XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.21.4

Property Plant and Equipment | 9 Months Ended
--- | ---
Nov. 30, 2021
Property Plant and Equipment |
6. Property, Plant and Equipment | 6. Property, Plant and Equipment Property, plant and equipment as at November 30, 2021 and February 28, 2021 were as follows:
|  | As at November 30, 2021 |
|  | Cost |  |  | Accumulated depreciation, write-down and impairment |  |  | Net book value |
Building |  | $ | 1,939,801 |  |  | $ | (248,333 | ) |  | $ | 1,691,468 |
Land |  |  | 1,632,003 |  |  |  | - |  |  |  | 1,632,003 |
Building and Land Improvements |  |  | 2,797,984 |  |  |  | (754,713 | ) |  |  | 2,043,271 |
Machinery and equipment |  |  | 6,514,252 |  |  |  | (6,514,252 | ) |  |  | - |
Office equipment and furniture |  |  | 294,146 |  |  |  | (120,209 | ) |  |  | 173,937 |
|  | $ | 13,178,186 |  |  | $ | (7,637,507 | ) |  | $ | 5,540,679 |
|  | As at February 28, 2021 |
|  | Cost |  |  | Accumulated depreciation, write-down and impairment |  |  | Net book value |
Building |  | $ | 1,954,345 |  |  | $ | (201,589 | ) |  | $ | 1,752,756 |
Land |  |  | 241,578 |  |  |  | - |  |  |  | 241,578 |
Building and Land Improvements |  |  | 1,804,872 |  |  |  | (474,114 | ) |  |  | 1,330,758 |
Machinery and equipment |  |  | 6,514,252 |  |  |  | (6,514,252 | ) |  |  | - |
Office equipment and furniture |  |  | 292,946 |  |  |  | (104,987 | ) |  |  | 187,959 |
|  | $ | 10,807,993 |  |  | $ | (7,294,942 | ) |  | $ | 3,513,051 |
On May 27, 2021, the Company acquired a parcel of land in Bécancour, Québec for $4.8 million (CDN $5.9 million). The Company is using a portion of the property for the construction of a commercial facility to manufacture Loop™ branded PET resin using its Infinite Loop™ technology. The excess land is classified as asset held for sale, as described in Note 5. During the three-month period ended November 30, 2021, the Company incurred civil construction costs of $902,325 for site preparation on the Bécancour land for the planned commercial facility. Depreciation expense for the three- and nine-month periods ended November 30, 2021 amounted to $114,799 and $351,589, respectively (2020– $93,006 and $624,189, respectively), and is recorded as an operating expense in the consolidated statements of operations and comprehensive loss.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration