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

Consolidated statements of cash flows

v3.22.0.1
Consolidated statements of cash flows - USD ($)
 12 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2019
Cash flows from operating activities      
Profit (loss) for the year $ 45,252,712 $ 13,580,791 $ (2,038,075)
Adjustments for:      
Finance costs 130,490 2,817 9,256
Depreciation 147,295 1,284 1,071
Amortisation of intangible assets 141,644 9,172  
Amortisation of contract costs 1,153,831    
Impairment loss on trade receivables 3,925,335 183,232  
Impairment loss on intangible assets 1,907,503    
Impairment loss on contract costs 1,100,000    
Income tax expense 6,348,444 1,592,549  
Change in fair value of warrant liabilities (26,111,685)    
Cash flows from operating activities 33,995,569 15,369,845 (2,027,748)
Trade receivables (15,304,401) (13,578,288)  
Other current assets 645,662 (2,528,534) (3,195,175)
Other payables 10,357,419 929,921 228,811
Contract liabilities (48,418) 97,542  
Deferred income 75,848    
Cash generated from/(used in) operations 29,721,679 290,486 (4,994,112)
Contract costs paid (5,350,000)    
Finance costs paid (130,490) (2,817) (9,256)
Net cash generated from/(used in) operating activities 24,241,189 287,669 (5,003,368)
Cash flows from investing activities      
Acquisition of plant and equipment (443,680)   (3,854)
Development expenditure (8,932,010) (115,149)  
Net cash used in investing activities (9,375,690) (115,149) (3,854)
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 (14,276,718)    
Proceeds from loans and borrowings     5,010,000
Repayment of loans and borrowings   (5,010,000)  
Lease payment (100,411)    
Finance costs paid (24,756)    
Net cash generated from/(used in) financing activities 154,681,407 (10,000) 5,010,000
Net increase in cash and cash equivalents 169,546,906 162,520 2,778
Cash and cash equivalents at beginning of the year 165,298 2,778  
Less: Restricted cash (35,686,643)    
Cash and cash equivalents at end of the year $ 134,025,561 $ 165,298 $ 2,778