XML 26 R10.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Leases
 9 Months Ended 12 Months Ended
Nov. 30, 2023
Feb. 28, 2023
Leases    
Leases

4. Leases

 

On January 25, 2023, as part of the separation agreement with NextPlay Technologies Inc., the Company assumed control of a lease arrangement for office space in Florida.

 

The following summarizes the right-of-use asset and lease information about the Company’s operating lease as of November 30, 2023:

 

Period ended November 30  2023 
Lease cost     
Operating lease cost  $18,697 
Amortization of right of use asset   74,848 
Total lease cost   93,545 
      
Other information     
Cash paid from operating cash flows from operating leases  $0 
Right-of-use assets   906,957 
      
Weighted average remaining lease term - operating lease (years)   4.8 
Weighted average discount rate - operating lease   9.18%

 

Future minimum lease payments under the operating lease liability has the following non-cancellable lease payments at November 30, 2023:

 

Future minimum lease payments under operating leases    
Year ended February 28,     
2024  $228,801 
2025   233,365 
2026   238,056 
2027   242,874 
2028   247,818 
Thereafter   105,397 
Total   1,296,311 
Less: Imputed interest   (282,397)
Operating lease liability   1,013,914 
Operating lease liability - Current   260,128 
Operating lease liability - Non-current  $753,786 

 

As of November 30, 2023, the Company is in payment default on their operating lease cost to a total of $209,365 which is included in the current portion of operating lease liability.

 

 

4. Leases

 

On January 25, 2023, as part of the separation agreement with NextPlay Technologies Inc., the Company assumed control of a lease arrangement for office space in Florida.

 

The following summarizes the right-of-use asset and lease information about the Company’s operating lease as of February 28, 2023:

  

Year ended February 28  2023 
Lease cost     
Operating Lease Cost  $12,168 
Amortization of right of use asset   7,756 
Total lease cost   19,924 
Cash paid from operating cash flows from operating leases  $0 
Right-of-use assets   1,020,443 
      
Weighted average remaining lease term - operating lease (years)   5.42 
Weighted average discount rate - operating lease   9.18%

 

Future minimum lease payments under the operating lease liability has the following non-cancellable lease payments at February 28, 2023:

 

Schedule of Operating Lease Liability for Non-Cancellable Payments

Future minimum lease payments under operating leases    
Year ended February 28,     
2024  $228,801 
2025   233,365 
2026   238,056 
2027   242,874 
2028   247,818 
Thereafter   105,397 
Total   1,296,311 
Less: Imputed interest   (282,397)
Operating lease liability   1,013,914 
Operating lease liability - Current   149,339 
Operating lease liability - Non-current  $864,575 

 

As of November 30, 2023, the Company is in payment default on their operating lease cost to a total of $which is included in the current portion of operating lease liability.