UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended February 28, 2018
OR
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number: 0-04957
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Educational Development Corporation Employee 401(k) Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Educational Development Corporation
5402 South 122nd East Avenue
Tulsa, Oklahoma 74146
EDUCATIONAL DEVELOPMENT CORPORATION EMPLOYEE 401(k) PLAN
Table of Contents
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Items 1-3 |
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1 |
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Item 4 |
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Statements of plan assets and liabilities |
1 |
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Statement of income and expense |
2 |
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Signature |
3 |
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Items 1-3. The Educational Development Corporation Employee 401(k) Plan (the “Plan”) is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, attached are the financial statements of the Plan as of and for the fiscal year ended February 28, 2018, which have been prepared in accordance with the financial reporting requirements of ERISA.
Item 4. Pursuant to Sections 103 and 104 of ERISA, and the regulations thereunder, the Plan is not required to file audited financial statements because the Plan has fewer than 100 participants.
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EDUCATIONAL DEVELOPMENT CORPORATION EMPLOYEE 401(k) PLAN STATEMENTS OF PLAN ASSETS AND LIABILITIES AS OF FEBRUARY 28, |
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2018 |
2017 |
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PLAN ASSETS |
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Mutual funds |
$ | 2,213,400 | $ | 1,860,400 | ||||
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Corporate stocks (employer stock) |
10,171,500 | 5,131,300 | ||||||
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Total plan assets |
12,384,900 | 6,991,700 | ||||||
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PLAN LIABILITIES |
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Other liabilities |
- | - | ||||||
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Total plan liabilities |
- | - | ||||||
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NET PLAN ASSETS |
$ | 12,384,900 | $ | 6,991,700 | ||||
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EDUCATIONAL DEVELOPMENT CORPORATION EMPLOYEE 401(k) PLAN STATEMENT OF INCOME AND EXPENSE FOR THE YEAR ENDED FEBRUARY 28, |
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2018 |
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INCOME: |
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Dividends and interest |
$ | 62,100 | ||
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Contributions - Employees |
190,600 | |||
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Contributions - Employer |
89,200 | |||
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Total income |
341,900 | |||
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EXPENSE: |
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Distributions to former participants |
(266,500 |
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Plan expenses |
(300 |
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Total expenses |
(266,800 | ) | ||
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Net income before realized and unrealized investment gains and (losses) |
75,100 | |||
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Net realized and unrealized investment gains and (losses) |
5,318,100 | |||
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Net increase in plan assets |
5,393,200 | |||
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Net plan assets, beginning of year |
6,991,700 | |||
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Net plan assets, end of year |
$ | 12,384,900 | ||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
EDUCATIONAL DEVELOPMENT CORPORATION EMPLOYEE 401(k) PLAN
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Date: August 30, 2018 |
By /s/ Randall W. White |
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Randall W. White, Trustee Educational Development Corporation Chairman of the Board, President and Chief Executive Officer |
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