Document And Entity Information
Document And Entity Information | 3 Months Ended |
May 31, 2021shares | |
Document Information [Line Items] | |
Entity Registrant Name | QUANTUM ENERGY INC. |
Entity Central Index Key | 0001295961 |
Trading Symbol | qegy |
Current Fiscal Year End Date | --02-28 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Small Business | true |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 48,491,485 |
Entity Shell Company | false |
Document Type | 10-Q |
Document Period End Date | May 31, 2021 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Title of 12(b) Security | Common stock, $0.001 Par Value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | May 31, 2021 | Feb. 28, 2021 |
Current Assets | ||
Cash | $ 1,353,848 | $ 47 |
Total Current Assets | 1,353,848 | 47 |
Investment - IEC | 3,630,000 | |
Total Assets | 4,983,848 | 47 |
Current Liabilities | ||
Accounts Payable and Accrued Expenses | 210,740 | 220,140 |
Accounts Payable and Accrued Expenses - Related Parties | 677,311 | 343,770 |
Common Stock Payable | 6,180,170 | 200,000 |
Convertible Note Payable | 67,500 | |
Derivative Liability | 116,399 | |
Promissory Notes Payable | 76,305 | 76,305 |
Promissory notes payable, related party | 106,015 | 106,015 |
Total Current Liabilities | 7,250,541 | 1,130,129 |
Total Liabilities | 7,250,541 | 1,130,129 |
Stockholders' Deficit | ||
Common Stock - $0.001 Par; 495,000,000 Shares Authorized, 48,491,485 Issued and Outstanding, Respectively | 48,491 | 48,491 |
Additional Paid-In-Capital | 11,449,681 | 11,449,681 |
Accumulated Deficit | (13,764,865) | (12,628,254) |
Total Stockholders' Deficit | (2,266,693) | (1,130,082) |
Total Liabilities and Stockholders' Deficit | $ 4,983,848 | $ 47 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | May 31, 2021 | Feb. 28, 2021 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 495,000,000 | 495,000,000 |
Common stock, shares issued (in shares) | 48,491,485 | 48,491,485 |
Common stock, shares outstanding (in shares) | 48,491,485 | 48,491,485 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Sales - Related Party | $ 541,211 | |
Operating Expenses | ||
Advertising and Marketing | ||
Management Fees and Consulting | 56,250 | |
General and Administrative | 335,667 | |
Professional Fees | 881,721 | |
Total Operating Expenses | 1,273,638 | |
Loss Before Other Income and (Expense) | (732,427) | |
Other Income and (Expense) | ||
Gain on Debt Conversion | 140,395 | |
Gain on Derivative | 20,441 | |
Interest Expense | (3,368) | (7,379) |
Total Other Income and (Expense) | 137,027 | 13,062 |
Income (Loss) Before Income Tax Expense | (595,400) | 13,062 |
Income Tax Expense | ||
Net Income (Loss) for the Period | $ (595,400) | $ 13,062 |
Weighted Average Number of Common Shares - | ||
Basic and Diluted (in shares) | 48,491,485 | 48,491,485 |
Net Income (Loss) for the Period Per Common Shares - | ||
Basic and Diluted (in dollars per share) | $ (0.01) | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) for the Period | $ (595,400) | $ 13,062 |
Non-Cash Adjustments: | ||
Gain on Derivative | (20,441) | |
Gain on Debt Conversion | (140,395) | |
Changes in Assets and Liabilities: | ||
Accounts Receivable | (541,211) | |
Accounts Payable and Accrued Expenses | 14,596 | 7,379 |
Accounts Payable and Accrued Expenses - Related Parties | 333,541 | |
Net Cash Flows Used In Operating Activities | (928,869) | |
Cash Flows from Investing Activities | ||
Cash Paid for Investment | (3,630,000) | |
Net Cash Flows Used In Investing Activities | (3,630,000) | |
Cash Flows from Financing Activities | ||
Cash Received for Stock Payable | 5,980,170 | |
Repayment of Convertible Note Payable | (67,500) | |
Net Cash Flows Provided By Financing Activities | 5,912,670 | |
Net Change in Cash | 1,353,801 | |
Cash - Beginning of Period | 47 | 47 |
Cash - End of Period | 1,353,848 | 47 |
Cash Paid During the Period for: | ||
Interest | 2,500 | |
Income Taxes |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Feb. 29, 2020 | 48,491,485 | |||
Balance at Feb. 29, 2020 | $ 48,491 | $ 11,449,681 | $ (12,410,855) | $ (912,683) |
Net income (loss) for the period | 13,062 | 13,062 | ||
Net Income (Loss) for the Period | 13,062 | 13,062 | ||
Balance (in shares) at May. 31, 2020 | 48,491,485 | |||
Balance at May. 31, 2020 | $ 48,491 | 11,449,681 | (12,397,793) | (899,621) |
Balance (in shares) at Feb. 28, 2021 | 48,491,485 | |||
Balance at Feb. 28, 2021 | $ 48,491 | 11,449,681 | (12,628,254) | (1,130,082) |
Net income (loss) for the period | (595,400) | (595,400) | ||
Net Income (Loss) for the Period | (595,400) | (595,400) | ||
Balance (in shares) at May. 31, 2021 | 48,491,485 | |||
Balance at May. 31, 2021 | $ 48,491 | $ 11,449,681 | $ (13,223,654) | $ (2,266,693) |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1 QUANTUM ENERGY INC. (“the Company”) was incorporated under the name “Boomers Cultural Development Inc.” under the laws of the State of Nevada on February 5, 2004. May 18, 2006, The Company is a development stage diversified holding company; with operations centered on the refining of rare earth materials and the production of magnets and magnetic assemblies including an emphasis in real estate holdings, refinery assets, and related waste water treatment assets and operations. The Company is domiciled in the Unites States of America and trades on the OTC market under the symbol QEGY. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Basis of Presentation The accompanying condensed consolidated balance sheet has been derived from the February 28, 2021 May 31, 2021 2020, 10 8 X. not 10 February 28, 2021 ( “2021 three May 31, 2021, not February 28, 2021. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company after elimination of the intercompany accounts and transactions. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and uncertainties The Company's operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging business, including the potential risk of business failure. Cash and cash equivalents The Company considers all highly liquid investments with original maturities of three Fair value of financial instruments The Company's financial instruments include cash and cash equivalents, promissory notes payable, and promissory notes payable - related parties. All instruments are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at May 31, 2021 February 28, 2021, When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 2 3 At May 31, 2021 February 28, 2021, no Long-Lived Assets The Company reviews long-lived assets which include a deposit on land purchase for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may Stock-based Compensation The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time stock options will be held before they are exercised (“expected life”), the estimated volatility of the Company's common stock price over the expected term (“volatility”), forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten Related Parties In accordance with ASC 850 one may one one New Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and is evaluating any that may not not |
Note 3 - Going Concern
Note 3 - Going Concern | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 3 GOING CONCERN These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next twelve As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of May 31, 2021 February 28, 2021, May 31, 2021 February 28, 2021. no |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 EARNINGS PER SHARE Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants. The dilutive effect of outstanding securities as of May 31, 2021 February 28, 2021, May 31, 2021 February 28, 2021 Warrants 2,425,000 2,925,000 TOTAL POSSIBLE DILUTION 2,425,000 2,925,000 At May 31, 2021 February 28, 2021, |
Note 5 - Other Assets
Note 5 - Other Assets | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | NOTE 5 OTHER ASSETS Peconic Note Receivable On April 17, 2019, $30,000 18 12% 40% 100% 40% May 31, 2019, $30,000 May 31, 2019. Deposit on land purchase On December 5, 2016, $500,000 $7,822 The purchase contract originally expired on December 15, 2017; July 10, 2018 On June 8, 2018, $525,000 December 31, 2018 no December 31, 2018. On June 3, 2019, October 31, 2019 no May 31, 2019, 13 $7,822 |
Note 6 - Promissory and Convert
Note 6 - Promissory and Convertible Notes Payable | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 PROMISSORY and CONVERTIBLE NOTES PAYABLE The Company's outstanding notes payable are summarized as follows: May 31, 2021 February 28 2021 0% unsecured note payable - December 2013, due on demand $ 2,000 $ 2,000 0% unsecured note payable - November 2015, due on demand 980 980 8% unsecured note payable - October 2018, due on demand 5,000 5,000 6% unsecured note payable – April 2019, due on demand 3,325 3,325 8% unsecured notes payable - October 2019, due on demand 65,000 65,000 Total Notes Payable $ 76,305 $ 76,305 Interest expense for the three May 31, 2021 2020 $1,913 $1,953, three May 31, 2021 2019 $4,357 $1,121, Convertible note payable consists of one 0 $67,500 May 31, 2021 February 28, 2021, April 2019 $45,000 12% April 2020. 150% 22%. The conversion option expires on October 7, 2020. On June 18, 2019, 1934 $67,500 April 2021 $70,200. |
Note 7 - Promissory Notes Payab
Note 7 - Promissory Notes Payable, Related Party and Other Related Party Transactions | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 7 PROMISSORY NOTES PAYABLE, RELATED PARTY AND OTHER RELATED PARTY TRANSACTIONS The Company's outstanding notes payable, related party are summarized as follows: May 31, 2021 February 28, 2021 0% unsecured note payable - October 2015, due on demand $ 2,300 $ 2,300 0% unsecured note payable – November 2015, due on demand 2,000 2,000 8% unsecured note payable - October 2018, due on demand 60,000 60,000 6% unsecured note payable – April 2019, due on demand 15,825 15,825 6% unsecured note payable – April 2019, due on demand 15,890 15,890 8% unsecured note payable - October 2019, due on demand 10,000 10,000 TOTAL $ 106,015 $ 106,015 Interest expense for the three May 31, 2021 2019 $1.894 $1,714, three May 31, 2021 2019 $5,721 $6,834, Certain officers and directors of the Company had paid various expenses on behalf of the Company. Balances due to the officers, directors and a related company for reimbursement of these expenses were $173,969 $158,969 May 31, 2021 February 28, 2021, |
Note 8 - Common Stock
Note 8 - Common Stock | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8 COMMON STOCK Common stock The Company is authorized to issue 495,000,000 $0.001 one Preferred stock The Company is authorized to issue 5,000,000 no no Common shares issued for cash On February 28, 2018, “2018 2018 $0.15. one one 2018 $0.15 twenty-four $125,000 833,333 February 28, 2018 not February 28, 2018. April 4, 2018. On March 01, 2021, “2021 2021 $0.25. one one 2021 $0.25 twenty-four $2,570,925 no May 31, 2021. second third Common stock retirement On January 27, 2018, 5,000,000 10,000,000 $Nil. May 31, 2021. |
Note 9 - Warrants
Note 9 - Warrants | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Warrants and Rights [Text Block] | NOTE 9 On July 10, 2017, 500,000 $0.21 one March 2018, 500,000 $0.21 $1.00 June 9, 2020. On March 20, 2019 April 17, 2019, 1,250,000 675,000 1,925,000 eight thirty-six $0.25. March 20 April 17, 2019 $200,439 $76,243 $276,682 three May 31, 2019. $0.25, 228% 2.34% 2.37%. The following is a summary of the Company's warrants issued and outstanding: May 31, 2021 February 28, 2021 Warrants Price (a) Warrants Price (a) Beginning balance 2,925,000 $ .25 3,925,000 $ .25 Issued –– –– –– –– Exercised –– –– –– –– Expired (500,000 ) –– (1,000,000 ) –– Ending balance 2,425,000 $ 0.25 2,925,000 $ .25 (a) Weighted average exercise price per shares The following table summarizes additional information about the warrants granted by the Company as of May 31, 2021 February 28, 2021: Date of Grant Warrants Warrants Price Remaining term July 10, 2017 500,000 500,000 .25 0.58 March 20, 2019 1,250,000 1,250,000 .25 0.80 April 17, 2019 675,000 675,000 .25 0.88 Total warrants 2,425,000 2,425,000 $ .25 .77 |
Note 10 - Other Matters - Joint
Note 10 - Other Matters - Joint Venture | 3 Months Ended |
May 31, 2021 | |
Notes to Financial Statements | |
Other Matters [Text Block] | NOTE 10 OTHER MATTERS- Joint Venture Easy Energy Systems Inc. Memorandums of Understanding On April 2, 2019, 1” On April 16, 2016 2” As of May 9, 2021, no Private Placement Raul Factor At February 28, 2021, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying condensed consolidated balance sheet has been derived from the February 28, 2021 May 31, 2021 2020, 10 8 X. not 10 February 28, 2021 ( “2021 three May 31, 2021, not February 28, 2021. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company after elimination of the intercompany accounts and transactions. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and uncertainties The Company's operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging business, including the potential risk of business failure. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all highly liquid investments with original maturities of three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments The Company's financial instruments include cash and cash equivalents, promissory notes payable, and promissory notes payable - related parties. All instruments are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at May 31, 2021 February 28, 2021, When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 2 3 At May 31, 2021 February 28, 2021, no |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets The Company reviews long-lived assets which include a deposit on land purchase for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time stock options will be held before they are exercised (“expected life”), the estimated volatility of the Company's common stock price over the expected term (“volatility”), forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten |
Related Parties [Policy Text Block] | Related Parties In accordance with ASC 850 one may one one |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and is evaluating any that may not not |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
May 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | May 31, 2021 February 28, 2021 Warrants 2,425,000 2,925,000 TOTAL POSSIBLE DILUTION 2,425,000 2,925,000 |
Note 6 - Promissory and Conve_2
Note 6 - Promissory and Convertible Notes Payable (Tables) | 3 Months Ended |
May 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | May 31, 2021 February 28 2021 0% unsecured note payable - December 2013, due on demand $ 2,000 $ 2,000 0% unsecured note payable - November 2015, due on demand 980 980 8% unsecured note payable - October 2018, due on demand 5,000 5,000 6% unsecured note payable – April 2019, due on demand 3,325 3,325 8% unsecured notes payable - October 2019, due on demand 65,000 65,000 Total Notes Payable $ 76,305 $ 76,305 |
Note 7 - Promissory Notes Pay_2
Note 7 - Promissory Notes Payable, Related Party and Other Related Party Transactions (Tables) | 3 Months Ended |
May 31, 2021 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | May 31, 2021 February 28, 2021 0% unsecured note payable - October 2015, due on demand $ 2,300 $ 2,300 0% unsecured note payable – November 2015, due on demand 2,000 2,000 8% unsecured note payable - October 2018, due on demand 60,000 60,000 6% unsecured note payable – April 2019, due on demand 15,825 15,825 6% unsecured note payable – April 2019, due on demand 15,890 15,890 8% unsecured note payable - October 2019, due on demand 10,000 10,000 TOTAL $ 106,015 $ 106,015 |
Note 9 - Warrants (Tables)
Note 9 - Warrants (Tables) | 3 Months Ended |
May 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | May 31, 2021 February 28, 2021 Warrants Price (a) Warrants Price (a) Beginning balance 2,925,000 $ .25 3,925,000 $ .25 Issued –– –– –– –– Exercised –– –– –– –– Expired (500,000 ) –– (1,000,000 ) –– Ending balance 2,425,000 $ 0.25 2,925,000 $ .25 |
Schedule of Warrants Granted [Table Text Block] | Date of Grant Warrants Warrants Price Remaining term July 10, 2017 500,000 500,000 .25 0.58 March 20, 2019 1,250,000 1,250,000 .25 0.80 April 17, 2019 675,000 675,000 .25 0.88 Total warrants 2,425,000 2,425,000 $ .25 .77 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2021 | May 31, 2021 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 4 - Earnings Per Share - D
Note 4 - Earnings Per Share - Dilutive Effect of Outstanding Securities (Details) - shares | 3 Months Ended | 12 Months Ended |
May 31, 2021 | Feb. 28, 2021 | |
Warrants (in shares) | 2,425,000 | 2,925,000 |
TOTAL POSSIBLE DILUTION (in shares) | 2,425,000 | 2,925,000 |
Note 5 - Other Assets (Details
Note 5 - Other Assets (Details Textual) | Apr. 17, 2019USD ($) | Dec. 05, 2016USD ($) | May 31, 2019USD ($) | Jun. 08, 2018CAD ($) | Dec. 05, 2016CAD ($) |
Land [Member] | |||||
Purchase Price of Property | $ 525,000 | $ 500,000 | |||
Payments for Deposits on Real Estate Acquisitions | $ 7,822 | ||||
Deposits Written Off | $ 7,822 | ||||
Peconic Energy, Inc. [Member] | |||||
Payments to Acquire Notes Receivable | $ 30,000 | ||||
Notes Receivable, Term (Month) | 1 year 180 days | ||||
Notes Receivable, Interest Rate, Stated Percentage | 12.00% | ||||
Notes Receivable, Interest Rate, Percentage of Gross Revenues | 40.00% | ||||
Notes Receivable, Collateral, Percentage of Assets | 100.00% | ||||
Notes Receivable, Convertible, Percentage of Assets | 40.00% | ||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 30,000 |
Note 6 - Promissory and Conve_3
Note 6 - Promissory and Convertible Notes Payable (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | Apr. 30, 2021 | Feb. 28, 2021 | Jun. 18, 2019 | Apr. 30, 2019 | |
Interest Expense, Total | $ 3,368 | $ 7,379 | ||||||
Convertible Notes Payable, Current | $ 67,500 | |||||||
The Power Up Note [Member] | ||||||||
Debt Instrument, Debt Default, Amount | $ 67,500 | |||||||
Long-term Debt, Total | $ 70,200 | |||||||
Unsecured Debt [Member] | ||||||||
Interest Expense, Total | 1,913 | $ 1,953 | 4,357 | $ 1,121 | ||||
Convertible Notes Payable [Member] | ||||||||
Convertible Notes Payable, Current | $ 0 | $ 0 | $ 67,500 | $ 45,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||
Debt Instrument, Default Interest Rate | 22.00% |
Note 6 - Promissory and Conve_4
Note 6 - Promissory and Convertible Notes Payable - Summary of Outstanding Notes Payable (Details) - USD ($) | May 31, 2021 | Feb. 28, 2021 |
Promissory notes payable | $ 76,305 | $ 76,305 |
The 0 Percent Unsecured Note Payable Issued December 2013 [Member] | ||
Promissory notes payable | 2,000 | 2,000 |
The 0 Percent Unsecured Note Payable Issued November 2015 [Member] | ||
Promissory notes payable | 980 | 980 |
The 8 Percent Unsecured Note Payable Issued October 2018 [Member] | ||
Promissory notes payable | 5,000 | 5,000 |
The 6 Percent Promissory Notes Issued April 2019 [Member] | ||
Promissory notes payable | 3,325 | 3,325 |
The 8 Percent Promissory Notes Issued October 2019 [Member] | ||
Promissory notes payable | $ 65,000 | $ 65,000 |
Note 7 - Promissory Notes Pay_3
Note 7 - Promissory Notes Payable, Related Party and Other Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | Feb. 28, 2021 | |
Interest Expense, Total | $ 3,368 | $ 7,379 | |||
Accounts Payable, Related Parties, Current | 677,311 | $ 677,311 | $ 343,770 | ||
Advisory Company Owned by Former CEO [Member] | |||||
Interest Expense, Total | 1.894 | $ 1,714 | 5,721 | $ 6,834 | |
Advisory Company Owned by Former CEO [Member] | Reimbursement of Expenses [Member] | |||||
Accounts Payable, Related Parties, Current | $ 173,969 | $ 173,969 | $ 158,969 |
Note 7 - Promissory Notes Pay_4
Note 7 - Promissory Notes Payable, Related Party and Other Related Party Transactions - Outstanding Notes Payable, Related Party (Details) - USD ($) | May 31, 2021 | Feb. 28, 2021 |
Promissory notes payable, related party | $ 106,015 | $ 106,015 |
The 0 Percent Unsecured Note Payable Issued October 2015 [Member] | ||
Promissory notes payable, related party | 2,300 | 2,300 |
The 0 Percent Unsecured Note Payable Issued November 2015 [Member] | ||
Promissory notes payable, related party | 2,000 | 2,000 |
The 8 Percent Unsecured Note Payable Issued October 2018 [Member] | ||
Promissory notes payable, related party | 60,000 | 60,000 |
The 6 Percent Promissory Notes Issued April 2019 [Member] | ||
Promissory notes payable, related party | 15,825 | 15,825 |
The Second 6 Percent Promissory Notes Issued April 2019 [Member] | ||
Promissory notes payable, related party | 15,890 | 15,890 |
The 8 Percent Promissory Notes Issued October 2019 [Member] | ||
Promissory notes payable, related party | $ 10,000 | $ 10,000 |
Note 8 - Common Stock (Details
Note 8 - Common Stock (Details Textual) | Mar. 01, 2021USD ($)$ / sharesshares | Jan. 27, 2018USD ($)shares | Feb. 28, 2018USD ($)$ / sharesshares | May 31, 2021$ / sharesshares | Feb. 28, 2021$ / sharesshares | Feb. 29, 2020$ / shares | Jul. 10, 2017 | |
Common Stock, Shares Authorized (in shares) | 495,000,000 | 495,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||
Common Stock, Voting Rights, Number of Votes Per Share | 1 | |||||||
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | |||||||
Preferred Stock, No Par Value (in dollars per share) | $ / shares | $ 0 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | [1] | $ 0.25 | $ 0.25 | $ 0.25 | ||||
Proceeds from Issuance of Private Placement | $ | $ 125,000 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 833,333 | |||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 10,000,000 | |||||||
Stock Repurchased and Retired During Period, Value | $ | $ 0 | |||||||
Former Chairman of the Board [Member] | ||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 5,000,000 | |||||||
Warrants Issued in the 2018 Offering [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.15 | |||||||
Warrants and Rights Outstanding, Term (Month) | 2 years | 1 year | ||||||
Private Placement [Member] | ||||||||
Equity Offering, Units Issued, Price Per Share (in dollars per share) | $ / shares | $ 0.15 | |||||||
Number of Shares Per Unit (in shares) | 1 | |||||||
Number of Warrants Per Unit (in shares) | 1 | |||||||
The 2021 Offering [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.25 | |||||||
Warrants and Rights Outstanding, Term (Month) | 2 years | |||||||
Proceeds from Issuance of Private Placement | $ | $ 2,570,925 | |||||||
Units Issued, Price Per Share (in dollars per share) | $ / shares | $ 0.25 | |||||||
Number of Shares Called by Each Unit (in shares) | 1 | |||||||
Number of Warrants Called by Each Unit (in shares) | 1 | |||||||
[1] | Weighted average exercise price per shares |
Note 9 - Warrants (Details Text
Note 9 - Warrants (Details Textual) | Apr. 17, 2019USD ($)$ / sharesshares | Mar. 20, 2019USD ($)shares | Mar. 31, 2018$ / sharesshares | Jul. 10, 2017$ / sharesshares | May 31, 2021$ / sharesshares | Feb. 28, 2021$ / sharesshares | Feb. 29, 2020$ / shares | Feb. 28, 2018$ / shares | |
Class of Warrant or Right, Issued During Period (in shares) | shares | |||||||||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | [1] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | [1] | 0.25 | $ 0.25 | $ 0.25 | |||||
Warrants Issued in the 2018 Offering [Member] | |||||||||
Class of Warrant or Right, Issued During Period (in shares) | shares | 500,000 | ||||||||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 0.21 | ||||||||
Warrants and Rights Outstanding, Term (Month) | 1 year | 2 years | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.15 | ||||||||
Amended Warrants With An Expiration Date of June 9, 2020 [Member] | |||||||||
Class of Warrant or Right, Issued During Period (in shares) | shares | 500,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1 | ||||||||
Warrants Granted March 20, 2019 [Member] | |||||||||
Class of Warrant or Right, Issued During Period (in shares) | shares | 1,250,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.25 | ||||||||
Warrants and Rights Outstanding | $ | $ 76,243 | $ 200,439 | |||||||
Warrants Granted April 17, 2019 [Member] | |||||||||
Class of Warrant or Right, Issued During Period (in shares) | shares | 675,000 | ||||||||
Warrants Issued to Eight Investors [Member] | |||||||||
Warrants and Rights Outstanding, Term (Month) | 3 years | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.25 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,925,000 | ||||||||
Warrants and Rights Outstanding | $ | $ 276,682 | ||||||||
Warrants Issued to Eight Investors [Member] | Measurement Input, Exercise Price [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input (in dollars per share) | 0.25 | ||||||||
Warrants Issued to Eight Investors [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input (in dollars per share) | 2.28 | ||||||||
Warrants Issued to Eight Investors [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input (in dollars per share) | 0.0234 | ||||||||
Warrants Issued to Eight Investors [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input (in dollars per share) | 0.0237 | ||||||||
[1] | Weighted average exercise price per shares |
Note 9 - Warrants - Summary of
Note 9 - Warrants - Summary of Warrants Issued and Outstanding (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
May 31, 2021 | Feb. 28, 2021 | ||
Beginning balance (in shares) | 2,925,000 | 3,925,000 | |
Beginning balance (in dollars per share) | [1] | $ 0.25 | $ 0.25 |
Issued (in shares) | |||
Issued (in dollars per share) | [1] | ||
Exercised (in shares) | |||
Exercised (in dollars per share) | [1] | ||
Expired (in shares) | (500,000) | (1,000,000) | |
Expired (in dollars per share) | [1] | ||
Ending balance (in shares) | 2,425,000 | 2,925,000 | |
Ending balance (in dollars per share) | [1] | $ 0.25 | $ 0.25 |
[1] | Weighted average exercise price per shares |
Note 9 - Warrants - Additional
Note 9 - Warrants - Additional Information About Warrants Granted (Details) - $ / shares | 3 Months Ended | |||
May 31, 2021 | Feb. 28, 2021 | Feb. 29, 2020 | ||
Warrants outstanding (in shares) | 2,425,000 | 2,925,000 | 3,925,000 | |
Warrants exercisable (in shares) | 2,425,000 | |||
Warrants, price (in dollars per share) | [1] | $ 0.25 | $ 0.25 | $ 0.25 |
Warrants, remaining term (Year) | 281 days | |||
Warrants Granted November 19, 2016 [Member] | ||||
Warrants outstanding (in shares) | 500,000 | |||
Warrants exercisable (in shares) | 500,000 | |||
Warrants, price (in dollars per share) | $ 0.25 | |||
Warrants, remaining term (Year) | 211 days | |||
Warrants Granted July 10, 2017 [Member] | ||||
Warrants outstanding (in shares) | 1,250,000 | |||
Warrants exercisable (in shares) | 1,250,000 | |||
Warrants, price (in dollars per share) | $ 0.25 | |||
Warrants, remaining term (Year) | 292 days | |||
Warrants Granted March 20, 2019 [Member] | ||||
Warrants outstanding (in shares) | 675,000 | |||
Warrants exercisable (in shares) | 675,000 | |||
Warrants, price (in dollars per share) | $ 0.25 | |||
Warrants, remaining term (Year) | 321 days | |||
[1] | Weighted average exercise price per shares |