Note 15 - Restricted Cash

3 Months Ended

May 31, 2022

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

NOTE 15 – RESTRICTED CASH

In accordance with the Letter Agreement between the Company and Bryan J. Merryman, the Company’s former Chief Executive Officer, in March 2022, the Company established a rabbi trust with an outside third-party trustee, and contributed $1,344,813 to the trust, which represents the aggregate amount of the termination payment and the cash payment for insurance coverage to be paid to Mr. Merryman upon his termination of his employment. This obligation is included in accrued salaries and wages at May 31, 2022 and February 28, 2022 on the accompanying consolidated balance sheet. This trust balance is classified as restricted cash on the accompanying consolidated balance sheet as of May 31, 2022.

Cash, cash equivilants and restricted cash as of May 31, 2022 and February 28, 2022 consisted of the following:

	May 31, 2022		February 28, 2022
Cash and cash equivalents	$	5,989,510	$	7,587,374
Restricted cash		1,344,813		-
Total cash, cash equivalents and restricted cash	$	7,334,323	$	7,587,374