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INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2022

INCOME TAXES

Schedule of provision (credit) for income tax

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended		​	For the year ended		​	For the year ended
​	​	February 29,		​	February 28,		​	February 28,
​		2020			2021			2022
​	​	​	​	​	​	​	​	​	​
Current		​			​			​
- PRC income tax expenses	​	$	127,731	​	$	161,488	​	$	93,224
Deferred	​			​			​
- PRC income tax expenses	​		(58,403)	​		(231,385)	​		303,768
​	​	​	​	​	​	​	​	​	​
Total	​	$	69,328	​	$	(69,897)	​	$	396,992

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	As of		​	As of
​	​	February 28,		​	February 28,
​		2021			2022
Deferred tax assets:		​			​
Advertising expense and prepaid rental		​	229,735		​	252,996
Property and equipment		​	6,923		​	6,893
Impairment loss on long-term investments		​	19,870		​	46,000
Others		​	61,482		​	21,939
Tax losses carry-forward		​	185,700		​	249,134
Less: valuation allowance		​	(186,521)		​	(570,215)
​	​	​	​	​	​	​
Deferred tax assets, net	​	$	317,189	​	$	6,747
​	​	​	​	​	​	​
Deferred tax liabilities:	​			​
Intangible assets	​		10,207	​		184
Property and equipment	​		126	​		924
Others	​		—	​		572
​	​	​	​	​	​	​
Deferred tax liabilities	​	$	10,333	​	$	1,680

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended		​	For the year ended		​	For the year ended		​
​	​	February 29,		​	February 28,		​	February 28,		​
​		2020			2021			2022		​
​	​	​	​	​	​	​	​	​	​	​
Loss before provision for income tax	​	$	(50,653)	​	$	(224,623)	​	$	(778,130)	​
PRC statutory income tax rate	​		25	%		25	%		25	%
​	​	​	​	​	​	​	​	​	​	​
Income tax at statutory income tax rate	​		(12,663)	​		(56,156)	​		(194,533)	​
Effect of non-deductible expenses and loss and super deduction expenses	​		(18,117)	​		2,466	​		108,961	​
Effect of income tax exemptions and preferential tax rates	​		(36,750)	​		(98,368)	​		(68,090)	​
Effect of income tax rate difference in other jurisdictions	​		97,058	​		60,806	​		97,306	​
Change in valuation allowance	​		39,800	​		21,355	​		453,348	​
​	​	​	​	​	​	​	​	​	​	​
Income tax expense / (benefit)	​	$	69,328	​	$	(69,897)	​	$	396,992	​

Schedule of tax holiday

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended		​	For the year ended		​	For the year ended
​	​	February 29,		​	February 28,		​	February 28,
​		2020			2021			2022
​	​	​	​	​	​	​	​	​	​
Increase in income tax expenses	​	$	36,750	​	$	98,368	​	$	68,090
Net loss per common share-basic	​	$	(0.74)	​	$	(1.05)	​	$	(5.61)
Net loss per common share-diluted	​	$	(0.74)	​	$	(1.05)	​	$	(5.61)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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