Cover
Cover - USD ($) | 12 Months Ended | ||
Feb. 29, 2024 | May 22, 2024 | Aug. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Feb. 29, 2024 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2024 | ||
Current Fiscal Year End Date | --02-29 | ||
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 | ||
Title of 12(g) Security | Common stock, $0.00001 par value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 37,637,910 | ||
Entity Common Stock, Shares Outstanding | 10,318,917,383 | ||
Documents Incorporated by Reference [Text Block] | None. | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | L J Soldinger Associates, LLC | ||
Auditor Location | Deer Park, Illinois | ||
Auditor Firm ID | 318 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Current assets: | ||
Cash | $ 105,926 | $ 939,759 |
Accounts receivable, net | 756,084 | 265,024 |
Device parts inventory, net | 2,131,599 | 1,637,899 |
Prepaid expenses and deposits | 622,957 | 596,310 |
Total current assets | 3,616,566 | 3,438,992 |
Operating lease asset | 1,139,188 | 1,208,440 |
Revenue earning devices, net of accumulated depreciation of $952,844 and $779,839, respectively | 2,480,002 | 1,235,219 |
Fixed assets, net of accumulated depreciation of $349,878 and $182,002, respectively | 268,075 | 315,888 |
Trademarks | 27,080 | 27,080 |
Investment at cost | 50,000 | 50,000 |
Security deposit | 15,880 | 21,239 |
Total assets | 7,596,791 | 6,296,858 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,032,707 | 1,343,379 |
Advances payable- related party | 1,594 | 1,594 |
Customer deposits | 73,702 | 9,900 |
Current operating lease liability | 237,653 | 248,670 |
Current portion of deferred variable payment obligation | 904,377 | 542,177 |
Loan payable - related party | 257,438 | 206,516 |
Deferred compensation for CEO | 538,767 | |
Current portion of loans payable, net of discount of $688,598 and $1,651,597 | 13,190,882 | 9,918,389 |
Vehicle loan - current portion | 38,522 | 38,522 |
Current portion of accrued interest payable | 4,440,009 | 2,761,446 |
Total current liabilities | 21,715,651 | 15,070,593 |
Non-current operating lease liability | 889,360 | 950,541 |
Loans payable, net of discount of $4,118,332 and $4,130,291, respectively | 14,798,532 | 15,554,069 |
Deferred variable payment obligation | 2,525,000 | 2,525,000 |
Incentive compensation plan payable | 2,500,000 | 979,000 |
Accrued interest payable | 5,367,805 | 3,060,656 |
Total liabilities | 47,796,348 | 38,139,859 |
Commitments and Contingencies | ||
Stockholders’ deficit: | ||
Preferred Stock value | ||
Common Stock, $0.00001 par value; 15,000,000,000 shares authorized 9,238,750,958 and 5,848,741,599 shares issued, issuable and outstanding, respectively | 92,388 | 58,489 |
Additional paid-in capital | 92,565,513 | 80,247,252 |
Preferred stock to be issued | 99,086 | 99,086 |
Accumulated deficit | (132,962,427) | (112,253,711) |
Total stockholders’ deficit | (40,199,557) | (31,843,001) |
Total liabilities and stockholders’ deficit | 7,596,791 | 6,296,858 |
Series G Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred Stock value | ||
Series E Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred Stock value | 3,350 | 3,350 |
Series F Preferred Stock [Member] | ||
Stockholders’ deficit: | ||
Preferred Stock value | $ 2,533 | $ 2,533 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Accumulated depreciation, revenue earning devices | $ 952,844 | $ 779,839 |
Accumulated depreciation, fixed assets | 349,878 | 182,002 |
Discount of current portion of loans payable | 688,598 | 1,651,597 |
Discount of loans payable | $ 4,118,332 | $ 4,130,291 |
Preferred stock, authorized | 15,535,000 | 15,535,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Cumulative dividend payable percentage | 8% | 8% |
Cumulative dividend payable | $ 1,200 | $ 1,200 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, authorized | 15,000,000,000 | 15,000,000,000 |
Common stock, shares, issued | 9,238,750,958 | 5,848,741,599 |
Common stock, shares, outstanding | 9,238,750,958 | 5,848,741,599 |
Series B Preferred Stock [Member] | ||
Preferred stock, authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Series G Preferred Stock [Member] | ||
Preferred stock, authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
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 value | $ 0.001 | $ 0.001 |
Series F Preferred Stock [Member] | ||
Preferred stock, authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 2,533 | 2,533 |
Preferred stock, shares outstanding | 2,533 | 2,533 |
Preferred stock, par value | $ 1 | $ 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 2,227,559 | $ 1,331,956 |
Cost of Goods Sold | 1,131,102 | 678,073 |
Gross Profit | 1,096,457 | 653,883 |
Operating expenses: | ||
Research and development (note 9) | 2,878,134 | 3,625,468 |
General and administrative | 10,525,531 | 8,980,709 |
Depreciation and amortization | 854,047 | 478,115 |
Impairment on revenue earning devices | 584,177 | |
Operating lease cost and rent | 260,406 | 260,271 |
(Gain) loss on disposal of fixed assets | (16,426) | |
Total operating expenses | 15,085,869 | 13,344,563 |
Loss from operations | (13,989,412) | (12,690,680) |
Other income (expense), net: | ||
Change in fair value of derivative liabilities | 3,595 | |
Interest expense | (6,758,044) | (5,426,364) |
Gain (loss) on settlement of debt | 38,740 | 3,992 |
Total other income (expense), net | (6,719,304) | (5,418,777) |
Net Loss | $ (20,708,716) | $ (18,109,457) |
Net loss per share - basic | $ 0 | $ 0 |
Net loss per share - diluted | $ 0 | $ 0 |
Weighted average common share outstanding - basic | 7,080,914,317 | 5,091,857,082 |
Weighted average common share outstanding - diluted | 7,080,914,317 | 5,091,857,082 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit - USD ($) | Series E Preferred Stock [Member] Preferred Stock [Member] | Series F Preferred Stock [Member] Preferred Stock [Member] | Series G Preferred Stock [Member] Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Feb. 28, 2022 | $ 3,350 | $ 101,618 | $ 47,353 | $ 73,015,576 | $ (94,144,254) | $ (20,976,357) | |
Balance, (in shares) at Feb. 28, 2022 | 3,350,000 | 2,532 | 4,735,210,360 | ||||
Issuance of shares, net of issuance costs | $ 10,579 | 7,760,590 | 7,771,169 | ||||
Issuance of shares, net of issuance costs (in shares) | 1,057,841,576 | ||||||
Cashless exercise of warrants | $ 453 | (453) | |||||
Cashless exercise of warrants ,shares | 45,306,557 | ||||||
Penalty shares issued pursuant to a share purchase agreement | $ 175 | (175) | |||||
Penalty shares issued pursuant to a share purchase agreement ,shares | 17,500,000 | ||||||
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, shares | 1 | ||||||
Relative fair value of warrants issued with debt | 990,467 | 990,467 | |||||
Fair value of 955,000,000 warrants cancelled for debt issuance | (2,960,500) | (2,960,500) | |||||
Shares issued for services | $ 100 | 118,400 | 118,500 | ||||
Shares issued for services, shares | 10,000,000 | ||||||
Cancelled shares | $ (171) | 171 | |||||
Cancelled shares ,shares | (17,116,894) | ||||||
Stock based compensation - employee stock option plan | 122,050 | 122,050 | |||||
Rounding | (1) | (1) | |||||
Net income | (18,109,457) | (18,109,457) | |||||
Balance at Feb. 28, 2023 | $ 3,350 | $ 101,619 | $ 58,489 | 80,247,252 | (112,253,711) | (31,843,001) | |
Balance, (in shares) at Feb. 28, 2023 | 3,350,000 | 2,533 | 5,848,741,599 | ||||
Issuance of shares, net of issuance costs | $ 33,834 | 10,792,061 | 10,825,895 | ||||
Issuance of shares, net of issuance costs (in shares) | 3,383,509,359 | ||||||
Relative fair value of Series F warrants issued with debt | 1,209,206 | 1,209,206 | |||||
Shares issued for services | $ 65 | 44,395 | 44,460 | ||||
Shares issued for services, shares | 6,500,000 | ||||||
Stock based compensation - employee stock option plan | 272,599 | 272,599 | |||||
Net income | (20,708,716) | (20,708,716) | |||||
Balance at Feb. 29, 2024 | $ 3,350 | $ 101,619 | $ 92,388 | $ 92,565,513 | $ (132,962,427) | $ (40,199,557) | |
Balance, (in shares) at Feb. 29, 2024 | 3,350,000 | 2,533 | 9,238,750,958 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Deficit (Parenthetical) | 12 Months Ended |
Feb. 28, 2023 USD ($) shares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance cost of shares | $ 447,858 |
Warrants | $ 108,378,210 |
Warrants cancelled for debt issuance | shares | 955,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (20,708,716) | $ (18,109,457) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 854,047 | 478,115 |
Impairment on revenue earning devices | 584,177 | |
Inventory provision | 437,820 | 130,000 |
(Gain) loss on disposal of fixed assets | (16,426) | |
Bad debts expense | 42,892 | 45,110 |
Reduction of right of use asset | 120,131 | 112,396 |
Accretion of lease liability | 130,020 | 141,631 |
Stock based compensation | 1,793,599 | 740,050 |
Change in fair value of derivative liabilities | (3,595) | |
Amortization of debt discounts | 2,384,163 | 1,980,033 |
(Gain) loss on settlement of debt | (38,740) | (3,992) |
Increase (decrease) in related party accrued payroll and interest | 105,101 | 12,960 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (533,952) | 119,335 |
Prepaid expenses | (29,591) | (141,734) |
Device parts inventory | (3,549,121) | (1,161,047) |
Accounts payable and accrued expenses | 1,294,286 | 374,529 |
Accrued expense, related party | ||
Customer deposits | 63,802 | (100) |
Operating lease liability payments | (233,147) | (254,028) |
Current portion of deferred variable payment obligations for Payments | 362,200 | 216,577 |
Accrued interest payable | 3,985,712 | 2,745,822 |
Net cash used in operating activities | (12,951,743) | (12,577,395) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (22,165) | (258,402) |
Purchase of investment | (50,000) | |
Reimbursement of security deposit | 5,359 | |
Proceeds on disposal of fixed assets | 21,000 | |
Net cash used in investing activities | 4,194 | (308,402) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Share proceeds net of issuance costs | 10,825,895 | 7,771,169 |
Proceeds from convertible notes payable | 619,250 | |
Repayment of convertible debt | (750,000) | |
Net borrowings loan payable-related party | (54,179) | |
Proceeds from loans payable | 1,750,000 | 3,300,000 |
Repayment of loans payable | (408,000) | (1,763,009) |
Net cash provided by financing activities | 12,113,716 | 9,177,410 |
Net change in cash | (833,833) | (3,708,387) |
Cash, beginning of period | 939,759 | 4,648,146 |
Cash, end of period | 105,926 | 939,759 |
Supplemental disclosure of cash and non-cash transactions: | ||
Cash paid for interest | 17,726 | 451,192 |
Cash paid for income taxes | ||
Noncash investing and financing activities: | ||
Right of use asset for lease liability | 47,934 | |
Transfer from device parts inventory to fixed assets | 2,291,421 | 932,805 |
Proceeds of fixed asset disposition to loan payable , related party | 21,000 | |
Shares issued for services | 44,460 | |
Deferred compensation | 538,767 | |
Discount applied to face value of loans | 200,000 | 1,797,645 |
Series F warrants issued along with debt | 1,209,206 | |
Exchange of common share warrants for debt | 3,000,000 | |
Refund on abandoned trademarks | 1,643 | |
Penalty shares pursuant to a share purchase agreement | 171 | |
Exercise of warrants | $ 453 |
GENERAL INFORMATION AND GOING C
GENERAL INFORMATION AND GOING CONCERN | 12 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL INFORMATION AND GOING CONCERN | 1. GENERAL INFORMATION AND GOING CONCERN Artificial Intelligence Technology Solutions Inc. (formerly known as On the Move Systems Corp.) (“AITX” or the “Company”) was incorporated in Florida on March 25, 2010 and reincorporated in Nevada on February 17, 2015. On August 24, 2018, Artificial Intelligence Technology Solutions Inc., changed its name from On the Move Systems Corp (“OMVS”). Robotic Assistance Devices, LLC (“RAD”), was incorporated in the State of Nevada on July 26, 2016 as a LLC. On July 25, 2017, Robotic Assistance Devices LLC converted to a C Corporation, Robotic Assistance Devices, Inc. through the issuance of 10,000 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 The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern. For the year ended February 29, 2024, the Company had negative cash flow from operating activities of $ 12,951,743 132,962,427 18,099,085 The Company does not have the resources at this time to repay all 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. At the same time management points to its successful history with maintaining Company operations and reminds all with reasonable confidence this will continue. Management has plans to address the Company’s financial situation as follows: 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. In March 2023, the Company entered into an equity financing agreement whereby an investor will purchase up to $ 30,000,000 21 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 2. ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the instructions on Form 10-K of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The audited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Robotic Assistance Devices, Inc., Robotic Assistance Devices Group , Inc, Robotic Assistance Devices Mobile , Inc. , On the Move Experience, LLC and OMV Transports, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates In order to prepare financial statements in conformity with accounting principals generally accepted in the United States, management must make estimates , judgements and assumptions that affect the amounts reported in the financial statements and determine whether contingent assets and liabilities, if any, are disclosed in the financial statements. The ultimate resolution of issues requiring these estimates and assumptions could differ significantly from resolution currently anticipated by management and on which the financial statements are based. The most significant estimates included in these consolidated financial statements are those associated with the assumptions used to value equity instruments used in debt settlements, amendments and extensions. Reclassifications Certain amounts in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. Concentrations Loans payable At February 29, 2024 there were $ 32,796,345 28,540,506 87% 31,254,345 26,540,506 85% 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 credit losses. 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 $ 68,000 39,000 72% 48% Device Parts Inventory Device parts inventory is stated at the lower of cost or net realizable value using the weighted average cost method. The Company records a valuation reserve for obsolete and slow-moving inventory, relying principally on specific identification of such inventory. The Company uses these device parts in the assembly of revenue earning devices (and demo devices) as well as research and development. Depending on use, the Company will transfer the parts to the corresponding asset or expense if used in research and development. A charge to income is taken when factors that would result in a need for an increase in the valuation, such as excess or obsolete inventory, are noted. At February 29, 2024 and at February 28, 2023 there was a valuation reserve of $ 959,000 195,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 Fixed Assets Fixed assets are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from three five years SCHEDULE OF FIXED ASSETS STATED AT COST Computer equipment 3 Furniture and fixtures 3 Office equipment 4 Warehouse equipment 5 Demo Devices 4 Vehicles 3 Leasehold improvements 5 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 no 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. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Sales of Future Revenues The Company has entered into transactions, as more fully described in footnote 10, in which it has received funding from investors in exchange for which it will make payments to those investors based on the level of sales of certain revenue categories, generally based on a percentage of sales for those certain revenues. The Company determines whether these agreements constitute sales of future revenues or are in substance debt based on the facts and circumstances of each agreement, with the following primary criteria determinative of whether the agreement constitutes a sale of future revenues or debt: ● Does the agreement purport, in substance, to be a sale ● Does the Company have continuing involvement in the generation of cash flows due the investor ● Is the transaction cancellable by either party through payment of a lump sum or other transfer of assets ● Is the investors rate of return implicitly limited by the terms of the agreement ● Does the Company’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) 56% 45% 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% 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. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 CEO and Chairman holds sufficient shares of the Company’s voting stock that give sufficient voting rights under the articles of incorporation and bylaws of the Company such that the CEO and 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). ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 February 29, 2024 Liabilities Incentive compensation plan payable – revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 February 28, 2023 Liabilities Incentive compensation plan payable – revaluation of equity awards payable in Series G shares $ 979,000 $ — $ — $ 979,000 The Company recorded stock based compensation of $ 1,521,000 499,500 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. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Recently Issued Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Feb. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 3. 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 was adopted. On March 1, 2019. As disclosed in the revenue recognition section of Note 2 – Accounting Polices, the Company adopted Topic 606 in accordance with the effective date on March 1, 2018. Note 2 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. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Upon adoption of Topic 842, also referred to above in Note 2, the Company accounts for revenue earned from rental activities where an identified asset is transferred to the customer and the customer has the ability to control that asset for periods greater than one year. To date none of the lease agreements entered into have been for periods longer than one year or greater, and the Company has availed itself of the practical expedient to exclude such leases from ASC 842 accounting and instead has accounted for these leases under ASC 606. The following table presents revenues from contracts with customers disaggregated by product/service: SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS Year Ended Year Ended Device rental activities $ 1,626,207 $ 754,126 Direct sales of goods and services 601,352 577,830 Revenue $ 2,227,559 $ 1,331,956 |
LEASES
LEASES | 12 Months Ended |
Feb. 29, 2024 | |
Leases | |
LEASES | 4. LEASES We lease certain warehouses, and office space. Leases with an initial term of 12 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 February 29, 2024 and February 28, 2023. SCHEDULE OF LEASE ASSETS AND LIABILITIES Leases Classification February 29, 2024 February 28, 2023 Assets Operating Operating Lease Assets $ 1,139,188 $ 1,208,440 Liabilities Current Operating Current Operating Lease Liability $ 237,653 $ 248,670 Noncurrent Operating Noncurrent Operating Lease Liabilities 889,360 950,541 Total lease liabilities $ 1,127,013 $ 1,199,211 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. Operating lease cost and rent was $ 260,406 260,271 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
INVESTMENT
INVESTMENT | 12 Months Ended |
Feb. 29, 2024 | |
Investments, All Other Investments [Abstract] | |
INVESTMENT | 5. INVESTMENT On December 23, 2022 the Company entered into a Simple Agreement for Future Equity (SAFE) contract to invest $ 50,000 |
REVENUE EARNING DEVICES
REVENUE EARNING DEVICES | 12 Months Ended |
Feb. 29, 2024 | |
Revenue Earning Devices | |
REVENUE EARNING DEVICES | 6. REVENUE EARNING DEVICES Revenue earning devices consisted of the following: REVENUE EARNING DEVICES CONSISTED OF THE FOLLOWING February 29, 2024 February 28, 2023 Revenue earning devices $ 3,432,846 $ 2,015,058 Less: Accumulated depreciation (952,844 ) (779,839 ) Total $ 2,480,002 $ 1,235,219 During the year ended February 29, 2024, the Company made total additions to revenue earning devices of $ 2,166,081 748,243 490,295 257,948 326,180 584,177 871,334 Depreciation expense for these devices was $ 681,042 345,178 |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Feb. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | 7. FIXED ASSETS Fixed assets consisted of the following: SCHEDULE OF FIXED ASSETS February 29, 2024 February 28, 2023 Automobile $ 74,237 $ 101,680 Demo devices 194,352 69,010 Tooling 107,020 101,322 Machinery and equipment 8,825 8,825 Computer equipment 150,387 150,387 Office equipment 15,312 15,312 Furniture and fixtures 21,225 21,225 Warehouse equipment 19,639 14,561 Leasehold improvements 26,956 15,568 Fixed assets gross 617,953 497,890 Less: Accumulated depreciation (349,878 ) (182,002 ) Fixed assets, net of accumulated depreciation $ 268,075 $ 315,888 During the year ended February 29, 2024, the Company made additions to fixed assets of $ 22,165 125,340 4,574 21,000 16,426 21,000 During the year ended February 28, 2023, the Company made additions to fixed assets of $ 258,402 52,471 Depreciation expense was $ 190,747 132,937 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
DEFERRED VARIABLE PAYMENT OBLIG
DEFERRED VARIABLE PAYMENT OBLIGATION | 12 Months Ended |
Feb. 29, 2024 | |
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 900,000 On May 9, 2019 the Company entered into two similar arrangements with two investors: (1) The investor would pay up to $ 400,000 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 50,000 100,000 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 in exchange for a perpetual 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 August 31, 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 $ 900,000 225,000 800,000 1,925,000 14.25 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 29, 2024, the Company has accrued approximately $ 904,377 542,176 542,177 325,600 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 40 367 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 February 29, 2024, and February 28, 2023, the long-term balances other than Payments already owed is the cash received of $ 2,525,000 2,525,000 For both the years ended February 29, 2024 and February 28, 2023, the Company has received $ 0 2,525,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Feb. 29, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS For the years ended February 29, 2024 and February 28, 2023, the Company made net repayments of $ 54,179 0 257,438 206,516 140,013 12 108,000 12 32,468 15,660 During the year ended February 28, 2023 pursuant to the amended Employment Agreement with its Chief Executive Officer the Company accrued $ 1,521,000 2,000,000 479,000 At February 28, 2023, the balance of incentive compensation plan payable was $ 979,000 1,000 During the year ended February 29, 2024, the Company accrued $ 538,767 1 461,233 280,908 During the years ended February 29, 2024 and February 28, 2023, the Company was charged $ 2,810,839 3,578,981 76,532 |
OTHER DEBT _ VEHICLE LOANS
OTHER DEBT – VEHICLE LOANS | 12 Months Ended |
Feb. 29, 2024 | |
Other Debt Vehicle Loans | |
OTHER DEBT – VEHICLE LOANS | 10. OTHER DEBT – VEHICLE LOANS In December 2016, RAD entered into a vehicle loan for $ 47,704 5 1,019 47,661 5 October 24, 2022 923 0 21,907 3,257 21,578 18,766 5,515 13,251 16,944 38,522 38,522 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Feb. 29, 2024 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | 11. LOANS PAYABLE Loans payable at February 29, 2024 consisted of the following: SCHEDULE OF LOANS PAYABLE Annual Date Maturity Description Principal Interest Rate July 18, 2016 July 18, 2017 Promissory note (1)* $ 3,500 22 % December 10, 2020 March 1, 2025 Promissory note (2) 3,921,168 12 % December 10, 2020 March 1, 2025 Promissory note (3) 2,754,338 12 % December 10, 2020 December 10, 2024 Promissory note (4) 165,605 12 % December 14, 2020 December 14, 2023 Promissory note (5)* 310,375 12 % December 30, 2020 March 1, 2025 Promissory note (6) 350,000 12 % January 1, 2021 March 1, 2025 Promissory note (7) 25,000 12 % January 1, 2021 March 1, 2025 Promissory note (8) 145,000 12 % January 14, 2021 March 1, 2025 Promissory note (9) 550,000 12 % February 22, 2021 March 1, 2025 Promissory note (10) 1,650,000 12 % March 1, 2021 March 1, 2024 Promissory note (11) 6,000,000 12 % June 8, 2021 June 8, 2024 Promissory note (12) 2,750,000 12 % July 12, 2021 July 26, 2026 Promissory note (13) 3,776,360 7 % September 14, 2021 September 14, 2024 Promissory note (14) 1,650,000 12 % July 28, 2022 March 1, 2025 Promissory note (15) 170,000 15 % August 30, 2022 August 30,2024 Promissory note (16) 3,000,000 15 % September 7, 2022 March 1, 2025 Promissory note (17) 400,000 15 % September 8, 2022 March 1, 2025 Promissory note (18) 475,000 15 % October 13, 2022 March 1, 2025 Promissory note (19) 350,000 15 % October 28, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 9, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 10, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 15, 2022 October 31, 2026 Promissory note (20) 400,000 15 % January 11, 2023 October 31, 2026 Promissory note (20) 400,000 15 % February 6, 2023 October 31, 2026 Promissory note (20) 400,000 15 % April 5. 2023 October 31, 2026 Promissory note (20) 400,000 15 % April 20, 23 October 31, 2026 Promissory note (20) 400,000 15 % May 11, 2023 October 31, 2026 Promissory note (20) 400,000 15 % October 27, 2023 October 31, 2026 Promissory note (20) 400,000 15 % November 30, 2023 October 31, 2025 Purchase Agreement (21) 350,000 35 % $ 32,796,346 Less: current portion of loans payable (13,879,479 ) Less: discount on non-current loans payable (4,118,334 ) Non-current loans payable, net of discount $ 14,798,532 Current portion of loans payable $ 13,879,479 Less: discount on current portion of loans payable (688,597 ) Current portion of loans payable, net of discount $ 13,190,882 * In default ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (1) This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender. (2) This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 450,000,000 .002 990,000 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same (3) This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 .002 550,000 100,000 300,000 2,754,338 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same (4) 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 (5) 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 (6) The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 271,250 120,023 73,491 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (7) This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. (8) This promissory note was issued as part of a debt settlement whereby $ 79,500 28,925 108,425 145,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. (9) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 380,174 148,493 90,443 On November 28, 2023, the parties extended the maturity date from January 14, 2024 to March 1, 2025 with all other terms and conditions remaining the same. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (10) The note, with an original principal balance of $ 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 50,000,000 .0164 3 950,000 559,061 553,199 (11) The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 6,000,000 600,000 300,000,000 0.135 3 4,749,005 4,749,005 150,000,000 .0164 3 2,850,000 (12) The note, with an original principal balance of $ 2,750,000 50,000 170,000,000 0.064 3 2,035,033 2,035,033 85,000,000 .0164 3 1,615,000 756,550 37,668 (13) This loan, with an original principal balance of $ 4,000,160 184 108,000 (14) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 575,036 639,395 (15) Original $ 170,000 20,000 9,026 0 On November 29, 2023, the parties extended the maturity date from July 28, 2023 to March 1, 2025 with all other terms and conditions remaining the same. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (16) A warrant holder exchanged 955,000,000 3,000,000 15 2,960,500 39,500 19,333 11,535 (17) Original $ 400,000 50,000 27,821 0 On November 29, 2023, the parties extended the maturity date from September 7, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (18) Original $ 475,000 75,000 36,739 0 On November 29, 2023, the parties extended the maturity date from September 8, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (19) Original $ 350,000 50,000 32,910 0 On November 29, 2023, the parties extended the maturity date from October 13, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (20) On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 October 28, 2022, $ 400,000 50,000 61 1 299,399 11,950 336,074 November 9, 2022, $ 400,000 50,000 61 299,750 11,799 336,639 November 10, 2022, $ 400,000 50,000 61 302,020 10,897 339,984 November 15, 2022, $ 400,000 50,000 61 299,959 12,025 335,790 January 11, 2023, $ 400,000 50,000 61 299,959 12,252 334,937 February 6, 2023, $ 400,000 50,000 61 299,959 11,790 336,636 April 5, 2023, $ 400,000 50,000 61 296,245 11,015 335,230 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS April 20, 2023, $ 400,000 50,000 61 302,219 8,618 343,601 May 11, 2023, $ 400,000 50,000 61 348,983 174 398,809 October 27 2023, $ 400,000 50,000 61 261,759 8,661 303,098 (21) On November 30, 2023, the Company entered into an agreement where the lender will buy pay the Company $ 350,000 thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $ 477,750 35 15 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 12 Months Ended |
Feb. 29, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | 12. STOCKHOLDERS’ DEFICIT Preferred Stock: 20,000,000 0.001 Series B Convertible, Redeemable Preferred Stock The board of directors has designated 5,000 0.001 1,200 8 th th ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Series E Preferred Stock The board of directors has designated 4,350,000 3,350,000 Series F Convertible Preferred Stock The board of directors has designated 4,350 1.00 2,533 Series G Preferred Stock The board of directors has designated 100,000 no 1,000 Summary of Preferred Stock Activity ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Series B Convertible, Redeemable Preferred Stock On April 27, 2024, in connection with a Share Purchase Agreement the Company created a new class Of Series B Convertible Redeemable with 5,000 Series F Convertible Preferred Stock Each holder of Series F 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. On April 30, 2024 the Company increased authorized to 10,000 Summary or Preferred Stock Activity During the year ended February 29, 2024 Series F shareholders had the following activity: — A total of 244 During the year ended February 28, 2023 Series F shareholders had the following activity: — 1 366 Unissued Series F Preferred Stock At both February 29, 2024 and February 28, 2023 there remains 46 99,086 On October 28, 2022 as part of a $ 4,000,000 329 Summary of Preferred Stock Warrant Activity SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY Number of Series F Preferred Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2023 695 $ 1.00 10.00 Issued 244 $ 1.00 10.00 Exercised — — — Forfeited and cancelled — — — Outstanding at February 29, 2024 939 $ 1.00 9.5 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Summary of Common Stock Activity The Company increased authorized common shares from 5,000,000,000 6,000,000,000 6,000,000,000 7,225,000,000 7,225,000,000 10,000,000,000 10,000,000,000 12,500,000,000 Summary of Common Stock Activity During the year ended, February 29, 2024, common shareholders had the following activity: — the Company issued 3,383,509,359 8,21,027 11,282,955 457,060 — the Company issued 6,500,000 44,460 During the year ended, February 28, 2023, common shareholders had the following activity: — the Company issued 1,057,841,576 8,21,027 7,771,169 447,858 — the Company issued 17,500,000 — the Company issued 45,306,557 108,378,210 — the Company cancelled 17,116,894 10,000,000 118,500 The table below represent the common shares issued, issuable and outstanding at February 29, 2024 and February 28, 2023: SUMMARY OF COMMON SHARES ISSUED, ISSUABLE AND OUTSTANDING Common shares February 29, 2024 February 28, 2023 Issued 9,238,750,958 5,836,641,599 Issuable — 12,100,000 Issued, issuable and outstanding 9,238,750,958 5,848,741,599 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Summary of Warrant and Stock Option Activity SUMMARY OF WARRANT AND STOCK OPTION ACTIVITY Number of Weighted Average Weighted Average Outstanding at February 29, 2022 1,216,845,661 $ 0.06 2.38 Adjusted (1) 66,750,000 0.011 1.41 Issued 94,000,000 0.01 4.69 Exercised (108,378,210 ) (0.011 ) 2.44 Forfeited and cancelled (955,000,000 ) (0.008 ) 1.33 Outstanding at February 28, 2023 314,217,451 $ 0.114 1.95 Issued — — — Exercised — — — Forfeited and cancelled (13,621,790 ) (0.01 ) — Outstanding at February 29, 2024 300,595,661 $ 0.003 1.00 (1) Required dilution adjustment per warrant agreement For the years ended February 29, 2024 and February 28, 2023, the Company recorded a total of $ 0 0 For the years ended February 29, 2024 and February 28, 2022 the Company recorded a total of $ 272,559 240,550 479,000 499,500 During the year ended February 29, 2024 warrant holders had the following activity: — On January 27, 2024 warrants to acquire 13,621,790 During the year ended February 28, 2023 warrant holders had the following activity: — On August 30, 2022 a warrant holder exchanged 955,000,000 3,000,000 15 2,960,500 39,500 — On August 9, 2022 as part of a debt issuance the Company issued two 47,000,000 0.01 0.008 393,949 SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS Strike price $ 0.008 0.01 Fair value of Company’s common stock $ 0.012 Dividend yield 0.00 % Expected volatility 88.2 90.00 Risk free interest rate 2.98 % Expected term (years) 5.00 — Cashless exercise of 108,378,210 45,306,557 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Summary of Common Stock Option Activity Summary of CEO Compensation Grant On April 9, 2021 the Company entered into an Employment Agreement with Chief Executive Officer, Steven Reinharz with a three- year term under the following terms whereby stock option awards will be granted if certain conditions are met: — A stock option award (option 1) will be granted to the employee to purchase 10,000,000 0.15 0.30 — A stock option award (option 2) will be granted to the employee to purchase 30,000,000 0.25 0.50 Objective #3 Sales in any fiscal quarter exceed the total sales in fiscal year 2021 for the first time. Award #3 Five hundred (500) shares of Series G preferred stock. Objective #4 One hundred fifty (150) devices are deployed in the marketplace. Award #4 Two hundred fifty (250) shares of Series G preferred stock. Objective #5 Year-to-date sales at any point in fiscal year 2022 exceed One Million Dollars ($1,000,000). Award #5 Two hundred fifty (250) shares of Series G preferred stock. Objective #6 The price per share of common stock has increased to and maintains a price of Ten Cents ($0.10) or more for ten (10) days in a thirty (30) day period. Award #6 Two hundred fifty (250) shares of Series G preferred stock. Objective #7 The price per share of common stock has increased to and maintains a price of Twenty Cents ($0.20) or more for ten (10) days in a thirty (30) day period. Award #7 Five hundred (500) shares of Series G preferred stock. Objective #8 The RAD 3.0 products are launched into the marketplace by November 30, 2021. Award #8 Five hundred (500) shares of Series G preferred stock. Objective #9 RAD receives an order for fifty (50) units from a single customer. Award #9 Five hundred (500) shares of Series G preferred stock. On January 31, 2024 the Company added the following Objective effective Martch 1, 2022: Objective # 10 In any fiscal quarter, attrition , measured by loss of recurring monthly revenue does not exceed 10% Award #10 Two h The fair value of the first two awards was obtained through the use of the Monte Carlo method was $ 69,350 1,521,000 499,500 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS On April 14, 2021, the Shareholders of Series E Preferred Stock and the Board of Directors of our Company (“Board”) approved and adopted the 2021 Incentive Stock Plan (the “2021 Plan”). On August 11, 2022 the Company amended the 2021 Plan increasing the maximum number of shares applicable to the 2021 Plan from 5,000,000 to 100,000,000. On August 14, 2023 the Company further amended the plan increasing the maximum shares to 200,000,000. The purpose of the 2021 Plan is to promote the success of the Company by authorizing incentive awards to retain Directors, executives, selected Employees and Consultants, and reward participants for making major contributions to the success of the Company. The 2021 Plan authorizes the granting of stock options, restricted stock, restricted stock units, stock appreciation rights and stock awards. A total of two hundred million ( 200,000,000 During the year ended February 29, 2024 the Company had the following common stock option activity: — On September 1, 2023, the Company as an addition to the afore-mentioned Incentive Stock Option Plan issued 114,217,035 0.02 593,929 SCHEDULE OF COMMON STOCK OPTION ACTIVITY ASSUMPTIONS Strike price $ 0.02 Fair value of Company’s common stock $ 0.0052 Dividend yield 0.00 % Expected volatility 320.5 Risk free interest rate 4.29 % Expected term (years) 4.50 The Company recorded $ 74,241 198,357 272,599 — On the original 2021 plan, options to purchase 21,275,000 During the year ended February 28, 2023 the Company had the following common stock option activity: — On September 1, 2022, the Company as part of the afore-mentioned Incentive Stock Option Plan issued 100,000,000 0.02 1,020,000 SCHEDULE OF COMMON STOCK OPTION ACTIVITY ASSUMPTIONS Strike price $ 0.02 Fair value of Company’s common stock $ 0.01 Dividend yield 0.00 % Expected volatility 340.9 Risk free interest rate 3.39 % Expected term (years) 4.50 The Company recorded $ 122,050 — Options to purchase 4,275,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Summary of Common Stock Option Activity SUMMARY OF COMMON STOCK OPTION ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2022 — $ — — Issued 100,000,000 $ 0.02 4.75 Exercised — — — Forfeited, extinguished and cancelled (4,275,000 ) $ 0.02 ( 4.75 ) Outstanding at February 28, 2023 95,725,000 $ 0.02 4.75 Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2023 95,725,000 $ 0.02 4.75 Issued 114,217,035 $ 0.02 4.75 Exercised — — — Forfeited, extinguished and cancelled (21,275,000 ) $ 0.02 ( 4.00 ) Outstanding at February 29, 2024 188,667,035 $ 0.02 4.10 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Feb. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 13. 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 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 with a minimum base rent of $ 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 September 30, 2024 1,538 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 On February 5, 2024, the Company entered into a 3-year lease agreement for a vehicle commencing February 5, 2024 through to February 5, 2027 1,223 9,357 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. Rent expense and operating lease cost was $ 260,406 260,271 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES Maturity of Lease Liabilities Operating February 28, 2025 $ 237,653 2025 $ 237,653 February 28, 2026 225,348 2026 225,348 February 28, 2027 223,866 2027 223,866 February 29, 2028 207,558 2028 207,558 February 28, 2029 207,558 2029 207,558 February 28, 2030 and after 449,709 2030 and after 449,709 Total lease payments 1,551,692 Less: Interest (424,679 ) Present value of lease liabilities $ 1,127,013 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Feb. 29, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 14. EARNINGS (LOSS) PER SHARE The net income (loss) per common share amounts were determined as follows: SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE For the Year Ended February 29, February 28, 2024 2023 Numerator: Net income (loss) available to common shareholders $ (20,708,716 ) $ (18,109,457 ) Effect of common stock equivalents Add: interest expense on convertible debt — 47,075 Add (less) loss (gain) on change of derivative liabilities — (3,595 ) Net income (loss) adjusted for common stock equivalents (20,708,716 ) (18,065,977 ) Denominator: Weighted average shares - basic 7,080,914,317 5,091,857,082 Net income (loss) per share – basic $ (0.00 ) $ (0.00 ) Denominator: Weighted average shares – diluted 7,080,914,317 5,091,857,082 Net income (loss) per share – diluted $ (0.00 ) $ (0.00 ) The anti-dilutive shares of common stock equivalents for the years ended February 29, 2024 and February 28, 2023 were as follows: SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS For the Year Ended February 29, February 28, 2024 2023 Convertible Class F Preferred Shares * 31,873,690,805 — Stock options and warrants 489,262,696 496,942,251 Total 32,362,953,501 496,942,251 * 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 February 29, 2024 and February 28, 2023 the dilutive effects would be as follows: For the Year Ended February 29 and February 28 2024 2023 Convertible Series F Preferred Shares — 20,178,158,517 Anti-dilutive shares of common stock — 20,178,158,517 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Feb. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 15. INCOME TAXES The Company has adopted ASC 740-10, “ Income Taxes” The income tax expense (benefit) consisted of the following for the fiscal years ended February 29, 2024 and February 28, 2023: SCHEDULE OF INCOME TAX EXPENSES (BENEFIT) February 29, 2024 February 28, 2023 Total current $ — $ — Total deferred — — Total $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following is a reconciliation of the expected statutory federal income tax provision to the actual income tax benefit for the fiscal years ended February 29, 2024 and February 28, 2023: SCHEDULE OF EXPECTED STATUTORY FEDERAL INCOME TAX PROVISION February 29, 2024 Federal statutory rate $ (4,349,000 ) State income tax benefit, net of federal benefit (994,000 ) Non deductible interest 501,000 Non deductible stock based compensation 377,000 Change in valuation allowance 4,465,000 Total $ — February 28, 2023 Federal statutory rate $ (3,803,000 ) State income tax benefit, net of federal benefit (859,400 ) Non deductible interest 415,800 Non deductible stock based compensation 155,400 Change in valuation allowance 4,091,200 Total $ — For the years ended February 29, 2024 and February 28, 2023, the expected tax benefit, temporary timing differences and long-term timing differences are calculated at the 21 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Significant components of the Company’s deferred tax assets and liabilities were as follows for the fiscal years February 29, 2024 and February 28, 2023: SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES February 29, 2024 February 28, 2023 Deferred tax assets: Net operating loss carryforwards $ 17,116,115 $ 12,651,115 Deferred tax liabilities: Depreciation — — Deferred revenue — — Total deferred tax liabilities — — Net deferred tax assets: Less valuation allowance (17,116,115 ) (12,651,115 ) Net deferred tax assets (liabilities) $ — $ — The Company has incurred losses since inception, therefore, the Company has no federal tax liability. Additionally there are limitations imposed by certain transactions which are deemed to be ownership changes which occurred in the Company on August 28, 2017. The net deferred tax asset generated by the loss carryforward has been fully reserved. The cumulative net operating loss carryforward was approximately $ 61,973,800 44,448,800 2030 Although the Company has tax loss carry-forwards, there is uncertainty as to utilization prior to their expiration. Accordingly, the future income tax asset amounts have been fully reserved by a valuation allowance. The Company has maintained a full valuation allowance against its deferred tax assets at February 29, 2024 and February 28, 2023. A valuation allowance is required to be recorded when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Since the Company cannot be assured of realizing the net deferred tax asset, a full valuation allowance has been provided. The Company does not have any uncertain tax positions at February 29, 2024 and February 28, 2023 that would affect its effective tax rate. The Company does not anticipate a significant change in the amount of unrecognized tax benefits over the next twelve months. Because the Company is in a loss carryforward position, the Company is generally subject to US federal and state income tax examinations by tax authorities for all years for which a loss carryforward is available. If and when applicable, the Company will recognize interest and penalties as part of income tax expense. The Company’s tax returns for the years ended February 28, 2023, and February 28, 2022, and February 29, 2021 are open for examination under Federal statute of limitations. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Feb. 29, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS Subsequent to February 29, 2024 through to May 9, 2024, — the Company issued 705,166,425 1,298,639 55,021 1,243,618 — on March 12 ,2024 the shareholders approved an increase to its authorized common stock by 2,500,000,000 10,000,000 12,500,000 — On March 8, 2024, the Company entered into an agreement where the lender will buy pay the Company $ 350,000 36,750 477,750 35 15 — On April 29, 2024 , the Company entered into a Securities Purchase Agreement for 300 300,000 10,000 20 1,200 The Company must redeem one third of these shares or 106 2/3 for $108,000 in 30, days and each 30 days thereafter until all the shares are redeemed at 90 days. 8 |
OTHER SUBSEQUENT EVENTS
OTHER SUBSEQUENT EVENTS | 12 Months Ended |
Feb. 29, 2024 | |
Other Subsequent Events | |
OTHER SUBSEQUENT EVENTS | 17. OTHER SUBSEQUENT EVENTS Subsequent to May 9, 2024 through to May 23, 2024, — On May 15, 2024 the Company increased authorized common shares from 12,500,000,000 15,000,000,000 — the Company issued 375,000,000 1,500,000 61,025 1,438,975 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and in conformity with the instructions on Form 10-K of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). The audited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Robotic Assistance Devices, Inc., Robotic Assistance Devices Group , Inc, Robotic Assistance Devices Mobile , Inc. , On the Move Experience, LLC and OMV Transports, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates In order to prepare financial statements in conformity with accounting principals generally accepted in the United States, management must make estimates , judgements and assumptions that affect the amounts reported in the financial statements and determine whether contingent assets and liabilities, if any, are disclosed in the financial statements. The ultimate resolution of issues requiring these estimates and assumptions could differ significantly from resolution currently anticipated by management and on which the financial statements are based. The most significant estimates included in these consolidated financial statements are those associated with the assumptions used to value equity instruments used in debt settlements, amendments and extensions. |
Reclassifications | Reclassifications Certain amounts in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. |
Concentrations | Concentrations Loans payable At February 29, 2024 there were $ 32,796,345 28,540,506 87% 31,254,345 26,540,506 85% |
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 credit losses. 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 $ 68,000 39,000 72% 48% |
Device Parts Inventory | Device Parts Inventory Device parts inventory is stated at the lower of cost or net realizable value using the weighted average cost method. The Company records a valuation reserve for obsolete and slow-moving inventory, relying principally on specific identification of such inventory. The Company uses these device parts in the assembly of revenue earning devices (and demo devices) as well as research and development. Depending on use, the Company will transfer the parts to the corresponding asset or expense if used in research and development. A charge to income is taken when factors that would result in a need for an increase in the valuation, such as excess or obsolete inventory, are noted. At February 29, 2024 and at February 28, 2023 there was a valuation reserve of $ 959,000 195,000 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
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 |
Fixed Assets | Fixed Assets Fixed assets are stated at cost. Depreciation is provided on the straight-line method based on the estimated useful lives of the respective assets which range from three five years SCHEDULE OF FIXED ASSETS STATED AT COST Computer equipment 3 Furniture and fixtures 3 Office equipment 4 Warehouse equipment 5 Demo Devices 4 Vehicles 3 Leasehold improvements 5 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 no |
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. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
Sales of Future Revenues | Sales of Future Revenues The Company has entered into transactions, as more fully described in footnote 10, in which it has received funding from investors in exchange for which it will make payments to those investors based on the level of sales of certain revenue categories, generally based on a percentage of sales for those certain revenues. The Company determines whether these agreements constitute sales of future revenues or are in substance debt based on the facts and circumstances of each agreement, with the following primary criteria determinative of whether the agreement constitutes a sale of future revenues or debt: ● Does the agreement purport, in substance, to be a sale ● Does the Company have continuing involvement in the generation of cash flows due the investor ● Is the transaction cancellable by either party through payment of a lump sum or other transfer of assets ● Is the investors rate of return implicitly limited by the terms of the agreement ● Does the Company’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) 56% 45% |
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% |
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. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 CEO and Chairman holds sufficient shares of the Company’s voting stock that give sufficient voting rights under the articles of incorporation and bylaws of the Company such that the CEO and 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). ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 February 29, 2024 Liabilities Incentive compensation plan payable – revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 February 28, 2023 Liabilities Incentive compensation plan payable – revaluation of equity awards payable in Series G shares $ 979,000 $ — $ — $ 979,000 The Company recorded stock based compensation of $ 1,521,000 499,500 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. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FIXED ASSETS STATED AT COST | SCHEDULE OF FIXED ASSETS STATED AT COST Computer equipment 3 Furniture and fixtures 3 Office equipment 4 Warehouse equipment 5 Demo Devices 4 Vehicles 3 Leasehold improvements 5 |
SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE | 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: SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE Amount at Fair Value Measurement Using Fair Value Level 1 Level 2 Level 3 February 29, 2024 Liabilities Incentive compensation plan payable – revaluation of equity awards payable in Series G shares $ 2,500,000 $ — $ — $ 2,500,000 February 28, 2023 Liabilities Incentive compensation plan payable – revaluation of equity awards payable in Series G shares $ 979,000 $ — $ — $ 979,000 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS | The following table presents revenues from contracts with customers disaggregated by product/service: SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS Year Ended Year Ended Device rental activities $ 1,626,207 $ 754,126 Direct sales of goods and services 601,352 577,830 Revenue $ 2,227,559 $ 1,331,956 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Leases | |
SCHEDULE OF LEASE ASSETS AND LIABILITIES | Below is a summary of our lease assets and liabilities at February 29, 2024 and February 28, 2023. SCHEDULE OF LEASE ASSETS AND LIABILITIES Leases Classification February 29, 2024 February 28, 2023 Assets Operating Operating Lease Assets $ 1,139,188 $ 1,208,440 Liabilities Current Operating Current Operating Lease Liability $ 237,653 $ 248,670 Noncurrent Operating Noncurrent Operating Lease Liabilities 889,360 950,541 Total lease liabilities $ 1,127,013 $ 1,199,211 |
REVENUE EARNING DEVICES (Tables
REVENUE EARNING DEVICES (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Revenue Earning Devices | |
REVENUE EARNING DEVICES CONSISTED OF THE FOLLOWING | Revenue earning devices consisted of the following: REVENUE EARNING DEVICES CONSISTED OF THE FOLLOWING February 29, 2024 February 28, 2023 Revenue earning devices $ 3,432,846 $ 2,015,058 Less: Accumulated depreciation (952,844 ) (779,839 ) Total $ 2,480,002 $ 1,235,219 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FIXED ASSETS | Fixed assets consisted of the following: SCHEDULE OF FIXED ASSETS February 29, 2024 February 28, 2023 Automobile $ 74,237 $ 101,680 Demo devices 194,352 69,010 Tooling 107,020 101,322 Machinery and equipment 8,825 8,825 Computer equipment 150,387 150,387 Office equipment 15,312 15,312 Furniture and fixtures 21,225 21,225 Warehouse equipment 19,639 14,561 Leasehold improvements 26,956 15,568 Fixed assets gross 617,953 497,890 Less: Accumulated depreciation (349,878 ) (182,002 ) Fixed assets, net of accumulated depreciation $ 268,075 $ 315,888 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOANS PAYABLE | Loans payable at February 29, 2024 consisted of the following: SCHEDULE OF LOANS PAYABLE Annual Date Maturity Description Principal Interest Rate July 18, 2016 July 18, 2017 Promissory note (1)* $ 3,500 22 % December 10, 2020 March 1, 2025 Promissory note (2) 3,921,168 12 % December 10, 2020 March 1, 2025 Promissory note (3) 2,754,338 12 % December 10, 2020 December 10, 2024 Promissory note (4) 165,605 12 % December 14, 2020 December 14, 2023 Promissory note (5)* 310,375 12 % December 30, 2020 March 1, 2025 Promissory note (6) 350,000 12 % January 1, 2021 March 1, 2025 Promissory note (7) 25,000 12 % January 1, 2021 March 1, 2025 Promissory note (8) 145,000 12 % January 14, 2021 March 1, 2025 Promissory note (9) 550,000 12 % February 22, 2021 March 1, 2025 Promissory note (10) 1,650,000 12 % March 1, 2021 March 1, 2024 Promissory note (11) 6,000,000 12 % June 8, 2021 June 8, 2024 Promissory note (12) 2,750,000 12 % July 12, 2021 July 26, 2026 Promissory note (13) 3,776,360 7 % September 14, 2021 September 14, 2024 Promissory note (14) 1,650,000 12 % July 28, 2022 March 1, 2025 Promissory note (15) 170,000 15 % August 30, 2022 August 30,2024 Promissory note (16) 3,000,000 15 % September 7, 2022 March 1, 2025 Promissory note (17) 400,000 15 % September 8, 2022 March 1, 2025 Promissory note (18) 475,000 15 % October 13, 2022 March 1, 2025 Promissory note (19) 350,000 15 % October 28, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 9, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 10, 2022 October 31, 2026 Promissory note (20) 400,000 15 % November 15, 2022 October 31, 2026 Promissory note (20) 400,000 15 % January 11, 2023 October 31, 2026 Promissory note (20) 400,000 15 % February 6, 2023 October 31, 2026 Promissory note (20) 400,000 15 % April 5. 2023 October 31, 2026 Promissory note (20) 400,000 15 % April 20, 23 October 31, 2026 Promissory note (20) 400,000 15 % May 11, 2023 October 31, 2026 Promissory note (20) 400,000 15 % October 27, 2023 October 31, 2026 Promissory note (20) 400,000 15 % November 30, 2023 October 31, 2025 Purchase Agreement (21) 350,000 35 % $ 32,796,346 Less: current portion of loans payable (13,879,479 ) Less: discount on non-current loans payable (4,118,334 ) Non-current loans payable, net of discount $ 14,798,532 Current portion of loans payable $ 13,879,479 Less: discount on current portion of loans payable (688,597 ) Current portion of loans payable, net of discount $ 13,190,882 * In default ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (1) This note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed on the lender. (2) This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 450,000,000 .002 990,000 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same (3) This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 .002 550,000 100,000 300,000 2,754,338 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same (4) 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 (5) 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 (6) The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 271,250 120,023 73,491 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (7) This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. (8) This promissory note was issued as part of a debt settlement whereby $ 79,500 28,925 108,425 145,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. (9) The note, with an original principal amount of $ 550,000 250,000 50,000,000 0.025 3 380,174 380,174 148,493 90,443 On November 28, 2023, the parties extended the maturity date from January 14, 2024 to March 1, 2025 with all other terms and conditions remaining the same. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (10) The note, with an original principal balance of $ 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 50,000,000 .0164 3 950,000 559,061 553,199 (11) The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 6,000,000 600,000 300,000,000 0.135 3 4,749,005 4,749,005 150,000,000 .0164 3 2,850,000 (12) The note, with an original principal balance of $ 2,750,000 50,000 170,000,000 0.064 3 2,035,033 2,035,033 85,000,000 .0164 3 1,615,000 756,550 37,668 (13) This loan, with an original principal balance of $ 4,000,160 184 108,000 (14) The note, with an original principal balance of $ 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 575,036 639,395 (15) Original $ 170,000 20,000 9,026 0 On November 29, 2023, the parties extended the maturity date from July 28, 2023 to March 1, 2025 with all other terms and conditions remaining the same. ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (16) A warrant holder exchanged 955,000,000 3,000,000 15 2,960,500 39,500 19,333 11,535 (17) Original $ 400,000 50,000 27,821 0 On November 29, 2023, the parties extended the maturity date from September 7, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (18) Original $ 475,000 75,000 36,739 0 On November 29, 2023, the parties extended the maturity date from September 8, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (19) Original $ 350,000 50,000 32,910 0 On November 29, 2023, the parties extended the maturity date from October 13, 2023 to March 1, 2025 with all other terms and conditions remaining the same. (20) On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 October 28, 2022, $ 400,000 50,000 61 1 299,399 11,950 336,074 November 9, 2022, $ 400,000 50,000 61 299,750 11,799 336,639 November 10, 2022, $ 400,000 50,000 61 302,020 10,897 339,984 November 15, 2022, $ 400,000 50,000 61 299,959 12,025 335,790 January 11, 2023, $ 400,000 50,000 61 299,959 12,252 334,937 February 6, 2023, $ 400,000 50,000 61 299,959 11,790 336,636 April 5, 2023, $ 400,000 50,000 61 296,245 11,015 335,230 ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS April 20, 2023, $ 400,000 50,000 61 302,219 8,618 343,601 May 11, 2023, $ 400,000 50,000 61 348,983 174 398,809 October 27 2023, $ 400,000 50,000 61 261,759 8,661 303,098 (21) On November 30, 2023, the Company entered into an agreement where the lender will buy pay the Company $ 350,000 thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $ 477,750 35 15 |
STOCKHOLDERS_ DEFICIT (Tables)
STOCKHOLDERS’ DEFICIT (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Equity [Abstract] | |
SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY | Summary of Preferred Stock Warrant Activity SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY Number of Series F Preferred Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2023 695 $ 1.00 10.00 Issued 244 $ 1.00 10.00 Exercised — — — Forfeited and cancelled — — — Outstanding at February 29, 2024 939 $ 1.00 9.5 |
SUMMARY OF COMMON SHARES ISSUED, ISSUABLE AND OUTSTANDING | The table below represent the common shares issued, issuable and outstanding at February 29, 2024 and February 28, 2023: SUMMARY OF COMMON SHARES ISSUED, ISSUABLE AND OUTSTANDING Common shares February 29, 2024 February 28, 2023 Issued 9,238,750,958 5,836,641,599 Issuable — 12,100,000 Issued, issuable and outstanding 9,238,750,958 5,848,741,599 |
SUMMARY OF WARRANT AND STOCK OPTION ACTIVITY | Summary of Warrant and Stock Option Activity SUMMARY OF WARRANT AND STOCK OPTION ACTIVITY Number of Weighted Average Weighted Average Outstanding at February 29, 2022 1,216,845,661 $ 0.06 2.38 Adjusted (1) 66,750,000 0.011 1.41 Issued 94,000,000 0.01 4.69 Exercised (108,378,210 ) (0.011 ) 2.44 Forfeited and cancelled (955,000,000 ) (0.008 ) 1.33 Outstanding at February 28, 2023 314,217,451 $ 0.114 1.95 Issued — — — Exercised — — — Forfeited and cancelled (13,621,790 ) (0.01 ) — Outstanding at February 29, 2024 300,595,661 $ 0.003 1.00 (1) Required dilution adjustment per warrant agreement |
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS | SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS Strike price $ 0.008 0.01 Fair value of Company’s common stock $ 0.012 Dividend yield 0.00 % Expected volatility 88.2 90.00 Risk free interest rate 2.98 % Expected term (years) 5.00 — Cashless exercise of 108,378,210 45,306,557 |
SCHEDULE OF COMMON STOCK OPTION ACTIVITY ASSUMPTIONS | SCHEDULE OF COMMON STOCK OPTION ACTIVITY ASSUMPTIONS Strike price $ 0.02 Fair value of Company’s common stock $ 0.0052 Dividend yield 0.00 % Expected volatility 320.5 Risk free interest rate 4.29 % Expected term (years) 4.50 |
SUMMARY OF COMMON STOCK OPTION ACTIVITY | Summary of Common Stock Option Activity SUMMARY OF COMMON STOCK OPTION ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2022 — $ — — Issued 100,000,000 $ 0.02 4.75 Exercised — — — Forfeited, extinguished and cancelled (4,275,000 ) $ 0.02 ( 4.75 ) Outstanding at February 28, 2023 95,725,000 $ 0.02 4.75 Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Years Outstanding at March 1, 2023 95,725,000 $ 0.02 4.75 Issued 114,217,035 $ 0.02 4.75 Exercised — — — Forfeited, extinguished and cancelled (21,275,000 ) $ 0.02 ( 4.00 ) Outstanding at February 29, 2024 188,667,035 $ 0.02 4.10 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES | SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES Maturity of Lease Liabilities Operating February 28, 2025 $ 237,653 2025 $ 237,653 February 28, 2026 225,348 2026 225,348 February 28, 2027 223,866 2027 223,866 February 29, 2028 207,558 2028 207,558 February 28, 2029 207,558 2029 207,558 February 28, 2030 and after 449,709 2030 and after 449,709 Total lease payments 1,551,692 Less: Interest (424,679 ) Present value of lease liabilities $ 1,127,013 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE | The net income (loss) per common share amounts were determined as follows: SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE For the Year Ended February 29, February 28, 2024 2023 Numerator: Net income (loss) available to common shareholders $ (20,708,716 ) $ (18,109,457 ) Effect of common stock equivalents Add: interest expense on convertible debt — 47,075 Add (less) loss (gain) on change of derivative liabilities — (3,595 ) Net income (loss) adjusted for common stock equivalents (20,708,716 ) (18,065,977 ) Denominator: Weighted average shares - basic 7,080,914,317 5,091,857,082 Net income (loss) per share – basic $ (0.00 ) $ (0.00 ) Denominator: Weighted average shares – diluted 7,080,914,317 5,091,857,082 Net income (loss) per share – diluted $ (0.00 ) $ (0.00 ) |
SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS | The anti-dilutive shares of common stock equivalents for the years ended February 29, 2024 and February 28, 2023 were as follows: SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS For the Year Ended February 29, February 28, 2024 2023 Convertible Class F Preferred Shares * 31,873,690,805 — Stock options and warrants 489,262,696 496,942,251 Total 32,362,953,501 496,942,251 * 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 February 29, 2024 and February 28, 2023 the dilutive effects would be as follows: For the Year Ended February 29 and February 28 2024 2023 Convertible Series F Preferred Shares — 20,178,158,517 Anti-dilutive shares of common stock — 20,178,158,517 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Feb. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX EXPENSES (BENEFIT) | The income tax expense (benefit) consisted of the following for the fiscal years ended February 29, 2024 and February 28, 2023: SCHEDULE OF INCOME TAX EXPENSES (BENEFIT) February 29, 2024 February 28, 2023 Total current $ — $ — Total deferred — — Total $ — $ — |
SCHEDULE OF EXPECTED STATUTORY FEDERAL INCOME TAX PROVISION | The following is a reconciliation of the expected statutory federal income tax provision to the actual income tax benefit for the fiscal years ended February 29, 2024 and February 28, 2023: SCHEDULE OF EXPECTED STATUTORY FEDERAL INCOME TAX PROVISION February 29, 2024 Federal statutory rate $ (4,349,000 ) State income tax benefit, net of federal benefit (994,000 ) Non deductible interest 501,000 Non deductible stock based compensation 377,000 Change in valuation allowance 4,465,000 Total $ — February 28, 2023 Federal statutory rate $ (3,803,000 ) State income tax benefit, net of federal benefit (859,400 ) Non deductible interest 415,800 Non deductible stock based compensation 155,400 Change in valuation allowance 4,091,200 Total $ — |
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES | Significant components of the Company’s deferred tax assets and liabilities were as follows for the fiscal years February 29, 2024 and February 28, 2023: SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES February 29, 2024 February 28, 2023 Deferred tax assets: Net operating loss carryforwards $ 17,116,115 $ 12,651,115 Deferred tax liabilities: Depreciation — — Deferred revenue — — Total deferred tax liabilities — — Net deferred tax assets: Less valuation allowance (17,116,115 ) (12,651,115 ) Net deferred tax assets (liabilities) $ — $ — |
GENERAL INFORMATION AND GOING_2
GENERAL INFORMATION AND GOING CONCERN (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 28, 2017 | Mar. 31, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | Jul. 25, 2017 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock, issued | 9,238,750,958 | 5,848,741,599 | |||
Cash flow from operating activities | $ 12,951,743 | $ 12,577,395 | |||
Accumulated deficit | 132,962,427 | 112,253,711 | |||
Working capital | (18,099,085) | ||||
Purchase of common stock | 457,060 | $ 447,858 | |||
Common stock net of discount | $ 21 | ||||
Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock, issued | 9,238,750,958 | 5,836,641,599 | |||
Purchase of common stock | $ 457,060 | $ 447,858 | |||
Common Stock [Member] | Equity Financing Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Purchase of common stock | $ 30,000,000 | ||||
Robotic Assistance Devices LLC [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock, issued | 10,000 | ||||
Robotic Assistance Devices LLC [Member] | Series E Preferred Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares isuued under acquisition | 3,350,000 | ||||
Robotic Assistance Devices LLC [Member] | Series F Preferred Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares isuued under acquisition | 2,450 |
SCHEDULE OF FIXED ASSETS STATED
SCHEDULE OF FIXED ASSETS STATED AT COST (Details) | Feb. 29, 2024 |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 3 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 4 years |
Warehouse Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed assets, useful life | 5 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 |
SCHEDULE OF LIABILITIES MEASURE
SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Platform Operator, Crypto-Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | $ 2,500,000 | $ 979,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | ||
Fair Value, Inputs, Level 2 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | ||
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Incentive compensation plan payable revaluation of equity awards payable in Series G shares | $ 2,500,000 | $ 979,000 |
ACCOUNTING POLICIES (Details Na
ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Product Information [Line Items] | ||
Loans payable | $ 32,796,345 | $ 31,254,345 |
Allowance for doubtful accounts receivable | 68,000 | 39,000 |
Inventory valuation reserves | $ 959,000 | 195,000 |
Depreciation life | 48 months | |
Deferred development costs | $ 0 | 0 |
Description of deferred tax assets and liabilities | The Company’s gross deferred tax assets were revalued based on the reduction in the federal statutory tax rate from 35% to 21% | |
Payment for stock based compensation warrants | $ 1,521,000 | 499,500 |
Incentive Compensation Plan [Member] | ||
Product Information [Line Items] | ||
Payment for stock based compensation warrants | $ 1,521,000 | $ 499,500 |
Minimum [Member] | ||
Product Information [Line Items] | ||
Estimated useful lives | 3 years | |
Maximum [Member] | ||
Product Information [Line Items] | ||
Estimated useful lives | 5 years | |
Two Customer [Member] | ||
Product Information [Line Items] | ||
Percentage of revenue | 56% | 45% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | ||
Product Information [Line Items] | ||
Percentage of accounts receivable | 72% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customer [Member] | ||
Product Information [Line Items] | ||
Percentage of accounts receivable | 48% | |
Controller [Member] | ||
Product Information [Line Items] | ||
Loans additions | $ 28,540,506 | $ 26,540,506 |
Loans percentage | 87% | 85% |
SCHEDULE OF REVENUES FROM CONTR
SCHEDULE OF REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Device rental activities | $ 1,626,207 | $ 754,126 |
Direct sales of goods and services | 601,352 | 577,830 |
Revenue | $ 2,227,559 | $ 1,331,956 |
SCHEDULE OF LEASE ASSETS AND LI
SCHEDULE OF LEASE ASSETS AND LIABILITIES (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Leases | ||
Operating lease assets | $ 1,139,188 | $ 1,208,440 |
Operating Lease, Liability, Current | 237,653 | 248,670 |
Operating Lease, Liability, Noncurrent | 889,360 | 950,541 |
Operating Lease, Liability | $ 1,127,013 | $ 1,199,211 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Leases | ||
Weighted average remaining lease term | 12 months | |
Rent | $ 260,406 | $ 260,271 |
INVESTMENT (Details Narrative)
INVESTMENT (Details Narrative) | Dec. 23, 2022 USD ($) |
Simple Agreement for future equity [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Equity investment | $ 50,000 |
REVENUE EARNING DEVICES CONSIST
REVENUE EARNING DEVICES CONSISTED OF THE FOLLOWING (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Revenue Earning Devices | ||
Revenue earning devices | $ 3,432,846 | $ 2,015,058 |
Less: Accumulated depreciation | (952,844) | (779,839) |
Total | $ 2,480,002 | $ 1,235,219 |
REVENUE EARNING DEVICES (Detail
REVENUE EARNING DEVICES (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Depreciation expense | $ 854,047 | $ 478,115 |
Robotic Assistance Devices LLC [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Revenue earning | 2,166,081 | 584,177 |
Write off assets | 748,243 | |
Depreciation expense | 681,042 | 345,178 |
Finished goods inventory on assets | 326,180 | |
Iinventory transfers | $ 871,334 | |
Robotic Assistance Devices LLC [Member] | Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Depreciation expense | 490,295 | |
Disposed of a revenue earning device | $ 257,948 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | $ 617,953 | $ 497,890 |
Less: Accumulated depreciation | (349,878) | (182,002) |
Fixed assets, net of accumulated depreciation | 268,075 | 315,888 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 74,237 | 101,680 |
Demo Devices [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 194,352 | 69,010 |
Tools, Dies and Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 107,020 | 101,322 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 8,825 | 8,825 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 150,387 | 150,387 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 15,312 | 15,312 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 21,225 | 21,225 |
Warehouse Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | 19,639 | 14,561 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets gross | $ 26,956 | $ 15,568 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Vehicle net book value | $ 4,574 | |
Proceeds on disposal of fixed assets | 21,000 | |
Gain on disposal of fixed assets | 16,426 | |
Loans payable related party | 54,179 | 0 |
Robotic Assistance Devices LLC [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Additions to fixed assets | 22,165 | 258,402 |
Assets transfers from inventory | 125,340 | 52,471 |
Loans payable related party | 21,000 | |
Depreciation expense | $ 190,747 | $ 132,937 |
DEFERRED VARIABLE PAYMENT OBL_2
DEFERRED VARIABLE PAYMENT OBLIGATION (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 01, 2021 | Aug. 27, 2020 | Jul. 01, 2020 | Apr. 22, 2020 | Feb. 29, 2020 | Dec. 30, 2019 | Nov. 18, 2019 | May 09, 2019 | Feb. 01, 2019 | May 31, 2021 | Feb. 29, 2024 | Feb. 28, 2023 | Aug. 09, 2022 | |
Maximum amount of debt | $ 32,796,346 | ||||||||||||
Accrued payment | 904,377 | $ 542,177 | |||||||||||
Default on payments | 542,176 | 325,600 | |||||||||||
Aggregate investment | $ 1,925,000 | ||||||||||||
Warrants issued | 47,000,000 | ||||||||||||
Total payment obligation | 2,525,000 | 2,525,000 | |||||||||||
Payment receive | $ 0 | 0 | |||||||||||
Series F Preferred Stock [Member] | |||||||||||||
Shares issued | 40 | ||||||||||||
Warrants issued | 367 | ||||||||||||
Investors [Member] | |||||||||||||
Maximum amount of debt | $ 900,000 | ||||||||||||
Percentage of exchange rate | 9% | ||||||||||||
Debt instrument, date of first required payment | Feb. 29, 2020 | ||||||||||||
Maximum amount of debt | $ 900,000 | ||||||||||||
Investor One [Member] | |||||||||||||
Maximum amount of debt | 400,000 | $ 400,000 | |||||||||||
Percentage of exchange rate | 4% | ||||||||||||
Investor Two [Member] | |||||||||||||
Maximum amount of debt | 50,000 | $ 50,000 | |||||||||||
Percentage of exchange rate | 1.11% | ||||||||||||
Investor [Member] | |||||||||||||
Maximum amount of debt | $ 100,000 | $ 100,000 | |||||||||||
Percentage of exchange rate | 14.25% | 2.75% | 1% | 1% | 2.25% | ||||||||
Maximum amount of debt | $ 1,925,000 | 109,000 | $ 225,000 | ||||||||||
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 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 | |||||||||||
Advance amount | 116,000 | ||||||||||||
Investor received advanced | $ 50,000 | ||||||||||||
Investor [Member] | Series F Preferred Stock [Member] | |||||||||||||
Exercise price | $ 1 | ||||||||||||
Warrants exercised | 38 | ||||||||||||
Fair value of warrants | $ 33,015,214 | ||||||||||||
Investor [Member] | Maximum [Member] | |||||||||||||
Percentage of exchange rate | 14.25% | ||||||||||||
Percentage of total asset disposition price | 31% | ||||||||||||
Investor [Member] | Minimum [Member] | |||||||||||||
Percentage of exchange rate | 9.65% | ||||||||||||
Percentage of total asset disposition price | 21% | ||||||||||||
Investor [Member] | Agreement [Member] | |||||||||||||
Maximum amount of debt | $ 900,000 | ||||||||||||
Investor [Member] | Agreement One [Member] | |||||||||||||
Maximum amount of debt | 225,000 | ||||||||||||
Investor [Member] | Agreement Two [Member] | |||||||||||||
Maximum amount of debt | $ 800,000 | ||||||||||||
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 August 31, 2020 the investor had fully funded the $800,000 commitment | ||||||||||||
Investor Six [Member] | |||||||||||||
Percentage of exchange rate | 10% | ||||||||||||
Investor Eight [Member] | |||||||||||||
Total payment obligation | $ 2,525,000 | $ 2,525,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2024 | Dec. 31, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Related Party Transaction [Line Items] | ||||
Net borrowings on loan payable - related party | $ 54,179 | $ 0 | ||
Loan payable-related party | 32,796,345 | 31,254,345 | ||
Interest accrued related party | 32,468 | 15,660 | ||
Discretionary compensation amount | $ 1,000,000 | |||
Consulting fees for research and development | 2,810,839 | 3,578,981 | ||
Balance payment | 76,532 | 76,532 | ||
Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incentive compensation plan payable | $ 2,000,000 | 461,233 | $ 280,908 | |
Reduction amount | $ 479,000 | |||
Balance of incentive compensation payable | 538,767 | |||
Chief Executive Officer [Member] | Series G Preferred Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Share price | $ 1,000 | |||
Chief Executive Officer [Member] | Employment Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incentive compensation plan payable | 1,521,000 | $ 979,000 | ||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loan payable-related party | 257,438 | 206,516 | ||
Balance due to related party | $ 140,013 | $ 108,000 | ||
Percentage of interest expense due to related party | 12% | 12% |
OTHER DEBT _ VEHICLE LOANS (Det
OTHER DEBT – VEHICLE LOANS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Feb. 29, 2020 | Nov. 30, 2017 | Dec. 31, 2016 | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | Feb. 28, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Vehicle loan secured by automobile | $ 32,796,346 | ||||||
Fair value of warrants | $ 0 | ||||||
Loss on sale of vehicle | 38,740 | $ 3,992 | |||||
Proceeds of disposal of vehicle offset against vehicle loan | 21,000 | ||||||
Robotic Assistance Devices LLC [Member] | Secured Debt [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Vehicle loan secured by automobile | $ 47,661 | $ 47,704 | |||||
Term of debt | 5 years | 5 years | |||||
Payment of debt interest and principal | $ 923 | $ 1,019 | |||||
Maturity date | Oct. 24, 2022 | ||||||
Outstanding balance of the loan | $ 21,907 | ||||||
Loss on sale of vehicle | 3,257 | ||||||
Current portion vehicle loan | 21,578 | $ 21,578 | |||||
Proceeds of disposal of vehicle offset against vehicle loan | $ 18,766 | ||||||
Remaining asset value | 5,515 | ||||||
Reclassification of fixed assets to vehicle for disposal | $ 13,251 | ||||||
Long-term vehicle loan | 16,944 | 16,944 | |||||
Total vehicle loan | $ 38,522 | $ 38,522 |
SCHEDULE OF LOANS PAYABLE (Deta
SCHEDULE OF LOANS PAYABLE (Details) | 12 Months Ended | |
Feb. 29, 2024 USD ($) | ||
Short-Term Debt [Line Items] | ||
Debt instrument, face amount | $ 32,796,346 | |
Less: current portion of loans payable | (13,879,479) | |
Less: discount on non-current loans payable | (4,118,334) | |
Non-current loans payable, net of discount | 14,798,532 | |
Current portion of loans payable | 13,879,479 | |
Less: discount on current portion of loans payable | (688,597) | |
Current portion of loans payable, net of discount | $ 13,190,882 | |
Promissory Note Payable One [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 18, 2016 | [1],[2] |
Debt Instrument, Maturity Date | Jul. 18, 2017 | [1],[2] |
Debt instrument, face amount | $ 3,500 | [1],[2] |
Annual interest rate | 22% | [1],[2] |
Promissory Note Payable Two [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 10, 2020 | [3] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [3] |
Debt instrument, face amount | $ 3,921,168 | [3] |
Annual interest rate | 12% | [3] |
Promissory Note Payable Three [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 10, 2020 | [4] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [4] |
Debt instrument, face amount | $ 2,754,338 | [4] |
Annual interest rate | 12% | [4] |
Promissory Note Payable Four [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 10, 2020 | [5] |
Debt Instrument, Maturity Date | Dec. 10, 2024 | [5] |
Debt instrument, face amount | $ 165,605 | [5] |
Annual interest rate | 12% | [5] |
Promissory Note Payable Five [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 14, 2020 | [1],[6] |
Debt Instrument, Maturity Date | Dec. 14, 2023 | [1],[6] |
Debt instrument, face amount | $ 310,375 | [1],[6] |
Annual interest rate | 12% | [1],[6] |
Promissory Note Payable Six [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Dec. 30, 2020 | [7] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [7] |
Debt instrument, face amount | $ 350,000 | [7] |
Annual interest rate | 12% | [7] |
Promissory Note Payable Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 01, 2021 | [8] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [8] |
Debt instrument, face amount | $ 25,000 | [8] |
Annual interest rate | 12% | [8] |
Promissory Note Payable Eight [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 01, 2021 | [9] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [9] |
Debt instrument, face amount | $ 145,000 | [9] |
Annual interest rate | 12% | [9] |
Promissory Note Payable Nine [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 14, 2021 | [10] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [10] |
Debt instrument, face amount | $ 550,000 | [10] |
Annual interest rate | 12% | [10] |
Promissory Note Payable Ten [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Feb. 22, 2021 | [11] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [11] |
Debt instrument, face amount | $ 1,650,000 | [11] |
Annual interest rate | 12% | [11] |
Promissory Note Payable Eleven [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Mar. 01, 2021 | [12] |
Debt Instrument, Maturity Date | Mar. 01, 2024 | [12] |
Debt instrument, face amount | $ 6,000,000 | [12] |
Annual interest rate | 12% | [12] |
Promissory Note Payable Twelve [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jun. 08, 2021 | [13] |
Debt Instrument, Maturity Date | Jun. 08, 2024 | [13] |
Debt instrument, face amount | $ 2,750,000 | [13] |
Annual interest rate | 12% | [13] |
Promissory Note Payable Thirteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 12, 2021 | [14] |
Debt Instrument, Maturity Date | Jul. 26, 2026 | [14] |
Debt instrument, face amount | $ 3,776,360 | [14] |
Annual interest rate | 7% | [14] |
Promissory Note Payable Fourteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Sep. 14, 2021 | [15] |
Debt Instrument, Maturity Date | Sep. 14, 2024 | [15] |
Debt instrument, face amount | $ 1,650,000 | [15] |
Annual interest rate | 12% | [15] |
Promissory Note Payable Fifteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 28, 2022 | [16] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [16] |
Debt instrument, face amount | $ 170,000 | [16] |
Annual interest rate | 15% | [16] |
Promissory Note Payable Sixteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Aug. 30, 2022 | [17] |
Debt Instrument, Maturity Date | Aug. 30, 2024 | [17] |
Debt instrument, face amount | $ 3,000,000 | [17] |
Annual interest rate | 15% | [17] |
Promissory Note Payable Seventeen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Sep. 07, 2022 | [18] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [18] |
Debt instrument, face amount | $ 400,000 | [18] |
Annual interest rate | 15% | [18] |
Promissory Note Payable Eighteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Sep. 08, 2022 | [19] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [19] |
Debt instrument, face amount | $ 475,000 | [19] |
Annual interest rate | 15% | [19] |
Promissory Note Payable Nineteen [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Oct. 13, 2022 | [20] |
Debt Instrument, Maturity Date | Mar. 01, 2025 | [20] |
Debt instrument, face amount | $ 350,000 | [20] |
Annual interest rate | 15% | [20] |
Promissory Note Payable Twenty [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Oct. 28, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty One [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 09, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Two [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 10, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Three [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 15, 2022 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Four [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 11, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Five [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Feb. 06, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Six [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Apr. 05, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Seven [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Apr. 20, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Eight [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | May 11, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Twenty Nine [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Oct. 27, 2023 | [21] |
Debt Instrument, Maturity Date | Oct. 31, 2026 | [21] |
Debt instrument, face amount | $ 400,000 | [21] |
Annual interest rate | 15% | [21] |
Promissory Note Payable Thirty [Member] | ||
Short-Term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Nov. 30, 2023 | [22] |
Debt Instrument, Maturity Date | Oct. 31, 2025 | [22] |
Debt instrument, face amount | $ 350,000 | [22] |
Annual interest rate | 35% | [22] |
[1]In default[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]This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 450,000,000 .002 990,000 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 .002 550,000 100,000 300,000 2,754,338 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same 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 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 The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 271,250 120,023 73,491 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same. This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. 79,500 28,925 108,425 145,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. 550,000 250,000 50,000,000 0.025 3 380,174 380,174 148,493 90,443 On November 28, 2023, the parties extended the maturity date from January 14, 2024 to March 1, 2025 with all other terms and conditions remaining the same. 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 50,000,000 .0164 3 950,000 559,061 553,199 The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 6,000,000 600,000 300,000,000 0.135 3 4,749,005 4,749,005 150,000,000 .0164 3 2,850,000 2,750,000 50,000 170,000,000 0.064 3 2,035,033 2,035,033 85,000,000 .0164 3 1,615,000 756,550 37,668 This loan, with an original principal balance of $ 4,000,160 184 108,000 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 575,036 639,395 170,000 20,000 9,026 0 On November 29, 2023, the parties extended the maturity date from July 28, 2023 to March 1, 2025 with all other terms and conditions remaining the same. 955,000,000 3,000,000 15 2,960,500 39,500 19,333 11,535 Original $ 400,000 50,000 27,821 0 On November 29, 2023, the parties extended the maturity date from September 7, 2023 to March 1, 2025 with all other terms and conditions remaining the same. Original $ 475,000 75,000 36,739 0 On November 29, 2023, the parties extended the maturity date from September 8, 2023 to March 1, 2025 with all other terms and conditions remaining the same. 350,000 50,000 32,910 0 On November 29, 2023, the parties extended the maturity date from October 13, 2023 to March 1, 2025 with all other terms and conditions remaining the same. On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 350,000 thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $ 477,750 35 15 |
SCHEDULE OF LOANS PAYABLE (De_2
SCHEDULE OF LOANS PAYABLE (Details) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Nov. 30, 2023 | Nov. 29, 2023 | Nov. 28, 2023 | Oct. 28, 2022 | Nov. 30, 2023 | Nov. 30, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | Oct. 27, 2023 | May 11, 2023 | Apr. 20, 2023 | Apr. 05, 2023 | Feb. 06, 2023 | Jan. 11, 2023 | Nov. 15, 2022 | Nov. 10, 2022 | Nov. 09, 2022 | Aug. 30, 2022 | Aug. 09, 2022 | Mar. 01, 2021 | ||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Accrued interest | $ 5,367,805 | $ 3,060,656 | ||||||||||||||||||||
Purchase of warrants | 47,000,000 | |||||||||||||||||||||
Debt instrument, face amount | 32,796,346 | |||||||||||||||||||||
Amortization of debt expense | 2,384,163 | 1,980,033 | ||||||||||||||||||||
Interest expenses | 6,758,044 | 5,426,364 | ||||||||||||||||||||
Warrants outstanding | 2,960,500 | |||||||||||||||||||||
Loans payable | 32,796,345 | $ 31,254,345 | ||||||||||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 367 | |||||||||||||||||||||
Shares issued | 40 | |||||||||||||||||||||
Promissory Note Payable Two [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Convertible notes payable | 2,683,357 | |||||||||||||||||||||
Accrued interest | 1,237,811 | |||||||||||||||||||||
Conversion of convertible securities | 3,921,168 | |||||||||||||||||||||
Notes payable | $ 3,921,168 | |||||||||||||||||||||
Purchase of warrants | 450,000,000 | |||||||||||||||||||||
Exercise price | $ 0.002 | |||||||||||||||||||||
Fair value | $ 990,000 | |||||||||||||||||||||
Debt instrument maturity date description | On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same | |||||||||||||||||||||
Debt instrument, face amount | [1] | $ 3,921,168 | ||||||||||||||||||||
Annual interest rate | [1] | 12% | ||||||||||||||||||||
Promissory Note Payable Three [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Convertible notes payable | $ 1,460,794 | |||||||||||||||||||||
Accrued interest | 1,593,544 | |||||||||||||||||||||
Conversion of convertible securities | 3,054,338 | |||||||||||||||||||||
Notes payable | $ 3,054,338 | |||||||||||||||||||||
Purchase of warrants | 250,000,000 | |||||||||||||||||||||
Exercise price | $ 0.002 | |||||||||||||||||||||
Fair value | $ 550,000 | |||||||||||||||||||||
Debt instrument maturity date description | On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same | |||||||||||||||||||||
Total payments | $ 100,000 | $ 300,000 | ||||||||||||||||||||
Debt instrument, face amount | [2] | $ 2,754,338 | ||||||||||||||||||||
Annual interest rate | [2] | 12% | ||||||||||||||||||||
Promissory Note Payable Four [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Convertible notes payable | $ 103,180 | |||||||||||||||||||||
Accrued interest | 62,425 | |||||||||||||||||||||
Conversion of convertible securities | 165,605 | |||||||||||||||||||||
Notes payable | $ 165,605 | |||||||||||||||||||||
Purchase of warrants | 80,000,000 | |||||||||||||||||||||
Exercise price | $ 0.002 | |||||||||||||||||||||
Fair value | $ 176,000 | |||||||||||||||||||||
Debt instrument, face amount | [3] | $ 165,605 | ||||||||||||||||||||
Annual interest rate | [3] | 12% | ||||||||||||||||||||
Promissory Note Payable Five [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Convertible notes payable | $ 235,000 | |||||||||||||||||||||
Accrued interest | 75,375 | |||||||||||||||||||||
Conversion of convertible securities | 310,375 | |||||||||||||||||||||
Notes payable | $ 310,375 | |||||||||||||||||||||
Purchase of warrants | 25,000,000 | |||||||||||||||||||||
Exercise price | $ 0.002 | |||||||||||||||||||||
Fair value | $ 182,500 | |||||||||||||||||||||
Debt instrument, face amount | [4],[5] | $ 310,375 | ||||||||||||||||||||
Annual interest rate | [4],[5] | 12% | ||||||||||||||||||||
Promissory Note Payable Six [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 50,000,000 | |||||||||||||||||||||
Exercise price | $ 0.025 | |||||||||||||||||||||
Fair value | $ 271,250 | |||||||||||||||||||||
Debt instrument maturity date description | On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [6] | 350,000 | ||||||||||||||||||||
Prepaid expense | 350,000 | |||||||||||||||||||||
Original issue discount | $ 35,000 | |||||||||||||||||||||
WarrantsTerm | 3 years | |||||||||||||||||||||
Debt discount | $ 271,250 | |||||||||||||||||||||
Amortization of debt expense | 120,023 | |||||||||||||||||||||
Unamortized discount | $ 73,491 | |||||||||||||||||||||
Annual interest rate | [6] | 12% | ||||||||||||||||||||
Promissory Note Payable Seven [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Convertible notes payable | $ 9,200 | |||||||||||||||||||||
Accrued interest | 6,944 | |||||||||||||||||||||
Conversion of convertible securities | 16,144 | |||||||||||||||||||||
Notes payable | 25,000 | |||||||||||||||||||||
Debt instrument maturity date description | On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [7] | $ 25,000 | ||||||||||||||||||||
Annual interest rate | [7] | 12% | ||||||||||||||||||||
Promissory Note Payable Eight [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Convertible notes payable | $ 79,500 | |||||||||||||||||||||
Accrued interest | 28,925 | |||||||||||||||||||||
Conversion of convertible securities | 108,425 | |||||||||||||||||||||
Notes payable | 145,000 | |||||||||||||||||||||
Debt instrument maturity date description | On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [8] | $ 145,000 | ||||||||||||||||||||
Annual interest rate | [8] | 12% | ||||||||||||||||||||
Promissory Note Payable Nine [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 50,000,000 | |||||||||||||||||||||
Exercise price | $ 0.025 | |||||||||||||||||||||
Fair value | $ 380,174 | |||||||||||||||||||||
Debt instrument maturity date description | On November 28, 2023, the parties extended the maturity date from January 14, 2024 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [9] | 550,000 | ||||||||||||||||||||
Prepaid expense | 550,000 | |||||||||||||||||||||
Original issue discount | $ 250,000 | |||||||||||||||||||||
WarrantsTerm | 3 years | |||||||||||||||||||||
Debt discount | $ 380,174 | |||||||||||||||||||||
Amortization of debt expense | 148,493 | |||||||||||||||||||||
Unamortized discount | $ 90,443 | |||||||||||||||||||||
Annual interest rate | [9] | 12% | ||||||||||||||||||||
Promissory Note Payable Ten [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 100,000,000 | 50,000,000 | ||||||||||||||||||||
Exercise price | $ 0.135 | $ 0.0164 | ||||||||||||||||||||
Fair value | $ 1,342,857 | |||||||||||||||||||||
Debt instrument, face amount | [10] | 1,650,000 | ||||||||||||||||||||
Prepaid expense | 1,650,000 | |||||||||||||||||||||
Original issue discount | $ 150,000 | |||||||||||||||||||||
WarrantsTerm | 3 years | 3 years | ||||||||||||||||||||
Debt discount | $ 1,342,857 | |||||||||||||||||||||
Amortization of debt expense | 559,061 | |||||||||||||||||||||
Unamortized discount | $ 553,199 | |||||||||||||||||||||
Interest expenses | $ 950,000 | |||||||||||||||||||||
Annual interest rate | [10] | 12% | ||||||||||||||||||||
Promissory Note Payable Eleven [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Notes payable | $ 6,000,000 | |||||||||||||||||||||
Purchase of warrants | 300,000,000 | 150,000,000 | ||||||||||||||||||||
Exercise price | $ 0.135 | $ 0.0164 | ||||||||||||||||||||
Fair value | $ 4,749,005 | |||||||||||||||||||||
Debt instrument, face amount | [11] | 6,000,000 | ||||||||||||||||||||
Original issue discount | $ 600,000 | |||||||||||||||||||||
WarrantsTerm | 3 years | |||||||||||||||||||||
Debt discount | $ 4,749,005 | |||||||||||||||||||||
Interest expenses | $ 2,850,000 | |||||||||||||||||||||
Cash proceeds | $ 5,400,000 | |||||||||||||||||||||
Annual interest rate | [11] | 12% | ||||||||||||||||||||
Promissory Note Payable Thirty One [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
WarrantsTerm | 3 years | |||||||||||||||||||||
Promissory Note Payable Thirty One [Member] | Lender [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Loans payable | $ 350,000 | $ 350,000 | $ 350,000 | |||||||||||||||||||
Monthly payments | thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $477,750. | |||||||||||||||||||||
Promissory Note Payable Twelve [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 170,000,000 | 85,000,000 | ||||||||||||||||||||
Exercise price | $ 0.064 | $ 0.0164 | ||||||||||||||||||||
Fair value | $ 2,035,033 | |||||||||||||||||||||
Debt instrument, face amount | [12] | 2,750,000 | ||||||||||||||||||||
Original issue discount | $ 50,000 | |||||||||||||||||||||
WarrantsTerm | 3 years | 3 years | ||||||||||||||||||||
Debt discount | $ 2,035,033 | |||||||||||||||||||||
Amortization of debt expense | 756,550 | |||||||||||||||||||||
Unamortized discount | 37,668 | |||||||||||||||||||||
Interest expenses | $ 1,615,000 | |||||||||||||||||||||
Cash proceeds | $ 2,750,000 | |||||||||||||||||||||
Annual interest rate | [12] | 12% | ||||||||||||||||||||
Promissory Note Payable Thirteen [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt instrument, face amount | [13] | $ 3,776,360 | ||||||||||||||||||||
Prepaid expense | 4,000,160 | |||||||||||||||||||||
Repayment of notes | $ 108,000 | |||||||||||||||||||||
Annual interest rate | [13] | 7% | ||||||||||||||||||||
Promissory Note Payable Thirteen [Member] | Director [Member] | Series F Preferred Stock [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Conversion of convertible securities, shares | 184 | |||||||||||||||||||||
Promissory Note Payable Fourteen [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 250,000,000 | |||||||||||||||||||||
Exercise price | $ 0.037 | |||||||||||||||||||||
Fair value | $ 1,284,783 | |||||||||||||||||||||
Debt instrument, face amount | [14] | 1,650,000 | ||||||||||||||||||||
Prepaid expense | 1,650,000 | |||||||||||||||||||||
Original issue discount | $ 150,000 | |||||||||||||||||||||
WarrantsTerm | 3 years | |||||||||||||||||||||
Debt discount | $ 1,284,783 | |||||||||||||||||||||
Amortization of debt expense | 575,036 | |||||||||||||||||||||
Unamortized discount | $ 639,395 | |||||||||||||||||||||
Annual interest rate | [14] | 12% | ||||||||||||||||||||
Promissory Note Payable Fifteen [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt instrument maturity date description | On November 29, 2023, the parties extended the maturity date from July 28, 2023 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [15] | $ 170,000 | ||||||||||||||||||||
Prepaid expense | 170,000 | |||||||||||||||||||||
Original issue discount | 0 | |||||||||||||||||||||
Amortization of debt expense | 9,026 | |||||||||||||||||||||
Unamortized discount | $ 20,000 | |||||||||||||||||||||
Annual interest rate | [15] | 15% | ||||||||||||||||||||
Promissory Note Payable Sixteen [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Notes payable | $ 3,000,000 | |||||||||||||||||||||
Fair value | 2,960,500 | |||||||||||||||||||||
Debt instrument, face amount | [16] | 3,000,000 | ||||||||||||||||||||
Original issue discount | 11,535 | |||||||||||||||||||||
Debt discount | 39,500 | |||||||||||||||||||||
Amortization of debt expense | $ 19,333 | |||||||||||||||||||||
Warrants outstanding | 955,000,000 | |||||||||||||||||||||
Annual interest rate | [16] | 15% | ||||||||||||||||||||
Promissory Note Payable Seventeen [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt instrument maturity date description | On November 29, 2023, the parties extended the maturity date from September 7, 2023 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [17] | $ 400,000 | ||||||||||||||||||||
Prepaid expense | 400,000 | |||||||||||||||||||||
Original issue discount | 0 | |||||||||||||||||||||
Amortization of debt expense | 27,821 | |||||||||||||||||||||
Unamortized discount | $ 50,000 | |||||||||||||||||||||
Annual interest rate | [17] | 15% | ||||||||||||||||||||
Promissory Note Payable Eighteen [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt instrument maturity date description | On November 29, 2023, the parties extended the maturity date from September 8, 2023 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [18] | $ 475,000 | ||||||||||||||||||||
Prepaid expense | 475,000 | |||||||||||||||||||||
Original issue discount | 0 | |||||||||||||||||||||
Amortization of debt expense | 36,739 | |||||||||||||||||||||
Unamortized discount | $ 75,000 | |||||||||||||||||||||
Annual interest rate | [18] | 15% | ||||||||||||||||||||
Promissory Note Payable Nineteen [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Debt instrument maturity date description | On November 29, 2023, the parties extended the maturity date from October 13, 2023 to March 1, 2025 with all other terms and conditions remaining the same. | |||||||||||||||||||||
Debt instrument, face amount | [19] | $ 350,000 | ||||||||||||||||||||
Prepaid expense | 350,000 | |||||||||||||||||||||
Original issue discount | 0 | |||||||||||||||||||||
Amortization of debt expense | 32,910 | |||||||||||||||||||||
Unamortized discount | $ 50,000 | |||||||||||||||||||||
Annual interest rate | [19] | 15% | ||||||||||||||||||||
Promissory Note Payable Twenty [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Notes payable | $ 400,000 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | $ 4,000,000 | ||||||||||||||||||||
Unamortized discount | 500,000 | |||||||||||||||||||||
Cash proceeds | $ 350,000 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Series F Warrants [Member] | October 31, 2033 [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Lender [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Loans payable | $ 4,000,000 | |||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Lender [Member] | Series F Preferred Stock [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Shares issued | 329 | |||||||||||||||||||||
Promissory Note Payable Twenty [Member] | Lender [Member] | Warrant [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Shares issued | 1 | |||||||||||||||||||||
Promissory Note Payable Twenty One [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 299,399 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 11,950 | |||||||||||||||||||||
Unamortized discount | $ 336,074 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty One [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty One [Member] | Series F Preferred Shares [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Conversion of convertible securities, shares | 1 | |||||||||||||||||||||
Promissory Note Payable Twenty Two [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 299,750 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 11,799 | |||||||||||||||||||||
Unamortized discount | $ 336,639 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Two [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty Three [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 302,020 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 10,897 | |||||||||||||||||||||
Unamortized discount | $ 339,984 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Three [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty Four [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 299,959 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 12,025 | |||||||||||||||||||||
Unamortized discount | $ 335,790 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Four [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty Five [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 299,959 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 12,252 | |||||||||||||||||||||
Unamortized discount | $ 334,937 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Five [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty Six [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 299,959 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 11,790 | |||||||||||||||||||||
Unamortized discount | $ 336,636 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Six [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty Seven [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 296,245 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 11,015 | |||||||||||||||||||||
Unamortized discount | $ 335,230 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Seven [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty Eight [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 302,219 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 8,618 | |||||||||||||||||||||
Unamortized discount | $ 343,601 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Eight [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Twenty Nine [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 348,983 | |||||||||||||||||||||
Debt instrument, face amount | [20] | $ 400,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 174 | |||||||||||||||||||||
Unamortized discount | $ 398,809 | |||||||||||||||||||||
Annual interest rate | [20] | 15% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Twenty Nine [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Thirty [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Fair value | $ 261,759 | |||||||||||||||||||||
Debt instrument, face amount | [21] | $ 350,000 | ||||||||||||||||||||
Original issue discount | 50,000 | |||||||||||||||||||||
Amortization of debt expense | 8,661 | |||||||||||||||||||||
Unamortized discount | $ 303,098 | |||||||||||||||||||||
Annual interest rate | [21] | 35% | ||||||||||||||||||||
Loans payable | $ 400,000 | |||||||||||||||||||||
Promissory Note Payable Thirty [Member] | Series F Preferred Share Warrants [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Purchase of warrants | 61 | |||||||||||||||||||||
Promissory Note Payable Thirty [Member] | Lender [Member] | ||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||
Total payments | $ 477,750 | |||||||||||||||||||||
Annual interest rate | 35% | 35% | 35% | |||||||||||||||||||
Default rate | 15% | |||||||||||||||||||||
[1]This promissory note was issued as part of a debt settlement whereby $ 2,683,357 1,237,811 3,921,168 3,921,168 450,000,000 .002 990,000 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same This promissory note was issued as part of a debt settlement whereby $ 1,460,794 1,593,544 3,054,338 3,054,338 250,000,000 .002 550,000 100,000 300,000 2,754,338 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same 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 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 The note, with an original principal amount of $ 350,000 35,000 50,000,000 0.025 3 271,250 271,250 120,023 73,491 On November 28, 2023, the parties extended the maturity date from December 10, 2023 to March 1, 2025 with all other terms and conditions remaining the same. This promissory note was issued as part of a debt settlement whereby $ 9,200 6,944 16,144 25,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. 79,500 28,925 108,425 145,000 On November 28, 2023, the parties extended the maturity date from January 1, 2024 to March 1, 2025 with all other terms and conditions remaining the same. 550,000 250,000 50,000,000 0.025 3 380,174 380,174 148,493 90,443 On November 28, 2023, the parties extended the maturity date from January 14, 2024 to March 1, 2025 with all other terms and conditions remaining the same. 1,650,000 150,000 100,000,000 0.135 3 1,342,857 1,342,857 50,000,000 .0164 3 950,000 559,061 553,199 The unsecured note may be pre-payable at any time. Cash proceeds of $ 5,400,000 6,000,000 600,000 300,000,000 0.135 3 4,749,005 4,749,005 150,000,000 .0164 3 2,850,000 2,750,000 50,000 170,000,000 0.064 3 2,035,033 2,035,033 85,000,000 .0164 3 1,615,000 756,550 37,668 This loan, with an original principal balance of $ 4,000,160 184 108,000 1,650,000 150,000 250,000,000 0.037 3 1,284,783 1,284,783 575,036 639,395 170,000 20,000 9,026 0 On November 29, 2023, the parties extended the maturity date from July 28, 2023 to March 1, 2025 with all other terms and conditions remaining the same. 955,000,000 3,000,000 15 2,960,500 39,500 19,333 11,535 Original $ 400,000 50,000 27,821 0 On November 29, 2023, the parties extended the maturity date from September 7, 2023 to March 1, 2025 with all other terms and conditions remaining the same. Original $ 475,000 75,000 36,739 0 On November 29, 2023, the parties extended the maturity date from September 8, 2023 to March 1, 2025 with all other terms and conditions remaining the same. 350,000 50,000 32,910 0 On November 29, 2023, the parties extended the maturity date from October 13, 2023 to March 1, 2025 with all other terms and conditions remaining the same. On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 350,000 thirteen future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $ 477,750 35 15 |
SUMMARY OF PREFERRED STOCK WARR
SUMMARY OF PREFERRED STOCK WARRANT ACTIVITY (Details) - Series F Preferred Warrants [Member] - $ / shares | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Class of Stock [Line Items] | ||
Number of Series F Preferred Warrants, Outstanding Beginning balance | 695 | |
Weighted Average Exercise Price, Oustanding Beginng balance | $ 1 | |
Weighted Average Remaining Years, Outstanding | 10 years | |
Number of Series F Preferred Warrants, Outstanding Beginning balance | 244 | |
Weighted Average Exercise Price, Oustanding Beginng balance | $ 1 | |
Weighted Average Remaining Years, Issued | 10 years | |
Number of Series F Preferred Warrants, Outstanding Beginning balance | ||
Weighted Average Exercise Price, Oustanding Beginng balance | ||
Number of Series F Preferred Warrants, Outstanding Beginning balance | ||
Weighted Average Exercise Price, Oustanding Beginng balance | ||
Number of Series F Preferred Warrants, Outstanding Beginning balance | 939 | 695 |
Weighted Average Exercise Price, Oustanding Beginng balance | $ 1 | $ 1 |
Weighted Average Remaining Years, Outstanding | 9 years 6 months |
SUMMARY OF COMMON SHARES ISSUED
SUMMARY OF COMMON SHARES ISSUED, ISSUABLE AND OUTSTANDING (Details) - shares | Feb. 29, 2024 | Feb. 28, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Issued | 9,238,750,958 | 5,848,741,599 |
Common Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Issued | 9,238,750,958 | 5,836,641,599 |
Issued | 12,100,000 | |
Issued | 9,238,750,958 | 5,848,741,599 |
SUMMARY OF WARRANT AND STOCK OP
SUMMARY OF WARRANT AND STOCK OPTION ACTIVITY (Details) - $ / shares | 12 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2022 | ||
Equity [Abstract] | ||||
Number of Warrants, Outstanding, Beginning Balance | 314,217,451 | 1,216,845,661 | ||
Weighted Average Exercise Price, Outstanding | $ 0.114 | $ 0.06 | ||
Weighted Average Remaining Years, Outstanding | 1 year | 1 year 11 months 12 days | 2 years 4 months 17 days | |
Number of Warrants, Outstanding, Beginning Balance | [1] | 66,750,000 | ||
Weighted Average Exercise Price, Outstanding | [1] | $ 0.011 | ||
Weighted Average Remaining Years, Adjusted | [1] | 1 year 4 months 28 days | ||
Number of Warrants, Outstanding, Beginning Balance | 94,000,000 | |||
Weighted Average Exercise Price, Outstanding | $ 0.01 | |||
Weighted Average Remaining Years, Issued | 4 years 8 months 8 days | |||
Number of Warrants, Outstanding, Beginning Balance | (108,378,210) | |||
Weighted Average Exercise Price, Outstanding | $ (0.011) | |||
Weighted Average Remaining Years, Exercised | 2 years 5 months 8 days | |||
Number of Warrants, Outstanding, Beginning Balance | (13,621,790) | (955,000,000) | ||
Weighted Average Exercise Price, Outstanding | $ (0.01) | $ (0.008) | ||
Weighted Average Remaining Years, Forfieted and cancelled | 1 year 3 months 29 days | |||
Number of Warrants, Outstanding, Beginning Balance | 300,595,661 | 314,217,451 | 1,216,845,661 | |
Weighted Average Exercise Price, Outstanding | $ 0.003 | $ 0.114 | $ 0.06 | |
[1]Required dilution adjustment per warrant agreement |
SCHEDULE OF FAIR VALUE ASSUMPTI
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS (Details) | 12 Months Ended | ||
Aug. 09, 2022 shares | Feb. 29, 2024 shares | Feb. 28, 2023 shares | |
Exercise of warrant | 108,378,210 | ||
Warrant [Member] | |||
Exercise of warrant | 108,378,210 | ||
Stock issued at exercise of warrant | 45,306,557 | ||
Measurement Input Common Stock Fair Value [Member] | |||
Warrants measurement input | 0.012 | ||
Measurement Input, Expected Dividend Rate [Member] | |||
Warrants measurement input | 0 | ||
Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants measurement input | 2.98 | ||
Measurement Input, Expected Term [Member] | |||
Measurement input | 5 years | ||
Minimum [Member] | Measurement Input, Share Price [Member] | |||
Warrants measurement input | 0.008 | ||
Minimum [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants measurement input | 88.2 | ||
Maximum [Member] | Measurement Input, Share Price [Member] | |||
Warrants measurement input | 0.01 | ||
Maximum [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants measurement input | 90 |
SCHEDULE OF COMMON STOCK OPTION
SCHEDULE OF COMMON STOCK OPTION ACTIVITY ASSUMPTIONS (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Strike price | $ 0.02 | $ 0.02 |
Fair value of Company's common stock | $ 0.0052 | $ 0.01 |
Dividend yield | 0% | 0% |
Expected volatility | 320.50% | 340.90% |
Risk free interest rate | 4.29% | 3.39% |
Expected term (years) | 4 years 6 months | 4 years 6 months |
SUMMARY OF COMMON STOCK OPTION
SUMMARY OF COMMON STOCK OPTION ACTIVITY (Details) - Warrant [Member] - $ / shares | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants, Outstanding, Beginning Balance | 95,725,000 | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 0.02 | |
Weighted Average Remaining Years, Outstanding, (in years) | 4 years 9 months | |
Number of Warrants, Outstanding, Beginning Balance | 114,217,035 | 100,000,000 |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 0.02 | $ 0.02 |
Weighted Average Remaining Years, Issued (in years) | 4 years 9 months | 4 years 9 months |
Number of Warrants, Outstanding, Beginning Balance | ||
Weighted Average Exercise Price, Outstanding Beginning Balance | ||
Weighted Average Remaining Years, Exercised (in years) | ||
Number of Warrants, Outstanding, Beginning Balance | (21,275,000) | (4,275,000) |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 0.02 | $ 0.02 |
Weighted Average Remaining Years, Forfeited, extinguished and cancelled (in years) | 4 years | 4 years 9 months |
Number of Warrants, Outstanding, Beginning Balance | 188,667,035 | 95,725,000 |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 0.02 | $ 0.02 |
Weighted Average Remaining Years, Outstanding, (in years) | 4 years 1 month 6 days | 4 years 9 months |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($) | 12 Months Ended | |||||||||||||||||||||||||
Jan. 27, 2024 | Sep. 01, 2023 | Feb. 28, 2023 | Sep. 01, 2022 | Aug. 30, 2022 | Aug. 11, 2022 | Apr. 09, 2021 | Feb. 29, 2024 | Feb. 28, 2023 | May 15, 2024 | May 14, 2024 | Apr. 30, 2024 | Apr. 27, 2024 | Mar. 22, 2024 | Mar. 21, 2024 | Aug. 30, 2023 | Aug. 29, 2023 | Mar. 19, 2023 | Mar. 18, 2023 | Oct. 28, 2022 | Aug. 09, 2022 | Jul. 08, 2022 | Jul. 07, 2022 | Apr. 14, 2021 | Mar. 01, 2021 | ||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 15,535,000 | 15,535,000 | 15,535,000 | |||||||||||||||||||||||
Cumulative dividend payable percentage | 8% | 8% | 8% | |||||||||||||||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||||||||||||||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||||||||||||||||||||
Number of stock issuable | $ 10,825,895 | $ 7,771,169 | ||||||||||||||||||||||||
Common stock, authorized | 15,000,000,000 | 15,000,000,000 | 15,000,000,000 | |||||||||||||||||||||||
Payments of stock issuance costs | $ 457,060 | $ 447,858 | ||||||||||||||||||||||||
Warrant issued | 47,000,000 | |||||||||||||||||||||||||
Stock issued during period, value, issued for services | 44,460 | 118,500 | ||||||||||||||||||||||||
Allocated share based compensaction | 1,521,000 | 499,500 | ||||||||||||||||||||||||
Share based compensation | 1,793,599 | $ 740,050 | ||||||||||||||||||||||||
Class of warrant outstanding | 2,960,500 | |||||||||||||||||||||||||
Fair value of warrant | $ 393,949 | |||||||||||||||||||||||||
Options Held [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Share based compensaction | 4,275,000 | |||||||||||||||||||||||||
Incentive Compensation Plan [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Allocated share based compensaction | 1,521,000 | $ 499,500 | ||||||||||||||||||||||||
Share based compensation | 499,500 | 479,000 | ||||||||||||||||||||||||
Twenty Twenty One Plan [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Description of plan | 200,000,000 | |||||||||||||||||||||||||
Description of plan | On August 11, 2022 the Company amended the 2021 Plan increasing the maximum number of shares applicable to the 2021 Plan from 5,000,000 to 100,000,000. On August 14, 2023 the Company further amended the plan increasing the maximum shares to 200,000,000. | |||||||||||||||||||||||||
Incentives Compensation Plan [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Description of plan | the Company as an addition to the afore-mentioned Incentive Stock Option Plan issued 114,217,035 shares to 48 employees. The shares were issued with an exercise price of $0.02, vest after 4 years with a 5 year term having a fair value of $593,929 | the Company as part of the afore-mentioned Incentive Stock Option Plan issued 100,000,000 shares to 64 employees. The shares were issued with an exercise price of $0.02, vest after 4 years with a 5 year term having a fair value of $1,020,000 | ||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Allocated share based compensaction | 0 | 0 | ||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Allocated share based compensaction | $ 240,550 | $ 272,559 | ||||||||||||||||||||||||
Strike price | $ 0.02 | $ 0.02 | $ 0.02 | |||||||||||||||||||||||
Fair value of Company's common stock | $ 0.01 | $ 0.0052 | $ 0.01 | |||||||||||||||||||||||
Dividend yield | 0% | 0% | ||||||||||||||||||||||||
Expected volatility | 320.50% | 340.90% | ||||||||||||||||||||||||
Risk free interest rate | 4.29% | 3.39% | ||||||||||||||||||||||||
Expected term (years) | 4 years 6 months | 4 years 6 months | ||||||||||||||||||||||||
Warrant One [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price | $ 0.01 | |||||||||||||||||||||||||
Warrant 2 [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Warrant exercise price | $ 0.008 | |||||||||||||||||||||||||
Employee Stock Option One [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option granted | 10,000,000 | |||||||||||||||||||||||||
Stock option granted, exercise price | $ 0.15 | |||||||||||||||||||||||||
Strike price | $ 0.30 | |||||||||||||||||||||||||
Employee Stock Option Two [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option granted | 30,000,000 | |||||||||||||||||||||||||
Stock option granted, exercise price | $ 0.25 | |||||||||||||||||||||||||
Strike price | $ 0.50 | |||||||||||||||||||||||||
Share-Based Payment Arrangement [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Allocated share based compensaction | $ 69,350 | $ 122,050 | ||||||||||||||||||||||||
Incentives Compensation Plan [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option granted | 114,217,035 | 100,000,000 | ||||||||||||||||||||||||
Stock option granted, exercise price | $ 0.02 | $ 0.02 | ||||||||||||||||||||||||
Fair value stock option amount | $ 593,929 | $ 1,020,000 | ||||||||||||||||||||||||
2023 Plan [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option | 74,241 | |||||||||||||||||||||||||
Twenty Twenty Two Plan [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option | 198,357 | |||||||||||||||||||||||||
Share based compensation | $ 272,599 | |||||||||||||||||||||||||
Twenty Twenty One Plan [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option employee plan forfeiture | 21,275,000 | |||||||||||||||||||||||||
Promissory Note Payable Twenty [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Interest rate, percentage | [1] | 15% | ||||||||||||||||||||||||
Debt discount | $ 4,000,000 | $ 50,000 | ||||||||||||||||||||||||
Promissory Note [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Warrant converted amount | $ 3,000,000 | |||||||||||||||||||||||||
Interest rate, percentage | 15% | |||||||||||||||||||||||||
Debt discount | $ 39,500 | |||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Common stock, authorized | 15,000,000,000 | 12,500,000,000 | ||||||||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock issued during period value conversion of units | $ 1,200 | |||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option | 955,000,000 | 108,378,210 | ||||||||||||||||||||||||
Warrant issued | 45,306,557 | 45,306,557 | ||||||||||||||||||||||||
Shares expired | (21,275,000) | (4,275,000) | ||||||||||||||||||||||||
Stock option granted | 114,217,035 | 100,000,000 | ||||||||||||||||||||||||
Stock option granted, exercise price | $ 0.02 | $ 0.02 | ||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option | 3,383,509,359 | 1,057,841,576 | ||||||||||||||||||||||||
Number of stock issuable | $ 33,834 | $ 10,579 | ||||||||||||||||||||||||
Common stock, authorized | 12,500,000,000 | 10,000,000,000 | 10,000,000,000 | 7,225,000,000 | 7,225,000,000 | 6,000,000,000 | 6,000,000,000 | 5,000,000,000 | ||||||||||||||||||
Proceeds from issuance of common stock | 821,027 | 821,027 | ||||||||||||||||||||||||
Net proceeds from issuance of common stock | 11,282,955 | 7,771,169 | ||||||||||||||||||||||||
Payments of stock issuance costs | 457,060 | $ 447,858 | ||||||||||||||||||||||||
Stock redeemed or called during period, shares | 17,116,894 | |||||||||||||||||||||||||
Stock issued during period, value, issued for services | $ 65 | $ 100 | ||||||||||||||||||||||||
Common Stock [Member] | Lender [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Description of plan | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||
Common Stock [Member] | Investor [Member] | Purchase Agreement [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option | 6,500,000 | 17,500,000 | ||||||||||||||||||||||||
Number of stock issuable | $ 44,460 | |||||||||||||||||||||||||
Shares expired | 13,621,790 | |||||||||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 20,000,000 | |||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | |||||||||||||||||||||||||
Series B Convertible Redeemable Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 5,000 | 5,000 | ||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | |||||||||||||||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 4,350,000 | 4,350,000 | 4,350,000 | |||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Preferred stock, shares outstanding | 3,350,000 | 3,350,000 | 3,350,000 | |||||||||||||||||||||||
Preferred stock, shares issued | 3,350,000 | 3,350,000 | 3,350,000 | |||||||||||||||||||||||
Series E Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 4,350,000 | |||||||||||||||||||||||||
Preferred stock, shares outstanding | 3,350,000 | |||||||||||||||||||||||||
Number of stock issuable | ||||||||||||||||||||||||||
Stock issued during period, value, issued for services | ||||||||||||||||||||||||||
Series F Convertible Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 4,350 | |||||||||||||||||||||||||
Preferred stock, par value | $ 1 | |||||||||||||||||||||||||
Preferred stock, shares outstanding | 2,533 | |||||||||||||||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||||||||||||||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||||||||||||||||||||
Series G Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 100,000 | |||||||||||||||||||||||||
Preferred stock, par value | $ 1,000 | |||||||||||||||||||||||||
Preferred stock, shares outstanding | 0 | |||||||||||||||||||||||||
Number of stock issuable | ||||||||||||||||||||||||||
Stock issued during period, value, issued for services | ||||||||||||||||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 10,000 | 10,000 | 10,000 | |||||||||||||||||||||||
Preferred stock, par value | $ 1 | $ 1 | $ 1 | |||||||||||||||||||||||
Preferred stock, shares outstanding | 2,533 | 2,533 | 2,533 | |||||||||||||||||||||||
Preferred stock, shares issued | 2,533 | 2,533 | 2,533 | |||||||||||||||||||||||
Number of stock converted from warrant to debt, shares | 1 | |||||||||||||||||||||||||
Description of plan | 40 | |||||||||||||||||||||||||
Warrant issued | 367 | |||||||||||||||||||||||||
Series F Preferred Stock [Member] | Lender [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares issued | 366 | 366 | ||||||||||||||||||||||||
Series F Preferred Stock [Member] | Lender [Member] | Promissory Note Payable Twenty [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Description of plan | 329 | |||||||||||||||||||||||||
Series F Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Number of stock issuable | ||||||||||||||||||||||||||
Stock issued during period, value, issued for services | ||||||||||||||||||||||||||
Series F Preferred Stock [Member] | Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares authorized | 10,000 | |||||||||||||||||||||||||
Series F Preferred Stock [Member] | Warrant [Member] | Lender [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares issued | 244 | |||||||||||||||||||||||||
Unissued Series F Preferred Stock [Member] | ||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||
Stock option | 46 | |||||||||||||||||||||||||
Number of stock issuable | $ 99,086 | |||||||||||||||||||||||||
Loan facility | $ 4,000,000 | |||||||||||||||||||||||||
[1] On October 28, 2022 the Company entered into an loan facility with a lender for up to $ 4,000,000 500,000 one 329 400,000 350,000 50,000 61 4,000,000 |
SCHEDULE OF MATURITY OF OPERATI
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
2025 | $ 237,653 | |
2026 | 225,348 | |
2027 | 223,866 | |
2028 | 207,558 | |
2029 | 207,558 | |
2030 and after | 449,709 | |
Total lease payments | 1,551,692 | |
Less: Interest | (424,679) | |
Present value of lease liabilities | $ 1,127,013 | $ 1,199,211 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 12 Months Ended | |||||
Feb. 05, 2024 | Jan. 28, 2022 | Sep. 30, 2021 | Mar. 10, 2021 | Feb. 29, 2024 | Feb. 28, 2023 | |
Product Liability Contingency [Line Items] | ||||||
Minimum base rent | $ 260,406 | $ 260,271 | ||||
Security deposit | 15,880 | 21,239 | ||||
Rent expense and operating lease cost | $ 260,406 | $ 260,271 | ||||
10 Years Lease Agreement [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Description of operating lease | 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 with a minimum base rent of $15,880 per month. | |||||
10 Years Lease Agreement [Member] | Ferndale, Michigan [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Minimum base rent | $ 15,880 | |||||
Security deposit | $ 15,880 | |||||
3-Years Lease Agreement [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Description of operating lease | On February 5, 2024, the Company entered into a 3-year lease agreement for a vehicle commencing February 5, 2024 through to February 5, 2027 | On September 30, 2021, the Company entered into a 3-year lease agreement for a vehicle commencing September 30, 2021 through to September 30, 2024 | ||||
Minimum base rent | $ 1,223 | $ 1,538 | ||||
Rental down payment | $ 9,357 | $ 18,462 | ||||
2-Years Lease Agreement [Member] | Santa Ana, California [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Description of operating lease | 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 | |||||
Minimum base rent | $ 1,500 | |||||
Security deposit | $ 1,500 |
SCHEDULE OF NET INCOME (LOSS) P
SCHEDULE OF NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Earnings Per Share [Abstract] | ||
Net income (loss) available to common shareholders | $ (20,708,716) | $ (18,109,457) |
Add: interest expense on convertible debt | 47,075 | |
Add (less) loss (gain) on change of derivative liabilities | (3,595) | |
Net income (loss) adjusted for common stock equivalents | $ (20,708,716) | $ (18,065,977) |
Weighted average shares - basic | 7,080,914,317 | 5,091,857,082 |
Net income (loss) per share – basic | $ 0 | $ 0 |
Weighted average shares – diluted | 7,080,914,317 | 5,091,857,082 |
Net income (loss) per share – diluted | $ 0 | $ 0 |
SCHEDULE OF ANTI-DILUTIVE SHARE
SCHEDULE OF ANTI-DILUTIVE SHARES OF COMMON STOCK EQUIVALENTS (Details) - shares | 12 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares of common stock | 32,362,953,501 | 496,942,251 | |
Convertible Class F Preferred Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares of common stock | [1] | 31,873,690,805 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares of common stock | 489,262,696 | 496,942,251 | |
Convertible Series F Preferred Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares of common stock | 20,178,158,517 | ||
[1]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 February 29, 2024 and February 28, 2023 the dilutive effects would be as follows: |
SCHEDULE OF INCOME TAX EXPENSES
SCHEDULE OF INCOME TAX EXPENSES (BENEFIT) (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | ||
Total current | ||
Total deferred | ||
Total |
SCHEDULE OF EXPECTED STATUTORY
SCHEDULE OF EXPECTED STATUTORY FEDERAL INCOME TAX PROVISION (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | $ (4,349,000) | $ (3,803,000) |
State income tax benefit, net of federal benefit | (994,000) | (859,400) |
Non deductible interest | 501,000 | 415,800 |
Non deductible stock based compensation | 377,000 | 155,400 |
Change in valuation allowance | 4,465,000 | 4,091,200 |
Total |
SCHEDULE OF COMPONENTS OF DEFER
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Feb. 29, 2024 | Feb. 28, 2023 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 17,116,115 | $ 12,651,115 |
Depreciation | ||
Deferred revenue | ||
Total deferred tax liabilities | ||
Less valuation allowance | (17,116,115) | (12,651,115) |
Net deferred tax assets (liabilities) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax statutory rate | 21% | 21% |
Net operating loss carryforward | $ 61,973,800 | $ 44,448,800 |
Operating loss carryforwards expiration | 2030 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 2 Months Ended | 12 Months Ended | |||||||
May 23, 2024 | Apr. 29, 2024 | Mar. 08, 2024 | May 09, 2024 | Feb. 29, 2024 | Feb. 28, 2023 | May 15, 2024 | May 14, 2024 | Mar. 12, 2024 | |
Subsequent Event [Line Items] | |||||||||
Issuance cost of shares | $ 457,060 | $ 447,858 | |||||||
Common stock, shares authorized | 15,000,000,000 | 15,000,000,000 | |||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, shares authorized | 15,000,000,000 | 12,500,000,000 | |||||||
Subsequent Event [Member] | Promissory Note Payable Thirteen [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt conversion original debt | $ 350,000 | ||||||||
Debt instrument periodic payment | 36,750 | ||||||||
Debt instrument annual principal payment | $ 477,750 | ||||||||
Interest rate | 35% | ||||||||
Default rate | 15% | ||||||||
Subsequent Event [Member] | Share Purchase Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock issued during period shares new issues | 375,000,000 | 705,166,425 | |||||||
Gross proceeds | $ 1,500,000 | $ 1,298,639 | |||||||
Issuance cost of shares | 61,025 | 55,021 | |||||||
Cash proceeds | $ 1,438,975 | $ 1,243,618 | |||||||
Common stock, shares authorized | 2,500,000,000 | ||||||||
Subsequent Event [Member] | Share Purchase Agreement [Member] | Minimum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, shares authorized | 10,000,000 | ||||||||
Subsequent Event [Member] | Share Purchase Agreement [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, shares authorized | 12,500,000 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Redeemable Preferred Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock issued during period shares new issues | 20 | ||||||||
Shares issued | 300 | ||||||||
Fee income | $ 300,000 | ||||||||
Legal fees | $ 10,000 | ||||||||
Preferred stock redemption price per share | $ 1,200 | ||||||||
Convertible preferred stock terms of conversion | The Company must redeem one third of these shares or 106 2/3 for $108,000 in 30, days and each 30 days thereafter until all the shares are redeemed at 90 days. | ||||||||
Preferred stock dividend rate percentage | 8% |
OTHER SUBSEQUENT EVENTS (Detail
OTHER SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 2 Months Ended | 12 Months Ended | |||||
May 23, 2024 | May 09, 2024 | Feb. 29, 2024 | Feb. 28, 2023 | May 15, 2024 | May 14, 2024 | Mar. 12, 2024 | |
Subsequent Event [Line Items] | |||||||
Common stock, shares authorized | 15,000,000,000 | 15,000,000,000 | |||||
Issuance cost of shares | $ 457,060 | $ 447,858 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, shares authorized | 15,000,000,000 | 12,500,000,000 | |||||
Subsequent Event [Member] | Share Purchase Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, shares authorized | 2,500,000,000 | ||||||
Issuance of shares, net of issuance costs (in shares) | 375,000,000 | 705,166,425 | |||||
Gross proceeds | $ 1,500,000 | $ 1,298,639 | |||||
Issuance cost of shares | 61,025 | 55,021 | |||||
Cash proceeds | $ 1,438,975 | $ 1,243,618 |