Cover
Cover - shares | 9 Months Ended | |
Nov. 30, 2022 | Jan. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Nov. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --02-28 | |
Entity File Number | 000-55079 | |
Entity Registrant Name | ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. | |
Entity Central Index Key | 0001498148 | |
Entity Tax Identification Number | 27-2343603 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 10800 Galaxie Avenue | |
Entity Address, City or Town | Ferndale | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48220 | |
City Area Code | 877 | |
Local Phone Number | 787-6268 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,378,004,171 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Nov. 30, 2022 | Feb. 28, 2022 | |
Current assets: | |||
Cash | $ 713,493 | $ 4,648,146 | [1] |
Accounts receivable, net | 464,044 | 429,469 | [1] |
Device parts inventory, net | 1,573,380 | 1,530,657 | [1] |
Prepaid expenses and deposits | 672,794 | 442,164 | [1] |
Total current assets | 3,423,711 | 7,050,436 | [1] |
Operating lease asset | 1,241,152 | 1,331,605 | [1] |
Revenue earning devices, net of accumulated depreciation of $676,615 and $434,661, respectively | 1,092,203 | 709,063 | [1] |
Fixed assets, net of accumulated depreciation of $139,751 and $49,065, respectively | 312,307 | 137,952 | [1] |
Trademarks | 28,723 | 28,723 | [1] |
Security deposit | 21,239 | 21,239 | [1] |
Total assets | 6,119,335 | 9,279,018 | [1] |
Current liabilities: | |||
Accounts payable and accrued expenses | 1,166,171 | 968,853 | [1] |
Advances payable | 1,594 | 1,594 | [1] |
Customer deposits | 2,383 | 10,000 | [1] |
Current operating lease liability | 111,985 | 254,027 | [1] |
Current portion of deferred variable payment obligation | 497,150 | 325,600 | [1] |
Current portion of convertible notes payable, net of discount of $433,932 and $0, respectively | 316,068 | 3,500 | [1] |
Loan payable - related party | 203,276 | 193,556 | [1] |
Incentive compensation plan payable | 842,000 | 479,500 | [1] |
Current portion of loans payable, net of discount of $158,194 and $14,745, respectively | 1,240,306 | 1,004,708 | [1] |
Vehicle loan - current portion | 38,522 | 38,522 | [1] |
Current portion of accrued interest payable | 50,963 | 1,260,271 | [1] |
Derivative liability | 7,587 | [1] | |
Total current liabilities | 4,470,418 | 4,547,718 | [1] |
Non-current operating lease liability | 1,115,323 | 1,057,579 | [1] |
Loans payable, net of discount of $5,378,890 and $4,905,076, respectively | 23,728,956 | 20,309,069 | [1] |
Deferred variable payment obligation | 2,525,000 | 2,525,000 | [1] |
Accrued interest payable | 4,775,150 | 1,816,009 | [1] |
Total liabilities | 36,614,847 | 30,255,375 | [1] |
Stockholders’ deficit: | |||
Preferred stock, value | [1] | ||
Common Stock, $0.00001 par value; 6,000,000,000 shares authorized 5,260,515,892 and 4,735,210,360 shares issued, issuable and outstanding, respectively | 52,607 | 47,353 | [1] |
Additional paid-in capital | 76,421,377 | 73,015,576 | [1] |
Preferred stock to be issued | 99,086 | 99,086 | [1] |
Accumulated deficit | (107,074,465) | (94,144,254) | [1] |
Total stockholders’ deficit | (30,495,512) | (20,976,357) | [1] |
Total liabilities and stockholders’ deficit | 6,119,335 | 9,279,018 | [1] |
Series E Preferred Stock [Member] | |||
Stockholders’ deficit: | |||
Preferred stock, value | 3,350 | 3,350 | [1] |
Total stockholders’ deficit | 3,350 | 3,350 | |
Series F Preferred Stock [Member] | |||
Stockholders’ deficit: | |||
Preferred stock, value | 2,533 | 2,532 | [1] |
Total stockholders’ deficit | 101,619 | 101,618 | |
Series G Preferred Stock [Member] | |||
Stockholders’ deficit: | |||
Preferred stock, value | [1] | ||
[1]Derived from audited information |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Nov. 30, 2022 | Feb. 28, 2022 |
Accumulated depreciation, revenue earning devices | $ 676,615 | $ 434,661 |
Accumulated depreciation, fixed assets | 139,751 | 49,065 |
Discount of current portion of convertible notes payable | 433,932 | 0 |
Discount of current portion of loans payable | 158,194 | 14,745 |
Discount of loans payable | $ 5,378,890 | $ 4,905,076 |
Preferred stock, authorized | 15,545,650 | 15,545,650 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per shares) | $ 0.00001 | $ 0.00001 |
Common stock, authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares, issued | 5,260,515,892 | 4,735,210,360 |
Common stock, shares, outstanding | 5,260,515,892 | 4,735,210,360 |
Series E Preferred Stock [Member] | ||
Preferred stock, authorized | 4,350,000 | 4,350,000 |
Preferred stock, shares issued | 3,350,000 | 3,350,000 |
Preferred stock, shares outstanding | 3,350,000 | 3,350,000 |
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 |
Series F Preferred Stock [Member] | ||
Preferred stock, authorized | 4,350 | 4,350 |
Preferred stock, shares issued | 2,533 | 2,532 |
Preferred stock, shares outstanding | 2,533 | 2,532 |
Preferred stock, par or stated value per share | $ 1 | $ 1 |
Series G Preferred Stock [Member] | ||
Preferred stock, authorized | 4,350,000 | 4,350,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 402,399 | $ 373,897 | $ 1,055,040 | $ 1,075,803 |
Cost of Goods Sold | 125,960 | 143,424 | 453,898 | 296,304 |
Gross Profit | 276,439 | 230,473 | 601,142 | 779,499 |
Operating expenses: | ||||
Research and development (Note 10) | 813,313 | 982,446 | 2,800,834 | 2,316,383 |
General and administrative | 2,123,768 | 3,964,512 | 6,762,602 | 8,455,224 |
Depreciation and amortization | 92,855 | 67,927 | 332,643 | 153,261 |
Operating lease cost and rent | 61,005 | 103,115 | 194,653 | 207,201 |
(Gain) loss on disposal of fixed assets | (29,125) | |||
Total operating expenses | 3,090,941 | 5,118,000 | 10,090,732 | 11,102,944 |
Loss from operations | (2,814,502) | (4,887,527) | (9,489,590) | (10,323,445) |
Other income (expense), net: | ||||
Change in fair value of derivative liabilities | 3,595 | 372,502 | ||
Interest expense | (1,271,158) | (2,050,254) | (3,448,208) | (4,812,477) |
Gain (loss) on settlement of debt | (156,661) | 3,992 | (33,068,313) | |
Total other income (expense), net | (1,271,158) | (2,206,915) | (3,440,621) | (37,508,288) |
Net Loss | $ (4,085,660) | $ (7,094,442) | $ (12,930,211) | $ (47,831,733) |
Net income (loss) per share - basic | $ 0 | $ 0 | $ 0 | $ (0.01) |
Net income ( loss) per share - diluted | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average common share outstanding - basic | 5,140,405,652 | 4,183,357,145 | 4,969,080,716 | 4,162,382,783 |
Weighted average common share outstanding - diluted | 5,140,405,652 | 4,183,357,145 | 4,969,080,716 | 4,162,382,783 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDER'S DEFICIT (Unaudited) - USD ($) | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series G Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Beginning balance, value at Feb. 28, 2021 | $ 4,350 | $ 176,869 | $ 32,294 | $ 16,764,554 | $ (31,521,754) | $ (14,543,687) | ||
Beginning balance (in shares) at Feb. 28, 2021 | 4,350,000 | 2,799 | 3,229,426,884 | |||||
Series F Preferred Shares issued with amendment agreement | $ 40 | 3,244,700 | 3,244,740 | |||||
Series F Preferred Shares issued with amendment agreement (in shares) | 40 | |||||||
Series F Preferred Shares Warrants issued with amendment agreement | 29,770,474 | 29,770,474 | ||||||
Series F Preferred Shares cancelled in exchange for promissory notes | $ (83) | (6,732,752) | (6,732,835) | |||||
Series F Preferred Shares cancelled in exchange for promissory notes (in shares) | (83) | |||||||
Series F preferred shares issued on exercise of warrants | $ 38 | (38) | ||||||
Series F preferred shares issued on exercise of warrants (in shares) | 38 | |||||||
Series F Preferred Shares converted to common shares | $ (78) | $ 3,164 | (3,086) | |||||
Series F preferred shares converted to common shares (in shares) | (78) | 316,345,998 | ||||||
Relative fair value of warrants issued with debt | 4,749,006 | 4,749,006 | ||||||
Stock based compensation on issuable shares | 69,350 | 69,350 | ||||||
Net income | (35,904,918) | (35,904,918) | ||||||
Ending balance, value at May. 31, 2021 | $ 4,350 | $ 176,786 | $ 35,458 | 47,862,208 | (67,426,672) | (19,347,870) | ||
Ending balance (in shares) at May. 31, 2021 | 4,350,000 | 2,716 | 3,545,772,882 | |||||
Beginning balance, value at Feb. 28, 2021 | $ 4,350 | $ 176,869 | $ 32,294 | 16,764,554 | (31,521,754) | (14,543,687) | ||
Beginning balance (in shares) at Feb. 28, 2021 | 4,350,000 | 2,799 | 3,229,426,884 | |||||
Net income | (47,831,733) | |||||||
Ending balance, value at Nov. 30, 2021 | $ 3,350 | $ 101,618 | $ 44,353 | 63,529,729 | (79,778,503) | (16,099,453) | ||
Ending balance (in shares) at Nov. 30, 2021 | 3,350,000 | 2,532 | 4,435,210,360 | |||||
Beginning balance, value at May. 31, 2021 | $ 4,350 | $ 176,786 | $ 35,458 | 47,862,208 | (67,426,672) | (19,347,870) | ||
Beginning balance (in shares) at May. 31, 2021 | 4,350,000 | 2,716 | 3,545,772,882 | |||||
Relative fair value of warrants issued with debt | 2,035,033 | 2,035,033 | ||||||
Stock based compensation on issuable shares | $ 21 | 109,179 | 109,200 | |||||
Stock based compensation on issuable shares (in shares) | 2,100,000 | |||||||
Net income | (4,832,373) | (4,832,373) | ||||||
Adjustment to derivative liability | 422,272 | 422,272 | ||||||
Common stock issued for debt conversion | $ 310 | 898,395 | 898,705 | |||||
Stock issued during period, shares, conversion of units (in shares) | 31,042,436 | |||||||
Exercise of warrants | $ 3,003 | (3,003) | ||||||
Exercise of warrants (in shares) | 300,251,561 | |||||||
Cancellation of Series E Shares | $ (1,000) | 1,000 | ||||||
Cancellation of Series E Shares (in shares) | (1,000,000) | |||||||
Exchange of debt for common shares | $ 1,161 | 6,454,235 | 6,455,396 | |||||
Exchange of debt for common shares (in shares) | 116,104,232 | |||||||
Exchange of Series F Preferred Shares for debt | $ (184) | (3,999,976) | (4,000,160) | |||||
Exchange of Series F preferred shares for debt (in shares) | (184) | |||||||
Ending balance, value at Aug. 31, 2021 | $ 3,350 | $ 176,602 | $ 39,953 | 53,779,343 | (72,259,045) | (18,259,797) | ||
Ending balance (in shares) at Aug. 31, 2021 | 3,350,000 | 2,532 | 3,995,271,111 | |||||
Relative fair value of warrants issued with debt | 1,284,783 | 1,284,783 | ||||||
Net income | (7,094,442) | (7,094,442) | ||||||
Issuance of shares, net of $68,732 issuance costs | $ 3,452 | 8,466,551 | 8,470,003 | |||||
Issuance of shares | 345,168,473 | |||||||
Cashless exercise of warrants | $ 948 | (948) | ||||||
Cashless exercise of warrants (in shares) | 94,770,776 | |||||||
Redemption of 19 Issuable Series F shares | (74,984) | (425,016) | (500,000) | |||||
Issuance of Series G preferred as equity awards per employment agreement | $ 1,500,000 | 1,500,000 | ||||||
Issuance of Series G preferred as equity awards per employment agreement (in shares) | 1,500 | |||||||
Redemption of Series G shares as compensation payment | $ (1,500,000) | (1,500,000) | ||||||
Redemption of Series G shares as compensation payment (in shares) | (1,500) | |||||||
Ending balance, value at Nov. 30, 2021 | $ 3,350 | $ 101,618 | $ 44,353 | 63,529,729 | (79,778,503) | (16,099,453) | ||
Ending balance (in shares) at Nov. 30, 2021 | 3,350,000 | 2,532 | 4,435,210,360 | |||||
Beginning balance, value at Feb. 28, 2022 | $ 3,350 | $ 101,618 | $ 47,353 | 73,015,576 | (94,144,254) | (20,976,357) | [1] | |
Beginning balance (in shares) at Feb. 28, 2022 | 3,350,000 | 2,532 | 4,735,210,360 | |||||
Net income | (4,671,686) | (4,671,686) | ||||||
Issuance of shares, net of $68,732 issuance costs | $ 1,339 | 1,643,883 | 1,645,222 | |||||
Issuance of shares | 133,881,576 | |||||||
Rounding | (1) | (1) | ||||||
Ending balance, value at May. 31, 2022 | $ 3,350 | $ 101,618 | $ 48,692 | 74,659,458 | (98,815,940) | (24,002,822) | ||
Ending balance (in shares) at May. 31, 2022 | 3,350,000 | 2,532 | 4,869,091,936 | |||||
Beginning balance, value at Feb. 28, 2022 | $ 3,350 | $ 101,618 | $ 47,353 | 73,015,576 | (94,144,254) | (20,976,357) | [1] | |
Beginning balance (in shares) at Feb. 28, 2022 | 3,350,000 | 2,532 | 4,735,210,360 | |||||
Net income | $ (12,930,211) | |||||||
Issuance of shares | 522,734,247 | |||||||
Ending balance, value at Nov. 30, 2022 | $ 3,350 | $ 101,619 | $ 52,607 | 76,421,377 | (107,074,465) | $ (30,495,512) | ||
Ending balance (in shares) at Nov. 30, 2022 | 3,350,000 | 2,533 | 5,260,515,892 | |||||
Beginning balance, value at May. 31, 2022 | $ 3,350 | $ 101,618 | $ 48,692 | 74,659,458 | (98,815,940) | (24,002,822) | ||
Beginning balance (in shares) at May. 31, 2022 | 3,350,000 | 2,532 | 4,869,091,936 | |||||
Relative fair value of warrants issued with debt | 404,374 | 404,374 | ||||||
Net income | (4,172,865) | (4,172,865) | ||||||
Issuance of shares, net of $68,732 issuance costs | $ 1,917 | 1,889,350 | 1,891,267 | |||||
Issuance of shares | 191,691,135 | |||||||
Cashless exercise of warrants | $ 97 | (97) | ||||||
Cashless exercise of warrants (in shares) | 9,688,179 | |||||||
Cancelled shares | $ (171) | 171 | ||||||
Cancelled shares during period shares | (17,116,894) | |||||||
Exchange of 955,000,000 warrants for debt | (2,960,500) | (2,960,500) | ||||||
Shares as payment for services | $ 100 | 118,400 | 118,500 | |||||
Shares as payment for services (in shares) | 10,000,000 | |||||||
Ending balance, value at Aug. 31, 2022 | $ 3,350 | $ 101,618 | $ 50,635 | 74,111,156 | (102,988,805) | (28,722,046) | ||
Ending balance (in shares) at Aug. 31, 2022 | 3,350,000 | 2,532 | 5,063,354,356 | |||||
Relative fair value of warrants issued with debt | (10,424) | (10,424) | ||||||
Net income | (4,085,660) | (4,085,660) | ||||||
Issuance of shares, net of $68,732 issuance costs | $ 1,972 | 1,119,518 | 1,121,490 | |||||
Issuance of shares | 197,161,536 | |||||||
Relative fair value of Series F warrants issued with debt | $ 1 | 1,201,127 | 1,201,128 | |||||
Relative fair value of Series F warrants issued with debt (in shares) | 1 | |||||||
Ending balance, value at Nov. 30, 2022 | $ 3,350 | $ 101,619 | $ 52,607 | $ 76,421,377 | $ (107,074,465) | $ (30,495,512) | ||
Ending balance (in shares) at Nov. 30, 2022 | 3,350,000 | 2,533 | 5,260,515,892 | |||||
[1]Derived from audited information |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDER'S DEFICIT (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |||
Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Nov. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Issuance cost of shares | $ 68,732 | $ 95,293 | $ 117,157 | $ 253,811 |
Exchange of warrants for debt (in shares) | 955,000,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
CASH FLOWS USED IN OPERATING ACTIVITIES: | ||
Net loss | $ (12,930,211) | $ (47,831,733) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 332,643 | 153,261 |
Revenue earning device sold and expensed in cost of sales | 3,410 | |
Bad debts expense | 224,215 | 107,022 |
Inventory provision | 90,000 | |
Reduction of right of use asset | 84,298 | 75,609 |
Accretion of lease liability | 107,187 | 86,350 |
(Gain) loss on disposal of fixed assets | (29,125) | |
Stock based compensation | 481,000 | 2,158,050 |
Change in fair value of derivative liabilities | (3,595) | (372,502) |
Interest expense related to penalties from debt defaults | ||
Amortization of debt discounts | 1,094,388 | 2,700,233 |
(Gain) loss on settlement of debt | (3,992) | 33,068,313 |
Increase in related party accrued payroll and interest | 9,720 | 220,140 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (258,790) | (289,485) |
Prepaid expenses | (224,476) | (392,811) |
Deposits on right of use asset | (18,462) | |
Device parts inventory | (805,257) | (1,864,340) |
Accounts payable and accrued expenses | 197,317 | 177,240 |
Accrued expense -related party | (178,478) | |
Customer deposits | (7,617) | (500) |
Operating lease liabilities | (191,485) | (161,959) |
Current portion of deferred variable payment obligation for payments | 171,550 | 173,640 |
Balance owed WeSecure | (122,000) | |
Accrued interest payable | 1,749,833 | 1,903,365 |
Net cash used in operating activities | (9,883,272) | (10,434,762) |
CASH FLOWS USED IN INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (217,601) | (34,534) |
Acquisition of trademarks | (26,327) | |
Proceeds on disposal of fixed assets | 30,000 | |
Cash paid for security deposit | (15,880) | |
Net cash used in investing activities | (217,601) | (46,741) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Share proceeds net of issuance costs | 4,657,979 | 7,463,654 |
Proceeds from loans payable | 2,600,000 | 9,426,146 |
Repayment of loans payable | (1,711,009) | (471,617) |
Proceeds from convertible debt and warrants issued | 619,250 | |
Repayment of convertible debt | (65,000) | |
Series G preferred shares redeemed as payment on incentive plan payable | (1,500,000) | |
Dividend and redemption of cancelled issuable Series F preferred shares | (500,000) | |
Net borrowings (repayments) on loan payable - related party | (812,234) | |
Net cash provided by financing activities | 6,166,220 | 13,540,949 |
Net change in cash | (3,934,653) | 3,059,446 |
Cash, beginning of period | 4,648,146 | 1,044,418 |
Cash, end of period | 713,493 | 4,103,864 |
Supplemental disclosure of cash and non-cash transactions: | ||
Cash paid for interest | 405,117 | 165,163 |
Cash paid for income taxes | ||
Noncash investing and financing activities: | ||
Right of use asset for operating lease liability | 1,341,506 | |
Transfer from device parts inventory to revenue earning devices | 672,534 | 592,346 |
Conversion of convertible notes and interest to shares of common stock | 898,705 | |
Release of derivative liability on conversion of convertible notes payable | 422,272 | |
Derivative debt discount on re-valuation on loan amendment | 438,835 | |
Exchange of notes payable for Series F preferred shares | 6,732,835 | |
Exchange of warrants for debt | 3,000,000 | |
Discount applied to face value of loans | 434,500 | 6,162,945 |
Warrants issued as part of debt | 8,068,822 | |
Exercise of warrants | 97 | 3,951 |
Series F preferred shares and warrants issued for debt | 1,240,628 | 4,000,160 |
Issuance of Series G preferred shares as payment of incentive plan payable | 1,500,000 | |
Cancellation of Series E preferred shares and common shares | 171 | 1,000 |
Series F preferred shares converted to common shares | 3,086 | |
Series F preferred shares issued on exercise of warrants | $ 38 |
GENERAL INFORMATION
GENERAL INFORMATION | 9 Months Ended |
Nov. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL INFORMATION | 1. GENERAL INFORMATION Artificial Intelligence Technology Solutions Inc. (“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 Limited Liability Company. On July 25, 2017, Robotic Assistance Devices LLC converted to a C Corporation, Robotic Assistance Devices, Inc., through the issuance of 10,000 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 2,450 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 | 9 Months Ended |
Nov. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 2. GOING CONCERN The accompanying unaudited 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 nine months ended November 30, 2022, the Company had negative cash flow from operating activities of $ 9,883,272 107,074,465 1,046,707 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. 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 potentially raise an additional $1 million to $3 million before the end of the fiscal year. Management is committed to raise either non-dilutive funds or minimally dilutive funds. There is no assurance that these funds will be able to be raised nor can we provide assurance that these possible raises may not have dilutive effects. The Company began raising money through its S-3 Registration Statement this year and made improvements in paying off debt, investing in inventory and at November 30, 2022 had $713,493 of cash on hand. Management is committed to raise either non-dilutive funds or minimally dilutive funds. There is no assurance that these funds will be able to be raised nor can we provide assurance that these possible raises may not have dilutive effects. For the fiscal period through to November 30, 2022, the Company has raised an additional $4.7 million net of issuance costs through the sale of its common shares and raised approximately $3.2 million in current debt. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 3. ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the condensing instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto in the Company’s latest Annual Report filed with the SEC on Form 10-K as filed on May 27, 2022. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Robotic Assistance Devices, Inc., Robotic Assistance Devices Group , Inc, Robotic Assistance Devices Mobile, Inc., On the Move Experience, LLC and On the OMV Transports, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the six months ended November 30, 2022 are not necessarily indicative of the results that may be expected for the entire year. Use of Estimates In order to prepare financial statements in conformity with accounting principles 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 preferred stock and derivative liabilities. Concentrations Loans payable At November 30, 2022 there were $30,506,346 of loans payable, $26,090,506 or 85% of these loans to companies controlled by one individual. At February 28, 2022 there were $26,233,598 of loans payable $21,709,459 or 83% of these loans to companies controlled by the same individual. 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 was an allowance of $ 109,890 33,890 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. As of November 30, 2022 and February 28, 2022 there was a valuation reserve of $ 155,000 65,000 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 two five Computer equipment and software 2 3 Office equipment 4 years Manufacturing equipment 7 years Warehouse equipment 5 years Tooling 2 years Demo Devices 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 8, 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 is implicitly limited by the terms of the agreement ● Does the Company’s revenue for a reporting period underlying the agreement have only a minimal impact on the investor’s rate of return ● 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 28, 2023, but the Company does not expect the Tax Act to have a material impact on the Company’s consolidated financial statements Leases 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. Our Chief Executive Officer/ Chairman holds sufficient shares of the Company’s voting preferred stock that give sufficient voting rights under the articles of incorporation and bylaws of the Company such that the CEO/ Chairman can at any time unilaterally vote to increase the number of authorized shares of common stock of the Company, without the need to call a general meeting of common shareholders of the Company. 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 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. ● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ● Level 3 – Inputs that are unobservable for the asset or liability. 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: Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 November 30, 2022 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 842,000 $ — $ — $ 842,000 Derivative liability – conversion features pursuant to convertible notes payable $ — $ — $ — $ — February 28, 2022 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 479,500 $ — $ — $ 479,500 Derivative liability – conversion features pursuant to convertible notes payable $ 7,587 $ — $ — $ 7,587 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 Recently Adopted Accounting Standards In January 2020, the FASB issued new guidance intended to clarify certain interactions between accounting standards related to equity securities, equity method investments and certain derivatives. The guidance addresses accounting for the transition into and out of the equity method of accounting and measuring certain purchased options and forward contracts to acquire investments. The Company adopted the new guidance effective February 1, 2021. There was no impact to the Company’s consolidated financial statements upon adoption. In August 2020, the FASB issued amended guidance on the accounting for convertible instruments and contracts in an entity’s own equity. The guidance removes the separation model for convertible debt instruments and preferred stock, amends requirements for conversion options to be classified in equity as well as amends diluted earnings per share (EPS) calculations for certain convertible debt instruments. The amended guidance is effective for interim and annual periods in 2022. The application of the amendments in the new guidance are to be applied either on a modified retrospective or a retrospective basis. We are currently assessing the effect that the adoption of this standard will have on the Company’s consolidated financial statements upon adoption. Recently Issued Accounting Standards Not Yet Adopted In March 2020, the FASB issued optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting and subsequently issued clarifying amendments. The guidance provides optional expedients and exceptions for accounting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The optional guidance is effective upon issuance and can be applied on a prospective basis at any time between January 1, 2020 through December 31, 2022. The Company is currently evaluating the impact of adoption on its consolidated financial statements. In October 2021, the FASB issued amended guidance that requires acquiring entities to recognize and measure contract assets and liabilities in a business combination in accordance with existing revenue recognition guidance. The amended guidance is effective for interim and annual periods in 2023 and is to be applied prospectively. Early adoption is permitted on a retrospective basis to the beginning of the fiscal year of adoption. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements for prior acquisitions; however, the impact in future periods will be dependent upon the contract assets and contract liabilities acquired in future business combinations. In November 2021, the FASB issued new guidance to increase the transparency of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The guidance requires annual disclosures of such transactions to include the nature of the transactions and the significant terms and conditions, the accounting treatment and the impact to the company’s financial statements. The guidance is effective for annual periods beginning in 2022 and is to be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of adoption on its consolidated financial statements. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Nov. 30, 2022 | |
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 842 (which addresses lease accounting and was adopted on March 1, 2019). As disclosed in the revenue recognition section of Note 3 – Accounting Polices, the Company adopted Topic 606 in accordance with the effective date on March 1, 2018. Note 3 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. After adopting Topic 842, also referred to above in Note 3, the Company is accounting 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 device rental activities when persuasive evidence of a contract exists, the performance obligations have been satisfied, the transaction price is fixed or determinable and collection is reasonably assured. Performance obligations associated with device rental transactions are satisfied over the rental period. Rental periods are short-term in nature. Therefore, the Company has elected to apply the practical expedient which eliminates the requirement to disclose information about remaining performance obligations. Payments are due from customers at the completion of the rental, except for customers with negotiated payment terms, generally net 30 days or less, which are invoiced and remain as accounts receivable until collected. The following table presents revenues from contracts with customers disaggregated by product/service: Three Months Three Months Nine Months Nine Months Device rental activities $ 154,628 $ 165,353 $ 622,647 $ 383,434 Direct sales of goods and services 247,771 208,544 432,393 692,369 $ 402,399 $ 373,897 $ 1,055,040 1,075,803 |
LEASES
LEASES | 9 Months Ended |
Nov. 30, 2022 | |
Leases | |
LEASES | 5. LEASES We lease certain warehouses, and office space. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, we did not combine lease and non-lease components. There is no lease renewal. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Below is a summary of our lease assets and liabilities at November 30, 2022 and February 28, 2022. Leases Classification November 30, 2022 February 28, 2022 Assets Operating Operating Lease Assets $ 1,241,152 $ 1,331,605 Liabilities Current Operating Current Operating Lease Liability $ 111,985 $ 254,027 Noncurrent Operating Noncurrent Operating Lease Liabilities 1,115,323 1,057,579 Total lease liabilities $ 1,227,308 $ 1,311,606 Note: As most of our leases do not provide an implicit rate, we use our incremental borrowing rate of 10% which for the leases noted above was based on the information available at commencement date in determining the present value of lease payments. We compare against loans we obtain to acquire physical assets and not loans we obtain for financing. The loans we obtain for financing are generally at significantly higher rates and we believe that physical space or vehicle rental agreements are in line with physical asset financing agreements. CAM charges were not included in operating lease expense and were expensed in general and administrative expenses as incurred. Rent expense and operating lease cost was $ 61,005 194,653 103,115 207,201 |
REVENUE EARNING DEVICES
REVENUE EARNING DEVICES | 9 Months Ended |
Nov. 30, 2022 | |
Revenue Earning Devices | |
REVENUE EARNING DEVICES | 6. REVENUE EARNING DEVICES Revenue earning devices consisted of the following: November 30, 2022 February 28, 2022 Revenue earning devices $ 1,768,818 $ 1,143,724 Less: Accumulated depreciation (676,615 ) (434,661 ) $ 1,092,203 $ 709,063 During the three and nine months ended November 30, 2022 the Company made total additions to revenue earning devices of $ 199,047 625,094 310,009 592,346 3,255 30,600 3,255 Depreciation expense was $ 54,418 241,957 61,976 138,815 |
FIXED ASSETS
FIXED ASSETS | 9 Months Ended |
Nov. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | 7. FIXED ASSETS Fixed assets consisted of the following: November 30, 2022 February 28, 2022 Automobile $ 84,880 $ 84,880 Manufacturing equipment 25,625 16,800 Demo devices 63,979 16,539 Computer equipment and software 133,959 36,742 Office equipment 15,312 15,312 Warehouse equipment 11,415 11,415 Tooling 101,320 — Leasehold improvements 15,568 5,329 452,058 187,017 Less: Accumulated depreciation (139,751 ) (49,065 ) $ 312,307 $ 137,952 During the three months ended November 30, 2022, the Company made additions of $ 31,365 19,961 265,041 47,440 2,372 34,534 875 30,000 29,125 Depreciation expense was $ 38,437 90,686 5,951 14,446 |
DEFERRED VARIABLE PAYMENT OBLIG
DEFERRED VARIABLE PAYMENT OBLIGATION | 9 Months Ended |
Nov. 30, 2022 | |
Deferred Variable Payment Obligation | |
DEFERRED VARIABLE PAYMENT OBLIGATION | 8. 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 9 February 29, 2020 On May 9, 2019 the Company entered into two similar arrangements with two investors: (1) The investor would pay up to $ 400,000 4 400,000 (2) The investor would pay up to $ 50,000 1.11 50,000 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 2.25 109,000 116,000 On December 30, 2019, the Company entered into another similar arrangement with a new investor whereby the investor would advance up to $ 100,000 1.00 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 1.00 On July 1, 2020, the Company entered into a similar agreement with the first investor whereby the investor would pay up to $ 800,000 2.75 If the Payments would deplete RAD’s available cash by more than 20%, the payment may be deferred. The investor had agreed to pay $100,000 per month over an 8 month period with the first payment due July 2020 and the final payment no later than February 28, 2021. As at November 30, 2020 the investor had fully funded the $800,000 commitment On August 27, 2020, the Company and the first investor referred to above consolidated the three separate agreements of February 1, 2019 for $900,000, November 18, 2019 for $225,000 and July 1, 2020 for $800,000 into a new agreement for a total of $ 1,925,000 14.25 In summary of all agreements mentioned above if in the event that at least 10 The FMV cannot exceed 43.77% 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. As of March 1, 2021 as a result of the amendment with the first investor noted below. This aggregate asset disposition % was reduced from 43.77 % to 33.77% 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 28, 2022, the Company has accrued approximately $325,600 in Payments (February 28, 2021 -$91,587). On March 1, 2021, the first investor referred to above whose aggregate investment is $ 1,925,000 1) The rate payment was reduced from 14.25 9.65 2) The asset disposition % (see below) was reduced from 31 21 In consideration for the above changes, the investor received 40 Series F Convertible Preferred Stock and a warrant to purchase 367 1.00 38 33,015,214 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 November 30, 2022, and February 28, 2022, the long-term balances other than Payments already owed is the cash received of $ 2,525,000 a 2,525,000 For both the three months and nine months ended November 30, 2022 and year ended February 28, 2022, the Company has received $0 related to the deferred payment obligation since there were no new agreements during this period. The balance remains $ 2,525,000 The Payments first become payable on June 30, 2019 (unless otherwise indicated) based on the quarterly Revenues for the quarter ended May 31, 2019 and accrue every quarter thereafter. As of November 30, 2022, the Company has accrued $ 497,150 325,600 265,226 90,300 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 9 Months Ended |
Nov. 30, 2022 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | 9. CONVERTIBLE NOTES PAYABLE Convertible notes payable consisted of the following: Balance Balance Interest Conversion November 30, February 28, Issued Maturity Rate Rate per Share 2022 2022 July 18, 2016 July 18, 2017 * 8% $0.003 (1) $ — $ 3,500 August 9, 2022 August 9, 2023 12% $0.009 (2) 750,000 — $ 750,000 $ 3,500 (Less): current portion of convertible notes payable (750,000 ) (3,500 ) (Less): discount on noncurrent convertible notes payable — — Noncurrent convertible notes payable, net of discount $ — $ — Current portion of convertible notes payable $ 750,000 $ 3,500 (Less): discount on current portion of convertible notes payable (433,932 ) — Current portion of convertible notes payable, net of discount $ 316,068 $ 3,500 __________ * This note was in default as of February 28, 2022. Default interest rate 22% (1) The conversion price was not subject to adjustment from forward or reverse stock splits. Effective in August 2022 this note (and accrued interest) was no longer convertible. (2) Subject to adjustment for dilutive issuances During both the three and nine months ended November 30, 2022, the Company incurred original issue discounts of $75,000, and relative fair value discounts debt discounts from derivative liabilities of $393,949 and fees of $55,750 related to new convertible notes payable. During both the three and nine months ended November 30, 2021 the Company recognized debt discounts from derivative liabilities of $438,835. During the three and nine months ended November 30, 2022, the Company recognized interest expense related to the amortization of debt discount of $78,149 and $90,767. During the three and nine months ended November 30, 2021, the Company recognized interest expense related to the amortization of debt discount of $694,855 and $775,986, respectively. The note above is unsecured. As of November 30, 2022 and February 28, 2022, the Company had total accrued interest payable of $51,458 and $28,104, respectively, all of which is classified as current. During the nine months ended November 30, 2022, the Company also had the following convertible note activity: ● The Company transferred the above July 18, 2016 $3,500 note to loans payable as the note was no longer convertible. This was a result of an SEC action against the debt holder who was also a common stockholder ● On August 9, 2022 the Company entered into a new convertible note for $750,000 with a one year maturity, interest rate of 12%, with a warrant (Warrant 1) to purchase 47,000,000 common shares with a five year maturity and an exercise price of $0.01, and an additional warrant (Warrant 2) to purchase 47,000,000 common shares with a five year maturity and an exercise price of $0.008 to be cancelled and extinguished if the note balance is $375,000 or less by February 9. 2023. The Company received $619,250 in cash proceeds, recorded an original issue discount of $75,000, recognized $393,949 based on a relative fair value calculation as debt discount with a corresponding adjustment to paid-in capital for the attached warrants, and transaction fees of $55,750. The discount is amortized over the term of the loan. This Note shall have priority over all unsecured indebtedness of the Company. The note has certain default provisions such as failure to pay any principal or interest when due and failure to maintain a minimum market capitalization of $30 million. In the event of these or any other default provisions, the note becomes due and payable at 125% During the nine months ended November 30, 2021, the Company had the following convertible note activity: ● The Company amended the January 27, 2021 agreement with the lender whereby the conversion rate was changed from $0.10 to $0.03 as a result of a dilutive issuance; this resulted a derivative discount of $438,835 and a loss on extinguishment of $360,125 ● Holders of certain convertible notes payable elected to convert a total of $825,000 of principal and $71,955 accrued interest, and $1,750 of fees into 31,042,436 shares of common stock; no gain or loss was recognized on conversions as these conversions occurred within the terms of the agreement that provided for conversion ● The conversion rate of the January 19, 2021 note included above was reduced to $0.027 due to the dilutive issuance provision in the January 19, 2021 agreement |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Nov. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS For the nine months ended November 30, 2022, the Company had no repayments of net advances from its loan payable-related party. For the nine months ended November 30, 2021 the Company repaid net advances of $ 812,234 203,276 193,556 126,744 108,000 12 110,700 90,000 12 12,420 540 Pursuant to the amended Employment Agreement with its Chief Executive Officer, for the three months and nine months ended November 30, 2022, the Company accrued $138,000 and $362,500 of incentive compensation plan payable with a corresponding recognition of stock based compensation due to the expectation of additional awards being met. This will be payable in Series G Preferred Shares which are redeemable at the Company’s option at $ 1,000 842,000 479,500 During the three months ended November 30, 2022 and 2021, the Company was charged $ 794,460 647,465 During the nine months ended November 30, 2022 and 2021, the Company was charged $ 2,735,589 1,689,253 |
OTHER DEBT _ VEHICLE LOAN
OTHER DEBT – VEHICLE LOAN | 9 Months Ended |
Nov. 30, 2022 | |
Other Debt Vehicle Loan | |
OTHER DEBT – VEHICLE LOAN | 11. OTHER DEBT – VEHICLE LOAN In December 2016, RAD entered into a vehicle loan for $47,704 5 1,019 47,661 5 923 21,907 3,257 21,578 18,766 5,515 13,251 16,944 38,522 38,522 |
LOANS PAYABLE
LOANS PAYABLE | 9 Months Ended |
Nov. 30, 2022 | |
Loans Payable | |
LOANS PAYABLE | 12. LOANS PAYABLE Loans payable at November 30, 2022 consisted of the following: Annual Date Maturity Description Principal Interest Rate July 18, 2016 July 18, 2017 Promissory note (35) * $ 3,500 22% June 11, 2018 June 11, 2019 Promissory note (2) (#) — 25% January 31, 2019 June 30, 2019 Promissory note (1) (#) — 15% May 9, 2019 June 30, 2019 Promissory note (3) (#) — 15% May 31, 2019 June 30, 2019 Promissory note (4) (#) — 15% June 26, 2019 June 26, 2020 Promissory note (5) (#) — 15% September 24, 2019 June 24, 2020 Promissory note (6) (#) — 15% January 30, 2020 January 30, 2021 Promissory note (7) (#) — 15% February 27, 2020 February 27, 2021 Promissory note (8) (#) — 15% April 16, 2020 April 16, 2021 Promissory note (9) (#) — 15% May 12, 2020 May 12, 2021 Promissory note (11) (#) — 15% May 22, 2020 May 22, 2021 Promissory note (12) (#) — 15% June 2, 2020 June 2, 2021 Promissory note (13) (#) — 15% June 9, 2020 June 9, 2021 Promissory note (14) (#) — 15% June 12, 2020 June 12, 2021 Promissory note (15) (#) — 15% June 16, 2020 June 16, 2021 Promissory note (16) (#) — 15% September 15, 2020 September 15, 2022 Promissory note (17) (#) — 10% October 6, 2020 March 6, 2023 Promissory note (18) (#) — 12% November 12, 2020 November 12, 2023 Promissory note (19) (#) — 12% November 23, 2020 October 23, 2022 Promissory note (20) (#) — 15.5% November 23, 2020 November 23, 2023 Promissory note (21) (#) — 15% December 10, 2020 December 10, 2023 Promissory note (22) (#) — 12% December 10, 2020 December 10, 2023 Promissory note (23) 3,921,168 12% December 10, 2020 December 10, 2023 Promissory note (24) 3,054,338 12% December 10, 2020 December 10, 2023 Promissory note (25) 165,605 12% December 14, 2020 December 14, 2023 Promissory note (26) 310,375 12% December 30, 2020 December 30, 2023 Promissory note (27) 350,000 12% December 31, 2021 December 31, 2024 Promissory note (28) 25,000 12% December 31, 2021 December 31, 2024 Promissory note (29) 145,000 12% January 14, 2021 January 14, 2024 Promissory note (30) 550,000 12% February 22, 2021 February 22, 2024 Promissory note (31) 1,650,000 12% March 1, 2021 March 1, 2024 Promissory note (10) 6,000,000 12% June 8, 2021 June 8, 2024 Promissory note (32) 2,750,000 12% July 12, 2021 July 26, 2026 Promissory note (33) 3,936,360 7% September 14, 2021 September 14, 2024 Promissory note (34) 1,650,000 12% July 28, 2022 July 28, 2023 Promissory note (36) 170,000 15% August 30, 2022 August 30,2024 Promissory note (38) 3,000,000 15% September 7, 2022 September 7, 2023 Promissory note (37) 400,000 15% September 8, 2022 September 8, 2023 Promissory note (39) 475,000 15% October 13, 2022 October 13, 2023 Promissory note (40) 350,000 15% October 28, 2022 October 31, 2026 Promissory note (41) 400,000 15% November 9, 2022 October 31, 2026 Promissory note (41) 400,000 15% November 10, 2022 October 31, 2026 Promissory note (41) 400,000 15% November 15, 2022 October 31, 2026 Promissory note (41) 400,000 15% $ 30,506,346 Less: current portion of loans payable (1,398,500 ) Less: discount on non-current loans payable (5,378,890 ) Non-current loans payable, net of discount $ 23,728,956 Current portion of loans payable $ 1,398,500 Less: discount on current portion of loans payable (158,194 ) Current portion of loans payable, net of discount $ 1,240,306 * In default. Default interest rate 22% (#) Loans with a principal balance of $ 1,661,953 342,138 2,004,091 (1) Original $ 78,432 33 25,882 (2) Repayable in 12 4,562 48,000 (3) Original $ 7,850 33 2,590 (4) Original $ 86,567 33 28,567 (5) Original $ 79,104 33 26,104 (6) Original $ 12,000 3,000 (7) Original $ 11,000 2,450 (8) Original $ 5,000 1,200 (9) Original $ 13,000 3,850 (10) The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 600,000 300,000,000 0.135 3 4,749,005 0 0 (11) Original $ 43,500 8,000 (12) Original $ 85,000 15,000 (13) Original $ 62,000 12,000 (14) Original $ 31,000 6,000 (15) Original $ 50,000 10,000 (16) Original $ 42,000 $7,000 (17) Original $ 300,000 50,000 (18) Original principal of $ 150,000 (19) Original $ 110,000 10,000 70,000,000 0.00165 3 41,176 (20) Original principal of $ 65,000 (21) Original $ 300,000 25,000 230,000,000 0.00165 3 125,814 (22) Original $ 82,500 7,500 100,000,000 0.002 3 54,545 (23) This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 .002 990,000 (24) This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 550,000 (25) This promissory note was issued as part of a debt settlement whereby $ 103,180 62,425 165,605 165,605 80,000,000 002 176,000 (26) This promissory note was issued as part of a debt settlement whereby $ 235,000 75,375 310,375 310,375 25,000,000 002 182,500 (27) The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 22,829 53,156 223,697 (28) This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 (29) This promissory note was issued as part of a debt settlement whereby $ 79,500 28,925 108,425 145,000 (30) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 34,441 85,968 281,264 (31) The note, with an original principal balance of $ 1,650,000 150,000 100,000,000 0.135 3 1,342,857 82,582 184,959 1,309,454 (32) The note, with an original principal balance of $ 2,750,000 50,000 170,000,000 0.064 3 2,035,033 120,297 319,016 (33) This loan, with an original principal balance of $ 4,000,160 27,800 63,800 (34) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 59,646 122,486 1,279,947 (35) This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender. (36) Original $ 170,000 20,000 4,589 6,048 13,952 (37) Original $ 400,000 50,000 10,691 39,309 (38) A warrant holder exchanged 955,000,000 warrants for a promissory note of $3,000,000, bearing interest at 15% with a two year maturity. The fair value of the warrants was determined to be $ 2,960,500 39,500 4,248 35,252 (39) Original $ 475,000 75,000 16,473 58,527 (40) Original $ 350,000 50,000 3,593 46,407 (41) On October 28, 2022 the Company entered into an loan facility with a lender for up to $4,000,000 including an original issue discount of $500,000. In exchange the Company will issue one series F Preferred Share, extended 329 series F warrants with a March 1, 2026 maturity to a new October 31, 2033 maturity, and issue up to 10 tranches with each trance of $400,000, with cash proceeds of $350,000 an original issue discount of $50,000, October 31, 2026 maturity, and 61 Series F warrants with a October 31, 2033 maturity. October 28, 2022, $ 400,000 50,000 0 349,399 November 9, 2022, $ 400,000 50,000 0 349,750 November 10, 2022, $ 400,000 50,000 0 352,020 November 15, 2022, $ 400,000 50,000 0 349,959 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 9 Months Ended |
Nov. 30, 2022 | |
Derivative Liabilities | |
DERIVATIVE LIABILITIES | 13. DERIVATIVE LIABILITIES As of November 30, 2022, and February 28, 2022, 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 $ 0 7,587 0 3,595 0 3,992 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 9 Months Ended |
Nov. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | 14. STOCKHOLDERS’ EQUITY (DEFICIT) Series F Preferred Shares Each holder of Series E Convertible Preferred Shares may, at any time and from time to time convert all, but not less than all, of their shares 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. On August 23, 2021, the Company filed amended Series F preferred shares such that Series F preferred shares are not convertible into common stock by a holder until (A) August 23, 2023 or (B) the date on which such a conversion may be required for the purpose of (i) uplisting the Company to a new stock exchange, or (ii) selling more than 50% of the Company’s assets. Summary or Preferred Stock Activity There was 1 Series F Preferred Share issued along with debt to a lender. Summary of Preferred Stock Warrant Activity Schedule of Summary of stock Option Activity Number of Series C Preferred Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2022 329 $1.00 11.50 Issued 244 $1.00 10.00 Exercised — — — Forfeited and cancelled — — — Outstanding at November 30, 2022 573 $1.00 10.00 Summary of Common Stock Activity The Company increased authorized common shares from 5,000,000,000 to 6,000,000,000 During the nine months ended, November 30, 2022, the Company issued 522,734,247 4,939,161 4,657,979 282,182 The table below represent the common shares issued, issuable and outstanding at November 30, 2022 and February 28, 2022: Common shares November 30, 2022 February 28, 2022 Issued 5,248,415,892 4,733,110,360 Issuable 12,100,000 2,100,000 Issued, issuable and outstanding 5,260,515,892 4,735,210,360 Summary of Common Stock Warrant Activity Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2022 1,216,845,661 $0.07 2.38 Issued 94,000,000 $0.009 4.94 Adjusted (1) 66,750,000 $0.011 1.41 Exercised (61,378,210 ) $0.011 (1.41) Forfeited, extinguished and cancelled (955,000,000 ) $0.008 (1.61) Outstanding at November 30, 2022 361,217,451 $0.03 2.52 (1) Required dilution adjustment per warrant agreement For the three months and nine months ended November 30, 2022 and November 30, 2021, the Company recorded a total of $ 0 0 On August 30, 2022 a warrant holder exchanged 955,000,000 3,000,000 15 2,960,500 39,500 Summary of Common Stock Option Activity On August 11, 2022 the Company amended its 2021 Incentive Stock Option Plan increasing the maximum number of shares applicable to the Plan from 5,000,000 100,000,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Nov. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 15. 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. The related legal costs are expensed as incurred. Operating Lease On December 18, 2020, the Company entered into a 15-month lease agreement for office space at 18009 Sky Park Circle Suite E, Irvine CA, 92614, commencing on December 18, 2020 through to March 31, 2022 with a minimum base rent of $ 3,859 3,859 On March 10, 2021, the Company entered into a 10 year lease agreement for q manufacturing facility at 10800 Galaxie Avenue, Ferndale, Michigan, 48220, commencing on May 1, 2021 through to April 30, 2031 15,880 15,880 On September 30, 2021, the Company entered into a 3-year lease agreement for a vehicle commencing September 30, 2021 through to April 30, 2031 with a minimum base rent of $1,538 per month. The Company paid a down payment of $18,462 On January 28, 2022, the Company entered into a 2-year lease agreement for office space at 1516 E Edinger, Santa Ana, California, 92705, commencing on February 1, 2022 through to January 31, 2024 1,500 1,500 The Company’s leases are accounted for as operating leases. Rent expense and operating lease cost are recorded over the lease terms on a straight-line basis. Maturity of Lease Liabilities Operating November 30, 2023 $ 250,169 November 30, 2024 229,016 November 30, 2025 207,558 November 30, 2026 207,558 November 30, 2027 207,558 November 30, 2028 and after 709,156 Total lease payments 1,811,015 Less: Interest (583,707 ) Present value of lease liabilities $ 1,227,308 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended |
Nov. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 16. EARNINGS (LOSS) PER SHARE The net income (loss) per common share amounts were determined as follows: For the Three Months Ended For the Nine Months Ended November 30, November 30, 2022 2021 2022 2021 Numerator: Net income (loss) available to common shareholders $ (4,085,660 ) $ (7,094,442 ) $ (12,930,211 ) $ (47,831,733 ) Effect of common stock equivalents Add: interest expense on convertible debt 22,438 38,345 27,863 63,299 Add: amortization of debt discount 78,149 694,855 90,767 775,986 Add (less) loss (gain) on settlement of debt — — (3,992 ) — Add (less) loss (gain) on change of derivative liabilities — — (3,595 ) 372,502 Net income (loss) adjusted for common stock equivalents (3,985,073 ) (6,361,242 ) (12,819,168 ) (46,619,946 ) Denominator: Weighted average shares – basic 5,140,405,652 4,183,357,145 4,969,080,716 4,162,382,723 Net income (loss) per share – basic $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.01 ) Dilutive effect of common stock equivalents: Convertible Debt — — — — Preferred shares — — — — Warrants — — — — — — — — Denominator: Weighted average shares – diluted 5,140,405,652 4,183,357,145 4,969,080,716 4,162,382,723 Net income (loss) per share – diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.01 ) The anti-dilutive shares of common stock equivalents for the three and six months ended November 30, 2022 and 2021 were as follows For the Three Months Ended For the Nine Months Ended November 30, November 30, 2022 2021 2022 2021 Convertible notes and accrued interest 836,425,685 3,432,063 836,425,685 3,432,063 Convertible Series F Preferred Shares * — — — — Stock options and warrants 401,217,451 968,523,386 401,217,451 968,523,386 Total 1,237,643,136 971,955,449 1,237,643,136 971,955,449 * On August 23, 2021, the Company filed amended Series F preferred shares such that Series F preferred shares are not convertible into common stock by a holder until (A) August 23, 2023 or (B) the date on which such a conversion may be required for the purpose of (i) uplisting the Company to a new stock exchange, or (ii) selling more than 50% of the Company’s assets. Had these Series F preferred shares been convertible at November 30, 2022 and 2021 the dilutive effects would be as follows: Had Series F Preferred shares been convertible the dilutive effects would be as follows: For the Three and Nine Months Ended November 30 2022 2021 Convertible Series F Preferred Shares 18,148,779,827 15,294,230,742 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Nov. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS Subsequent to November 30, 2022 through to January 9, 2023: — The Company issued 117,488,819 713,811 30,174 683,638 — On December 23, 2022 the Company entered into a Simple Agreement for Future Equity (SAFE) contract to invest $ 50,000 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the condensing instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto in the Company’s latest Annual Report filed with the SEC on Form 10-K as filed on May 27, 2022. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Robotic Assistance Devices, Inc., Robotic Assistance Devices Group , Inc, Robotic Assistance Devices Mobile, Inc., On the Move Experience, LLC and On the OMV Transports, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of such statements. The results of operations for the six months ended November 30, 2022 are not necessarily indicative of the results that may be expected for the entire year. |
Use of Estimates | Use of Estimates In order to prepare financial statements in conformity with accounting principles 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 preferred stock and derivative liabilities. |
Concentrations | Concentrations Loans payable At November 30, 2022 there were $30,506,346 of loans payable, $26,090,506 or 85% of these loans to companies controlled by one individual. At February 28, 2022 there were $26,233,598 of loans payable $21,709,459 or 83% of these loans to companies controlled by the same individual. |
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 was an allowance of $ 109,890 33,890 |
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. As of November 30, 2022 and February 28, 2022 there was a valuation reserve of $ 155,000 65,000 |
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 two five Computer equipment and software 2 3 Office equipment 4 years Manufacturing equipment 7 years Warehouse equipment 5 years Tooling 2 years Demo Devices 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 8, 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 is implicitly limited by the terms of the agreement ● Does the Company’s revenue for a reporting period underlying the agreement have only a minimal impact on the investor’s rate of return ● 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 28, 2023, but the Company does not expect the Tax Act to have a material impact on the Company’s consolidated financial statements |
Leases | Leases 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. Our Chief Executive Officer/ Chairman holds sufficient shares of the Company’s voting preferred stock that give sufficient voting rights under the articles of incorporation and bylaws of the Company such that the CEO/ Chairman can at any time unilaterally vote to increase the number of authorized shares of common stock of the Company, without the need to call a general meeting of common shareholders of the Company. 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 – Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. ● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ● Level 3 – Inputs that are unobservable for the asset or liability. 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: Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 November 30, 2022 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 842,000 $ — $ — $ 842,000 Derivative liability – conversion features pursuant to convertible notes payable $ — $ — $ — $ — February 28, 2022 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 479,500 $ — $ — $ 479,500 Derivative liability – conversion features pursuant to convertible notes payable $ 7,587 $ — $ — $ 7,587 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 Recently Adopted Accounting Standards In January 2020, the FASB issued new guidance intended to clarify certain interactions between accounting standards related to equity securities, equity method investments and certain derivatives. The guidance addresses accounting for the transition into and out of the equity method of accounting and measuring certain purchased options and forward contracts to acquire investments. The Company adopted the new guidance effective February 1, 2021. There was no impact to the Company’s consolidated financial statements upon adoption. In August 2020, the FASB issued amended guidance on the accounting for convertible instruments and contracts in an entity’s own equity. The guidance removes the separation model for convertible debt instruments and preferred stock, amends requirements for conversion options to be classified in equity as well as amends diluted earnings per share (EPS) calculations for certain convertible debt instruments. The amended guidance is effective for interim and annual periods in 2022. The application of the amendments in the new guidance are to be applied either on a modified retrospective or a retrospective basis. We are currently assessing the effect that the adoption of this standard will have on the Company’s consolidated financial statements upon adoption. Recently Issued Accounting Standards Not Yet Adopted In March 2020, the FASB issued optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting and subsequently issued clarifying amendments. The guidance provides optional expedients and exceptions for accounting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The optional guidance is effective upon issuance and can be applied on a prospective basis at any time between January 1, 2020 through December 31, 2022. The Company is currently evaluating the impact of adoption on its consolidated financial statements. In October 2021, the FASB issued amended guidance that requires acquiring entities to recognize and measure contract assets and liabilities in a business combination in accordance with existing revenue recognition guidance. The amended guidance is effective for interim and annual periods in 2023 and is to be applied prospectively. Early adoption is permitted on a retrospective basis to the beginning of the fiscal year of adoption. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements for prior acquisitions; however, the impact in future periods will be dependent upon the contract assets and contract liabilities acquired in future business combinations. In November 2021, the FASB issued new guidance to increase the transparency of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The guidance requires annual disclosures of such transactions to include the nature of the transactions and the significant terms and conditions, the accounting treatment and the impact to the company’s financial statements. The guidance is effective for annual periods beginning in 2022 and is to be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of adoption on its consolidated financial statements. |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
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 two | 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 two five Computer equipment and software 2 3 Office equipment 4 years Manufacturing equipment 7 years Warehouse equipment 5 years Tooling 2 years Demo Devices 4 years Vehicles 3 years Leasehold improvements 5 years, the life of the lease |
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: | 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: Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 November 30, 2022 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 842,000 $ — $ — $ 842,000 Derivative liability – conversion features pursuant to convertible notes payable $ — $ — $ — $ — February 28, 2022 Liabilities Incentive compensation plan payable- revaluation of equity awards payable in Series G shares $ 479,500 $ — $ — $ 479,500 Derivative liability – conversion features pursuant to convertible notes payable $ 7,587 $ — $ — $ 7,587 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
The following table presents revenues from contracts with customers disaggregated by product/service: | The following table presents revenues from contracts with customers disaggregated by product/service: Three Months Three Months Nine Months Nine Months Device rental activities $ 154,628 $ 165,353 $ 622,647 $ 383,434 Direct sales of goods and services 247,771 208,544 432,393 692,369 $ 402,399 $ 373,897 $ 1,055,040 1,075,803 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Leases | |
Below is a summary of our lease assets and liabilities at November 30, 2022 and February 28, 2022. | Below is a summary of our lease assets and liabilities at November 30, 2022 and February 28, 2022. Leases Classification November 30, 2022 February 28, 2022 Assets Operating Operating Lease Assets $ 1,241,152 $ 1,331,605 Liabilities Current Operating Current Operating Lease Liability $ 111,985 $ 254,027 Noncurrent Operating Noncurrent Operating Lease Liabilities 1,115,323 1,057,579 Total lease liabilities $ 1,227,308 $ 1,311,606 |
REVENUE EARNING DEVICES (Tables
REVENUE EARNING DEVICES (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Revenue Earning Devices | |
Revenue earning devices consisted of the following: | Revenue earning devices consisted of the following: November 30, 2022 February 28, 2022 Revenue earning devices $ 1,768,818 $ 1,143,724 Less: Accumulated depreciation (676,615 ) (434,661 ) $ 1,092,203 $ 709,063 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Fixed assets consisted of the following: | Fixed assets consisted of the following: November 30, 2022 February 28, 2022 Automobile $ 84,880 $ 84,880 Manufacturing equipment 25,625 16,800 Demo devices 63,979 16,539 Computer equipment and software 133,959 36,742 Office equipment 15,312 15,312 Warehouse equipment 11,415 11,415 Tooling 101,320 — Leasehold improvements 15,568 5,329 452,058 187,017 Less: Accumulated depreciation (139,751 ) (49,065 ) $ 312,307 $ 137,952 |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible notes payable consisted of the following: | Convertible notes payable consisted of the following: Balance Balance Interest Conversion November 30, February 28, Issued Maturity Rate Rate per Share 2022 2022 July 18, 2016 July 18, 2017 * 8% $0.003 (1) $ — $ 3,500 August 9, 2022 August 9, 2023 12% $0.009 (2) 750,000 — $ 750,000 $ 3,500 (Less): current portion of convertible notes payable (750,000 ) (3,500 ) (Less): discount on noncurrent convertible notes payable — — Noncurrent convertible notes payable, net of discount $ — $ — Current portion of convertible notes payable $ 750,000 $ 3,500 (Less): discount on current portion of convertible notes payable (433,932 ) — Current portion of convertible notes payable, net of discount $ 316,068 $ 3,500 __________ * This note was in default as of February 28, 2022. Default interest rate 22% (1) The conversion price was not subject to adjustment from forward or reverse stock splits. Effective in August 2022 this note (and accrued interest) was no longer convertible. (2) Subject to adjustment for dilutive issuances |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Loans Payable | |
Loans payable at November 30, 2022 consisted of the following: | Loans payable at November 30, 2022 consisted of the following: Annual Date Maturity Description Principal Interest Rate July 18, 2016 July 18, 2017 Promissory note (35) * $ 3,500 22% June 11, 2018 June 11, 2019 Promissory note (2) (#) — 25% January 31, 2019 June 30, 2019 Promissory note (1) (#) — 15% May 9, 2019 June 30, 2019 Promissory note (3) (#) — 15% May 31, 2019 June 30, 2019 Promissory note (4) (#) — 15% June 26, 2019 June 26, 2020 Promissory note (5) (#) — 15% September 24, 2019 June 24, 2020 Promissory note (6) (#) — 15% January 30, 2020 January 30, 2021 Promissory note (7) (#) — 15% February 27, 2020 February 27, 2021 Promissory note (8) (#) — 15% April 16, 2020 April 16, 2021 Promissory note (9) (#) — 15% May 12, 2020 May 12, 2021 Promissory note (11) (#) — 15% May 22, 2020 May 22, 2021 Promissory note (12) (#) — 15% June 2, 2020 June 2, 2021 Promissory note (13) (#) — 15% June 9, 2020 June 9, 2021 Promissory note (14) (#) — 15% June 12, 2020 June 12, 2021 Promissory note (15) (#) — 15% June 16, 2020 June 16, 2021 Promissory note (16) (#) — 15% September 15, 2020 September 15, 2022 Promissory note (17) (#) — 10% October 6, 2020 March 6, 2023 Promissory note (18) (#) — 12% November 12, 2020 November 12, 2023 Promissory note (19) (#) — 12% November 23, 2020 October 23, 2022 Promissory note (20) (#) — 15.5% November 23, 2020 November 23, 2023 Promissory note (21) (#) — 15% December 10, 2020 December 10, 2023 Promissory note (22) (#) — 12% December 10, 2020 December 10, 2023 Promissory note (23) 3,921,168 12% December 10, 2020 December 10, 2023 Promissory note (24) 3,054,338 12% December 10, 2020 December 10, 2023 Promissory note (25) 165,605 12% December 14, 2020 December 14, 2023 Promissory note (26) 310,375 12% December 30, 2020 December 30, 2023 Promissory note (27) 350,000 12% December 31, 2021 December 31, 2024 Promissory note (28) 25,000 12% December 31, 2021 December 31, 2024 Promissory note (29) 145,000 12% January 14, 2021 January 14, 2024 Promissory note (30) 550,000 12% February 22, 2021 February 22, 2024 Promissory note (31) 1,650,000 12% March 1, 2021 March 1, 2024 Promissory note (10) 6,000,000 12% June 8, 2021 June 8, 2024 Promissory note (32) 2,750,000 12% July 12, 2021 July 26, 2026 Promissory note (33) 3,936,360 7% September 14, 2021 September 14, 2024 Promissory note (34) 1,650,000 12% July 28, 2022 July 28, 2023 Promissory note (36) 170,000 15% August 30, 2022 August 30,2024 Promissory note (38) 3,000,000 15% September 7, 2022 September 7, 2023 Promissory note (37) 400,000 15% September 8, 2022 September 8, 2023 Promissory note (39) 475,000 15% October 13, 2022 October 13, 2023 Promissory note (40) 350,000 15% October 28, 2022 October 31, 2026 Promissory note (41) 400,000 15% November 9, 2022 October 31, 2026 Promissory note (41) 400,000 15% November 10, 2022 October 31, 2026 Promissory note (41) 400,000 15% November 15, 2022 October 31, 2026 Promissory note (41) 400,000 15% $ 30,506,346 Less: current portion of loans payable (1,398,500 ) Less: discount on non-current loans payable (5,378,890 ) Non-current loans payable, net of discount $ 23,728,956 Current portion of loans payable $ 1,398,500 Less: discount on current portion of loans payable (158,194 ) Current portion of loans payable, net of discount $ 1,240,306 * In default. Default interest rate 22% (#) Loans with a principal balance of $ 1,661,953 342,138 2,004,091 (1) Original $ 78,432 33 25,882 (2) Repayable in 12 4,562 48,000 (3) Original $ 7,850 33 2,590 (4) Original $ 86,567 33 28,567 (5) Original $ 79,104 33 26,104 (6) Original $ 12,000 3,000 (7) Original $ 11,000 2,450 (8) Original $ 5,000 1,200 (9) Original $ 13,000 3,850 (10) The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 600,000 300,000,000 0.135 3 4,749,005 0 0 (11) Original $ 43,500 8,000 (12) Original $ 85,000 15,000 (13) Original $ 62,000 12,000 (14) Original $ 31,000 6,000 (15) Original $ 50,000 10,000 (16) Original $ 42,000 $7,000 (17) Original $ 300,000 50,000 (18) Original principal of $ 150,000 (19) Original $ 110,000 10,000 70,000,000 0.00165 3 41,176 (20) Original principal of $ 65,000 (21) Original $ 300,000 25,000 230,000,000 0.00165 3 125,814 (22) Original $ 82,500 7,500 100,000,000 0.002 3 54,545 (23) This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 .002 990,000 (24) This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 550,000 (25) This promissory note was issued as part of a debt settlement whereby $ 103,180 62,425 165,605 165,605 80,000,000 002 176,000 (26) This promissory note was issued as part of a debt settlement whereby $ 235,000 75,375 310,375 310,375 25,000,000 002 182,500 (27) The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 22,829 53,156 223,697 (28) This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 (29) This promissory note was issued as part of a debt settlement whereby $ 79,500 28,925 108,425 145,000 (30) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 34,441 85,968 281,264 (31) The note, with an original principal balance of $ 1,650,000 150,000 100,000,000 0.135 3 1,342,857 82,582 184,959 1,309,454 (32) The note, with an original principal balance of $ 2,750,000 50,000 170,000,000 0.064 3 2,035,033 120,297 319,016 (33) This loan, with an original principal balance of $ 4,000,160 27,800 63,800 (34) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 59,646 122,486 1,279,947 (35) This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender. (36) Original $ 170,000 20,000 4,589 6,048 13,952 (37) Original $ 400,000 50,000 10,691 39,309 (38) A warrant holder exchanged 955,000,000 warrants for a promissory note of $3,000,000, bearing interest at 15% with a two year maturity. The fair value of the warrants was determined to be $ 2,960,500 39,500 4,248 35,252 (39) Original $ 475,000 75,000 16,473 58,527 (40) Original $ 350,000 50,000 3,593 46,407 (41) On October 28, 2022 the Company entered into an loan facility with a lender for up to $4,000,000 including an original issue discount of $500,000. In exchange the Company will issue one series F Preferred Share, extended 329 series F warrants with a March 1, 2026 maturity to a new October 31, 2033 maturity, and issue up to 10 tranches with each trance of $400,000, with cash proceeds of $350,000 an original issue discount of $50,000, October 31, 2026 maturity, and 61 Series F warrants with a October 31, 2033 maturity. October 28, 2022, $ 400,000 50,000 0 349,399 November 9, 2022, $ 400,000 50,000 0 349,750 November 10, 2022, $ 400,000 50,000 0 352,020 November 15, 2022, $ 400,000 50,000 0 349,959 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Equity [Abstract] | |
Schedule of Summary of stock Option Activity | Schedule of Summary of stock Option Activity Number of Series C Preferred Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2022 329 $1.00 11.50 Issued 244 $1.00 10.00 Exercised — — — Forfeited and cancelled — — — Outstanding at November 30, 2022 573 $1.00 10.00 |
The table below represent the common shares issued, issuable and outstanding at November 30, 2022 and February 28, 2022: | The table below represent the common shares issued, issuable and outstanding at November 30, 2022 and February 28, 2022: Common shares November 30, 2022 February 28, 2022 Issued 5,248,415,892 4,733,110,360 Issuable 12,100,000 2,100,000 Issued, issuable and outstanding 5,260,515,892 4,735,210,360 |
Summary of Common Stock Warrant Activity | Summary of Common Stock Warrant Activity Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2022 1,216,845,661 $0.07 2.38 Issued 94,000,000 $0.009 4.94 Adjusted (1) 66,750,000 $0.011 1.41 Exercised (61,378,210 ) $0.011 (1.41) Forfeited, extinguished and cancelled (955,000,000 ) $0.008 (1.61) Outstanding at November 30, 2022 361,217,451 $0.03 2.52 (1) Required dilution adjustment per warrant agreement |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
The Company’s leases are accounted for as operating leases. Rent expense and operating lease cost are recorded over the lease terms on a straight-line basis. | The Company’s leases are accounted for as operating leases. Rent expense and operating lease cost are recorded over the lease terms on a straight-line basis. Maturity of Lease Liabilities Operating November 30, 2023 $ 250,169 November 30, 2024 229,016 November 30, 2025 207,558 November 30, 2026 207,558 November 30, 2027 207,558 November 30, 2028 and after 709,156 Total lease payments 1,811,015 Less: Interest (583,707 ) Present value of lease liabilities $ 1,227,308 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended |
Nov. 30, 2022 | |
Earnings Per Share [Abstract] | |
The net income (loss) per common share amounts were determined as follows: | The net income (loss) per common share amounts were determined as follows: For the Three Months Ended For the Nine Months Ended November 30, November 30, 2022 2021 2022 2021 Numerator: Net income (loss) available to common shareholders $ (4,085,660 ) $ (7,094,442 ) $ (12,930,211 ) $ (47,831,733 ) Effect of common stock equivalents Add: interest expense on convertible debt 22,438 38,345 27,863 63,299 Add: amortization of debt discount 78,149 694,855 90,767 775,986 Add (less) loss (gain) on settlement of debt — — (3,992 ) — Add (less) loss (gain) on change of derivative liabilities — — (3,595 ) 372,502 Net income (loss) adjusted for common stock equivalents (3,985,073 ) (6,361,242 ) (12,819,168 ) (46,619,946 ) Denominator: Weighted average shares – basic 5,140,405,652 4,183,357,145 4,969,080,716 4,162,382,723 Net income (loss) per share – basic $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.01 ) Dilutive effect of common stock equivalents: Convertible Debt — — — — Preferred shares — — — — Warrants — — — — — — — — Denominator: Weighted average shares – diluted 5,140,405,652 4,183,357,145 4,969,080,716 4,162,382,723 Net income (loss) per share – diluted $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.01 ) |
The anti-dilutive shares of common stock equivalents for the three and six months ended November 30, 2022 and 2021 were as follows | The anti-dilutive shares of common stock equivalents for the three and six months ended November 30, 2022 and 2021 were as follows For the Three Months Ended For the Nine Months Ended November 30, November 30, 2022 2021 2022 2021 Convertible notes and accrued interest 836,425,685 3,432,063 836,425,685 3,432,063 Convertible Series F Preferred Shares * — — — — Stock options and warrants 401,217,451 968,523,386 401,217,451 968,523,386 Total 1,237,643,136 971,955,449 1,237,643,136 971,955,449 * On August 23, 2021, the Company filed amended Series F preferred shares such that Series F preferred shares are not convertible into common stock by a holder until (A) August 23, 2023 or (B) the date on which such a conversion may be required for the purpose of (i) uplisting the Company to a new stock exchange, or (ii) selling more than 50% of the Company’s assets. Had these Series F preferred shares been convertible at November 30, 2022 and 2021 the dilutive effects would be as follows: |
Had Series F Preferred shares been convertible the dilutive effects would be as follows: | Had Series F Preferred shares been convertible the dilutive effects would be as follows: For the Three and Nine Months Ended November 30 2022 2021 Convertible Series F Preferred Shares 18,148,779,827 15,294,230,742 |
GENERAL INFORMATION (Details Na
GENERAL INFORMATION (Details Narrative) - shares | Aug. 28, 2017 | Nov. 30, 2022 | Feb. 28, 2022 | Jul. 25, 2017 |
Restructuring Cost and Reserve [Line Items] | ||||
Common stock, issued | 5,260,515,892 | 4,735,210,360 | ||
Robotic Assistance Devices L L C [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Common stock, issued | 10,000 | |||
Robotic Assistance Devices L L C [Member] | Series E Preferred Stock [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of shares issued under acquisition | 3,350,000 | |||
Robotic Assistance Devices L L C [Member] | Series F Preferred Stock [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of shares issued under acquisition | 2,450 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | 9 Months Ended |
Nov. 30, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash flow from operating activities | $ 9,883,272 |
Accumulated deficit | 107,074,465 |
Working capital | $ 1,046,707 |
Fixed assets are stated at cost
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 two (Details) | 9 Months Ended |
Nov. 30, 2022 | |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 4 years |
Manufacturing Facility [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 7 years |
Warehouse Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 5 years |
Tools, Dies and Molds [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 2 years |
Demo Devices [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 4 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 5 years |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 2 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 2 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 5 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 3 years |
The following table presents in
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: (Details) - USD ($) | Nov. 30, 2022 | Feb. 28, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | $ 842,000 | $ 479,500 |
Derivative liability - conversion features pursuant to convertible notes payable | 7,587 | |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | ||
Derivative liability - conversion features pursuant to convertible notes payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | ||
Derivative liability - conversion features pursuant to convertible notes payable | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | 842,000 | 479,500 |
Derivative liability - conversion features pursuant to convertible notes payable | $ 7,587 |
ACCOUNTING POLICIES (Details Na
ACCOUNTING POLICIES (Details Narrative) - USD ($) | Nov. 30, 2022 | Feb. 28, 2022 |
Accounting Policies [Abstract] | ||
Accounts receivable allowance | $ 109,890 | $ 33,890 |
Inventory valuation reserve | $ 155,000 | $ 65,000 |
The following table presents re
The following table presents revenues from contracts with customers disaggregated by product/service: (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Device rental activities | $ 154,628 | $ 165,353 | $ 622,647 | $ 383,434 |
Direct sales of goods and services | 247,771 | 208,544 | 432,393 | 692,369 |
$ 402,399 | $ 373,897 | $ 1,055,040 | $ 1,075,803 |
Below is a summary of our lease
Below is a summary of our lease assets and liabilities at November 30, 2022 and February 28, 2022. (Details) - USD ($) | Nov. 30, 2022 | Feb. 28, 2022 | |
Leases | |||
Operating Lease Assets | $ 1,241,152 | $ 1,331,605 | |
Current Operating Lease Liability | 111,985 | 254,027 | [1] |
Noncurrent Operating Lease Liabilities | 1,115,323 | 1,057,579 | [1] |
Total lease liabilities | $ 1,227,308 | $ 1,311,606 | |
[1]Derived from audited information |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | |
Leases | ||||
Operating lease cost | $ 61,005 | $ 103,115 | $ 194,653 | $ 207,201 |
Revenue earning devices consist
Revenue earning devices consisted of the following: (Details) - USD ($) | Nov. 30, 2022 | Feb. 28, 2022 |
Revenue Earning Devices | ||
Revenue earning devices | $ 1,768,818 | $ 1,143,724 |
Less: Accumulated depreciation | (676,615) | (434,661) |
$ 1,092,203 | $ 709,063 |
REVENUE EARNING DEVICES (Detail
REVENUE EARNING DEVICES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Revenue earning | $ 402,399 | $ 373,897 | $ 1,055,040 | $ 1,075,803 |
Depreciation expense | 241,957 | |||
Robotic Assistance Devices L L C [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Revenue earning | 199,047 | 310,009 | $ 625,094 | 592,346 |
Deferred Gain on Disposal | 3,255 | 3,255 | ||
Depreciation expense | $ 54,418 | $ 61,976 | 138,815 | |
Robotic Assistance Devices L L C [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Disposed of a revenue earning device | 3,255 | |||
Robotic Assistance Devices L L C [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Disposed of a revenue earning device | $ 30,600 |
Fixed assets consisted of the f
Fixed assets consisted of the following: (Details) - USD ($) | Nov. 30, 2022 | Feb. 28, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Gross | $ 452,058 | $ 187,017 | |
Less: Accumulated depreciation | (139,751) | (49,065) | |
Fixed assets, net of accumulated depreciation | 312,307 | 137,952 | [1] |
Automobiles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 84,880 | 84,880 | |
Manufacturing Facility [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 25,625 | 16,800 | |
Demo Devices [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 63,979 | 16,539 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 133,959 | 36,742 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 15,312 | 15,312 | |
Warehouse Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 11,415 | 11,415 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | 101,320 | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross | $ 15,568 | $ 5,329 | |
[1]Derived from audited information |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Net book value | $ 875 | |||
Proceeds on disposal of fixed assets | 30,000 | |||
Gain on disposal of fixed assets | 29,125 | |||
Robotic Assistance Devices L L C [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Additions to fixed assets | $ 31,365 | $ 2,372 | 265,041 | 34,534 |
Assets transfers from inventory | 19,961 | 47,440 | ||
Depreciation expense | $ 38,437 | $ 5,951 | $ 90,686 | $ 14,446 |
DEFERRED VARIABLE PAYMENT OBL_2
DEFERRED VARIABLE PAYMENT OBLIGATION (Details Narrative) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||
Mar. 02, 2021 USD ($) $ / shares shares | Aug. 27, 2020 USD ($) | Jul. 02, 2020 USD ($) | Apr. 22, 2020 USD ($) | Feb. 29, 2020 USD ($) | Dec. 30, 2019 USD ($) | Nov. 18, 2019 USD ($) | May 09, 2019 USD ($) | Feb. 01, 2019 USD ($) | May 31, 2021 USD ($) shares | Aug. 27, 2021 | Nov. 30, 2022 USD ($) | Aug. 30, 2022 USD ($) | May 28, 2022 USD ($) | Feb. 28, 2022 USD ($) | ||
Principal amount | $ 30,506,346 | $ 3,000,000 | ||||||||||||||
Equity Method Investment, Aggregate Cost | $ 1,925,000 | |||||||||||||||
Total payment obligation | 2,525,000 | $ 2,525,000 | [1] | |||||||||||||
Accrued Payment | 497,150 | 325,600 | ||||||||||||||
Default on payments | $ 265,226 | $ 90,300 | ||||||||||||||
Investor [Member] | ||||||||||||||||
Maximum amount of debt | $ 1,925,000 | $ 800,000 | $ 100,000 | $ 100,000 | $ 900,000 | |||||||||||
Percentage of exchange rate | 0.1425 | 0.0275 | 0.0100 | 0.0100 | 0.09 | |||||||||||
Debt Instrument, Date of First Required Payment | Feb. 29, 2020 | |||||||||||||||
Description of variable payments terms | 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. | |||||||||||||||
Description of disposition price | The FMV cannot exceed 43.77% 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. As of March 1, 2021 as a result of the amendment with the first investor noted below. This aggregate asset disposition % was reduced from 43.77 % to 33.77% | 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 | ||||||||||||||
Principal amount | $ 109,000 | $ 225,000 | ||||||||||||||
Advance amount | 116,000 | |||||||||||||||
Investor [Member] | Series F Preferred Stock [Member] | ||||||||||||||||
Purchase of warrant | shares | 367 | 38 | ||||||||||||||
Exercise price | $ / shares | $ 1 | |||||||||||||||
Fair value of warrants | $ 33,015,214 | |||||||||||||||
Investor [Member] | Maximum [Member] | ||||||||||||||||
Percentage of exchange rate | 0.1425 | |||||||||||||||
Percentage of total Asset Disposition Price | 0.31 | |||||||||||||||
Investor [Member] | Minimum [Member] | ||||||||||||||||
Percentage of exchange rate | 0.0965 | |||||||||||||||
Percentage of total Asset Disposition Price | 0.21 | |||||||||||||||
Investor One [Member] | ||||||||||||||||
Maximum amount of debt | 400,000 | $ 400,000 | ||||||||||||||
Percentage of exchange rate | 0.04 | |||||||||||||||
Investor Two [Member] | ||||||||||||||||
Maximum amount of debt | $ 50,000 | $ 50,000 | ||||||||||||||
Percentage of exchange rate | 0.0111 | |||||||||||||||
Investor Four [Member] | ||||||||||||||||
Percentage of exchange rate | 0.0225 | |||||||||||||||
Investor Five [Member] | ||||||||||||||||
Description of variable payments terms | If the Payments would deplete RAD’s available cash by more than 20%, the payment may be deferred. The investor had agreed to pay $100,000 per month over an 8 month period with the first payment due July 2020 and the final payment no later than February 28, 2021. As at November 30, 2020 the investor had fully funded the $800,000 commitment | |||||||||||||||
Investor Eight [Member] | ||||||||||||||||
Percentage of assets sold | 10% | |||||||||||||||
Investor Eight [Member] | ||||||||||||||||
Total payment obligation | $ 2,525,000 | $ 2,525,000 | ||||||||||||||
Proceeds fom Deferred Variable Payment Obligation | $ 2,525,000 | |||||||||||||||
[1]Derived from audited information |
Convertible notes payable consi
Convertible notes payable consisted of the following: (Details) - USD ($) | 9 Months Ended | ||||
Nov. 30, 2022 | Aug. 30, 2022 | Feb. 28, 2022 | |||
Short-Term Debt [Line Items] | |||||
Total convertible notes payable | $ 750,000 | $ 3,500 | |||
Less: current portion of convertible notes payable | (750,000) | (3,500) | |||
Less: discount on noncurrent convertible notes payable | |||||
Noncurrent convertible notes payable, net of discount | |||||
Current portion of convertible notes payable | 750,000 | 3,500 | |||
Less: discount on current portion of convertible notes payable | (433,932) | $ (39,500) | |||
Current portion of convertible notes payable, net of discount | $ 316,068 | 3,500 | [1] | ||
Convertible Notes Payable [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt Instrument, Issuance Date | Jul. 18, 2016 | ||||
Debt Instrument, Maturity Date | [2] | Jul. 18, 2017 | |||
Convertible Notes Payable 12 [Member] | |||||
Short-Term Debt [Line Items] | |||||
Conversion rate per share | [3] | $ 0.003 | |||
Total convertible notes payable | 3,500 | ||||
Convertible Notes Payable1 [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt Instrument, Issuance Date | Aug. 09, 2022 | ||||
Debt Instrument, Maturity Date | Aug. 09, 2023 | ||||
Conversion rate per share | [4] | $ 0.009 | |||
Total convertible notes payable | $ 750,000 | ||||
[1]Derived from audited information[2]This note was in default as of February 28, 2022. Default interest rate 22%[3]The conversion price was not subject to adjustment from forward or reverse stock splits. Effective in August 2022 this note (and accrued interest) was no longer convertible.[4]Subject to adjustment for dilutive issuances |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) | 9 Months Ended |
Nov. 30, 2022 | |
Debt Disclosure [Abstract] | |
Description Of Business Activity | The Company transferred the above July 18, 2016 $3,500 note to loans payable as the note was no longer convertible. This was a result of an SEC action against the debt holder who was also a common stockholder |
Description Of Business Activity | On August 9, 2022 the Company entered into a new convertible note for $750,000 with a one year maturity, interest rate of 12%, with a warrant (Warrant 1) to purchase 47,000,000 common shares with a five year maturity and an exercise price of $0.01, and an additional warrant (Warrant 2) to purchase 47,000,000 common shares with a five year maturity and an exercise price of $0.008 to be cancelled and extinguished if the note balance is $375,000 or less by February 9. 2023. The Company received $619,250 in cash proceeds, recorded an original issue discount of $75,000, recognized $393,949 based on a relative fair value calculation as debt discount with a corresponding adjustment to paid-in capital for the attached warrants, and transaction fees of $55,750. The discount is amortized over the term of the loan. This Note shall have priority over all unsecured indebtedness of the Company. The note has certain default provisions such as failure to pay any principal or interest when due and failure to maintain a minimum market capitalization of $30 million. In the event of these or any other default provisions, the note becomes due and payable at 125% |
Description Of Business Activity | The Company amended the January 27, 2021 agreement with the lender whereby the conversion rate was changed from $0.10 to $0.03 as a result of a dilutive issuance; this resulted a derivative discount of $438,835 and a loss on extinguishment of $360,125 |
Description Of Business Activity | Holders of certain convertible notes payable elected to convert a total of $825,000 of principal and $71,955 accrued interest, and $1,750 of fees into 31,042,436 shares of common stock; no gain or loss was recognized on conversions as these conversions occurred within the terms of the agreement that provided for conversion |
Description Of Business Activity | The conversion rate of the January 19, 2021 note included above was reduced to $0.027 due to the dilutive issuance provision in the January 19, 2021 agreement |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | May 31, 2021 USD ($) | Aug. 31, 2021 USD ($) | Nov. 30, 2022 USD ($) $ / shares | Feb. 28, 2022 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Net borrowings on loan payable - related party | $ 812,234 | |||||
Loan payable - related party | $ 203,276 | $ 193,556 | ||||
Balance due to related party | 126,744 | $ 110,700 | ||||
Deferred salary payable to related party | $ 108,000 | |||||
Percentage of interest expense due to related party | 0.12 | 0.12 | ||||
Interest Expense, Related Party | $ 90,000 | |||||
Interest accrued | $ 540 | $ 12,420 | ||||
Incentive Compensation Plan Payable | 842,000 | $ 479,500 | ||||
Professional Fees | $ 794,460 | $ 647,465 | $ 1,689,253 | $ 2,735,589 | ||
Incentives Compensation Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Share price | $ / shares | $ 1,000 |
OTHER DEBT _ VEHICLE LOAN (Deta
OTHER DEBT – VEHICLE LOAN (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
Nov. 30, 2017 | Dec. 31, 2016 | Nov. 30, 2022 | Aug. 30, 2022 | Feb. 28, 2022 | Feb. 28, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Vehicle loan secured by automobile | $ 30,506,346 | $ 3,000,000 | ||||
Proceeds of disposal of vehicle offset against vehicle loan | $ 18,766 | |||||
Remaining asset value | 5,515 | |||||
Robotic Assistance Devices L L C [Member] | Secured Debt [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Vehicle loan secured by automobile | $ 47,661 | $ 47,704 | ||||
Debt Instrument, Term | 5 years | 5 years | ||||
Payment of debt interest and principal | $ 923 | $ 1,019 | ||||
Outstanding balance of the loan | $ 21,907 | |||||
Loss on sale of vehicle | 3,257 | |||||
Secured Debt, Current | $ 21,578 | |||||
Reclassification of fixed assets to vehicle for disposal | 13,251 | |||||
Secured Long-Term Debt, Noncurrent | $ 16,944 | |||||
Total vehicle loan | $ 38,522 | $ 38,522 |
Loans payable at November 30, 2
Loans payable at November 30, 2022 consisted of the following: (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||
Nov. 15, 2022 | Nov. 10, 2022 | Nov. 09, 2022 | Oct. 28, 2022 | Sep. 16, 2018 | Aug. 11, 2018 | Nov. 30, 2022 | Nov. 30, 2022 | Nov. 30, 2022 | Nov. 30, 2021 | Aug. 30, 2022 | Feb. 28, 2022 | |||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 30,506,346 | $ 30,506,346 | $ 30,506,346 | $ 3,000,000 | ||||||||||||
Less: current portion of loans payable | (1,398,500) | (1,398,500) | (1,398,500) | |||||||||||||
Less: discount on non-current loans payable | (5,378,890) | (5,378,890) | (5,378,890) | |||||||||||||
Non-current loans payable, net of discount | 23,728,956 | 23,728,956 | 23,728,956 | |||||||||||||
Current portion of loans payable | 1,398,500 | 1,398,500 | 1,398,500 | |||||||||||||
Less: discount on current portion of loans payable | (158,194) | (158,194) | (158,194) | |||||||||||||
Current portion of loans payable, net of discount | 1,240,306 | 1,240,306 | 1,240,306 | |||||||||||||
Debt Instrument accrued interest | 342,138 | 342,138 | 342,138 | |||||||||||||
Total debt instrument face ammount | 2,004,091 | 2,004,091 | 2,004,091 | |||||||||||||
Proceeds from Issuance of Debt | 4,657,979 | |||||||||||||||
Debt Instrument, Unamortized Discount | 433,932 | 433,932 | 433,932 | $ 39,500 | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 898,705 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 522,734,247 | |||||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 2,960,500 | |||||||||||||||
Promissory Note Payable 01 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [1],[2] | Jul. 18, 2016 | ||||||||||||||
Principal amount | [1],[2] | $ 3,500 | $ 3,500 | $ 3,500 | ||||||||||||
Debt Conversion Original Debt Amount 2 | $ 50,000 | |||||||||||||||
Number of Warrants Issued | 170,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.064 | $ 0.064 | $ 0.064 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 2,035,033 | $ 2,035,033 | $ 2,035,033 | |||||||||||||
Interest Expense, Debt, Excluding Amortization | 120,297 | $ 319,016 | ||||||||||||||
Promissory Note Payable 02 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[4] | Jun. 11, 2018 | ||||||||||||||
Principal ammount | 4,000,160 | 4,000,160 | $ 4,000,160 | |||||||||||||
Repayment of notes | 27,800 | $ 63,800 | ||||||||||||||
Promissory Note Payable 03 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[5] | Jan. 31, 2019 | ||||||||||||||
Principal amount | $ 1,650,000 | $ 1,650,000 | $ 1,650,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | $ 150,000 | |||||||||||||||
Number of Warrants Issued | 250,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.037 | $ 0.037 | $ 0.037 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 1,284,783 | $ 1,284,783 | $ 1,284,783 | |||||||||||||
Interest Expense, Debt, Excluding Amortization | 59,646 | 122,486 | ||||||||||||||
Debt Instrument, Unamortized Discount | 1,279,947 | 1,279,947 | $ 1,279,947 | |||||||||||||
Promissory Note Payable 04 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[6] | May 09, 2019 | ||||||||||||||
Principal amount | 170,000 | 170,000 | $ 170,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 20,000 | |||||||||||||||
Interest Expense, Debt, Excluding Amortization | 4,589 | 6,048 | ||||||||||||||
Debt Instrument, Unamortized Discount | 13,952 | 13,952 | $ 13,952 | |||||||||||||
Promissory Note Payable 05 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[7] | May 31, 2019 | ||||||||||||||
Debt discount | 39,500 | 39,500 | $ 39,500 | |||||||||||||
Interest Expense, Debt, Excluding Amortization | 4,248 | 4,248 | ||||||||||||||
Debt Instrument, Unamortized Discount | 35,252 | 35,252 | $ 35,252 | |||||||||||||
Promissory Note Payable 06 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[8] | Jun. 26, 2019 | ||||||||||||||
Principal amount | 400,000 | 400,000 | $ 400,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 50,000 | |||||||||||||||
Interest Expense, Debt, Excluding Amortization | 10,691 | 10,691 | ||||||||||||||
Debt Instrument, Unamortized Discount | 39,309 | 39,309 | $ 39,309 | |||||||||||||
Promissory Note Payable 07 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[9] | Sep. 24, 2019 | ||||||||||||||
Promissory Note Payable 08 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[10] | Jan. 30, 2020 | ||||||||||||||
Promissory Note Payable 09 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[11] | Feb. 27, 2020 | ||||||||||||||
Promissory Note Payable 010 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[12] | Apr. 16, 2020 | ||||||||||||||
Promissory Note Payable 011 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[13] | May 12, 2020 | ||||||||||||||
Promissory Note Payable 012 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[14] | May 22, 2020 | ||||||||||||||
Promissory Note Payable 013 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[15] | Jun. 02, 2020 | ||||||||||||||
Promissory Note Payable 014 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[16] | Jun. 09, 2020 | ||||||||||||||
Promissory Note Payable 015 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[17] | Jun. 12, 2020 | ||||||||||||||
Promissory Note Payable 016 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[18] | Jun. 16, 2020 | ||||||||||||||
Promissory Note Payable 017 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[19] | Sep. 15, 2020 | ||||||||||||||
Promissory Note Payable 018 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[20] | Oct. 06, 2020 | ||||||||||||||
Promissory Note Payable 019 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[21] | Nov. 12, 2020 | ||||||||||||||
Promissory Note Payable 020 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[22] | Nov. 23, 2020 | ||||||||||||||
Promissory Note Payable 021 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[23] | Nov. 23, 2020 | ||||||||||||||
Promissory Note Payable 022 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [3],[24] | Dec. 10, 2020 | ||||||||||||||
Principal amount | [3],[24] | 3,921,168 | 3,921,168 | $ 3,921,168 | ||||||||||||
Promissory Note Payable 023 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [25] | Dec. 10, 2020 | ||||||||||||||
Promissory Note Payable 024 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [26] | Dec. 10, 2020 | ||||||||||||||
Principal amount | [26] | 3,054,338 | 3,054,338 | $ 3,054,338 | ||||||||||||
Promissory Note Payable 025 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [27] | Dec. 10, 2020 | ||||||||||||||
Principal amount | [27] | 165,605 | 165,605 | $ 165,605 | ||||||||||||
Promissory Note Payable 026 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [28] | Dec. 14, 2020 | ||||||||||||||
Principal amount | [28] | 310,375 | 310,375 | $ 310,375 | ||||||||||||
Promissory Note Payable 027 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [29] | Dec. 30, 2020 | ||||||||||||||
Principal amount | [29] | 350,000 | 350,000 | $ 350,000 | ||||||||||||
Promissory Note Payable 028 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [30] | Dec. 31, 2021 | ||||||||||||||
Principal amount | [30] | 25,000 | 25,000 | $ 25,000 | ||||||||||||
Promissory Note Payable 029 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [31] | Dec. 31, 2021 | ||||||||||||||
Principal amount | [31] | 145,000 | 145,000 | $ 145,000 | ||||||||||||
Promissory Note Payable 030 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [32] | Jan. 14, 2021 | ||||||||||||||
Principal amount | [32] | 550,000 | 550,000 | $ 550,000 | ||||||||||||
Promissory Note Payable 031 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [33] | Feb. 22, 2021 | ||||||||||||||
Principal amount | [33] | 1,650,000 | 1,650,000 | $ 1,650,000 | ||||||||||||
Promissory Note Payable 032 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [34] | Mar. 01, 2021 | ||||||||||||||
Principal amount | [34] | 6,000,000 | 6,000,000 | $ 6,000,000 | ||||||||||||
Promissory Note Payable 033 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [35] | Jun. 08, 2021 | ||||||||||||||
Principal amount | [35] | 2,750,000 | 2,750,000 | $ 2,750,000 | ||||||||||||
Promissory Note Payable 034 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [36] | Jul. 12, 2021 | ||||||||||||||
Principal amount | [36] | 3,936,360 | 3,936,360 | $ 3,936,360 | ||||||||||||
Promissory Note Payable 035 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [37] | Sep. 14, 2021 | ||||||||||||||
Principal amount | [37] | 1,650,000 | 1,650,000 | $ 1,650,000 | ||||||||||||
Promissory Note Payable 036 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [38] | Jul. 28, 2022 | ||||||||||||||
Principal amount | [38] | 170,000 | 170,000 | $ 170,000 | ||||||||||||
Promissory Note Payable 037 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [39] | Aug. 30, 2022 | ||||||||||||||
Principal amount | [39] | 3,000,000 | 3,000,000 | $ 3,000,000 | ||||||||||||
Promissory Note Payable 038 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [40] | Sep. 07, 2022 | ||||||||||||||
Principal amount | [40] | 400,000 | 400,000 | $ 400,000 | ||||||||||||
Promissory Note Payable 039 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [41] | Sep. 08, 2022 | ||||||||||||||
Principal amount | [41] | 475,000 | 475,000 | $ 475,000 | ||||||||||||
Debt Conversion Original Debt Amount 2 | 75,000 | |||||||||||||||
Interest Expense, Debt, Excluding Amortization | 16,473 | 16,473 | ||||||||||||||
Debt Instrument, Unamortized Discount | 58,527 | 58,527 | $ 58,527 | |||||||||||||
Promissory Note Payable 040 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [42] | Oct. 13, 2022 | ||||||||||||||
Principal amount | [42] | 350,000 | 350,000 | $ 350,000 | ||||||||||||
Debt Conversion Original Debt Amount 2 | 50,000 | |||||||||||||||
Interest Expense, Debt, Excluding Amortization | 3,593 | 3,593 | ||||||||||||||
Debt Instrument, Unamortized Discount | 46,407 | 46,407 | $ 46,407 | |||||||||||||
Promissory Note Payable 041 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [43] | Oct. 28, 2022 | ||||||||||||||
Principal amount | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | 400,000 | [43] | 400,000 | [43] | $ 400,000 | [43] | ||||||
Debt Conversion Original Debt Amount 2 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | ||||||||||||
Interest Expense, Debt, Excluding Amortization | 0 | 0 | ||||||||||||||
Debt Instrument, Unamortized Discount | 349,399 | 349,399 | $ 349,399 | |||||||||||||
Line of credit facility, description | the Company entered into an loan facility with a lender for up to $4,000,000 including an original issue discount of $500,000. In exchange the Company will issue one series F Preferred Share, extended 329 series F warrants with a March 1, 2026 maturity to a new October 31, 2033 maturity, and issue up to 10 tranches with each trance of $400,000, with cash proceeds of $350,000 an original issue discount of $50,000, October 31, 2026 maturity, and 61 Series F warrants with a October 31, 2033 maturity. | |||||||||||||||
Promissory Note Payable 042 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [43] | Nov. 09, 2022 | ||||||||||||||
Principal amount | [43] | 400,000 | 400,000 | $ 400,000 | ||||||||||||
Interest Expense, Debt, Excluding Amortization | 0 | 0 | ||||||||||||||
Debt Instrument, Unamortized Discount | 349,750 | 349,750 | $ 349,750 | |||||||||||||
Promissory Note Payable 043 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [43] | Nov. 10, 2022 | ||||||||||||||
Principal amount | [43] | 400,000 | 400,000 | $ 400,000 | ||||||||||||
Interest Expense, Debt, Excluding Amortization | 0 | 0 | ||||||||||||||
Debt Instrument, Unamortized Discount | 352,020 | 352,020 | $ 352,020 | |||||||||||||
Promissory Note Payable 044 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Date of issuance | [43] | Nov. 15, 2022 | ||||||||||||||
Principal amount | [43] | 400,000 | 400,000 | $ 400,000 | ||||||||||||
Interest Expense, Debt, Excluding Amortization | 0 | 0 | ||||||||||||||
Debt Instrument, Unamortized Discount | 349,959 | 349,959 | 349,959 | |||||||||||||
Principal Balance [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 1,661,953 | 1,661,953 | 1,661,953 | |||||||||||||
Promissory Notes Payable 958 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 78,432 | 78,432 | $ 78,432 | |||||||||||||
Debt Conversion, Converted Instrument, Rate | 33% | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,882 | |||||||||||||||
Promissory Notes Payable 7010 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Debt Instrument, Payment Terms | 12 | |||||||||||||||
Promissory Note Payable 3030 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Debt instrument, periodic payment | $ 4,562 | |||||||||||||||
Long-term Debt | $ 48,000 | |||||||||||||||
Promissory Notes Payable 968 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 7,850 | 7,850 | $ 7,850 | |||||||||||||
Debt Conversion, Converted Instrument, Rate | 33% | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 2,590 | |||||||||||||||
Promissory Notes Payable 977 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 86,567 | 86,567 | $ 86,567 | |||||||||||||
Debt Conversion, Converted Instrument, Rate | 33% | |||||||||||||||
Debt Conversion Original Debt Amount 2 | $ 28,567 | |||||||||||||||
Promissory Note Payable 303022 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 79,104 | 79,104 | $ 79,104 | |||||||||||||
Debt Conversion, Converted Instrument, Rate | 33% | |||||||||||||||
Debt Conversion Original Debt Amount 2 | $ 26,104 | |||||||||||||||
Promissory Note Payable 303 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 12,000 | 12,000 | 12,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 3,000 | |||||||||||||||
Promissory Note Payable 304 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 11,000 | 11,000 | 11,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 2,450 | |||||||||||||||
Promissory Note Payable 305 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 5,000 | 5,000 | 5,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 1,200 | |||||||||||||||
Promissory Note Payable 306 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 13,000 | $ 13,000 | 13,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 3,850 | |||||||||||||||
Promissory Note Payable [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Debt Conversion, Original Debt, Amount | 600,000 | |||||||||||||||
Proceeds from Issuance of Debt | $ 5,400,000 | |||||||||||||||
Number of Warrants Issued | 300,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.135 | $ 0.135 | $ 0.135 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 4,749,005 | $ 4,749,005 | $ 4,749,005 | |||||||||||||
Interest Expense, Debt, Excluding Amortization | 0 | 0 | ||||||||||||||
Debt Instrument, Unamortized Discount | 0 | 0 | 0 | |||||||||||||
Promissory Note Payable 307 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 43,500 | 43,500 | 43,500 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 8,000 | |||||||||||||||
Promissory Note Payable308 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 85,000 | 85,000 | 85,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 15,000 | |||||||||||||||
Promissory Note Payable309 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 62,000 | 62,000 | 62,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 12,000 | |||||||||||||||
Promissory Note Payable 310 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 31,000 | 31,000 | 31,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 6,000 | |||||||||||||||
Promissory Note Payable 311 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 50,000 | 50,000 | 50,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 10,000 | |||||||||||||||
Promissory Note Payable 312 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 42,000 | 42,000 | 42,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 7,000 | |||||||||||||||
Promissory Note Payable 316 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 300,000 | 300,000 | 300,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | 50,000 | |||||||||||||||
Promissory Note Payable 318 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 150,000 | 150,000 | 150,000 | |||||||||||||
Promissory Note Payable 319 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 110,000 | $ 110,000 | 110,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | $ 10,000 | |||||||||||||||
Number of Warrants Issued | 70,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.00165 | $ 0.00165 | $ 0.00165 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 41,176 | $ 41,176 | $ 41,176 | |||||||||||||
Promissory Note Payable 320 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 65,000 | 65,000 | 65,000 | |||||||||||||
Promissory Note Payable 321 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 300,000 | $ 300,000 | 300,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | $ 25,000 | |||||||||||||||
Number of Warrants Issued | 230,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.00165 | $ 0.00165 | $ 0.00165 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 125,814 | $ 125,814 | $ 125,814 | |||||||||||||
Promissory Note Payable 322 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 82,500 | $ 82,500 | 82,500 | |||||||||||||
Debt Conversion Original Debt Amount 2 | $ 7,500 | |||||||||||||||
Number of Warrants Issued | 100,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.002 | $ 0.002 | $ 0.002 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 54,545 | $ 54,545 | $ 54,545 | |||||||||||||
Promissory Note Payable 323 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 3,921,168 | 3,921,168 | 3,921,168 | |||||||||||||
Convertible Debt | 2,683,357 | 2,683,357 | 2,683,357 | |||||||||||||
Interest Payable Current and Noncurrent 1 | $ 1,237,811 | $ 1,237,811 | $ 1,237,811 | |||||||||||||
Promissory Note Payable 323 [Member] | Warrant [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.002 | $ 0.002 | $ 0.002 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 3,921,168 | |||||||||||||||
Fair Value of Notes | 990,000 | |||||||||||||||
Promissory Note Payable 400 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 3,054,338 | $ 3,054,338 | 3,054,338 | |||||||||||||
Convertible Debt | 1,460,794 | 1,460,794 | 1,460,794 | |||||||||||||
Interest Payable Current and Noncurrent 1 | 1,593,544 | 1,593,544 | 1,593,544 | |||||||||||||
Promissory Note Payable 400 [Member] | Warrant [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 3,054,338 | |||||||||||||||
Fair Value of Notes | 550,000 | |||||||||||||||
Promissory Note Payable 401 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 165,605 | 165,605 | 165,605 | |||||||||||||
Convertible Debt | 103,180 | 103,180 | 103,180 | |||||||||||||
Interest Payable Current and Noncurrent 1 | $ 62,425 | $ 62,425 | $ 62,425 | |||||||||||||
Promissory Note Payable 401 [Member] | Warrant [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | $ 2 | $ 2 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 165,605 | |||||||||||||||
Fair Value of Notes | $ 176,000 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 80,000,000 | |||||||||||||||
Promissory Note Payable 402 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 310,375 | $ 310,375 | $ 310,375 | |||||||||||||
Convertible Debt | 235,000 | 235,000 | 235,000 | |||||||||||||
Interest Payable Current and Noncurrent 1 | $ 75,375 | $ 75,375 | $ 75,375 | |||||||||||||
Promissory Note Payable 402 [Member] | Warrant [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | $ 2 | $ 2 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 310,375 | |||||||||||||||
Fair Value of Notes | $ 182,500 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 25,000,000 | |||||||||||||||
Promissory Note Payable 404 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 350,000 | $ 350,000 | $ 350,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | $ 35,000 | |||||||||||||||
Number of Warrants Issued | 50,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.025 | $ 0.025 | $ 0.025 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 271,250 | $ 271,250 | $ 271,250 | |||||||||||||
Interest Expense, Debt, Excluding Amortization | 22,829 | 53,156 | ||||||||||||||
Debt Instrument, Unamortized Discount | 223,697 | 223,697 | 223,697 | |||||||||||||
Promissory Note Payable 405 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 25,000 | 25,000 | 25,000 | |||||||||||||
Convertible Debt | 9,200 | 9,200 | 9,200 | |||||||||||||
Interest Payable Current and Noncurrent 1 | 6,944 | 6,944 | 6,944 | |||||||||||||
Promissory Note Payable 405 [Member] | Warrant [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 16,144 | |||||||||||||||
Promissory Note Payable 406 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | 145,000 | 145,000 | 145,000 | |||||||||||||
Convertible Debt | 79,500 | 79,500 | 79,500 | |||||||||||||
Interest Payable Current and Noncurrent 1 | 28,925 | 28,925 | 28,925 | |||||||||||||
Promissory Note Payable 406 [Member] | Warrant [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 108,425 | |||||||||||||||
Promissory Note Payable 407 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 550,000 | $ 550,000 | 550,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | $ 250,000 | |||||||||||||||
Number of Warrants Issued | 50,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.025 | $ 0.025 | $ 0.025 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 380,174 | $ 380,174 | $ 380,174 | |||||||||||||
Interest Expense, Debt, Excluding Amortization | 34,441 | 85,968 | ||||||||||||||
Debt Instrument, Unamortized Discount | 281,264 | 281,264 | 281,264 | |||||||||||||
Promissory Note Payable 408 [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Principal amount | $ 1,650,000 | $ 1,650,000 | 1,650,000 | |||||||||||||
Debt Conversion Original Debt Amount 2 | $ 150,000 | |||||||||||||||
Number of Warrants Issued | 100,000,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.135 | $ 0.135 | $ 0.135 | |||||||||||||
Class of Warrant Or Right Warrants Term | 3 years | |||||||||||||||
Debt discount | $ 1,342,857 | $ 1,342,857 | $ 1,342,857 | |||||||||||||
Interest Expense, Debt, Excluding Amortization | 82,582 | 184,959 | ||||||||||||||
Debt Instrument, Unamortized Discount | $ 1,309,454 | $ 1,309,454 | $ 1,309,454 | |||||||||||||
[1]In default. Default interest rate 22%[2]This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender.[3]Loans with a principal balance of $ 1,661,953 342,138 2,004,091 12 4,562 48,000 78,432 33 25,882 7,850 33 2,590 86,567 33 28,567 79,104 33 26,104 12,000 3,000 11,000 2,450 5,000 1,200 13,000 3,850 43,500 8,000 85,000 15,000 62,000 12,000 31,000 6,000 50,000 10,000 42,000 $7,000 300,000 50,000 150,000 110,000 10,000 70,000,000 0.00165 3 41,176 65,000 300,000 25,000 230,000,000 0.00165 3 125,814 82,500 7,500 100,000,000 0.002 3 54,545 2,683,357 1,237,811 3,921,168 3,921,168 .002 990,000 1,460,794 1,593,544 3,054,338 3,054,338 550,000 103,180 62,425 165,605 165,605 80,000,000 002 176,000 235,000 75,375 310,375 310,375 25,000,000 002 182,500 350,000 35,000 50,000,000 0.025 3 271,250 22,829 53,156 223,697 9,200 6,944 16,144 25,000 79,500 28,925 108,425 145,000 550,000 250,000 50,000,000 0.025 3 380,174 34,441 85,968 281,264 1,650,000 150,000 100,000,000 0.135 3 1,342,857 82,582 184,959 1,309,454 5,400,000 600,000 300,000,000 0.135 3 4,749,005 0 0 2,750,000 50,000 170,000,000 0.064 3 2,035,033 120,297 319,016 4,000,160 27,800 63,800 1,650,000 150,000 250,000,000 0.037 3 1,284,783 59,646 122,486 1,279,947 170,000 20,000 4,589 6,048 13,952 2,960,500 39,500 4,248 35,252 400,000 50,000 10,691 39,309 475,000 75,000 16,473 58,527 350,000 50,000 3,593 46,407 the Company entered into an loan facility with a lender for up to $4,000,000 including an original issue discount of $500,000. In exchange the Company will issue one series F Preferred Share, extended 329 series F warrants with a March 1, 2026 maturity to a new October 31, 2033 maturity, and issue up to 10 tranches with each trance of $400,000, with cash proceeds of $350,000 an original issue discount of $50,000, October 31, 2026 maturity, and 61 Series F warrants with a October 31, 2033 maturity. |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2022 | Feb. 28, 2022 | [1] | |
Derivative Liabilities | ||||
Derivative Liability, Current | $ 0 | $ 0 | ||
Derivative Liability, Current | $ 7,587 | |||
Fair Value of Derivative Liabilities Current | 0 | 3,595 | ||
Debt Securities, Gain (Loss) | $ 0 | $ 3,992 | ||
[1]Derived from audited information |
Schedule of Summary of stock Op
Schedule of Summary of stock Option Activity (Details) - Preferred Stock [Member] - Warrant [Member] - $ / shares | 9 Months Ended | 21 Months Ended |
Nov. 30, 2022 | Nov. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Outstanding at beginning | 329 | |
Weighted average exercise price at beginning | $ 1 | |
Weighted average remaining years ending | 4 years 2 months 30 days | 4 years 6 months |
Issued | 244 | |
Issued | $ 1 | |
Weighted average remaining years beginning | 10 years | |
Exercised | ||
Exercised | ||
Forfeited and cancelled | 0 | |
Forfeited and cancelled | ||
Outstanding at ending | 573 | 573 |
Weighted average exercise price at ending | $ 1 | $ 1 |
The table below represent the c
The table below represent the common shares issued, issuable and outstanding at November 30, 2022 and February 28, 2022: (Details) - shares | Nov. 30, 2022 | Feb. 28, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Issued | 5,260,515,892 | 4,735,210,360 |
Common Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Issued | 5,248,415,892 | 4,733,110,360 |
Issuable | 12,100,000 | 2,100,000 |
Issued, issuable and outstanding | 5,260,515,892 | 4,735,210,360 |
Summary of Common Stock Warrant
Summary of Common Stock Warrant Activity (Details) - Common Stock [Member] - Warrant [Member] | 9 Months Ended |
Nov. 30, 2022 $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Outstanding at beginning | shares | 1,216,845,661 |
Weighted average exercise price at beginning | $ / shares | $ 0.07 |
Outstanding at beginning (in years) | 2 years 4 months 17 days |
Class of Warrant Or Right Issued | shares | 94,000,000 |
Class of Warrants Or Right Exercise Price of Warrants Or Rights Issued 1 | $ / shares | $ 0.009 |
Issued (in shares) | 4 years 11 months 8 days |
Adjusted | shares | 66,750,000 |
Adjusted | $ / shares | $ 0.011 |
Adjusted | 1 year 4 months 28 days |
Exercised | shares | (61,378,210) |
Exercised | $ / shares | $ 0.011 |
Exercised | 1 year 4 months 28 days |
Forfeited, extinguished and cancelled | shares | (955,000,000) |
Forfeited, extinguished and cancelled | $ / shares | $ 0.008 |
Forfeited, extinguished and cancelled | 1 year 4 months 28 days |
Outstanding at ending | shares | 361,217,451 |
Weighted average exercise price at ending | $ / shares | $ 0.03 |
Outstanding at ending (in years) | 2 years 9 months 7 days |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 9 Months Ended | |||||
Nov. 30, 2022 | Nov. 30, 2021 | Aug. 30, 2022 | Aug. 11, 2022 | Jul. 08, 2022 | Feb. 28, 2022 | |
Common stock shares issued | 6,000,000,000 | |||||
Common stock shares issued | 522,734,247 | |||||
Gross proceeds | $ 4,939,161 | |||||
Net proceeds | 4,657,979 | |||||
Iissuance costs | 282,182 | |||||
Share based compensation | 0 | $ 0 | ||||
Warrant holder exchange | 955,000,000 | |||||
Promissory note | 30,506,346 | $ 3,000,000 | ||||
Bearing interest | 15% | |||||
Fair value warrants | 2,960,500 | |||||
Debt discount | $ 433,932 | $ 39,500 | ||||
Minimum [Member] | ||||||
Maximum number of shares applicable | 5,000,000 | |||||
Maximum [Member] | ||||||
Maximum number of shares applicable | 100,000,000 |
The Company_s leases are accoun
The Company’s leases are accounted for as operating leases. Rent expense and operating lease cost are recorded over the lease terms on a straight-line basis. (Details) | Nov. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
August 31, 2023 | $ 250,169 |
August 31, 2024 | 229,016 |
August 31, 2025 | 207,558 |
August 31, 2026 | 207,558 |
August 31, 2027 | 207,558 |
August 31, 2028 and after | 709,156 |
Total lease payments | 1,811,015 |
Less: Interest | (583,707) |
Present value of lease liabilities | $ 1,227,308 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 9 Months Ended | |||||
Jan. 28, 2022 | Mar. 10, 2021 | Dec. 18, 2020 | Nov. 30, 2022 | Feb. 28, 2022 | [1] | |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Entity address | the Company entered into a 15-month lease agreement for office space at 18009 Sky Park Circle Suite E, Irvine CA, 92614, commencing on December 18, 2020 through to March 31, 2022 with a minimum base rent of $3,859 per month | |||||
Annual rent | $ 1,500 | $ 15,880 | $ 3,859 | |||
Security deposit | $ 1,500 | $ 15,880 | $ 3,859 | $ 21,239 | $ 21,239 | |
Entity address | the Company entered into a 10 year lease agreement for q manufacturing facility at 10800 Galaxie Avenue, Ferndale, Michigan, 48220, commencing on May 1, 2021 through to April 30, 2031 | |||||
Entity address | the Company entered into a 3-year lease agreement for a vehicle commencing September 30, 2021 through to April 30, 2031 with a minimum base rent of $1,538 per month. The Company paid a down payment of $18,462 | |||||
Entity address | the Company entered into a 2-year lease agreement for office space at 1516 E Edinger, Santa Ana, California, 92705, commencing on February 1, 2022 through to January 31, 2024 | |||||
[1]Derived from audited information |
The net income (loss) per commo
The net income (loss) per common share amounts were determined as follows: (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Aug. 31, 2021 | Nov. 30, 2022 | Nov. 30, 2021 | |
Earnings Per Share [Abstract] | |||||||||
Net income (loss) available to common shareholders | $ (4,085,660) | $ (4,172,865) | $ (4,671,686) | $ (7,094,442) | $ (4,832,373) | $ (35,904,918) | $ (12,930,211) | $ (47,831,733) | |
Add: interest expense on convertible debt | 22,438 | 38,345 | 27,863 | 63,299 | |||||
Add: amortization of debt discount | 78,149 | 694,855 | 90,767 | 775,986 | |||||
Add (less) loss (gain) on settlement of debt | (3,992) | ||||||||
Add (less) loss (gain) on change of derivative liabilities | (3,595) | 372,502 | |||||||
Net income (loss) adjusted for common stock equivalents | $ (3,985,073) | $ (6,361,242) | $ (12,819,168) | $ (46,619,946) | |||||
Weighted Average Number of Shares Outstanding Basic1 | 5,140,405,652 | 4,183,357,145 | 4,162,382,723 | 4,969,080,716 | |||||
Net income (loss) per share – basic | $ 0 | $ 0 | $ 0 | $ (0.01) | |||||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment | 5,140,405,652 | 5,140,405,652 | 4,183,357,145 | 4,969,080,716 | 4,162,382,783 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment1 | 4,183,357,145 | 4,162,382,723 | 4,969,080,716 | ||||||
Net income (loss) per share – diluted | $ 0 | $ 0 | $ 0 | $ (0.01) |
The anti-dilutive shares of com
The anti-dilutive shares of common stock equivalents for the three and six months ended November 30, 2022 and 2021 were as follows (Details) - shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2021 | Nov. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 1,237,643,136 | 971,955,449 | 971,955,449 | 1,237,643,136 |
Series F Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | ||||
Stock Options and Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 401,217,451 | 968,523,386 | 968,523,386 | 401,217,451 |
Convertible Debt Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 836,425,685 | 3,432,063 | 3,432,063 | 836,425,685 |
Had Series F Preferred shares b
Had Series F Preferred shares been convertible the dilutive effects would be as follows: (Details) - shares | 3 Months Ended | 9 Months Ended |
Nov. 30, 2022 | Nov. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Convertible Series F Preferred Shares | 18,148,779,827 | 15,294,230,742 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 2 Months Ended | 9 Months Ended | |||
Jan. 09, 2023 | Nov. 30, 2022 | Dec. 23, 2022 | Aug. 30, 2022 | Feb. 28, 2022 | |
Subsequent Event [Line Items] | |||||
Issuance of shares | 522,734,247 | ||||
Gross proceeds | $ 4,939,161 | ||||
Issuance costs | 282,182 | ||||
Net proceeds | 4,657,979 | ||||
Issue discount | $ 433,932 | $ 39,500 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Issue discount | $ 50,000 | ||||
Subsequent Event [Member] | Share Purchase Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Issuance of shares | 117,488,819 | ||||
Gross proceeds | $ 713,811 | ||||
Issuance costs | 30,174 | ||||
Net proceeds | $ 683,638 |