Significant and Critical Accounting Policies and Practices (Tables)
 6 Months Ended
Aug. 31, 2015
Significant And Critical Accounting Policies And Practices Tables  
Company consolidation

The Company consolidates the following entities:

 

Name of consolidated subsidiary or entity   State or other jurisdiction of incorporation or organization  

Date of incorporation or formation

(date of acquisition, if applicable)

  

Attributable

interest

  
               
Loop Industries, Inc.   The State of Nevada  

March 11, 2010

(June 29, 2015)

     100 %
                 
Loop Holdings, Inc.   The State of Nevada   October 23, 2014     100 %
Property and Equipment

Property and equipment, stated at cost, less accumulated depreciation consisted of the following:

 

    Estimated Useful Life (Years)    

August 31,

2015

    

February 28,

2015

  
                   
Equipment     5       9,801       -  
                         
Less accumulated depreciation             (326 )     (- )
                         
            $ 9,475     $ -  
Intangible Assets

The Company has adopted Subtopic 350-30 of the FASB Accounting Standards Codification for intangible assets other than goodwill. Under the requirements, the Company amortizes the acquisition costs of intangible assets other than goodwill on a straight-line basis over the estimated useful lives of the respective assets as follows:

 

    Estimated Useful Life (Years)  
       
Intellectual property (*)     15