Property, Plant and Equipment
 3 Months Ended
Aug. 31, 2021
Property, Plant and Equipment  
6. Property, Plant and Equipment

6. Property, Plant and Equipment

 

Property, plant and equipment as at August 31, 2021 and February 28, 2021 were as follows:

 

 

 

As at August 31, 2021

 

 

 

Cost

 

 

Accumulated depreciation, write-down and impairment

 

 

Net book value

 

Building

 

$1,964,878

 

 

$(235,410)

 

$1,729,468

 

Land

 

 

1,653,737

 

 

 

-

 

 

 

1,653,737

 

Building and Land Improvements

 

 

1,921,952

 

 

 

(666,509)

 

 

1,255,443

 

Machinery and equipment

 

 

6,514,252

 

 

 

(6,514,252)

 

 

-

 

Office equipment and furniture

 

 

295,474

 

 

 

(116,094)

 

 

179,380

 

 

 

$12,350,293

 

 

$(7,532,265)

 

$4,818,028

 

 

 

 

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

 

During the six-month period ended August 31, 2021, the Company acquired a parcel of land in Bécancour, Québec for $4.8 million (CDN $5.9 million). The Company intends to use 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 held for sale, as described in Note 5.

 

Depreciation expense for the three- and six-month periods ended August 31, 2021 amounted to $121,733 and $236,790, respectively (2020– $291,498 and $539,697, respectively), and is recorded as an operating expense in the consolidated statements of operations and comprehensive loss.