| LEASES |
NOTE
9 – LEASES
The
Company has entered into operating leases for office and office equipment as lessee with lease terms not exceeding 5 years. 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.
Information
pertaining to lease amounts recognized in the Company’s consolidated financial statements is summarized as follows:
SCHEDULE
OF CONSOLIDATED FINANCIAL STATEMENTS
| | |
February 28, 2025 | | |
February 28, 2026 | | |
February 28, 2026 | |
| | |
As of | |
| | |
February 28, 2025 | | |
February 28, 2026 | | |
February 28, 2026 | |
| | |
S$ | | |
S$ | | |
US$ | |
| Right-of-use assets | |
| 23,252 | | |
| 408,807 | | |
| 323,526 | |
| | |
| | | |
| | | |
| | |
| Lease liabilities | |
| | | |
| | | |
| | |
| Current | |
| 20,463 | | |
| 153,476 | | |
| 121,459 | |
| Non-current | |
| 2,789 | | |
| 255,331 | | |
| 202,067 | |
| Total | |
| 23,252 | | |
| 408,807 | | |
| 323,526 | |
A
summary of lease expenses recognized in the Company’s consolidated statements of operations are as follows:
SUMMARY
OF LEASE COST
| | |
S$ | | |
S$ | | |
US$ | |
| | |
As of | |
| | |
February 28, 2025 | | |
February 28, 2026 | | |
February 28, 2026 | |
| | |
S$ | | |
S$ | | |
US$ | |
| Operating lease expenses | |
| 40,464 | | |
| 76,137 | | |
| 60,254 | |
SCHEDULE
OF OTHER SUPPLEMENTAL INFORMATION LEASES
| | |
February 28, 2025 | | |
February 28, 2026 | |
| | |
| | |
| |
| Weighted-average remaining lease term – operating leases | |
| 3.58 years | | |
| 2.58 years | |
| Weighted-average discount rate – operating leases | |
| 5.25 | % | |
| 5.00 | % |
Maturities
of operating lease liabilities as of February 28, 2026 were as follows:
SCHEDULE
OF MATURITIES OF LEASE LIABILITIES
| | |
February 28, 2026 | | |
February 28, 2026 | |
| | |
S$ | | |
US$ | |
| 2027 | |
| 170,436 | | |
| 134,881 | |
| 2028 | |
| 170,436 | | |
| 134,881 | |
| 2029 | |
| 95,532 | | |
| 75,604 | |
| Total undiscounted lease obligations | |
| 436,404 | | |
| 345,366 | |
| Less: imputed interest | |
| (27,597 | ) | |
| (21,840 | ) |
| Present value of lease liabilities | |
| 408,807 | | |
| 323,526 | |
|