• Filing Date: 2020-10-15
  • Form Type: 10-Q
  • Description: Quarterly report
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10. EMPLOYEE SEPARATIONS
3 Months Ended
Aug. 31, 2020
Postemployment Benefits [Abstract]  
10. EMPLOYEE SEPARATIONS

The Company establishes obligations for expected termination benefits provided under existing agreements with a former or inactive employee after employment but before retirement. These benefits generally include severance payments and medical continuation coverage. During the first quarter of 2021, the Company continued to reduce expenses in response to the impact of the COVID-19 pandemic. These activities included further reductions in its workforce. The Company incurred severance and related charges totaling $222,023 during the first quarter 2021. As of August 31, 2020, the Company had a remaining severance accrual of $48,223 included in accrued payroll liabilities. There were no similar accruals as of May 31, 2020.