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

Intangible Assets

v3.22.2
Intangible Assets
12 Months Ended
Feb. 28, 2022
Disclosure Of Intangible Assets [Abstract]  
Intangible Assets

5

Intangible assets

 

 

 

IT

platform

 

 

Software

 

 

License

 

 

Business relationships

 

 

Brand name

 

 

Development

costs

 

 

Total

 

 

 

US$

 

 

US$

 

 

US$

 

 

US$

 

 

US$

 

 

US$

 

 

US$

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 29, 2020

 

 

300,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300,149

 

Additions

 

 

9,457,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

204,448

 

 

 

9,662,010

 

Reclassification to IT platform

 

 

186,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(186,317

)

 

 

 

As of February 28, 2021

 

 

9,944,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,131

 

 

 

9,962,159

 

Additions

 

 

 

 

 

3,200,000

 

 

 

 

 

 

 

 

 

 

 

 

4,073,566

 

 

 

7,273,566

 

Acquired through business combination

 

 

 

 

 

977,921

 

 

 

265,992

 

 

 

283,107

 

 

 

1,067,948

 

 

 

 

 

 

2,594,968

 

As of February 28, 2022

 

 

9,944,028

 

 

 

4,177,921

 

 

 

265,992

 

 

 

283,107

 

 

 

1,067,948

 

 

 

4,091,697

 

 

 

19,830,693

 

Accumulated amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 29, 2020

 

 

9,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,172

 

Amortisation for the year

 

 

141,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

141,644

 

As of February 28, 2021

 

 

150,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150,816

 

Amortisation for the year

 

 

1,343,377

 

 

 

162,987

 

 

 

44,332

 

 

 

23,592

 

 

 

88,996

 

 

 

 

 

 

1,663,284

 

As of February 28, 2022

 

 

1,494,193

 

 

 

162,987

 

 

 

44,332

 

 

 

23,592

 

 

 

88,996

 

 

 

 

 

 

1,814,100

 

Impairment loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 29, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss

 

 

1,907,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,907,503

 

As of February 28, 2021

 

 

1,907,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,907,503

 

Impairment loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 28, 2022

 

 

1,907,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,907,503

 

Carrying amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of 28 February 2021

 

 

7,885,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,131

 

 

 

7,903,840

 

As of 28 February 2022

 

 

6,542,332

 

 

 

4,014,934

 

 

 

221,660

 

 

 

259,515

 

 

 

978,952

 

 

 

4,091,697

 

 

 

16,109,090

 

 

During the financial year, cost incurred amounting to US$4,073,566 (2021: US$204,448) of development expenditure for Kratos™ platform has been capitalised from the point in time the development of the platform becomes technically feasible.

 

At each reporting period the Group is required to assess whether or not the carrying value of its intangible assets are in excess of their fair value.  If the carrying value of intangible assets is in excess of their fair value, an impairment charge is taken to reduce the carrying value to equal its fair value.  The determination of fair value requires the use of estimates and judgments.  Fair value is determined by applying a discounted cash flows model (“DCF”) to determine the value in use or the net realizable value.  Inputs to a DCF model include estimates of the performance of our business over a period of time and a discount rate. The discount rate used reflects a weighted average cost of capital for a representative peer group of financial technology companies which was 15.7%(19.6%).