Property, Plant and Equipment
 3 Months Ended
May 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
    As at May 31, 2021  
    Cost     Accumulated depreciation, write-down and impairment     Net book value  
Building   $ 2,053,585     $ (228,932 )   $ 1,824,653  
Land     5,173,641       -       5,173,641  
Building Improvements     1,938,596       (594,078 )     1,344,518  
Machinery and equipment     6,514,252       (6,514,252 )     -  
Office equipment and furniture     342,258       (115,464 )     226,794  
    $ 16,022,332     $ (7,452,726 )   $ 8,569,606  

 

    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 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  

 

During the three-month period ended May 31, 2021, the Company acquired a 19 million square foot parcel of land in Bécancour, Québec for $4.9 million (CDN $5.9 million). The Company intended use for the site is to construct a commercial facility to manufacture Loop™ branded PET resin using its Infinite Loop™ technology.

 

Depreciation expense for the three-month periods ended May 31, 2021 and 2020 amounted to $115,057 and $248,199, respectively, and is recorded as an operating expense in the consolidated statements of operations and comprehensive loss.