leases for these devices are classified as operating leases. The following table presents revenues from contracts with customers disaggregated by product/service: Year Ended Year Ended Device rental activities $ 234,956 $ 114,261 Direct sales of goods and services 25,812 410 $ 260,768 $ 114,671 |
REVENUE EARNING ROBOTS
REVENUE EARNING ROBOTS | 12 Months Ended |
Feb. 29, 2020 | |
Revenue Earning Devices | |
REVENUE EARNING ROBOTS | 5. REVENUE EARNING ROBOTS Revenue earning robots consisted of the following: February 29, 2020 February 28, 2019 Revenue earning devices $ 362,259 $ 229,958 Less: Accumulated depreciation (123,088 ) (42,784 ) $ 239,171 $ 187,174 During the year ended February 29, 2020, the Company made total additions to revenue earning devices of $132,301 including $106,476 in inventory transfers. The company disposed of a revenue earning device having a net book value of $3,500 for $9,500 and recorded a gain on disposal of $6,000. During the year ended February 28, 2019, the Company made total additions to revenue earning devices of $229,958. Depreciation expense for these devices was $80,305 and $22,107 for the years ended February 29, 2020 and February 28, 2019. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Feb. 29, 2020 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | 6. FIXED ASSETS Fixed assets consisted of the following: February 29, 2020 February 28, 2019 Automobile $ 41,953 $ 40,953 Computer equipment 20,262 20,262 Office equipment 5,680 5,680 67,895 66,895 Less: Accumulated depreciation (51,637 ) (29,701 ) $ 16,258 $ 37,194 During the year ended February 29, 2020, the Company made additions to fixed assets of $1,000. During the year ended February 28, 2019, the Company made additions to fixed assets of $2,900 and wrote-off fixed assets having a net book value of $25,938 and recorded a corresponding loss on impairment of fixed assets. The company transferred automobiles having a net book value of $38,405 to vehicles for disposal since they will be given back to the lender in the future. Depreciation expense was $21,936 and $58,177 for the years ended February 29, 2020 and February 28, 2019, respectively. |
DEFERRED VARIABLE PAYMENT OBLIG
DEFERRED VARIABLE PAYMENT OBLIGATION | 12 Months Ended |
Feb. 29, 2020 | |
Deferred Variable Payment Obligation | |
DEFERRED VARIABLE PAYMENT OBLIGATION | 7. DEFERRED VARIABLE PAYMENT OBLIGATION On February 1, 2019 the Company entered into an agreement with an investor whereby the investor would pay up to $900,000 (including $192,500 paid in January and February 2019) in exchange for a perpetual 9% rate payment (Payments) on the Company’s reported quarterly revenue from operations excluding any gains or losses from financial instruments (Revenues). If the total investor advances turns out to be less than $900,000, this would not constitute a breach of the agreement, rather the 9% rate would be adjusted on a pro-rata basis. The investor has agreed to pay the remaining balance in minimum $60,000 monthly installments, concluding November 30, 2019. At February 29, 2020 the investor has advanced the full $900,000. On May 9, 2019 the Company entered into two similar arrangements with two investors: (1) The investor would pay up to $400,000 in exchange for a perpetual 4% rate Payment on the Company’s reported quarterly Revenues. If the total investor advances turns out to be less than $400,000, this would not constitute a breach of the agreement, rather the 4% rate would be adjusted on a pro-rata basis. The investor has agreed to pay the remaining balance in four monthly installments of $64,111 starting July 1, 2019. At February 29, 2020, $400,000 has been paid to the Company. (2) The investor would pay up to $50,000 in exchange for a perpetual 1.11% rate Payment on the Company’s reported quarterly Revenues. If the total investor advances turns out to be less than $50,000, this would not constitute a breach of the agreement, rather the 1.11% rate would be adjusted on a pro-rata basis. The investor has agreed to pay the remaining balance in four monthly installments of $8,014 starting July 1, 2019. At February 29, 2020, $50,000 has been paid to the Company. These variable payments (Payments) are to be made 30 days after the end of each fiscal quarter. If the Payments would deplete RAD’s available cash by more than 30%, the Payments may be deferred for up to 12 months after the quarterly report at an interest rate of 6% per annum on the unpaid amount. In the event that at least 10% of the assets of the Company are sold by the Company, the investors would be entitled to the fair market value (FMV) of all future Payments associated with the assets sold as determined by an independent valuator to be chosen by the investors. The FMV cannot exceed 30% of the total asset disposition price defined as the total price paid for the assets plus all future Payments associated with the assets sold. In the event that the common or preferred shares are sold by the Company to a third party as to effect a change in control, then the investors must be paid the FMV of all future Payments in one lump payment. The FMV cannot exceed 30% of the share disposition price defined as the total price the third party paid for the shares plus the total value of all future Payments. On November 18, 2019 the Company entered into another similar arrangement with the (February 1, 2019) investor above whereby the investor would advance up to $225,000 in exchange for a perpetual 2.25% rate Payment on the Company’s quarterly Revenues (commencing on quarter ending May 31, 2020). At February 29, 2020 the investor has advanced $109,000 and the investor advanced the $116,000 remainder as of May 2020. On December 30 , 2019 the Company entered into another similar arrangement with a new investor whereby the investor would advance up to $100,000 in exchange for a perpetual 1.00% rate Payment on the Company’s quarterly Revenues (commencing quarter ended November 30, 2020). At February 29, 2020 the investor has advanced $50,000 with the remainder to be advanced no later than June 30, 2020. If the total investor advances turns out to be less than $100,000, this would not constitute a breach of the agreement, rather the 1.00% rate would be adjusted on a pro-rata basis. On April 22 , 2020 the Company entered into another similar arrangement with the (first May 9, 2019) investor above whereby the investor would advance up to $100,000 in exchange for a perpetual 1.00% rate Payment on the Company’s quarterly Revenues. At February 29, 2020 the investor has advanced $50,000 with the remainder advanced on April 28, 2020. The Company retains total involvement in the generation of cash flows from these revenue streams that form the basis of the payments to be made to the investors under this agreement. Because of this, the Company has determined that the agreements constitute debt agreements. As of February 29, 2020, the Company has not yet completed its assessment of the likely cash flows under these agreements, and thus, has not yet determined the effective interest rate under these agreements. The Company expects to have completed its analysis of the expected cash flows prior to the filing of the year end February 28, 2021 filing. As of February 29, 2020, and February 28, 2019, the balances under these agreements were $1,559,000 and $192,500, (including $2,108 current portion, described below) respectively. For the year ended February 29, 2020, $1,366,500 has been paid to the Company bringing the balance to $1,559,000 at February 29, 2020. The Payments will first become payable on June 30, 2019 (unless otherwise indicated) based on the quarterly Revenues for the quarter ended May 31, 2019 and will accrue every quarter thereafter. As of February 29, 2020, the Company has accrued approximately $30,534 in Payments (February 28, 2019 -$2,108). No amounts have been recorded to date as interest, as the amounts are immaterial. |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Feb. 29, 2020 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | 8. CONVERTIBLE NOTES PAYABLE Convertible notes payable consisted of the following: Balance Balance Interest Conversion February 29, February 28, Issued Maturity Rate Rate per Share 2020 2019 February 28, 2011 February 26, 2013 * 7% $0.015 $ — $ 32,600 January 31, 2013 February 28, 2017 * 10% $0.010 (3) 119,091 119,091 May 31, 2013 November 30, 2016 * 10% $0.010 (3) 261,595 261,595 August 31, 2014 November 30, 2016 * 10% $0.002 (3) 355,652 355,652 November 30, 2014 November 30, 2016 * 10% $0.002 (3) 103,950 103,950 February 28, 2015 February 28, 2017 * 10% $0.001 (3) 63,357 63,357 May 31, 2015 August 31, 2017* 10% $1.000 (3) 65,383 65,383 August 31, 2015 August 31, 2017* 10% $0.300 (3) 91,629 91,629 November 30, 2015 November 30, 2018* 10% $0.300 (3) 269,791 269,791 February 29, 2016 February 28, 2019* 10% 60% discount (2) 95,245 95,245 May 31, 2016 May 31, 2019* 10% $0.003 (3) 35,100 35,100 July 18, 2016 July 18, 2017* 10% $0.003 (3) 3,500 3,500 December 31, 2016 December 31, 2020 8% 35% discount (2) 65,000 65,000 January 15, 2017 January 15, 2021 8% 35% discount (2) 50,000 50,000 January 15, 2017 January 15, 2021 8% 35% discount (2) 100,000 100,000 January 16, 2017 January 16, 2021 8% 35% discount (2) 150,000 150,000 March 8, 2017 March 8, 2020 10% 40% discount (2) 100,000 100,000 March 9, 2017 March 9, 2021 8% 35% discount (2) 50,000 50,000 April 19, 2017 April 19, 2018* 15% 50% discount (2) — 96,250 April 26, 2017 April 26, 2018* 0% $0.001 68 68 May 1, 2017 May 1, 2021 8% 35% discount (2) 50,000 50,000 May 4, 2017 May 4, 2018* 8% 40% discount (2) 22,610 131,450 May 15, 2017 May 15, 2018* 0% $0.001 1,280 1,280 May 17, 2017 May 17, 2020 10% 40% discount (1) 85,000 85,000 June 7, 2017 June 7, 2018* 8% 40% discount (2) 156,764 180,964 June 16, 2017 June 16, 2018* 0% $0.001 750 750 July 6, 2017 July 6, 2018* 8% 40% discount (2) 200,000 200,000 August 8, 2017 August 8, 2018* 8% 40% discount (2) 125,000 125,000 July 28, 2017 July 28, 2018* 15% 40% discount (2) 47,913 — August 29, 2017 August 29, 2018* 15% 50% discount (2) 162,250 147,500 October 4, 2017 May 4, 2018* 8% 40% discount (2) 150,000 150,000 October 16, 2017 October 16, 2018* 15% 50% discount (2) 328,537 204,067 November 22, 2017 November 22, 2018* 15% 50% discount (2) 550,275 500,250 December 28, 2017 December 28, 2017* 10% 40% discount (2) 57,008 28,150 December 29, 2017 December 29, 2018* 15% 50% discount (2) 363,000 330,000 January 9, 2018 January 9, 2019* 8% 40% discount (2)(1) 79,508 79,508 January 30, 2018 January 30, 2019* 15% 50% discount (2)(1) 330,000 300,000 February 21, 2018 February 21, 2019* 15% 50% discount (2)(1) 330,000 300,000 March 14, 2018 March 14, 2019* 10% 40% discount (2) 50,000 50,000 June 7, 2017 June 9, 2019* 8% 40% discount (2) 200,000 200,000 April 9, 2018 April 9, 2019* 15% 50% discount (2) 60,500 55,000 March 21, 2017 March 21, 2018* 8% 40% discount (2) 40,000 40,000 April 20, 2018 April 20, 2019* 8% 40% discount (2) 97,659 65,106 May 2, 2018 December 2, 2018* 10% 40% discount (2) 70,682 70,682 May 4, 2018 May 4, 2019* 12% 50% discount (2) 123,750 123,750 May 14, 2018 December 14, 2018* 10% 50% discount (2) 33,542 33,542 May 23, 2018 May 23, 2019* 10% 50% discount (2) 110,000 110,000 June 6, 2018 June 6, 2019* 15% 50% discount (2) 282,949 282,949 June 19, 2018 March 19, 2019* 15% 50% discount (2) 43,125 87,274 July 6, 2017 June 9, 2019* 8% 40% discount (2) 200,000 200,000 August 1, 2018 August 1, 2019* 15% 50% discount (2) 35,750 32,500 August 23, 2018 August 23, 2019* 8% 45% discount (2) 70,123 77,435 September 13, 2018 June 30, 2019* 12% 45% discount (2) 9,200 79,500 September 17, 2018 March 17, 2019* 10% 50% discount (2) 4,945 4,945 September 20, 2018 September 20, 2019* 15% 50% discount (2) 43,285 39,350 September 24, 2018 June 24, 2019* 8% 40% discount (2) 63,913 44,000 August 8, 2017 June 9, 2019* 8% 40% discount (2) 125,000 125,000 November 8, 2018 August 15, 2019* 12% 45% discount (2) 79,500 79,500 November 26, 2018 May 26, 2019* 10% 50% discount (2) 44,799 44,798 August 29. 2019 August 29. 2020 8% 40% discount (2) 26,250 — 6,834,228 6,767,461 Less: current portion of convertible notes payable (6,734,227 ) (6,202,461 ) Less: discount on noncurrent convertible notes payable (30,486 ) (302,105 ) Noncurrent convertible notes payable, net of discount $ 69,515 $ 262,895 Current portion of convertible notes payable $ 6,734,227 $ 6,202,461 Less: discount on current portion of convertible notes payable (120,602 ) (718,015 ) Current portion of convertible notes payable, net of discount $ 6,613,625 $ 5,484,446 * The indicated notes were in default as of February 29, 2020. Default interest rate 24% (1) The note is convertible beginning six months after the date of issuance. (2) The notes are convertible at a discount (as indicated) to the average market price and are accounted for and evaluated under ASC 480 as discussed in Note 3. (3) The conversion price is not subject to adjustment from forward or reverse stock splits. During the years ended February 29, 2020 and February 28, 2019, the Company incurred original issue discounts of $1,250 and $85,143, respectively, and debt discounts from derivative liabilities of $26,250 and $1,668,025, respectively, related to new convertible notes payable. These amounts are included in discounts on convertible notes payable and are being amortized to interest expense over the life of the convertible notes payable. During the years ended February 29, 2020 and February 28, 2019, the Company recognized interest expense related to the amortization of debt discount of $874,187 and $4,641,181, respectively. The Company recorded penalty interest of $313,347 during the year February 29, 2020 (February 28, 2019-$352,943) that is payable upon maturity if not already converted or settled prior to maturity. All the notes above are unsecured. As of February 29, 2020, the Company had total accrued interest payable of $2,922,894, of which $2,778,583 is classified as current and $144,311 is classified as noncurrent. As of February 28, 2019, the Company had total accrued interest payable of $1,476,050, of which $1,390,706 is classified as current and $85,344 is classified as noncurrent. See description below for description of the convertible notes issued during the years ended February 29, 2020 and February 28, 2019. Convertible notes issued The Company determined that the embedded conversion features which result in a variable conversion rate, in the convertibles notes described below should be accounted for as derivative liabilities as a result of their variable conversion rates. During the year ended February 29, 2020, the Company had the following convertible note activity: ● On September 5, 2019, the Company received $25,000 of proceeds from an investor for a promissory note with a principal amount of $26,250, including an original issue discounts of $1,250 and maturing August 29, 2020. The promissory note is convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company ’ ● The Company wrote off a note payable for $32,600 and related interest of $97,139. The note has matured in February 2013, the company cannot contact the lender and the note is legally prescribed. A gain on settlement of debt of $129,739 was recorded The Company determined that certain Texas state legal requirements were met that allow the Company to treat the liability as no longer enforceable against the Company. ● The company recorded default penalties totaling $314,347 as increases to various notes, with a corresponding charge to interest. ● During the year ended February 29, 2020, holders of certain convertible notes payable elected to convert a total of $254,118 of principal, $244,050 accrued interest, and $500 of fees into 395,443 shares of common stock. No gain or loss was recognized on conversions as they occurred within the terms of the agreement that provided for conversion. Immediately prior to the conversion, the Company performed a valuation of the derivative liability attached to the notes and accrued interest converted and determined that the final derivative liability was $440,294. Upon conversion this amount was transferred from derivative liabilities to additional paid-in capital. During the year ended February 28, 2019, the Company had the following convertible note activity: On January 5, 2018, the Company issued a convertible promissory note to an investor with an aggregate principal amount of $250,000, due on January 5, 2019 for cash proceeds of $225,000 payable in tranches, with an original issue discount of $25,000. Each tranche matures one year after disbursement. The promissory note is convertible into common shares of the Company and a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 25 trading days prior to conversion, and has a 10% per annum interest rate commencing on January 5, 2018. On March 14, 2018, this note was amended to include the issuance of warrants to purchase 333,333 shares of the Company’s common stock with an exercise price of $0.15 with a 3-year maturity, and to change the date of the note to March 14, 2018, coinciding with the payment of the first tranche of $50,000 including cash proceeds of $43,000, fees of $2,000 and an original issue discount of $5,000. On March 1, 2018, the Company issued a convertible redeemable note to an investor with an aggregate principal amount of $95,000, due on March 1, 2019 for cash proceeds of $95,000. The promissory note is convertible into units of the Company comprised of one share of common stock and one warrant to purchase a share of common stock with a three-year maturity and a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion, and has a 15% per annum interest rate. In March 2018 and April 2018, an investor paid the Company $200,000 in exchange for a June 7, 2017 back-end note for $200,000, whose maturity was extended to June 9, 2019. The note is convertible into common shares of the Company and a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. On April 9, 2018, the Company issued a convertible redeemable note to an investor with an aggregate principal amount of $55,000, due on April 9, 2019 for cash proceeds of $55,000. The promissory note is convertible into units of the Company comprised of one share of common stock and one warrant to purchase a share of common stock with a three-year maturity and a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion, and has a 15% per annum interest rate. In April 2018, the Company received $76,000 of proceeds from an investor for two back-end notes with a total principal amount of $80,000, including original issue discounts of $4,000 and a one-year maturity. The back-end notes are convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and have an 8% per annum interest rate. On May 2, 2018, the Company received $70,000 of proceeds from an investor for a promissory note with a principal amount of $77,000, including an original issue discounts of $7,000 and an eight-month maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 10% per annum interest rate. On May 4, 2018, the Company received $71,500 of proceeds from an investor for a promissory note with a principal amount of $82,500, including an original issue discounts of $11,000 and a one-year maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 12% per annum interest rate. On May 23, 2018, the Company received $90,108 of proceeds from an investor for a promissory note with a principal amount of $110,000, including an original issue discounts of $19,892 and an eight-month maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 40 trading days prior to conversion, and has a 10% per annum interest rate. In July and August 2018,and December 2018 the Company received $180,000 of proceeds from an investor for a back-end note date July 6, 2017 principal amount of $200,000, including original issue discounts of $20,000 and a June 30, 2019 maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. In July and August 2018, the Company received $32,500 of proceeds from an investor for a promissory note with a principal amount of $32,500, and a one-year maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 15% per annum interest rate commencing on August 1, 2018. On September 13, 2018, the Company received $50,000 of proceeds from an investor for a promissory note with a principal amount of $53,000, including an original issue discounts of $3,000 and a nine-month maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 45% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 12% per annum interest rate. On September 20, 2018, the Company received $39,350 of proceeds from an investor for a promissory note with a principal amount of $39,350 and a one-year maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 15% per annum interest rate. On September 24, 2018, the Company received $40,000 of proceeds from an investor for a promissory note with a principal amount of $44,000, including an original issue discounts of $4,000 and a nine-month maturity. The promissory note is convertible into common shares of the Company at a conversion price equal to 40% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 8% per annum interest rate. On November 1, 2018, the Company received $50,000 of proceeds from an investor for a promissory note with a principal amount of $53,000, including an original issue discounts of $3,000 maturing August 15, 2019. The promissory note is convertible into common shares of the Company at a conversion price equal to 45% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 12% per annum interest rate. On November 30, 2018, the Company received $118,750 of proceeds from an investor for a back-end promissory note dated August 8, 2017 with a principal amount of $125,000, including an original issue discounts of $6,250 maturing June 9, 2019. The promissory note is convertible into common shares of the Company at a conversion price equal to 40% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 8% per annum interest rate. During the year ended February 28, 2019, the Company also had the following convertible note activity: ● A debt holder transferred debt of $344,040, including accrued interest, to third parties who exchanged it for new convertible notes totaling $344,040, $100,000 with a one-year maturity, maturing on April 17, 2019, bearing interest at 8% per annum and are convertible into common shares of the Company at a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion; $144,404, with a one-year maturity, maturing on April 20, 2019, bearing interest at 8% per annum, and are convertible into common shares of the Company at a conversion price equal to 60% of the lowest bid price of the Company’s common stock for the last 30 trading days prior to conversion; and $100,000 with an eight-month maturity, maturing on December 14, 2018, bearing interest at 10% per annum, and are convertible into common shares of the Company at a conversion price equal to 55% of the lowest bid price of the Company’s common stock for the last 30 trading days prior to conversion. A gain on settlement of debt of $268,145 was recorded that includes the amount of associated derivative liability that was written-off. ● A debt holder transferred debt of $299,200, including accrued interest, to third parties who exchanged it for a replacement convertible note totaling $299,200, a one-year maturity, maturing on September 25, 2018, and bearing interest at 15% per annum. The replacement convertible note is convertible into units of the Company comprised of one share of common stock and one warrant to purchase a share of common stock with a three-year maturity and a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion. A loss on settlement of debt of $484,484 was recorded that includes the amount of associated derivative liability that was written-off. ● A debt holder transferred debt of $132,149, including accrued interest, to third parties who exchanged it for a replacement convertible note totaling $132,149, with an eight-month maturity, maturing on March 19, 2019, bearing interest at 15% per annum, and are convertible into common shares of the Company at a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion. A gain on settlement of debt of $71,100 was recorded that includes the amount of associated derivative liability that was written-off. ● The Company exchanged a replacement note issued on April 17, 2018 with a principal of $100,000 and a one-year maturity, maturing on April 17, 2019, and bearing interest at 8% per annum for another replacement note issued on August 23, 2018 with a principal of $100,000 and a one-year maturity, maturing on August 23, 2019, and bearing interest at 8% per annum, and are convertible into common shares of the Company at a conversion price equal to 55% of the lowest bid price of the Company’s common stock for the last 30 trading days prior to conversion. A gain on settlement of debt of $90,629 was recorded that includes the amount of associated derivative liability that was written-off. ● A debt holder transferred debt of $103,984, including accrued interest, to third parties who exchanged it for new convertible notes totaling $344,040: $50,000 with a six-month maturity, maturing on March 17, 2019, bearing interest at 10% per annum, and are convertible into common shares of the Company at a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 20 trading days prior to conversion; $53,984, with a six-month maturity, maturing on May 26, 2019, bearing interest at 10% per annum, and are convertible into common shares of the Company at a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 20 trading days prior to conversion. A gain on settlement of debt of $121,305 was recorded that includes the amount of associated derivative liability that was written-off. ● The Company settled a September 1, 2017 note for repayment $125,000, and a gain of $64,441 was recorded due to the associated derivative liability that was written-off. ● During the year ended February 28, 2019, holders of certain convertible note payables elected to convert principal and accrued interest in the amounts shown below into shares of common stock. No gain or loss was recognized on conversions as they occurred within the terms of the agreement that provided for conversion. Accordingly, for the year ended February 28, 2019, holders of certain convertible notes payable elected to convert a total of $803,905 of principal and $35,782 accrued interest, and $12,000 of fees into 19,901 shares of common stock and warrants to purchase 2,043 shares of common stock (see Note 18 for detail of warrants issued). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Feb. 29, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS For the years ended February 29, 2020 and February 28, 2019, the Company received net advances of $141,290 and $218,890, respectively, from its loan payable-related party. At February 29, 2020, the loan payable-related party was $1,310,358 and $782,844 at February 28, 2019.As of February 29, 2020, included in the balance due to the related party is $656,334 of deferred salary and interest, $426,000 of which bears interest at 12%. At February 28,2019 there was $352,392, with $210,000 bearing interest at 12%. The accrued interest included at February 29, 2020 was $50,730 (2019- $13,650). During the years ended February 29, 2020 and February 28, 2019, the Company was charged $95,562 and $484,251, respectively in consulting fees for research and development to a company owned by a principal shareholder. |
OTHER DEBT - VEHICLE LOANS
OTHER DEBT - VEHICLE LOANS | 12 Months Ended |
Feb. 29, 2020 | |
Other Debt - Vehicle Loan | |
OTHER DEBT - VEHICLE LOANS | 10. OTHER DEBT – VEHICLE LOANS In December 2016, RAD entered into a vehicle loan for $47,704 secured by the vehicle. The loan is repayable over 5 years maturing November 9, 2021, and repayable $1,019 per month including interest and principal. In November 2017, RAD entered into another vehicle loan secured by the vehicle for $47,661. The loan is repayable over 5 years, maturing October 24, 2022 and repayable at $923 per month including interest and principal. The principal repayments made were $0 and $5,746 for the years ended February 29, 2020 and February 28, 2019, respectively. Regarding the second vehicle loan , the vehicle was returned at the end of fiscal 2019 and the car was subsequently sold by the lender for proceeds of $21,907 which went to reduce the outstanding balance of the loan. A loss of $3,257 was recorded as well. A balance of $21,578 remains on this vehicle loan at February 29, 2020 and February 28, 2019. For the first vehicle loan , the vehicle was retired in 2020, the proceeds of the disposal of $18,766 was applied against the balance of the loan with a $5,515 gain on the remaining asset value of $13,251. A balance of $16,943 remains on this vehicle loan at February 29, 2020 and $35,708 at February 28, 2019. The remaining total balances of the amounts owed on the vehicle loans were $38,522 and $57,287 as of February 29, 2020 and February 28, 2019, respectively, of which all were classified as current. The Company ceased making payments of principal and interest in fiscal 2019 and the company has returned the remaining vehicles to the financing company for disposal. |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Feb. 29, 2020 | |
Loans Payable [Abstract] | |
LOANS PAYABLE | 11. LOANS PAYABLE Loans payable at February 29, 2020 consisted of the following: Annual Interest Date Maturity Description Principal Rate June 11, 2018 June 11, 2019 Promissory note (3) $ 48,000 25% * August 10, 2018 September 1, 2018 Promissory note 10,000 25% * August 16, 2018 August 16, 2019 Promissory note (1) 12,624 25% * August 16, 2018 October 1, 2018 Promissory note 10,000 25% * August 23, 2018 October 20, 2018 Promissory note (21) 25,000 20% * October 10, 2018 December 10, 2018 Promissory note (8) — 20% * October 11, 2018 October 11, 2019 Promissory note (10) 17,000 20% * August 5, 2019 March 11, 2020 Factoring Agreement (4) 27,025 (4) * July 22, 2019 November 15, 2019 Factoring Agreement (9) — (9) July 9, 2019 January 5, 2020 Factoring Agreement (5) — (5) September 17, 2019 November 26, 2019 Factoring Agreement (13) — (13) * November 12, 2019 August 11, 2020 Factoring Agreement (14) 74,392 (14) * December 20, 2019 March 5, 2020 Factoring Agreement (18) 7,480 * October 17,2019 April 29, 2020 Factoring Agreement (15) 29,252 (15) * September 27, 2019 April 4, 2020 Factoring Agreement (16) 14,893 (16) * January 31, 2019 June 30, 2019 Promissory note (2) 78,432 15% * January 24, 2019 January 24, 2021 Loan (11) 140,535 11% * May 9, 2019 June 30, 2019 Promissory note (6) 7,850 15% May 31, 2019 June 30, 2019 Promissory note (7) 86,567 15% June 26, 2019 June 26, 2020 Promissory note (12) 79,104 15% September 24, 2019 June 24 2020 Promissory note (17) 12,000 15% January 30, 2020 January 30, 2021 Promissory note (19) 11,000 15% February 27, 2020 February 27, 2021 Promissory note (20) 5,000 15% $ 696,154 Less current portion of loans payable $ 696,154 Non-current portion of loans payable $ — __________ * Note is in default. No notice has been given by the note holder. (1) Repayable in 12 monthly instalments of $2,376 commencing September 16 ,2018 and secured by revenue earning devices having a net book value of at least $25,000.Only $12,376 has been repaid by the Company and no notices have been received. Accrued interest of $1,511 has been recorded. (2) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $25,882. (3) Repayable in 12 monthly instalments of $4,562 commencing August 11 ,2018 and secured by revenue earning devices having a net book value of at least $48,000. No repayments have been made by the Company and no notices have been received. (4) Total loan $79,750 , repayable $475 per business day including fees and interest of $25,170. Original cash proceeds of $31,353 and $23,227 carried from previous loan less repayment of $38,000. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (6) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $2,590. (7) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $28,567. (8) Repayable in 10 monthly instalments of $848 commencing January 10 ,2019 and secured by revenue earning devices having a net book value of at least $186,000. Repaid in full. (9) Total loan $52,150 , repayable $869 per business day including fees and interest of $17,150. Original cash proceeds of $35,000. The loan has been fully repaid for $52,150. (10) $6,000 repaid during the year ended February 29,2020 (11) $185,000 Canadian loan. Interest payable every calendar quarter commencing June30, 2019, if unpaid accrued interest to be paid at maturity. An additional interest amount calculated as 4% of RAD revenues from SCOT rentals for the fiscal years 2020 and 2021 shall be payable March 31, 2020 and March 31, 2021 , respectively. Secured by a general security charging all of RAD’s present and after-acquired property in favor of the lender on a first priority basis subject to the following: the lender’s security in this respect shall be postponeable to security in favor of institutional financing obtained by RAD. Bonus interest of 10,304 has been accrued payable March 31, 2020. (12) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $26,104. (13) Total loan of $24,800 , repayable $2,480 per week including fees and interest of $4,800. Original proceeds of $20,000 less repayment of $19,840.The remaining balance of $4,960 has been transferred to new loan (14).The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (14) Total loan of $243,639, repayable $1,509 per week including fees and interest of $60,042. Original cash proceeds of $7,877 , repayment of loans (5) and (13) totaling $15,732, partial repayment of fees of $5,566 all totaling $29,175, additional advances of $88,772 with remaining $65,551 to be advanced to the company over the remaining 18 weeks. The Company has repaid $77,869. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (15) Total loan of $71,000 , repayable $710 per business day including fees and interest of $21,000. Original proceeds of $50,000 less repayment of $41,758. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (16) Total loan of $59,960 , repayable $590 per business day including fees and interest of $19,960. Original proceeds of $40,000 less repayment of $45,067. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (17) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $3,000. (18) Total loan of $12,400 , repayable $1,240 per week including fees and interest of $2,400. Original cash proceeds of $10,000 , repayments of $4,920. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (19) The note may be pre-payable at any time. The note balance includes 22% original issue discount of $2,450. (20) The note may be pre-payable at any time. The note balance includes 24% original issue discount of $1,200. (21) Principal repayable in one year. Interest repayable in 10 monthly instalments of $460 commencing January 11 ,2019 and secured by revenue earning devices having a net book value of at least $186,000. $25,000 repaid. |
DERIVATIVE LIABILITES
DERIVATIVE LIABILITES | 12 Months Ended |
Feb. 29, 2020 | |
Derivative Liability [Abstract] | |
DERIVATIVE LIABILITES | 12. DERIVATIVE LIABILITES As of February 29, 2020, and February 28, 2019 the Company revalued the fair value of all of the Company’s derivative liabilities associated with the conversion features on the convertible notes payable and determined that it had a total derivative liability of $6,890,688 and $6,170,139, respectively. The Company estimated the fair value of the derivative liabilities using the multinomial lattice model using the following key assumptions during the year ended February 29, 2020: Strike price $1.40 - $1.00 Fair value of Company common stock $86,500 - $0.0001 Dividend yield 0.00% Expected volatility 590.10% - 396.40% Risk free interest rate 1.05% - 2.63% Expected term (years) 0.04 - 3.33 The Company estimated the fair value of the derivative liabilities using the multinomial lattice model using the following key assumptions during the year ended February 28, 2019: Strike price $10,000 - $10 Fair value of Company common stock $3,375 - $110 Dividend yield 0.00% Expected volatility 424% - 102% Risk free interest rate 1.20% - 2.59% Expected term (years) 0.00 - 3.66 During the years ended February 29, 2020, and February 28, 2019 the Company released $440,294 and $1,215,588, respectively, of the Company’s derivative liability to equity due to the conversions of principal and interest on the associated notes. The changes in the derivative liabilities (Level 3 financial instruments) measured at fair value on a recurring basis for the year ended February 29, 2020 were as follows: Balance as of February 28, 2019 $ 6,170,139 Release of derivative liability on conversion of convertible notes payable (440,294 ) Debt discount due to derivative liabilities 26,250 Derivative liability in excess of face value upon issuance of debt recorded to interest expense 172,242 Adjustment to derivative liability due to debt settlement (164,768 ) Change in fair value of derivative liabilities 1,127,119 Balance as of February 29, 2020 $ 6,890,688 The changes in the derivative liabilities (Level 3 financial instruments) measured at fair value on a recurring basis for the year ended February 28, 2019 were as follows: Balance as of February 28, 2018 $ 31,113,844 Release of derivative liability on conversion of convertible notes payable (1,215,588 ) Debt discount due to derivative liabilities 914,010 Derivative liability in excess of face value of debt recorded to interest expense 784,160 Increase in derivative liability due to debt settlement 612,752 Change in fair value of derivative liabilities (26,039,039 ) Balance as of February 28, 2019 $ 6,170,139 |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended |
Feb. 29, 2020 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | 13. STOCKHOLDERS’ DEFICIT Preferred Stock Series E Preferred Stock The board of directors has designated 4,350,000 shares of Series E Preferred Stock. As of the date of this report, there are 4,350,000 shares of Series E Preferred Stock outstanding. The Series E Preferred Stock ranks subordinate to the Company’s common stock as to distributions of assets upon liquidation, dissolution or winding up of the Corporation. The Series E preferred stock is non-redeemable, does not have rights upon liquidation of the Company and does not receive dividends. The outstanding shares of Series E Preferred Stock have the right to take action by written consent or vote based on the number of votes equal to twice the number of votes of all outstanding shares of equity instruments with voting rights. As a result, the holder of Series E Preferred Stock has 2/3rds of the voting power of all shareholders at any time corporate action requires a vote of shareholders. Series F Convertible Preferred Stock The board of directors has designated 4,350 shares of Series F Convertible Preferred Stock with a par value of $1.00 per share. As of the date of this report, there are 4,350 shares of Series F Convertible Preferred Stock outstanding. The Series F Convertible Preferred Stock is non-redeemable, does not have rights upon liquidation of the Company, does not have voting rights and does not receive dividends. Each holder may, at any time and from time to time convert all, but not less than all, of their shares of Series F Convertible Preferred Stock into a number of fully paid and nonassessable shares of common stock determined by multiplying the number of issued and outstanding shares of common stock of the Company on the date of conversion by three and 45 100ths (3.45) on a pro rata basis. So long as any shares of Series F Convertible Preferred Stock are outstanding, the Company shall not, without first obtaining the approval of the majority of the holders: (a) alter or change the rights, preferences or privileges of any capital stock of the Company so as to affect adversely the Series F convertible preferred stock; (b) create any Senior Securities; (c) create any pari passu Securities; (d) do any act or thing not authorized or contemplated by the Certificate of Designation which would result in any taxation with respect to the Series F Convertible Preferred Stock under Section 305 of the Internal Revenue Code of 1986, as amended, or any comparable provision of the Internal Revenue Code as hereafter from time to time amended, (or otherwise suffer to exist any such taxation as a result thereof). Summary of Preferred Stock Activity During the year ended February 28 2019, the Company received $174,070 for the sale of 65 Series F preferred shares. As of the reporting date, these shares have not been issued and are included in preferred stock to be issued on the balance sheet. Summary of Common Stock Activity On March 27, 2020 , the Company undertook a 10,000:1 reverse stock split and on August 24, 2018, the Company undertook a 100:1 reverse stock split. The share capital has been retrospectively adjusted accordingly to reflect this reverse stock split, except for the conversion price of certain convertible notes as the conversion price is not subject to adjustment from forward and reverse stock splits (see Note 13). Certain instruments issued prior to the reverse split that exercise into shares of our common stock are now shown in fractional units due to the effect of the reverse split. If exercised, the Company is required to issue whole shares under its articles of incorporation. On April 23, 2019 the Board of Directors approved an increase in authorized share capital to 5,000,000,000 shares of common stock and to change the par value of the common stock to $0.00001 per share. This became effective on June 20, 2019. The share capital has been retrospectively adjusted accordingly to reflect this change in par value. The Company has 2,846 shares issuable due to partial shares as a result of the March 27,2020 reverse split that will be issued in April 2020. During the year ended February 29, 2020, the Company issued 395,443 shares of its common stock for the conversion of debt and related interest and fees totaling $498,668 including $254,118 for of principal, $245,050 interest, $500 in fees in connection with debt converted during the period, as well as the release of the related derivative liability (see Note 13). During the year ended February 28, 2019, the Company issued 19,901 shares of its common stock for the conversion of debt and related interest and fees totaling $851,687 including $803,905 for of principal, $35,782 interest, $12,000 in fees in connection with debt converted during the period, as well as the release of the related derivative liability (see Note 13). During the year ended February 29, 2020 the company cancelled 0.45 warrants as a result of the settlement arrangement described in Note 14. ● On April 16, 2018, the Company issued warrants to purchase 6.4 shares of the Company ’ ’ ● On June 6, 2018, the Company issued warrants to purchase 0.7 shares of the Company ’ ’ ● On August 24, 2018, the Company issued warrants to purchase 10.2 shares of the Company ’ ’ ● In September and October 2018, the Company issued warrants to purchase 111.6 shares of the Company ’ ’ ● During the period December 1, 2018 to February 28, 2019 , the Company issued warrants to purchase 1,914 shares of the Company ’ The above 2043 warrants issued along with the converted shares were recorded as an adjustment to paid in capital included with the value of the common shares converted. Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2019 — $ — — Issued 2,043 100 2.81 Exercised — — — Forfeited and cancelled — — — Outstanding at February 28, 2019 2,043 $ 100 2.81 Issued — — — Exercised — — — Forfeited and cancelled 0.45 5 — Outstanding at February 29, 2020 2,043 $ 100 1.81 The Company also issued 0.25 warrants with an exercise price of $30,000 per share and a 3-year term on June 11, 2018, and 0.33 warrants with an exercise price of $150,000 and a three year term on March 14, 2018 in connection with loan payables (see Note 12). The above warrants have an aggregate grant date fair value of $12,967 based on the Black-Scholes Option Pricing model with the following assumptions: Strike price $30,000 - $150,000 Fair value of Company’s common stock $13,000 - $61,000 Dividend yield 0.00% Expected volatility 305.71% - 341.5% Risk free interest rate 2.41% - 2.66% Expected term (years) 3.00 For the years ended February 29, 2020 and February 28, 2019, the Company recorded a total of $0 and $12,967, respectively to stock-based compensation for options and warrants with a corresponding adjustment to additional paid-in capital. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Feb. 29, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Litigation Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. In April 2019 the principals of WeSecure (see Note 9) filed lawsuit in California Superior Court seeking damages for non-payment balance of sale of WeSecure assets totaling $25,000, unpaid consulting fees payable to the two principals through to September 2019 totaling $ $125,924.48, and labor code violations of $ $48,434.40 all totaling $199,358.88 plus attorney’s fees and damages. The parties finally settled all claims with a full release for $180,000 in June 2019 payable in 14 monthly instalments as follows: 2019 2020 Total 6/30/19 $ 5,000 1/26/2020 $ 15,000 7/30/19 $ 5,000 2/25/2020 $ 15,000 8/29/19 $ 7,500 3/26/2020 $ 15,000 9/28/19 $ 7,500 4/25/2020 $ 15,000 10/28/19 $ 10,000 5/25/2020 $ 20,000 11/27/19 $ 10,000 6/25/2020 $ 20,000 12/27/19 $ 15,000 7/24/2020 $ 20,000 Total $ 60,000 $ 120,000 $ 180,000 The company has fully accrued the above $180,000 as of February 28, 2019. As of February 29, 2020 the Company has paid $17,500. As of this filing the September 2019 through July 2020 instalments are in arrears. The related legal costs are expensed as incurred. Operating Lease The Company currently maintains an office at 1218-1222 Magnolia Ave, Suite 106 Bldg. H ,Corona, California 92881 pursuant to a month to month lease commencing March 1,2019. The Company’s annual rent is $12,000 per year. RAD maintains a mailing address for 31103 Ranch Viejo Road, Suite d2114 for a nominal fee of $ 264/yr. RAD previously had its offices at 23121 La Cadena Suite B/C Laguna Hills, California 92675, pursuant to a five-year term ending March 31, 2022. Its annual rental cost for this facility was approximately $65,000, plus a proportionate share of operating expenses of approximately $35,000 annually. The Company also leased premises in northern California. The lease was for three years, beginning in August 2017, and would expire in August 2020. The Company shared these premises with a former supplier who was the co-lessee. Through agreement with the supplier, the Company was to pay 75% of the lease costs and the supplier was to pay 25%. The Company’s share of rent costs was approximately $43,000 annually. On February 1, 2018 the Company entered into an additional lease for premises for a robotic control center. The lease ran from February 1, 2018 to January 31, 2021 for $6,600 annually. At the end of fiscal 2019 the Company terminated all three preceding leases through verbal arrangement with the landlord. Regarding the lease at La Cadena, the Company agreed to a settlement amount to cover unpaid rent , commissions and leasehold improvements paid by the landlord totaling $62,039 to be paid by the Company in 4 monthly instalments of $5,000 commencing August 1, 2019 with the remaining balance to be paid in $10,000 monthly instalments thereafter. The Company recorded the $62,039 as a loss on settlement. No further liability was recorded for both the northern California and robotic control center leases. The Company’s leases are accounted for as operating leases. Rent expense is recorded over the lease terms on a straight-line basis. Rent expense was $10,000 for the year ended February 29, 2020 and $134,940 for the year ended February 28, 2019. At February 29, 2020 there were no Company’s future minimum payments. Convertible Notes Payable Certain convertible notes payable carry conditions whereby in the event of ant default of any condition the Company would be subject to certain financial penalties. Penalties earned through February 29, 2020 have been recorded in these financial statements (see Note 8). |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Feb. 29, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 15. EARNINGS (LOSS) PER SHARE The net income (loss) per common share amounts were determined as follows: For the Years Ended February 29, February 28, 2020 2019 Numerator: Net income (loss) available to common shareholders $ (6,213,649 ) $ 16,094,835 Effect of common stock equivalents Add: interest expense on convertible debt 1,299,785 784,504 Add (less) loss (gain) on change of derivative liabilities 1,127,119 (26,039,039 ) Net income (loss) adjusted for common stock equivalents (3,786,745 ) (9,159,700 ) Denominator: Weighted average shares - basic 197,539 2,773 Net income (loss) per share – basic $ (21.06 ) $ 5,804.57 Dilutive effect of common stock equivalents: Warrants — 51 Convertible Debt — 123,704 Preferred shares* — 69,090 Denominator: Weighted average shares – diluted 197,539 195,618 Net income (loss) per share – diluted $ (31.46 ) $ (46.82 ) The anti-dilutive shares of common stock equivalents for the years ended February 28, 2019 and February 28, 2018 were as follows: For the Years Ended February 29, 2020 February 28, 2019 Stock options and warrants 7 7 Convertible debt 62,692,265,100 — Preferred stock 1,443,532 — Total 62,693,708,639 7 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Feb. 29, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 16. INCOME TAXES The Company has adopted ASC 740-10, “ Income Taxes” The income tax expense (benefit) consisted of the following for the fiscal years ended February 29, 2020 and February 28, 2019: February 29, 2020 February 28, 2019 Total current $ — $ — Total deferred — — $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a reconciliation of the expected statutory federal income tax provision to the actual income tax benefit for the fiscal year ended February 29, 2020 (in thousands): February 29, 2020 Federal statutory rate $ (1,305,000 ) Non deductible interest 169,000 Non deductible changes in fair value of instruments 237,000 Other non deductible expenses 31,000 Change in valuation allowance 868,000 $ — Year Ended U.S. federal statutory income tax $ 3,225,923 Amortization of debt discount 1,024,740 Fair value of derivative liabilities on issuance 215,295 Change in fair value of derivative liabilities (5,527,483 ) Gain on debt settlement (60,734 ) Stock-based compensation 133,284 Valuation allowance for deferred income tax assets 988,975 Effective income tax rate $ — For the year ended February 29, 2020, the expected tax benefit is calculated at the 2019 statutory rate of 21%. The effect for temporary timing differences are also calculated at the 25% statutory rate effective for fiscal year ended February 28, 2019. For the year ended February 29, 2020, the expected tax benefit, temporary timing differences and long-term timing differences are calculated at the 21% statutory rate. Significant components of the Company’s deferred tax assets and liabilities were as follows for the fiscal years February 29, 2020 and February 28, 2019: February 29, 2020 February 28, 2019 Deferred tax assets: Net operating loss carryforwards $ 3,418,115 $ 2,550,115 Total deferred tax assets 3,418,115 2,550,115 Deferred tax liabilities: Depreciation — — Deferred revenue — — Total deferred tax liabilities — — Net deferred tax assets: Less valuation allowance (3,418,115 ) (2,550,115 ) Net deferred tax assets (liabilities) $ — $ — The Company has incurred losses since inception, therefore, the Company has no federal tax liability. Additionally there are limitations imposed by certain transactions which are deemed to be ownership changes which occurred in the Company on August 28, 2017. The net deferred tax asset generated by the loss carryforward has been fully reserved. The cumulative net operating loss carryforward was approximately $6,694,000 at February 29, 2020 and $2,550,000 at February 28, 2019, that is available for carryforward for federal income tax purposes and begin to expire in 2030. Although the Company has tax loss carry-forwards, there is uncertainty as to utilization prior to their expiration. Accordingly, the future income tax asset amounts have been fully reserved by a valuation allowance. The Company has maintained a full valuation allowance against its deferred tax assets at February 29, 2020 and February 28, 2019. A valuation allowance is required to be recorded when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Since the Company cannot be assured of realizing the net deferred tax asset, a full valuation allowance has been provided. The Company does not have any uncertain tax positions at February 29, 2020 and February 28, 2019 that would affect its effective tax rate. The Company does not anticipate a significant change in the amount of unrecognized tax benefits over the next twelve months. Because the Company is in a loss carryforward position, the Company is generally subject to US federal and state income tax examinations by tax authorities for all years for which a loss carryforward is available. If and when applicable, the Company will recognize interest and penalties as part of income tax expense. During the fiscal years ended February 29, 2020 and February 28, 2019, the Company recognized no amounts related to tax interest or penalties related to uncertain tax positions. The Company is subject to taxation in the United States and various state jurisdictions. The Company currently has no years under examination by any jurisdiction. On August 28, 2017, the Company consummated a share exchange agreement whereby there was a change of control and any net operating losses up to the date of the transaction were forfeited. The Company’s tax returns for the years ended February 29, 2020,and February 28, 2019, and 2018 are open for examination under Federal statute of limitations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Feb. 29, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS Subsequent to February 29, 2020 through to July 21 ,2020, convertible note holders converted 638,815 of principal, $340,078 interest and $16,000 in fees into 195,130,928 shares of the Company’s common stock. On April 22, 2020 the Company entered into a similar agreement as that described in Note 8 with the second investor (therein described) whereby the investor would pay up to $100,000 in exchange for a perpetual 1% royalty on the Company’s reported quarterly revenue. These royalty payments are to be made 90 days after the fiscal quarter with the first payment being due no later than July 1, 2020. If the royalty payments would deplete RAD’s available cash by more than 2.22%, the payment may be deferred. The investor has fully funded the $100,000 in April 2020. On April 3, 2020 the Company entered into a loan agreement for cash proceeds of $27,697 ($40,000 CDN). The loan bears interest at 20% per annum, with interest payments commencing on the third month following the loan and then paid over the following 10 months. The loan matures on April 3, 2021. Should the loan and interest be unpaid at maturity a 10% (annual rate) penalty would apply on the unpaid balance for each day unpaid. By consent of all parties, the lender may convert balance into Class F shares at $6,739 USD per share at maturity. On April 16, 2020 the Company entered into a loan agreement for $13,000 with cash proceeds of $9,150 and an original issue discount of $3,850. The loan bears interest at 15% per annum, and matures on April 16, 2021. On May 12, 2020 the Company entered into a loan agreement for $43,500 with cash proceeds of $35,500 and an original issue discount of $8,000. The loan bears interest at 15% per annum, and matures on May 12, 2021. On May 22, 2020 the Company entered into a loan agreement for $85,000 with cash proceeds of $70,000 and an original issue discount of $15,000. The loan bears interest at 15% per annum, and matures on May 22, 2021. On July 1, 2020 the Company entered into a similar agreement as that described in Note 8 with the first investor (therein described) whereby the investor would pay up to $800,000 in exchange for a perpetual 2.75% royalty on the Company’s reported quarterly revenue. These royalty payments are to be made 90 days after the fiscal quarter with the first payment being due no later than May 31, 2021. If the royalty payments would deplete RAD’s available cash by more than 20%, the payment may be deferred. The investor has agreed to pay 100,000 per month over an 8 month period with the first payment in July 2020 and the final payment no later than February 28, 2021. If the total investment turns out to be less than $800,000, this would not constitute a breach of the agreement, rather the royalty rate would be adjusted on a pro-rata basis. On July 22, 2020 the board of directors passed a resolution whereby the sole director will return to the Company for cancellation 816 of his 1000 Series F preferred shares. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Feb. 29, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the instructions on Form 10-K of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The audited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Robotic Assistance Devices, Inc., On the Move Experience, LLC and OMV Transports, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates In order to prepare financial statements in conformity with accounting principals generally accepted in the United States, management must make estimates , judgements and assumptions that affect the amounts reported in the financial statements and determine whether contingent assets and liabilities, if any , are disclosed in the financial statements. The ultimate resolution of issues requiring these estimates and assumptions could differ significantly from resolution currently anticipated by management and on which the financial statements are based. The most significant estimates included in these consolidated financial statements are those associated with the assumptions used to value derivative liabilities. |
Cash | Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market instruments. The Company places its cash and cash equivalents with high-quality, U.S. financial institutions and, to date has not experienced losses on any of its balances. |
Accounts Receivable | Accounts Receivable Accounts receivable are comprised of balances due from customers, net of estimated allowances for uncollectible accounts. In determining collectability, historical trends are evaluated, and specific customer issues are reviewed on a periodic basis to arrive at appropriate allowances. There were no allowances provided for the years ended February 29, 2020 and February 28, 2019. |
Device Parts Inventory | Device Parts Inventory Device parts inventory is stated at the lower of cost or net realizable value using the weighted average cost method. The Company records a valuation reserve for obsolete and slow-moving inventory, relying principally on specific identification of such inventory. The Company uses these device parts in the assembly of revenue earning devices (and demo devices) as well as research and development. Depending on use, the Company will transfer the parts to the corresponding asset or expense if used in research and development. A charge to income is taken when factors that would result in a need for an increase in the valuation, such as excess or obsolete inventory, are noted. At February 29, 2020 we had a valuation reserve of $160,000. |
Revenue Earning Devices | Revenue Earning Devices Revenue earning devices are stated at cost. Depreciation is provided on a straight-line basis over the estimated useful life of 48 months. The Company continually evaluates revenue earning devices to determine whether events or changes in circumstances have occurred that may warrant revision of the estimated useful life or whether the devices should be evaluated for possible impairment. The Company uses a combination of the undiscounted cash flows and market approaches in assessing whether an asset has been impaired. The Company measures impairment losses based upon the amount by which the carrying amount of the asset exceeds the fair value. |
Fixed Assets | Fixed Assets Fixed assets are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from three to five years. Major repairs or improvements are capitalized. Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. Computer equipment 3 years Office equipment 4 years Vehicles 3 years Leasehold improvements 5 years, the life of the lease The Company periodically evaluates the fair value of fixed assets whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. Upon retirement or other disposition of fixed assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is recognized in income. |
Research and Development | Research and Development Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development |
Contingencies | Contingencies Occasionally, the Company may be involved in claims and legal proceedings arising from the ordinary course of its business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. |
Sales of Future Revenues | Sales of Future Revenues The Company has entered into transactions, as more fully described in footnote 10, in which it has received funding from investors in exchange for which it will make payments to those investors based on the level of sales of certain revenue categories, generally based on a percentage of sales for those certain revenues. The Company determines whether these agreements constitute sales of future revenues or are in substance debt based on the facts and circumstances of each agreement, with the following primary criteria determinative of whether the agreement constitutes a sale of future revenues or debt: ● Does the agreement purport, in substance, to be a sale ● Does the Company have continuing involvement in the generation of cash flows due the investor ● Is the transaction cancellable by either party through payment of a lump sum or other transfer of assets ● Is the investors rate of return implicitly limited by the terms of the agreement ● Does the Company ’ ’ ● Does the investor have recourse relating to payments due In the event a transaction is determined to be a sale of future revenues, it is recorded as deferred revenue and amortized using the sum-of-the-revenue method. In the event a transaction is determined to be debt, it is recorded as debt and amortized using the effective interest method. As of the date of these financial statements, the Company has determined that all such agreements are debt. |
Revenue Recognition | Revenue Recognition ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” Revenue Recognition (Topic 605) |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized when items of income and expense are recognized in the financial statements in different periods than when recognized in the tax return. Deferred tax assets arise when expenses are recognized in the financial statements before the tax returns or when income items are recognized in the tax return prior to the financial statements. Deferred tax assets also arise when operating losses or tax credits are available to offset tax payments due in future years. Deferred tax liabilities arise when income items are recognized in the financial statements before the tax returns or when expenses are recognized in the tax return prior to the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. ASC 740, Accounting for Income Taxes requires companies to recognize the effects of changes in tax laws and rates on deferred tax assets and liabilities and the retroactive effects of changes in tax laws in the period in which the new legislation is enacted. The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21%. A corresponding offset has been made to the valuation allowance, and any potential other taxes arising due to the Tax Act will result in reductions to the Company’s net operating loss carryforward and valuation allowance. The Company will continue to analyze the Tax Act to assess its full effects on the Company’s financial results, including disclosures, for the Company’s fiscal year ending February 29, 2020, but the Company does not expect the Tax Act to have a material impact on the Company’s consolidated financial statements. |
Leases | Leases We adopted ASU No. 2016—02— Leases (topic 842) In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. The standard did not materially impact our consolidated net loss, accumulated deficit, and had no impact on cash flows. Lease agreements are evaluated to determine if they are sales/finance leases meeting any of the following criteria at inception: (a) transfer of ownership of the underlying asset; (b) purchase option that is reasonably certain of being exercised; (c) the lease term is greater than a major part of the remaining estimated economic life of the underlying asset; or (d) if the present value of the sum of lease payments and any residual value guaranteed by the lessee that has not already been included in lease payments in accordance with ASC 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset. If at its inception, a lease meets any of the four lease criteria above, the lease is classified by the Company as a sales/finance; and if none of the four criteria are met, the lease is classified by the Company as an operating lease. Operating lease payments are recognized as an expense in the income statement on a straight-line basis over the lease term, whereby an equal amount of rent expense is attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in the later years. The difference between rent expense recognized and actual rental payments is recorded as deferred rent and included in liabilities. |
Distinguishing Liabilities from Equity | Distinguishing Liabilities from Equity The Company relies on the guidance provided by ASC Topic 480, Distinguishing Liabilities from Equity Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the balance sheet (“temporary equity”). The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity. Initial Measurement The Company records its financial instruments classified as liability, temporary equity or permanent equity at issuance at the fair value, or cash received. Subsequent Measurement – Financial Instruments Classified as Liabilities The Company records the fair value of its financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of its financial instruments classified as liabilities are recorded as other income (expenses). |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements and Disclosures ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are described as follows: ● Level 1 – ● Level 2 – ● Level 3 – Measured on a Recurring Basis The following table presents information about our liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: Fair Value Measurement Using Amount at Level 1 Level 2 Level 3 February 29, 2020 Liabilities Derivative liability – conversion features pursuant to convertible notes payable $ 6,890,688 $ — $ — $ 6,890,688 February 28, 2019 Liabilities Derivative liability – conversion features pursuant to convertible notes payable $ 6,170,139 $ — $ — $ 6,170,139 See Note 12 for specific inputs used in determining fair value. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid expenses and advances, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. |
Earnings (Loss) per Share | Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise of stock options and/or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. Basic loss per common share is computed based on the weighted average number of shares outstanding during the period. Diluted loss per share is computed in a manner similar to the basic loss per share, except the weighted-average number of shares outstanding is increased to include all common shares, including those with the potential to be issued by virtue of convertible debt and other such convertible instruments. Diluted loss per share contemplates a complete conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In September 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Accounting Policies [Abstract] | |
Schedule of fixed assets lives | Minor replacements and maintenance and repairs which do not improve or extend asset lives are expensed currently. Computer equipment 3 years Office equipment 4 years Vehicles 3 years Leasehold improvements 5 years, the life of the lease |
Schedule of measured on a recurring basis | The following table presents information about our liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fell: Fair Value Measurement Using Amount at Level 1 Level 2 Level 3 February 29, 2020 Liabilities Derivative liability – conversion features pursuant to convertible notes payable $ 6,890,688 $ — $ — $ 6,890,688 February 28, 2019 Liabilities Derivative liability – conversion features pursuant to convertible notes payable $ 6,170,139 $ — $ — $ 6,170,139 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue from contracts with customers | The following table presents revenues from contracts with customers disaggregated by product/service: Year Ended Year Ended Device rental activities $ 234,956 $ 114,261 Direct sales of goods and services 25,812 410 $ 260,768 $ 114,671 |
REVENUE EARNING ROBOTS (Tables)
REVENUE EARNING ROBOTS (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Revenue Earning Devices | |
Schedule of revenue earning robots | Revenue earning robots consisted of the following: February 29, 2020 February 28, 2019 Revenue earning devices $ 362,259 $ 229,958 Less: Accumulated depreciation (123,088 ) (42,784 ) $ 239,171 $ 187,174 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of fixed assets | Fixed assets consisted of the following: February 29, 2020 February 28, 2019 Automobile $ 41,953 $ 40,953 Computer equipment 20,262 20,262 Office equipment 5,680 5,680 67,895 66,895 Less: Accumulated depreciation (51,637 ) (29,701 ) $ 16,258 $ 37,194 |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of convertible notes payable | Convertible notes payable consisted of the following: Balance Balance Interest Conversion February 29, February 28, Issued Maturity Rate Rate per Share 2020 2019 February 28, 2011 February 26, 2013 * 7% $0.015 $ — $ 32,600 January 31, 2013 February 28, 2017 * 10% $0.010 (3) 119,091 119,091 May 31, 2013 November 30, 2016 * 10% $0.010 (3) 261,595 261,595 August 31, 2014 November 30, 2016 * 10% $0.002 (3) 355,652 355,652 November 30, 2014 November 30, 2016 * 10% $0.002 (3) 103,950 103,950 February 28, 2015 February 28, 2017 * 10% $0.001 (3) 63,357 63,357 May 31, 2015 August 31, 2017* 10% $1.000 (3) 65,383 65,383 August 31, 2015 August 31, 2017* 10% $0.300 (3) 91,629 91,629 November 30, 2015 November 30, 2018* 10% $0.300 (3) 269,791 269,791 February 29, 2016 February 28, 2019* 10% 60% discount (2) 95,245 95,245 May 31, 2016 May 31, 2019* 10% $0.003 (3) 35,100 35,100 July 18, 2016 July 18, 2017* 10% $0.003 (3) 3,500 3,500 December 31, 2016 December 31, 2020 8% 35% discount (2) 65,000 65,000 January 15, 2017 January 15, 2021 8% 35% discount (2) 50,000 50,000 January 15, 2017 January 15, 2021 8% 35% discount (2) 100,000 100,000 January 16, 2017 January 16, 2021 8% 35% discount (2) 150,000 150,000 March 8, 2017 March 8, 2020 10% 40% discount (2) 100,000 100,000 March 9, 2017 March 9, 2021 8% 35% discount (2) 50,000 50,000 April 19, 2017 April 19, 2018* 15% 50% discount (2) — 96,250 April 26, 2017 April 26, 2018* 0% $0.001 68 68 May 1, 2017 May 1, 2021 8% 35% discount (2) 50,000 50,000 May 4, 2017 May 4, 2018* 8% 40% discount (2) 22,610 131,450 May 15, 2017 May 15, 2018* 0% $0.001 1,280 1,280 May 17, 2017 May 17, 2020 10% 40% discount (1) 85,000 85,000 June 7, 2017 June 7, 2018* 8% 40% discount (2) 156,764 180,964 June 16, 2017 June 16, 2018* 0% $0.001 750 750 July 6, 2017 July 6, 2018* 8% 40% discount (2) 200,000 200,000 August 8, 2017 August 8, 2018* 8% 40% discount (2) 125,000 125,000 July 28, 2017 July 28, 2018* 15% 40% discount (2) 47,913 — August 29, 2017 August 29, 2018* 15% 50% discount (2) 162,250 147,500 October 4, 2017 May 4, 2018* 8% 40% discount (2) 150,000 150,000 October 16, 2017 October 16, 2018* 15% 50% discount (2) 328,537 204,067 November 22, 2017 November 22, 2018* 15% 50% discount (2) 550,275 500,250 December 28, 2017 December 28, 2017* 10% 40% discount (2) 57,008 28,150 December 29, 2017 December 29, 2018* 15% 50% discount (2) 363,000 330,000 January 9, 2018 January 9, 2019* 8% 40% discount (2)(1) 79,508 79,508 January 30, 2018 January 30, 2019* 15% 50% discount (2)(1) 330,000 300,000 February 21, 2018 February 21, 2019* 15% 50% discount (2)(1) 330,000 300,000 March 14, 2018 March 14, 2019* 10% 40% discount (2) 50,000 50,000 June 7, 2017 June 9, 2019* 8% 40% discount (2) 200,000 200,000 April 9, 2018 April 9, 2019* 15% 50% discount (2) 60,500 55,000 March 21, 2017 March 21, 2018* 8% 40% discount (2) 40,000 40,000 April 20, 2018 April 20, 2019* 8% 40% discount (2) 97,659 65,106 May 2, 2018 December 2, 2018* 10% 40% discount (2) 70,682 70,682 May 4, 2018 May 4, 2019* 12% 50% discount (2) 123,750 123,750 May 14, 2018 December 14, 2018* 10% 50% discount (2) 33,542 33,542 May 23, 2018 May 23, 2019* 10% 50% discount (2) 110,000 110,000 June 6, 2018 June 6, 2019* 15% 50% discount (2) 282,949 282,949 June 19, 2018 March 19, 2019* 15% 50% discount (2) 43,125 87,274 July 6, 2017 June 9, 2019* 8% 40% discount (2) 200,000 200,000 August 1, 2018 August 1, 2019* 15% 50% discount (2) 35,750 32,500 August 23, 2018 August 23, 2019* 8% 45% discount (2) 70,123 77,435 September 13, 2018 June 30, 2019* 12% 45% discount (2) 9,200 79,500 September 17, 2018 March 17, 2019* 10% 50% discount (2) 4,945 4,945 September 20, 2018 September 20, 2019* 15% 50% discount (2) 43,285 39,350 September 24, 2018 June 24, 2019* 8% 40% discount (2) 63,913 44,000 August 8, 2017 June 9, 2019* 8% 40% discount (2) 125,000 125,000 November 8, 2018 August 15, 2019* 12% 45% discount (2) 79,500 79,500 November 26, 2018 May 26, 2019* 10% 50% discount (2) 44,799 44,798 August 29. 2019 August 29. 2020 8% 40% discount (2) 26,250 — 6,834,228 6,767,461 Less: current portion of convertible notes payable (6,734,227 ) (6,202,461 ) Less: discount on noncurrent convertible notes payable (30,486 ) (302,105 ) Noncurrent convertible notes payable, net of discount $ 69,515 $ 262,895 Current portion of convertible notes payable $ 6,734,227 $ 6,202,461 Less: discount on current portion of convertible notes payable (120,602 ) (718,015 ) Current portion of convertible notes payable, net of discount $ 6,613,625 $ 5,484,446 * The indicated notes were in default as of February 29, 2020. Default interest rate 24% (1) The note is convertible beginning six months after the date of issuance. (2) The notes are convertible at a discount (as indicated) to the average market price and are accounted for and evaluated under ASC 480 as discussed in Note 3. (3) The conversion price is not subject to adjustment from forward or reverse stock splits. |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Loans Payable [Abstract] | |
Schedule of loans payable | Loans payable at February 29, 2020 consisted of the following: Annual Interest Date Maturity Description Principal Rate June 11, 2018 June 11, 2019 Promissory note (3) $ 48,000 25% * August 10, 2018 September 1, 2018 Promissory note 10,000 25% * August 16, 2018 August 16, 2019 Promissory note (1) 12,624 25% * August 16, 2018 October 1, 2018 Promissory note 10,000 25% * August 23, 2018 October 20, 2018 Promissory note (21) 25,000 20% * October 10, 2018 December 10, 2018 Promissory note (8) — 20% * October 11, 2018 October 11, 2019 Promissory note (10) 17,000 20% * August 5, 2019 March 11, 2020 Factoring Agreement (4) 27,025 (4) * July 22, 2019 November 15, 2019 Factoring Agreement (9) — (9) July 9, 2019 January 5, 2020 Factoring Agreement (5) — (5) September 17, 2019 November 26, 2019 Factoring Agreement (13) — (13) * November 12, 2019 August 11, 2020 Factoring Agreement (14) 74,392 (14) * December 20, 2019 March 5, 2020 Factoring Agreement (18) 7,480 * October 17,2019 April 29, 2020 Factoring Agreement (15) 29,252 (15) * September 27, 2019 April 4, 2020 Factoring Agreement (16) 14,893 (16) * January 31, 2019 June 30, 2019 Promissory note (2) 78,432 15% * January 24, 2019 January 24, 2021 Loan (11) 140,535 11% * May 9, 2019 June 30, 2019 Promissory note (6) 7,850 15% May 31, 2019 June 30, 2019 Promissory note (7) 86,567 15% June 26, 2019 June 26, 2020 Promissory note (12) 79,104 15% September 24, 2019 June 24 2020 Promissory note (17) 12,000 15% January 30, 2020 January 30, 2021 Promissory note (19) 11,000 15% February 27, 2020 February 27, 2021 Promissory note (20) 5,000 15% $ 696,154 Less current portion of loans payable $ 696,154 Non-current portion of loans payable $ — __________ * Note is in default. No notice has been given by the note holder. (1) Repayable in 12 monthly instalments of $2,376 commencing September 16 ,2018 and secured by revenue earning devices having a net book value of at least $25,000.Only $12,376 has been repaid by the Company and no notices have been received. Accrued interest of $1,511 has been recorded. (2) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $25,882. (3) Repayable in 12 monthly instalments of $4,562 commencing August 11 ,2018 and secured by revenue earning devices having a net book value of at least $48,000. No repayments have been made by the Company and no notices have been received. (4) Total loan $79,750 , repayable $475 per business day including fees and interest of $25,170. Original cash proceeds of $31,353 and $23,227 carried from previous loan less repayment of $38,000. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (6) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $2,590. (7) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $28,567. (8) Repayable in 10 monthly instalments of $848 commencing January 10 ,2019 and secured by revenue earning devices having a net book value of at least $186,000. Repaid in full. (9) Total loan $52,150 , repayable $869 per business day including fees and interest of $17,150. Original cash proceeds of $35,000. The loan has been fully repaid for $52,150. (10) $6,000 repaid during the year ended February 29,2020 (11) $185,000 Canadian loan. Interest payable every calendar quarter commencing June30, 2019, if unpaid accrued interest to be paid at maturity. An additional interest amount calculated as 4% of RAD revenues from SCOT rentals for the fiscal years 2020 and 2021 shall be payable March 31, 2020 and March 31, 2021 , respectively. Secured by a general security charging all of RAD’s present and after-acquired property in favor of the lender on a first priority basis subject to the following: the lender’s security in this respect shall be postponeable to security in favor of institutional financing obtained by RAD. Bonus interest of 10,304 has been accrued payable March 31, 2020. (12) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $26,104. (13) Total loan of $24,800 , repayable $2,480 per week including fees and interest of $4,800. Original proceeds of $20,000 less repayment of $19,840.The remaining balance of $4,960 has been transferred to new loan (14).The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (14) Total loan of $243,639, repayable $1,509 per week including fees and interest of $60,042. Original cash proceeds of $7,877 , repayment of loans (5) and (13) totaling $15,732, partial repayment of fees of $5,566 all totaling $29,175, additional advances of $88,772 with remaining $65,551 to be advanced to the company over the remaining 18 weeks. The Company has repaid $77,869. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (15) Total loan of $71,000 , repayable $710 per business day including fees and interest of $21,000. Original proceeds of $50,000 less repayment of $41,758. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (16) Total loan of $59,960 , repayable $590 per business day including fees and interest of $19,960. Original proceeds of $40,000 less repayment of $45,067. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (17) The note may be pre-payable at any time. The note balance includes 33% original issue discount of $3,000. (18) Total loan of $12,400 , repayable $1,240 per week including fees and interest of $2,400. Original cash proceeds of $10,000 , repayments of $4,920. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. (19) The note may be pre-payable at any time. The note balance includes 22% original issue discount of $2,450. (20) The note may be pre-payable at any time. The note balance includes 24% original issue discount of $1,200. (21) Principal repayable in one year. Interest repayable in 10 monthly instalments of $460 commencing January 11 ,2019 and secured by revenue earning devices having a net book value of at least $186,000. $25,000 repaid. |
DERIVATIVE LIABILITES (Tables)
DERIVATIVE LIABILITES (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Derivative Liability [Abstract] | |
Schedule of derivative liabilities using the Monte-Carlo | The Company estimated the fair value of the derivative liabilities using the multinomial lattice model using the following key assumptions during the year ended February 29, 2020: Strike price $1.40 - $1.00 Fair value of Company common stock $86,500 - $0.0001 Dividend yield 0.00% Expected volatility 590.10% - 396.40% Risk free interest rate 1.05% - 2.63% Expected term (years) 0.04 - 3.33 The Company estimated the fair value of the derivative liabilities using the multinomial lattice model using the following key assumptions during the year ended February 28, 2019: Strike price $10,000 - $10 Fair value of Company common stock $3,375 - $110 Dividend yield 0.00% Expected volatility 424% - 102% Risk free interest rate 1.20% - 2.59% Expected term (years) 0.00 - 3.66 |
Schedule of level 3 financial instruments | The changes in the derivative liabilities (Level 3 financial instruments) measured at fair value on a recurring basis for the year ended February 29, 2020 were as follows: Balance as of February 28, 2019 $ 6,170,139 Release of derivative liability on conversion of convertible notes payable (440,294 ) Debt discount due to derivative liabilities 26,250 Derivative liability in excess of face value upon issuance of debt recorded to interest expense 172,242 Adjustment to derivative liability due to debt settlement (164,768 ) Change in fair value of derivative liabilities 1,127,119 Balance as of February 29, 2020 $ 6,890,688 The changes in the derivative liabilities (Level 3 financial instruments) measured at fair value on a recurring basis for the year ended February 28, 2019 were as follows: Balance as of February 28, 2018 $ 31,113,844 Release of derivative liability on conversion of convertible notes payable (1,215,588 ) Debt discount due to derivative liabilities 914,010 Derivative liability in excess of face value of debt recorded to interest expense 784,160 Increase in derivative liability due to debt settlement 612,752 Change in fair value of derivative liabilities (26,039,039 ) Balance as of February 28, 2019 $ 6,170,139 |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of black-scholes warrants pricing model | The above 2043 warrants issued along with the converted shares were recorded as an adjustment to paid in capital included with the value of the common shares converted. Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2019 — $ — — Issued 2,043 100 2.81 Exercised — — — Forfeited and cancelled — — — Outstanding at February 28, 2019 2,043 $ 100 2.81 Issued — — — Exercised — — — Forfeited and cancelled 0.45 5 — Outstanding at February 29, 2020 2,043 $ 100 1.81 |
Schedule of black-scholes option pricing model | The above warrants have an aggregate grant date fair value of $12,967 based on the Black-Scholes Option Pricing model with the following assumptions: Strike price $30,000 - $150,000 Fair value of Company’s common stock $13,000 - $61,000 Dividend yield 0.00% Expected volatility 305.71% - 341.5% Risk free interest rate 2.41% - 2.66% Expected term (years) 3.00 |
COMMITMENTS & CONTINGENCIES (Ta
COMMITMENTS & CONTINGENCIES (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of RAD's future minimum payments | The parties finally settled all claims with a full release for $180,000 in June 2019 payable in 14 monthly instalments as follows: 2019 2020 Total 6/30/19 $ 5,000 1/26/2020 $ 15,000 7/30/19 $ 5,000 2/25/2020 $ 15,000 8/29/19 $ 7,500 3/26/2020 $ 15,000 9/28/19 $ 7,500 4/25/2020 $ 15,000 10/28/19 $ 10,000 5/25/2020 $ 20,000 11/27/19 $ 10,000 6/25/2020 $ 20,000 12/27/19 $ 15,000 7/24/2020 $ 20,000 Total $ 60,000 $ 120,000 $ 180,000 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of earnings (loss) per share | The net income (loss) per common share amounts were determined as follows: For the Years Ended February 29, February 28, 2020 2019 Numerator: Net income (loss) available to common shareholders $ (6,213,649 ) $ 16,094,835 Effect of common stock equivalents Add: interest expense on convertible debt 1,299,785 784,504 Add (less) loss (gain) on change of derivative liabilities 1,127,119 (26,039,039 ) Net income (loss) adjusted for common stock equivalents (3,786,745 ) (9,159,700 ) Denominator: Weighted average shares - basic 197,539 2,773 Net income (loss) per share – basic $ (21.06 ) $ 5,804.57 Dilutive effect of common stock equivalents: Warrants — 51 Convertible Debt — 123,704 Preferred shares* — 69,090 Denominator: Weighted average shares – diluted 197,539 195,618 Net income (loss) per share – diluted $ (31.46 ) $ (46.82 ) |
Schedule of anti-dilutive shares of common stock | The anti-dilutive shares of common stock equivalents for the years ended February 28, 2019 and February 28, 2018 were as follows: For the Years Ended February 29, 2020 February 28, 2019 Stock options and warrants 7 7 Convertible debt 62,692,265,100 — Preferred stock 1,443,532 — Total 62,693,708,639 7 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | The income tax expense (benefit) consisted of the following for the fiscal years ended February 29, 2020 and February 28, 2019: February 29, 2020 February 28, 2019 Total current $ — $ — Total deferred — — $ — $ — |
Schedule of federal statutory income tax | The following is a reconciliation of the expected statutory federal income tax provision to the actual income tax benefit for the fiscal year ended February 29, 2020 (in thousands): February 29, 2020 Federal statutory rate $ (1,305,000 ) Non deductible interest 169,000 Non deductible changes in fair value of instruments 237,000 Other non deductible expenses 31,000 Change in valuation allowance 868,000 $ — Year Ended U.S. federal statutory income tax $ 3,225,923 Amortization of debt discount 1,024,740 Fair value of derivative liabilities on issuance 215,295 Change in fair value of derivative liabilities (5,527,483 ) Gain on debt settlement (60,734 ) Stock-based compensation 133,284 Valuation allowance for deferred income tax assets 988,975 Effective income tax rate $ — |
Schedule of deferred income tax assets | Significant components of the Company’s deferred tax assets and liabilities were as follows for the fiscal years February 29, 2020 and February 28, 2019: February 29, 2020 February 28, 2019 Deferred tax assets: Net operating loss carryforwards $ 3,418,115 $ 2,550,115 Total deferred tax assets 3,418,115 2,550,115 Deferred tax liabilities: Depreciation — — Deferred revenue — — Total deferred tax liabilities — — Net deferred tax assets: Less valuation allowance (3,418,115 ) (2,550,115 ) Net deferred tax assets (liabilities) $ — $ — |
GENERAL INFORMATION (Details Na
GENERAL INFORMATION (Details Narrative) - shares | Aug. 28, 2017 | Feb. 29, 2020 | Feb. 28, 2019 | Jul. 25, 2017 |
Common stock, issued | 418,415 | 20,026 | ||
Robotic Assistance Devices, LLC ("RAD") [Member] | ||||
Common stock, issued | 10,000 | |||
Robotic Assistance Devices, LLC ("RAD") [Member] | Series F Preferred Stock [Member] | ||||
Number of shares isuued under acquisition | 2,450 | |||
Robotic Assistance Devices, LLC ("RAD") [Member] | Series E Preferred Stock [Member] | ||||
Number of shares isuued under acquisition | 3,350,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Going Concern Disclosure Abstract | ||
Cash flow from operating activities | $ (1,757,023) | $ (1,804,261) |
Accumulated deficit | (25,622,843) | $ (19,409,194) |
Working capital | $ 19,589,088 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) | 12 Months Ended |
Feb. 29, 2020 | |
Leasehold Improvements [Member] | |
Fixed assets, useful life | 5 years |
Vehicles [Member] | |
Fixed assets, useful life | 3 years |
Computer Equipment [Member] | |
Fixed assets, useful life | 3 years |
Office Equipment [Member] | |
Fixed assets, useful life | 4 years |
ACCOUNTING POLICIES (Details 1)
ACCOUNTING POLICIES (Details 1) - Fair Value, Measurements, Recurring [Member] - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Liabilities | ||
Derivative liability - conversion features pursuant to convertible notes payable | $ 6,890,688 | $ 6,170,139 |
Level 1 [Member] | ||
Liabilities | ||
Derivative liability - conversion features pursuant to convertible notes payable | ||
Level 2 [Member] | ||
Liabilities | ||
Derivative liability - conversion features pursuant to convertible notes payable | ||
Level 3 [Member] | ||
Liabilities | ||
Derivative liability - conversion features pursuant to convertible notes payable | $ 6,890,688 | $ 6,170,139 |
ACCOUNTING POLICIES (Details Na
ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Inventory valuation reserve | $ 160,000 | |
Federal statutory tax rate | 21.00% | 25.00% |
Previously federal statutory tax rate | 35.00% | |
Revenue earning devices, useful life | 48 months | |
Minimum [Member] | ||
Fixed assets, useful life | 3 years | |
Maximum [Member] | ||
Fixed assets, useful life | 5 years |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Device rental activities | $ 234,956 | $ 114,261 |
Direct sales of goods and services | 25,812 | 410 |
Total revenue from contracts with customers | $ 260,768 | $ 114,671 |
REVENUE EARNING ROBOTS (Details
REVENUE EARNING ROBOTS (Details) - Robotic Assistance Devices, LLC ("RAD") [Member] - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Revenue earning devices | $ 362,259 | $ 229,958 |
Less: Accumulated depreciation | (123,088) | (42,784) |
Total revenue earning devices | $ 239,171 | $ 187,174 |
REVENUE EARNING ROBOTS (Detai_2
REVENUE EARNING ROBOTS (Details Narrative) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Depreciation expense | $ 102,241 | $ 114,612 | |
Revenue earning | 260,768 | 114,671 | $ 106,476 |
Disposed of a revenue earning device | 11,515 | (73,172) | |
Robotic Assistance Devices, LLC ("RAD") [Member] | |||
Depreciation expense | 80,305 | 22,107 | |
Revenue earning | 132,301 | $ 229,958 | |
Disposed of a revenue earning device | 6,000 | ||
Minimum [Member] | Robotic Assistance Devices, LLC ("RAD") [Member] | |||
Disposed of a revenue earning device | 3,500 | ||
Maximum [Member] | Robotic Assistance Devices, LLC ("RAD") [Member] | |||
Disposed of a revenue earning device | $ 9,500 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Gross | $ 67,895 | $ 66,895 |
Less: Accumulated depreciation | (51,637) | (29,701) |
Fixed assets, net of accumulated depreciation | 16,258 | 37,194 |
Automobile [Member] | ||
Gross | 41,953 | 40,953 |
Computer Equipment [Member] | ||
Gross | 20,262 | 20,262 |
Office Equipment [Member] | ||
Gross | $ 5,680 | $ 5,680 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Loss on impairment of fixed assets | $ 11,515 | $ (73,172) |
Net book value | 16,258 | 37,194 |
Robotic Assistance Devices, LLC ("RAD") [Member] | ||
Additions to fixed assets | 1,000 | 2,900 |
Loss on impairment of fixed assets | 25,938 | |
Depreciation expense | 21,936 | $ 58,177 |
Robotic Assistance Devices, LLC ("RAD") [Member] | Automobile [Member] | ||
Net book value | $ 38,405 |
DEFERRED VARIABLE PAYMENT OBL_2
DEFERRED VARIABLE PAYMENT OBLIGATION (Details Narrative) - USD ($) | Apr. 22, 2020 | Dec. 30, 2019 | Nov. 18, 2019 | May 09, 2019 | Feb. 01, 2019 | Feb. 29, 2020 | Feb. 28, 2019 |
Accrued Payment | $ 30,534 | $ 2,108 | |||||
Debt outstanding | 1,559,000 | 192,500 | |||||
Proceeds from related party | 141,290 | 218,890 | |||||
Proceeds from payment obligation | 1,366,500 | 192,500 | |||||
Total payment obligation | 1,559,000 | 190,392 | |||||
Current portion of deferred variable payment obligation | $ 30,534 | $ 2,108 | |||||
Investor [Member] | |||||||
Description of disposition price | The FMV cannot exceed 30% of the share disposition price defined as the total price the third party paid for the shares plus the total value of all future Payments. | ||||||
Maximum amount of debt | $ 100,000 | $ 900,000 | |||||
Percentage of exchange rate | 1.00% | 9.00% | |||||
Description of variable payments terms | If the total investor advances turns out to be less than $100,000, this would not constitute a breach of the agreement, rather the 1.00% rate would be adjusted on a pro-rata basis. | If the total investor advances turns out to be less than $900,000, this would not constitute a breach of the agreement, rather the 9% rate would be adjusted on a pro-rata basis. | These variable payments (Payments) are to be made 30 days after the fiscal quarter. If the Payments would deplete RAD’s available cash by more than 30%, the Payments may be deferred for up to 12 months after the quarterly report at an interest rate of 6% per annum on the unpaid amount. | ||||
Periodic payment | $ 60,000 | ||||||
Maturity date | Nov. 30, 2019 | ||||||
Date of first required payment | Jun. 30, 2020 | Jun. 30, 2019 | |||||
Frequency of periodic payment | Monthly installments | ||||||
Proceeds from related party | $ 900,000 | ||||||
Investor [Member] | Financial Assets Sold under Agreement to Repurchase [Member] | |||||||
Percentage of assets sold | 10.00% | ||||||
Percentage of total asset disposition price | 30.00% | ||||||
Investor [Member] | |||||||
Maximum amount of debt | $ 400,000 | ||||||
Percentage of exchange rate | 4.00% | ||||||
Description of variable payments terms | If the total investor advances turns out to be less than $400,000, this would not constitute a breach of the agreement, rather the 4% rate would be adjusted on a pro-rata basis. | ||||||
Periodic payment | $ 64,111 | ||||||
Date of first required payment | Jul. 1, 2019 | ||||||
Frequency of periodic payment | Four monthly installments | ||||||
Proceeds from related party | $ 400,000 | ||||||
Investor [Member] | |||||||
Maximum amount of debt | $ 50,000 | ||||||
Percentage of exchange rate | 1.11% | ||||||
Description of variable payments terms | If the total investor advances turns out to be less than $50,000, this would not constitute a breach of the agreement, rather the 1.11% rate would be adjusted on a pro-rata basis. | ||||||
Periodic payment | $ 8,014 | ||||||
Date of first required payment | Jul. 1, 2019 | ||||||
Frequency of periodic payment | Four monthly installments | ||||||
Proceeds from related party | 50,000 | ||||||
Investor [Member] | Subsequent Event [Member] | |||||||
Maximum amount of debt | $ 100,000 | ||||||
Percentage of exchange rate | 1.00% | ||||||
Date of first required payment | Apr. 28, 2020 | ||||||
Investor [Member] | |||||||
Principal amount | 109,000 | ||||||
Advance amount | 116,000 | ||||||
Proceeds from payment obligation | 1,366,500 | ||||||
Total payment obligation | $ 1,559,000 | ||||||
Investor [Member] | |||||||
Principal amount | $ 225,000 | ||||||
Percentage of exchange rate | 2.25% | ||||||
Description of variable payments terms | If the total investor advances turns out to be less than $100,000, this would not constitute a breach of the agreement, rather the 1.00% rate would be adjusted on a pro-rata basis. |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | ||
Total convertible notes payable | $ 6,834,228 | $ 6,767,461 | |
Less: current portion of convertible notes payable | (6,734,227) | (6,202,461) | |
Less: discount on noncurrent convertible notes payable | (30,486) | (302,105) | |
Noncurrent convertible notes payable, net of discount | 69,515 | 262,895 | |
Current portion of convertible notes payable | 6,734,227 | 6,202,461 | |
Less: discount on current portion of convertible notes payable | (120,602) | (718,015) | |
Current portion of convertible notes payable, net of discount | $ 6,613,625 | 5,484,446 | |
10% Convertible Note Due February 28, 2017 [Member] | |||
Issuance date | Jan. 31, 2013 | ||
Conversion rate per share | [1] | $ 0.010 | |
Total convertible notes payable | [2] | $ 119,091 | 119,091 |
7% Convertible Note Due February 26, 2013 [Member] | |||
Issuance date | Feb. 28, 2011 | ||
Conversion rate per share | $ 0.015 | ||
Total convertible notes payable | 32,600 | ||
10% Convertible Note Due November 30, 2016 [Member] | |||
Issuance date | May 31, 2013 | ||
Conversion rate per share | [1] | $ 0.010 | |
Total convertible notes payable | [2] | $ 261,595 | 261,595 |
10% Convertible Note Due November 30, 2016 [Member] | |||
Issuance date | Aug. 31, 2014 | ||
Conversion rate per share | [1] | $ 0.002 | |
Total convertible notes payable | [2] | $ 355,652 | 355,652 |
10% Convertible Note Due November 30, 2016 [Member] | |||
Issuance date | Nov. 30, 2014 | ||
Conversion rate per share | [1] | $ 0.002 | |
Total convertible notes payable | [2] | $ 103,950 | 103,950 |
10% Convertible Note Due February 28, 2017 [Member] | |||
Issuance date | Feb. 28, 2015 | ||
Conversion rate per share | [1] | $ 0.001 | |
Total convertible notes payable | [2] | $ 63,357 | 63,357 |
10% Convertible Note Due August 31, 2017 [Member] | |||
Issuance date | May 31, 2015 | ||
Conversion rate per share | [1] | $ 1 | |
Total convertible notes payable | [2] | $ 65,383 | 65,383 |
10% Convertible Note Due August 31, 2017 [Member] | |||
Issuance date | Aug. 31, 2015 | ||
Conversion rate per share | [1] | $ 0.300 | |
Total convertible notes payable | [2] | $ 91,629 | 91,629 |
10% Convertible Note Due November 30, 2018 [Member] | |||
Issuance date | Nov. 30, 2015 | ||
Conversion rate per share | [1] | $ 0.300 | |
Total convertible notes payable | [2] | $ 269,791 | 269,791 |
10% Convertible Note Due February 28, 2019 [Member] | |||
Issuance date | Feb. 29, 2016 | ||
Percentage of conversion rate discount | [3] | 60.00% | |
Total convertible notes payable | [2] | $ 95,245 | 95,245 |
10% Convertible Note Due May 31, 2019 [Member] | |||
Issuance date | May 31, 2016 | ||
Conversion rate per share | [1] | $ 0.003 | |
Total convertible notes payable | [2] | $ 35,100 | 35,100 |
10% Convertible Note Due July 18, 2017 [Member] | |||
Issuance date | Jul. 18, 2016 | ||
Conversion rate per share | [1] | $ 0.003 | |
Total convertible notes payable | [2] | $ 3,500 | 3,500 |
8% Convertible Note Due December 31, 2020 [Member] | |||
Issuance date | Dec. 31, 2016 | ||
Percentage of conversion rate discount | [3] | 35.00% | |
Total convertible notes payable | $ 65,000 | 65,000 | |
8% Convertible Note Due January 15, 2021 [Member] | |||
Issuance date | Jan. 15, 2017 | ||
Percentage of conversion rate discount | [3] | 35.00% | |
Total convertible notes payable | $ 50,000 | 50,000 | |
8% Convertible Note Due January 15, 2021 [Member] | |||
Issuance date | Jan. 15, 2017 | ||
Percentage of conversion rate discount | [3] | 35.00% | |
Total convertible notes payable | $ 100,000 | 100,000 | |
8% Convertible Note Due January 16, 2021 [Member] | |||
Issuance date | Jan. 16, 2017 | ||
Percentage of conversion rate discount | [3] | 35.00% | |
Total convertible notes payable | $ 150,000 | 150,000 | |
10% Convertible Note Due March 8, 2020 [Member] | |||
Issuance date | Mar. 8, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | $ 100,000 | 100,000 | |
8% Convertible Note Due March 9, 2021 [Member] | |||
Issuance date | Mar. 9, 2017 | ||
Percentage of conversion rate discount | [3] | 35.00% | |
Total convertible notes payable | $ 50,000 | 50,000 | |
15% Convertible Note Due April 19, 2018 [Member] | |||
Issuance date | Apr. 19, 2017 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | 96,250 | |
0% Convertible Note Due April 26, 2018 [Member] | |||
Issuance date | Apr. 26, 2017 | ||
Conversion rate per share | $ 0.001 | ||
Total convertible notes payable | [2] | $ 68 | 68 |
8% Convertible Note Due May 1, 2021 [Member] | |||
Issuance date | May 1, 2017 | ||
Percentage of conversion rate discount | [3] | 35.00% | |
Total convertible notes payable | $ 50,000 | 50,000 | |
8% Convertible Note Due May 4, 2018 [Member] | |||
Issuance date | May 4, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 22,610 | 131,450 |
0% Convertible Note Due May 15, 2018 [Member] | |||
Issuance date | May 15, 2017 | ||
Conversion rate per share | $ 0.001 | ||
Total convertible notes payable | [2] | $ 1,280 | 1,280 |
10% Convertible Note Due May 17, 2020 [Member] | |||
Issuance date | May 17, 2017 | ||
Percentage of conversion rate discount | [4] | 40.00% | |
Total convertible notes payable | $ 85,000 | 85,000 | |
8% Convertible Note Due June 7, 2018 [Member] | |||
Issuance date | Jun. 7, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 156,764 | 180,964 |
0% Convertible Note Due June 16, 2018 [Member] | |||
Issuance date | Jun. 16, 2017 | ||
Conversion rate per share | $ 0.001 | ||
Total convertible notes payable | [2] | $ 750 | 750 |
8% Convertible Note Due July 6, 2018 [Member] | |||
Issuance date | Jul. 6, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 200,000 | 200,000 |
8% Convertible Note Due August 8, 2018 [Member] | |||
Issuance date | Aug. 8, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 125,000 | 125,000 |
15% Convertible Note Due July 28, 2018 [Member] | |||
Issuance date | Jul. 28, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 47,913 | |
15% Convertible Note Due August 29, 2018 [Member] | |||
Issuance date | Aug. 29, 2017 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 162,250 | 147,500 |
8% Convertible Note Due May 4, 2018 [Member] | |||
Issuance date | Oct. 4, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 150,000 | 150,000 |
15% Convertible Note Due October 16, 2018 [Member] | |||
Issuance date | Oct. 16, 2017 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 328,537 | 204,067 |
15% Convertible Note Due November 22, 2018 [Member] | |||
Issuance date | Nov. 22, 2017 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 550,275 | 500,250 |
10% Convertible Note Due December 28, 2017 [Member] | |||
Issuance date | Dec. 28, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 57,008 | 28,150 |
15% Convertible Note Due December 29, 2018 [Member] | |||
Issuance date | Dec. 29, 2017 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 363,000 | 330,000 |
8% Convertible Note Due January 9, 2019 [Member] | |||
Issuance date | Jan. 9, 2018 | ||
Percentage of conversion rate discount | [3],[4] | 40.00% | |
Total convertible notes payable | [2] | $ 79,508 | 79,508 |
15% Convertible Note Due January 30, 2019 [Member] | |||
Issuance date | Jan. 30, 2018 | ||
Percentage of conversion rate discount | [3],[4] | 50.00% | |
Total convertible notes payable | [2] | $ 330,000 | 300,000 |
15% Convertible Note Due February 21, 2019 [Member] | |||
Issuance date | Feb. 21, 2018 | ||
Percentage of conversion rate discount | [3],[4] | 50.00% | |
Total convertible notes payable | [2] | $ 330,000 | 300,000 |
10% Convertible Note Due March 14, 2019 [Member] | |||
Issuance date | Mar. 14, 2018 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 50,000 | 50,000 |
8% Convertible Note Due June 9, 2019 [Member] | |||
Issuance date | Jun. 7, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 200,000 | 200,000 |
15% Convertible Note Due April 9, 2019 [Member] | |||
Issuance date | Apr. 9, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 60,500 | 55,000 |
8% Convertible Note Due March 21, 2018 [Member] | |||
Issuance date | Mar. 21, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 40,000 | 40,000 |
8% Convertible Note Due April 20, 2019 [Member] | |||
Issuance date | Apr. 20, 2018 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 97,659 | 65,106 |
10% Convertible Note Due December 2, 2018 [Member] | |||
Issuance date | May 2, 2018 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 70,682 | 70,682 |
12% Convertible Note Due May 4, 2019 [Member] | |||
Issuance date | May 4, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 123,750 | 123,750 |
10% Convertible Note Due December 14, 2018 [Member] | |||
Issuance date | May 14, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 33,542 | 33,542 |
10% Convertible Note Due May 23, 2019 [Member] | |||
Issuance date | May 23, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 110,000 | 110,000 |
15% Convertible Note Due June 6, 2019 [Member] | |||
Issuance date | Jun. 6, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 282,949 | 282,949 |
15% Convertible Note Due March 19, 2019 [Member] | |||
Issuance date | Jun. 19, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 43,125 | 87,274 |
8% Convertible Note Due June 9, 2019 [Member] | |||
Issuance date | Jul. 6, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 200,000 | 200,000 |
15% Convertible Note Due August 1, 2019 [Member] | |||
Issuance date | Aug. 1, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 35,750 | 32,500 |
8% Convertible Note Due August 23, 2019 [Member] | |||
Issuance date | Aug. 23, 2018 | ||
Percentage of conversion rate discount | [3] | 45.00% | |
Total convertible notes payable | [2] | $ 70,123 | 77,435 |
12% Convertible Note Due June 30, 2019 [Member] | |||
Issuance date | Sep. 13, 2018 | ||
Percentage of conversion rate discount | [3] | 45.00% | |
Total convertible notes payable | [2] | $ 9,200 | 79,500 |
10% Convertible Note Due March 17, 2019 [Member] | |||
Issuance date | Sep. 17, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 4,945 | 4,945 |
15% Convertible Note Due September 20, 2019 [Member] | |||
Issuance date | Sep. 20, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 43,285 | 39,350 |
8% Convertible Note Due June 24, 2019 [Member] | |||
Issuance date | Sep. 24, 2018 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 63,913 | 44,000 |
8% Convertible Note Due June 9, 2019 [Member] | |||
Issuance date | Aug. 8, 2017 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | [2] | $ 125,000 | 125,000 |
12% Convertible Note Due August 15, 2019 [Member] | |||
Issuance date | Nov. 8, 2018 | ||
Percentage of conversion rate discount | [3] | 45.00% | |
Total convertible notes payable | [2] | $ 79,500 | 79,500 |
10% Convertible Note Due May 26, 2019 [Member] | |||
Issuance date | Nov. 26, 2018 | ||
Percentage of conversion rate discount | [3] | 50.00% | |
Total convertible notes payable | [2] | $ 44,799 | 44,798 |
8% Convertible Note Due August 29. 2020 [Member] | |||
Issuance date | Aug. 29, 2019 | ||
Percentage of conversion rate discount | [3] | 40.00% | |
Total convertible notes payable | $ 26,250 | ||
[1] | The conversion price is not subject to adjustment from forward or reverse stock splits. | ||
[2] | The indicated notes were in default as of February 29, 2020. Default interest rate 24% | ||
[3] | The notes are convertible at a discount (as indicated) to the average market price and are accounted for and evaluated under ASC 480 as discussed in Note 3. | ||
[4] | The note is convertible beginning six months after the date of issuance. |
CONVERTIBLE NOTES PAYABLE (De_2
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | Mar. 27, 2020 | Sep. 05, 2019 | Nov. 30, 2018 | Nov. 01, 2018 | Sep. 24, 2018 | Sep. 20, 2018 | Sep. 13, 2018 | May 23, 2018 | May 04, 2018 | May 02, 2018 | Apr. 09, 2018 | Mar. 14, 2018 | Mar. 02, 2018 | Jan. 05, 2018 | Dec. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Aug. 31, 2018 | Aug. 31, 2018 | Feb. 29, 2020 | Feb. 28, 2020 | Feb. 28, 2019 | Feb. 28, 2020 | Aug. 24, 2018 | Jun. 11, 2018 | Jun. 06, 2018 | Apr. 16, 2018 | Feb. 28, 2018 |
Note payable | $ 696,154 | ||||||||||||||||||||||||||||
Number of shares issued | 2,846 | ||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 100 | $ 100 | |||||||||||||||||||||||||||
Repayment of notes | $ 187,000 | ||||||||||||||||||||||||||||
Debt discount recognized from derivative liabilities | 914,010 | ||||||||||||||||||||||||||||
Amortization of discount on convertible note payable | 874,187 | 4,641,181 | |||||||||||||||||||||||||||
Current accrued interest payable | 2,778,583 | 1,390,706 | |||||||||||||||||||||||||||
Noncurrent accrued interest payable | 144,311 | 85,344 | |||||||||||||||||||||||||||
Accrued interest payable | $ 2,922,894 | $ 1,476,050 | |||||||||||||||||||||||||||
Default interest rate | 24.00% | ||||||||||||||||||||||||||||
8% Convertible Note Due on August 23, 2019 [Member] | |||||||||||||||||||||||||||||
Note maturity term | 1 year | ||||||||||||||||||||||||||||
Note maturity date | Apr. 17, 2019 | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 55% of the lowest bid price of the Company’s common stock for the last 30 trading days prior to conversion.. | ||||||||||||||||||||||||||||
Gain(loss) on settlement of debt | $ 90,629 | ||||||||||||||||||||||||||||
15% Convertible Note Due on March 19, 2019 [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 132,149 | ||||||||||||||||||||||||||||
Note maturity term | 8 months | ||||||||||||||||||||||||||||
Note maturity date | Mar. 19, 2019 | ||||||||||||||||||||||||||||
Description of debt conversion | Convertible into common shares of the Company at a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion. | ||||||||||||||||||||||||||||
Gain(loss) on settlement of debt | $ 71,100 | ||||||||||||||||||||||||||||
15% Convertible Note Due on March 19, 2019 [Member] | |||||||||||||||||||||||||||||
Principal face amount | 132,149 | ||||||||||||||||||||||||||||
15% Convertible Note Due on September 25, 2018 [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 299,200 | ||||||||||||||||||||||||||||
Note maturity term | 1 year | ||||||||||||||||||||||||||||
Note maturity date | Sep. 25, 2018 | ||||||||||||||||||||||||||||
Description of debt conversion | The replacement convertible note is convertible into units of the Company comprised of one share of common stock and one warrant to purchase a share of common stock with a three-year maturity and a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion. | ||||||||||||||||||||||||||||
Debt interest rate | 15.00% | ||||||||||||||||||||||||||||
Gain(loss) on settlement of debt | $ 484,484 | ||||||||||||||||||||||||||||
15% Convertible Note Due on September 25, 2018 [Member] | |||||||||||||||||||||||||||||
Principal face amount | 299,200 | ||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 15 | $ 0.15 | $ 3 | $ 0.44 | $ 0.02 | ||||||||||||||||||||||||
Note maturity term | 3 years | ||||||||||||||||||||||||||||
Number of common stock issued upon conversion | 3,333 | ||||||||||||||||||||||||||||
PromissoryNote1Member | Lender [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 125,000 | $ 53,000 | $ 44,000 | $ 39,350 | $ 53,000 | $ 32,500 | $ 80,000 | $ 32,500 | $ 32,500 | ||||||||||||||||||||
Issuance date | Aug. 8, 2017 | ||||||||||||||||||||||||||||
Proceeds from note | $ 118,750 | 50,000 | 40,000 | $ 39,350 | 50,000 | $ 32,500 | 76,000 | $ 32,500 | |||||||||||||||||||||
Original issue discounts | $ 6,250 | $ 3,000 | $ 4,000 | $ 3,000 | $ 4,000 | ||||||||||||||||||||||||
Note maturity term | 9 months | 1 year | 9 months | 1 year | 1 year | 1 year | |||||||||||||||||||||||
Note maturity date | Jun. 9, 2019 | Aug. 15, 2019 | |||||||||||||||||||||||||||
Description of debt conversion | The promissory note is convertible into common shares of the Company at a conversion price equal to 40% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 8% per annum interest rate. | The promissory note is convertible into common shares of the Company at a conversion price equal to 45% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 12% per annum interest rate. | The promissory note is convertible into common shares of the Company at a conversion price equal to 40% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 8% per annum interest rate. | The promissory note is convertible into common shares of the Company at a conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 15% per annum interest rate | The promissory note is convertible into common shares of the Company at a conversion price equal to 45% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 12% per annum interest rate. | The promissory note is convertible into common shares of the Company at a conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 15% per annum interest rate commencing on August 1, 2018. | A conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and have an 8% per annum interest rate. | The promissory note is convertible into common shares of the Company at a conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 15% per annum interest rate commencing on August 1, 2018. | |||||||||||||||||||||
Debt interest rate | 8.00% | 12.00% | 8.00% | 15.00% | 12.00% | 15.00% | 8.00% | 15.00% | 15.00% | ||||||||||||||||||||
ConvertibleNotesPayable72Member | Lender [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 55,000 | ||||||||||||||||||||||||||||
Issuance date | Apr. 9, 2019 | ||||||||||||||||||||||||||||
Proceeds from note | $ 55,000 | ||||||||||||||||||||||||||||
Note maturity term | 3 years | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion, and has a 15% per annum interest rate. | ||||||||||||||||||||||||||||
Debt interest rate | 15.00% | ||||||||||||||||||||||||||||
Promissory Note [Member] | Lender [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 110,000 | $ 82,500 | $ 77,000 | $ 250,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | |||||||||||||||||||
Issuance date | May 23, 2018 | May 4, 2018 | May 2, 2018 | ||||||||||||||||||||||||||
Proceeds from note | $ 90,108 | $ 71,500 | $ 70,000 | 225,000 | 180,000 | 180,000 | 180,000 | ||||||||||||||||||||||
Original issue discounts | $ 19,892 | $ 11,000 | $ 7,000 | $ 25,000 | $ 20,000 | $ 20,000 | $ 20,000 | ||||||||||||||||||||||
Note maturity term | 8 months | 1 year | 8 months | 1 year | |||||||||||||||||||||||||
Note maturity date | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | ||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 40 trading days prior to conversion, and has a 10% per annum interest rate. | A conversion price equal to 50% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 12% per annum interest rate. | A conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has a 10% per annum interest rate. | The promissory note is convertible into common shares of the Company and a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 25 trading days prior to conversion, and has a 10% per annum interest rate commencing on January 5, 2018. | The promissory note is convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. | The promissory note is convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. | Conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. | Conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. | The promissory note is convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. | ||||||||||||||||||||
Debt interest rate | 10.00% | 12.00% | 10.00% | 10.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | |||||||||||||||||||
Promissory Note [Member] | Lender [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Issuance date | Mar. 14, 2018 | ||||||||||||||||||||||||||||
Number of shares issued | 333,333 | ||||||||||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 0.15 | ||||||||||||||||||||||||||||
Warrant maturity | 3 years | ||||||||||||||||||||||||||||
Repayment of notes | $ 50,000 | ||||||||||||||||||||||||||||
Proceeds from note | 43,000 | ||||||||||||||||||||||||||||
Notes fees | 2,000 | ||||||||||||||||||||||||||||
Original issue discounts | $ 5,000 | ||||||||||||||||||||||||||||
15% Convertible Note [Member] | Lender [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 95,000 | ||||||||||||||||||||||||||||
Issuance date | Mar. 1, 2019 | ||||||||||||||||||||||||||||
Proceeds from note | $ 95,000 | ||||||||||||||||||||||||||||
Note maturity term | 3 years | ||||||||||||||||||||||||||||
Description of debt conversion | The promissory note is convertible into units of the Company comprised of one share of common stock and one warrant to purchase a share of common stock with a three-year maturity and a conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion, and has a 15% per annum interest rate. | ||||||||||||||||||||||||||||
Debt interest rate | 15.00% | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 254,118 | 803,905 | |||||||||||||||||||||||||||
Number of shares repurchase (in shares) | 2,043 | ||||||||||||||||||||||||||||
Original issue discounts | $ 1,250 | 85,143 | |||||||||||||||||||||||||||
Debt discount recognized from derivative liabilities | 26,250 | 1,668,025 | |||||||||||||||||||||||||||
Amortization of discount on convertible note payable | 874,187 | 4,641,181 | |||||||||||||||||||||||||||
Penalty interest | $ 313,347 | 352,943 | |||||||||||||||||||||||||||
Debt conversion amount converted | 19,901 | ||||||||||||||||||||||||||||
Number of common stock issued upon conversion | 19,901 | ||||||||||||||||||||||||||||
Promissory Note [Member] | Lender [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 26,250 | ||||||||||||||||||||||||||||
Note payable | 32,600 | ||||||||||||||||||||||||||||
Debt instrument interest | 97,139 | ||||||||||||||||||||||||||||
Proceeds from note | 25,000 | ||||||||||||||||||||||||||||
Original issue discounts | $ 1,250 | ||||||||||||||||||||||||||||
Note maturity date | Aug. 29, 2020 | ||||||||||||||||||||||||||||
Description of debt conversion | The promissory note is convertible into common shares of the Company at a conversion price equal to 60% of the lowest trading price of the Company’s common stock for the last 20 trading days prior to conversion, and has an 8% per annum interest rate. | ||||||||||||||||||||||||||||
Debt interest rate | 8.00% | ||||||||||||||||||||||||||||
Gain(loss) on settlement of debt | $ 129,739 | ||||||||||||||||||||||||||||
Penalty interest | $ 314,347 | ||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 244,050 | $ 244,050 | |||||||||||||||||||||||||||
Notes fees | $ 500 | 500 | |||||||||||||||||||||||||||
Number of shares converted | 395,443 | ||||||||||||||||||||||||||||
Value of shares converted | $ 254,118 | ||||||||||||||||||||||||||||
Derivative liability | $ 440,294 | $ 440,294 | |||||||||||||||||||||||||||
Convertible Note [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 344,040 | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion. | ||||||||||||||||||||||||||||
Debt interest rate | 8.00% | ||||||||||||||||||||||||||||
Gain(loss) on settlement of debt | $ 268,145 | ||||||||||||||||||||||||||||
Convertible Note [Member] | |||||||||||||||||||||||||||||
Proceeds from note | $ 344,040 | ||||||||||||||||||||||||||||
Note maturity date | Apr. 17, 2019 | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 40 trading days prior to conversion. | ||||||||||||||||||||||||||||
10% Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 100,000 | ||||||||||||||||||||||||||||
Note maturity term | 8 months | ||||||||||||||||||||||||||||
Note maturity date | Dec. 14, 2018 | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 55% of the lowest bid price of the Company’s common stock for the last 30 trading days prior to conversion. | ||||||||||||||||||||||||||||
Debt interest rate | 10.00% | ||||||||||||||||||||||||||||
8% Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 144,404 | ||||||||||||||||||||||||||||
Debt interest rate | 8.00% | ||||||||||||||||||||||||||||
8% Convertible Notes Payable [Member] | |||||||||||||||||||||||||||||
Note maturity date | Apr. 20, 2019 | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 60% of the lowest bid price of the Company’s common stock for the last 30 trading days prior to conversion. | ||||||||||||||||||||||||||||
Convertible Note [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 344,040 | ||||||||||||||||||||||||||||
15% Convertible Note Due on March 19, 2019 [Member] | |||||||||||||||||||||||||||||
Debt interest rate | 15.00% | ||||||||||||||||||||||||||||
8% Convertible Note Due on August 23, 2019 [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 100,000 | ||||||||||||||||||||||||||||
10% Convertible Notes Payable Due On March 17, 2019 [Member] | |||||||||||||||||||||||||||||
Principal face amount | 103,984 | ||||||||||||||||||||||||||||
Note payable | $ 344,040 | ||||||||||||||||||||||||||||
Note maturity term | 6 months | ||||||||||||||||||||||||||||
Note maturity date | Mar. 17, 2019 | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 20 trading days prior to conversion. | ||||||||||||||||||||||||||||
Debt interest rate | 8.00% | ||||||||||||||||||||||||||||
10% Convertible Note Due on May 26, 2019 [Member] | |||||||||||||||||||||||||||||
Principal face amount | $ 53,984 | ||||||||||||||||||||||||||||
Note maturity term | 6 months | ||||||||||||||||||||||||||||
Note maturity date | May 26, 2019 | ||||||||||||||||||||||||||||
Description of debt conversion | A conversion price equal to 50% of the lowest bid price of the Company’s common stock for the last 20 trading days prior to conversion. | ||||||||||||||||||||||||||||
Gain(loss) on settlement of debt | $ 121,305 | ||||||||||||||||||||||||||||
Convertible Note Due on September 1, 2017 [Member] | |||||||||||||||||||||||||||||
Repayment of notes | 125,000 | ||||||||||||||||||||||||||||
Gain(loss) on settlement of debt | $ 64,441 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Related Party Transactions [Abstract] | ||
Net borrowings on loan payable - related party | $ 141,290 | $ 218,890 |
Loan payable - related party | 1,310,358 | 782,844 |
Balance due to related party | 656,334 | 352,392 |
Interest expense, related party | $ 426,000 | $ 210,000 |
Percentage of interest expense due to related party | 12.00% | 12.00% |
Accrued interest, related party | $ 50,730 | $ 13,650 |
Consulting fees for research and development | $ 95,562 | $ 484,251 |
OTHER DEBT - VEHICLE LOANS (Det
OTHER DEBT - VEHICLE LOANS (Details Narrative) - Robotic Assistance Devices, LLC ("RAD") [Member] - Vehicle Loan [Member] - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2017 | Dec. 31, 2016 | Feb. 29, 2020 | Feb. 28, 2019 | |
Vehicle loan secured by automobile | $ 47,661 | $ 47,704 | ||
Term of debt | 5 years | 5 years | ||
Maturity date | Oct. 24, 2022 | Nov. 9, 2021 | ||
Payment of debt interest and principal | $ 923 | $ 1,019 | ||
Principal repayment of debt | $ 0 | $ 5,746 | ||
Total vehicle loan | 38,522 | 57,287 | ||
Current portion vehicle loan | 21,578 | 21,578 | ||
Long-term vehicle loan | 16,943 | $ 35,708 | ||
Outstanding balance of the loan | 21,907 | |||
Loss on sale of vehicle | 3,257 | |||
Proceeds of disposal of vehicle offset against vehicle loan | 18,766 | |||
Reclassification of fixed assets to vehicle for disposal | 5,515 | |||
Remaining asset value | $ 13,251 |
LOANS PAYABLE (Details)
LOANS PAYABLE (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | ||
Total | $ 696,154 | ||
Less current portion of loans payable | 696,154 | ||
Non-current portion of loans payable | $ 696,154 | $ 321,946 | |
25% Promissory Note Due on June 11, 2019 [Member] | |||
Date of issuance | [1] | Jun. 11, 2018 | |
Principal amount | [1],[2] | $ 48,000 | |
25% Promissory Note Due on September 1, 2018 [Member] | |||
Date of issuance | [1] | Aug. 10, 2018 | |
Principal amount | [1] | $ 10,000 | |
25% Promissory Note Due on August 16, 2019 [Member] | |||
Date of issuance | [1] | Aug. 16, 2018 | |
Principal amount | [1],[3] | $ 12,624 | |
25% Promissory Note Due on October 1 ,2018 [Member] | |||
Date of issuance | [1] | Aug. 16, 2018 | |
Principal amount | [1] | $ 10,000 | |
20% Promissory Note Due on October 20 ,2018 [Member] | |||
Date of issuance | [1] | Aug. 23, 2018 | |
Principal amount | [1] | $ 25,000 | |
25% Promissory Note Due on December 10, 2018 [Member] | |||
Date of issuance | [1] | Oct. 10, 2018 | |
Principal amount | [1],[4] | ||
25% Promissory Note Due on October 11, 2019 [Member] | |||
Date of issuance | [1] | Oct. 11, 2018 | |
Principal amount | [1],[5] | $ 17,000 | |
25% Factoring Agreement Due on March 11, 2020 [Member] | |||
Date of issuance | Aug. 5, 2019 | ||
Principal amount | [6] | $ 27,025 | |
25% Factoring Agreement Due on November 15, 2019 [Member] | |||
Date of issuance | Jul. 22, 2019 | ||
Principal amount | [7] | ||
20% Factoring Agreement Due on January 5, 2020 [Member] | |||
Date of issuance | Jul. 9, 2019 | ||
Principal amount | [8] | ||
20% Factoring Agreement Due on November 26, 2019 [Member] | |||
Date of issuance | Sep. 17, 2019 | ||
Principal amount | [9] | ||
20% Factoring Agreement Due on August 11, 2020 [Member] | |||
Date of issuance | Nov. 12, 2019 | ||
Principal amount | [10] | $ 74,392 | |
Factoring Agreement Due on April 29, 2020 [Member] | |||
Date of issuance | Oct. 17, 2019 | ||
Principal amount | [11] | $ 29,252 | |
Factoring Agreement Due on April 4, 2020 [Member] | |||
Date of issuance | Sep. 27, 2019 | ||
Principal amount | [12] | $ 14,893 | |
Promissory Note Due on June 30, 2019 [Member] | |||
Date of issuance | [1] | Jan. 31, 2019 | |
Principal amount | [1],[13] | $ 78,432 | |
15% Loan Due on January 24, 2021 [Member] | |||
Date of issuance | Jan. 24, 2019 | ||
Principal amount | [14] | $ 140,535 | |
11% Promissory Note Due on June 30, 2019 [Member] | |||
Date of issuance | [1] | May 9, 2019 | |
Principal amount | [1],[15] | $ 7,850 | |
15% Promissory Note Due on June 30, 2019 [Member] | |||
Date of issuance | [1] | May 31, 2019 | |
Principal amount | [1],[16] | $ 86,567 | |
15% Promissory Note Due on June 26, 2020 [Member] | |||
Date of issuance | Jun. 26, 2019 | ||
Principal amount | [17] | $ 79,104 | |
15% Promissory Note Due on June 24, 2020 [Member] | |||
Date of issuance | Sep. 24, 2019 | ||
Principal amount | [18] | $ 12,000 | |
15% Promissory Note Due on January 30, 2021 [Member] | |||
Date of issuance | [1],[19] | Jan. 30, 2020 | |
Principal amount | [1],[19] | $ 11,000 | |
15% Promissory Note Due on February 27, 2021 [Member] | |||
Date of issuance | [1],[20] | Feb. 27, 2020 | |
Principal amount | [1],[20] | $ 5,000 | |
Factoring Agreement Due on March 5, 2019 [Member] | |||
Date of issuance | [1] | Dec. 20, 2019 | |
Principal amount | [1] | $ 7,480 | |
[1] | Note is in default. No notice has been given by the note holder. | ||
[2] | Repayable in 12 monthly instalments of $4,562 commencing August 11 ,2018 and secured by revenue earning devices having a net book value of at least $48,000. No repayments have been made by the Company and no notices have been received. | ||
[3] | Repayable in 12 monthly instalments of $2,376 commencing September 16 ,2018 and secured by revenue earning devices having a net book value of at least $25,000.Only $12,376 has been repaid by the Company and no notices have been received. Accrued interest of $1,511 has been recorded. | ||
[4] | Repayable in 10 monthly instalments of $848 commencing January 10 ,2019 and secured by revenue earning devices having a net book value of at least $186,000. $2,544 repaid this quarter. | ||
[5] | $20,000 repaid in quarter ended February 28,2019. | ||
[6] | Total loan $79,750, repayable $475 per business day including fees and interest of $25,170. Original cash proceeds of $31,353 and $23,227 carried from previous loan less repayment of $38,000. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | ||
[7] | Total loan $52,150, repayable $869 per business day including fees and interest of $17,150. Original cash proceeds of $35,000. The loan has been fully repaid for $52,150. | ||
[8] | Total loan of $41,700, repayable $348 per business day including fees and interest of $11,700. Original proceeds of $30,000. $30,928 of the loan has been repaid. The remaining balance of $10,772 has been transferred to new loan (14).The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty bv the controlling shareholder of the Company. | ||
[9] | Total loan of $24,800, repayable $2,480 per week including fees and interest of $4,800. Original proceeds of $20,000 less repayment of $19,840.The remaining balance of $4,860 has been transferred to new loan (14).The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | ||
[10] | Total loan of $243,639, repayable $1,509 per week including fees and interest of $60,042. Original cash proceeds of $7,877, repayment of loans (5) and (13) totaling $15,732 ,partial repayment of fees of $5,566 all totaling $29,175, additional advances of $17,754 with remaining $136,668 to be advanced to the company over the remaining 18 weeks. The Company has repaid $15,021. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | ||
[11] | Total loan of $71,000, repayable $710 per business day including fees and interest of $21,000. Original proceeds of $50,000 less repayment of $14,200. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | ||
[12] | Total loan of $59,960, repayable $590 per business day including fees and interest of $19,960. Original proceeds of $40,000 less repayment of $23,027. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | ||
[13] | The note may be pre-payable at any time. The note balance includes 33% original issue discount of $25,882. | ||
[14] | $185,000 Canadian loan. Interest payable every calendar quarter commencing June30, 2019, if unpaid accrued interest to be paid at maturity. An additional interest amount calculated as 4% of RAD revenues from SCOT rentals for the fiscal years 2020 and 2021 shall be payable March 31, 2020 and March 31, 2021, respectively. Secured by a general security charging all of RAD's present and after-acquired property in favor of the lender on a first priority basis subject to the following: the lender's security in this respect shall be postponeable to security in favor of institutional financing obtained by RAD. | ||
[15] | The note may be pre-payable at any time. The note balance includes 33% original issue discount of $2,590. | ||
[16] | The note may be pre-payable at any time. The note balance includes 33% original issue discount of $28,567. | ||
[17] | The note may be pre-payable at any time. The note balance includes 33% original issue discount of $26,104. | ||
[18] | The note may be pre-payable at any time. The note balance includes a $3,000 original issue discount. | ||
[19] | The note may be pre-payable at any time. The note balance includes 22% original issue discount of $2,450. | ||
[20] | The note may be pre-payable at any time. The note balance includes 24% original issue discount of $1,200. |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | Jan. 12, 2019 | Jan. 10, 2019 | Sep. 16, 2018 | Aug. 11, 2018 | Feb. 29, 2020 | Mar. 31, 2020 | Jan. 11, 2019 | |
20% Promissory Note Due on January 10, 2019 [Member] | ||||||||
Perodic Payment | $ 848 | |||||||
Net book value | $ 186,000 | |||||||
Payment term | P10M | |||||||
20% Promissory Note Due on October 11, 2019 [Member] | ||||||||
Repayment of debt | $ 6,000 | |||||||
Factoring Agreement Due on November 15, 2019 [Member] | ||||||||
Perodic Payment | 869 | |||||||
Repayment of debt | 52,150 | |||||||
Original proceeds | 35,000 | |||||||
Fees and interest | 17,150 | |||||||
Principal amount | 52,150 | |||||||
Factoring Agreement Due on March 11, 2020 [Member] | ||||||||
Perodic Payment | 475 | |||||||
Repayment of debt | 38,000 | |||||||
Original proceeds | 31,353 | |||||||
Fees and interest | 25,170 | |||||||
Principal amount | 79,750 | |||||||
Loan carry forward | $ 23,227 | |||||||
15% Promissory Note on June 30, 2019 [Member] | ||||||||
Percentage of original issue discounts | 33.00% | |||||||
Original issue discounts | $ 2,590 | |||||||
15% Promissory Note on June 30, 2019 [Member] | ||||||||
Percentage of original issue discounts | 33.00% | |||||||
Original issue discounts | $ 28,567 | |||||||
25% Promissory Note Due on June 11, 2019 [Member] | ||||||||
Perodic Payment | $ 4,562 | |||||||
Net book value | $ 48,000 | |||||||
Payment term | P12M | |||||||
11% Loan on January 24, 2021 [Member] | ||||||||
Principal amount | $ 185,000 | |||||||
Additional advances | $ 10,304 | |||||||
11% Loan on January 24, 2021 [Member] | Robotic Assistance Devices, LLC ("RAD") [Member] | ||||||||
Debt interest rate | 4.00% | |||||||
11% Loan on January 24, 2021 [Member] | Robotic Assistance Devices, LLC ("RAD") [Member] | Minimum [Member] | ||||||||
Maturity date | Mar. 31, 2020 | |||||||
11% Loan on January 24, 2021 [Member] | Robotic Assistance Devices, LLC ("RAD") [Member] | Maximum [Member] | ||||||||
Maturity date | Mar. 31, 2021 | |||||||
15% Promissory Note on June 30, 2019 [Member] | ||||||||
Percentage of original issue discounts | 33.00% | |||||||
Principal amount | $ 25,882 | |||||||
25% Promissory Note Due on August 16, 2019 [Member] | ||||||||
Perodic Payment | $ 2,376 | |||||||
Repayment of debt | 12,376 | |||||||
Net book value | $ 25,000 | |||||||
Payment term | P12M | |||||||
Accrued interest | 1,511 | |||||||
Principal amount | [1],[2] | $ 12,624 | ||||||
Factoring Agreement Due on June 26, 2020 [Member] | ||||||||
Percentage of original issue discounts | 33.00% | |||||||
Original issue discounts | $ 26,104 | |||||||
20% Factoring Agreement Due on November 26, 2019 [Member] | ||||||||
Perodic Payment | 2,480 | |||||||
Repayment of debt | 19,840 | |||||||
Original proceeds | 20,000 | |||||||
Fees and interest | 4,800 | |||||||
Principal amount | [3] | |||||||
Remaining balance of debt | 4,960 | |||||||
Total Loan | 24,800 | |||||||
20% Factoring Agreement Due on August 11, 2020 [Member] | ||||||||
Perodic Payment | 1,509 | |||||||
Repayment of debt | 15,732 | |||||||
Original proceeds | 7,877 | |||||||
Fees and interest | 60,042 | |||||||
Principal amount | [4] | 74,392 | ||||||
Repayment of loan payable | 77,869 | |||||||
Total Loan | 243,639 | |||||||
Partial repayment of fees | 5,566 | |||||||
Total Fees | 29,175 | |||||||
Additional advances | 88,772 | |||||||
Remaining amount to be advanced | $ 65,551 | |||||||
Remaining period to be advanced | 18 weeks | |||||||
Factoring Agreement Due on April 29, 2020 [Member] | ||||||||
Perodic Payment | $ 590 | |||||||
Repayment of debt | 45,067 | |||||||
Original proceeds | 40,000 | |||||||
Fees and interest | 19,960 | |||||||
Principal amount | [5] | 29,252 | ||||||
Total Loan | $ 59,960 | |||||||
Factoring Agreement Due on April 4, 2020 [Member] | ||||||||
Percentage of original issue discounts | 22.00% | |||||||
Original issue discounts | $ 2,450 | |||||||
Principal amount | [6] | $ 14,893 | ||||||
15% Promissory Note Due on June 24, 2020 [Member] | ||||||||
Percentage of original issue discounts | 24.00% | |||||||
Original issue discounts | $ 1,200 | |||||||
Principal amount | [7] | 12,000 | ||||||
Factoring Agreement Due on March 5, 2019 [Member] | ||||||||
Perodic Payment | 710 | |||||||
Repayment of debt | 41,758 | |||||||
Original proceeds | 50,000 | |||||||
Fees and interest | 21,000 | |||||||
Principal amount | [1] | 7,480 | ||||||
Total Loan | $ 71,000 | |||||||
Factoring Agreement [Member] | ||||||||
Percentage of original issue discounts | 33.00% | |||||||
Original issue discounts | $ 3,000 | |||||||
Factoring Agreement [Member] | ||||||||
Perodic Payment | 1,240 | |||||||
Repayment of debt | 4,920 | |||||||
Original proceeds | 10,000 | |||||||
Fees and interest | 2,400 | |||||||
Total Loan | $ 12,400 | |||||||
Promissory Note Due on January 11 ,2019 [Member] | ||||||||
Perodic Payment | $ 460 | |||||||
Repayment of debt | $ 25,000 | |||||||
Net book value | $ 186,000 | |||||||
Payment term | P10M | |||||||
[1] | Note is in default. No notice has been given by the note holder. | |||||||
[2] | Repayable in 12 monthly instalments of $2,376 commencing September 16 ,2018 and secured by revenue earning devices having a net book value of at least $25,000.Only $12,376 has been repaid by the Company and no notices have been received. Accrued interest of $1,511 has been recorded. | |||||||
[3] | Total loan of $24,800, repayable $2,480 per week including fees and interest of $4,800. Original proceeds of $20,000 less repayment of $19,840.The remaining balance of $4,860 has been transferred to new loan (14).The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | |||||||
[4] | Total loan of $243,639, repayable $1,509 per week including fees and interest of $60,042. Original cash proceeds of $7,877, repayment of loans (5) and (13) totaling $15,732 ,partial repayment of fees of $5,566 all totaling $29,175, additional advances of $17,754 with remaining $136,668 to be advanced to the company over the remaining 18 weeks. The Company has repaid $15,021. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | |||||||
[5] | Total loan of $71,000, repayable $710 per business day including fees and interest of $21,000. Original proceeds of $50,000 less repayment of $14,200. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | |||||||
[6] | Total loan of $59,960, repayable $590 per business day including fees and interest of $19,960. Original proceeds of $40,000 less repayment of $23,027. The Company has pledged a security interest on all accounts receivable and bank accounts of the Company. Obligation under personal guaranty by the controlling shareholder of the Company. | |||||||
[7] | The note may be pre-payable at any time. The note balance includes a $3,000 original issue discount. |
DERIVATIVE LIABILITES (Details)
DERIVATIVE LIABILITES (Details) | 12 Months Ended | |
Feb. 29, 2020N$ / shares | Feb. 28, 2019N$ / shares | |
Maximum [Member] | ||
Strike price | $ / shares | $ 1.40 | $ 10,000 |
Minimum [Member] | ||
Strike price | $ / shares | $ 1 | $ 10 |
Expected Term [Member] | Maximum [Member] | ||
Expected term (years) | 3 years 3 months 29 days | 3 years 7 months 28 days |
Expected Term [Member] | Minimum [Member] | ||
Expected term (years) | 15 days | 0 years |
Fair Value Of Company Common Stock[Member] | Maximum [Member] | ||
Fair value measurement | 86,500 | 3,375 |
Fair Value Of Company Common Stock[Member] | Minimum [Member] | ||
Fair value measurement | 0.0001 | 110 |
Dividend Yield [Member] | ||
Fair value measurement | 0 | 0 |
Expected Volatility [Member] | Maximum [Member] | ||
Fair value measurement | 590.10 | 424 |
Expected Volatility [Member] | Minimum [Member] | ||
Fair value measurement | 396.40 | 102 |
Risk Free Interest Rate [Member] | Maximum [Member] | ||
Fair value measurement | 2.63 | 2.59 |
Risk Free Interest Rate [Member] | Minimum [Member] | ||
Fair value measurement | 1.05 | 1.20 |
DERIVATIVE LIABILITES (Details
DERIVATIVE LIABILITES (Details 1) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Balance as of February 28, 2019 | $ 6,170,139 | |
Derivative liability in excess of face value upon issuance of debt recorded to interest expense | 198,492 | $ 1,017,250 |
Adjustment to derivative liability due to debt settlement | 914,010 | |
Balance as of February 29, 2020 | 6,890,688 | 6,170,139 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Balance as of February 28, 2019 | 6,170,139 | 31,113,844 |
Release of derivative liability on conversion of convertible notes payable | (440,294) | (1,215,588) |
Debt discount due to derivative liabilities | 26,250 | 914,010 |
Derivative liability in excess of face value upon issuance of debt recorded to interest expense | 172,242 | 784,160 |
Adjustment to derivative liability due to debt settlement | (164,768) | 612,752 |
Change in fair value of derivative liabilities | 1,127,119 | 26,039,039 |
Balance as of February 29, 2020 | $ 6,890,688 | $ 6,170,139 |
DERIVATIVE LIABILITES (Detail_2
DERIVATIVE LIABILITES (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Derivative Liability [Abstract] | ||
Derivative liabilities | $ 6,890,688 | $ 6,170,139 |
Due to equity conversions derivative liability | $ 440,294 | $ 1,215,588 |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) - $ / shares | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Number of Warrants, Outstanding [Roll Forward] | ||
Outstanding at beginning | 2,043 | |
Issued | 2,043 | |
Exercised | ||
Forfeited and cancelled | 0.45 | |
Outstanding at ending | 2,043 | 2,043 |
Warrants, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning | $ 100 | |
Issued | 100 | |
Exercised | ||
Forfeited and cancelled | 5 | |
Outstanding at ending | $ 100 | $ 100 |
Warrants, Options, Outstanding, Weighted Average Remaining Contractual Life [Roll Forward] | ||
Outstanding at beginning | 2 years 9 months 22 days | |
Issued | 2 years 9 months 22 days | |
Exercised | ||
Outstanding at ending | 1 year 9 months 22 days | 2 years 9 months 22 days |
STOCKHOLDERS' DEFICIT (Details
STOCKHOLDERS' DEFICIT (Details 1) - $ / shares | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Dividend yield | 0.00% | |
Expected term (years) | 3 years | |
Minimum [Member] | ||
Strike price | $ 1 | $ 10 |
Fair value of Company's common stock | $ 13,000 | |
Expected volatility | 305.71% | |
Risk free interest rate | 2.41% | |
Maximum [Member] | ||
Strike price | $ 1.40 | $ 10,000 |
Fair value of Company's common stock | $ 61,000 | |
Expected volatility | 341.50% | |
Risk free interest rate | 2.66% |
STOCKHOLDERS' DEFICIT (Detail_2
STOCKHOLDERS' DEFICIT (Details Narrative) - USD ($) | Aug. 24, 2020 | Mar. 27, 2020 | Aug. 24, 2018 | Jun. 11, 2018 | Jun. 06, 2018 | Apr. 16, 2018 | Mar. 14, 2018 | Oct. 31, 2018 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | Apr. 23, 2019 | Feb. 28, 2018 |
Number of preferred stock, authorized | 15,645,650 | 15,645,650 | 15,645,650 | ||||||||||
Preferred stock, par value (in dollars per shares) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Preferred stock, shares outstanding | |||||||||||||
Number of common stock, authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | ||||||||||
Common stock, par value (in dollars per shares) | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||
Number of shares issued for service (in shares) | 2,846 | ||||||||||||
Warrants exercise price (in dollars per share) | $ 100 | $ 100 | $ 100 | ||||||||||
Description of reverse stock split | 100:1 | 10,000:1 | |||||||||||
Fees converted | $ 12,000 | $ 500 | $ 12,000 | ||||||||||
Accrued interest payable | 1,476,050 | 2,922,894 | 1,476,050 | ||||||||||
Interest paid | 40,815 | 3,213 | |||||||||||
Stock-based compensation adjustment to additional paid in capital | $ 0 | 12,967 | |||||||||||
Convertible Notes Payable [Member] | |||||||||||||
Debt conversion amount converted | 19,901 | ||||||||||||
Number of common stock shares issued on conversion (in shares) | 19,901 | ||||||||||||
Fees converted | 851,687 | $ 498,668 | 851,687 | ||||||||||
Principal amount | $ 803,905 | 254,118 | 803,905 | ||||||||||
Interest paid | $ 245,050 | $ 35,782 | |||||||||||
Series E Preferred Stock [Member] | |||||||||||||
Preferred stock, shares designated | 4,350,000 | ||||||||||||
Preferred stock, shares outstanding | 4,350,000 | ||||||||||||
Preferred stock, voting rights | The holder of Series E Preferred Stock has 2/3rds of the voting power of all shareholders at any time corporate action requires a vote of shareholders. | ||||||||||||
Series F Preferred Stock [Member] | |||||||||||||
Preferred stock, par value (in dollars per shares) | $ 1 | $ 1 | $ 1 | ||||||||||
Preferred stock, shares designated | 4,350 | ||||||||||||
Preferred stock, shares outstanding | 4,350 | ||||||||||||
Preferred stock, voting rights | The Company on the date of conversion by three and 45 100ths (3.45) on a pro rata basis. So long as any shares of Series F Convertible Preferred Stock are outstanding, the Company shall not, without first obtaining the approval of the majority of the holders: (a) alter or change the rights, preferences or privileges of any capital stock of the Company so as to affect adversely the Series F convertible preferred stock; (b) create any Senior Securities; (c) create any pari passu Securities; (d) do any act or thing not authorized | ||||||||||||
Number of shares issued for service (in shares) | 45 | ||||||||||||
Series F Convertible Preferred Stock [Member] | |||||||||||||
Proceeds from shares issued | $ 174,070 | ||||||||||||
Warrant [Member] | |||||||||||||
Number of common stock shares issued on conversion (in shares) | 10.2 | 0.25 | 0.7 | 6.4 | 0.33 | 111.6 | 1,914 | 2,043 | |||||
Warrants exercise price (in dollars per share) | $ 1,500 | $ 30,000 | $ 4,400 | $ 20,000 | $ 150,000 | ||||||||
Warrants Term | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | ||||||
Stock-based compensation adjustment to additional paid in capital | $ 12,967 | ||||||||||||
Options exericse price (in dollars per share) | $ 0.45 | ||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||
Warrants exercise price (in dollars per share) | $ 150 | $ 140 | 140 | ||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||
Warrants exercise price (in dollars per share) | $ 350 | $ 310 | $ 310 | ||||||||||
Board of Directors [Member] | |||||||||||||
Number of common stock, authorized | 5,000,000,000 | ||||||||||||
Common stock, par value (in dollars per shares) | $ 0.00001 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Dec. 31, 2020 | Jul. 24, 2020 | Jun. 25, 2020 | May 25, 2020 | Apr. 25, 2020 | Mar. 26, 2020 | Feb. 25, 2020 | Jan. 26, 2020 | Dec. 31, 2019 | Dec. 27, 2019 | Nov. 27, 2019 | Oct. 28, 2019 | Sep. 28, 2019 | Aug. 29, 2019 | Jul. 30, 2019 | Jun. 30, 2019 | Feb. 29, 2020 |
Total | $ 15,000 | $ 15,000 | $ 60,000 | $ 15,000 | $ 10,000 | $ 10,000 | $ 7,500 | $ 7,500 | $ 5,000 | $ 5,000 | $ 180,000 | ||||||
Subsequent Event [Member] | |||||||||||||||||
Total | $ 120,000 | $ 20,000 | $ 20,000 | $ 20,000 | $ 15,000 | $ 15,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Feb. 25, 2020 | Jan. 26, 2020 | Dec. 31, 2019 | Dec. 27, 2019 | Nov. 27, 2019 | Oct. 28, 2019 | Sep. 28, 2019 | Aug. 29, 2019 | Jul. 30, 2019 | Jun. 30, 2019 | Feb. 01, 2018 | Apr. 30, 2019 | Feb. 29, 2020 | Feb. 28, 2019 |
Rent expense | $ 10,000 | $ 134,940 | ||||||||||||
Operating expenses | 1,959,814 | $ 3,524,545 | ||||||||||||
Settlement payment | $ 15,000 | $ 15,000 | $ 60,000 | $ 15,000 | $ 10,000 | $ 10,000 | $ 7,500 | $ 7,500 | $ 5,000 | $ 5,000 | $ 180,000 | |||
WeSecure Robotics, Inc [Member] | ||||||||||||||
Non-payment balance | 25,000 | |||||||||||||
Attorney's fees and damages | $ 199,359 | |||||||||||||
Description of settlement | The parties finally settled all claims with a full release for $180,000 in June 2019 payable in 14 monthly instalments. | |||||||||||||
WeSecure Robotics, Inc [Member] | Unpaid Consulting Fees Payable [Member] | ||||||||||||||
Non-payment balance | 125,924.48 | |||||||||||||
WeSecure Robotics, Inc [Member] | Labor Code Violations [Member] | ||||||||||||||
Non-payment balance | 48,434.40 | |||||||||||||
Northern California [Member] | ||||||||||||||
Rent lease expire | 2020-08 | |||||||||||||
Percentager of lease cost paid by company | 75.00% | |||||||||||||
Percentager of lease cost paid by supplier | 25.00% | |||||||||||||
Rent expense | $ 43,000 | |||||||||||||
Robotic Control Center [Member] | ||||||||||||||
Lease cost | $ 6,600 | |||||||||||||
Lease maturity date | Jan. 31, 2021 | |||||||||||||
Robotic Assistance Devices, LLC ("RAD") [Member] | ||||||||||||||
Description of settlement | Regarding the lease at La Cadena, the Company agreed to a settlement amount to cover unpaid rent , commissions and leasehold improvements paid by the landlord totaling $62,039 to be paid by the Company in 4 monthly instalments of $5,000 commencing August 1, 2019 with the remaining balance to be paid in $10,000 monthly instalments thereafter. | |||||||||||||
Entity address | The Company currently maintains an office at 1218-1222 Magnolia Ave, Suite 106 Bldg. H ,Corona, California. | |||||||||||||
Annual rent | $ 12,000 | |||||||||||||
Loss on settlement | $ 62,039 | |||||||||||||
Robotic Assistance Devices, LLC ("RAD") [Member] | Mailing Address [Member] | ||||||||||||||
Entity address | RAD maintains a mailing address for 31103 Ranch Viejo Road, Suite d2114. | |||||||||||||
Yearly nominal fee for mailing | $ 264 | |||||||||||||
Annual rent | 65,000 | |||||||||||||
Operating expenses | $ 35,000 | |||||||||||||
Operating lease term | 5 years |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Numerator: | ||
Net income (loss) available to common shareholders | $ (6,213,649) | $ 16,094,835 |
Effect of common stock equivalents | ||
Add: interest expense on convertible debt | 1,299,785 | 784,504 |
Add (less) loss (gain) on change of derivative liabilities | 1,127,119 | (26,039,039) |
Net income (loss) adjusted for common stock equivalents | $ (3,786,745) | $ (9,159,700) |
Denominator: | ||
Weighted average shares - basic (in shares) | 197,539 | 2,773 |
Net income (loss) per share - basic (in dollars per share) | $ (21.06) | $ 5,804.57 |
Dilutive effect of common stock equivalents: | ||
Warrants (in shares) | 51 | |
Convertible Debt (in shares) | 123,704 | |
Preferred shares (in shares) | 69,090 | |
Denominator: | ||
Weighted average shares - diluted (in shares) | 197,539 | 195,618 |
Net income (loss) per share - diluted (in dollars per share) | $ (31.46) | $ (46.82) |
EARNINGS (LOSS) PER SHARE (De_2
EARNINGS (LOSS) PER SHARE (Details 1) - shares | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Total | 62,693,708,639 | 7 |
Stock Options And Warrants [Member] | ||
Total | 7 | 7 |
Convertible Debt [Member] | ||
Total | 62,692,265,100 | |
Preferred Stock [Member] | ||
Total | 1,443,532 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Income Tax Disclosure [Abstract] | ||
Total current | ||
Total deferred | ||
Total |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory income tax | $ (1,305,000) | $ 3,225,923 |
Non deductible interest | 169,000 | |
Non deductible changes in fair value of instruments | 237,000 | |
Other non deductible expenses | 31,000 | |
Amortization of debt discount | 1,024,740 | |
Fair value of derivative liabilities on issuance | 215,295 | |
Change in fair value of derivative liabilities | (5,527,483) | |
Gain on debt settlement | (60,734) | |
Stock-based compensation | 133,284 | |
Valuation allowance for deferred income tax assets | 868,000 | 988,975 |
Effective income tax rate |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 3,418,115 | $ 2,550,115 |
Total deferred tax assets | 3,418,115 | 2,550,115 |
Deferred tax liabilities: | ||
Depreciation | ||
Deferred revenue | ||
Total deferred tax liabilities | ||
Net deferred tax assets: | ||
Less valuation allowance | (3,418,115) | (2,550,115) |
Net deferred tax assets (liabilities) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Income Tax Disclosure [Abstract] | ||
Corporate income tax rate (in percent) | 21.00% | 25.00% |
Net operating loss carryforward | $ 6,694,000 | $ 2,550,000 |
Description of operating loss expiry date | 2030 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 22, 2020 | Jul. 01, 2020 | May 22, 2020 | May 12, 2020 | Apr. 03, 2020 | Dec. 30, 2019 | May 09, 2019 | Feb. 01, 2019 | Jul. 21, 2020 | Apr. 22, 2020 | Apr. 16, 2020 | Feb. 29, 2020 | Feb. 28, 2019 |
Fees converted | $ 500 | $ 12,000 | |||||||||||
Original issue discounts | 120,602 | 718,015 | |||||||||||
Convertible Note [Member] | |||||||||||||
Principal amount | 254,118 | 803,905 | |||||||||||
Fees converted | $ 498,668 | $ 851,687 | |||||||||||
Shares converted | 19,901 | ||||||||||||
First Investor [Member] | |||||||||||||
Percentage of royalty | 4.00% | ||||||||||||
Maximum amount of debt | $ 400,000 | ||||||||||||
Payment term | If the total investor advances turns out to be less than $400,000, this would not constitute a breach of the agreement, rather the 4% rate would be adjusted on a pro-rata basis. | ||||||||||||
Second Investor [Member] | |||||||||||||
Percentage of royalty | 1.00% | 9.00% | |||||||||||
Debt maturity date | Nov. 30, 2019 | ||||||||||||
Maximum amount of debt | $ 100,000 | $ 900,000 | |||||||||||
Payment term | If the total investor advances turns out to be less than $100,000, this would not constitute a breach of the agreement, rather the 1.00% rate would be adjusted on a pro-rata basis. | If the total investor advances turns out to be less than $900,000, this would not constitute a breach of the agreement, rather the 9% rate would be adjusted on a pro-rata basis. | These variable payments (Payments) are to be made 30 days after the fiscal quarter. If the Payments would deplete RAD’s available cash by more than 30%, the Payments may be deferred for up to 12 months after the quarterly report at an interest rate of 6% per annum on the unpaid amount. | ||||||||||
Subsequent Event [Member] | Convertible Note [Member] | |||||||||||||
Principal amount | $ 638,815 | ||||||||||||
Fees converted | $ 16,000 | ||||||||||||
Shares converted | 195,130,928 | ||||||||||||
Debt instrument interest | $ 340,078 | ||||||||||||
Subsequent Event [Member] | Agreement [Member] | First Investor [Member] | |||||||||||||
Principal amount | $ 800,000 | ||||||||||||
Percentage of royalty | 2.75% | ||||||||||||
Description of royalty payment terms | These royalty payments are to be made 90 days after the fiscal quarter with the first payment being due no later than May 31, 2021. If the royalty payments would deplete RAD’s available cash by more than 20%, the payment may be deferred. | ||||||||||||
Debt maturity date | May 31, 2021 | ||||||||||||
Maximum amount of debt | $ 800,000 | ||||||||||||
Payment term | The investor has agreed to pay 100,000 per month over an 8 month period with the first payment in July 2020 and the final payment no later than February 28, 2021. | ||||||||||||
Subsequent Event [Member] | Agreement [Member] | Second Investor [Member] | |||||||||||||
Cash proceeds | $ 100,000 | ||||||||||||
Percentage of royalty | 1.00% | ||||||||||||
Description of royalty payment terms | These royalty payments are to be made 90 days after the fiscal quarter with the first payment being due no later than July 1, 2020. If the royalty payments would deplete RAD’s available cash by more than 2.22%, the payment may be deferred. | ||||||||||||
Debt maturity date | Jul. 1, 2020 | ||||||||||||
Maximum amount of debt | $ 100,000 | ||||||||||||
Subsequent Event [Member] | Loan Agreement [Member] | |||||||||||||
Principal amount | $ 85,000 | $ 43,500 | $ 13,000 | ||||||||||
Cash proceeds | $ 70,000 | $ 35,500 | $ 27,697 | $ 9,150 | |||||||||
Debt maturity date | May 22, 2021 | May 12, 2021 | Apr. 3, 2021 | Apr. 16, 2021 | |||||||||
Interest rate | 15.00% | 15.00% | 20.00% | 15.00% | |||||||||
Payment term | Interest payments commencing on the third month following the loan and then paid over the following 10 months. | ||||||||||||
Original issue discounts | $ 15,000 | $ 8,000 | $ 3,850 | ||||||||||
Subsequent Event [Member] | Loan Agreement [Member] | CND | |||||||||||||
Cash proceeds | $ 40,000 | ||||||||||||
Series F Preferred Shares [Member] | Subsequent Event [Member] | |||||||||||||
Number of shares cancelled | 816 | ||||||||||||
Total number of shares | $ 1,000 | ||||||||||||
Class F Shares [Member] | Subsequent Event [Member] | Loan Agreement [Member] | Lender [Member] | |||||||||||||
Principal amount | $ 6,739 |