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

General and administrative

v3.22.2
General and administrative
12 Months Ended
Feb. 28, 2022
Selling General And Administrative Expense [Abstract]  
General and administrative

23

General and administrative

 

The following items have been included in arriving at general and administrative:

 

 

 

Year ended

February 28,

2022

 

 

Year ended

February 28,

2021

 

 

Year ended

February 29,

2020

 

 

 

US$

 

 

US$

 

 

US$

 

Management fees

 

 

 

 

 

1,721,830

 

 

 

915,000

 

Legal fees

 

 

9,920,230

 

 

 

5,263,332

 

 

 

36,032

 

Professional fees

 

 

761,240

 

 

 

1,015,413

 

 

 

86,693

 

Consultancy fees

 

 

2,843,442

 

 

 

771,314

 

 

 

68,500

 

Staff cost

 

 

10,631,740

 

 

 

5,185,095

 

 

 

325,598

 

Directors and committee fees

 

 

1,549,429

 

 

 

 

 

 

 

 

 

Insurance

 

 

3,883,411

 

 

 

 

 

 

 

 

 

Travelling expenses

 

 

324,614

 

 

 

70,237

 

 

 

4,567

 

IT expenses

 

 

155,711

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipments

 

 

605,424

 

 

 

147,295

 

 

 

 

 

Management fees relate to staff costs, accounting and administrative support services and office space recharges from related parties.

 

Government grants received is offset against staff cost during the financial year. Government grants received during the financial year ended February 28, 2021 are the Jobs Support Scheme (“JSS”) and Wages Credit Scheme (“WCS”) amounting to US$72,832 and US$1,627, respectively. The JSS is a temporary scheme introduced in the Singapore Budget 2020 to help enterprises retain local employees. Under the JSS, employers will receive cash grants in relation to the gross monthly wages of eligible employees. WCS is introduced to support businesses embarking on transformation efforts and encourage sharing of productivity gains with workers.