Accrued Expenses

9 Months Ended

Nov. 30, 2019

Payables and Accruals [Abstract]

ACCRUED EXPENSES

NOTE 5 – ACCRUED EXPENSES

Accrued expenses consisted of the following:

	November 30, 2019		February 28, 2019
Accrued payroll and related expenses	$	338,818	$	1,723,691
Accrued interest		681,586		428,625
Other		51,839		44,812
Total	$	1,072,243	$	2,197,128

Accrued payroll and related expenses consist primarily of salaries and vacation time accrued but not paid to employees due to our lack of financial resources. During the third quarter of fiscal 2020, approximately $1.5 million of unpaid salaries and related expenses were reclassified as other income on the statement of operations for the three-months ended November 30, 2019 as the related statute of limitations periods have expired. Also, on August 28, 2019, the board approved a stock issuance of 1,030,385 to Cipora Lavut, the Company's President, at a fair value of $329,723, for full satisfaction of prior amounts owed to her for unpaid salaries up to August 28, 2019. This amount was recorded as a reduction of accrued payroll expense in the second quarter but determined in the third quarter of 2020 to be an offset (other expense) to the gain amount of $1.5 million.