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Share Purchase Agreements | 12 Months Ended
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Feb. 28, 2025
Share Purchase Agreements |
Share Purchase Agreements | NOTE 14 – Share Purchase Agreements Between August 10, 2023 and November 6, 2023, NTH entered into Share Purchase Agreements with several investors to purchase convertible shares in NTH in exchange for total proceeds of $1,755,970. Pursuant to the Share Purchase Agreements, the shares were initially convertible into the common shares of a public company with which NTH completed a strategic transaction at a price of $0.15 per share. The Share Purchase Agreements further provided that contingent upon the consummation of the legal acquisition of NTH by the Company, the investors would receive the same number of shares of Company common stock in lieu of NTH common shares. On December 29, 2023, concurrent with the consummation of the NextTrip Acquisition, each investor entered into an Exchange Agreement (the “Pre-Acquisition Exchange Agreements”) with NTG and NTH, whereby such investors exchanged their rights to NTH shares for rights to common units of NTG of the same value, and NTG distributed to the investors that number of Closing Shares as set forth in the Pre-Acquisition Exchange Agreements. Additionally, upon the Company’s achievement of each of the milestones as set forth in the Exchange Agreement, if ever, NTG will further distribute the number of Contingent Shares in accordance with the Pre-Acquisition Exchange Agreements. On September 19, 2022, the Company entered into a Software as a Service Agreement with a third-party consultant, pursuant to which the Company received a $150,000 down payment upon signing of the contract. On December 31, 2022, the Company entered into an amended agreement with the counterparty, pursuant which the down payment became a noninterest bearing share issuance obligation and which such amount will be converted to shares in a new public company upon the completion of a merger at a conversion price of $3.00 per common share, subject to adjustments. On December 29, 2023, upon the consummation of the NextTrip Acquisition, the counterparty received 1,996 Closing Shares and the right to receive an additional 74,786 Contingent Shares, if issued. The total number of Closing Shares issued to investors, inclusive the third-party consultant, on December 29, 2023 was 15,481 Closing Shares, and the Contingent Shares issuable, if ever, totaled an aggregate of 579,954. On December 28, 2023, the Company entered into a Consulting Modification Agreement with a third-party consultant, which provided for the full settlement of $180,000 in consulting fees by issuing shares of Company common stock contingent upon the closing of the NextTrip acquisition. The NextTrip Acquisition closed on December 29, 2023, pursuant to which the Company issued 4,337 Closing Shares to the consultant, and the right to receive 162,466 Contingent Shares, if issued.

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