6 Leases

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The Company has 1 office premise and 1 office equipment lease agreements with lease terms ranging from 2 two to five years, respectively. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use (“ROU”) assets nor lease liability was recorded for the lease with a lease term of one year.

As of February 28, 2025, the Company had the following non-cancellable lease contracts:

 Schedule of non-cancellable lease contracts

FAST TRACK GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(a) Amount recognized in the consolidated balance sheet:

 Schedule of consolidated balance sheet

(b) A summary of lease cost recognized in the Company’s consolidated statements of operations is as follows:

 Summary of lease cost

Lease Commitment

Future minimum lease payments under non-cancellable operating lease agreements as of February 28, 2025 were as follows:

 Schedule of maturities of lease liabilities

The following summarizes other supplemental information about the Company’s lease as of February 29, 2024 and February 28, 2025:

 Schedule of other supplemental information leases

FAST TRACK GROUP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS