Condensed Parent Company Information

12 Months Ended

Feb. 29, 2024

Condensed Financial Information Disclosure [Abstract]

22. CONDENSED PARENT COMPANY INFORMATION

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the Parent Company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Parent Company used the equity method to account for its investment in its subsidiaries and VIEs.

Investments in subsidiaries and VIEs

The Company and its subsidiaries and VIEs were included in the consolidated financial statements where the intercompany transactions and balances were eliminated upon consolidation. For purpose of the Company’s standalone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company’s profits or deficit in subsidiaries were reported as equity in income or losses of subsidiaries in the accompanying parent company financial statements.

Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to $nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this parent only information, the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries, VIEs and VIEs’ subsidiary regardless of the carrying value of the investment even though the Parent Company is not obligated to provide continuing support or fund losses.

The following represents condensed unconsolidated financial information of Four Seasons Education (Cayman) Inc.

a. Condensed Balance Sheets


	As of
	February 28, 2023			February 29, 2024
	RMB			RMB			USD
Current assets
Cash and cash equivalents		65,987			73,528			10,215
Short-term investment under fair value		156,639			82,791			11,502
Long-term investments under fair value - current		135,201			14,122			1,962
Amounts due from subsidiaries and consolidated VIEs		3			4			1
Other current assets		970			1,334			186
Total current assets		358,800			171,779			23,866
Non-current assets
Restricted cash		—			121,472			16,877
Long-term investment under fair value – non - current		122,352			124,990			17,365
Investments in subsidiaries and consolidated VIEs		13,583			94,817			13,173
Total non-current assets		135,935			341,279			47,415
Total assets		494,735			513,058			71,281
Accrued expenses and other current liabilities		2,314			1,446			201
Amounts due to subsidiaries and consolidated VIEs		34,689			35,322			4,907
Other liabilities		-			1,287			179
Total liabilities		37,003			38,055			5,287
Ordinary Shares (US$0.0001 par value; 500,000,000 shares authorized, 21,189,215 and 21,163,416 shares issued and outstanding as of February 28, 2023 and February 29, 2024, respectively)		14			14			2
Additional paid-in capital		780,191			783,313			108,828
Treasury shares (2,912,768 and 2,938,567 shares as of February 28, 2023 and February 29, 2024, respectively)		(55,931	)		(56,090	)		(7,793	)
Accumulated deficit		(282,300	)		(277,339	)		(38,531	)
Accumulated other comprehensive income		15,758			25,105			3,488
Total equity		457,732			475,003			65,994
Total liabilities and equity		494,735			513,058			71,281

b. Condensed Statements of Operations and Comprehensive (Loss) Income


	For the Year Ended
	February 28,			February 28,			February 29,
	2022			2023			2024
	RMB			RMB			RMB			USD
Operating expenses		(4,373	)		(11,766	)		(6,085	)		(845	)
Interest income, net		—			837			6,518			906
Realized gain (loss) in investments		1,749			1,867			3,207			446
Unrealized holding (loss) gain in investments		(2,855	)		(3,794	)		3,910			543
Other income (expenses), net		376			(618	)		8			1
(Loss) Income from investments in subsidiaries, VIEs and VIEs’ subsidiaries		(73,487	)		(16,192	)		(2,597	)		(361	)
(Loss) Income before income taxes and loss from equity method investments		(78,590	)		(29,666	)		4,961			690
Income tax (expense) benefit		—			—			—			—
Loss from equity method investment		(34,872	)		—			—			—
Net (loss) income		(113,462	)		(29,666	)		4,961			690
Foreign currency translation adjustments		(9,479	)		38,526			9,347			1,299
Comprehensive (loss) income		(122,941	)		8,860			14,308			1,989

c. Condensed Statements of Cash Flows


	For the Year Ended
	February 28,			February 28,			February 29,
	2022			2023			2024
	RMB			RMB			RMB			USD
Net cash (used in) provided by operating activities		(2,826	)		16,945			931			129
Purchases of short-term investments under fair value		—			(175,848	)		(103,145	)		(14,330	)
Purchases of long-term investments under fair value		—			(145,910	)		(93,280	)		(12,960	)
Proceeds from maturity of investments		97,136			164,564			327,495			45,500
Net cash provided by (used in) investing activities		97,136			(157,194	)		131,070			18,210
Proceeds from related parties loans		—			—			1,287			179
Repayment to related parties loans		—			—			1			—
Repurchase of ordinary shares		(27,795	)		(239	)		(159	)		(22	)
Net cash (used in) provided by financing activities		(27,795	)		(239	)		1,129			157
Effect of exchange rate changes		(3,932	)		27,389			(4,117	)		(572	)
Net increase (decrease) in cash and, cash equivalents and restricted cash		62,583			(113,099	)		129,013			17,924
Cash and, cash equivalents and restricted cash at beginning of the year		116,503			179,086			65,987			9,168
Cash and, cash equivalents and restricted cash at end of the year		179,086			65,987			195,000			27,092