| Schedule of Prepaid Expenses and Other Current Assets |
Schedule
of Prepaid Expenses and Other Current Assets
| | |
February 28,
2026 | | |
February 28,
2025 | |
| Prepayment | |
| 935,381 | | |
| 1,885,404 | |
| Prepayment for rental | |
| 115 | | |
| 107 | |
| Deposit(a) | |
| 3,188,237 | | |
| 1,018,681 | |
| Rent receivable(b) | |
| - | | |
| 1,592,794 | |
| Loan receivable(c) | |
| 389,262 | | |
| 1,531,383 | |
| Advances to employees | |
| 180,875 | | |
| 474,517 | |
| Other | |
| 380,771 | | |
| 293,719 | |
| VAT | |
| 18,251 | | |
| 12,379 | |
| Total | |
| 5,092,892 | | |
| 6,808,984 | |
| Allowance for doubtful debt(a) | |
| (3,207,570 | ) | |
| (149,906 | ) |
| Total | |
| 1,885,322 | | |
| 6,659,078 | |
For the years ended February 28, 2026 and 2025, the Company recorded
allowance for credit loss of $2,930,859 and $5,177, respectively, for prepaid expenses and other current assets.
(a) |
Deposit and allowance for doubtful debt primarily consisted of deposits of RMB20,000,000 (US$2,916,345) paid to a
third party under an agreement to establish a subsidiary in Zhejiang Province engaged in data security testing, certification, and technical
consulting for intelligent connected vehicles. Under the agreement, the third party was required to complete the Company's due diligence
assessment by February 15, 2025 and obtain approval to establish the subsidiary by September 5, 2025, failing which the deposits were
refundable. As the third party did not complete the due diligence assessment by the required date, the agreement was suspended. To date,
no refund had been received, and the Company recorded a full allowance for doubtful debt of US$2,916,345. |
| |
|
| (b) |
As
of the reporting date, the Xiaoshan airport project has been suspended. Rental fee in relation with the project was refunded.
As of the year ended February 28, 2026, the balance in rental fees amounted as nil. |
| |
|
| (c) |
Loan
receivables are loans lent to third parties. All loans are interest free and will be repaid on demand. |
|