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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Feb. 29, 2024
Accounting Policies [Abstract]  
Schedule of Balances and Amounts of VIEs and Subsidiaries

The following consolidated financial statement balances and amounts of the Company's VIEs and their subsidiaries, were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions among the Company, its subsidiaries, its VIEs and VIEs’ subsidiaries.

 

 

 

As of

 

 

 

February 28,

 

 

February 29,

 

 

 

2023

 

 

2024

 

 

 

RMB

 

 

RMB

 

 

USD

 

ASSETS

 

 

 

 

 

 

 

 

 

Total current assets

 

 

54,382

 

 

 

73,140

 

 

 

10,162

 

Total non-current assets

 

 

47,576

 

 

 

18,699

 

 

 

2,598

 

TOTAL ASSETS

 

 

101,958

 

 

 

91,839

 

 

 

12,760

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Amount due to related parties

 

 

867

 

 

 

1,907

 

 

 

265

 

Accrued expenses and other current liabilities

 

 

56,009

 

 

 

59,219

 

 

 

8,227

 

Operating lease liabilities-current

 

 

2,067

 

 

 

976

 

 

 

136

 

Income tax payable

 

 

13,963

 

 

 

15,286

 

 

 

2,124

 

Deferred revenue

 

 

7,269

 

 

 

17,892

 

 

 

2,486

 

Total current liabilities

 

 

80,175

 

 

 

95,280

 

 

 

13,238

 

Deferred tax liabilities

 

 

575

 

 

 

 

 

 

 

Operating lease liabilities-non-current

 

 

859

 

 

 

992

 

 

 

138

 

Total non-current liabilities

 

 

1,434

 

 

 

992

 

 

 

138

 

TOTAL LIABILITIES

 

 

81,609

 

 

 

96,272

 

 

 

13,376

 

 

 

 

For the Years Ended

 

 

 

February 28,

 

 

February 28,

 

 

February 29,

 

 

 

2022

 

 

2023

 

 

2024

 

 

 

RMB

 

 

RMB

 

 

RMB

 

USD

 

Total revenue

 

 

250,223

 

 

 

33,381

 

 

 

124,568

 

 

17,307

 

Operating (loss) income

 

 

(63,619

)

 

 

(12,688

)

 

 

2,936

 

 

408

 

Net (loss) income

 

 

(80,976

)

 

 

(11,077

)

 

 

440

 

 

61

 

Net cash (used in) provided by operating
 activities

 

 

(70,397

)

 

 

(73,927

)

 

 

19,891

 

 

2,764

 

Net cash (used in) provided by investing
 activities

 

 

(2,294

)

 

 

4,841

 

 

 

(2,270

)

 

(315

)

Net cash provided by (used in) financing
 activities

 

 

21,349

 

 

 

44,640

 

 

 

(1,194

)

 

(166

)

Summary of Assets Measured at Fair Value on Non-Recurring Basis

The following table presents the impairment charges recorded by the Group for assets measured at fair value on a non-recurring basis for the years ended February 28, 2022, 2023 and February 29, 2024:

 

 

 

For the Years Ended

 

 

 

February 28,

 

 

February 28,

 

 

February 29,

 

 

 

2022

 

 

2023

 

 

2024

 

 

 

Fair Value
As of
Impairment
Date

 

 

Total
Impairment
Loss

 

 

Fair Value
As of
Impairment
Date

 

 

Total
Impairment
Loss

 

 

Fair Value As of
 Impairment Date

 

 

Total Impairment
 Loss

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

USD

 

 

RMB

 

USD

 

Property and equipment, net (Note 5)

 

 

 

 

 

7,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,674

 

 

510

 

Intangible assets, net (Note 6)

 

 

 

 

 

2,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

 

 

 

42,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment is generally stated at historical cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Assets under construction are not depreciated until construction is completed and the assets are ready for their intended use. Depreciation and amortization expense of long-lived assets is included in either cost of revenue or selling, general and administrative expenses, as appropriate. Property and equipment consist of the following and depreciation is calculated on a straight-line basis over the following estimated useful lives:

 

Electronic equipment

 

3 - 5 years

Office equipment & Furniture

 

3 - 5 years

Motor vehicles

 

3 - 5 years

Leasehold improvement

 

Shorter of the lease term or expected useful life

Schedule of Amortization Periods by Intangible Asset Classes The amortization periods by intangible asset classes are as follows:

 

Trade name

 

10 - 20 years

Student base and customer relationship

 

3 - 9 years

School cooperation agreements

 

5 years

Non-compete agreements

 

3 years

Software

 

5 years

License

 

3 years

Summary of Disaggregation of Revenue

The following table represents disaggregation of Group's revenue from contracts with customers by service nature for the years ended. The Group's revenue is reported net of value added taxes and surcharges.

 

 

For the Years Ended

 

 

 

February 28,

 

 

February 28,

 

 

February 29,

 

 

 

2022

 

 

2023

 

 

2024

 

 

 

RMB

 

 

RMB

 

 

RMB

 

USD

 

 

 

 

 

 

 

 

 

 

 

 

 

Learning services

 

 

235,627

 

 

 

18,516

 

 

 

65,842

 

 

9,148

 

Tourism services

 

 

1,843

 

 

 

3,502

 

 

 

51,880

 

 

7,208

 

Learning technology and content solutions

 

 

13,537

 

 

 

12,328

 

 

 

7,978

 

 

1,108

 

Less: Sales tax

 

 

784

 

 

 

130

 

 

 

255

 

 

36

 

Total

 

 

250,223

 

 

 

34,216

 

 

 

125,445

 

 

17,428