Business Combinations (Tables)
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12 Months Ended |
Feb. 28, 2022 |
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| Disclosure Of Business Combinations [Abstract] |
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| Summary of the Acquisition Date Fair Value of the Purchase Consideration Transferred |
The following table summarizes the acquisition date fair value of the purchase consideration transferred:
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US$
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Cash
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4,000,000
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Contingent consideration (discounted)
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3,189,972
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Total purchase consideration
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7,189,972
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| Summary of Contingent Consideration Made up of the Components Recorded in other Payables in the Statement of Financial Position |
Contingent consideration made up of the components below, is recorded in other payables in the statement of financial position:
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Payable on first anniversary upon achievement of cumulative revenue milestones
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1,000,000
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Payable on second anniversary upon achievement of cumulative revenue milestones
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1,000,000
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Earn-out (as described below)
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2,000,000
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| Summary of Estimated Earn-out |
The revised criteria for the earn-out as defined in the addendum and the estimates of the amount of contingent consideration that will be earned have been set out as follows
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Estimated
Earn-out
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US$
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Achieve earn-out revenue of minimum US$2,000,000 from acquisition date to June 30, 2022
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500,000
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Onboard 300 new customers on the IT platform commencing March 1, 2022
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225,000
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Submit US$1 billion in trade value of qualified deals as defined in the addendum on or after March 1, 2022
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375,000
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Establish partnerships with at least 3 new financial institutions as defined in the addendum on or after March 1, 2022
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375,000
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Achieve an annual recurring revenue of US$10 million as defined in the addendum
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525,000
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Total estimated earn-out
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2,000,000
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| Summary of the Estimated Fair Values of Assets Acquired and Liabilities Assumed as of the Acquisition Date |
The following table summarizes the estimated fair values of Invoice Bazaar assets acquired and liabilities assumed as of the acquisition date:
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US$
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Intangible assets
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2,594,968
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Loan receivables
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159,456
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Cash and cash equivalents
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172,623
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Other current assets
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31,667
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Non-controlling interests
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(31,979
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)
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Other payables
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(399,612
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)
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Total identifiable net assets acquired
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2,527,123
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| Summary of the Goodwill Arising from the Acquisition has been Recognized |
Goodwill arising from the acquisition has been recognized as follows:
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US$
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Purchase consideration
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7,189,972
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Non-controlling interest, based on their proportionate interest in the
recognised amounts of the assets and liabilities of IB
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(31,979
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)
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Fair value of identifiable net assets
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(2,527,123
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)
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Goodwill
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4,630,870
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