Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated statements of cash flows

v3.22.2
Consolidated statements of cash flows - USD ($)
 12 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 29, 2020
Cash flows from operating activities      
Profit for the year $ 33,423,529 $ 45,252,712 $ 13,580,791
Adjustments for:      
Finance costs 636,679 130,490 2,817
Depreciation 605,424 147,295 1,284
Loss on disposal of property, plant and equipment 8,825    
Amortisation of intangible assets 1,663,284 141,644 9,172
Amortisation of contract costs 1,277,110 1,153,831  
Impairment loss on trade receivables 6,789,129 3,925,335 183,232
Impairment loss on intangible assets   1,907,503  
Impairment loss on contract costs 1,496,501 1,100,000  
Income tax expense 1,138,561 6,348,444 1,592,549
Change in fair value of warrant liabilities (40,772,657) (26,111,685)  
Unrealised gain on other investments (142,783)    
Cash flows from operating activities 6,123,602 33,995,569 15,369,845
Trade receivables (27,786,666) (15,304,401) (13,578,288)
Loan receivables (4,495,915)    
Other current assets (1,857,561) 645,662 (2,528,534)
Other payables 5,969,056 10,357,419 929,921
Contract liabilities 10,876 (48,418) 97,542
Deferred income 104,990 75,848  
Cash (used in)/generated from operations (21,931,618) 29,721,679 290,486
Contract costs paid   (5,350,000)  
Income tax paid (6,647,512)    
Finance costs paid (54,627) (130,490) (2,817)
Net cash (used in)/generated from operating activities (28,633,757) 24,241,189 287,669
Cash flows from investing activities      
Acquisition of plant and equipment (257,024) (443,680)  
Development expenditure (7,273,566) (8,932,010) (115,149)
Acquisition of subsidiary, net of cash acquired (3,827,377)    
Acquisition of other investments (25,000,000)    
Net cash used in investing activities (36,357,967) (9,375,690) (115,149)
Cash flows from financing activities      
Proceeds from issuance of ordinary shares   3,158 5,000,000
Proceeds from capitalisation of Netfin shares, net of redemptions and issuance costs   99,156,651  
Proceeds from warrants assumed   69,923,483  
Repurchase of own shares (35,589,791) (14,276,718)  
Repayment of loans and borrowings     (5,010,000)
Lease payment (321,632) (100,411)  
Finance costs paid   (24,756)  
Net cash generated (used in)/from financing activities (35,911,423) 154,681,407 (10,000)
Net (decrease)/increase in cash and cash equivalents (100,903,147) 169,546,906 162,520
Cash and cash equivalents at beginning of the year 134,025,561 165,298 2,778
Restricted cash decrease/(increase) 35,686,643 (35,686,643)  
Cash and cash equivalents at end of the year $ 68,809,057 $ 134,025,561 $ 165,298