XML 12 R11.htm IDEA: XBRL DOCUMENT v3.20.1
5 RIGHT OF USE LEASED ASSET AND LEASE OBLIGATION
12 Months Ended
Feb. 29, 2020
Debt Disclosure [Abstract]  
RIGHT OF USE LEASED ASSET AND LEASE OBLIGATION

NOTE 5:    RIGHT OF USE LEASED ASSET AND LEASE OBLIGATION

 

In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which allows for an additional optional transition method where comparative periods presented in the financial statements in the period of adoption will not be restated and instead those periods will be presented under existing guidance in accordance with ASC 840, Leases Management used this optional transition method at March 1, 2019, the adoption date. Accordingly, management recorded a right of use lease asset and a lease liability of approximately $555,000 and $577,000.

 

At February 29, 2020, the right of use asset is as follows: 

 

  Right of Use Leased Asset- Gross     $ 555,296  
  Less Accumulated Amortization       219,279  
  Right of Use Lease Asset- Net     $ 336,017  

  

Future minimum payments on the operating lease liability are as follows:

 

Fiscal Year Ending      
 February 28,   Amount  
       
2021   $  259,456  
2022     109,435  
Total   $ 368,891  

 

The lease, which relates to the Company’s headquarters, is a five year lease with an effective rate of 6.25%