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

Lease liability

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Lease liability
12 Months Ended
Feb. 28, 2021
Lease Liabilities [Abstract]  
Lease liability

13

Lease liability

 

 

 

As of

February 28,

2021

 

 

As of

February 29,

2020

 

 

 

US$

 

 

US$

 

Non-current liability

 

 

 

 

 

 

 

 

Lease liability

 

 

868,536

 

 

 

 

Current liability

 

 

 

 

 

 

 

 

Lease liability

 

 

260,429

 

 

 

 

 

In determining the right-of-use asset, the company used an interest rate of 5.25%

 

The lease relates to the office lease which was entered into during the financial year. The lease will expire by end of 2021 with an option to renew for another 3 years. The Group expects to renew the office lease by the end of expiry.

 

Subsequent to financial year end, the Group has extended the lease for another 3 years.

 

Right-of-use assets relate to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see Note 4).

 

Amounts recognized in profit or loss

 

 

 

Year ended

February 28,

2021

 

 

Year ended

February 29,

2020

 

 

Year ended

February 28,

2019

 

 

 

US$

 

 

US$

 

 

US$

 

Depreciation on lease liability

 

 

115,931

 

 

 

-

 

 

 

-

 

Interest on lease liability

 

 

24,756

 

 

 

-

 

 

 

-