Due to related parties | 5. Due to Related Parties a) On March 24, 2021, the Company entered into a promissory note with the Chief Executive Officer (“CEO”) of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 24, 2022. As at August 31, 2024 , the outstanding principal is $10,000 ( February 29, 2024 – $10,000) and the Company has recognized accrued interest of $3,441 ( February 29, 2024 – $2,963), which is included in due to related parties. b) On September 7, 2021, the Company entered into a promissory note with the CEO of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 7, 2022. As at August 31, 2024 , the outstanding principal is $10,000 ( February 29, 2024 – $10,000) and the Company has recognized accrued interest of $2,984 ( February 29, 2024 – $2,479) which is included in due to related parties. c) On February 11, 2022, the Company entered into a promissory note with the CEO of the Company for $20,000, which is unsecured, bears interest of 10% per annum and matured on February 11, 2023. As at August 31, 2024 , the outstanding principal is $20,000 ( February 29, 2024 – $20,000) and the Company has recognized accrued interest of $5,107 ( February 29, 2024 – $4,099), which is included in due to related parties. d) On April 14, 2021, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $26,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at August 31, 2024 , the outstanding principal is $26,000 ( February 29, 2024 – $26,000) and the Company has recognized accrued interest of $8,797 ( February 29, 2024 – $7,487), which is included in due to related parties. e) On February 11, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $130,000, which is unsecured, bears interest of 10% per annum and matures on February 11, 2023. As at August 31, 2024 , the outstanding principal is $130,000 ( February 29, 2024 – $130,000) and the Company has recognized accrued interest of $33,195 ( February 29, 2024 – $26,641), which is included in due to related parties. f) During the year ended February 28, 2022, a third-party lender purchased a promissory note from a company controlled by a significant shareholder of the Company in the amount of $15,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at August 31, 2024, the outstanding principal is $15,000 (February 29, 2024 – $15,000) and the Company has recognized accrued interest of $5,075 (February 29, 2024 – $4,319), which is included in due to related parties. g) On May 2, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $25,000, which is unsecured, bears interest of 10% per annum and matured on March 2, 2023. As at August 31, 2024, the outstanding principal is $25,000 (February 29, 2024 – $25,000) and the Company has recognized accrued interest of $5,836 (February 29, 2024 – $4,575), which is included in due to related parties. h) On September 9, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $15,000, which is unsecured, bears interest of 10% per annum and matured on September 9, 2023. As at August 31, 2024, the outstanding principal is $15,000 (February 29, 2024 – $15,000) and the Company has recognized accrued interest of $2,967 (February 29, 2024 – $2,211), which is included in due to related parties. i) As at August 31, 2024, the Company owes a total of $614 (February 29, 2024 – $nil) to officers of the Company for advances, which are unsecured, non-interest bearing and due on demand. j) During the six months ended August 31, 2024, the Company incurred salary expenses of $53,432 (R986,516) (2023 – $57,434 (R1,604,887)) to the CEO of the Company. k) During the six months ended August 31, 2024, the Company incurred directors’ fees of 50,000 (2023 – $40,000) to a Director of the Company pursuant to a Director Agreement (Note 10(b)). l) During the six months ended August 31, 2024, the Company incurred directors’ fees of $2,437 (R45,000) (2023 – $nil) to a Director of the Company. m) During the six months ended August 31, 2024, the Company incurred management fees of $116,664 (2023 - $nil) to the Chief Operating Officer (“COO”) and Director of the Company pursuant to a Director and Officer Agreement (Note 10(c)). |