9. Loans Payable

6 Months Ended

Aug. 31, 2025

9. Loans Payable

a. Loans from related parties

	August 31 2025 (unaudited) $			Feb 28 2025 $
Minoan Medical Proprietary Limited
Opening balance		940,001			1,769,688
Interest		58,731			141,748
Received/Issued		620,202			1,664,939
Repayments		(1,661,932	)		(2,701,966	)
Foreign exchange difference		43,158			65,592
Closing balance		160			940,001

Minoan Capital Proprietary Limited
Opening balance		276			269
Foreign exchange difference		7			7
Closing balance		283			276

Total debt		443			940,277

Minoan Medical Proprietary Limited:

Loans payable consists of a $160 unsecured loan from the prior parent entity of DISA Medinotec in South Africa called Minoan Medical. This loan originated to fund working capital and capex expansions of DISA Medinotec during the developmental and startup phase. After the acquisition of DISA Medinotec on March 2, 2022, the Company assumed this liability. The Company has a period of 3 years after the IPO date of March 31, 2023 or a date at which the Company starts trading on a national exchange (as defined in Section 3(a)(1) of the Securities Exchange Act of 1934, as amended) to repay the loan. During these 3 years the loan will carry interest at the prevailing prime lending rate of the time. The prevailing lending rate in South Africa was 10.50% on August 31, 2025, however for most of the quarter the prevailing lending rate was 10.75%, with the change only taking effect on August 1, 2025. The terms of this loan are deemed to be market related.

The Minoan Medical loan decreased by $939,841 during the 6 month period ending August 31, 2025.

The interest charged for the quarter was $35,078 and a 1% movement in the interest rates constitutes a value of $5,592.

The Company has the option to make early settlement in cash or any form of equivalent.

Considering the absence of current major merger and acquisition (M&A) activity, management has decided to prioritize the repayment of loan accounts using spare cash flows generated by the business. This strategic decision aims to strengthen the Company’s financial position and enhance financial stability. By reducing outstanding debt, the Company seeks to improve its leverage and overall financial position, positioning itself for future growth opportunities.

Minoan Medical Proprietary Limited’s (“Minoan”) ultimate beneficial owner is the CEO of the Medinotec Group of Companies, Dr. Gregory Vizirgianakis. Minoan used to hold his medical investments and exports of which DISA Medinotec Proprietary Limited was one of these investments before it was transferred into the Medinotec Group of Companies.

Minoan Capital Proprietary Limited:

This is an unsecured, interest-free loan with no fixed terms of repayment.

Minoan Medical and Minoan Capital are related parties of the Group as the CEO Dr Gregory Vizirgianakis has common control.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Medinotec Inc. 10-Q