Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May 31, 2022 | Aug. 04, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | better for you wellness, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --02-28 | |
Entity Common Stock, Shares Outstanding | 385,198,451 | |
Amendment Flag | false | |
Entity Central Index Key | 0001852707 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | May 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-56262 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 87-2903933 | |
Entity Address, Address Line One | 1349 East Broad Street | |
Entity Address, City or Town | Columbus | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43205 | |
City Area Code | (614) | |
Local Phone Number | 368-9898 | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | May 31, 2022 | Feb. 28, 2022 |
ASSETS | ||
Cash | $ 2,695 | $ 9,719 |
Inventory | 7,037 | 13,106 |
Total Current Assets | 9,732 | 22,825 |
Equipment, net depreciation | 607 | 731 |
TOTAL ASSETS | 10,338 | 23,555 |
CURRENT LIABILITIES | ||
Loans to company – related party | 306,738 | 305,666 |
Convertible note payable, net accumulated interest | 315,063 | |
Loans payable, other | 5,385 | |
Stock Warrant liability | 36,366 | |
Other current liabilities | 119 | 11,150 |
Accrued Expenses | 16,217 | 172,933 |
TOTAL LIABILITIES | 674,503 | 495,133 |
Stockholders’ Equity (Deficit) | ||
Preferred stock ($.0001 par value, 200,000,000 shares authorized; 700,000 issued and outstanding as of May 31, 2022 and February 28, 2022) | 70 | 70 |
Common stock ($.0001 par value, 500,000,000 shares authorized, 380,108,169 and 370,747,042issued and outstanding as of May 31, 2022 and February 28, 2022, respectively) | 38,011 | 37,075 |
Shares Cancelable | (250,000) | |
Additional paid-in capital | 2,419,264 | 1,485,364 |
Noncontrolling interest | 4,358 | |
Accumulated deficit | (3,121,510) | (1,748,445) |
Total Stockholders’ Equity (Deficit) | (664,165) | (471,578) |
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT) | $ 10,338 | $ 23,555 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares | May 31, 2022 | Feb. 28, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 700,000 | 700,000 |
Preferred stock, shares outstanding | 700,000 | 700,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 380,108,169 | 370,747,042 |
Common stock, shares outstanding | 380,108,169 | 370,747,042 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | ||
Merchandise Sales | 13,087 | 19,455 |
Cost of Goods Sold | 10,268 | 7,230 |
Gross Profit | 2,819 | 12,226 |
Operating Expenses: | ||
Selling, general and administrative expenses | 240,576 | 23,692 |
Impairment expense | 577,473 | |
Share-based expense | 516,407 | 70,000 |
Total operating expenses | 1,334,455 | 93,692 |
Other Income | ||
Other income | 10 | |
Stock warrant expense | (36,366) | |
Other expense | (5,063) | (21) |
Total other income(expense) | (41,429) | (11) |
Net loss | $ (1,373,066) | $ (81,477) |
Basic and Diluted net loss per common share (in Dollars per share) | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and Diluted (in Shares) | 363,657,794 | 195,652,174 |
Consolidated Statement of Ope_2
Consolidated Statement of Operations (Parentheticals) - $ / shares | 3 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Income Statement [Abstract] | ||
Basic and Diluted net loss per common share | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and Diluted | 363,657,794 | 195,652,174 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders’ Equity (Deficit) - USD ($) | Common Shares | Series A Preferred Shares | Additional Paid-in Capital | Shares Cancelable | Noncontrolling Interest | Accumulated Deficit | Total |
Balances at Feb. 28, 2021 | $ 1,185 | $ (57,150) | $ (55,965) | ||||
Balances (in Shares) at Feb. 28, 2021 | |||||||
Common shares issued after reorganization | $ 36,000 | (36,000) | |||||
Common shares issued after reorganization (in Shares) | 359,996,332 | ||||||
Series A preferred shares issued after reorganization | $ 700 | 69,930 | 70,000 | ||||
Series A preferred shares issued after reorganization (in Shares) | 700,000 | ||||||
Expenses paid on behalf of the Company and contributed to capital | 3,951 | 3,951 | |||||
Noncontrolling interest | 20,768 | 20,768 | |||||
Net loss | (81,477) | (81,477) | |||||
Balances at May. 31, 2021 | $ 36,000 | $ 700 | 39,066 | 20,768 | (138,627) | (42,723) | |
Balances (in Shares) at May. 31, 2021 | 359,996,332 | 700,000 | |||||
Balances at Feb. 28, 2022 | $ 37,075 | $ 70 | 1,485,364 | $ (250,000) | 4,358 | (1,748,445) | (471,578) |
Balances (in Shares) at Feb. 28, 2022 | 370,747,042 | 700,000 | |||||
Common shares canceled and returned to the Company | $ (705) | (249,295) | 250,000 | ||||
Common shares canceled and returned to the Company (in Shares) | (7,048,873) | ||||||
Common shares issued for shares payable | $ 33 | (33) | |||||
Common shares issued for shares payable (in Shares) | 325,000 | ||||||
Common shares issued for services | $ 509 | 253,742 | 254,250 | ||||
Common shares issued for services (in Shares) | 5,085,000 | ||||||
Common shares issued for purchase of subsidiary | $ 1,100 | 576,373 | 577,473 | ||||
Common shares issued for purchase of subsidiary (in Shares) | 11,000,000 | ||||||
Stock option expense | 262,157 | 262,157 | |||||
Expenses paid on behalf of the Company and contributed to capital | 90,956 | 90,956 | |||||
Noncontrolling interest | (4,358) | ||||||
Net loss | (1,373,066) | (1,373,066) | |||||
Balances at May. 31, 2022 | $ 38,011 | $ 70 | $ 2,419,264 | $ (3,121,510) | $ (664,165) | ||
Balances (in Shares) at May. 31, 2022 | 380,108,169 | 700,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 3 Months Ended | |
May 31, 2022 | May 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,373,066) | $ (81,477) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Common stock issued | 254,250 | |
Preferred stock issued | 70,000 | |
Impairment expense | 577,473 | |
Warrant expense | 36,366 | |
Stock options expense | 262,157 | |
Amortized interest | 5,063 | |
Changes in current assets and liabilities: | ||
Accrued expenses | (156,716) | (2,630) |
Notes payable | (5,385) | (15,039) |
Stock warrant liability | 89,286 | |
Other current liabilities | (10,893) | 32 |
Net cash used in operating activities | (404,695) | (30,358) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Convertible note payable | 310,000 | |
Noncontrolling interest | (4,358) | 20,768 |
Expenses contributed to capital | 90,956 | 3,951 |
Loan to company – related party | 1,072 | |
Net cash provided by financing activities | 397,671 | 24,719 |
Net change in cash | (7,024) | (5,640) |
Beginning cash balance | 9,719 | 8,348 |
Ending cash balance | 2,695 | 2,708 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
May 31, 2022 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Note 1 - Organization and Description of Business Better For You Wellness, Inc. was originally incorporated with the name Fast Track Solutions, Inc. in the State of Nevada on December 1, 2020. On April 26, 2021, the Company entered into an “Agreement and Plan of Merger”, whereas it agreed to, and subsequently participated in, a Nevada holding company reorganization pursuant to NRS 92A.180, NRS 92A.200, NRS 92A.230 and NRS 92A.250 (“Reorganization”). The constituent corporations in the Reorganization were Sauer Energy, Inc. (“SENY” or “Predecessor”), Fast Track Solutions, Inc. (“Successor”), and Fast Track Merger Sub, Inc. (“Merger Sub”). Our former director, Jeffrey DeNunzio, was the sole director/officer of each constituent corporation in the Reorganization. Fast Track Solutions, Inc. issued 1,000 common shares of its common stock to Predecessor and Merger Sub issued 1,000 shares of its common stock to Fast Track Solutions, Inc. immediately prior to the Reorganization. As such, immediately prior to the merger, Fast Track Solutions, Inc. became a wholly owned direct subsidiary of Sauer Energy, Inc. and Merger Sub became a wholly owned and direct subsidiary of Fast Track Solutions, Inc. Pursuant to the above, on April 26, 2021, Sauer Energy, Inc. filed Articles of Merger with the Nevada Secretary of State. The merger became effective on May 5, 2021, at 4:00 PM EST (“Effective Time”). At the Effective Time, Predecessor was merged with and into Merger Sub (the “Merger), and Predecessor became the surviving corporation. Each share of Predecessor common stock issued and outstanding immediately prior to the Effective Time was converted into one validly issued, fully paid and non-assessable share of Fast Track Solutions, Inc.’s (“Successors”) common stock. Fast Track Solutions, Inc., as successor issuer to Sauer Energy, Inc., continued to trade in the OTC MarketPlace under the previous ticker symbol “SENY” until the new ticker symbol “FTRK” for the Company was released into the OTC MarketPlace on May 6, 2021. The Company was given a new CUSIP Number by CUSIP Global Services for its common stock of 31188W108. The Company believes that the Reorganization, deemed effective on May 5, 2021, was not a transaction of the type described in subparagraph (a) of Rule 145 under the Securities Act of 1933 and the consummation of the Reorganization will not be deemed to involve an “offer”, “offer to sell”, “offer for sale” or “sale” within the meaning of Section 2(3) of the Securities Act of 1933. The Reorganization was consummated without the vote or consent of the Company’s stockholders. In addition, the provisions of NRS 92A.180 did not provide a stockholder of the Company with appraisal rights in connection with the Reorganization. The Company believes that in the absence of any right of any of the Company’s stockholders to vote with respect to the Reorganization or to insist that their shares be purchased for fair value, the Reorganization could not be deemed to involve an “offer” “offer to sell”; or “sale” within the meaning of Section 2(3) of the Securities Act of 1933.” On May 5, 2021, after the completion of the Holding Company Reorganization, we canceled all of the stock we held in Sauer Energy, Inc., resulting in Sauer Energy, Inc. as a stand-alone company. Pursuant to the holding company merger agreement and effects of merger, all of the assets and liabilities, if any, remain with Sauer Energy, Inc. after the Reorganization. Jeffrey DeNunzio, the Director of Sauer Energy, Inc., did not discover any assets of Sauer Energy, Inc. from the time he was appointed Director until the completion of the Reorganization and subsequent separation of Sauer Energy, Inc. as a stand-alone company. Given that the former business plan and objectives of Sauer Energy, Inc. and the business plan and objectives of Fast Track Solutions, Inc. substantially differed from one another, we conducted the corporate separation with Sauer Energy, Inc. immediately after the effective time of the Reorganization in order to avoid any shareholder confusion. The former business plan of Sauer Energy, Inc. (the development and marketing of wind powered electric generators) under the leadership of its former directors, did not, in any way, represent the blank check business plan of Fast Track Solutions, Inc. at that time, and thus it is the belief of the Company that the corporate separation ameliorated shareholder confusion about our identity and/or corporate objectives. It is our belief that Sauer Energy was a shell company at the time of the Reorganization. The corporate actions taken by the Company, including, but not limited to, the corporate structuring of the transactions, was deemed, in the discretion of our sole director, to be for the benefit of the corporation and its shareholders. Former shareholders of Sauer Energy, Inc. were then the shareholders of Fast Track Solutions, Inc. and had the opportunity to benefit from a business combination with another company. The Company intended to serve as a vehicle to affect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business at that time After the reorganization and through July 18, 2021, CRS Consulting, LLC, a Wyoming LLC owned and controlled by Jeffrey DeNunzio, Thomas DeNunzio and Paul Moody, was our controlling shareholder, owning 700,000 shares of Series A Preferred Stock and 250,000,000 shares of Restricted Common Stock. On July 19, 2021, Better For You Wellness, Inc., FKA “Fast Track Solutions, Inc.”, a Nevada Corporation (the “Company”), entered into a Share Purchase Agreement (the “Agreement”) by and among CRS Consulting, LLC, a Wyoming Limited Liability Company (“CRS”), Green Ohio Ventures, LLC, an Ohio Limited Liability Company (“GOHV”), Ian James, and Stephen Letourneau, pursuant to which, on July 30, 2021 (“Closing Date”), CRS sold 700,000 shares of the Company’s Series A Preferred Stock and 250,000,000 shares of Common Stock, representing approximately 89.62% voting control of the Company; 350,000 shares of Series A Preferred Stock were transferred to Ian James, 350,000 shares of Series A Preferred Stock were transferred to Stephen Letourneau, and 250,000,000 shares of Common Stock were transferred to GOHV. The aforementioned purchasers, collectively, paid consideration of three hundred thirty-five thousand dollars ($335,000) (the “Purchase Price”). The consummation of the transactions contemplated by the Agreement resulted in a change in control of the Company, with GOHV, Ian James, and Stephen Letourneau, becoming the Company’s largest controlling stockholders having approximately 89.62% combined voting control over the Company. Pursuant to the Agreement, on July 30, 2021, Mr. Jeffrey DeNunzio resigned as the Company’s Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and Director. On July 30, 2021, Mr. Ian James was appointed as the Company’s Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and Chairman of the Board of Directors and Mr. Stephen Letourneau was appointed as a Director. On August 19, 2021, the Company filed an 8-K with the SEC to disclose an amendment to the Company’s Articles of Incorporation that the Company filed on August 18, 2021, with the Nevada Secretary of State to change its name to Better For You Wellness, Inc. Within the aforementioned 8-K, the Company disclosed that, at the time, it was pending a FINRA corporate action to affect the name change on the OTC to Better For You Wellness, Inc., and also a ticker symbol change. FINRA announced, on their September 29, 2021 daily list, that the market effective date of our name change, and ticker symbol change, will be September 30, 2021. On September 30, 2021, we will begin trading under the symbol BFYW. The new CUSIP number associated with our common stock, as of the market effective date of September 30, 2021, is 08771B105. On August 24, 2021, Green Ohio Ventures, LLC transferred 17,963,817 shares of restricted Common Stock of Better for You Wellness, Inc. to MRKTS Group Inc. for consulting services provided. This transaction did not result in MRKTS Group Inc. owning 5% or more of any class of securities of the issuer. From August 24, 2021 to August 25, 2021, Green Ohio Ventures, LLC distributed, at no cost and in various quantities, a total of 24,137,499 shares of restricted Common Stock of Better for You Wellness, Inc. to 18 of its 20 members. No shares were distributed from GOHV to Ian James and Stephen Letourneau. The aforementioned transaction(s) did not result in any individual shareholder owning 5% or more of any class of securities of the issuer. The aforementioned transaction was carried out as it was deemed by GOHV to be in the best interests of its members. On August 27, 2021, Montel Williams, Leslie G. Bumgarner, Joseph J. Watson, David H. Deming, and Dr. Nicola R. Finley, MD, were each appointed by our Board of Directors to serve as Independent Directors of the Company. On September 1, 2021, we entered into Independent Director Agreements with each of Montel Williams, Leslie G. Bumgarner, Joseph J. Watson, David H. Deming, and Dr. Nicola R. Finley, MD, pursuant to which each director will serve two year terms, with the option to renew terms upon completion, and receive cash compensation in the amount of $1,000 per annum, paid in equal $250 distributions quarterly, and 200,000 shares of common stock, issued quarterly in 25,000 share distributions, and a non-qualified stock option to purchase up to 4,000,000 shares of the Company’s common stock at an exercise price of $0.25 per share. The Directors were officially seated September 12, 2021, after notification to shareholders. On December 14, 2021, the Company’s Board of Directors unanimously approved the appointment of Christina Jefferson to the Board as an Independent Director, effective January 1, 2022. Christina Jefferson replaced Leslie Bumgarner whose resignation, as previously announced, became effective December 31, 2021. On February 3. 2022, the Company was approved by OTC Markets to up-list its common stock from the OTC Pink Sheets to the OTCQB® Venture Market (the “OTCQB”). The Company began trading of its common shares on the OTCQB as of the market open on February 3, 2022, under its same symbol, “BFYW.” On February 5, 2022, the Company’s Board of Directors unanimously approved the establishment of a Strategic Advisory Committee. The Board appointed six initial members by unanimous consent including David King, Laurie Racine, Zhiping Zhang, Melisse Gelula, Christopher Brown, and Kate Hendrickson. Also on February 5, 2022, by unanimous vote of the Company’s Board of Directors’ five non-executive Independent Directors, David Deming was appointed Chairperson of the Company’s Audit Committee, which follows the Board’s October 1, 2021, unanimous consent to establish the Audit Committee. The Audit Committee currently consists of three non-executive Independent Directors, including Montel Williams, Joseph Watson, and David Deming. Also, by unanimous vote of the Board’s five non-executive Independent Directors, Christina Jefferson was appointed to the Company’s Compensation Committee, filling the vacancy left by former Director Leslie Bumgarner. This action follows the Board’s October 1, 2021, unanimous consent to establish the Compensation Committee. The Compensation Committee currently consists of Independent Directors, Christina Jefferson, Montel Williams, and Joseph Watson. Additionally, the Board’s five non-executive Independent Directors unanimously appointed Joseph Watson as Chairperson of the Compensation Committee. The Company’s current business plan is to explore and evaluate various opportunities in the plant-based food and beverage and consumer packaged goods sectors, including but not limited to, mergers, acquisitions, or business combination transactions, after which the Company would cease to be a “shell” or “blank check” company. The Company’s principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. On November 15, 2021, the Company’s wholly owned subsidiary, Glow Market, LLC was formed in the State of Ohio. Subsequently, Glow Market, LLC launched its first brand, Better Suds, an online retailer of specialty all-natural, cruelty-free, gluten-free and chemical-free soaps. Better Suds commenced operations in December 2021. On April 29, 2022 the Company entered into a Membership Interest Purchase Agreement (the “MIPA”) with Amanda Cayemitte and Yapo M’be (referred to together as the “Sellers”) to acquire the right, title and interest in, including all of the outstanding membership interests (referred to together as the “MM Interests”) of Mango Moi, LLC (“Mango Moi”). Mango Moi is a hair and skincare business located in Chicago, Illinois. Pursuant to the MIPA, in exchange for the MM Interests, the Company agreed to pay the Sellers a purchase price consisting of shares of the Company’s common stock, par value $0.0001 per share which consists of 11,000,000 shares of common stock (the “Company Common Stock”), with a fair market value of approximately $550,000, with 5,720,000 shares of Company Common Stock issued to Amanda Cayemitte and 5,280,000 shares of Company Common Stock issued to Yapo M’be (referred to together herein as the “Purchase Price”). Additionally, pursuant to the terms of the MIPA, the Company agreed to enter into an Employment Agreement with Mango Moi founder Amanda Cayemitte (the “Employment Agreement”), and a Consulting Agreement with Yapo M’be (the “Consulting Agreement”), respectively, as disclosed by the Company on its Current Report on Form 8-K filed with the SEC on May 2, 2022. The MIPA closed (the “Closing”) on May 26, 2022, on which date the Company paid the Sellers the Purchase Price by issuing the Company Common Stock to the Sellers and the Sellers transferred the MM Interests to the Company, and on which date Mango Moi became a wholly owned subsidiary of the Company. At the Closing the Company entered into the Employment Agreement with Amanda Cayemitte and the Consulting Agreement with Yapo M’be. The Company intends to optimize Mango Moi’s product formulae and packaging, as well as secure new manufacturing relationships to scale production capacity. Additionally, the Company plans to expand Mango Moi’s product offerings to include additional products and product bundles. Furthermore, the Company intends to grow sales through direct-to-consumer marketing efforts, subscription box sales, and pursuing wholesale sales relationships. The Company’s main office is located at 1349 East Broad Street, Columbus OH 43205. The Company has elected February 28th as its year end. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
May 31, 2022 | |
Organization and Description of Business [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Glow Markets, LLC and Mango Moi, LLC. All significant intercompany accounts and transactions have been eliminated. Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at May 31, 2022 and February 28, 2022 were $2,695 and $9,719 respectively. Revenue recognition The Company adopted ASC 606 - Revenue from contracts with Customers: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Revenue for products is recognized when the products are delivered to the customer and the customer completes the product inspection. Cash receipts for undelivered products are recorded as deferred revenues. As of May 31, 2022, the Company had no deferred revenues. Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share The Company does not have any potentially dilutive instruments as of May 31, 2022 and, thus, anti-dilution issues are not applicable. Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including 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 (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. Related Parties The Company follows ASC 850, Related Party Disclosures, Share-Based Compensation ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of May 31, 2022 and February 28, 2022. The Company’s stock-based compensation for the period ended May 31, 2022 and May 31, 2021 was $516,407 and $70,000, respectively. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases and do not believe we will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Going Concern
Going Concern | 3 Months Ended |
May 31, 2022 | |
Going Concern [Abstract] | |
Going Concern | Note 3 - Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios. The Company has not established enough sources of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management’s plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
Income Taxes
Income Taxes | 3 Months Ended |
May 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4 - Income Taxes The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. As of May31, 2022, the Company has incurred a net loss of approximately $3,121,510 which resulted in a net operating loss for income tax purposes. The loss results in a deferred tax asset of approximately $655,517 at the effective statutory rate of 21%. The deferred tax asset has been offset by an equal valuation allowance. Given our inception on December 1, 2020, and our fiscal year end of February 28, 2022, we have completed only two taxable fiscal years. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 - Commitments and Contingencies The Company follows ASC 450-20, Los Contingencies, On September 17, 2021, our Board of Directors unanimously approved to enter into and consummate an agreement with SRAX, Inc., a Delaware Company (“SRAX”). Pursuant to the agreement with SRAX, the Company will be granted access to a platform developed by SRAX, known as the “Sequire Platform” which, amongst other things, will allow the Company to access trading data. According to SRAX, the platform is an investor intelligence and communications management platform that allows users to “unlock stock buyers’ behaviors and trends for issuers of publicly traded companies”. In exchange for twelve months of access to the Sequire Platform, we paid SRAX $20,000. Additional fees may be incurred as a result of this agreement, but we cannot accurately determine what they may be, although we believe any such fees would be nominal. Also on September 17, 2021, our Board of Directors unanimously agreed to approve to enter into and consummate another agreement with SRAX, whereas SRAX will provide advertising and marketing services to the Company on a case-by-case basis, as may be requested by the Company. On April 18, 2022, Better For You Wellness, Inc., a Nevada corporation (the “Company”), entered into a Standby Equity Commitment Agreement, dated April 11, 2022 (the “SECA”) with MacRab LLC, a Florida limited liability company (the “Investor”). The SECA provides the Company with an option to sell up to $5,000,000 worth of the Company’s common stock, par value $0.0001 (the “Common Stock”), to the Investor, in increments, over the period ending twenty-four (24) months after the date the Registration Statement (as defined below) is deemed effective by the U.S. Securities and Exchange Commission, pursuant to the terms and conditions contained in the SECA. The purchase price per share, for each respective put under the SECA, is equal to 90% of the average of the two (2) lowest volume weighted average prices of the Common Stock during the six (6) trading days following the clearing date associated with the respective put under the SECA. Additionally, we issued a common stock purchase warrant for the purchase of 1,785,714 shares of our common stock (the “Warrant”) to Investor as a commitment fee in connection with the execution of the SECA. On May 26, 2022 the Company acquired Mango Moi, LLC as a wholly-owned subsidiary (See Note 1). As part of the purchase agreement, the Company entered into an employment agreement and a consulting agreement as follows: Employment Agreement Pursuant to the Employment Agreement, which is to be effective as of 45 days from the signing of the MIPA, the Company agreed to employ Amanda Cayemitte as the Chief Visionary Officer of Mango Moi to provide duties including normalizing the Company’s strategic-planning processes, forging new working relationships and synergies across the organization, and establishing greater transparency and accountability for those people carrying out the Company’s strategy. As compensation under the Employment Agreement, the Company agreed to pay Amanda Cayemitte an annual salary of $65,000 payable semi-monthly on the first day and the fifteenth day of the month and subject to applicable federal, state, and local withholding. The Employment Agreement can be terminated any time by either party by giving 30 days written notice to the other party. If the Employment Agreement is terminated, Amanda Cayemitte will be entitled to receive compensation for: ● one month upon completion of one full calendar year of employment with the Company; ● two months upon completion of two full calendar years of employment with the Company, and ● three months upon competition of two full calendar years of employment with the Company. However, if Amanda Cayemitte breaches any terms of the Employment Agreement, the Company may terminate the Employment Agreement without any notice and with compensation being paid to Amanda Cayemitte only through the date of such termination. Consulting Agreement Pursuant to the Consulting Agreement, the Company engaged Yapo M’be as a consultant to provide manufacturing services for Mango Moi, to begin on May 2, 2022. As compensation under the Consulting Agreement, the Company agreed to pay Yapo M’be at the rate of $30.00 per hour, not to exceed $1,500 per month. The Consulting Agreement can be terminated by either party upon the failure of the other to perform under the Consulting Agreement by giving ten days written notice to the non-performing party. The Consulting Agreement can also be terminated by the Company by giving ten days written notice to Yapo M’be in the event that there is a reduction of the program budget. |
Convertible Note Payable
Convertible Note Payable | 3 Months Ended |
May 31, 2022 | |
Convertible Note Payable Disclosure [Abstract] | |
Convertible Note Payable | Note 6 – Convertible Note Payable On April 12, 2022, the Company entered into a Securities Purchase Agreement (the “Purchase Agreements”) with Mast Hill Fund, L.P., a Delaware limited partnership (“Mast Hill”), respectively, pursuant to which Mast Hill purchased a promissory note, with a principal amount of $310,000 for a purchase price of $279,000 (the “Note”). The closing of the Purchase Agreements occurred on April 12, 2022. The Note bears an original issue discount of $31,000, each bear interest of 12% per year and mature on April 12, 2023 (the “Maturity Date”). The Note is convertible into shares of the Company’s common stock at conversion price of $0.037 per share, subject to adjustment as provided therein. The Company has the right to prepay the Note in full, including accrued but unpaid interest, without prepayment penalty provided an event of default, as defined therein, has not occurred. In the seven (7) trading days prior to any prepayment Mast Hill shall have the right to convert their Note into Common Stock of the Company in accordance with the terms of such Note. The Note contains events of defaults and certain negative covenants that are typical in the types of transactions contemplated by the Purchase Agreements. Pursuant to the Purchase Agreements, the Company issued to Mast Hill 4,960,000 commitment shares of the Company’s common stock (the “Commitment Shares”) as a condition to closing. |
Stock Purchase Warrant Liabilit
Stock Purchase Warrant Liability | 3 Months Ended |
May 31, 2022 | |
Stock Purchase Warrant Liability [Abstract] | |
Stock Purchase Warrant Liability | Note 7 – Stock Purchase Warrant Liability On April 18, 2022, Better For You Wellness, Inc., a Nevada corporation (the “Company”), entered into a Standby Equity Commitment Agreement, dated April 11, 2022 (the “SECA”) with MacRab LLC, a Florida limited liability company (the “Investor”). The SECA provides the Company with an option to sell up to $5,000,000 worth of the Company’s common stock, par value $0.0001 (the “Common Stock”), to the Investor, in increments, over the period ending twenty-four (24) months after the date the Registration Statement (as defined below) is deemed effective by the U.S. Securities and Exchange Commission, pursuant to the terms and conditions contained in the SECA. The purchase price per share, for each respective put under the SECA, is equal to 90% of the average of the two (2) lowest volume weighted average prices of the Common Stock during the six (6) trading days following the clearing date associated with the respective put under the SECA. Additionally, we issued a common stock purchase warrant for the purchase of 1,785,714 shares of our common stock (the “Warrant”) to Investor as a commitment fee in connection with the execution of the SECA.The Company fair valued the shares purchase warrant on the closing date at $36,366 using a Black-Scholes put option pricing model. |
Shareholder Equity
Shareholder Equity | 3 Months Ended |
May 31, 2022 | |
Shareholder Equity [Abstract] | |
Shareholder Equity | Note 8 - Shareholder Equity Preferred Stock The authorized preferred stock of the Company consists of 200,000,000 shares with a par value of $0.0001. There were 700,000 shares issued and outstanding as of May31, 2022 and February 28, 2022. During the three months ended May 31, 2021, 700,000 shares of Series A Preferred Stock were issued to CRS Consulting, LLC (“CRS”), a Wyoming LLC owned and controlled by Jeffrey DeNunzio, Thomas DeNunzio and Paul Moody. CRS is our controlling shareholder, owning 700,000 shares of Series A Preferred Stock and 250,000,000 shares of Restricted Common Stock. Series A Preferred Stock has no conversion rights to any other class, and every vote of Series A Preferred Stock has voting rights equal to 1,000 votes of Common Stock. On July 19, 2021, these shares were purchased. As of November 30, 2021, our CEO, Ian James, and Director, Stephen Letourneau, each hold 350,000 shares of Series A Preferred Stock (See Note 1). Common Stock The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.0001. There were 380,108,169 and 370,747,042 shares of common stock issued and outstanding as of May31, 2022 and February 28, 2022, respectively. At the time of reorganization, former shareholders of Sauer Energy, Inc. became shareholders of Fast Track Solutions, Inc., representing 359,996,332 of the common shares outstanding. On July 19, 2021, 250,000,000 shares of restricted Common Stock were purchased by Ohio Green Ventures, LLC from CRS Consulting, LLC, a Wyoming LLC owned and controlled by Jeffrey DeNunzio, Thomas DeNunzio and Paul Moody (See Note 1). On August 24, 2021, Green Ohio Ventures, LLC transferred 17,963,817 shares of restricted Common Stock of Better for You Wellness, Inc. to MRKTS Group Inc. for consulting services provided. From August 24, 2021 to August 25, 2021, Green Ohio Ventures, LLC distributed, at no cost and in various quantities, a total of 24,137,499 shares of restricted Common Stock of Better for You Wellness, Inc. to 18 of its 20 members. No shares were distributed from GOHV to Ian James and Stephen Letourneau (See Note 1). On August 24, 2021, 50,000 shares of Restricted Common Stock were issued to CRS as compensation for consulting services to the Company. The shares were valued at the closing share price on that date, as listed on the OTC Markets, which totaled $7,000. On October 11, 2021, 2,602,740 shares of Restricted Common Stock were issued to SRAX, Inc as compensation for marketing services to the Company. The shares were valued at the closing share price on that date, as listed on the OTC Markets, which totaled $468,493. On October 11, 2021, 250,000 shares of Restricted Common Stock were issued to CRS as compensation for consulting services to the Company. The shares were valued at the closing share price on that date, as listed on the OTC Markets, which totaled $45,000. On November 17, 2021, 125,000 shares of Restricted Common Stock were issued to five Directors serving on the Company’s Board of Directors as compensation for services to the Company. The shares were valued at the closing share price on that date, as listed on the OTC Markets, which totaled $18,750. On January 3, 2022, 125,000 shares of Restricted Common Stock were issued to five Directors serving on the Company’s Board of Directors as compensation for services to the Company. The shares were valued at the closing share price on that date, as listed on the OTC Markets, which totaled $15,000. On January 13, 2022, 549,097 shares of Restricted Common Stock were sold to five shareholders for proceeds totaling $68,000. On April12, 2022, 125,000 shares of Restricted Common Stock were issued to five Directors serving on the Company’s Board of Directors as compensation for services to the Company. The shares were valued at the closing share price on that date, as listed on the OTC Markets, which totaled approximately $15,468. On May 26, 2022, 11,000,000 share of Restricted Common Stock were issued to the two Sellers of Mango Moi, LLC (See Note 1). The shares were valued at the closing share price on that date, as listed on the OTC Markets, which totaled approximately $550,000. During the period ended May 31, 2022, a total of 325,000 shares of Restricted Common Stock were sold to two shareholders for proceeds totaling approximately $40,248. Shares Cancelable On September 17, 2021, our Board of Directors unanimously approved to enter into and consummate a “Term Sheet” with Williamsburg Venture Holdings LLC, a Nevada limited liability company (“WVH”). WVH is a multi-strategy, private investment fund located in New York. The Term Sheet was a private placement with registration rights, providing WVH the ability to purchase up to $30,500,000 of our Common Stock. The term of the Term Sheet was for 36 months. Following the execution of the term sheet, the Company was to pay WVH $15,000 to cover associated expenses relating to, amongst other things, preparation of future securities agreements relating to the Term Sheet. Upon entering into definitive agreements with WVH for the purchase and sale of equity, WVH was to immediately purchase $250,000 of the Company’s restricted common stock from the Company at a 15% discount to the last closing price of our Common Stock as reported by the OTC Markets Group. Any future proceeds from the sale of shares, pursuant to the aforementioned term sheet, are to go towards the Company to be used for working capital. On December 2, 2021 7,048,873 shares of common stock were issued to WVH in order to honor the above agreement. However, WVH did not transfer the $250,000 purchase price of the shares to the Company and on April 12, 2022 an agreement to terminate the previous agreement was signed. On April 13, 2022 the Company forwarded a cancellation order to its transfer agent, which authorized the cancellation and return of 7,048,873 common shares previously issued to WVH. As of the date of filing, these shares have been canceled and returned to the Company. Stock Options During the fiscal year ended February 28, 2022, the Company granted options exercisable for up to 20,000,000 shares of Common Stock of which 2,500,000 fully vested on September 30, 2021. 17,500,000 shares vest over the next 2 years, 2,500,000 shares per quarter. The options have the exercise price of $.25 per share. These options expire 5 years after issue. The aggregate intrinsic value of these outstanding options as of May 31, 2022, was $0. The Company fair valued the options on the grant dates at $2,127,565 using a Black-Scholes option pricing model with the following assumptions: stock price of $.15 and $.11 per share (based on the quoted trading price on the dates of the grants). The Company is amortizing the expense over the vesting terms of each. The total stock option expense for the period ended May 31, 2022 was approximately $262,157. The total unamortized stock option expense at May 31, 2022 was approximately $1,888,285. Additional Paid-In Capital During the quarterly period ended May 31, 2022, the Sellers of Mango Moi, LLC, paid prior expenses on behalf of the wholly-owned subsidiary totaling approximately $90,956. These payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital. The Company’s former sole officer and director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $6,441 during the year ended February28, 2022. During the year ended February 28, 2022, former related party Paul Moody paid expenses on behalf of the Company totaling $500. The Company’s former sole officer and director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $1,185 during the year ended February 28, 2021. The $8,126 in total payments made by the former dir ectors are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
May 31, 2022 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | Note 8 - Related-Party Transactions Loan to Company During the period ended February 28, 2022, our CEO, Ian James, paid expenses on behalf of the Company totaling $65 and shareholder, Green Ohio Ventures, LLC, paid expenses on behalf of the Company totaling $202,475. During the period ended May 31, 2022, Green Ohio Ventures, LLC, paid expenses on behalf of the Company totaling approximately $165,444 and the Company made payments to Green Ohio Ventures, LLC, totaling approximately $130,759, which resulted in a net increase of the loan amount to a total of approximately $271,738. These payments are considered as loans to the Company, which are noninterest-bearing, unsecured and payable on demand. In addition, the Company acquired $35,000 of a loan to Mango Moi, LLC when it became a wholly-owned subsidiary of the Company. This loan was made to Mango Moi, LLC by a relative of |
Impairment Expense
Impairment Expense | 3 Months Ended |
May 31, 2022 | |
Impairment Expense [Abstract] | |
Impairment Expense | Note 9 - Impairment Expense During the period ended May 31, 2022, the Company purchased Mango Moi, LLC (“Mango Moi”) as a wholly-owned subsidiary. The sellers of Mango Moi received 11,000,000 shares of common stock with a fair market value of approximately $550,000. The Company received approximately $7,646 of Mango Moi’s assets and took on approximately $35,119 of Mango Moi’s debts. The Company posted the net value of Mango Moi’s liabilities and the fair market value of the shares issued to the sellers as an impairment expense of $577,473. |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 - Subsequent Events On June 7, 2022, Better For You Wellness, Inc. (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreements”) with Mast Hill Fund, L.P., a Delaware limited partnership (“Mast Hill”), respectively, pursuant to which Mast Hill purchased a promissory note, with a principal amount of $310,000 for a purchase price of $279,000 (the “Note”). The closing of the Purchase Agreements occurred on June 7, 2022. The Note bears an original issue discount of $31,000, each bear interest of 12% per year and mature on June 7, 2023 (the “Maturity Date”). The Note is convertible into shares of the Company’s common stock at conversion price of $0.037 per share, subject to adjustment as provided therein. The Company has the right to prepay the Note in full, including accrued but unpaid interest, without prepayment penalty provided an event of default, as defined therein, has not occurred. In the seven (7) trading days prior to any prepayment Mast Hill shall have the right to convert their Note into Common Stock of the Company in accordance with the terms of such Note. The Note contains events of defaults and certain negative covenants that are typical in the types of transactions contemplated by the Purchase Agreements. Pursuant to the Purchase Agreements, the Company issued to Mast Hill 4,960,000 commitment shares of the Company’s common stock (the “Commitment Shares”) as a condition to closing. In connection with the Purchase Agreements, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Mast Hill, pursuant to which the Company is obligated to file a registration statement within 90 days of the date of the Registration Rights Agreement covering the sale of the Commitment Shares and the shares of the Company’s common stock that may be issued to Mast Hill pursuant to the conversion of the Note. JH Darbie & Co., Inc. (“JH Darbie”) and the Company are parties to a Finder’s Fee Agreement, signed March 15, 2020 (“Finder’s Agreement”) pursuant to which JH Darbie would introduce the Issuer to third-party investors. Pursuant to the Finder’s Agreement, fees of approximately $22,320.00 were paid to JH Darbie. In addition, JH Darbie is to receive non-callable warrants of equal to 8% warrant coverage of the amount raised. The warrants shall entitle JH Darbie thereof to purchase common stock of the Company at a purchase price equal to 120% of the exercise price of the transaction or the public market closing price of the Issuer’s common stock on the date of the Transaction, whichever is lower (such price, the “Warrant Price”). The warrants shall be exercisable immediately after the date of issuance, shall have anti-dilutive price protection, participating registration rights, and shall expire 5 years after the date of issuance, in accordance with the Finder’s Agreement. On June 18, 2022, Dr. Nicola Finley advised the Company’s board of directors that she will resign as a board member of the Company and that her resignation is effective immediately. Dr Finley also notified the board of directors of her willingness to voluntarily relinquish the compensatory options referenced in her Director Agreement dated August 29, 2021. The resignation of Dr. Finley was not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. On June 20, 2022, the Company’s board of directors unanimously approved the appointment of Melisse Gelula as a non-executive independent director of the Company, effective immediately. On July 11, 2022, the Company entered into a Common Share Option Cancellation and Forfeiture Agreement with former Director Dr. Nicola Finley (the “Option Cancellation and Forfeiture Agreement”). Under the Option Cancellation and Forfeiture Agreement, Dr. Nicola Finley forfeited, and the Company canceled Dr. Nicola Finley’s option to purchase 4,000,000 common shares of the Company that was granted to the optionee pursuant to the Director Agreement dated as of August 29, 2021. Upon such forfeiture and cancellation, Dr. Nicola Finley has no further rights to exercise the option to purchase 4,000,000 common shares of the Company. The cancellation and forfeiture set forth in the Option Cancellation and Forfeiture Agreement shall not affect the restricted common shares granted by the Company to Dr. Nicola Finley pursuant to the Director Agreement dated as of August 29, 2021. As a payment in lieu of whatever benefits, if any, to which Dr. Nicola Finley may have been entitled to under the option to purchase 4,000,000 common shares of the Company, the Company shall pay Dr. Nicola Finley $1.00. On July 19, 2022, the Company’s Compensation Committee approved a formal Employment Agreement with Ian James, the Company’s Chief Executive Officer and the Company entered into the Agreement with Mr. James as of July 21, 2022. On July 19, 2022, the Company’s Compensation Committee approved a formal Employment Agreement with Stephen Letourneau, the Company’s Chief Branding Officer and the Company entered into the Agreement with Mr. Letourneau as of July 21, 2022. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
May 31, 2022 | |
Organization and Description of Business [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Glow Markets, LLC and Mango Moi, LLC. All significant intercompany accounts and transactions have been eliminated. |
Basis of Presentation | Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at May 31, 2022 and February 28, 2022 were $2,695 and $9,719 respectively. |
Revenue Recognition | Revenue recognition The Company adopted ASC 606 - Revenue from contracts with Customers: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Revenue for products is recognized when the products are delivered to the customer and the customer completes the product inspection. Cash receipts for undelivered products are recorded as deferred revenues. As of May 31, 2022, the Company had no deferred revenues. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share The Company does not have any potentially dilutive instruments as of May 31, 2022 and, thus, anti-dilution issues are not applicable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including 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 (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. |
Related Parties | Related Parties The Company follows ASC 850, Related Party Disclosures, |
Share-Based Compensation | Share-Based Compensation ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of May 31, 2022 and February 28, 2022. The Company’s stock-based compensation for the period ended May 31, 2022 and May 31, 2021 was $516,407 and $70,000, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases and do not believe we will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) | 1 Months Ended | |||||||
Sep. 01, 2021 | Aug. 25, 2021 | Aug. 24, 2021 | Jul. 30, 2021 | Jul. 18, 2021 | May 31, 2022 | Apr. 29, 2022 | Feb. 28, 2022 | |
Organization and Description of Business (Details) [Line Items] | ||||||||
Independent director agreements, description | we entered into Independent Director Agreements with each of Montel Williams, Leslie G. Bumgarner, Joseph J. Watson, David H. Deming, and Dr. Nicola R. Finley, MD, pursuant to which each director will serve two year terms, with the option to renew terms upon completion, and receive cash compensation in the amount of $1,000 per annum, paid in equal $250 distributions quarterly, and 200,000 shares of common stock, issued quarterly in 25,000 share distributions, and a non-qualified stock option to purchase up to 4,000,000 shares of the Company’s common stock at an exercise price of $0.25 per share. | |||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
Shares of common stock | 500,000,000 | 500,000,000 | ||||||
Fair market value (in Dollars) | $ 550,000 | |||||||
Common stock, shares issued | 380,108,169 | 370,747,042 | ||||||
Fast Track Solutions, Inc. [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shares of common stock | 1,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shares of restricted common stock | 250,000,000 | |||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Owning, percentage | 5% | |||||||
Purchase Price [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Voting percentage | 89.62% | |||||||
Paid consideration (in Dollars) | $ 335,000 | |||||||
Predecessor [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shares of common stock | 1,000 | |||||||
CRS Consulting, LLC [Member] | Common Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shares of common stock | 250,000,000 | |||||||
CRS Consulting, LLC [Member] | Series A Preferred Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shareholder owning preferred stock | 700,000 | |||||||
Sale of shares | 700,000 | |||||||
CRS Consulting, LLC [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Voting percentage | 89.62% | |||||||
Ian James [Member] | Series A Preferred Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Transfer of shares | 350,000 | |||||||
Stephen Letourneau [Member] | Series A Preferred Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Transfer of shares | 350,000 | |||||||
Green Ohio Ventures, LLC [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shares of common stock | 250,000,000 | |||||||
MRKTS Group Inc [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shares of restricted common stock | 17,963,817 | |||||||
MRKTS Group Inc [Member] | Purchase Price [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Owning, percentage | 5% | |||||||
Better for You Wellness, Inc. [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Shares of restricted common stock | 24,137,499 | |||||||
Mango Moi, LLC [Member] | Common Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | |||||||
Shares of common stock | 11,000,000 | |||||||
Amanda Cayemitte [Member] | Common Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Common stock, shares issued | 5,720,000 | |||||||
Yapo M’be [Member] | Common Stock [Member] | ||||||||
Organization and Description of Business (Details) [Line Items] | ||||||||
Common stock, shares issued | 5,280,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | May 31, 2022 | Feb. 28, 2022 | May 31, 2021 |
Organization and Description of Business [Abstract] | |||
Cash and cash equivalents | $ 2,695 | $ 9,719 | |
Stock-based compensation | $ 516,407 | $ 70,000 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended |
May 31, 2022 USD ($) | |
Income Tax Disclosure [Abstract] | |
Net loss | $ 3,121,510 |
Deferred tax asset | $ 655,517 |
Effective statutory rate | 21% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | |
Apr. 18, 2022 $ / shares $ / item shares | Sep. 17, 2021 USD ($) | May 31, 2022 USD ($) | |
Commitments and Contingencies (Details) [Line Items] | |||
Amount paid | $ 22,320 | ||
Option to sell amount (in Dollars per Item) | $ / item | 5,000,000 | ||
Common stock, par value (in Dollars per share) | $ / shares | $ 0.0001 | ||
Purchase price per share equal to percentage | 90% | ||
Common stock purchase warrant for purchase (in Shares) | shares | 1,785,714 | ||
Annual salary of payable | $ 65,000 | ||
Consulting agreement, description | Pursuant to the Consulting Agreement, the Company engaged Yapo M’be as a consultant to provide manufacturing services for Mango Moi, to begin on May 2, 2022. As compensation under the Consulting Agreement, the Company agreed to pay Yapo M’be at the rate of $30.00 per hour, not to exceed $1,500 per month. | ||
SRAX [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Amount paid | $ 20,000 |
Convertible Note Payable (Detai
Convertible Note Payable (Details) | Apr. 12, 2022 USD ($) $ / shares shares |
Convertible Note Payable (Details) [Line Items] | |
Discount amount | $ 31,000 |
Interest rate | 12% |
Maturity date | Apr. 12, 2023 |
Common stock conversion price per share (in Dollars per share) | $ / shares | $ 0.037 |
Mast Hill Fund, L.P., [Member] | |
Convertible Note Payable (Details) [Line Items] | |
Principal amount | $ 310,000 |
Purchase price | $ 279,000 |
Commitment shares (in Shares) | shares | 4,960,000 |
Stock Purchase Warrant Liabil_2
Stock Purchase Warrant Liability (Details) | 1 Months Ended |
Apr. 18, 2022 | |
Stock Purchase Warrant Liability [Abstract] | |
Stock purchase warrant liability description | Better For You Wellness, Inc., a Nevada corporation (the “Company”), entered into a Standby Equity Commitment Agreement, dated April 11, 2022 (the “SECA”) with MacRab LLC, a Florida limited liability company (the “Investor”). The SECA provides the Company with an option to sell up to $5,000,000 worth of the Company’s common stock, par value $0.0001 (the “Common Stock”), to the Investor, in increments, over the period ending twenty-four (24) months after the date the Registration Statement (as defined below) is deemed effective by the U.S. Securities and Exchange Commission, pursuant to the terms and conditions contained in the SECA. The purchase price per share, for each respective put under the SECA, is equal to 90% of the average of the two (2) lowest volume weighted average prices of the Common Stock during the six (6) trading days following the clearing date associated with the respective put under the SECA. Additionally, we issued a common stock purchase warrant for the purchase of 1,785,714 shares of our common stock (the “Warrant”) to Investor as a commitment fee in connection with the execution of the SECA.The Company fair valued the shares purchase warrant on the closing date at $36,366 using a Black-Scholes put option pricing model. |
Shareholder Equity (Details)
Shareholder Equity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Apr. 12, 2022 | Jan. 13, 2022 | Jan. 03, 2022 | Dec. 02, 2021 | Oct. 11, 2021 | Aug. 25, 2021 | May 26, 2022 | Nov. 17, 2021 | Sep. 30, 2021 | Sep. 17, 2021 | Aug. 24, 2021 | Jul. 19, 2021 | May 31, 2022 | May 31, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | Nov. 30, 2021 | |
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | |||||||||||||||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||
Preferred stock, shares issued | 700,000 | 700,000 | |||||||||||||||
Preferred stock, shares outstanding | 700,000 | 700,000 | |||||||||||||||
Preferred stock, voting rights | Series A Preferred Stock has no conversion rights to any other class, and every vote of Series A Preferred Stock has voting rights equal to 1,000 votes of Common Stock. | ||||||||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||||||||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||
Common stock, shares issued | 380,108,169 | 370,747,042 | |||||||||||||||
Common stock, shares outstanding | 380,108,169 | 370,747,042 | |||||||||||||||
Common stock value (in Dollars) | $ 30,500,000 | ||||||||||||||||
Cover expenses (in Dollars) | $ 15,000 | ||||||||||||||||
Common stock closing price, percentage | 15% | ||||||||||||||||
Grant option exercisable | 20,000,000 | ||||||||||||||||
Number of vested shares | 2,500,000 | ||||||||||||||||
Stock option, description | 17,500,000 shares vest over the next 2 years, 2,500,000 shares per quarter. | ||||||||||||||||
Stock option exercise price (in Dollars per share) | $ 0.25 | ||||||||||||||||
Stock option expire term | 5 years | ||||||||||||||||
Stock option outstanding intrinsic value (in Dollars) | $ 0 | ||||||||||||||||
Stock options fair value the grant date (in Dollars per share) | $ 2,127,565 | ||||||||||||||||
Stock price (in Dollars per share) | $ 0.15 | $ 0.11 | |||||||||||||||
The total stock option expense (in Dollars) | $ 262,157 | ||||||||||||||||
Total unamortized stock option expense (in Dollars) | 1,888,285 | ||||||||||||||||
Expenses paid on behalf of the Company and contributed to capital (in Dollars) | 90,956 | $ 3,951 | |||||||||||||||
Paid expenses (in Dollars) | 5,063 | $ 21 | |||||||||||||||
Total payments considered contributions (in Dollars) | $ 8,126 | ||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Preferred stock, shares issued | 350,000 | ||||||||||||||||
Series A preferred stock were issued | 700,000 | ||||||||||||||||
Shares of restricted common stock | 250,000,000 | ||||||||||||||||
Board of Directors [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Restricted common stock | 125,000 | 125,000 | 125,000 | ||||||||||||||
Closing share price (in Dollars) | $ 15,468 | $ 15,000 | $ 18,750 | ||||||||||||||
Jeffrey DeNunzio [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Paid expenses (in Dollars) | $ 6,441 | $ 1,185 | |||||||||||||||
CRS Consulting, LLC [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Restricted common stock | 250,000 | 50,000 | |||||||||||||||
Closing share price (in Dollars) | $ 45,000 | $ 7,000 | |||||||||||||||
CRS Consulting, LLC [Member] | Series A Preferred Stock [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Series A preferred stock were issued | 700,000 | ||||||||||||||||
Sauer Energy, Inc. [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Common shares, outstanding | 359,996,332 | ||||||||||||||||
Green Ohio Ventures, LLC [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Restricted common stock | 24,137,499 | 17,963,817 | 250,000,000 | ||||||||||||||
SRAX, Inc [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Restricted common stock | 2,602,740 | ||||||||||||||||
Closing share price (in Dollars) | $ 468,493 | ||||||||||||||||
Shareholders [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Restricted common stock | 549,097 | 325,000 | |||||||||||||||
Proceeds total (in Dollars) | $ 68,000 | $ 40,248 | |||||||||||||||
Mango Moi, LLC [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Restricted common stock | 11,000,000 | ||||||||||||||||
Closing share price (in Dollars) | $ 550,000 | ||||||||||||||||
Williamsburg Venture Holdings LLC [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Common stock, shares issued | 7,048,873 | ||||||||||||||||
Purchase price of shares (in Dollars) | $ 250,000 | ||||||||||||||||
Cancellation and return of common shares | 7,048,873 | ||||||||||||||||
Paul Moody [Member] | |||||||||||||||||
Shareholder Equity (Details) [Line Items] | |||||||||||||||||
Paid expenses (in Dollars) | $ 500 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
May 31, 2022 | Feb. 28, 2022 | |
Related-Party Transactions (Details) [Line Items] | ||
Loans | $ 271,738 | |
Ian James [Member] | ||
Related-Party Transactions (Details) [Line Items] | ||
Paid expenses | $ 65 | |
Green Ohio Ventures, LLC [Member] | ||
Related-Party Transactions (Details) [Line Items] | ||
Paid expenses | 165,444 | $ 202,475 |
Payments | 130,759 | |
Mango Moi, LLC [Member] | ||
Related-Party Transactions (Details) [Line Items] | ||
Paid expenses | $ 35,000 |
Impairment Expense (Details)
Impairment Expense (Details) | 3 Months Ended |
May 31, 2022 USD ($) shares | |
Impairment Expense (Details) [Line Items] | |
Fair market value | $ 550,000 |
Impairment expense | $ 577,473 |
Mango Moi, LLC [Member] | |
Impairment Expense (Details) [Line Items] | |
Common stock shares received (in Shares) | shares | 11,000,000 |
Mango Moi’s assets and took [Member] | |
Impairment Expense (Details) [Line Items] | |
Company received amount | $ 7,646 |
Mango Moi’s debts [Member] | |
Impairment Expense (Details) [Line Items] | |
Company received amount | $ 35,119 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | |||
Jun. 07, 2022 | May 31, 2022 | Jul. 11, 2022 | Apr. 12, 2022 | |
Subsequent Events (Details) [Line Items] | ||||
Purchase price | $ 254,250 | |||
Original issue discount | $ 31,000 | |||
Maturity date | Jun. 07, 2023 | |||
Commitment shares (in Shares) | 4,960,000 | |||
Purchase agreement description | In connection with the Purchase Agreements, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Mast Hill, pursuant to which the Company is obligated to file a registration statement within 90 days of the date of the Registration Rights Agreement covering the sale of the Commitment Shares and the shares of the Company’s common stock that may be issued to Mast Hill pursuant to the conversion of the Note. | |||
Agreement fees | $ 22,320 | |||
Warrant coverage raised percentage | 8% | |||
Exercise price percentage | 120% | |||
Registration rights expires | 5 years | |||
Purchase common shares (in Shares) | 4,000,000 | |||
Subsequent Event [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Principal amount | $ 1 | |||
Purchase price | $ 279,000 | |||
Original issue discount | $ 31,000 | |||
Interest rate | 12% | |||
Conversion price per share (in Dollars per share) | $ 0.037 | |||
Common stock value (in Shares) | 4,000,000 | |||
Dr. Nicola Finley [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Purchase common shares (in Shares) | 4,000,000 | |||
Securities Purchase Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Principal amount | $ 310,000 |