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LONG TERM DEBT | 3 Months Ended
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May 31, 2021
Debt Disclosure [Abstract] |
LONG TERM DEBT | NOTE 8: LONG TERM DEBT Long-term debt consists of the following: Long Term Debt - Schedule of Long-Term Debt
|  | May 31, |  |  | February 28, |
|  | 2021 |  |  | 2021 |
Note Payable, bank, unsecured, Paycheck Protection Program funding, initially scheduled to be payable in monthly installments of principal and interest of $56,370 through April 2022. Interest rate 1%. 2-year term. Under the terms of the CARES Act, forgiveness for all or a portion of the loan may be granted based upon use of the loan proceeds for eligible payroll and related payroll costs and other qualified expenses. The Company applied for forgiveness of this obligation in December 2020. Under the Paycheck Protection Program Flexibility Act, payments of principal and interest shall be deferred until the date that the Small Business Administration remits the forgiveness amount to the Company’s lender or determines that some or all of the PPP loan is not eligible for forgiveness. If all or a portion of the loan is not forgiven, the unforgiven balance and accrued interest shall be payable during the remainder of the term of the loan. The SBA forgave this loan in its entirety in April 2021. During the three months ended May 31, 2021, the Company recorded a gain on the forgiveness of the PPP Loan and accrued interest in the amount of $1,005,372. The gain on the forgiveness of the PPP Loan is a non-taxable event. |  |  | — |  |  |  | 1,001,640 |
Total long-term debt |  | $ | — |  |  | $ | 1,001,640 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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