Document and Entity Information
Document and Entity Information | 12 Months Ended |
Feb. 28, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Feb. 28, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | TRITERRAS, INC. |
Entity Central Index Key | 0001819876 |
Current Fiscal Year End Date | --02-28 |
Entity File Number | 001-39693 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 9 Raffles Place |
Entity Address, Address Line Two | #23-04 Republic Plaza |
Entity Address, City or Town | Singapore |
Entity Address, Postal Zip Code | 048619 |
Entity Address Country | SG |
Document Annual Report | true |
Document Transition Report | false |
Document Registration Statement | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 76,524,081 |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Auditor Firm ID | 1171 |
Auditor Name | WWC, P.C. |
Auditor Location | San Mateo, California |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 9 Raffles Place |
Entity Address, Address Line Two | #23-04 Republic Plaza |
Entity Address, City or Town | Singapore |
Entity Address, Postal Zip Code | 048619 |
Entity Address Country | SG |
Contact Personnel Name | Alvin Tan |
City Area Code | +65 |
Local Phone Number | 6661 9240 |
Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(g) Security | Ordinary Shares |
Warrants | |
Document Information [Line Items] | |
Title of 12(g) Security | Warrants |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Assets | ||
Property, plant and equipment | $ 1,929,664 | $ 1,527,260 |
Intangible assets | 16,109,090 | 7,903,840 |
Goodwill | 4,630,870 | |
Contract costs | 2,773,611 | |
Other investments | 25,142,783 | |
Non-current assets | 47,812,407 | 12,204,711 |
Trade receivables | 43,850,652 | 22,853,115 |
Loan receivables | 4,655,371 | |
Other current assets | 5,381,546 | 3,410,526 |
Current tax assets | 251,067 | |
Cash and cash equivalents | 68,809,057 | 134,025,561 |
Restricted cash | 35,686,643 | |
Current assets | 122,947,693 | 195,975,845 |
Total assets | 170,760,100 | 208,180,556 |
Equity | ||
Share capital | 8,320 | 8,320 |
Additional paid-in capital | 172,290,724 | 172,290,724 |
Treasury shares | (49,866,509) | (14,276,718) |
Translation reserve | (282) | |
Retained earnings/(Accumulated losses) | 21,909,880 | (11,517,139) |
Equity attributable to owners of the Company | 144,342,133 | 146,505,187 |
Non-controlling interests | (3,490) | |
Total equity | 144,338,643 | 146,505,187 |
Liabilities | ||
Lease liabilities | 1,194,027 | 868,536 |
Deferred tax liabilities | 2,764,901 | 1,714,928 |
Other payables | 1,067,321 | |
Non-current liabilities | 5,026,249 | 2,583,464 |
Other payables | 17,770,448 | 8,668,641 |
Contract liabilities | 60,000 | 49,124 |
Lease liabilities | 344,781 | 260,429 |
Deferred income | 180,838 | 75,848 |
Current tax payable | 6,226,065 | |
Warrants liabilities | 3,039,141 | 43,811,798 |
Current liabilities | 21,395,208 | 59,091,905 |
Total liabilities | 26,421,457 | 61,675,369 |
Total equity and liabilities | $ 170,760,100 | $ 208,180,556 |
Consolidated statements of comp
Consolidated statements of comprehensive income - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Revenue | |||
Revenue | $ 56,679,753 | $ 55,473,725 | $ 16,898,178 |
Cost of revenue | |||
Cost of revenue | (21,172,335) | (4,356,996) | (112,803) |
Marketing and sales | (1,854,577) | (4,342,591) | (21,241) |
General and administrative | (31,158,789) | (14,382,806) | (1,406,087) |
Impairment - trade and loan receivables | (6,789,320) | (3,925,335) | (183,232) |
Impairment - intangible assets | (1,907,503) | ||
Impairment - contract costs | (1,496,501) | (1,100,000) | |
Total expenses | 41,299,187 | 25,658,235 | 1,610,560 |
Results from operating activities | (5,791,769) | 25,458,494 | 15,174,815 |
Other income | 63,489 | 113,456 | |
Change in fair value of warrant liabilities | (40,772,657) | (26,111,685) | |
Unrealised gain on other investments | 142,783 | ||
Finance income | 11,609 | 48,011 | 1,342 |
Finance costs | (636,679) | (130,490) | (2,817) |
Net finance costs | (625,070) | (82,479) | (1,475) |
Profit before income tax | 34,562,090 | 51,601,156 | 15,173,340 |
Income tax expense | (1,138,561) | (6,348,444) | (1,592,549) |
Profit for the year | 33,423,529 | 45,252,712 | 13,580,791 |
Other comprehensive income | |||
Foreign operations - foreign currency translation differences | (282) | ||
Total comprehensive income for the year | 33,423,247 | 45,252,712 | 13,580,791 |
Profit attributable to: | |||
Owners of the Company | 33,427,019 | $ 45,252,712 | $ 13,580,791 |
Non-controlling interests | $ (3,490) | ||
Earnings per share attributable to equity holders of the Company | |||
Basic and diluted | $ 0.44 | $ 0.74 | $ 4.07 |
Platform Fees | |||
Revenue | |||
Revenue | $ 38,086,928 | $ 55,473,725 | $ 16,898,178 |
Cost of revenue | |||
Cost of revenue | (2,900,195) | $ (4,356,996) | $ (112,803) |
Trade Marketplace | |||
Revenue | |||
Revenue | 18,592,825 | ||
Cost of revenue | |||
Cost of revenue | $ (18,272,140) |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) | Total | Ordinary Shares | (Accumulated Loss)/Retained Earnings | Additional Paid-in Capital | Treasury Shares | Translation Reserve | Non-controlling Interests |
Beginning balance at Feb. 29, 2020 | $ 16,369,384 | $ 5,000,100 | $ 11,369,284 | ||||
Issuance of shares pursuant to reverse recapitalisation | 174,078,230 | 3,158 | (8,712,337) | $ 182,787,409 | |||
Warrant liabilities assumed pursuant to reverse recapitalisation | (69,923,483) | (59,426,798) | (10,496,685) | ||||
Restructuring adjustment for acquisition of subsidiary corporation pursuant to reverse recapitalisation | (4,994,938) | (4,994,938) | |||||
Total comprehensive income (loss) | |||||||
Profit (loss) for the year | 45,252,712 | ||||||
Total comprehensive income for the year | 45,252,712 | ||||||
Acquisition of treasury shares | (14,276,718) | $ (14,276,718) | |||||
Total transactions with owner | (14,276,718) | (14,276,718) | |||||
Ending balance at Feb. 28, 2021 | 146,505,187 | 8,320 | (11,517,139) | 172,290,724 | (14,276,718) | ||
Total comprehensive income (loss) | |||||||
Profit (loss) for the year | 33,423,529 | 33,427,019 | $ (3,490) | ||||
Other comprehensive income for the year | (282) | $ (282) | |||||
Total comprehensive income for the year | 33,423,247 | 33,427,019 | (282) | (3,490) | |||
Acquisition of treasury shares | (35,589,791) | (35,589,791) | |||||
Total transactions with owner | (35,589,791) | (35,589,791) | |||||
Ending balance at Feb. 28, 2022 | $ 144,338,643 | $ 8,320 | $ 21,909,880 | $ 172,290,724 | $ (49,866,509) | $ (282) | $ (3,490) |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Cash flows from operating activities | |||
Profit for the year | $ 33,423,529 | $ 45,252,712 | $ 13,580,791 |
Adjustments for: | |||
Finance costs | 636,679 | 130,490 | 2,817 |
Depreciation | 605,424 | 147,295 | 1,284 |
Loss on disposal of property, plant and equipment | 8,825 | ||
Amortisation of intangible assets | 1,663,284 | 141,644 | 9,172 |
Amortisation of contract costs | 1,277,110 | 1,153,831 | |
Impairment loss on trade receivables | 6,789,129 | 3,925,335 | 183,232 |
Impairment loss on intangible assets | 1,907,503 | ||
Impairment loss on contract costs | 1,496,501 | 1,100,000 | |
Income tax expense | 1,138,561 | 6,348,444 | 1,592,549 |
Change in fair value of warrant liabilities | (40,772,657) | (26,111,685) | |
Unrealised gain on other investments | (142,783) | ||
Cash flows from operating activities | 6,123,602 | 33,995,569 | 15,369,845 |
Trade receivables | (27,786,666) | (15,304,401) | (13,578,288) |
Loan receivables | (4,495,915) | ||
Other current assets | (1,857,561) | 645,662 | (2,528,534) |
Other payables | 5,969,056 | 10,357,419 | 929,921 |
Contract liabilities | 10,876 | (48,418) | 97,542 |
Deferred income | 104,990 | 75,848 | |
Cash (used in)/generated from operations | (21,931,618) | 29,721,679 | 290,486 |
Contract costs paid | (5,350,000) | ||
Income tax paid | (6,647,512) | ||
Finance costs paid | (54,627) | (130,490) | (2,817) |
Net cash (used in)/generated from operating activities | (28,633,757) | 24,241,189 | 287,669 |
Cash flows from investing activities | |||
Acquisition of plant and equipment | (257,024) | (443,680) | |
Development expenditure | (7,273,566) | (8,932,010) | (115,149) |
Acquisition of subsidiary, net of cash acquired | (3,827,377) | ||
Acquisition of other investments | (25,000,000) | ||
Net cash used in investing activities | (36,357,967) | (9,375,690) | (115,149) |
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 | (35,589,791) | (14,276,718) | |
Repayment of loans and borrowings | (5,010,000) | ||
Lease payment | (321,632) | (100,411) | |
Finance costs paid | (24,756) | ||
Net cash generated (used in)/from financing activities | (35,911,423) | 154,681,407 | (10,000) |
Net (decrease)/increase in cash and cash equivalents | (100,903,147) | 169,546,906 | 162,520 |
Cash and cash equivalents at beginning of the year | 134,025,561 | 165,298 | 2,778 |
Restricted cash decrease/(increase) | 35,686,643 | (35,686,643) | |
Cash and cash equivalents at end of the year | $ 68,809,057 | $ 134,025,561 | $ 165,298 |
Reconciliation of movements of
Reconciliation of movements of liabilities to cash flows arising from financing activities - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Changes from financing cash flow | ||
Lease payment | $ (321,632) | $ (100,411) |
Finance costs paid | (24,756) | |
Lease Liabilities | ||
Supplemental Cash Flows Information Abstract | ||
Beginning balance | 1,128,965 | |
Changes from financing cash flow | ||
Lease payment | (321,633) | (100,411) |
Interest paid | (72,445) | |
Finance costs paid | (24,756) | |
Total changes from financing cash flow | (249,188) | (125,167) |
Interest paid | 72,445 | |
Other changes | ||
New leases | 659,031 | 1,254,132 |
Total other changes | 659,031 | 1,254,132 |
Ending balance | $ 1,538,808 | $ 1,128,965 |
Overview of the Company
Overview of the Company | 12 Months Ended |
Feb. 28, 2022 | |
Overview Of The Company [Abstract] | |
Overview of the Company | 1 Overview of the Company Triterras, Inc. (the “Company”), incorporated in the Cayman Islands, is the common parent company of a group of companies and the principal activities of the Company and its subsidiaries (the “Group”) are those relating to financial technology platform solutions using innovative blockchain-enabled technology which facilitate trading and trade finance for small and medium sized enterprises. The Company’s immediate holding company as of February 28, 2022 is Symphonia Strategic Opportunities Limited, a company incorporated in Mauritius. Symphonia Strategic Opportunities is fully owned by an individual shareholder. The registered office of the Company is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Basis of preparation | 2 Basis of preparation 2.1 Basis of compilation The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements were approved for issuance by the Company’s Board of Directors on June 28, 2022. 2.2 Business combination While Holdco is the legal acquirer of both Netfin and TFPL, TFPL has been identified as the accounting acquirer of Netfin for accounting purposes. This determination was primarily based on TFPL comprising the ongoing operations of the combined company, TFPL senior management comprising the senior management of the combined company, and the former owners and management of TFPL having control of the Board of Directors following the consummation of the business combination by virtue of being able to appoint a majority of the directors of the combined company. As Netfin does not meet the definition of a business as defined in IFRS 3 — Business Combinations (“IFRS 3”), the acquisition is not within the scope of IFRS 3 and is accounted for as a share-based payment transaction in accordance with IFRS 2 — Share-based Payments (“IFRS 2”). Hence, the business combination will be accounted for as the continuance of TFPL with recognition of the identifiable assets acquired and the liabilities assumed of Netfin at fair value. Operations prior to the business combination will be those of TFPL from an accounting point of view. Under IFRS 2, the business combination is measured at the fair value of the ordinary shares deemed to have been issued by TFPL for the ownership interest in Holdco to be the same as if the transaction had taken the legal form of TFPL acquiring 100% of Netfin. The difference between the fair value of the ordinary shares deemed to have been issued by TFPL and the fair value of Netfin’s identifiable net assets acquired represents a transaction cost and will be expensed as a charge to income. TFPL has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances: • The Sellers, who comprise all of TFPL’s shareholders, will have the largest ownership interest and voting interest in Holdco after the closing date with approximately 62% ownership voting interest; • Holdco’s board of directors after the business combination will initially consist of seven directors; five of whom will initially be appointed by the Sellers and two of whom will initially be appointed by Netfin; and • TFPL represents the larger entity, in terms of both revenue and total assets. Other factors were considered, including composition of management, purpose and intent of the business combination and the location of the combined company’s headquarters, noting that the preponderance of evidence as described above is indicative that TFPL is the accounting acquirer in the business combination. No goodwill or other intangible assets will be recorded by TFPL in connection with the acquisition. All direct costs of the business combination will be expensed. The shares and net profit or loss per common share, prior to the business combination, have been adjusted as shares reflecting the exchange ratio established in the business combination. 2.3 Basis of measurement The financial statements have been prepared on the historical cost basis. 2.4 Functional and presentation currency These financial statements are presented in United States dollars (US$), which is the Company’s functional currency. 2.5 Use of estimates and judgements The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes: • Note 5 – Impairment test of intangible assets: key assumptions underlying recoverable amounts, including the recoverability of development costs; • Note 7 – Impairment test of contract costs: key assumptions underlying achievement of the volume of customer referrals; • Note 9 and 10 – Measurement of Expected Credit Loss (“ECL”) allowance for trade and loan receivables based on key assumptions such as Probability of Default (“PD”) and Loss Given Default (“LGD”) and forward-looking macroeconomic factors. • Note 15 – Lease term: Whether the Group is reasonably certain to exercise extension options; and • Note 25 – Uncertain tax treatments. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Feb. 28, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | 3 Significant accounting policies The accounting policies set out below have been applied consistently by the Group to the periods presented in these financial statements. 3.1 Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the Non-controlling interests (“NCI”) in a subsidiary are allocated to the NCI even if doing so causes the NCI to have a deficit balance. 3.2 Foreign currencies Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to the functional currency at the exchange rate on that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss. 3.3 Financial instruments (i) Recognition and initial measurement Non-derivative financial assets and financial liabilities Trade and loan receivables, as well as debt investments issued are initially recognised when they are A financial asset (unless it is a trade receivable without a significant financing (ii) Classification and subsequent measurement Non-derivative financial assets On initial recognition, a financial asset is classified as measured at amortized cost. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Financial assets at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as of FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets: Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; • how the performance of the portfolio is evaluated and reported to the Group’s management; • the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets. Financial assets that are held-for-trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Non-derivative financial assets: Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable rate features; • prepayment and extension features; and • terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Non-derivative financial assets: Subsequent measurement and gains and losses Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Non-derivative financial liabilities: Classification, subsequent measurement and gains and losses The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. Financial liabilities for contingent consideration payable in a business combination are recognised at the acquisition date. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. (iii) Derecognition Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (iv) Offsetting Financial assets and financial liabilities are off-set and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. 3.4 Impairment (i) Non-derivative financial assets The Group Simplified approach The Group applies the simplified approach to providing for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. In calculating the expected credit loss rates for trade receivables, the Group considers loss rates for each category of aging bracket of buyers and adjusts for forward looking macroeconomic data. General approach The Group applies the general approach to provide for ECLs on all other financial instruments and FGC (Financial Guarantee Contract). Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition. At each reporting date, the Group assesses whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. When determining whether the credit risk of financial assets have increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment that includes forward-looking information. Measurement of ECLs The Group decided to assess the Expected Credit Loss (‘ECL’) of the financial asset at amortized cost or fair value through other comprehensive income (‘FVOCI’) based on the discounted product of exposure at default (‘EAD’), probability of default (‘PD’) and loss given default (‘LGD’) as defined below: • EAD is based on the trade and loan receivable amounts that the Group expects to be owed at the time of default. This represents the carrying value of the trade and loan receivable. • PD represents the likelihood of a buyer defaulting on its financial obligation, either over the next 12 months or over the remaining lifetime of the obligation. • LGD represents the Group’s expectation of the extent of loss on a defaulted exposure. LGD is expressed as a percentage loss per unit of exposure at the time of default. The ECL is computed by multiplying EAD, PD, LGD for each category. The PD and LGD are developed by utilizing historical default studies and publicly available data. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • significant financial difficulty of the borrower or issuer; • a breach of contract such as a default after negotiation; • the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; or • it is probable that the borrower will enter bankruptcy or other financial reorganisation. Presentation of allowance for ECLs in the statement of financial position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of these assets. Write-off The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due. (ii) Non-financial assets The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Impairment losses are recognised in profit or loss. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 3.5 Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Preference share capital The Group’s redeemable preference shares are classified as financial liabilities, because they bear non-discretionary dividends and are redeemable in cash by the holders. Non-discretionary dividends thereon are recognised as interest expense in profit or loss as accrued. Non-redeemable preference shares are classified as equity, because they bear discretionary dividends, do not contain any obligations to deliver cash or other financial assets and do not require settlement in a variable number of the Group’s equity instruments. Discretionary dividends thereon are recognised as equity distributions on approval by the Company’s shareholders. Repurchase and reissue of ordinary shares (treasury shares) When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium. 3.6 Government grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. 3.7 Revenue Platform service fees Trade and Trade Finance Module – Overview The Group provides a platform which helps to facilitate trading and trade finance. In accordance with IFRS 15 Revenue from Contracts with Customers Trade Discovery sub-module The “Trade Discovery” sub-module covers the facilitation of trades, allowing users to find counterparties and transactions on the platform, create buy or sell orders and enter into sales agreements. The identified PO of the Group is the facilitation of the trade on the platform. The transaction price is the amount of consideration in the contract to which the Group expects to be entitled in exchange for the service of completing the facilitation of a trade. The transaction price is determined based on a fixed percentage of trade transaction value. As stated in the contract with the customer, the Group is only entitled to the consideration upon completion of a trade as acknowledged by both buyers and sellers on the platform. As such, revenue is recognised at a point in time where consummated trades were acknowledged on the platform by buyers and sellers i.e., fulfilment of the performance obligation. Trade Finance sub-module The “Trade Finance” sub-module is used by the lenders or financial institutions to receive funding requests and to provide funding to borrowers. The identified PO of the Group is the facilitation of the completion of a trade financing process. The transaction price is the amount of consideration in the contract to which the Group expects to be entitled for facilitating the completion of a trade financing. The transaction price is determined based on a fixed percentage fee of the amount financed by the lenders. As stated in the contract with the customer, the Group is only entitled to the consideration upon completion of a trade financing where the lender has disbursed the loan funding to the borrower as acknowledged by the borrower on the platform. As such, revenue is recognized at the point in time when the borrower has acknowledged on the platform the receipt of loan funding. License fees The Group enters into fixed price contracts with customers to provide access to its platform over a period of 12 months. In accordance with IFRS 15 Revenue from Contracts with Customers The transaction price is the amount of consideration in the contract to which the Group expects to be entitled in exchange for granting platform access to the customers. License fee revenue is non- refundable and is recognised equally over the course of 12 months, in line with the period of access granted on the platform, reflecting the progress towards complete satisfaction of that PO. Financing fee Financing fee is generated through a fee charged on provisioning of loans advances through supply chain financing, invoice discounting and e-commerce finance arrangements. Financing fees are agreed upon signing of sales contracts. Financing fee is recognised in profit or loss using the effective interest method, over the period of the financing tenure during which the service is provided. The identified PO of the Group is the disbursement of loan advances. Transaction price is determined based on the fee and facility amount agreed in the sales contracts. Trade marketplace The platform connects trade participants and offer a range of trade financial solutions. Sales and purchase contracts are entered respectively with the suppliers and buyers. The Group acts as an intermediary between the suppliers and buyers and is treated as a principal in the trade to provide extended credit terms at a fee as agreed in the contract to the customers. Revenue is recognised at the point in time when the Group satisfies the PO by ensuring the shipping documents (i.e. bill of lading) have been transferred to the customers. Each completed trade constitutes a single performance obligation, as the Group acts as an intermediary between suppliers and its pre-determined buyers. Transaction price is determined based on the quantity and price as agreed in the contract. Contract liabilities Advances are collected from customers upon entering into the sales agreement. These advances are non-refundable and are separately recorded as contract liabilities and will be utilised to offset against fee collection on future completed trade transactions on the platform. 3.8 Employee benefits (i) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (ii) Defined contribution plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. 3.9 Cost of revenue Cost of revenue comprise of costs for platform fees and trade marketplace. Platform fees consists of primarily of expenses associated with delivery of the IT platform and services. Trade marketplace costs relate to costs of goods purchased in the “Trade Marketplace” sub-module of the Kratos platform. 3. 10 Marketing and sales Marketing and sales comprise of marketing and promotional expenditures, consultancy services relating to business development and amortisation of contract costs. 3.11 General and administrative General and administrative costs mainly comprise of management fees, legal fees and provision for litigation costs, professional fees, consultancy fees, staff cost and depreciation of right-of-use assets. 3. 1 2 Finance costs Finance costs comprise interest expense and bank charges. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position. 3. 1 3 Tax Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. 3. 1 4 Property, plant and equipment ( i) Recognition and measurement Items of property, plant and equipment are measured at cost, which includes capitalised borrowing costs, less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. (i i ) Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. ( iii ) Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised as an expense in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment, unless it is included in the carrying amount of another asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated. Depreciation is recognised from the date that the property, plant and equipment are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use. The estimated useful lives for the current and comparative years are as follows: • Office equipment3 years • Fixtures and fittings3 years • Motor vehicles10 years • Right-of-use assetsOver the lease term Depreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. 3. 1 5 Intangible assets (i) Research and development costs Expenditure on research activities is recognised in profit or loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable from license and platform fee charges to platform users and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. (iii) Amortisation Amortisation is calculated based on the cost of the asset, less its residual value. Amortisation is recognised in cost of revenue in profit or loss statement on a straight-line basis over the estimated useful • IT platform 10 years • Software 5 years • License 5 years • Business relationships 10 years • Brand name 10 years 3. 1 6 Operating segment and geographic information An operating segment is a component of an entity: • that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity); • whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and • for which discrete financial information is available. The Group has identified one operating segment i.e., “trading platform business”. The assessment of reportable segments is based upon having similar economic characteristics and if the operating segments are similar in the following respects: • the nature of the products and services; • the nature of the production processes; • the type or class of customer for their products and services; • the methods used to distribute their products or provide their services; and • if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities. Reportable segments are distinguished due to their differences in their operations and economics. They are managed separately because they require different business, technological, and marketing strategies. The Group’s CEO is considered to be the Group’s Chief Operating Decision Maker (“CODM”). The CODM reviews non-financial information, for purposes of allocating resources. Based on the internal financial information provided to the CODM, the Group has determined that the identified operating segment as one reportable segment. The CODM evaluates the assets and liabilities despite disaggregated financial information being available, the accounting policies used in the determination of the segment amounts are the same as those used in the preparation of the Group’s financial statements. 3. 1 7 Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. (i) As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on th |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, plant and equipment | 4 Property, plant and equipment Office equipment Fixtures and fittings Motor vehicles Right-of- use assets Total US$ US$ US$ US$ US$ Cost As of February 29, 2020 3,854 3,854 Additions 28,918 258,360 156,402 1,229,376 1,673,056 As of February 28, 2021 32,772 258,360 156,402 1,229,376 1,676,910 Additions 76,054 180,970 — 759,629 1,016,653 Disposals (15,208 ) — — — (15,208 ) As of February 28, 2022 93,618 439,330 156,402 1,989,005 2,678,355 Accumulated depreciation As of February 29, 2020 2,355 — — — 2,355 Depreciation for the year 4,315 3,589 23,460 115,931 147,295 As of February 28, 2021 6,670 3,589 23,460 115,931 149,650 Depreciation for the year 29,050 122,774 46,921 406,679 605,424 Disposals (6,383 ) — — — (6,383 ) As of February 28, 2022 29,337 126,363 70,381 522,610 748,691 Carrying amounts As of February 28, 2021 26,102 254,771 132,942 1,113,445 1,527,260 As of February 28, 2022 64,281 312,967 86,021 1,466,395 1,929,664 Property, plant and equipment include right-of-use assets of US$1,466,395 (2021: US$1,113,445) and corresponding lease liabilities of US$1,538,808 (2021: US$1,128,965) related to rental of its office premises for the financial year ended February 28, 2022. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets | 5 Intangible assets IT platform Software License Business relationships Brand name Development costs Total US$ 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%). |
Goodwill
Goodwill | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Reconciliation Of Changes In Goodwill [Abstract] | |
Goodwill | 6 Goodwill During the year ended February 28, 2022, the Group completed a business acquisition that was not material to our consolidated financial statements, either individually or in the aggregate. Accordingly, pro forma historical results of operations related to the business acquisition during the year ended February 28, 2022 have not been presented. The Group has included the financial results of the business acquisition in the consolidated financial statements from the respective date of acquisition. Goodwill generated from the business acquisition completed during the year ended February 28, 2022 was primarily attributable to expected synergies from future growth and potential monetization opportunities. The amount of goodwill generated during this period that was deductible for tax purposes was not material. For the purpose of impairment testing, goodwill has been allocated to the Group’s CGU, which is the platform marketplace. The recoverable amount of the CGU was based on its value in use, determined by discounting the future cash flows to be generated from the continuing use of the CGU. The recoverable amount was determined to be higher than the carrying amount of the CGU. No impairment was recognised. |
Contract costs
Contract costs | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Abstract] | |
Contract Costs | 7 Contract costs As of February 28, 2022 As of February 28, 2021 US$ US$ Capitalised contract costs (net) — 2,773,611 The movement in capitalised contract costs is as follows: As of February 28, 2022 As of February 28, 2021 US$ US$ Balance as of beginning of financial year 2,773,611 — Contract costs incurred — 5,350,000 Amortisation to marketing and sales expenses (Note 22) (1,277,110 ) (1,153,831 ) Contract costs refunded — (322,558 ) Impairment loss (1,496,501 ) (1,100,000 ) Balance as of end of financial year — 2,773,611 The movement in the impairment of contract costs is as follows: As of February 28, 2022 As of February 28, 2021 US$ US$ Balance as of beginning of financial year 1,100,000 — Charge to profit or loss 1,496,501 1,100,000 Balance as of end of financial year 2,596,501 1,100,000 In prior financial year, the Group Group Group |
Other investments
Other investments | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Other Investments [Abstract] | |
Other Investments | 8 Other investments During the fiscal year ended February 28, 2022, the Group invested a total of US$25 million in Trade Credit Partners Ltd., a Cayman Islands exempted fund (“the Fund”) that exclusively invests in, and manages assets in trade finance. The Fund was formed to pool investment funds from investors for the purpose of originating receivable available for purchase, advance payment transactions with commodity traders, and investment in trade claims and receivables generated from commodity trades. As part of its investment strategy, the Fund will target exporters and/or trading companies located outside the United States whom the Fund believes are underserved by traditional sources of trade financing. The Fund may seek out insured receivables, advance payments transactions requiring financing, and structured products for the trade finance market. Additionally, the Fund may purchase from banks or other creditors under-performing receivables at discounts. The Fund may also purchase receivables which are borne from blockchain-enabled trade finance and/or commodity trading technology platforms. The investment in TCP does not provide the Group control over the Fund. The Fund’s manager conducts their own analysis and due diligence on investments independently from the Group. The Fund’s management has a fiduciary duty to its investors to assess and evaluate acquisition of all assets with the Funds money with prudence and independence. The Group, from time to time, may share investment opportunities with the Fund management to evaluate. The investment is designated and measured at fair value through profit or loss (FVTPL) because its performance is monitored and managed on a fair value basis. The fair value measurements for the investment have been categorized as Level 3 fair values based on the inputs to the valuation techniques used. Fair value measurement will be performed on a quarterly basis. Information about the Group’s exposure to credit and market risks, and fair value measurement, is included in Note 27. As of February 28, 2022, the Fund had invested a majority of its capital in three trading companies. The trading companies are also clientele of the Group. The Group’s management has determined that the Fund’s manager is responsible for the direction for the allocation and deployment of the Fund’s assets after conducting diligence to determine the credit worthiness of those investment he is deploying funds to. |
Trade receivables
Trade receivables | 12 Months Ended |
Feb. 28, 2022 | |
Trade Receivables External Customers [Abstract] | |
Trade receivables | 9 Trade receivables As of February 28, 2022 As of February 28, 2021 US$ US$ Gross trade receivables 53,204,934 26,961,682 Less: Impairment loss allowance of trade receivables (9,354,282 ) (4,108,567 ) Net trade receivables 43,850,652 22,853,115 Credit terms are generally in the range of 60 to 120 days (2021: 90 days). The movement in the impairment loss allowance of trade receivables during the year is as follows: Non- credit impaired Credit impaired Total US$ US$ US$ As of February 29, 2020 138,956 — 138,956 Impairment loss recognised 223,144 3,746,467 3,969,611 As of February 28, 2021 362,100 3,746,467 4,108,567 Impairment loss recognised 2,618,328 4,170,801 6,789,129 Write-off — (1,543,414 ) (1,543,414 ) As of February 28, 2022 2,980,428 6,373,854 9,354,282 The Group’s exposure to credit and currency risks, and impairment loss allowance for these trade receivables, is disclosed in Note 26. |
Loan receivables
Loan receivables | 12 Months Ended |
Feb. 28, 2022 | |
Loan Receivables [Abstract] | |
Loan receivables | 1 0 Loan receivables As of February 28, 2022 As of February 28, 2021 US$ US$ Gross loan receivables 4,666,103 — Less: Impairment loss on allowance of loan receivables (10,732 ) — Net loan receivables 4,655,371 — The loan receivables are unsecured loans and advances. The term of the loan receivables and rate of interest varies from customer to customer based on the risk assessment. Tenure of loan receivables range from 14 days to 120 days and the rate of interest of approximately 11% per annum. The movement in the impairment loss allowance of loan receivables during the year is as follows: Non- credit impaired Credit impaired Total US$ US$ US$ As of February 28, 2021 — — — Assumed from business combination 13,986 — 13,986 Impairment loss recognised 191 — 191 Written off (3,445 ) — (3,445 ) As of February 28, 2022 10,732 — 10,732 |
Other current assets
Other current assets | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Other Current Assets [Abstract] | |
Other current assets | 1 1 Other current assets As of February 28, 2022 As of February 28, 2021 US$ US$ Other receivables 523,116 490,631 Prepaid insurance 3,144,230 2,358,583 Prepayments 1,714,200 561,312 5,381,546 3,410,526 Prepayments relate to payments made in advance on professional services not received. |
Cash, cash equivalents and rest
Cash, cash equivalents and restricted cash | 12 Months Ended |
Feb. 28, 2022 | |
Cash Cash Equivalents And Restricted Cash [Abstract] | |
Cash, cash equivalents and restricted cash | 1 2 C ash, cash equivalents and restricted cash (i) Cash and cash equivalents As of February 28, 2022 As of February 28, 2021 US$ US$ Bank balances 68,809,057 134,025,561 (ii) Restricted cash Restricted cash is in relation to cash held by an external party for the Group’s share repurchase program. The Group has authorised a share repurchase program of up to US$50,000,000 in prior year ended February 28, 2021. The share repurchase program has been completed during the year. |
Share capital
Share capital | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share capital | 1 3 Share capital (i) Ordinary shares For the year ended February 29 2020, the Company issued 5,000,000 ordinary shares for a total consideration of US$5,000,000 with no par value. On November 11, 2020, the Company’s common stock and warrants began trading on the NASDAQ stock exchange under the symbol “TRIT” and TRITW” respectively. Pursuant to the terms of the Business Combination Agreement, the Company is authorised and has available for issuance 469,000,001 ordinary shares of par value of US$0.0001 each. Immediately following the business combination, there was 83,195,869 shares of common stock with a par value of US$0.0001 and 25,981,000 warrants outstanding. The Company has adjusted the shares issued and outstanding prior to November 11, 2020 to give effect to the exchange ratio established in the Business Combination Agreement. On January 18, 2021, the Company announced a share repurchase program of up to US$50,000,000 of the Company’s shares. 1,831,532 shares have been repurchased and recognised as treasury shares as of February 28, 2021. As of February 28, 2021, the number of ordinary shares issued and outstanding was 81,364,337. On April 20, 2021, the Company completed its share repurchase program, having spent a total of US$49.9 million repurchasing 6,671,788 of its ordinary shares and incurring commission fees of US$133,000. As of August 2, 2021, the Company had 6,671,788 treasury shares compared to 1,831,532 treasury shares as of February 28, 2021. The average weighted number of treasury shares for the year ended February 28, 2022 was 6,426,178. Effective on March 24, 2022, Nasdaq delisted the Company’s Ordinary Shares and Triterras Warrants. (ii) Preference shares As of February 28, 2022, the Company is authorised to issue 30,999,999 preference shares of a par value of US$0.0001 each, of which no shares are issued and/or outstanding. (iii) Capital management The Group’s primary objective when managing capital is to safeguard the Group’s ability to continue as a going concern. Capital consists of ordinary shares and retained earnings of the Group. The board of directors monitors the return of capital as well as the level of dividends to ordinary shareholders. The Group is not subject to externally imposed capital requirements. |
Treasury shares
Treasury shares | 12 Months Ended |
Feb. 28, 2022 | |
Treasury Shares [Abstract] | |
Treasury shares | 1 4 Treasury shares On January 18, 2021, the Company announced a share repurchase program of up to US$50,000,000 of its ordinary shares and it commenced the program on February 12, 2021. On April 20, 2021, the Company completed its share repurchase program, having spent a total of US$49.9 million repurchasing 6,671,788 of its ordinary shares and incurring commission fees of US $ 133,000 . The weighted average number of treasury shares for the fiscal years ended February 28, 2022 and February 28, 2021 were 6,426,178 and 33,895 , respectively . |
Lease liabilities
Lease liabilities | 12 Months Ended |
Feb. 28, 2022 | |
Lease Liabilities [Abstract] | |
Lease liabilities | 1 5 Lease liabilities As of February 28, 2022 As of February 28, 2021 US$ US$ Non-current liabilities Lease liabilities 1,194,027 868,536 Current liabilities Lease liabilities 344,781 260,429 In determining the right-of-use asset, the Group used an interest rate of 5.66% (2021: 5.25%) per annum. 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, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Depreciation on rights-of-use assets 406,679 115,931 - Interest on lease liabilities 69,424 24,756 - |
Deferred tax liabilities
Deferred tax liabilities | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Deferred Tax Liabilities [Abstract] | |
Deferred tax liabilities | 1 6 Deferred tax liabilities Recognised deferred tax liabilities Deferred tax liabilities are attributable to the following temporary differences: As of February 28, 2022 As of February 28, 2021 US$ US$ Intangible assets 2,742,197 1,667,928 Plant and equipment 22,704 47,000 2,764,901 1,714,928 Movement in deferred tax liabilities As of February 28, 2021 Recognised in profit or loss As of February 28, 2022 US$ US$ US$ Intangible assets 1,667,928 1,074,269 2,742,197 Plant and equipment 47,000 (24,296 ) 22,704 1,714,928 1,049,973 2,764,901 |
Other payables
Other payables | 12 Months Ended |
Feb. 28, 2022 | |
Trade And Other Payables [Abstract] | |
Other payables | 1 7 Other payables As of February 28, 2022 As of February 28, 2021 US$ US$ Non-current Contingent consideration 1,067,321 — Current Accruals 6,888,765 6,726,147 Provisions 3,440,146 1,750,000 Contingent consideration 2,500,000 — Other payables 4,941,537 192,494 17,770,448 8,668,641 Accruals mainly relates to legal professional fees accrued for the year. Provisions mainly relates to bonus and unutilised leave balances payable to the employees as of year end. Refer Note 26 for further disclosures on contingent consideration. |
Deferred income
Deferred income | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Deferred Income [Abstract] | |
Deferred income | 1 8 Deferred income As of February 28, 2022 As of February 28, 2021 US$ US$ Government grants 180,838 75,848 The Group has been awarded a grant from the Monetary Authority of Singapore (MAS) and Enterprise Singapore. The grant received during the year amounted to US$121,516. In prior years, the Group received US$78,463. Both grants are related to the development of the Kratos™ platform. The grant, recognised as deferred income, is being amortized over the useful life of the platform. |
Warrant liabilities
Warrant liabilities | 12 Months Ended |
Feb. 28, 2022 | |
Warrant Liabilities [Abstract] | |
Warrant liabilities | 1 9 Warrant liabilities As of February 28, 2022, the Company had 25,300,000 public warrants and 681,000 private warrants outstanding. Pursuant to the Business Combination Agreement, the outstanding warrants of Netfin to purchase a Class A Share were assumed by the Company on identical terms. The warrants entitle the holder to purchase one ordinary share of the Company at an exercise price of US$11.50 per share at any time on or after 30 days after the Business Combination and on or prior to 5 years after the date on which the Company completes the Business Combination. The warrants were listed on Nasdaq under the symbol TRITW. The Company determined that these warrants are puttable for cash upon a fundamental transaction at the option of the holder and as such required classification as a liability. The outstanding warrants are recognised as a warrant liability on the statement of financial position and are measured at their inception date fair value and subsequently re-measured at each reporting period with changes being recorded as component of other income/(loss) in profit or loss. The fair value of warrant liabilities was measured using Black-Scholes model. Significant inputs into the model at the inception and reporting period measurement dates are as follows (exercise and stock price in US$): As of February 28, 2022 As of February 28, 2021 Exercise price (1) 11.50 11.50 Stock price (2) 1.64 7.13 Expected life (years) 3.69 4.70 Volatility (3) 38.11 % 42.03 % Risk-free interest rate (4) 1.64 % 0.68 % Dividend yield 0.0 % 0.0 % (1) Based on the terms provided in the warrant agreement dated July 30, 2019. (2) Based on the trading value of common stock of Triterras, Inc. as of each presented period ending date. (3) Based on Peer Volatility Analysis over each respective remaining contractual term. (4) Based on published US Treasury spot rates as of each presented period ending date and correspond with the remaining contractual term. The following table presents the changes in fair value of warrant liabilities: Public Private placement Warrant liabilities US$ US$ US$ Initial measurements as of November 10, 2021 66,792,000 3,131,483 69,923,483 Change in valuation inputs (24,035,000 ) (2,076,685 ) (26,111,685 ) Fair value as of February 28, 2021 42,757,000 1,054,798 43,811,798 Change in valuation inputs (39,721,000 ) (1,051,657 ) (40,772,657 ) Fair value as of February 28, 2022 3,036,000 3,141 3,039,141 The measurement of the public warrants is classified as Level 1 due to the use of an observable market quote in an active market under the ticker TRITW. The quoted price of the public warrant was US$1.64 as of February 28, 2022, as that was the last day of trading day on the NASDAQ (February 28, 2021: US$1.69). The private placement warrants are considered Level 2 liabilities in the fair value hierarchy as the determination of fair value includes various assumptions about future activities and the Company’s stock prices and historical volatility as inputs. As of February 28, 2022, none of the warrants have been exercised. As a result of the delisting of the Company’s securities by NASDAQ, valuations of the Company’s warrants, after the date of the delisting, will be valued using Level 3 inputs until such time that there is an observable market quote for the Company’s warrants. |
Revenue
Revenue | 12 Months Ended |
Feb. 28, 2022 | |
Revenue [Abstract] | |
Revenue | 20 Revenue This represents revenue arising from the Group contracts with. Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Platform fees -Trade transaction modules 37,859,710 55,442,807 16,889,720 -License fees 29,124 30,918 8,458 -Financing fees 198,094 — — Trade marketplace 18,592,825 — — Total revenue 56,679,753 55,473,725 16,898,178 Platform fees Trade transaction module consists of trade discovery and trade finance sub-modules: (i) Trade Discovery sub-module Nature of services The platform enables the customers to connect to other counterparties to perform trade transactions. Sales contracts are entered with the customers before onboarding the customers to commence trading. The fees charged are calculated based on the percentage fee agreed in the contract and actual volume of trade transactions. Revenue recognition Platform fees are recognised at the point in time where the trades are completed on the platform (i.e. trade has been transacted and both buyers and sellers have acknowledged the trades on the platform). Each completed trade constitutes a single performance obligation, as the platform serves as a commonplace to connect the buyer and seller to execute the trade. Transaction price is determined based on total trade transaction value and fee agreed in the sales contract. Significant payment terms Non-refundable advances are collected from customers upon entering into the sales agreement. These advances will be utilised to offset against fee collection on future completed trade transactions on the platform. Invoices are generated at the end of each month for all completed trades. The invoice amount is first offset with the advances previously collected and the remaining balance is payable with credit terms of 120 days (2021: 90 days). (ii) Trade finance sub-module Nature of services The platform enables the customers to connect to other counterparties to obtain trade financing from lenders. Sales contracts are entered with the customers before onboarding the customers to commence trading. The fees charged are calculated based on a fixed fee as agreed in the contract or a percentage of total approved funding. Revenue recognition Platform fees are recognised at the point in time when funding is provided to the borrowers on the platform (i.e. lender has disbursed the loan funding to the borrower and the borrower has acknowledged the loan funding on the platform). Each completed trade constitutes a single performance obligation, as the platform serves as a marketplace to connect the borrower and lender to execute the trade. Transaction price is determined based on total approved fund value and fee agreed in the sales contract. Significant payment terms Non-refundable advances are collected from customers upon entering into the sales agreement. These advances will be utilised to offset against fee collection on future completed trade transactions on the platform. Invoices are generated at the end of each month for all completed trades. The invoice amount is first offset with the advances previously collected and the remaining balance is payable with credit terms at a range of 10 (iii) License fees Nature of services The license fees charged provide customers the right to access the platform, where customers can obtain the economic benefits by transacting on the platform from the point the access rights were given to the customers. License fees are agreed upon signing of sales contracts and are non-refundable. Revenue recognition License fees are recognised over time of the contract period of 12 months because the customers are being provided with the right to use the platform as it exists throughout the period. Significant payment terms Invoices for license fees are generated after each successful sign-up on the platform. Credit terms are generally 120 days (2021: 90 days). (iv) Financing fee Nature of services Financing fee is generated through a fee charged on provisioning of loans advances through supply chain financing, invoice discounting and e-commerce finance arrangements. Financing fees are agreed upon signing of sales contracts. Revenue recognition Financing fee is recognised in profit or loss using the effective interest method, over the period of the financing tenure during which the service is provided. Transaction price is determined based on the fee and facility amount agreed in the sales contracts. Significant payment terms Credit terms of financing fee can be up to 5 months. Trade marketplace Nature of services The platform connects trade participants and offer a range of trade financial solutions. Sales and purchase contracts are entered respectively with the suppliers and buyers. The Group acts as an intermediary between the suppliers and buyers and is treated as a principal in the trade to provide extended credit terms at a fee as agreed in the contract to the customers. Revenue recognition Revenue is recognised at the point in time when the shipping documents (i.e. bill of lading) have been transferred to the customers. Each completed trade constitutes a single performance obligation, as the Group acts as an intermediary between suppliers and its pre-determined buyers. Transaction price is determined based on the quantity and price as agreed in the contract. Significant payment terms Invoices are generated when sales contract is received. Credit terms are generally not more than 90 days. Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. As of February 28, 2022 As of February 28, 2021 Note US$ US$ Trade receivables, net 9 43,850,652 22,853,115 Contract liabilities (60,000 ) (49,124 ) Contract liabilities relate to advances collected from customers upon sign-up as part of the license fees billed and license fees deferred, as revenue is recognised over the contract terms of Significant changes in the contract liabilities balances during the year are as follows: Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Revenue recognised that was included in contract liabilities balance at the beginning of the year 49,124 97,542 Increases due to advances and license fees collected 60,000 36,750 Amounts recognised as revenue during the year (29,124 ) (30,918 ) Advances utilised during the year (20,000 ) (54,250 ) 60,000 49,124 |
Cost of revenue
Cost of revenue | 12 Months Ended |
Feb. 28, 2022 | |
Costs Of Revenue [Abstract] | |
Cost of revenue | 2 1 Cost of revenue Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Platform fees - Operation of IT platform 2,667,163 4,086,029 112,803 - Cloud management services 233,032 270,967 — 2,900,195 4,356,996 112,803 Trade marketplace 18,272,140 — — 21,172,335 8,713,992 225,606 Platform fees consists primarily of expenses associated with delivery of the IT platform and services. These include expenses related to operation of the IT platform, cloud management service fees and bandwidth costs. Trade marketplace costs relate to costs of goods purchased in the “Trade Marketplace” sub-module of the Kratos™ platform. |
Marketing and sales
Marketing and sales | 12 Months Ended |
Feb. 28, 2022 | |
Marketing And Sales [Abstract] | |
Marketing and sales | 2 2 Marketing and sales Note Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Marketing and promotional expenditures 424,727 141,490 21,241 Consultancy services relating to business development 152,740 3,047,270 — Amortisation of contract costs 7 1,277,110 1,153,831 — 1,854,577 4,342,591 21,241 |
General and administrative
General and administrative | 12 Months Ended |
Feb. 28, 2022 | |
Selling General And Administrative Expense [Abstract] | |
General and administrative | 2 3 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$1,627, respectively. The JSS is a temporary scheme introduced in the Singapore Budget 2020 to help enterprises retain local employees. Under the JSS, employers will receive cash grants in relation to the gross monthly wages of eligible employees. WCS is introduced to support businesses embarking on transformation efforts and encourage sharing of productivity gains with workers. |
Net finance costs
Net finance costs | 12 Months Ended |
Feb. 28, 2022 | |
Finance Income And Finance Costs [Abstract] | |
Net finance costs | 2 4 Net finance costs Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Interest income 11,609 48,011 209 Exchange gain, net — — 1,133 Finance income 11,609 48,011 1,342 Bank charges (54,627 ) (14,894 ) (2,763 ) Interest expense (418,033 ) (75,560 ) (54 ) Exchange loss, net (164,019 ) (40,036 ) — Finance cost (636,679 ) (130,490 ) (2,817 ) Net finance cost (625,070 ) (82,479 ) (1,475 ) |
Income Tax expense
Income Tax expense | 12 Months Ended |
Feb. 28, 2022 | |
Major Components Of Tax Expense Income [Abstract] | |
Income Tax expense | 25 Income Tax expense Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Tax recognised in profit or loss Current tax expense Current year — 4,090,059 1,592,549 Under provision in prior year 88,588 543,457 — 88,588 4,633,516 1,592,549 Deferred tax expense Origination of temporary differences 1,049,973 1,714,928 — 1,049,973 1,714,928 — Income tax expense 1,138,561 6,348,444 1,592,549 Reconciliation of effective tax rate Profit before income tax 34,562,090 51,601,156 15,173,340 Income tax using Singapore rate of 17% (2020: 17%) 5,875,555 8,772,196 2,579,468 Effect of tax rates in foreign jurisdiction (20,802 ) 918,306 — Non-deductible expenses 2,232,578 579,122 31,066 Tax exempt income (6,978,875 ) (4,451,909 ) — Tax incentives (58,483 ) (12,728 ) (26,524 ) Utilisation of tax losses carried forward — — (372,852 ) Utilisation of group tax relief — — (569,143 ) Under provision in prior year 88,588 543,457 — Others — — (49,466 ) 1,138,561 6,348,444 1,592,549 |
Business Combinations
Business Combinations | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Business Combinations [Abstract] | |
Business Combinations | 2 6 Business combinations On May 17, 2021, the Group entered into a Share Purchase Agreement (the “Purchase Agreement”) to acquire all of the outstanding share capital of IB Holdings Ltd (“Invoice Bazaar”), a privately-held United Arab Emirates-based supply chain finance company with operations in the United Arab Emirates and offices in Dubai and India, along with all of the share capital of Techfin Solutions FZCO (“Techfin”), a 99%-owned subsidiary of IB Holdings, and 49% ownership interest in Invoice Bazaar Forfaiting Services LLC (JV of IB Holdings). The Invoice Bazaar platform allows the Group to provide an alternative form of financing on the Kratos™ platform which we believe will increase utilization of the Kratos™ platform by entering into new markets and diversify our innovative offerings. payable in two US$ 1.0 million tranches upon the earlier of each of the first and second anniversary of the initial cash payment, or the achievement of cumulative revenue milestones and (iii) up to US$ 2.0 million in earn-out consideration, subject to achievement of certain revenue milestones and continued service with IB Holdings of certain members of the IB Holdings’ founding team. The Purchase Agreement was amended in June 2022 to replace the revenue milestones established in clause (iii) of the preceding sentence, with new milestones relating to recurring revenue from assets deployed or fees collected, origination of new customers, origination of deals, and signing of distribution partnerships with financial institutions related to the remaining $2.0 million in earn-out amount payable by the Group to the s ellers of Invoice Bazaar . The sellers of Invoice Bazaar will be additionally entitled to receive a portion of the proceeds of any sale of e-commerce business by the Company within 24 months of the closing of the Acquisition. Considerations transferred The following table summarizes the acquisition date fair value of the purchase consideration transferred: US$ Cash 4,000,000 Contingent consideration (discounted) 3,189,972 Total purchase consideration 7,189,972 Contingent consideration Contingent consideration made up of the components below, is recorded in other payables in the statement of financial position: Payable on first anniversary upon achievement of cumulative revenue milestones 1,000,000 Payable on second anniversary upon achievement of cumulative revenue milestones 1,000,000 Earn-out (as described below) 2,000,000 The Group has agreed to pay the selling shareholders in 2 years’ time additional consideration of up to US$2,000,000 if the acquiree’s cumulative revenue over the next 2 years exceeds certain revenue milestones. S$1,000,000 will be paid on the completion of the first and second year when the acquiree achieved a cumulative revenue of US$800,000 for each respective year. The earn-out of US$2,000,000 will be paid when the acquiree achieved cumulative revenue of US$10,000,000 within the next 2 years. On June 24, 2022, the Group has signed an addendum to the share purchase agreement to revise the terms of the earn-out. The earn-out of US$2,000,000 will be paid progressively on certain review dates as set out in the addendum, based on certain achievement milestone. The revised criteria for the earn-out as defined in the addendum and the estimates of the amount of contingent consideration that will be earned have been set out as follows: Estimated Earn-out US$ Achieve earn-out revenue of minimum US$2,000,000 from acquisition date to June 30, 2022 500,000 Onboard 300 new customers on the IT platform commencing March 1, 2022 225,000 Submit US$1 billion in trade value of qualified deals as defined in the addendum on or after March 1, 2022 375,000 Establish partnerships with at least 3 new financial institutions as defined in the addendum on or after March 1, 2022 375,000 Achieve an annual recurring revenue of US$10 million as defined in the addendum 525,000 Total estimated earn-out 2,000,000 Contingent consideration which is payable more than 1 year from financial year end is discounted using a risk-adjusted discount rate of 15.0%. Identifiable assets acquired and liabilities assumed T he following table summarizes the estimated fair values of Invoice Bazaar assets acquired and liabilities assumed as of the acquisition date: US$ Intangible assets 2,594,968 Loan receivables 159,456 Cash and cash equivalents 172,623 Other current assets 31,667 Non-controlling interests (31,979 ) Other payables (399,612 ) Total identifiable net assets acquired 2,527,123 Measurement of fair values The valuation techniques used for measuring the fair value of material assets acquired were as follows: Assets acquired Intangible assets Relief-from-royalty method and multi-period excess earnings method: The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the patents being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets. Loan receivables comprise gross contractual amounts due of US$159,456, of which the full amount was expected to be collectable at the date of acquisition. Accounting for the acquisition has been updated based on new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition. Goodwill Goodwill arising from the acquisition has been recognized as follows: US$ Purchase consideration 7,189,972 Non-controlling interest, based on their proportionate interest in the recognised amounts of the assets and liabilities of IB (31,979 ) Fair value of identifiable net assets (2,527,123 ) Goodwill 4,630,870 Goodwill is not expected to be deductible for income tax purposes. Amortization expense of US$319,907 related to these intangible assets was recorded for the fiscal year ended February 28, 2022. In connection with this acquisition the Group incurred US$227,067 of acquisition related expenses recorded in general and administrative expenses in the consolidated statement of comprehensive income for the year ended February 28, 2022. For the financial year ended February 28, 2022, Invoice Bazaar contributed US$22,697,061 and US$2,328,368 of revenue and comprehensive income, respectively. |
Significant related party trans
Significant related party transactions | 12 Months Ended |
Feb. 28, 2022 | |
Related Party Transactions [Abstract] | |
Significant related party transactions | 2 7 Significant related party transactions For the purpose of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. During the financial year, in addition to disclosures made elsewhere in the financial statements, there were the following significant related party transactions undertaken on terms as agreed between the parties in the normal course of business: Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Sale of services - Related parties — 5,164,280 4,504,413 Transfer of fixed assets - Related party — 156,402 — Management fees - Immediate holding company — — 1,100,000 - Related party — 1,721,830 — Sales of services provided to related parties in prior year refer to Antanium Resources Pte. Ltd. and its subsidiaries. All outstanding balances with related parties are priced on an arm’s length basis and were fully settled. For the financial year ended February 29, 2020, US$185,000 of the US$1.1 million management fees charged to the Group has been capitalised during the year as intangible assets as it relates to costs incurred to develop the IT platform. Key management personnel compensation Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Group. The Group is centrally managed by the key management personnel of the immediate holding company prior to business combination. The key management personnel received remuneration from the then immediate holding company in respect of their services to the larger group which includes the Group. The compensation of US$3,956,874 was incurred during the financial year. In prior year ended February 28, 2021, US$1,519,324 (2020: US$188,444) was being charged to the Group in the form of management fees to the Group. Compensation of the Group’s key management personnel includes salaries, bonuses and contributions to post-employment defined benefit plan. |
Financial risk management
Financial risk management | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract] | |
Financial risk management | 2 8 Financial risk management Exposure to credit, liquidity, interest rate and foreign currency risks arises in the normal course of the Group’s business. The Group has formal risk management policies and guidelines that set out its overall business strategies, its tolerance of risk and general risk management philosophy and has established processes to monitor and control its exposure to such risks in a timely manner. The Group reviews its risk management processes regularly to ensure the Group’s policy guidelines are adhered to. Credit risk Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations. At the reporting date, the exposure to credit risk for trade receivables at the reporting date by type of counterparty was as follows: Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Trade receivables, net 43,850,652 22,853,115 Loan receivables, net 4,655,371 — 48,506,023 22,853,115 The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position. Refer to Note 3.4 for the Group’s policy on assessment of ECL impairment model. Impairment The ageing of trade and loan receivables at the reporting date was: Non- credit impaired Credit impaired US$ US$ 2022 Current 25,938,750 432,971 Past due 1 – 60 days 6,413,032 1,040,009 Past due over 60 days 19,145,401 4,900,874 Total gross carrying amount 51,497,183 6,373,854 Loss allowance (2,991,160 ) (6,373,854 ) 48,506,023 — 2021 Current 12,121,046 1,607,907 Past due 1 – 60 days 10,226,905 278,278 Past due over 60 days 867,264 1,860,282 Total gross carrying amount 23,215,215 3,746,467 Loss allowance (362,100 ) (3,746,467 ) 22,853,115 — Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group monitors its liquidity risk and maintains a level of cash and bank balances deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows. The following are the contractual undiscounted cash outflows of non-derivative financial liabilities: Carrying amount Contractual cash flows Within 1 year Within 1 to 5 years More than 5 years US$ US$ US$ US$ US$ 2022 Non-derivative financial liabilities Other payables* 15,397,623 19,270,448 17,770,448 1,500,000 — Lease liability 1,538,808 1,667,720 481,793 1,185,927 — 16,936,431 20,938,168 18,252,241 2,685,927 — 2021 Non-derivative financial liabilities Other payables* 6,918,641 6,918,641 6,918,641 — — Lease liability 1,128,965 1,196,487 312,127 884,360 — 8,047,606 8,115,128 7,230,768 884,360 — * excludes provisions Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of the Group’s financial instruments will fluctuate because of changes in market interest rates. The Group’s exposure to interest rate risk arises primarily from the lease liabilities and contingent consideration which were discounted to present value. The Group does not expect any significant effect on the Group’s profit or loss arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the financial year. Foreign currency risk The Group’s foreign currency risk arises on transactions in the normal course of business. The Group ensures that the net exposure from transactions in foreign currencies is kept to an acceptable level through regular foreign currency exposure analysis and appropriate management of this risk. Exposure to foreign currency risk is insignificant as the Group’s income and expenses, assets and liabilities are substantially denominated in United States dollars. The exposure is monitored on an ongoing basis and the Group endeavours to keep the net exposure at an acceptable level. The Group’s exposure to foreign currency risk was as follows based on notional amounts: Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Singapore dollars Cash and cash equivalents 139,097 185,667 Other payables — (78,621 ) Lease liabilities (1,059,681 ) (1,128,965 ) (920,584 ) (1,021,919 ) Sensitivity analysis A 5% strengthening of United States dollars against the following currency at the reporting date would have increased profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant. Profit/(Loss) Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Singapore dollars 46,029 51,096 A 5% weakening of United States dollars against the above currency at reporting date would have had the equal but opposite effect on the above currency to the amounts shown above, on the basis that all other variables remain constant. Offsetting financial assets and financial liabilities The Group does not have any master netting arrangements and none of the financial assets and financial liabilities are offset in the statement of financial position during the year (2021: US$730,000). Estimation of fair values The methodologies and assumptions used in the estimation of fair values depend on the terms and characteristics of the various assets and liabilities and include the following: Financial instruments for which fair value is equal to the carrying value These financial instruments include trade receivables, loan receivables, other current assets, cash and cash equivalents and other payables. The carrying values of these financial instruments are assumed to approximate their fair values because they are short-term in nature. Accordingly, the fair values and fair value hierarchy levels have not been presented for these financial instruments. Contingent consideration and lease liabilities are measured using discounted cash flows which consider the present value of the expected future payments, discounted using a risk-adjusted discount rate. Accounting classifications and fair values The following table sets out the accounting classification and carrying amounts of the Group’s financial instruments not recognised at fair value. Fair value through profit and loss Amortised cost Total carrying amount US$ US$ US$ 2022 Financial assets Trade receivables — 43,850,652 43,850,652 Loan receivables — 4,655,371 4,655,371 Other assets# — 523,116 523,116 Cash and cash equivalents — 68,809,057 68,809,057 Other investments 25,142,783 — 25,142,783 25,142,783 117,838,196 142,980,979 Financial liabilities Other payables* 1,067,321 14,330,302 15,397,623 Warrants liabilities 3,039,141 — 3,039,141 Lease liabilities — 1,538,808 1,538,808 4,106,462 15,869,110 19,975,572 2021 Financial assets Trade receivables — 22,853,115 22,853,115 Other assets# — 490,631 490,631 Cash and cash equivalents — 134,025,561 134,025,561 Restricted cash — 35,686,643 35,686,643 — 193,055,950 193,055,950 Financial liabilities Other payables* — 6,918,641 6,918,641 Warrants liabilities 43,811,798 — 43,811,798 Lease liabilities — 1,128,965 1,128,965 43,811,798 8,047,606 51,859,404 # exclude prepayments * exclude provisions |
Operating segment
Operating segment | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Operating Segments [Abstract] | |
Operating segment | 2 9 Operating segment Operating segments are identified on the basis of internal reports about components of the Group Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The Group Business segment The Group • Platform – Engage customers to trade on the platform where the Group earns a fee based on the percentage agreed in the sales contract. Fees charged are based on total trading volume or total approved funds. • Trade marketplace – Connects trade participants and offer a range of trade financial solutions. Sales and purchase contracts are entered respectively with the suppliers and buyers. The Group acts as a principal in the trade to provide extended credit terms at a fee as agreed in the contract to the customers. Geographical information Revenue Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ United Arab Emirates 53,625,000 26,769,533 1,634,115 Singapore 2,900,987 14,517,264 9,496,854 Hong Kong 147,537 7,488,714 3,378,300 Malaysia 1,562 4,584,790 1,887,039 Other countries 4,667 2,113,424 501,870 56,679,753 55,473,725 16,898,178 The revenue information of continuing operations above is based on the location of the customers’ country of incorporation. Non-current assets All non-current assets of continuing operations above are based in Singapore, United Arab Emirates and United Kingdom. Major customers Revenue from top five customers of the Group Group |
Earnings per share
Earnings per share | 12 Months Ended |
Feb. 28, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | 30 Earnings per share The basic earnings per share is calculated as the Group’s profit for the year attributable to equity holders of the Group divided by the weighted average number of ordinary shares of the Group in issue during the year. The Group had no potentially dilutive ordinary shares in issue during the year. The warrants are antidilutive. Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Profit for the year attributable to equity holders of the Group 33,427,019 45,252,712 13,580,791 No. of shares No. of shares No. of shares Weighted average number of ordinary shares in issue during the year 76,769,691 60,956,752 3,333,433 US$ US$ US$ Basic and diluted earnings per share 0.44 0.74 4.07 |
Reverse merger
Reverse merger | 12 Months Ended |
Feb. 28, 2022 | |
Reverse Merger [Abstract] | |
Reverse merger | 3 1 Reverse merger In the consolidation financial statements, the acquisition costs arising from the reverse merger was determined by the aggregate of US$60,000,000 (as below) in cash and using the fair value of the issued equity of the Company amounting to US$525,000,000, being 51,622,419 shares at US$10.17 per share, which represents the market value of the Company at the date of the completion of the reverse merger. The net assets acquired from the reverse merger were as follows: US$ Cash and cash equivalents 170,616,649 Other receivables 60,068,819 Other payables (1,587,820 ) Warrant liabilities (69,923,483 ) Less: Cash consideration paid (as above) (60,000,000 ) Others (17,514 ) As per consolidated statement of cash flows 99,156,651 |
Subsequent events
Subsequent events | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Subsequent events | 3 2 Subsequent events Effective on March 24, 2022, Nasdaq delisted the Company’s Ordinary Shares and Triterras Warrants. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Feb. 28, 2022 | |
Significant Accounting Policies [Abstract] | |
Basis of consolidation | 3.1 Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the Non-controlling interests (“NCI”) in a subsidiary are allocated to the NCI even if doing so causes the NCI to have a deficit balance. |
Foreign currencies | 3.2 Foreign currencies Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to the functional currency at the exchange rate on that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss. |
Financial instruments | 3.3 Financial instruments (i) Recognition and initial measurement Non-derivative financial assets and financial liabilities Trade and loan receivables, as well as debt investments issued are initially recognised when they are A financial asset (unless it is a trade receivable without a significant financing (ii) Classification and subsequent measurement Non-derivative financial assets On initial recognition, a financial asset is classified as measured at amortized cost. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Financial assets at amortized cost A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as of FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets: Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; • how the performance of the portfolio is evaluated and reported to the Group’s management; • the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets. Financial assets that are held-for-trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Non-derivative financial assets: Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable rate features; • prepayment and extension features; and • terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Non-derivative financial assets: Subsequent measurement and gains and losses Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Non-derivative financial liabilities: Classification, subsequent measurement and gains and losses The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. Financial liabilities for contingent consideration payable in a business combination are recognised at the acquisition date. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. (iii) Derecognition Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (iv) Offsetting Financial assets and financial liabilities are off-set and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. |
Impairment | 3.4 Impairment (i) Non-derivative financial assets The Group Simplified approach The Group applies the simplified approach to providing for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. In calculating the expected credit loss rates for trade receivables, the Group considers loss rates for each category of aging bracket of buyers and adjusts for forward looking macroeconomic data. General approach The Group applies the general approach to provide for ECLs on all other financial instruments and FGC (Financial Guarantee Contract). Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition. At each reporting date, the Group assesses whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. When determining whether the credit risk of financial assets have increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment that includes forward-looking information. Measurement of ECLs The Group decided to assess the Expected Credit Loss (‘ECL’) of the financial asset at amortized cost or fair value through other comprehensive income (‘FVOCI’) based on the discounted product of exposure at default (‘EAD’), probability of default (‘PD’) and loss given default (‘LGD’) as defined below: • EAD is based on the trade and loan receivable amounts that the Group expects to be owed at the time of default. This represents the carrying value of the trade and loan receivable. • PD represents the likelihood of a buyer defaulting on its financial obligation, either over the next 12 months or over the remaining lifetime of the obligation. • LGD represents the Group’s expectation of the extent of loss on a defaulted exposure. LGD is expressed as a percentage loss per unit of exposure at the time of default. The ECL is computed by multiplying EAD, PD, LGD for each category. The PD and LGD are developed by utilizing historical default studies and publicly available data. Credit-impaired financial assets At each reporting date, the Group assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • significant financial difficulty of the borrower or issuer; • a breach of contract such as a default after negotiation; • the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; or • it is probable that the borrower will enter bankruptcy or other financial reorganisation. Presentation of allowance for ECLs in the statement of financial position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of these assets. Write-off The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due. (ii) Non-financial assets The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Impairment losses are recognised in profit or loss. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. |
Share capital | 3.5 Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Preference share capital The Group’s redeemable preference shares are classified as financial liabilities, because they bear non-discretionary dividends and are redeemable in cash by the holders. Non-discretionary dividends thereon are recognised as interest expense in profit or loss as accrued. Non-redeemable preference shares are classified as equity, because they bear discretionary dividends, do not contain any obligations to deliver cash or other financial assets and do not require settlement in a variable number of the Group’s equity instruments. Discretionary dividends thereon are recognised as equity distributions on approval by the Company’s shareholders. Repurchase and reissue of ordinary shares (treasury shares) When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium. |
Government grants | 3.6 Government grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. |
Revenue | 3.7 Revenue Platform service fees Trade and Trade Finance Module – Overview The Group provides a platform which helps to facilitate trading and trade finance. In accordance with IFRS 15 Revenue from Contracts with Customers Trade Discovery sub-module The “Trade Discovery” sub-module covers the facilitation of trades, allowing users to find counterparties and transactions on the platform, create buy or sell orders and enter into sales agreements. The identified PO of the Group is the facilitation of the trade on the platform. The transaction price is the amount of consideration in the contract to which the Group expects to be entitled in exchange for the service of completing the facilitation of a trade. The transaction price is determined based on a fixed percentage of trade transaction value. As stated in the contract with the customer, the Group is only entitled to the consideration upon completion of a trade as acknowledged by both buyers and sellers on the platform. As such, revenue is recognised at a point in time where consummated trades were acknowledged on the platform by buyers and sellers i.e., fulfilment of the performance obligation. Trade Finance sub-module The “Trade Finance” sub-module is used by the lenders or financial institutions to receive funding requests and to provide funding to borrowers. The identified PO of the Group is the facilitation of the completion of a trade financing process. The transaction price is the amount of consideration in the contract to which the Group expects to be entitled for facilitating the completion of a trade financing. The transaction price is determined based on a fixed percentage fee of the amount financed by the lenders. As stated in the contract with the customer, the Group is only entitled to the consideration upon completion of a trade financing where the lender has disbursed the loan funding to the borrower as acknowledged by the borrower on the platform. As such, revenue is recognized at the point in time when the borrower has acknowledged on the platform the receipt of loan funding. License fees The Group enters into fixed price contracts with customers to provide access to its platform over a period of 12 months. In accordance with IFRS 15 Revenue from Contracts with Customers The transaction price is the amount of consideration in the contract to which the Group expects to be entitled in exchange for granting platform access to the customers. License fee revenue is non- refundable and is recognised equally over the course of 12 months, in line with the period of access granted on the platform, reflecting the progress towards complete satisfaction of that PO. Financing fee Financing fee is generated through a fee charged on provisioning of loans advances through supply chain financing, invoice discounting and e-commerce finance arrangements. Financing fees are agreed upon signing of sales contracts. Financing fee is recognised in profit or loss using the effective interest method, over the period of the financing tenure during which the service is provided. The identified PO of the Group is the disbursement of loan advances. Transaction price is determined based on the fee and facility amount agreed in the sales contracts. Trade marketplace The platform connects trade participants and offer a range of trade financial solutions. Sales and purchase contracts are entered respectively with the suppliers and buyers. The Group acts as an intermediary between the suppliers and buyers and is treated as a principal in the trade to provide extended credit terms at a fee as agreed in the contract to the customers. Revenue is recognised at the point in time when the Group satisfies the PO by ensuring the shipping documents (i.e. bill of lading) have been transferred to the customers. Each completed trade constitutes a single performance obligation, as the Group acts as an intermediary between suppliers and its pre-determined buyers. Transaction price is determined based on the quantity and price as agreed in the contract. Contract liabilities Advances are collected from customers upon entering into the sales agreement. These advances are non-refundable and are separately recorded as contract liabilities and will be utilised to offset against fee collection on future completed trade transactions on the platform. |
Employee benefits | 3.8 Employee benefits (i) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (ii) Defined contribution plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. |
Cost of revenue | 3.9 Cost of revenue Cost of revenue comprise of costs for platform fees and trade marketplace. Platform fees consists of primarily of expenses associated with delivery of the IT platform and services. Trade marketplace costs relate to costs of goods purchased in the “Trade Marketplace” sub-module of the Kratos platform. |
Marketing and sales | 3. 10 Marketing and sales Marketing and sales comprise of marketing and promotional expenditures, consultancy services relating to business development and amortisation of contract costs. |
General and administrative | 3.11 General and administrative General and administrative costs mainly comprise of management fees, legal fees and provision for litigation costs, professional fees, consultancy fees, staff cost and depreciation of right-of-use assets. |
Finance costs | 3. 1 2 Finance costs Finance costs comprise interest expense and bank charges. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position. |
Tax | 3. 1 3 Tax Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. |
Property, plant and equipment | 3. 1 4 Property, plant and equipment ( i) Recognition and measurement Items of property, plant and equipment are measured at cost, which includes capitalised borrowing costs, less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. (i i ) Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. ( iii ) Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised as an expense in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment, unless it is included in the carrying amount of another asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated. Depreciation is recognised from the date that the property, plant and equipment are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use. The estimated useful lives for the current and comparative years are as follows: • Office equipment3 years • Fixtures and fittings3 years • Motor vehicles10 years • Right-of-use assetsOver the lease term Depreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. |
Intangible assets | 3. 1 5 Intangible assets (i) Research and development costs Expenditure on research activities is recognised in profit or loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable from license and platform fee charges to platform users and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. (iii) Amortisation Amortisation is calculated based on the cost of the asset, less its residual value. Amortisation is recognised in cost of revenue in profit or loss statement on a straight-line basis over the estimated useful • IT platform 10 years • Software 5 years • License 5 years • Business relationships 10 years • Brand name 10 years |
Operating segment and geographic information | 3. 1 6 Operating segment and geographic information An operating segment is a component of an entity: • that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity); • whose operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and • for which discrete financial information is available. The Group has identified one operating segment i.e., “trading platform business”. The assessment of reportable segments is based upon having similar economic characteristics and if the operating segments are similar in the following respects: • the nature of the products and services; • the nature of the production processes; • the type or class of customer for their products and services; • the methods used to distribute their products or provide their services; and • if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities. Reportable segments are distinguished due to their differences in their operations and economics. They are managed separately because they require different business, technological, and marketing strategies. The Group’s CEO is considered to be the Group’s Chief Operating Decision Maker (“CODM”). The CODM reviews non-financial information, for purposes of allocating resources. Based on the internal financial information provided to the CODM, the Group has determined that the identified operating segment as one reportable segment. The CODM evaluates the assets and liabilities despite disaggregated financial information being available, the accounting policies used in the determination of the segment amounts are the same as those used in the preparation of the Group’s financial statements. |
Leases | 3. 1 7 Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. (i) As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. • Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as of the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant and equipment’. Short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. |
Contract costs | 3. 1 8 Contract costs Sales commission directly attributable to obtaining and fulfilling a customer’s contract are capitalised in the statement of financial position and amortized as marketing and sales expenses over the contract period or expected customer relationship period as the Group expects to recover these costs. The contract period or expected customer relationship period is typically 3 years. Capitalised contract costs are included under non-current assets. |
Earnings per share | 3. 1 9 Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted-average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise convertible notes and share options granted to employees (if any). |
New standards and interpretations not adopted | 3. 20 New standards and interpretations not adopted A number of new standards, interpretations and amendments to standards are effective for annual periods beginning after March 1, 2021 and earlier application is permitted; however, the Group has not early adopted the new or amended standards and interpretations in preparing these financial statements. The following new and amended standards are not expected to have a significant impact on the Group’s consolidated financial statements: • COVID-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16). • Annual Improvements to IFRS Standards 2018–2020. • Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16). • Reference to Conceptual Framework (Amendments to IFRS 3). • Classification of Liabilities as Current or Non-current (Amendments to IAS 1). • IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts. • Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2). • Definition of Accounting Estimates (Ame ndments to IAS 8). |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Office equipment Fixtures and fittings Motor vehicles Right-of- use assets Total US$ US$ US$ US$ US$ Cost As of February 29, 2020 3,854 3,854 Additions 28,918 258,360 156,402 1,229,376 1,673,056 As of February 28, 2021 32,772 258,360 156,402 1,229,376 1,676,910 Additions 76,054 180,970 — 759,629 1,016,653 Disposals (15,208 ) — — — (15,208 ) As of February 28, 2022 93,618 439,330 156,402 1,989,005 2,678,355 Accumulated depreciation As of February 29, 2020 2,355 — — — 2,355 Depreciation for the year 4,315 3,589 23,460 115,931 147,295 As of February 28, 2021 6,670 3,589 23,460 115,931 149,650 Depreciation for the year 29,050 122,774 46,921 406,679 605,424 Disposals (6,383 ) — — — (6,383 ) As of February 28, 2022 29,337 126,363 70,381 522,610 748,691 Carrying amounts As of February 28, 2021 26,102 254,771 132,942 1,113,445 1,527,260 As of February 28, 2022 64,281 312,967 86,021 1,466,395 1,929,664 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of 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 |
Contract Costs (Tables)
Contract Costs (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Abstract] | |
Summary of Capitalised Contract Costs (Net) | As of February 28, 2022 As of February 28, 2021 US$ US$ Capitalised contract costs (net) — 2,773,611 |
Summary of Movement in Capitalised Contract Costs | The movement in capitalised contract costs is as follows: As of February 28, 2022 As of February 28, 2021 US$ US$ Balance as of beginning of financial year 2,773,611 — Contract costs incurred — 5,350,000 Amortisation to marketing and sales expenses (Note 22) (1,277,110 ) (1,153,831 ) Contract costs refunded — (322,558 ) Impairment loss (1,496,501 ) (1,100,000 ) Balance as of end of financial year — 2,773,611 |
Summary of Movement in Impairment of Contract Costs | The movement in the impairment of contract costs is as follows: As of February 28, 2022 As of February 28, 2021 US$ US$ Balance as of beginning of financial year 1,100,000 — Charge to profit or loss 1,496,501 1,100,000 Balance as of end of financial year 2,596,501 1,100,000 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Trade Receivables External Customers [Abstract] | |
Summary of Net Trade Receivables | As of February 28, 2022 As of February 28, 2021 US$ US$ Gross trade receivables 53,204,934 26,961,682 Less: Impairment loss allowance of trade receivables (9,354,282 ) (4,108,567 ) Net trade receivables 43,850,652 22,853,115 |
Summary of Movement in the Impairment Loss Allowance of Trade Receivables | The movement in the impairment loss allowance of trade receivables during the year is as follows: Non- credit impaired Credit impaired Total US$ US$ US$ As of February 29, 2020 138,956 — 138,956 Impairment loss recognised 223,144 3,746,467 3,969,611 As of February 28, 2021 362,100 3,746,467 4,108,567 Impairment loss recognised 2,618,328 4,170,801 6,789,129 Write-off — (1,543,414 ) (1,543,414 ) As of February 28, 2022 2,980,428 6,373,854 9,354,282 |
Loan Receivables (Tables)
Loan Receivables (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Loan Receivables [Abstract] | |
Summary of Loan Receivables | As of February 28, 2022 As of February 28, 2021 US$ US$ Gross loan receivables 4,666,103 — Less: Impairment loss on allowance of loan receivables (10,732 ) — Net loan receivables 4,655,371 — |
Summary of Movement in Impairment Loss Allowance of Loan Receivables | The movement in the impairment loss allowance of loan receivables during the year is as follows: Non- credit impaired Credit impaired Total US$ US$ US$ As of February 28, 2021 — — — Assumed from business combination 13,986 — 13,986 Impairment loss recognised 191 — 191 Written off (3,445 ) — (3,445 ) As of February 28, 2022 10,732 — 10,732 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Other Current Assets [Abstract] | |
Summary of Other Current Assets | As of February 28, 2022 As of February 28, 2021 US$ US$ Other receivables 523,116 490,631 Prepaid insurance 3,144,230 2,358,583 Prepayments 1,714,200 561,312 5,381,546 3,410,526 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | As of February 28, 2022 As of February 28, 2021 US$ US$ Bank balances 68,809,057 134,025,561 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Lease Liabilities [Abstract] | |
Summary of Lease Liabilities | As of February 28, 2022 As of February 28, 2021 US$ US$ Non-current liabilities Lease liabilities 1,194,027 868,536 Current liabilities Lease liabilities 344,781 260,429 |
Summary of Amounts Recognized in Profit or Loss | Amounts recognized in profit or loss Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Depreciation on rights-of-use assets 406,679 115,931 - Interest on lease liabilities 69,424 24,756 - |
Deferred Tax Liabilities (Table
Deferred Tax Liabilities (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Deferred Tax Liabilities [Abstract] | |
Summary of Deferred Tax Liabilities Recognised | Deferred tax liabilities are attributable to the following temporary differences: As of February 28, 2022 As of February 28, 2021 US$ US$ Intangible assets 2,742,197 1,667,928 Plant and equipment 22,704 47,000 2,764,901 1,714,928 |
Summary of Movement in Deferred Tax Liabilities | Movement in deferred tax liabilities As of February 28, 2021 Recognised in profit or loss As of February 28, 2022 US$ US$ US$ Intangible assets 1,667,928 1,074,269 2,742,197 Plant and equipment 47,000 (24,296 ) 22,704 1,714,928 1,049,973 2,764,901 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Trade And Other Payables [Abstract] | |
Summary of Other Payables | As of February 28, 2022 As of February 28, 2021 US$ US$ Non-current Contingent consideration 1,067,321 — Current Accruals 6,888,765 6,726,147 Provisions 3,440,146 1,750,000 Contingent consideration 2,500,000 — Other payables 4,941,537 192,494 17,770,448 8,668,641 |
Deferred Income (Tables)
Deferred Income (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Deferred Income [Abstract] | |
Summary of Deferred Income | As of February 28, 2022 As of February 28, 2021 US$ US$ Government grants 180,838 75,848 |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Warrant Liabilities [Abstract] | |
Summary of Fair Value of Warrant Liabilities Measured Using Black-Scholes Model | The fair value of warrant liabilities was measured using Black-Scholes model. Significant inputs into the model at the inception and reporting period measurement dates are as follows (exercise and stock price in US$): As of February 28, 2022 As of February 28, 2021 Exercise price (1) 11.50 11.50 Stock price (2) 1.64 7.13 Expected life (years) 3.69 4.70 Volatility (3) 38.11 % 42.03 % Risk-free interest rate (4) 1.64 % 0.68 % Dividend yield 0.0 % 0.0 % (1) Based on the terms provided in the warrant agreement dated July 30, 2019. (2) Based on the trading value of common stock of Triterras, Inc. as of each presented period ending date. (3) Based on Peer Volatility Analysis over each respective remaining contractual term. (4) Based on published US Treasury spot rates as of each presented period ending date and correspond with the remaining contractual term. |
Summary of Changes in Fair Value of Warrant Liabilities | The following table presents the changes in fair value of warrant liabilities: Public Private placement Warrant liabilities US$ US$ US$ Initial measurements as of November 10, 2021 66,792,000 3,131,483 69,923,483 Change in valuation inputs (24,035,000 ) (2,076,685 ) (26,111,685 ) Fair value as of February 28, 2021 42,757,000 1,054,798 43,811,798 Change in valuation inputs (39,721,000 ) (1,051,657 ) (40,772,657 ) Fair value as of February 28, 2022 3,036,000 3,141 3,039,141 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Revenue [Abstract] | |
Schedule of Revenue Arising from Contracts | This represents revenue arising from the Group contracts with. Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Platform fees -Trade transaction modules 37,859,710 55,442,807 16,889,720 -License fees 29,124 30,918 8,458 -Financing fees 198,094 — — Trade marketplace 18,592,825 — — Total revenue 56,679,753 55,473,725 16,898,178 |
Summary of Information About Receivables and Contract Liabilities from Contracts with Customers | The following table provides information about receivables and contract liabilities from contracts with customers. As of February 28, 2022 As of February 28, 2021 Note US$ US$ Trade receivables, net 9 43,850,652 22,853,115 Contract liabilities (60,000 ) (49,124 ) |
Summary of Significant Changes in Contract Liabilities Balances | Significant changes in the contract liabilities balances during the year are as follows: Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Revenue recognised that was included in contract liabilities balance at the beginning of the year 49,124 97,542 Increases due to advances and license fees collected 60,000 36,750 Amounts recognised as revenue during the year (29,124 ) (30,918 ) Advances utilised during the year (20,000 ) (54,250 ) 60,000 49,124 |
Cost of Revenue (Tables)
Cost of Revenue (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Costs Of Revenue [Abstract] | |
Disclosure of detailed information about cost of revenue explanatory | Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Platform fees - Operation of IT platform 2,667,163 4,086,029 112,803 - Cloud management services 233,032 270,967 — 2,900,195 4,356,996 112,803 Trade marketplace 18,272,140 — — 21,172,335 8,713,992 225,606 |
Marketing and Sales (Tables)
Marketing and Sales (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Marketing And Sales [Abstract] | |
Disclosure of detailed information about marketing and sales explanatory | Note Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Marketing and promotional expenditures 424,727 141,490 21,241 Consultancy services relating to business development 152,740 3,047,270 — Amortisation of contract costs 7 1,277,110 1,153,831 — 1,854,577 4,342,591 21,241 |
General and Administrative (Tab
General and Administrative (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Selling General And Administrative Expense [Abstract] | |
Summary of General and Administrative Expense | 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 — |
Net Finance Costs (Tables)
Net Finance Costs (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Finance Income And Finance Costs [Abstract] | |
Summary of Net Finance Costs | Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Interest income 11,609 48,011 209 Exchange gain, net — — 1,133 Finance income 11,609 48,011 1,342 Bank charges (54,627 ) (14,894 ) (2,763 ) Interest expense (418,033 ) (75,560 ) (54 ) Exchange loss, net (164,019 ) (40,036 ) — Finance cost (636,679 ) (130,490 ) (2,817 ) Net finance cost (625,070 ) (82,479 ) (1,475 ) |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Major Components Of Tax Expense Income [Abstract] | |
Schedule of Income Tax Expense | Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Tax recognised in profit or loss Current tax expense Current year — 4,090,059 1,592,549 Under provision in prior year 88,588 543,457 — 88,588 4,633,516 1,592,549 Deferred tax expense Origination of temporary differences 1,049,973 1,714,928 — 1,049,973 1,714,928 — Income tax expense 1,138,561 6,348,444 1,592,549 Reconciliation of effective tax rate Profit before income tax 34,562,090 51,601,156 15,173,340 Income tax using Singapore rate of 17% (2020: 17%) 5,875,555 8,772,196 2,579,468 Effect of tax rates in foreign jurisdiction (20,802 ) 918,306 — Non-deductible expenses 2,232,578 579,122 31,066 Tax exempt income (6,978,875 ) (4,451,909 ) — Tax incentives (58,483 ) (12,728 ) (26,524 ) Utilisation of tax losses carried forward — — (372,852 ) Utilisation of group tax relief — — (569,143 ) Under provision in prior year 88,588 543,457 — Others — — (49,466 ) 1,138,561 6,348,444 1,592,549 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Business Combinations [Abstract] | |
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: US$ Cash 4,000,000 Contingent consideration (discounted) 3,189,972 Total purchase consideration 7,189,972 |
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: Payable on first anniversary upon achievement of cumulative revenue milestones 1,000,000 Payable on second anniversary upon achievement of cumulative revenue milestones 1,000,000 Earn-out (as described below) 2,000,000 |
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 Estimated Earn-out US$ Achieve earn-out revenue of minimum US$2,000,000 from acquisition date to June 30, 2022 500,000 Onboard 300 new customers on the IT platform commencing March 1, 2022 225,000 Submit US$1 billion in trade value of qualified deals as defined in the addendum on or after March 1, 2022 375,000 Establish partnerships with at least 3 new financial institutions as defined in the addendum on or after March 1, 2022 375,000 Achieve an annual recurring revenue of US$10 million as defined in the addendum 525,000 Total estimated earn-out 2,000,000 |
Summary of the Estimated Fair Values of Assets Acquired and Liabilities Assumed as of the Acquisition Date | T he following table summarizes the estimated fair values of Invoice Bazaar assets acquired and liabilities assumed as of the acquisition date: US$ Intangible assets 2,594,968 Loan receivables 159,456 Cash and cash equivalents 172,623 Other current assets 31,667 Non-controlling interests (31,979 ) Other payables (399,612 ) Total identifiable net assets acquired 2,527,123 |
Summary of the Goodwill Arising from the Acquisition has been Recognized | Goodwill arising from the acquisition has been recognized as follows: US$ Purchase consideration 7,189,972 Non-controlling interest, based on their proportionate interest in the recognised amounts of the assets and liabilities of IB (31,979 ) Fair value of identifiable net assets (2,527,123 ) Goodwill 4,630,870 |
Significant Related Party Tra_2
Significant Related Party Transactions (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Significant Related Party Transactions Undertaken on Terms as Agreed Between Parties in Normal Course of Business | During the financial year, in addition to disclosures made elsewhere in the financial statements, there were the following significant related party transactions undertaken on terms as agreed between the parties in the normal course of business: Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Sale of services - Related parties — 5,164,280 4,504,413 Transfer of fixed assets - Related party — 156,402 — Management fees - Immediate holding company — — 1,100,000 - Related party — 1,721,830 — |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract] | |
Schedule of Credit Risk for Trade Receivables | At the reporting date, the exposure to credit risk for trade receivables at the reporting date by type of counterparty was as follows: Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Trade receivables, net 43,850,652 22,853,115 Loan receivables, net 4,655,371 — 48,506,023 22,853,115 |
Schedule of Ageing of Trade and Loan Receivables | The ageing of trade and loan receivables at the reporting date was: Non- credit impaired Credit impaired US$ US$ 2022 Current 25,938,750 432,971 Past due 1 – 60 days 6,413,032 1,040,009 Past due over 60 days 19,145,401 4,900,874 Total gross carrying amount 51,497,183 6,373,854 Loss allowance (2,991,160 ) (6,373,854 ) 48,506,023 — 2021 Current 12,121,046 1,607,907 Past due 1 – 60 days 10,226,905 278,278 Past due over 60 days 867,264 1,860,282 Total gross carrying amount 23,215,215 3,746,467 Loss allowance (362,100 ) (3,746,467 ) 22,853,115 — |
Schedule of Contractual Undiscounted Cash Outflows of Non-Derivative Financial Liabilities | The following are the contractual undiscounted cash outflows of non-derivative financial liabilities: Carrying amount Contractual cash flows Within 1 year Within 1 to 5 years More than 5 years US$ US$ US$ US$ US$ 2022 Non-derivative financial liabilities Other payables* 15,397,623 19,270,448 17,770,448 1,500,000 — Lease liability 1,538,808 1,667,720 481,793 1,185,927 — 16,936,431 20,938,168 18,252,241 2,685,927 — 2021 Non-derivative financial liabilities Other payables* 6,918,641 6,918,641 6,918,641 — — Lease liability 1,128,965 1,196,487 312,127 884,360 — 8,047,606 8,115,128 7,230,768 884,360 — * excludes provisions |
Schedule of Foreign Currency Risk | The Group’s exposure to foreign currency risk was as follows based on notional amounts: Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Singapore dollars Cash and cash equivalents 139,097 185,667 Other payables — (78,621 ) Lease liabilities (1,059,681 ) (1,128,965 ) (920,584 ) (1,021,919 ) |
Summary of Increase in Profit or Loss by 5% Strengthening of United States Dollars | A 5% strengthening of United States dollars against the following currency at the reporting date would have increased profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant. Profit/(Loss) Year ended February 28, 2022 Year ended February 28, 2021 US$ US$ Singapore dollars 46,029 51,096 |
Summary of Accounting Classification and Carrying Amounts of Financial Instruments not Recognised at Fair Value | The following table sets out the accounting classification and carrying amounts of the Group’s financial instruments not recognised at fair value. Fair value through profit and loss Amortised cost Total carrying amount US$ US$ US$ 2022 Financial assets Trade receivables — 43,850,652 43,850,652 Loan receivables — 4,655,371 4,655,371 Other assets# — 523,116 523,116 Cash and cash equivalents — 68,809,057 68,809,057 Other investments 25,142,783 — 25,142,783 25,142,783 117,838,196 142,980,979 Financial liabilities Other payables* 1,067,321 14,330,302 15,397,623 Warrants liabilities 3,039,141 — 3,039,141 Lease liabilities — 1,538,808 1,538,808 4,106,462 15,869,110 19,975,572 2021 Financial assets Trade receivables — 22,853,115 22,853,115 Other assets# — 490,631 490,631 Cash and cash equivalents — 134,025,561 134,025,561 Restricted cash — 35,686,643 35,686,643 — 193,055,950 193,055,950 Financial liabilities Other payables* — 6,918,641 6,918,641 Warrants liabilities 43,811,798 — 43,811,798 Lease liabilities — 1,128,965 1,128,965 43,811,798 8,047,606 51,859,404 # exclude prepayments * exclude provisions |
Operating Segment (Tables)
Operating Segment (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Disclosure Of Operating Segments [Abstract] | |
Summary of Geographical Information | Geographical information Revenue Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ United Arab Emirates 53,625,000 26,769,533 1,634,115 Singapore 2,900,987 14,517,264 9,496,854 Hong Kong 147,537 7,488,714 3,378,300 Malaysia 1,562 4,584,790 1,887,039 Other countries 4,667 2,113,424 501,870 56,679,753 55,473,725 16,898,178 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share | Year ended February 28, 2022 Year ended February 28, 2021 Year ended February 29, 2020 US$ US$ US$ Profit for the year attributable to equity holders of the Group 33,427,019 45,252,712 13,580,791 No. of shares No. of shares No. of shares Weighted average number of ordinary shares in issue during the year 76,769,691 60,956,752 3,333,433 US$ US$ US$ Basic and diluted earnings per share 0.44 0.74 4.07 |
Reverse Merger (Tables)
Reverse Merger (Tables) | 12 Months Ended |
Feb. 28, 2022 | |
Reverse Merger [Abstract] | |
Summary of Net Assets Acquired from Reverse Merger | The net assets acquired from the reverse merger were as follows: US$ Cash and cash equivalents 170,616,649 Other receivables 60,068,819 Other payables (1,587,820 ) Warrant liabilities (69,923,483 ) Less: Cash consideration paid (as above) (60,000,000 ) Others (17,514 ) As per consolidated statement of cash flows 99,156,651 |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Details) | 12 Months Ended |
Feb. 28, 2022 USD ($) | |
Netfin | |
Disclosure Of Basis Of Preparation [Line Items] | |
Percentage of ownership voting interest | 100% |
TFPL | |
Disclosure Of Basis Of Preparation [Line Items] | |
Percentage of ownership voting interest | 62% |
Description of how acquirer obtained control of acquiree | TFPL has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances: • The Sellers, who comprise all of TFPL’s shareholders, will have the largest ownership interest and voting interest in Holdco after the closing date with approximately 62% ownership voting interest; • Holdco’s board of directors after the business combination will initially consist of seven directors; five of whom will initially be appointed by the Sellers and two of whom will initially be appointed by Netfin; and • TFPL represents the larger entity, in terms of both revenue and total assets. |
Goodwill in connection with acquisition | $ 0 |
Intangible assets in connection with acquisition | $ 0 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Feb. 28, 2022 USD ($) Segment | |
Disclosure Of Financial Instruments [Line Items] | |
Impairment loss | $ | $ 0 |
Number of operating segment | Segment | 1 |
Number of reportable segment | Segment | 1 |
Right-of-use asset | $ | $ 0 |
Contract period | 3 years |
IT Platform | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 10 years |
Software | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 5 years |
License | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 5 years |
Business Relationships | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 10 years |
Brand Name | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 10 years |
Office Equipment | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 3 years |
Fixtures and Fittings | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 3 years |
Motor Vehicles | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | 10 years |
Right-of-use Assets | |
Disclosure Of Financial Instruments [Line Items] | |
Estimated useful lives | Over the lease term |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | $ 1,527,260 | |
Property, plant and equipment, ending balance | 1,929,664 | $ 1,527,260 |
Depreciation for the year | 605,424 | 147,295 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 1,676,910 | 3,854 |
Additions | 1,016,653 | 1,673,056 |
Disposals | (15,208) | |
Property, plant and equipment, ending balance | 2,678,355 | 1,676,910 |
Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 149,650 | 2,355 |
Disposals | (6,383) | |
Property, plant and equipment, ending balance | 748,691 | 149,650 |
Depreciation for the year | 605,424 | 147,295 |
Carrying Amounts | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 1,527,260 | |
Property, plant and equipment, ending balance | 1,929,664 | 1,527,260 |
Right-of-use Assets | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 1,113,445 | |
Property, plant and equipment, ending balance | 1,466,395 | 1,113,445 |
Right-of-use Assets | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 1,229,376 | |
Additions | 759,629 | 1,229,376 |
Property, plant and equipment, ending balance | 1,989,005 | 1,229,376 |
Right-of-use Assets | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 115,931 | |
Property, plant and equipment, ending balance | 522,610 | 115,931 |
Depreciation for the year | 406,679 | 115,931 |
Right-of-use Assets | Carrying Amounts | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 1,113,445 | |
Property, plant and equipment, ending balance | 1,466,395 | 1,113,445 |
Office Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 32,772 | 3,854 |
Additions | 76,054 | 28,918 |
Disposals | (15,208) | |
Property, plant and equipment, ending balance | 93,618 | 32,772 |
Office Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 6,670 | 2,355 |
Disposals | (6,383) | |
Property, plant and equipment, ending balance | 29,337 | 6,670 |
Depreciation for the year | 29,050 | 4,315 |
Office Equipment | Carrying Amounts | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 26,102 | |
Property, plant and equipment, ending balance | 64,281 | 26,102 |
Fixtures and Fittings | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 258,360 | |
Additions | 180,970 | 258,360 |
Property, plant and equipment, ending balance | 439,330 | 258,360 |
Fixtures and Fittings | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 3,589 | |
Property, plant and equipment, ending balance | 126,363 | 3,589 |
Depreciation for the year | 122,774 | 3,589 |
Fixtures and Fittings | Carrying Amounts | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 254,771 | |
Property, plant and equipment, ending balance | 312,967 | 254,771 |
Motor Vehicles | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 156,402 | |
Additions | 156,402 | |
Property, plant and equipment, ending balance | 156,402 | 156,402 |
Motor Vehicles | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 23,460 | |
Property, plant and equipment, ending balance | 70,381 | 23,460 |
Depreciation for the year | 46,921 | 23,460 |
Motor Vehicles | Carrying Amounts | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, beginning balance | 132,942 | |
Property, plant and equipment, ending balance | $ 86,021 | $ 132,942 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 1,929,664 | $ 1,527,260 |
Lease liability | 1,538,808 | 1,128,965 |
Right-of-use Assets | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Property, plant and equipment | $ 1,466,395 | $ 1,113,445 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 7,903,840 | |
Impairment loss | $ (1,907,503) | |
Ending balance | 16,109,090 | 7,903,840 |
Carrying Amounts | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 9,962,159 | 300,149 |
Additions | 7,273,566 | 9,662,010 |
Acquired through business combination | 2,594,968 | |
Ending balance | 19,830,693 | 9,962,159 |
Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 150,816 | 9,172 |
Amortisation for the year | 1,663,284 | 141,644 |
Ending balance | 1,814,100 | 150,816 |
Accumulated impairment [member] | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,907,503 | |
Impairment loss | 1,907,503 | |
Ending balance | 1,907,503 | 1,907,503 |
IT Platform | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 7,885,709 | |
Ending balance | 6,542,332 | 7,885,709 |
IT Platform | Carrying Amounts | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 9,944,028 | 300,149 |
Additions | 9,457,562 | |
Reclassification to IT platform | 186,317 | |
Ending balance | 9,944,028 | 9,944,028 |
IT Platform | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 150,816 | 9,172 |
Amortisation for the year | 1,343,377 | 141,644 |
Ending balance | 1,494,193 | 150,816 |
IT Platform | Accumulated impairment [member] | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,907,503 | |
Impairment loss | 1,907,503 | |
Ending balance | 1,907,503 | 1,907,503 |
Software | ||
Disclosure Of Intangible Assets [Line Items] | ||
Ending balance | 4,014,934 | |
Software | Carrying Amounts | ||
Disclosure Of Intangible Assets [Line Items] | ||
Additions | 3,200,000 | |
Acquired through business combination | 977,921 | |
Ending balance | 4,177,921 | |
Software | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortisation for the year | 162,987 | |
Ending balance | 162,987 | |
License | ||
Disclosure Of Intangible Assets [Line Items] | ||
Ending balance | 221,660 | |
License | Carrying Amounts | ||
Disclosure Of Intangible Assets [Line Items] | ||
Acquired through business combination | 265,992 | |
Ending balance | 265,992 | |
License | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortisation for the year | 44,332 | |
Ending balance | 44,332 | |
Development Costs | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 18,131 | |
Ending balance | 4,091,697 | 18,131 |
Development Costs | Carrying Amounts | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 18,131 | |
Additions | 4,073,566 | 204,448 |
Reclassification to IT platform | (186,317) | |
Ending balance | 4,091,697 | $ 18,131 |
Business Relationships | ||
Disclosure Of Intangible Assets [Line Items] | ||
Ending balance | 259,515 | |
Business Relationships | Carrying Amounts | ||
Disclosure Of Intangible Assets [Line Items] | ||
Acquired through business combination | 283,107 | |
Ending balance | 283,107 | |
Business Relationships | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortisation for the year | 23,592 | |
Ending balance | 23,592 | |
Brand Name | ||
Disclosure Of Intangible Assets [Line Items] | ||
Ending balance | 978,952 | |
Brand Name | Carrying Amounts | ||
Disclosure Of Intangible Assets [Line Items] | ||
Acquired through business combination | 1,067,948 | |
Ending balance | 1,067,948 | |
Brand Name | Accumulated Amortisation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortisation for the year | 88,996 | |
Ending balance | $ 88,996 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) | 12 Months Ended | ||
Feb. 28, 2022 USD ($) | Feb. 28, 2021 USD ($) | Mar. 04, 2022 | |
Weighted Average Cost of Capital | |||
Disclosure Of Intangible Assets [Line Items] | |||
Discount rate | 19.6 | 15.7 | |
Carrying Amounts | Kratos Platform | |||
Disclosure Of Intangible Assets [Line Items] | |||
Development expenditure | $ 4,073,566 | $ 204,448 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) | 12 Months Ended |
Feb. 28, 2022 USD ($) | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | |
Goodwill impairment loss | $ 0 |
Goodwill | |
Disclosure Of Reconciliation Of Changes In Goodwill [Line Items] | |
Goodwill impairment loss | $ 0 |
Contract costs - Summary of Cap
Contract costs - Summary of Capitalised Contract Costs (Net) (Details) | Feb. 28, 2021 USD ($) |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Abstract] | |
Capitalised contract costs (net) | $ 2,773,611 |
Contract Costs - Summary of Mov
Contract Costs - Summary of Movement in Capitalised Contract Costs (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Abstract] | ||
Balance as of beginning of financial year | $ 2,773,611 | |
Contract costs incurred | $ 5,350,000 | |
Amortisation to marketing and sales expenses (Note 22) | (1,277,110) | (1,153,831) |
Contract costs refunded | (322,558) | |
Impairment loss | $ (1,496,501) | (1,100,000) |
Balance as of end of financial year | $ 2,773,611 |
Contract Costs - Summary of M_2
Contract Costs - Summary of Movement in Impairment of Contract Costs (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Abstract] | ||
Balance as of beginning of financial year | $ 1,100,000 | |
Charge to profit or loss | 1,496,501 | $ 1,100,000 |
Balance as of end of financial year | $ 2,596,501 | $ 1,100,000 |
Contract Costs - Additional Inf
Contract Costs - Additional Information (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Line Items] | ||
Subscription agreement period | 3 years | |
Amortization of subscription period | 3 years | |
Impairment loss | $ 1,496,501 | $ 1,100,000 |
Other Investments - Additional
Other Investments - Additional Information (Details) $ in Millions | Feb. 28, 2022 USD ($) |
Trade Credit Partners Ltd. | Disposal of Subsidiary | |
Disclosure Of Other Investments [Line Items] | |
Investment in equity | $ 25 |
Trade Receivables - Summary of
Trade Receivables - Summary of Net Trade Receivables (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Trade Receivables Line Item | ||
Net trade receivables | $ 43,850,652 | $ 22,853,115 |
External Customers | ||
Trade Receivables Line Item | ||
Gross trade receivables | 53,204,934 | 26,961,682 |
Less: Impairment loss allowance of trade receivables | (9,354,282) | (4,108,567) |
Net trade receivables | $ 43,850,652 | $ 22,853,115 |
Trade Receivables - Additional
Trade Receivables - Additional Information (Details) - External Customers | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Trade Receivables External Customers [Line Items] | ||
Credit terms | 90 days | |
Bottom of range [member] | ||
Trade Receivables External Customers [Line Items] | ||
Credit terms | 60 days | |
Top of range [member] | ||
Trade Receivables External Customers [Line Items] | ||
Credit terms | 120 days |
Trade Receivables - Summary o_2
Trade Receivables - Summary of Movement in the Impairment Loss Allowance of Trade Receivables (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | ||
Impairment loss recognised | $ 191 | |
Ending balance | 10,732 | |
External Customers | ||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | ||
Beginning balance | 4,108,567 | $ 138,956 |
Impairment loss recognised | 6,789,129 | 3,969,611 |
Write-off | (1,543,414) | |
Ending balance | 9,354,282 | 4,108,567 |
Non-credit Impaired | External Customers | ||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | ||
Beginning balance | 362,100 | 138,956 |
Impairment loss recognised | 2,618,328 | 223,144 |
Ending balance | 2,980,428 | 362,100 |
Credit Impaired | External Customers | ||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | ||
Beginning balance | 3,746,467 | |
Impairment loss recognised | 4,170,801 | 3,746,467 |
Write-off | (1,543,414) | |
Ending balance | $ 6,373,854 | $ 3,746,467 |
Loan Receivables - Summary of L
Loan Receivables - Summary of Loan Receivables (Details) | Feb. 28, 2022 USD ($) |
Loan Receivables [Abstract] | |
Gross loan receivables | $ 4,666,103 |
Less: Impairment loss on allowance of loan receivables | (10,732) |
Net loan receivables | $ 4,655,371 |
Loan Receivables - Additional I
Loan Receivables - Additional Information (Details) | 12 Months Ended |
Feb. 28, 2022 | |
Loan Receivables Line Item | |
Loan receivables per annum interest rate | 11% |
Top of range [member] | |
Loan Receivables Line Item | |
Tenure of loan receivables | 120 days |
Bottom of range [member] | |
Loan Receivables Line Item | |
Tenure of loan receivables | 14 days |
Loan Receivables - Summary of M
Loan Receivables - Summary of Movement in Impairment Loss Allowance of Loan Receivables (Details) | 12 Months Ended |
Feb. 28, 2022 USD ($) | |
Trade Receivables Line Item | |
Assumed from business combination | $ 13,986 |
Impairment loss recognised | 191 |
Written off | (3,445) |
Ending balance | 10,732 |
Non-credit Impaired | |
Trade Receivables Line Item | |
Assumed from business combination | 13,986 |
Impairment loss recognised | 191 |
Written off | (3,445) |
Ending balance | $ 10,732 |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Assets (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Other Current Assets [Abstract] | ||
Other receivables | $ 523,116 | $ 490,631 |
Prepaid insurance | 3,144,230 | 2,358,583 |
Prepayments | 1,714,200 | 561,312 |
Other current assets | $ 5,381,546 | $ 3,410,526 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Summary of Cash and Cash Equivalents (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Cash And Cash Equivalents [Abstract] | ||
Bank balances | $ 68,809,057 | $ 134,025,561 |
Cash, Cash Equivalents and Re_4
Cash, Cash Equivalents and Restricted Cash - Additional Information (Details) - USD ($) | 12 Months Ended | |
Jan. 18, 2021 | Feb. 28, 2021 | |
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Amount of share repurchase program authorized | $ 50,000,000 | |
Top of range [member] | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Amount of share repurchase program authorized | $ 50,000,000 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) - USD ($) | 12 Months Ended | ||||||
Aug. 02, 2021 | Apr. 20, 2021 | Jan. 18, 2021 | Nov. 11, 2020 | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Ordinary shares issued | 81,364,337 | 5,000,000 | |||||
Consideration from issuance of shares | $ 3,158 | $ 5,000,000 | |||||
Par value | $ 0.0001 | $ 0 | |||||
Ordinary shares outstanding | 83,195,869 | 81,364,337 | |||||
Warrants outstanding | 25,981,000 | ||||||
Amount of share repurchase program authorized | $ 50,000,000 | ||||||
Amount of repurchasing of ordinary shares | $ 49,900,000 | ||||||
Number of repurchasing of ordinary shares | 6,671,788 | ||||||
Commission costs for share repurchase program | $ 133,000 | ||||||
Number of repurchasing of treasury shares | 1,831,532 | ||||||
Average weighted number of treasury shares | 6,426,178 | 33,895 | |||||
Preference Shares | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Ordinary shares issued | 0 | ||||||
Par value | $ 0.0001 | ||||||
Ordinary shares available for issuance | 30,999,999 | ||||||
Ordinary shares outstanding | 0 | ||||||
Subsequent Events [Member] | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Amount of repurchasing of ordinary shares | $ 49,900,000 | ||||||
Number of repurchasing of ordinary shares | 6,671,788 | ||||||
Commission costs for share repurchase program | $ 133,000 | ||||||
Number of repurchasing of treasury shares | 6,671,788 | ||||||
Treasury Shares | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Shares repurchased and recognised as treasury shares | 1,831,532 | ||||||
Business Combination Agreement | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Par value | $ 0.0001 | ||||||
Ordinary shares available for issuance | 469,000,001 |
Treasury Shares - Additional In
Treasury Shares - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Apr. 20, 2021 | Jan. 18, 2021 | Feb. 28, 2022 | Feb. 28, 2021 | |
Treasury Shares [Abstract] | ||||
Amount of share repurchase program authorized | $ 50,000,000 | |||
Share repurchase program commenced date | Feb. 12, 2021 | |||
Amount of repurchasing of ordinary shares | $ 49,900,000 | |||
Number of repurchasing of ordinary shares | 6,671,788 | |||
Commission costs for share repurchase program | $ 133,000 | |||
Average weighted number of treasury shares | 6,426,178 | 33,895 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Lease Liabilities (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Non-current liabilities | ||
Lease liabilities | $ 1,194,027 | $ 868,536 |
Current liabilities | ||
Lease liabilities | $ 344,781 | $ 260,429 |
Lease Liabilities - Additional
Lease Liabilities - Additional Information (Details) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Lease Liabilities [Abstract] | ||
Right-of-use asset interest rate percentage | 5.66% | 5.25% |
Lease Liabilities - Summary o_2
Lease Liabilities - Summary of Amounts Recognized in Profit or Loss (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Lease Liabilities [Abstract] | ||
Depreciation on rights-of-use assets | $ 406,679 | $ 115,931 |
Interest on lease liabilities | $ 69,424 | $ 24,756 |
Deferred Tax Liabilities - Summ
Deferred Tax Liabilities - Summary of Deferred Tax Liabilities Recognised (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Deferred Tax Liabilities [Line Items] | ||
Deferred tax liabilities | $ 2,764,901 | $ 1,714,928 |
Intangible Assets | ||
Disclosure Of Deferred Tax Liabilities [Line Items] | ||
Deferred tax liabilities | 2,742,197 | 1,667,928 |
Plant and Equipment | ||
Disclosure Of Deferred Tax Liabilities [Line Items] | ||
Deferred tax liabilities | $ 22,704 | $ 47,000 |
Deferred Tax Liabilities - Su_2
Deferred Tax Liabilities - Summary of Movement in Deferred Tax Liabilities (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Deferred Tax Liabilities [Line Items] | ||
Deferred tax liabilities, beginning balance | $ 1,714,928 | |
Deferred tax liabilities recognised in profit or loss | 1,049,973 | $ 1,714,928 |
Deferred tax liabilities, ending balance | 2,764,901 | 1,714,928 |
Intangible Assets | ||
Disclosure Of Deferred Tax Liabilities [Line Items] | ||
Deferred tax liabilities, beginning balance | 1,667,928 | |
Deferred tax liabilities recognised in profit or loss | 1,074,269 | |
Deferred tax liabilities, ending balance | 2,742,197 | 1,667,928 |
Plant and Equipment | ||
Disclosure Of Deferred Tax Liabilities [Line Items] | ||
Deferred tax liabilities, beginning balance | 47,000 | |
Deferred tax liabilities recognised in profit or loss | (24,296) | |
Deferred tax liabilities, ending balance | $ 22,704 | $ 47,000 |
Other Payables - Summary of Oth
Other Payables - Summary of Other Payables (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Non-current | ||
Contingent consideration | $ 1,067,321 | |
Current | ||
Accruals | 6,888,765 | $ 6,726,147 |
Provisions | 3,440,146 | 1,750,000 |
Contingent consideration | 2,500,000 | |
Other payables | 4,941,537 | 192,494 |
Other payables, current | $ 17,770,448 | $ 8,668,641 |
Deferred Income - Summary of De
Deferred Income - Summary of Deferred Income (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Deferred Income [Abstract] | ||
Government grants | $ 180,838 | $ 75,848 |
Deferred Income - Additional In
Deferred Income - Additional Information (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure of Deferred Income [Line Items] | ||
Grant received | $ 180,838 | $ 75,848 |
Monetary Authority of Singapore and Enterprise Singapore | ||
Disclosure of Deferred Income [Line Items] | ||
Grant received | $ 121,516 | $ 78,463 |
Warrant Liabilities - Additiona
Warrant Liabilities - Additional Information (Details) - $ / shares | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Detailed Information About Warrant Liabilities [Line Items] | ||
Public warrants outstanding | 25,300,000 | |
Private warrants outstanding | 681,000 | |
Level 1 | ||
Disclosure Of Detailed Information About Warrant Liabilities [Line Items] | ||
Quoted price of public warrant | $ 1.64 | $ 1.69 |
Level 3 | Private Placement Warrants | ||
Disclosure Of Detailed Information About Warrant Liabilities [Line Items] | ||
Number of warrants exercised | 0 | |
Netfin | ||
Disclosure Of Detailed Information About Warrant Liabilities [Line Items] | ||
Warrants description | The warrants entitle the holder to purchase one ordinary share of the Company at an exercise price of US$11.50 per share at any time on or after 30 days after the Business Combination and on or prior to 5 years after the date on which the Company completes the Business Combination | |
Warrants exercise price per share | $ 11.50 |
Warrant Liabilities - Summary o
Warrant Liabilities - Summary of Fair Value of Warrant Liabilities Measured Using Black-Scholes Model (Details) | 12 Months Ended | |
Feb. 28, 2021 yr $ / shares | Feb. 28, 2022 yr $ / shares | |
Warrant Liabilities [Abstract] | ||
Exercise price | $ 11.50 | $ 11.50 |
Stock price | $ 7.13 | $ 1.64 |
Expected life (years) | yr | 4.70 | 3.69 |
Volatility | 42.03% | 38.11% |
Risk-free interest rate | 0.68% | 1.64% |
Dividend yield | 0% | 0% |
Warrant Liabilities - Summary_2
Warrant Liabilities - Summary of Changes in Fair Value of Warrant Liabilities (Details) - USD ($) | 4 Months Ended | 12 Months Ended |
Feb. 28, 2021 | Feb. 28, 2022 | |
Disclosure Of Detailed Information About Warrant Liabilities [Line Items] | ||
Initial measurements as of November 10, 2021 | $ 69,923,483 | $ 43,811,798 |
Change in valuation inputs | (26,111,685) | (40,772,657) |
Fair value, Balance | 43,811,798 | 3,039,141 |
Public | ||
Disclosure Of Detailed Information About Warrant Liabilities [Line Items] | ||
Initial measurements as of November 10, 2021 | 66,792,000 | 42,757,000 |
Change in valuation inputs | (24,035,000) | (39,721,000) |
Fair value, Balance | 42,757,000 | 3,036,000 |
Private Placement | ||
Disclosure Of Detailed Information About Warrant Liabilities [Line Items] | ||
Initial measurements as of November 10, 2021 | 3,131,483 | 1,054,798 |
Change in valuation inputs | (2,076,685) | (1,051,657) |
Fair value, Balance | $ 1,054,798 | $ 3,141 |
Revenue - Schedule of Revenue A
Revenue - Schedule of Revenue Arising from Contracts (Detail) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | $ 56,679,753 | $ 55,473,725 | $ 16,898,178 |
Platform Fees | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 38,086,928 | 55,473,725 | 16,898,178 |
Platform Fees | Trade Transaction Modules | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 37,859,710 | 55,442,807 | 16,889,720 |
Platform Fees | License Fees | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 29,124 | $ 30,918 | $ 8,458 |
Platform Fees | Financing Fees | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | 198,094 | ||
Trade Marketplace | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Revenue | $ 18,592,825 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Revenue [Line Items] | ||
Credit terms for platform service fees | 120 days | 90 days |
License fees period | 12 months | |
Credit terms for license fees | 120 days | 90 days |
Bottom of range [member] | ||
Disclosure Of Revenue [Line Items] | ||
Credit terms for platform service fees | 10 days | |
Contract liabilities term | 12 months | |
Top of range [member] | ||
Disclosure Of Revenue [Line Items] | ||
Credit terms for platform service fees | 120 days | |
Credit terms for license fees | 5 months | |
Contract liabilities term | 36 months |
Revenue - Summary of Informatio
Revenue - Summary of Information About Receivables and Contract Liabilities from Contracts with Customers (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 |
Revenue [Abstract] | |||
Trade receivables, net | $ 43,850,652 | $ 22,853,115 | |
Contract liabilities | $ (60,000) | $ (49,124) | $ (97,542) |
Revenue - Summary of Significan
Revenue - Summary of Significant Changes in Contract Liabilities Balances (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Revenue [Abstract] | ||
Revenue recognised that was included in contract liabilities balance at the beginning of the year | $ 49,124 | $ 97,542 |
Increases due to advances and license fees collected | 60,000 | 36,750 |
Amounts recognised as revenue during the year | (29,124) | (30,918) |
Advances utilised during the year | (20,000) | (54,250) |
Revenue recognised that was included in contract liabilities balance at the end of the year | $ 60,000 | $ 49,124 |
Cost of Revenue - Summary of Co
Cost of Revenue - Summary of Cost of Revenue (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Costs Of Revenue [Abstract] | |||
- Operation of IT platform | $ 2,667,163 | $ 4,086,029 | $ 112,803 |
- Cloud management services | 233,032 | 270,967 | |
Platform fees | 2,900,195 | 4,356,996 | 112,803 |
Trade marketplace | 18,272,140 | ||
Cost of revenue | $ 21,172,335 | $ 8,713,992 | $ 225,606 |
Marketing and Sales - Summary o
Marketing and Sales - Summary of Marketing and Sales (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Marketing And Sales [Line Items] | |||
Marketing and sales | $ 1,854,577 | $ 4,342,591 | $ 21,241 |
Marketing and Promotional Expenditures | |||
Marketing And Sales [Line Items] | |||
Marketing and sales | 424,727 | 141,490 | $ 21,241 |
Consultancy Services Relating to Business Development | |||
Marketing And Sales [Line Items] | |||
Marketing and sales | 152,740 | 3,047,270 | |
Amortisation of Contract Costs | |||
Marketing And Sales [Line Items] | |||
Marketing and sales | $ 1,277,110 | $ 1,153,831 |
General and Administrative - Su
General and Administrative - Summary of General and Administrative Expense (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Selling General And Administrative Expense [Abstract] | |||
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 for the year | $ 605,424 | $ 147,295 |
General and Administrative - Ad
General and Administrative - Additional Information (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
General And Administrative Line Item | ||
Government grants | $ 180,838 | $ 75,848 |
Jobs Support Scheme | ||
General And Administrative Line Item | ||
Government grants | 72,832 | |
Wages Credit Scheme | ||
General And Administrative Line Item | ||
Government grants | $ 1,627 |
Net Finance Costs - Summary of
Net Finance Costs - Summary of Net Finance Costs (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Finance Income And Finance Costs [Abstract] | |||
Interest income | $ 11,609 | $ 48,011 | $ 209 |
Exchange gain, net | 1,133 | ||
Finance income | 11,609 | 48,011 | 1,342 |
Bank charges | (54,627) | (14,894) | (2,763) |
Interest expense | (418,033) | (75,560) | (54) |
Exchange loss, net | (164,019) | (40,036) | |
Finance cost | (636,679) | (130,490) | (2,817) |
Net finance costs | $ (625,070) | $ (82,479) | $ (1,475) |
Income Tax Expense - Schedule o
Income Tax Expense - Schedule of Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Current tax expense | |||
Current year | $ 4,090,059 | $ 1,592,549 | |
Under provision in prior year | $ 88,588 | 543,457 | |
Current tax expense | 88,588 | 4,633,516 | 1,592,549 |
Deferred tax expense | |||
Origination of temporary differences | 1,049,973 | 1,714,928 | |
Deferred tax expense | 1,049,973 | 1,714,928 | |
Income tax expense | 1,138,561 | 6,348,444 | 1,592,549 |
Reconciliation of effective tax rate | |||
Profit before income tax | 34,562,090 | 51,601,156 | 15,173,340 |
Income tax using Singapore rate of 17% (2020: 17%) | 5,875,555 | 8,772,196 | 2,579,468 |
Effect of tax rates in foreign jurisdiction | (20,802) | 918,306 | |
Non-deductible expenses | 2,232,578 | 579,122 | 31,066 |
Tax exempt income | (6,978,875) | (4,451,909) | |
Tax incentives | (58,483) | (12,728) | (26,524) |
Utilisation of tax losses carried forward | (372,852) | ||
Utilisation of group tax relief | (569,143) | ||
Under provision in prior year | 88,588 | 543,457 | |
Others | (49,466) | ||
Income tax expense | $ 1,138,561 | $ 6,348,444 | $ 1,592,549 |
Income Tax Expense - Schedule_2
Income Tax Expense - Schedule of Income Tax Expense (Parenthetical) (Details) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 29, 2020 | |
Singapore | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Income tax rate | 17% | 17% |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | 12 Months Ended | ||
May 17, 2021 USD ($) Tranche | Feb. 28, 2022 USD ($) | Jun. 24, 2022 USD ($) | |
Disclosure Of Business Combinations [Line Items] | |||
Earn-out consideration, subject to achievement of certain revenue milestones | $ 3,189,972 | ||
Risk adjusted discount rate | 15% | ||
Revised Terms of Earn-out | |||
Disclosure Of Business Combinations [Line Items] | |||
Earn-out consideration, subject to achievement of certain revenue milestones | $ 2,000,000 | ||
IB Holdings Limited | |||
Disclosure Of Business Combinations [Line Items] | |||
Proportion of ownership interest in subsidiary | 99% | ||
Invoice Bazaar Forfaiting Services LLC | |||
Disclosure Of Business Combinations [Line Items] | |||
Proportion of ownership interest in subsidiary | 49% | ||
Invoice Bazaar | |||
Disclosure Of Business Combinations [Line Items] | |||
Consideration transferred, acquisition-date fair value | $ 7,189,972 | ||
Initial cash payment | 4,000,000 | ||
Deferred cash consideration | 2,000,000 | ||
Earn-out consideration, subject to achievement of certain revenue milestones | $ 2,000,000 | ||
Number of tranches | Tranche | 2 | ||
Description of changes in earn-out payable condition | The Purchase Agreement was amended in June 2022 to replace the revenue milestones established in clause (iii) of the preceding sentence, with new milestones relating to recurring revenue from assets deployed or fees collected, origination of new customers, origination of deals, and signing of distribution partnerships with financial institutions related to the remaining $2.0 million in earn-out amount payable by the Group to the sellers of Invoice Bazaar. | ||
Description of basis for determining amount of payment for contingent consideration arrangements and indemnification assets | Group has agreed to pay the selling shareholders in 2 years’ time additional consideration of up to US$2,000,000 if the acquiree’s cumulative revenue over the next 2 years exceeds certain revenue milestones. S$1,000,000 will be paid on the completion of the first and second year when the acquiree achieved a cumulative revenue of US$800,000 for each respective year. The earn-out of US$2,000,000 will be paid when the acquiree achieved cumulative revenue of US$10,000,000 within the next 2 years. | ||
Gross contractual amounts due | $ 159,456 | ||
Goodwill expected to be deductible for income tax purposes | 0 | ||
Amortization expense related to intangible assets | $ 319,907 | ||
Acquisition related expenses recorded in general and administrative expenses | 227,067 | ||
Revenue of acquiree since acquisition date | 22,697,061 | ||
Profit (loss) of acquiree since acquisition date | $ 2,328,368 | ||
Invoice Bazaar | Top of range [member] | |||
Disclosure Of Business Combinations [Line Items] | |||
Consideration transferred, acquisition-date fair value | 8,000,000 | ||
Earn-out consideration, subject to achievement of certain revenue milestones | 2,000,000 | ||
Additional consideration agreed to pay the selling shareholders | 2,000,000 | ||
Invoice Bazaar | Payable on First and Second Anniversary or the Achievement of Cumulative Revenue Milestones | |||
Disclosure Of Business Combinations [Line Items] | |||
Deferred cash consideration | 1,000,000 | ||
Invoice Bazaar | Completion of First and Second Year | |||
Disclosure Of Business Combinations [Line Items] | |||
Earn-out consideration, subject to achievement of certain revenue milestones | 1,000,000 | ||
Cumulative revenue | 800,000 | ||
Invoice Bazaar | Within Next 2 Years | |||
Disclosure Of Business Combinations [Line Items] | |||
Earn-out consideration, subject to achievement of certain revenue milestones | 2,000,000 | ||
Cumulative revenue | $ 10,000,000 |
Business Combinations - Summary
Business Combinations - Summary of the Acquisition Date Fair Value of the Purchase Consideration Transferred (Details) | May 17, 2021 USD ($) |
Disclosure Of Business Combinations [Line Items] | |
Earn-out consideration, subject to achievement of certain revenue milestones | $ 3,189,972 |
Invoice Bazaar | |
Disclosure Of Business Combinations [Line Items] | |
Cash | 4,000,000 |
Earn-out consideration, subject to achievement of certain revenue milestones | 2,000,000 |
Total purchase consideration | $ 7,189,972 |
Business Combinations - Summa_2
Business Combinations - Summary of Contingent Consideration Made up of the Components Recorded in other Payables in the Statement of Financial Position (Details) | May 17, 2021 USD ($) |
Disclosure Of Business Combinations [Line Items] | |
Earn-out consideration, subject to achievement of certain revenue milestones | $ 3,189,972 |
Invoice Bazaar | |
Disclosure Of Business Combinations [Line Items] | |
Deferred cash consideration | 2,000,000 |
Earn-out consideration, subject to achievement of certain revenue milestones | 2,000,000 |
Payable on First Anniversary Upon Achievement of Cumulative Revenue Milestones | Invoice Bazaar | |
Disclosure Of Business Combinations [Line Items] | |
Deferred cash consideration | 1,000,000 |
Payable on Second Anniversary Upon Achievement of Cumulative Revenue Milestones | Invoice Bazaar | |
Disclosure Of Business Combinations [Line Items] | |
Deferred cash consideration | $ 1,000,000 |
Business Combinations - Summa_3
Business Combinations - Summary of Estimated Earn-out (Details) - USD ($) | Jun. 24, 2022 | May 17, 2021 |
Disclosure Of Business Combinations [Line Items] | ||
Earn-out consideration, subject to achievement of certain revenue milestones | $ 3,189,972 | |
Revised Terms of Earn-out | ||
Disclosure Of Business Combinations [Line Items] | ||
Earn-out consideration, subject to achievement of certain revenue milestones | $ 2,000,000 | |
Achieve earn-out revenue of minimum US$2,000,000 from acquisition date to June 30, 2022 | Revised Terms of Earn-out | ||
Disclosure Of Business Combinations [Line Items] | ||
Earn-out consideration, subject to achievement of certain revenue milestones | 500,000 | |
Onboard 300 new customers on the IT platform commencing March 1, 2022 | Revised Terms of Earn-out | ||
Disclosure Of Business Combinations [Line Items] | ||
Earn-out consideration, subject to achievement of certain revenue milestones | 225,000 | |
Submit US$1 billion in trade value of qualified deals as defined in the addendum on or after March 1, 2022 | Revised Terms of Earn-out | ||
Disclosure Of Business Combinations [Line Items] | ||
Earn-out consideration, subject to achievement of certain revenue milestones | 375,000 | |
Establish partnerships with at least 3 new financial institutions as defined in the addendum on or after March 1, 2022 | Revised Terms of Earn-out | ||
Disclosure Of Business Combinations [Line Items] | ||
Earn-out consideration, subject to achievement of certain revenue milestones | 375,000 | |
Achieve an annual recurring revenue of US$10 million as defined in the addendum | Revised Terms of Earn-out | ||
Disclosure Of Business Combinations [Line Items] | ||
Earn-out consideration, subject to achievement of certain revenue milestones | $ 525,000 |
Business Combinations - Summa_4
Business Combinations - Summary of Estimated Earn-out (Parenthetical) (Details) - Revised Terms of Earn-out | Jun. 24, 2022 USD ($) Customer |
Disclosure Of Business Combinations [Line Items] | |
Minimum earn out revenue from acquisition | $ 2,000,000 |
Number of new onboard customers | Customer | 300 |
Trade value of qualified deals amount | $ 1,000,000,000 |
Annual recurring revenue | $ 10,000,000 |
Business Combinations - Summa_5
Business Combinations - Summary of the Estimated Fair Values of Assets Acquired and Liabilities Assumed as of the Acquisition Date (Details) - USD ($) | Feb. 28, 2022 | May 17, 2021 | Feb. 28, 2021 |
Disclosure Of Business Combinations [Line Items] | |||
Other current assets | $ 5,381,546 | $ 3,410,526 | |
Invoice Bazaar | |||
Disclosure Of Business Combinations [Line Items] | |||
Intangible assets in connection with acquisition | $ 2,594,968 | ||
Loan receivables | 159,456 | ||
Cash and cash equivalents | 172,623 | ||
Other current assets | 31,667 | ||
Non-controlling interests | (31,979) | ||
Other payables | (399,612) | ||
Total identifiable net assets acquired | $ 2,527,123 |
Business Combinations - Summa_6
Business Combinations - Summary of the Goodwill Arising from the Acquisition has been Recognized (Details) - USD ($) | Feb. 28, 2022 | May 17, 2021 |
Disclosure Of Business Combinations [Line Items] | ||
Goodwill | $ 4,630,870 | |
Invoice Bazaar | ||
Disclosure Of Business Combinations [Line Items] | ||
Consideration transferred, acquisition-date fair value | $ 7,189,972 | |
Non-controlling interests | (31,979) | |
Fair value of identifiable net assets | (2,527,123) | |
Goodwill | $ 4,630,870 |
Significant Related Party Tra_3
Significant Related Party Transactions - Summary of Significant Related Party Transactions Undertaken on Terms as Agreed Between Parties in Normal Course of Business (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2021 | Feb. 29, 2020 | |
Related Party Transactions [Abstract] | ||
Sale of services -Related parties | $ 5,164,280 | $ 4,504,413 |
Transfer of fixed assets -Related party | 156,402 | |
Management fees -Immediate holding company | $ 1,100,000 | |
Management fees -Related party | $ 1,721,830 |
Significant Related Party Tra_4
Significant Related Party Transactions - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Related Party Transactions [Abstract] | |||
Capitalized management fees | $ 185,000 | ||
Management fees | 1,100,000 | ||
Compensation | $ 3,956,874 | $ 1,519,324 | $ 188,444 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets and financial liabilities offset | $ 0 | $ 730,000 |
Strengthening of United States Dollars | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Currency rate description | A 5% strengthening of United States dollars | |
Weakening of United States dollars | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Currency rate description | A 5% weakening of United States dollars |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Credit Risk for Trade Receivables (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Abstract] | ||
Trade receivables, net | $ 43,850,652 | $ 22,853,115 |
Loan receivables, net | 4,655,371 | |
Credit risk exposure | $ 48,506,023 | $ 22,853,115 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Ageing of Trade and Loan Receivables (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | $ 43,850,652 | $ 22,853,115 |
Non-credit Impaired | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 48,506,023 | 22,853,115 |
Non-credit Impaired | Current | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 25,938,750 | 12,121,046 |
Non-credit Impaired | Past Due 1 – 60 Days | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 6,413,032 | 10,226,905 |
Non-credit Impaired | Past Due Over 60 Days | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 19,145,401 | 867,264 |
Non-credit Impaired | Carrying Amounts | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 51,497,183 | 23,215,215 |
Non-credit Impaired | Impairment Loss | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | (2,991,160) | (362,100) |
Credit Impaired | Current | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 432,971 | 1,607,907 |
Credit Impaired | Past Due 1 – 60 Days | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 1,040,009 | 278,278 |
Credit Impaired | Past Due Over 60 Days | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 4,900,874 | 1,860,282 |
Credit Impaired | Carrying Amounts | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | 6,373,854 | 3,746,467 |
Credit Impaired | Impairment Loss | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Net trade receivables | $ (6,373,854) | $ (3,746,467) |
Financial Risk Management - S_3
Financial Risk Management - Schedule of Contractual Undiscounted Cash Outflows of Non-Derivative Financial Liabilities (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Carrying amount, other payables | $ 15,397,623 | $ 6,918,641 |
Carrying amount, lease liability | 1,538,808 | 1,128,965 |
Total carrying amount | 16,936,431 | 8,047,606 |
Non-derivative financial liabilities, undiscounted cash flows, other payables | 19,270,448 | 6,918,641 |
Non-derivative financial liabilities, undiscounted cash flows, lease liability | 1,667,720 | 1,196,487 |
Non-derivative financial liabilities, undiscounted cash flows | 20,938,168 | 8,115,128 |
Within 1 Year | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Non-derivative financial liabilities, undiscounted cash flows, other payables | 17,770,448 | 6,918,641 |
Non-derivative financial liabilities, undiscounted cash flows, lease liability | 481,793 | 312,127 |
Non-derivative financial liabilities, undiscounted cash flows | 18,252,241 | 7,230,768 |
Within 1 to 5 Years | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Non-derivative financial liabilities, undiscounted cash flows, other payables | 1,500,000 | |
Non-derivative financial liabilities, undiscounted cash flows, lease liability | 1,185,927 | 884,360 |
Non-derivative financial liabilities, undiscounted cash flows | $ 2,685,927 | $ 884,360 |
Financial Risk Management - S_4
Financial Risk Management - Schedule of Foreign Currency Risk (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | ||
Cash and cash equivalents | $ 68,809,057 | $ 134,025,561 |
Lease liabilities | (1,538,808) | (1,128,965) |
Currency Risk | Singapore Dollars | ||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | ||
Cash and cash equivalents | 139,097 | 185,667 |
Other payables | (78,621) | |
Lease liabilities | (1,059,681) | (1,128,965) |
Assets (liabilities) | $ (920,584) | $ (1,021,919) |
Financial Risk Management - Sum
Financial Risk Management - Summary of Increase in Profit or Loss by 5% Strengthening of United States Dollars (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Singapore Dollars | ||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | ||
Increased profit or loss | $ 46,029 | $ 51,096 |
Financial Risk Management - S_5
Financial Risk Management - Summary of Accounting Classification and Carrying Amounts of Financial Instruments not Recognised at Fair Value (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, fair value through profit and loss | $ 25,142,783 | |
Financial liabilities, fair value through profit and loss | 4,106,462 | $ 43,811,798 |
Financial assets at amortised cost | 117,838,196 | 193,055,950 |
Financial liabilities at amortised cost | 15,869,110 | 8,047,606 |
Financial assets, total carrying amount | 142,980,979 | 193,055,950 |
Financial liabilities, total carrying amount | 19,975,572 | 51,859,404 |
Trade Receivables | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets at amortised cost | 43,850,652 | 22,853,115 |
Financial assets, total carrying amount | 43,850,652 | 22,853,115 |
Loans Receivables | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets at amortised cost | 4,655,371 | |
Financial assets, total carrying amount | 4,655,371 | |
Other Assets | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets at amortised cost | 523,116 | 490,631 |
Financial assets, total carrying amount | 523,116 | 490,631 |
Cash and Cash Equivalents | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets at amortised cost | 68,809,057 | 134,025,561 |
Financial assets, total carrying amount | 68,809,057 | 134,025,561 |
Other Investments | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, fair value through profit and loss | 25,142,783 | |
Financial assets, total carrying amount | 25,142,783 | |
Restricted Cash | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets at amortised cost | 35,686,643 | |
Financial assets, total carrying amount | 35,686,643 | |
Other Payables | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial liabilities, fair value through profit and loss | 1,067,321 | |
Financial liabilities at amortised cost | 14,330,302 | 6,918,641 |
Financial liabilities, total carrying amount | 15,397,623 | 6,918,641 |
Warrant Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial liabilities, fair value through profit and loss | 3,039,141 | 43,811,798 |
Financial liabilities, total carrying amount | 3,039,141 | 43,811,798 |
Lease Liabilities | ||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial liabilities at amortised cost | 1,538,808 | 1,128,965 |
Financial liabilities, total carrying amount | $ 1,538,808 | $ 1,128,965 |
Operating Segment - Additional
Operating Segment - Additional Information (Details) | 12 Months Ended | ||
Feb. 28, 2022 USD ($) Segment Customer | Feb. 28, 2021 USD ($) | Feb. 29, 2020 USD ($) | |
Disclosure of Operating Segments [Line Items] | |||
Number of operating segments aggregated to reportable operating segment | Segment | 0 | ||
Number of operating segment | Segment | 1 | ||
Number of major customers | Customer | 5 | ||
Revenue | $ | $ 56,679,753 | $ 55,473,725 | $ 16,898,178 |
Top Five Customers | |||
Disclosure of Operating Segments [Line Items] | |||
Revenue | $ | $ 16,448,042 | $ 19,361,802 | $ 8,619,056 |
Operating Segment - Summary of
Operating Segment - Summary of Geographical Information (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Disclosure of Geographical Information [Line Items] | |||
Revenue | $ 56,679,753 | $ 55,473,725 | $ 16,898,178 |
United Arab Emirates | |||
Disclosure of Geographical Information [Line Items] | |||
Revenue | 53,625,000 | 26,769,533 | 1,634,115 |
Singapore | |||
Disclosure of Geographical Information [Line Items] | |||
Revenue | 2,900,987 | 14,517,264 | 9,496,854 |
Hong Kong | |||
Disclosure of Geographical Information [Line Items] | |||
Revenue | 147,537 | 7,488,714 | 3,378,300 |
Malaysia | |||
Disclosure of Geographical Information [Line Items] | |||
Revenue | 1,562 | 4,584,790 | 1,887,039 |
Other Countries | |||
Disclosure of Geographical Information [Line Items] | |||
Revenue | $ 4,667 | $ 2,113,424 | $ 501,870 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | 12 Months Ended |
Feb. 28, 2022 shares | |
Earnings Per Share [Abstract] | |
Number of potentially dilutive ordinary shares issued | 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 | |
Earnings Per Share [Abstract] | |||
Profit for the year attributable to equity holders of the Group | $ 33,427,019 | $ 45,252,712 | $ 13,580,791 |
Weighted average number of ordinary shares in issue during the year | 76,769,691 | 60,956,752 | 3,333,433 |
Basic and diluted earnings per share | $ 0.44 | $ 0.74 | $ 4.07 |
Reverse Merger - Additional Inf
Reverse Merger - Additional Information (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 | Feb. 29, 2020 |
Reverse Merger [Line Items] | |||
Ordinary shares issued | 81,364,337 | 5,000,000 | |
At Fair Value | Reverse Merger | |||
Reverse Merger [Line Items] | |||
Aggregate reverse merger in cash | $ 60,000,000 | ||
Fair value of issued equity amount | $ 525,000,000 | ||
Ordinary shares issued | 51,622,419 | ||
Fair value of issued equity per share | $ 10.17 |
Reverse Merger - Summary of Net
Reverse Merger - Summary of Net Assets Acquired from Reverse Merger (Details) - USD ($) | Feb. 28, 2022 | Feb. 28, 2021 |
Reverse Merger [Line Items] | ||
Cash and cash equivalents | $ 68,809,057 | $ 134,025,561 |
Reverse Merger | ||
Reverse Merger [Line Items] | ||
Cash and cash equivalents | 170,616,649 | |
Other receivables | 60,068,819 | |
Other payables | (1,587,820) | |
Warrant liabilities | (69,923,483) | |
Cash consideration paid (as above) | (60,000,000) | |
Others | (17,514) | |
Total identifiable net assets acquired | $ 99,156,651 |