v3.22.2.2
Property Plant and Equipment
 6 Months Ended
Aug. 31, 2022
Property Plant and Equipment  
7. Property, Plant And Equipment

7. Property, Plant and Equipment

 

Property, plant and equipment as at August 31, 2022 and February 28, 2022 were as follows:

 

 

 

As at August 31, 2022

 

 

 

Cost

 

 

Accumulated depreciation, write-down and impairment

 

 

Net book value

 

Building

 

$1,890,846

 

 

$(289,543)

 

$1,601,303

 

Land

 

 

1,592,295

 

 

 

-

 

 

 

1,592,295

 

Building and Land Improvements

 

 

3,004,130

 

 

 

(1,020,106)

 

 

1,984,024

 

Office equipment and furniture

 

 

296,474

 

 

 

(134,024)

 

 

162,450

 

 

 

$6,783,745

 

 

$(1,443,673)

 

$5,340,072

 

 

 

As at February 28, 2022

 

 

 

Cost

 

 

Accumulated depreciation, write-down and impairment

 

 

Net book value

 

Building

 

$1,952,345

 

 

$(266,434)

 

$1,685,911

 

Land

 

 

1,644,084

 

 

 

-

 

 

 

1,644,084

 

Building and Land Improvements

 

 

3,049,892

 

 

 

(858,342)

 

 

2,191,550

 

Office equipment and furniture

 

 

298,141

 

 

 

(126,824)

 

 

171,317

 

 

 

$6,944,462

 

 

$(1,251,600)

 

$5,692,862

 

 

Depreciation expense for the three- and six-month periods ended August 31, 2022 amounted to $117,486 and $236,488, respectively (2021– $121,733 and $236,790, respectively), and is recorded as an operating expense in the consolidated statements of operations and comprehensive loss.

 

During the three-month period ended May 31, 2021, the Company acquired a 19 million square foot parcel of land in Bécancour, Québec for $4.8 million (CDN $5.9 million). The Company intends to use a portion of the site to construct a commercial facility to manufacture Loop™ branded PET resin using its Infinite Loop™ technology.