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Right-of-use Asset and Lease Liability
 3 Months Ended
May 31, 2022
Right-of-use Asset And Lease Liability  
Right-of-use Asset and Lease Liability

Note 8 – Right-of-use Asset and Lease Liability

 

The Company has entered into lease agreements with various third parties. The terms of operating leases are one to two years. These operating leases are included in “Right-of-use Asset” on the Company’s Condensed Consolidated Balance Sheet and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are included in “Lease liability” on the Company’s Condensed Consolidated Balance Sheet. Additionally, the Company has entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on the Company’s Condensed Consolidated Balance Sheet. All operating lease expense is recognized on a straight-line basis over the lease term in the three months ended May 31, 2022.

 

Information related to the Company’s right-of-use assets and related lease liabilities were as follows:

 

          
   May 31,
2022		   February 28,
2022		 
  (unaudited)     
Right-of-use asset        
Right-of-use asset, net  $245,589   $5,069 
           
Lease liability          
Current lease liability   $126,676   $5,069 
Non-current lease liability   118,913    — 
Total lease liability  $245,589   $5,069 
           
       May 31,
2022		 
Remaining lease term and discount rate          
Weighted-average remaining lease term        23 months 
Weighted-average discount rate        2.48%

 

Commitments

 

The following table summarizes the future minimum lease payments due under the Company’s operating leases as of May 31, 2022:

 

     
2023  $131,340 
Thereafter   120,395 
Less: imputed interest   (6,146)
 Total lease liability  $245,589