Related Party Transactions

12 Months Ended

Feb. 28, 2021

Related Party Transactions [Abstract]

Related Party Transactions

5. Related Party Transactions

As of February 28, 2021 and February 29, 2020, the Company owed $1,273,030 and $814,399, respectively, to certain Company directors for accrued compensation and reimbursement of expenses paid on behalf of the Company.

During the year ended February 29, 2020, the Board of Directors of the Company approved an award of shares of the Company’s common stock to several of the Company’s officers, each of whom was also a director of the Company on April 15, 2019. In approving these awards, each director abstained from participating in the consideration and approval of such director’s own award. The shares were awarded for services provided to the Company as officers over the past seven years, and were made pursuant to the Company’s 2012 Equity Incentive Plan. The awarded shares were fully vested at the time of the award and could be immediately sold, subject to applicable federal securities law restrictions on such sales. The following table provides information about the officers receiving an award and the number of shares awarded:

Name of Officer	Offices Held	Number of Award Shares
Keith D. Spickelmier	Chairman of the Board		1,250,000
Keith J. McKenzie	Chief Executive Officer		500,000
William E. Begley	President, Chief Financial Officer and Chief Operating Officer		750,000

The fair value of these shares was $500,000 based on the market price of $0.20 per share on the grant date.