Cover
Cover - shares | 3 Months Ended | |
May 31, 2021 | Jul. 20, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --02-28 | |
Entity File Number | 000-56214 | |
Entity Registrant Name | Healthcare Business Resources, Inc. | |
Entity Central Index Key | 0001796949 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,853,000 |
CONDENSED BALANCE SHEET
CONDENSED BALANCE SHEET - USD ($) | May 31, 2021 | Feb. 28, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 42,914 | $ 35,055 |
Interest receivable | 2,532 | 0 |
Total current assets | 45,446 | 35,055 |
Note receivable | 200,000 | 0 |
Total assets | 245,446 | 35,055 |
Current Liabilities | ||
Accounts payable | 52,639 | 34,486 |
Accrued expenses | 48,061 | 35,181 |
Note payable | 200,000 | 0 |
Total current liabilities | 300,700 | 71,667 |
Total liabilities | 300,700 | 71,667 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Common stock; $0.001 par value; 200,000,000 shares authorized, 19,701,000 and 19,590,000 shares issued and outstanding, respectively | 19,737 | 19,590 |
Additional paid in capital | 1,912,908 | 1,591,283 |
Accumulated deficit | (1,987,889) | (1,647,485) |
Total stockholders' equity | (55,254) | (36,612) |
Total liabilities and stockholders' equity | $ 245,446 | $ 35,055 |
CONDENSED BALANCE SHEET (Parent
CONDENSED BALANCE SHEET (Parenthetical) - $ / shares | May 31, 2021 | Feb. 28, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ .001 | $ 0.001 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 19,701,000 | 19,590,000 |
Common stock, outstanding | 19,701,000 | 19,590,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Revenues | ||
Revenue | $ 6,408 | $ 0 |
Operating Expenses | ||
General and administrative | 259,789 | 12,060 |
Professional fees | 86,588 | 32,232 |
Total operating expenses | 346,377 | 44,292 |
Loss from operations | (339,969) | (44,292) |
Other expenses: | ||
Interest income | 2,532 | 0 |
Interest expense | (2,977) | 0 |
Total other income (expense), net | (445) | 0 |
Net loss | $ (340,414) | $ (44,292) |
Net loss per common share - basic and fully diluted | $ (.02) | $ .00 |
Weighted average common shares outstanding - basic and diluted | 19,699,385 | 19,590,000 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Beginning balance, shares at Feb. 29, 2020 | 19,590,000 | |||
Beginning balance, amount at Feb. 29, 2020 | $ 19,590 | $ 173,110 | $ (19,857) | $ 172,843 |
Common shares issued for settlement of accounts payable, amount | 0 | |||
Stock-based compensation | 0 | |||
Net loss | (44,292) | (44,292) | ||
Ending balance, shares at May. 31, 2020 | 19,590,000 | |||
Ending balance, amount at May. 31, 2020 | $ 19,590 | 173,110 | (64,149) | 128,551 |
Beginning balance, shares at Feb. 28, 2021 | 19,590,000 | |||
Beginning balance, amount at Feb. 28, 2021 | $ 19,590 | 1,591,283 | (1,647,485) | (36,612) |
Common shares issued for cash, shares | 70,000 | |||
Common shares issued for cash, amount | $ 70 | 30,350 | 30,420 | |
Common shares issued for settlement of accounts payable, shares | 77,000 | |||
Common shares issued for settlement of accounts payable, amount | $ 77 | 38,423 | 38,500 | |
Stock-based compensation | 252,852 | 252,852 | ||
Net loss | (340,414) | (340,414) | ||
Ending balance, shares at May. 31, 2021 | 19,737,000 | |||
Ending balance, amount at May. 31, 2021 | $ 19,737 | $ 1,912,908 | $ (1,987,899) | $ (55,254) |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (340,414) | $ (44,292) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 252,852 | 0 |
Changes in operating assets and liabilities: | ||
Interest receivable | (2,532) | 0 |
Accounts payable | 54,653 | 25,881 |
Accrued expenses | 12,880 | 0 |
Net cash used in operating activities | (22,561) | (18,411) |
Cash Flows from Investing Activities | ||
Note receivable | (200,000) | 0 |
Cash flows from investing activities | (200,000) | 0 |
Cash Flows from Financing Activities | ||
Proceeds from notes payable | 200,000 | 0 |
Proceeds from equity issuance, net | 30,420 | 0 |
Cash flows from financing activities | 230,420 | |
Net change in cash | 7,859 | (18,411) |
Cash, at beginning of period | 35,055 | 172,843 |
Cash, at end of period | 42,914 | 154,432 |
Supplemental Cash Flow Information: | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
Supplemental Schedule of Non-cash transactions | ||
Common shares issued for settlement of accounts payable | $ 38,500 | $ 0 |
1. NATURE OF BUSINESS
1. NATURE OF BUSINESS | 3 Months Ended |
May 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | On September 9, 2019 (commencement of operations), Healthcare Business Resources, Inc. (“we”, “our”, the “Company”), a domestic corporation was organized in Delaware to provide consulting services to healthcare organizations. These services include management consulting related to sales, marketing, business development and advisory board function. The Company’s services are designed to help clients increase revenue, improve overall efficiency and effectiveness of their operations and grow strategically. On March 5, 2021, HBR Pointclear, LLC, a Delaware limited liability company was incorporated. HBR Pointclear, LLC was formed to enter into an Option Agreement to Purchase Business Assets with PointClear Solutions, Inc. In this report, unless context requires otherwise, references to “we,” “our,” “us” and “our Company” refer to Healthcare Business Resources Inc., a Delaware corporation, and its subsidiary HBR Pointclear, LLC. Liquidity and Going Concern These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the ability of the Company to obtain equity financings to continue operations. The Company has a history of and expects to continue to report negative cash flows from operations and a net loss. Management believes that the cash on hand is sufficient to fund its planned operations into but not beyond the near term. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern twelve months from the issuance of these consolidated financial statements. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company may seek additional funding through a combination of equity offerings, debt financings, or other third-party funding. |
2. SUMMARY OF SIGNIFICANT ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United Stated of America (“U.S. GAAP”) for interim unaudited financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The unaudited financial statements include all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary in order to make the condensed financial statements not misleading. Operating results for the three months ended May 31, 2021, are not necessarily indicative of the final results that may be expected for the year ending February 28, 2022. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the period ended February 28, 2021, included in our Form 10-K filed with the SEC on June 7, 2021 (“Form 10-K”). Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. 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 as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers The Company plans to recognize revenue from contracts with its customers under ASC Topic 606. As sales are expected to be primarily from sales of advisory services, the Company does not expect significant post-delivery obligations. Revenue from sales of advisory services is recorded over the period earned and are recognized under ASC Topic 606 in a manner that reasonably reflects the delivery of its services to customers in return for expected consideration and includes the following elements: ● Executed contracts with the Company’s customers that it believes are legally enforceable; ● Identification of the performance obligation within the respective contract, which is the delivery of service; ● Determination of the transaction price for each performance obligation in the respective contract; ● Allocation of the transaction price to each performance obligation; and ● Recognition of revenue only when the Company satisfies each performance obligation We plan to charge clients a fee for our management consulting services based on time (e.g. hourly or project-based or monthly) or based on a percentage of cost savings or incremental revenue (e.g. revenue or cost savings). As of May 31, 2021, we have acquired one customer who has contracted with us to market its services in exchange for a performance-based fee equal to 50% of any fee collected by this customer from business referred by our Company to this customer. We cannot estimate the value of the fee or fees we may obtain from this engagement, if any. As of May 31, 2021, we have generated limited management consulting services revenue and we are unable to determine how long, if ever, it will take to generate any management consulting services revenue. We cannot assure you that we will ever generate enough management consulting revenue to sustain our operations. We plan to charge clients a fee for our financial incentives services primarily based on the economic benefit we facilitate from any incentive programs, when permitted by any applicable rules and guidelines. Where contingency fees are not permissible, fixed fee contracts may be used. As part of our incentive program services, we may be at risk for certain third-party accounting, legal and consulting fees until such time as we are reimbursed by our client, if ever. Basic and Diluted Loss Per Share The computation of basic loss per share of common stock is based on the weighted average number of shares outstanding during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. Diluted net loss per share is the same as basic net loss per share for periods where the Company reported a net loss because including the 3,000,000 dilutive securities would be anti-dilutive. Recent Accounting Pronouncements The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying consolidated financial statements. |
3. NOTE RECEIVABLE
3. NOTE RECEIVABLE | 3 Months Ended |
May 31, 2021 | |
Receivables [Abstract] | |
NOTE RECEIVABLE | On March 12, 2021, our Company, through its wholly owned subsidiary HBR Pointclear, LLC, a Delaware limited liability company (“HBRP”); and PointClear Solutions, Inc., an Alabama corporation (“PointClear”) entered into an Option Agreement to Purchase Business Assets (the “Option Agreement”). The term of the Option (the “Option Term”) commenced on March 12, 2021, and automatically expires on August 1, 2022 (the “Option Termination Date”), unless duly extended, exercised, or sooner terminated as provided in the Option Agreement. PointClear is a health care focused information technology solutions company that provides its clients technology driven solutions based upon its three core competencies; (i) Strategic planning, (ii) Digitization and Design, and (iii) Production and Implementation (the “Business”). Pursuant to the Option Agreement, PointClear granted to HBRP an exclusive non-cancelable option (the “Option”) to require PointClear to enter into an Asset Purchase Agreement (the “Asset Purchase Agreement”) under which, HBRP may (i) purchase all of PointClear’s tangible and intangible assets used in, or useful to the Business (the “Business Assets”), and (ii) the assume certain defined liabilities and contracts related to the Business. The Option provides HBRP the right, but not the obligation, to (i) enter into the Asset Purchase Agreement at any time until August 1, 2022 (the “Option Term”), and (ii), require PointClear to sell the Business Assets and perform under the Asset Purchase Agreement. Pursuant to the Option, HBRP shall arrange for a unsecured loan of up to $750,000 to PointClear (the “Improvement Loan”) pursuant to the Improvement Loan Agreement (the “Improvement Loan Agreement”), as consideration for obtaining rights under the Option. The loan agreement matures on the earlier of August 1, 2022, or the closing of the purchase of the Asset Purchase Agreement. PointClear is required to use the proceeds under the Improvement Loan to improve the Business and offset operating costs. If HBRP elects to exercise the Option it shall be obligated to pay to PointClear the consideration set forth in the Asset Purchase Agreement and comply with such other terms and conditions that are set forth in the Asset Purchase Agreement. The repayment of any monies lent under the Improvement Loan Agreement to PointClear will be determined based on whether or not HBRP elects to exercise the Option and enter into the Asset Purchase Agreement with Pointclear. The Option Agreement contains customary representations, warranties and covenants of PointClear and HBRP. As of May 31, 2021, the Company has loaned $200,000 to Pointclear, with interest receivable of $2,532. |
4. NOTE PAYABLE
4. NOTE PAYABLE | 3 Months Ended |
May 31, 2021 | |
Notes Payable [Abstract] | |
NOTE PAYABLE | On March 15, 2021, our Company issued to Mark Huber a Promissory Note in the aggregate principal amount of $200,000 (the “Third Party Promissory Note”). The principal amount of $200,000 plus all interest under the Third Party Promissory Note will be due and payable two hundred seventy (270) days from March 15, 2021 (the “Maturity Date”). Interest on the Third Party Promissory Note will accrue at a rate of 3.0% per annum, beginning on March 15, 2021, until the principal amount and all accrued but unpaid interest shall have been paid. The Third Party Promissory Note is an unsecured debt obligation of the Company. As of May 31, 2021, the note payable balance was $200,000, with accrued interest of $1,266. |
5. EQUITY
5. EQUITY | 3 Months Ended |
May 31, 2021 | |
Equity [Abstract] | |
EQUITY | Common stock During the three months ended May 31, 2021, the Company sold 70,000 shares of our common stock to investors who are “accredited investors,” as that term is defined Rule 501(a) of Regulation D During the three months ended May 31, 2021, the Company issued 77,000 shares of common stock with a fair value of $38,500 to settle $38,500 of accounts payable. Incentive Stock Options During the three months May 31, 2021, the Board of Directors approved grants of 2,105,000 options to consultants. The options have an exercise price of $0.50 and expire five-years following issuance. The total fair value of these option grants at issuance was $816,439. Of the newly granted options 528,750 vested at issuance and the remaining options vest over periods from five to twenty five months. During the three months ended May 31, 2021, the Company recognized $252,852 of stock-based compensation related to outstanding stock options. At May 31, 2021, the Company had $398,138 of unrecognized expenses related to options. Weighted Average Number of Options Exercise Price Per Share Outstanding at February 28, 2021 785,000 $ 0.50 Granted 2,105,000 0.50 Exercised - - Forfeited and expired (460,000 ) 0.50 Outstanding at May 31, 2021 2,430,000 $ 0.50 The following table discloses information regarding outstanding and exercisable options at May 31, 2021: Outstanding Exercisable Weighted Average Weighted Average Weighted Average Exercise Price Number of Options Exercise Price Per Share Remaining Life (Years) Number of Options Exercise Price Per Share $ 0.50 2,430,000 $ 0.50 6.18 1,407,750 $ 0.50 As of May 31, 2021, the options vested and outstanding had no intrinsic value. The aggregate fair value of the options measured during the three months ended were calculated using the Black-Scholes option pricing model based on the following assumptions: Expected life 5 years Volatility 106.95- 108.26 Dividend yield 0 Risk free interest rate 0.71 |
6. COMMITMENTS AND CONTINGENCIE
6. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
May 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | The Company is not aware of any other commitments or contingencies that would have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
7. RISK CONCENTRATIONS
7. RISK CONCENTRATIONS | 3 Months Ended |
May 31, 2021 | |
Risks and Uncertainties [Abstract] | |
RISK CONCENTRATIONS | Financial instruments that potentially expose the Company to certain concentrations of credit risk include cash in bank accounts. The cash deposits, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). Beginning January 1, 2013, as per FDIC, all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit are standardly insured for up to $250,000. The standard insurance coverage is per depositor, per insured bank. |
8. SUBSEQUENT EVENTS
8. SUBSEQUENT EVENTS | 3 Months Ended |
May 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Between June 1, 2021 and July 15, 2021, the Company issued 116,000 shares of common stock for net cash proceeds of $58,000. On June 10, 2021, our Company issued to Kenneth Hawkins, a member of our Company’s board of directors, a promissory note in the aggregate principal amount of $50,000 (the “$50,000 Promissory Note”). The principal amount of $50,000 plus all interest under the $50,000 Promissory Note will be due and payable two hundred seventy (270) days from June 10, 2021. Interest on the $50,000 Promissory Note will accrue at a rate of 12.0% per annum, beginning on June 10, 2021, until the principal amount and all accrued but unpaid interest shall have been paid. The $50,000 Promissory Note is an unsecured debt obligation of the Company. On June 11, 2021, our Company issued to Ethan Kellum a promissory note in the aggregate principal amount of $25,000 (the “$25,000 Promissory Note”). The principal amount of $25,000 plus all interest under the $25,000 Promissory Note will be due and payable two hundred seventy (270) days from the date the principal amount is received by our Company. Interest on the $25,000 Promissory Note will accrue at a rate of 12.5% per annum, beginning on the date the principal amount is received by our Company until the principal amount and all accrued but unpaid interest shall have been paid. The $25,000 Promissory Note is an unsecured debt obligation of the Company. Our Company received the principal amount of the $25,000 Promissory Note on June 11, 2021. On June 18, 2021, we and HBR Sub, Inc., a Delaware corporation and our wholly owned subsidiary entered into and closed an Agreement and Plan of Merger (the “Merger Agreement”), with UserTech U.S. LLC, a Delaware limited liability company (“UPlus”) and UPlus Health, LLC, a Delaware limited liability company and a wholly-owned subsidiary of UPlus (“UPlus Health”). Pursuant to the Merger Agreement, and subject to the terms and conditions contained therein, HBR Sub, Inc. was merged with and into UPlus Health, with UPlus Health surviving the merger on the terms and subject to the conditions set forth in the Merger Agreement and certain ancillary agreements. UPlus Health is now our Company’s wholly owned subsidiary. The consideration for the merger consisted of our Company’s issuance to UPlus of 1,000,000 shares of our common stock and a three-year warrant to purchase 1,400,000 shares of our common stock for $0.50 per share, subject to the Special Adjustments described in the Merger Agreement, which includes UPlus’ right to unwind the merger in the event we fail to meet the Financial Metrics Plan described in the Merger Agreement. |
2. SUMMARY OF SIGNIFICANT ACC_2
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United Stated of America (“U.S. GAAP”) for interim unaudited financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The unaudited financial statements include all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary in order to make the condensed financial statements not misleading. Operating results for the three months ended May 31, 2021, are not necessarily indicative of the final results that may be expected for the year ending February 28, 2022. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the period ended February 28, 2021, included in our Form 10-K filed with the SEC on June 7, 2021 (“Form 10-K”). Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. |
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 as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers The Company plans to recognize revenue from contracts with its customers under ASC Topic 606. As sales are expected to be primarily from sales of advisory services, the Company does not expect significant post-delivery obligations. Revenue from sales of advisory services is recorded over the period earned and are recognized under ASC Topic 606 in a manner that reasonably reflects the delivery of its services to customers in return for expected consideration and includes the following elements: ● Executed contracts with the Company’s customers that it believes are legally enforceable; ● Identification of the performance obligation within the respective contract, which is the delivery of service; ● Determination of the transaction price for each performance obligation in the respective contract; ● Allocation of the transaction price to each performance obligation; and ● Recognition of revenue only when the Company satisfies each performance obligation We plan to charge clients a fee for our management consulting services based on time (e.g. hourly or project-based or monthly) or based on a percentage of cost savings or incremental revenue (e.g. revenue or cost savings). As of May 31, 2021, we have acquired one customer who has contracted with us to market its services in exchange for a performance-based fee equal to 50% of any fee collected by this customer from business referred by our Company to this customer. We cannot estimate the value of the fee or fees we may obtain from this engagement, if any. As of May 31, 2021, we have generated limited management consulting services revenue and we are unable to determine how long, if ever, it will take to generate any management consulting services revenue. We cannot assure you that we will ever generate enough management consulting revenue to sustain our operations. We plan to charge clients a fee for our financial incentives services primarily based on the economic benefit we facilitate from any incentive programs, when permitted by any applicable rules and guidelines. Where contingency fees are not permissible, fixed fee contracts may be used. As part of our incentive program services, we may be at risk for certain third-party accounting, legal and consulting fees until such time as we are reimbursed by our client, if ever. |
Basic and Diluted Loss per Share | The computation of basic loss per share of common stock is based on the weighted average number of shares outstanding during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. Diluted net loss per share is the same as basic net loss per share for periods where the Company reported a net loss because including the 3,000,000 dilutive securities would be anti-dilutive. |
Recent Accounting Pronouncements | The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying consolidated financial statements. |
3. NOTE RECEIVABLE (Details Nar
3. NOTE RECEIVABLE (Details Narrative) - USD ($) | May 31, 2021 | Feb. 28, 2021 |
Receivables [Abstract] | ||
Note receivable | $ 200,000 | $ 0 |
Interest receivable | $ 2,532 | $ 0 |
4. NOTE PAYABLE (Details Narrat
4. NOTE PAYABLE (Details Narrative) - USD ($) | May 31, 2021 | Feb. 28, 2021 |
Notes Payable [Abstract] | ||
Note payable | $ 200,000 | $ 0 |
Accrued interest | $ 1,266 |
5. EQUITY (Details)
5. EQUITY (Details) | 3 Months Ended |
May 31, 2021$ / sharesshares | |
Equity [Abstract] | |
Options outstanding, beginning | shares | 785,000 |
Options granted | shares | 2,105,000 |
Options exercised | shares | 0 |
Options forfeited and expired | shares | (460,000) |
Options outstanding, ending | shares | 2,430,000 |
Weighted average exercise price outstanding, beginning | $ .50 |
Weighted average exercise price granted | 0.50 |
Weighted average exercise price exercised | .00 |
Weighted average exercise price forfeited and expired | 0.50 |
Weighted average exercise price outstanding, ending | 0.50 |
Weighted average grant date fair value granted | $ 816,439 |
5. EQUITY (Details 1)
5. EQUITY (Details 1) - $ / shares | 3 Months Ended | |
May 31, 2021 | Feb. 28, 2021 | |
Number of Options | 2,430,000 | 785,000 |
Outstanding Weighted Average Exercise Price per Share | $ 0.50 | $ .50 |
Exercise Price 0.50 | ||
Number of Options | 2,430,000 | |
Outstanding Weighted Average Exercise Price per Share | $ 0.50 | |
Weighted Average Remaining Life | 6 years 2 months 5 days | |
Number of Options, Exercisable | 1,407,750 | |
Weighted Average Exercise Price per Share, Exercisable | $ 0.50 |
5. EQUITY (Details 2)
5. EQUITY (Details 2) | 3 Months Ended |
May 31, 2021 | |
Expected life | 5 years |
Dividend yield | 0.00% |
Minimum | |
Volatility | 106.95% |
Risk free interest rate | 0.71% |
Maximum | |
Volatility | 108.26% |
Risk free interest rate | 0.90% |
5. EQUITY (Details Narrative)
5. EQUITY (Details Narrative) - USD ($) | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Equity [Abstract] | ||
Transaction fees | $ 4,580 | |
Proceeds from sale of common stock | 30,420 | $ 0 |
Common shares issued for settlement of accounts payable | $ 38,500 | 0 |
Fair value of options granted | $ 816,439 | |
Stock-based compensation expense | $ 252,852 | $ 0 |
Unrecognized expenses related to options | $ 398,138 |