Property Plant and Equipment
 9 Months Ended
Nov. 30, 2021
Property Plant and Equipment  
6. Property, Plant and Equipment

6. Property, Plant and Equipment

 

Property, plant and equipment as at November 30, 2021 and February 28, 2021 were as follows:

 

 

 

As at November 30, 2021

 

 

 

Cost

 

 

Accumulated depreciation, write-down and impairment

 

 

Net book value

 

Building

 

$1,939,801

 

 

$(248,333)

 

$1,691,468

 

Land

 

 

1,632,003

 

 

 

-

 

 

 

1,632,003

 

Building and Land Improvements

 

 

2,797,984

 

 

 

(754,713)

 

 

2,043,271

 

Machinery and equipment

 

 

6,514,252

 

 

 

(6,514,252)

 

 

-

 

Office equipment and furniture

 

 

294,146

 

 

 

(120,209)

 

 

173,937

 

 

 

$13,178,186

 

 

$(7,637,507)

 

$5,540,679

 

 

 

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

 

 

On May 27, 2021, the Company acquired a parcel of land in Bécancour, Québec for $4.8 million (CDN $5.9 million). The Company is using 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 asset held for sale, as described in Note 5.

 

During the three-month period ended November 30, 2021, the Company incurred civil construction costs of $902,325 for site preparation on the Bécancour land for the planned commercial facility.

 

Depreciation expense for the three- and nine-month periods ended November 30, 2021 amounted to $114,799 and $351,589, respectively (2020– $93,006 and $624,189, respectively), and is recorded as an operating expense in the consolidated statements of operations and comprehensive loss.