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Fair Value of Financial Instruments

9 Months Ended

Nov. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following tables present the fair value of the Company’s financial liabilities as at November 30, 2019 and February 28, 2019:

		Fair Value Measurements as at November 30, 2019
		Carrying Amount				Fair Value				Level in the hierarchy
Instruments measured at fair value on a recurring basis:			-				-				-

Financial liabilities measured at amortized cost:
Long-term debt		$	956,932			$	956,932				Level 2
Convertible notes (Second Issuance)			4,593,664				4,900,000				Level 2

		Fair Value Measurements at February 28, 2019
		Carrying Amount				Fair Value				Level in the hierarchy
Financial liabilities measured at fair value on a recurring basis:
Warrants (First Issuance)		$	219,531			$	219,531				Level 3

Financial liabilities measured at amortized cost:
Long-term debt			1,005,518				1,005,518				Level 2
Convertible notes (First Issuance)			2,495,636				2,650,000				Level 2
Convertible notes (Second Issuance)		$	3,126,886			$	3,150,000				Level 2

The Warrants under the First Issuance of Convertible Notes represent a Level 3 in the fair value hierarchy. The Warrants were valued using a Monte Carlo simulation using a volatility of 71.5%. The Company recorded a loss on revaluation from the date of issuance to February 28, 2019 of $65,167.