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Related Party Transactions
 12 Months Ended
Feb. 28, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 15 - Related Party Transactions

 

On February 28, 2023, the Company entered into an Asset Purchase Agreement with Travel and Media Tech, LLC (“TMT”), pursuant to which it purchased the right, title and interest in the “Bookit” or “NextTrip 2.0” booking engine, including customer lists, all current content associated with hotel and destination product in the booking engine (pictures, hotel descriptions, restaurant descriptions, room descriptions, amenity descriptions, and destination information) and source code related thereto. TMT is a related entity owned by Donald P. Monaco, the Company’s Chairman, and William Kerby, the Company’s Chief Executive Officer.

 

Amounts due to related parties at February 28, 2025 and February 29, 2024 was $61,526 and $828,277, respectively. The amounts due at February 28, 2025 are to Donald P. Monaco, William Kerby, and Gregory Miller, and at February 29, 2024 were to William Kerby and Donald P. Monaco.

 

The Company recorded a loss of $1,000,000 on the NextPlay related party receivable for the year ended February 28, 2025. The total amount receivable from NextPlay was $2,567,665 at February 28, 2025. NextPlay is in involuntary bankruptcy proceedings and is in default under the terms of its promissory note and, as a result, the Company established an allowance for doubtful accounts of $2,567,665 as collectability of the note is uncertain. As of February 29, 2024, $1,567,665 allowance for credit losses was established.