v3.22.4
Property Plant and Equipment
 9 Months Ended
Nov. 30, 2022
Property Plant and Equipment  
7. Property, Plant And Equipment

7. Property, Plant and Equipment

 

Property, plant and equipment as at November 30, 2022 and February 28, 2022 were as follows:

 

 

 

As at November 30, 2022

 

 

 

Cost

 

 

Accumulated depreciation, write-down and impairment

 

 

Net book

value

 

Building

 

$1,835,273

 

 

$(296,320)

 

$1,538,953

 

Land

 

 

226,859

 

 

 

-

 

 

 

226,859

 

Building and Land Improvements

 

 

1,852,894

 

 

 

(1,084,060)

 

 

768,834

 

Office equipment and furniture

 

 

278,906

 

 

 

(135,570)

 

 

143,336

 

 

 

$4,193,932

 

 

$(1,515,950)

 

$2,677,982

 

 

 

 

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 nine-month periods ended November 30, 2022 amounted to $111,055 and $347,543, respectively (2021– $114,799 and $351,589, 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 $4.4 million (CDN $5.9 million). As detailed in Note 6, a portion of the land was sold in September 2022 and the remainder of the land as well as the related land improvements were classified as assets held for sale as at November 30, 2022.