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Convertible Notes | 12 Months Ended
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Feb. 28, 2025
Convertible Notes |
Convertible Notes | NOTE 13 - Convertible Notes Between March 13, 2023 and June 9, 2023, the Company issued $650,000 in convertible notes upon the receipt of proceeds from several investors. The notes had an interest at a rate of 8% per annum and were convertible into shares and warrants in a new public company upon the completion of a merger with a Special Purpose Acquisition Corporation (“SPAC”) at a conversion price of $3.00 per common share, subject to certain adjustments. Between July 27, 2022 and February 21, 2023, the Company issued a total principal amount of $3,012,000 in convertible notes upon the receipt of proceeds from several investors. The notes had an interest at a rate of 8% per annum and were convertible into shares and warrants in a new public company upon the completion of a merger with a SPAC at a conversion price of $3.00 per common share, subject to certain adjustments. On December 29, 2023, in connection with, and contingent upon the acquisition of NTH by the Company, each investor in a convertible note entered into a Debt Assignment and Conversion Agreement with NTG and NTH, whereby the notes and the debt represented thereby were assigned from NTH to NTG and converted into common units of NTG with the equivalent value on the terms and conditions as set forth in the Debt Assignment and Conversion Agreements. In exchange for entering into the Debt Assignment and Conversion Agreements, each investor received the right to receive a number of Restricted Shares, including both Closing Shares and Contingent Shares, to be distributed by the Company to each such investor following the consummation of the NextTrip Acquisition. The shares were issued at a price of $3.00, and include both principal and accrued interest thereon. The NextTrip Acquisition closed on December 29, 2023, and as a result, the Company issued to the investors and aggregate of 52,818 Closing Shares, and the right to receive an aggregate of 1,978,598 Contingent Shares, if issued. During the years ended February 28, 2025 and February 29, 2024, the Company recorded interest expense of $0 and $234,213, respectively, related to the notes.

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