v3.26.1
INCOME TAXES
 12 Months Ended
Feb. 28, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 14 – INCOME TAXES

 

Cayman Islands and British Virgin Islands

 

The Company and its subsidiary, TCX Holdings Limited, are domiciled in the Cayman Island and British Virgin Islands respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company and its subsidiary do not accrue for income taxes.

 

Singapore

 

The subsidiary, Fast Track Events Pte. Ltd. is incorporated in Singapore and is subject to Singapore corporate tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The subsidiary files tax returns as prescribed by the tax laws of Singapore and is subject to examination by the relevant tax authorities in the normal course of business. Tax returns are generally subject to a four-year statute of limitations from the relevant Year of Assessment. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

 

Significant components of the income taxes are as follows:

 

  

February 29,

2024

  

February 28,

2025

  

February 28,

2026

  

February 28,

2026

 
   For the Years Ended 
  

February 29,

2024

  

February 28,

2025

  

February 28,

2026

  

February 28,

2026

 
   S$   S$   S$   US$ 
Current income tax   -     -    -    - 

 

 

The reconciliation of tax computed by applying the tax rate of 17% which is also the statutory corporate income tax rate for its Singapore’s subsidiary for the years ended February 29, 2024, February 28, 2025 and 2026 is as follows:

 

  

February 29,

2024

  

February 28,

2025

  

February 28,

2026

  

February 28,

2026

 
   For the Years Ended 
  

February 29,

2024

  

February 28,

2025

  

February 28,

2026

  

February 28,

2026

 
   S$   S$   S$   US$ 
Income (Loss) before tax   33,348    (452,450)   (6,102,710)   (4,829,622)
                     
Tax expense computed at tax rate of 17%   5,669    (76,917)   (1,037,461)   (821,036)
Reconciling items:                    
Non-taxable and non-deductible items   -    -    1,003,546    794,196 
Changes in valuation allowance   (5,669)   76,917    33,915    26,840 
Total   -    -    -    - 

 

Significant components of deferred taxes are as follows:

 

  

February 29,

2024

  

February 28,

2025

  

February 28,

2026

  

February 28,

2026

 
   As of 
  

February 29,

2024

  

February 28,

2025

  

February 28,

2026

  

February 28,

2026

 
   S$   S$   S$   US$ 
Net operating loss carried forward   1,334,117    1,786,567    2,368,360    1,874,296 
Deferred tax assets, gross   226,800    303,716    402,621    318,630 
Valuation allowance   (226,800)   (303,716)   (402,621)   (318,630)
Deferred tax assets, net of valuation allowance   -    -    -    - 

 

In assessing the realizability of deferred tax assets, management consider whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the cumulative earnings and projected future taxable income in making the assessment. Recovery of substantially all of the Company’s deferred tax assets is dependent upon the generation of future income, exclusive of reversing taxable temporary differences. The Company concludes that it cannot reliably predict future profitability, and accordingly, unable to determine if it can derive future benefits from the deferred tax assets arising from the net operating loss carry forward.