Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | May 02, 2023 | Aug. 31, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | EDUCATIONAL DEVELOPMENT CORPORATION | ||
Trading Symbol | EDUC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --02-28 | ||
Entity Common Stock, Shares Outstanding | 8,575,088 | ||
Entity Public Float | $ 19,881,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000031667 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Feb. 28, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-04957 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 73-0750007 | ||
Entity Address, Address Line One | 5402 South 122nd East Avenue | ||
Entity Address, City or Town | Tulsa | ||
Entity Address, State or Province | OK | ||
Entity Address, Postal Zip Code | 74146 | ||
City Area Code | 918 | ||
Local Phone Number | 622-4522 | ||
Title of 12(b) Security | Common Stock, $.20 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 483 | ||
Auditor Name | HOGANTAYLOR LLP | ||
Auditor Location | AREHOLDERS& |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 689,100 | $ 361,200 |
Accounts receivable, less allowance for doubtful accounts of $211,700 (2023) and $336,700 (2022) | 2,906,700 | 3,638,800 |
Inventories - net | 59,086,500 | 71,553,600 |
Prepaid expenses and other assets | 869,300 | 960,500 |
Total current assets | 63,551,600 | 76,514,100 |
INVENTORIES - net | 4,719,600 | 2,055,300 |
PROPERTY, PLANT AND EQUIPMENT - net | 29,656,400 | 30,484,000 |
DEFERRED INCOME TAX ASSET | 796,800 | 118,700 |
OTHER ASSETS | 1,212,400 | 761,600 |
TOTAL ASSETS | 99,936,800 | 109,933,700 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,863,900 | 12,411,800 |
Line of credit | 10,634,500 | 17,723,500 |
Deferred revenues | 602,700 | 681,600 |
Current maturities of long-term debt | 34,894,900 | 2,542,200 |
Accrued salaries and commissions | 828,200 | 1,890,200 |
Dividends payable | 0 | 870,700 |
Income taxes payable | 0 | 241,900 |
Other current liabilities | 3,294,000 | 3,897,900 |
Total current liabilities | 54,118,200 | 40,259,800 |
LONG-TERM DEBT - net | 0 | 22,409,500 |
OTHER LONG-TERM LIABILITIES | 586,800 | 498,900 |
Total liabilities | 54,705,000 | 63,168,200 |
COMMITMENTS AND CONTINGENCIES – See Note 10 | ||
SHAREHOLDERS' EQUITY: | ||
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 shares; Outstanding 8,713,289 (2023) and 8,707,247 (2022) shares | 2,540,400 | 2,540,400 |
Capital in excess of par value | 13,193,400 | 12,246,600 |
Retained earnings | 42,020,200 | 44,525,100 |
57,754,000 | 59,312,100 | |
Less treasury stock, at cost | (12,522,200) | (12,546,600) |
Total shareholders' equity | 45,231,800 | 46,765,500 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 99,936,800 | $ 109,933,700 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts (in Dollars) | $ 211,700 | $ 336,700 |
Common stock, shares outstanding | 8,713,289 | 8,707,247 |
Common stock, shares issued | 12,702,080 | 12,702,080 |
Common stock, authorized shares | 16,000,000 | 16,000,000 |
Common stock, par value (in Dollars per share) | $ 0.2 | $ 0.2 |
STATEMENTS OF EARNINGS
STATEMENTS OF EARNINGS - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
NET REVENUES | $ 87,829,000 | $ 142,228,800 |
COST OF GOODS SOLD | 31,759,200 | 44,297,500 |
Gross margin | 56,069,800 | 97,931,300 |
OPERATING EXPENSES: | ||
Operating and selling | 15,780,600 | 23,010,400 |
Sales commissions | 25,676,100 | 44,377,500 |
General and administrative | 17,195,100 | 20,302,200 |
Total operating expenses | 58,651,800 | 87,690,100 |
INTEREST EXPENSE | 2,172,300 | 916,400 |
OTHER INCOME | (1,327,400) | (1,911,100) |
EARNINGS BEFORE INCOME TAXES | (3,426,900) | 11,235,900 |
INCOME TAXES | (922,000) | 2,929,100 |
NET EARNINGS | $ (2,504,900) | $ 8,306,800 |
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE: | ||
Basic (in Dollars per share) | $ (0.31) | $ 1.03 |
Diluted (in Dollars per share) | $ (0.31) | $ 0.98 |
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING: | ||
Basic (in Shares) | 8,157,704 | 8,039,843 |
Diluted (in Shares) | 8,157,704 | 8,452,340 |
Dividends per share (in Dollars per share) | $ 0 | $ 0.4 |
Gross Sales [Member] | ||
REVENUES | $ 122,691,900 | $ 187,466,800 |
Discounts and Allowances [Member] | ||
Less discounts and allowances | (41,895,500) | (59,109,300) |
Transportation Revenue [Member] | ||
REVENUES | $ 7,032,600 | $ 13,871,300 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance at Feb. 28, 2021 | $ 2,482,000 | $ 10,863,900 | $ 39,683,000 | $ (12,769,100) | $ 40,259,800 |
Balance (in Shares) at Feb. 28, 2021 | 12,410,080 | 4,063,480 | |||
Sales of treasury stock | 418,200 | $ 198,900 | 617,100 | ||
Sales of treasury stock (in Shares) | (63,647) | ||||
Issuance of restricted share awards for vesting | $ 58,400 | (82,000) | $ 23,600 | ||
Issuance of restricted share awards for vesting (in Shares) | 292,000 | (5,000) | |||
Dividends declared | (3,464,700) | (3,464,700) | |||
Share-based compensation expense - net | 1,046,500 | 1,046,500 | |||
Net earnings (loss) | 8,306,800 | 8,306,800 | |||
Balance at Feb. 28, 2022 | $ 2,540,400 | 12,246,600 | 44,525,100 | $ (12,546,600) | 46,765,500 |
Balance (in Shares) at Feb. 28, 2022 | 12,702,080 | 3,994,833 | |||
Sales of treasury stock | 39,000 | $ 24,400 | 63,400 | ||
Sales of treasury stock (in Shares) | (7,771) | ||||
Issuance of restricted share awards for vesting (in Shares) | (28,000) | ||||
Forfeiture of restricted share awards (in Shares) | 29,729 | ||||
Share-based compensation expense - net | 907,800 | 907,800 | |||
Net earnings (loss) | (2,504,900) | (2,504,900) | |||
Balance at Feb. 28, 2023 | $ 2,540,400 | $ 13,193,400 | $ 42,020,200 | $ (12,522,200) | $ 45,231,800 |
Balance (in Shares) at Feb. 28, 2023 | 12,702,080 | 3,988,791 |
STATEMENTS OF SHAREHOLDERS' E_2
STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) | 12 Months Ended |
Feb. 28, 2022 $ / shares | |
Retained Earnings [Member] | |
Dividends declared | $ 0.4 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings (loss) | $ (2,504,900) | $ 8,306,800 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,478,700 | 2,126,700 |
Deferred income taxes | (678,100) | (208,600) |
Provision for doubtful accounts | 0 | 115,800 |
Provision for inventory valuation allowance | 715,900 | 235,700 |
Share-based compensation expense - net | 907,800 | 1,046,500 |
Changes in assets and liabilities: | ||
Accounts receivable | 732,100 | (407,900) |
Inventories - net | 9,086,900 | (21,396,900) |
Prepaid expenses and other assets | (233,200) | (209,200) |
Accounts payable | (8,547,900) | (6,201,300) |
Accrued salaries and commissions, and other liabilities | (1,578,000) | (2,868,300) |
Deferred revenues | (78,900) | (1,794,300) |
Income taxes payable/receivable | (241,900) | 111,700 |
Total adjustments | 2,563,400 | (29,450,100) |
Net cash provided by (used in) operating activities | 58,500 | (21,143,300) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (1,578,800) | (3,717,200) |
Purchases of other assets | (177,000) | (223,700) |
Net cash used in investing activities | (1,755,800) | (3,940,900) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on term debt | (25,900,100) | (1,277,700) |
Payments on debt issuance costs | (178,400) | 0 |
Proceeds from term debt | 36,000,000 | 15,244,700 |
Sales of treasury stock | 63,400 | 617,100 |
Net borrowings (payments) under line of credit | (7,089,000) | 12,478,200 |
Dividends paid | (870,700) | (3,429,100) |
Net cash provided by financing activities | 2,025,200 | 23,633,200 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 327,900 | (1,451,000) |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 361,200 | 1,812,200 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 689,100 | 361,200 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Cash paid for interest | 1,986,000 | 890,000 |
Cash paid for income taxes (net of refunds) | $ (3,900) | $ 2,970,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Estimates Liquidity - Disclosure of Uncertainties about an Entity s Ability to Continue as a Going Concern (Subtopic 205-40) Determining the extent to which conditions or events raise substantial doubt about our ability to continue as a going concern and the extent to which mitigating plans sufficiently alleviate any such substantial doubt requires significant judgment and estimation by us. Our significant estimates related to this analysis may include identifying business factors such as changes in our brand partners, growth and profitability used in the forecasted financial results and liquidity. Further, we make assumptions about the probability that management's plans will be effectively implemented and alleviate substantial doubt and our ability to continue as a going concern. We believe that the estimated values used in our going concern analysis are based on reasonable assumptions. However, such assumptions are inherently uncertain and actual results could differ materially from those estimates. See Note 9 for more information about our going concern assessment. Sales Concentration Cash and Cash Equivalents Accounts Receivable Management periodically reviews accounts receivable balances and, based on an assessment of historical bad debts, current customer receivable balances, age of customer receivable balances, customers’ financial conditions and current economic trends, estimates the portion of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation account based on its assessment of the current status of the individual accounts. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Recoveries of accounts receivable previously written off are recorded as income when received. Inventories The Company assumes title and responsibility for inventory purchased according to the contract language with our suppliers and the individual shipment terms for the order. The Company maintains insurance for the value of the inventory once the title has been passed until it is received at our warehouse (“inventory in transit”). Brand Partners that meet certain eligibility requirements may request and receive inventory on consignment. Consignment inventory is stated at the lower of cost or net realizable value, less an estimated reserve for consignment inventory that is not expected to be sold or returned to the Company. The total cost of inventory on consignment, excluding the estimated reserve, with Brand Partners was $1,531,600 and $1,399,200 at February 28, 2023 and February 28, 2022, respectively. The Company has reserved for consignment inventory not expected to be sold or returned of $488,500 and $505,100 as of February 28, 2023 and February 28, 2022, respectively. Inventories are presented net of a valuation allowance, which includes reserves for inventory obsolescence and Brand Partner consignment inventory that is not expected to be sold or returned. Management estimates the allowance for both current and noncurrent inventory. The allowance is based on management’s identification of slow-moving inventory and estimated consignment inventory that will not be sold or returned. Property, Plant and Equipment Building 30 years Building improvements 5 – 15 years Machinery and equipment 3 – 15 years Capitalized software 4 years Furniture and fixtures 3 years Molds and tooling 3 – 5 years Capitalized projects that are not placed in service are recorded as in progress and are not depreciated until the related assets are placed in service, including capitalized software. The development of customer and Brand Partner software applications are critical to our ongoing business operations and included in capitalized software. External and internal costs associated with the development of new software applications incurred during the application development stage are capitalized. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Impairment of Long-Lived Assets Leases Income Taxes Revenue Recognition The majority of PaperPie’s sales contracts have a single performance obligation and are short-term in nature. PaperPie’s sales are generally collected at the time the product is ordered. Sales which have been paid for but not shipped are classified as deferred revenue on the balance sheets. Sales associated with consignment inventory are recognized when reported by the consignee and payment associated with the sale has been collected. Transportation revenue represents the amount billed to the customer for shipping the product and is recorded when the product is shipped. Certain PaperPie sales contracts associated with the hostess award programs include sales incentives, such as discounted products. These incentives provide a separate performance obligation in the contract and material right to the customer. The transaction price is allocated to the material right based on its relative standalone selling price and is recognized in revenue as the performance obligations are satisfied, which occurs at shipping point or at the expiration of the material right. As the products included as sales incentives are shipped with the associated products ordered, there is no deferral required. Revenues allocated to the material right are recognized in gross sales, discounts and allowances and cost of goods sold in our statements of operations. The majority of Publishing’s sales contracts have a single performance obligation and are short-term in nature. Publishing’s sales may be collected at the time the product is shipped or the customers may be given payment terms based primarily on their credit worthiness and payment history. Estimated allowances for sales returns, which reduce net revenues and cost of goods sold, are recorded as sales are recognized. Management uses a moving average calculation to estimate the allowance for sales returns. We are not responsible for product damaged in transit. Damaged returns are primarily from retail stores. These returns result from damage that occurs in the stores, not in shipping to the stores. It is industry practice to accept non-damaged returns from retail customers. Management has estimated sales returns of approximately $201,500 as of both February 28, 2023 and February 28, 2022, which is included in other current liabilities on the Company’s balance sheets. In addition, management has recorded an asset for the expected value of non-damaged inventories to be returned. The estimated value of returned products of $100,800 is included in other current assets on the Company’s balance sheets as of both February 28, 2023 and February 28, 2022. The Company generally expenses sales commissions in the same period that the revenue is recognized. These costs are recorded within operating expenses. The Company does not disclose the value of unsatisfied performance obligations for contracts with an unexpected length of one year or less. Advertising Costs Shipping and Handling Costs Share-Based Compensation Earnings per Share The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Year Ended February 28, 2023 2022 Earnings (loss) per share: Net earnings (loss) applicable to common shareholders $ (2,504,900 ) $ 8,306,800 Shares: Weighted average shares outstanding-basic 8,157,704 8,039,843 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 412,497 Weighted average shares outstanding-diluted 8,157,704 8,452,340 Diluted earnings (loss) per share: Basic $ (0.31 ) $ 1.03 Diluted $ (0.31 ) $ 0.98 As shown in the table below, the following shares have not been included in the calculation of diluted earnings (loss) per share as they would be anti-dilutive to the calculation above. Year Ended February 28, 2023 2022 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 222,395 - New Accounting Pronouncements |
INVENTORIES
INVENTORIES | 12 Months Ended |
Feb. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 2. INVENTORIES Inventories consist of the following: February 28, 2023 2022 Current: Product inventory $ 59,577,400 $ 72,064,400 Inventory valuation allowance (490,900 ) (510,800 ) Inventories net - current $ 59,086,500 $ 71,553,600 Noncurrent: Product inventory $ 5,135,200 $ 2,437,600 Inventory valuation allowance (415,600 ) (382,300 ) Inventories net - noncurrent $ 4,719,600 $ 2,055,300 Inventory in transit totaled $850,100 and $2,732,400 at February 28, 2023 and February 28, 2022, respectively. Product inventory quantities in excess of what we expect will be sold within the normal operating cycle, based on 2 ½ years of anticipated sales, are included in noncurrent inventory. |
BUSINESS CONCENTRATION
BUSINESS CONCENTRATION | 12 Months Ended |
Feb. 28, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 3. BUSINESS CONCENTRATION Significant portions of our inventory purchases are concentrated with an England-based publishing company, Usborne Publishing Limited (“Usborne”). During fiscal 2023, we entered into a new distribution agreement (“Agreement”) with Usborne. The Agreement includes annual minimum purchase volumes along with specific payment terms and letter of credit requirements, which if not met may result in Usborne having the right to terminate the Agreement on less than 30 days’ written notice. Should termination of the Agreement occur, the Company will be allowed to sell its remaining Usborne inventory for an agreed upon period, but not less than twelve months following the termination date. As of February 28, 2023, the Company did not meet the minimum purchase requirements and did not supply the letter of credit required under the Agreement, which could allow Usborne to exercise their option to terminate the Agreement. Usborne has not notified the Company of termination of the Agreement. Usborne has refused to pay the $1.0 million volume rebate owed to the Company from purchases made during fiscal 2022. The Company is disputing the cancellation of the rebate but has not recognized any rebate in fiscal 2023 due to its uncertainty. Additionally, under the terms in the Agreement, the Company no longer has the rights to distribute Usborne’s products to retail customers after November 15, 2022, at which time Usborne was to use a different distributor to supply retail accounts with its products. As a courtesy upon Usborne’s request, the November 15, 2022 transition was extended until their new supplier can start distribution in 2023. Gross sales attributed to Usborne’s products sold within the Publishing division accounted for 83.1%, or $23,220,600, during the fiscal year ended February 28, 2023, and 86.5%, or $24,341,100, during the fiscal year ended February 28, 2022. Purchases received from Usborne were approximately $11,448,500 and $42,596,300 for the years ended February 28, 2023 and February 28, 2022, respectively. Total inventory purchases for those same periods were approximately $20,377,600 and $64,670,700, respectively. Included in our balance sheets, outstanding accounts payable due to Usborne as of February 28, 2023 and February 28, 2022 were $117,600 and $6,361,500, respectively. Total Usborne inventory owned by the Company and included in our balance sheets were $35,363,500 and $44,170,000 as of February 28, 2023 and February 28, 2022, respectively. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Feb. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: February 28, 2023 2022 Land $ 4,107,200 $ 4,107,200 Building 20,424,900 20,424,900 Building improvements 2,274,200 2,274,100 Machinery and equipment 14,234,900 14,223,500 Furniture and fixtures 121,700 110,800 Capitalized software 1,236,300 1,151,900 Molds and tooling 704,000 - Capitalized software - in progress 1,265,000 496,900 Total property, plant and equipment 44,368,200 42,789,300 Less accumulated depreciation (14,711,800 ) (12,305,300 ) Property, plant and equipment-net $ 29,656,400 $ 30,484,000 During fiscal year 2022, the Company added two new pick-pack-ship lines to increase the Company’s daily shipping capacity and acquired Learning Wrap-Ups. In fiscal year 2023, the Company purchased the SmartLab Toys product line and opened facilities in Seattle, Washington. The Company has continued its development of its new customer portal and e-commerce platform, both of which are expected to be released in fiscal year 2024. |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Feb. 28, 2023 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Liabilities Disclosure [Text Block] | 5. OTHER CURRENT LIABILITIES Other current liabilities consist of the following: February 28, 2023 2022 Accrued royalties $ 504,400 $ 873,800 Accrued PaperPie incentives 1,189,900 1,610,800 Accrued freight 120,300 191,400 Sales tax payable 394,800 499,900 Allowance for expected inventory returns 201,500 201,500 Other 883,100 520,500 Total other current liabilities $ 3,294,000 $ 3,897,900 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 6. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax assets and liabilities are as follows: February 28, 2023 2022 Deferred tax assets: Allowance for doubtful accounts $ 57,200 $ 90,900 Inventory overhead capitalization 170,100 203,500 Inventory valuation allowance 132,500 137,900 Inventory valuation allowance – noncurrent 112,200 103,200 Allowance for sales returns 27,200 27,200 Research and development capitalization 291,600 - Net operating loss carryforward (1) 830,900 - Accruals 1,069,100 953,600 Total deferred tax assets 2,690,800 1,516,300 Deferred tax liabilities: Property, plant and equipment (1,894,000 ) (1,397,600 ) Total deferred tax liabilities (1,894,000 ) (1,397,600 ) Net deferred income tax assets $ 796,800 $ 118,700 (1) The Company’s net operating loss (“NOL”) carryforward was generated from losses incurred in fiscal 2023. The Company’s NOL can be carried forward indefinitely, but are limited to a 80% maximum offset of taxable income. Authoritative guidance requires a valuation allowance to be established when determining whether deferred tax assets are more likely-than-not to be realized. Based on the Company’s evaluation, we determined the net deferred tax assets do meet the requirements to be realized, and as such, no valuation allowance has been established. The components of income tax expense (benefit) are as follows: February 28, 2023 2022 Current: Federal (1) $ - $ 2,663,900 State (1) - 623,700 - 3,287,600 Deferred: Federal (719,700 ) (304,400 ) State (202,300 ) (54,100 ) (922,000 ) (358,500 ) Total income tax expense (benefit) $ (922,000 ) $ 2,929,100 (1) The Company incurred losses in fiscal 2023, resulting in a net operating loss carryforward and reclassification from current to deferred. The following reconciles our expected income tax rate to the U.S. federal statutory income tax rate: February 28, 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % U.S. state and local income taxes–net of federal benefit 5.7 % 5.5 % Other 0.2 % (0.4 )% Total income tax expense 26.9 % 26.1 % We file our tax returns in the U.S. and certain state jurisdictions in which we have nexus. We are no longer subject to income tax examinations by tax authorities for fiscal years before 2017. Based upon a review of our income tax filing positions, we believe that our positions would be sustained upon an audit and do not anticipate any adjustments that would result in a material change to our financial position. Therefore, no reserves for uncertain income tax positions have been recorded. We classify interest and penalties associated with income taxes as a component of income tax expense on the statements of operations. |
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN | 12 Months Ended |
Feb. 28, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [Text Block] | 7. EMPLOYEE BENEFIT PLAN The Company has created the Educational Development Corporation Employee 401(k) Plan (“EDC 401(k) Plan”) as a benefit plan for employees offering retirement investment options as well as profit sharing with its employees, in the form of matching contributions. The EDC 401(k) Plan includes, as an investment option, the ability to purchase shares of the Company’s stock which the Plan Administrator acquires directly from the NASDAQ. This plan incorporates the provisions of Section 401(k) of the Internal Revenue Code that allow favorable tax treatments on investments. The EDC 401(k) Plan is available to all employees that meet specific age and length of service requirements. The Company’s matching contributions are discretionary and approved annually at a meeting of the EDC 401(k) Plan’s Trustees and Company’s management. Matching contributions made to the Plan by the Company totaled $160,800 and $161,300 during the years ended February 28, 2023 and February 28, 2022, respectively. |
LEASES
LEASES | 12 Months Ended |
Feb. 28, 2023 | |
Disclosure Text Block [Abstract] | |
Lessor, Operating Leases [Text Block] | 8. LEASES We have both lessee and lessor arrangements. Our lessee arrangements include four rental agreements where we have the exclusive use of dedicated office space in San Diego, California, warehouse and office space in Layton, Utah, warehouse and office space in Seattle, Washington, and warehouse space locally in Tulsa, OK, all of which qualify as an operating lease. Our lessor arrangements includes one rental agreement for warehouse and office space in Tulsa, Oklahoma, and qualifies as an operating lease under ASC 842. Operating Leases Lessee We recognize a lease liability, reported in other liabilities on the balance sheets, for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset, reported in other assets on the balance sheets, for each lease, valued at the lease liability and adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. February 28, 2023 2022 Operating lease assets: Right-of-use assets $ 823,600 $ 495,800 Operating lease liabilities: Current lease liabilities $ 347,800 $ 111,000 Long-term lease liabilities $ 475,800 $ 384,800 Weighted-average remaining lease term (months) 36.3 57.0 Weighted-average discount rate 4.01 % 3.06 % Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses in our statements of operations. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. February 28, 2023 2022 Fixed lease costs $ 154,400 $ 35,300 Future minimum rental payments under operating leases with initial terms greater than one year as of February 28, 2023, are as follows: Years ending February 28 (29), 2024 402,700 2025 270,500 2026 122,200 2027 72,800 Total future minimum rental payments 868,200 Less: imputed interest (44,600 ) Total operating lease liabilities $ 823,600 The following table provides further information about our operating leases reported in our financial statements: February 28, 2023 2022 Operating cash flows – operating leases $ 154,400 $ 35,300 Operating Leases Lessor In connection with the 2015 purchase of our 400,000 square-foot facility on 40 acres, we entered into a 15-year lease with the seller, a non-related third party, who leases 181,300 square feet, or 45.3% of the facility. The lessee pays $121,500 per month, through the lease anniversary date of December 2023, with a 2.0% annual increase adjustment on each anniversary date thereafter. The lease terms allow for one five Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Years ending February 28 (29), 2024 1,568,900 2025 1,547,100 2026 1,524,300 2027 1,554,800 2028 1,585,900 Thereafter 4,950,300 Total $ 12,731,300 The cost of the leased space was approximately $10,637,900 and $10,834,300 as of February 28, 2023 and February 28, 2022, respectively. The accumulated depreciation associated with the leased assets was $2,853,200 and $2,603,300 as of February 28, 2023 and February 28, 2022, respectively. Both the leased assets and accumulated depreciation are included in property, plant and equipment-net on the balance sheets. |
DEBT
DEBT | 12 Months Ended |
Feb. 28, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9. DEBT Debt consists of the following: February 28, 2023 2022 Line of credit $ 10,634,500 $ 17,723,500 Floating rate term loan(s) (1) $ 20,475,000 $ 14,651,000 Fixed rate term loan 14,625,000 10,349,100 Total term debt 35,100,000 25,000,100 Less current portion (34,894,900 ) (2,542,200 ) Less debt issue cost (205,100 ) (48,400 ) Long-term debt, net $ - $ 22,409,500 (1) The February 28, 2022 floating rate term loans balance of $14,651,000 was comprised of the MidFirst Bank advancing term loans #1 and #2. On August 9, 2022, the Company repaid in full all outstanding indebtedness and terminated all commitments and obligations under its Amended and Restated Loan Agreement dated February 15, 2021 (as amended), between the Company and MidFirst Bank. The Company’s payment to MidFirst Bank, including interest, was $45,028,600, which satisfied all of the Company’s debt obligations with MidFirst Bank. The Company did not incur any early termination penalties as a result of the repayment of indebtedness or termination of the Amended and Restated Loan Agreement, which provided Term Loan #1, Advancing Term Loan #1, Advancing Term Loan #2 and the Revolving Loan. In connection with the repayment of outstanding indebtedness, the Company was automatically and permanently released from all security interests, mortgages, liens and encumbrances under the Amended and Restated Loan Agreement with MidFirst Bank. The material terms of the Amended and Restated Loan Agreement with MidFirst Bank are described in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 5, 2022. On August 9, 2022, the Company executed a new credit agreement (“Loan Agreement”) with BOKF, NA (“Bank of Oklahoma” or the “Lender”). The Loan Agreement establishes a fixed rate term loan in the principal amount of $15,000,000 (the “Fixed Rate Term Loan”), a floating rate term loan in the principal amount of $21,000,000 (the “Floating Rate Term Loan”; together with the Fixed Rate Term Loan, collectively, the “Term Loans”), and a revolving promissory note in the principal amount up to $15,000,000 (the “Revolving Loan” or “Line of Credit”). Features of the Loan Agreement include: (i) Term Loans on 20-year amortization with 5-year maturity date of August 9, 2027 (ii) Revolving Loan maturity date of August 9, 2023 (iii) Fixed Rate Term Loan bears interest at a fixed rate per annum equal to 4.26% (iv) Floating Rate Term Loan bears interest at a rate per annum equal to Term SOFR Rate + 1.75% (effective rate was 6.28% at February 28, 2023) (v) Revolving Loan bears interest at a rate per annum equal to Term SOFR Rate + 2.50% (effective rate was 7.03% at February 28, 2023) (vi) Revolving Loan allows for Letters of Credit up to $7,500,000 upon bank approval (none were outstanding at February 28, 2023) The Loan Agreement also contains provisions that require the Company to maintain a minimum fixed charge ratio and limits any additional debt with other lenders. The Company was in violation of the minimum fixed charge ratio covenant as of February 28, 2023, for which the Company obtained a written waiver of compliance from the Lender. Available credit under the current $15,000,000 revolving line of credit with the Company’s Lender was approximately $4,365,500 at February 28, 2023. On December 22, 2022, the Company executed the First Amendment to our Loan Agreement with the Lender. This amendment clarified the definition of the Fixed Charge Coverage Ratio to exclude dividends paid prior to November 30, 2022, and placed restrictions on acquisitions and cash dividends. On May 10, 2023, the Company executed the Second Amendment to our Loan Agreement with the Lender. This amendment waived the fixed charge ratio default which occurred on February 28, 2023. The Second Amendment also added a cumulative maximum level of fiscal year to date inventory purchases through the expiration of the Revolving Loan Agreement, increased the borrowing rate on the Company’s Revolving Loan to Term SOFR Rate plus 3.5%, requires certain swap agreements, reduced the revolving commitment from $15,000,000 to $14,000,000, effective May 10, 2023, and further reduced the revolving commitment to $13,500,000, effective July 15, 2023, among other items. The Company does not expect to meet the fixed charge ratio, outlined in the amended Loan Agreement, during fiscal year 2024. Under the terms of the amended Loan Agreement, not meeting this ratio could represent an Event of Default. Should an Event of Default occur, the Lender will have the right to accelerate the maturities of the Fixed Rate Term Loan and Floating Rate Term Loan. As an Event of Default is expected, and no waiver of the Event of Default is guaranteed to be received by the Lender, the long-term maturities of the Fixed Rate Term Loan and Float Rate Term Loan have been reclassified as current liabilities. While the Company received a waiver for the fixed charge ratio default that occurred on February 28, 2023, the borrowing and purchasing capacity was restricted and management's forecast indicated that the Company will be out of compliance in future periods. An Event of Default is expected associated with the amended Loan Agreement, there is no guaranty that the Event of Default will be waived by the Lender, and the bank may choose to accelerate the maturities of the Fixed Rate Term Loan and Floating Rate Term Loan. These conditions, among others in the aggregate, raise substantial doubt over the Company's ability to continue as a going concern. Management has plans to enter into a new financing agreement by August 9, 2023, with the Lender, that will allow it to operate without default and reclassify the non-current portions of the Fixed Rate Term Loan and Floating Rate Term Loan as long-term liabilities. In addition, management’s plans include reducing inventory and related borrowing costs, building the active PaperPie Brand Partners to pre-pandemic levels, as the distraction and costs associated with the rebrand that occurred in fiscal year 2023 are expected to have a lesser impact in the future, reducing expenses due to lower revenue volumes and receipt of the contingent Employee Retention Credit. Although there is no guarantee, we believe management's plans are probable of being achieved to alleviate the substantial doubt about our ability to continue as a going concern and we will have sufficient liquidity to meet our obligations as they become due over the next twelve months. The following table reflects aggregate current maturities of term debt, excluding the Revolving Loan, during the next fiscal years as follows: Year ending February 29, 2024 $ 35,100,000 Total $ 35,100,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Feb. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES As of February 28, 2023, the Company had outstanding purchase commitments for inventory totaling $4,868,600, which will be received and payments due during fiscal year 2024. Of these inventory commitments, $2,309,000 were with Usborne, $2,103,300 with various Kane Miller publishers and the remaining $456,300 with other suppliers. As a response to the COVID-19 outbreak, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which contained a number of programs to assist workers, families and businesses. Part of the CARES Act provides an Employee Retention Credit (“ERC”) which is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid, up to $10,000 per employee annually, from March 12, 2020 through January 1, 2021. Additional relief provisions were passed by the United States government, which extended and expanded the qualified wage caps on these credits to 70% of qualified wages paid, up to $10,000 per employee per quarter, through September 30, 2021. At the time of the original filing of Form 941, we were unaware that we qualified for the ERC. Subsequent to the original filing, we became aware of our qualification based on a more than nominal impact to the business due to a government order/mandate. We recognized our qualification during the fourth quarter of fiscal 2023 based on a study provided by a third party amounting to $1,369,900 in the first quarter of 2021, $1,065,900 in the second quarter of 2021, and $1,196,100 in the third quarter of 2021. On April 11, 2023 the Company filed 2021 Q1, Q2 and Q3 941-X forms to claim a refund for the ERC. Due to the subjectivity of the credit, the Company elected to account for the ERC as a gain under ASC 450-30, Gain Contingencies. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Feb. 28, 2023 | |
Share-Based Payment Arrangement, Disclosure [Abstract] | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | 11. SHARE-BASED COMPENSATION We account for share-based compensation whereby share-based payment transactions with employees, such as stock options and restricted stock, are measured at estimated fair value at the date of grant. For awards subject to service conditions, compensation expense is recognized over the vesting period on a straight-line basis. Awards subject to performance conditions are attributed separately for each vesting tranche of the award and are recognized ratably from the service inception date to the vesting date for each tranche. Forfeitures are recognized when they occur. The probability of restricted share awards granted with future performance conditions is evaluated at each reporting period and share awards are updated and compensation expense is adjusted based on updated information. In July 2018, our shareholders approved the Company’s 2019 Long-Term Incentive Plan (“2019 LTI Plan”). The 2019 LTI Plan established up to 600,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2019, 2020 or 2021. The Company exceeded all defined metrics during these fiscal years and 600,000 shares were granted to members of management according to the Plan. The granted shares under the 2019 LTI Plan “cliff vest” after five years from the fiscal year that the defined metrics were exceeded. In July 2021, our shareholders approved the Company’s 2022 Long-Term Incentive Plan (“2022 LTI Plan”). The 2022 LTI Plan establishes up to 300,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2022 and 2023. The number of restricted shares to be distributed depends on attaining the performance metrics defined by the 2022 LTI Plan and may result in the distribution of a number of shares that is less than, but not greater than, the number of restricted shares outlined in the terms of the 2022 LTI Plan. Restricted shares granted under the 2022 LTI Plan “cliff vest” after five years from the fiscal year that the defined metrics were exceeded. During fiscal year 2019, the Company granted 308,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $9.94 per share. In fiscal year 2021, 5,000 restricted shares were forfeited and later regranted to other participants. During fiscal year 2023, 10,000 restricted shares were forfeited, along with 969 additional shares purchased with dividends received from the original issue date. The 10,000 forfeited shares were re-granted to participants during the fiscal 2023 third quarter with an average grant-date fair value of $2.08. The 969 shares purchased with dividends were not reissued. The 303,000 outstanding shares were vested on February 28, 2023. During fiscal year 2021, the Company granted 297,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $6.30 per share. During fiscal year 2023, 18,000 restricted shares were forfeited, along with 760 additional shares purchased with dividends received from the original issue date. The 18,000 forfeited shares were re-granted to participants during fiscal 2023 with an average grant-date fair value of $2.08. The 760 shares purchased with dividends were not reissued. The remaining compensation expense of these awards, totaling approximately $769,500 as of February 28, 2023, will be recognized ratably over the remaining vesting period of 24 months. As of February 28, 2023, no shares were granted under the 2022 LTI Plan. A summary of compensation expense recognized in connection with restricted share awards as follows: Year Ended February 28, 2023 2022 Share-based compensation expense $ 907,800 $ 1,046,500 The following table summarizes stock award activity during fiscal year 2023 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2022 600,000 $ 8.14 Granted 28,000 2.08 Vested (303,000 ) 9.68 Forfeited (28,000 ) 7.60 Outstanding at February 28, 2023 297,000 $ 6.04 As of February 28, 2023, total unrecognized share-based compensation expense related to unvested restricted shares was $769,500, which we expect to recognize over a weighted-average period of 24.0 months. |
STOCK REPURCHASE PLAN
STOCK REPURCHASE PLAN | 12 Months Ended |
Feb. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement [Text Block] | 12. STOCK REPURCHASE PLAN In April 2008, the Board of Directors authorized us to repurchase up to an additional 1,000,000 shares of our common stock under the plan initiated in 1998 (“amended 2008 plan”). On February 4, 2019, the Board of Directors replaced the amended 2008 plan with a new plan which authorized us to repurchase up to 800,000 shares of outstanding common stock in the open market or in privately negotiated transactions, and to utilize any derivative or similar instrument to effect share repurchase transactions (including without limitation, accelerated share repurchase contracts, equity forward transactions, equity swap transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). This plan has no expiration date. During fiscal years 2023 and 2022, there were no repurchases under the 2019 stock repurchase plan. The maximum number of shares that may be repurchased in the future is 514,594. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended |
Feb. 28, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 13. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of the quarterly results of operations for the years ended February 28, 2023 and February 28, 2022: Net Revenues Gross Margin Net Earnings (Loss) Basic Earnings (Loss) Per Share Diluted Earnings (Loss) Per Share 2023 First quarter $ 23,160,900 $ 15,309,400 $ 215,800 $ 0.03 $ 0.03 Second quarter 19,418,300 12,478,600 (801,900 ) (0.10 ) (0.10 ) Third quarter 30,269,400 19,228,000 900 0.00 0.00 Fourth quarter 14,980,400 9,053,800 (1,919,700 ) (0.24 ) (0.24 ) Total year $ 87,829,000 $ 56,069,800 $ (2,504,900 ) $ (0.31 ) $ (0.31 ) 2022 First quarter $ 40,807,900 $ 28,778,000 $ 3,438,100 $ 0.43 $ 0.41 Second quarter 32,994,400 22,495,500 1,898,200 0.23 0.22 Third quarter 45,112,300 31,215,000 2,646,600 0.33 0.31 Fourth quarter 23,314,200 15,442,800 323,900 0.04 0.04 Total year $ 142,228,800 $ 97,931,300 $ 8,306,800 $ 1.03 $ 0.98 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Feb. 28, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 14. BUSINESS SEGMENTS We have two reportable segments: PaperPie and Publishing. These reportable segments are business units that offer different methods of distribution to different types of customers. They are managed separately based on the fundamental differences in their operations. Our PaperPie segment markets its products through a network of independent brand partners using a combination of internet sales, direct sales, home shows and book fairs. Our Publishing segment markets its products to retail accounts, which include book, school supply, toy and gift stores, museums, trade and specialty wholesalers, through commissioned sales representatives and our internal tele-sales group. See Note 3 for the impact of our updated distribution agreement on the Publishing segment. The accounting policies of the segments are the same as those of the rest of the Company. We evaluate segment performance based on earnings before income taxes of the segments, which is defined as segment net revenues reduced by cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments but are listed in the “Other” row below. Corporate expenses include the executive department, accounting department, information services department, general office management, warehouse operations and building facilities management. Our assets and liabilities are not allocated on a segment basis. Information by industry segment for the years ended February 28, 2023 and February 28, 2022 is set forth below: NET REVENUES 2023 2022 Publishing $ 13,282,300 $ 13,250,300 PaperPie 74,546,700 128,978,500 Total $ 87,829,000 $ 142,228,800 EARNINGS (LOSS) BEFORE INCOME TAXES 2023 2022 Publishing $ 3,186,800 $ 3,639,800 PaperPie 9,170,600 24,437,500 Other (15,784,300 ) (16,841,400 ) Total $ (3,426,900 ) $ 11,235,900 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Feb. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 15. FINANCIAL INSTRUMENTS The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments: - The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. - The estimated fair value of our term notes payable is estimated by management to approximate $34,253,500 and $24,521,600 as of February 28, 2023 and February 28, 2022, respectively. Management's estimates are based on the obligations' characteristics, including floating interest rate, maturity, and collateral. |
DEFERRED REVENUES
DEFERRED REVENUES | 12 Months Ended |
Feb. 28, 2023 | |
Insurance [Abstract] | |
Deferred Revenue Disclosure [Text Block] | 16. DEFERRED REVENUES The Company’s PaperPie division receives payments on orders in advance of shipment. Any payments received prior to our fiscal year end that were not shipped as of February 28, 2023 and February 28, 2022 are recorded as deferred revenues on the balance sheets. We received approximately $602,700 and $681,600 as of February 28, 2023 and February 28, 2022, respectively, in payments for sales orders which were, or will be, shipped out subsequent to the fiscal year end. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Feb. 28, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 17. SUBSEQUENT EVENTS On May 10, 2023, the Company executed the Second Amendment to our Loan Agreement with BOKF, NA. This amendment waived the fixed charge ratio default which occurred on February 28, 2023. The Second Amendment also added a cumulative maximum level of fiscal year to date inventory purchases through the expiration of the Revolving Loan Agreement, increased the borrowing rate on the Company’s Revolving Loan to Term SOFR Rate + 3.5%, reduced the revolving commitment from $15,000,000 to $14,000,000, effective May 10, 2023, and further reduced the revolving commitment to $13,500,000, effective July 15, 2023, among lesser items. See Note 9 for more information about our going concern assessment. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Business |
Use of Estimates, Policy [Policy Text Block] | Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Sales Concentration |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Receivable [Policy Text Block] | Accounts Receivable Management periodically reviews accounts receivable balances and, based on an assessment of historical bad debts, current customer receivable balances, age of customer receivable balances, customers’ financial conditions and current economic trends, estimates the portion of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation account based on its assessment of the current status of the individual accounts. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Recoveries of accounts receivable previously written off are recorded as income when received. |
Inventory, Policy [Policy Text Block] | Inventories The Company assumes title and responsibility for inventory purchased according to the contract language with our suppliers and the individual shipment terms for the order. The Company maintains insurance for the value of the inventory once the title has been passed until it is received at our warehouse (“inventory in transit”). Brand Partners that meet certain eligibility requirements may request and receive inventory on consignment. Consignment inventory is stated at the lower of cost or net realizable value, less an estimated reserve for consignment inventory that is not expected to be sold or returned to the Company. The total cost of inventory on consignment, excluding the estimated reserve, with Brand Partners was $1,531,600 and $1,399,200 at February 28, 2023 and February 28, 2022, respectively. The Company has reserved for consignment inventory not expected to be sold or returned of $488,500 and $505,100 as of February 28, 2023 and February 28, 2022, respectively. Inventories are presented net of a valuation allowance, which includes reserves for inventory obsolescence and Brand Partner consignment inventory that is not expected to be sold or returned. Management estimates the allowance for both current and noncurrent inventory. The allowance is based on management’s identification of slow-moving inventory and estimated consignment inventory that will not be sold or returned. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Building 30 years Building improvements 5 – 15 years Machinery and equipment 3 – 15 years Capitalized software 4 years Furniture and fixtures 3 years Molds and tooling 3 – 5 years Capitalized projects that are not placed in service are recorded as in progress and are not depreciated until the related assets are placed in service, including capitalized software. The development of customer and Brand Partner software applications are critical to our ongoing business operations and included in capitalized software. External and internal costs associated with the development of new software applications incurred during the application development stage are capitalized. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets |
Lessee, Leases [Policy Text Block] | Leases |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Revenue [Policy Text Block] | Revenue Recognition The majority of PaperPie’s sales contracts have a single performance obligation and are short-term in nature. PaperPie’s sales are generally collected at the time the product is ordered. Sales which have been paid for but not shipped are classified as deferred revenue on the balance sheets. Sales associated with consignment inventory are recognized when reported by the consignee and payment associated with the sale has been collected. Transportation revenue represents the amount billed to the customer for shipping the product and is recorded when the product is shipped. Certain PaperPie sales contracts associated with the hostess award programs include sales incentives, such as discounted products. These incentives provide a separate performance obligation in the contract and material right to the customer. The transaction price is allocated to the material right based on its relative standalone selling price and is recognized in revenue as the performance obligations are satisfied, which occurs at shipping point or at the expiration of the material right. As the products included as sales incentives are shipped with the associated products ordered, there is no deferral required. Revenues allocated to the material right are recognized in gross sales, discounts and allowances and cost of goods sold in our statements of operations. The majority of Publishing’s sales contracts have a single performance obligation and are short-term in nature. Publishing’s sales may be collected at the time the product is shipped or the customers may be given payment terms based primarily on their credit worthiness and payment history. Estimated allowances for sales returns, which reduce net revenues and cost of goods sold, are recorded as sales are recognized. Management uses a moving average calculation to estimate the allowance for sales returns. We are not responsible for product damaged in transit. Damaged returns are primarily from retail stores. These returns result from damage that occurs in the stores, not in shipping to the stores. It is industry practice to accept non-damaged returns from retail customers. Management has estimated sales returns of approximately $201,500 as of both February 28, 2023 and February 28, 2022, which is included in other current liabilities on the Company’s balance sheets. In addition, management has recorded an asset for the expected value of non-damaged inventories to be returned. The estimated value of returned products of $100,800 is included in other current assets on the Company’s balance sheets as of both February 28, 2023 and February 28, 2022. The Company generally expenses sales commissions in the same period that the revenue is recognized. These costs are recorded within operating expenses. The Company does not disclose the value of unsatisfied performance obligations for contracts with an unexpected length of one year or less. |
Advertising Cost [Policy Text Block] | Advertising Costs |
Cost of Goods and Service [Policy Text Block] | Shipping and Handling Costs |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Year Ended February 28, 2023 2022 Earnings (loss) per share: Net earnings (loss) applicable to common shareholders $ (2,504,900 ) $ 8,306,800 Shares: Weighted average shares outstanding-basic 8,157,704 8,039,843 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 412,497 Weighted average shares outstanding-diluted 8,157,704 8,452,340 Diluted earnings (loss) per share: Basic $ (0.31 ) $ 1.03 Diluted $ (0.31 ) $ 0.98 As shown in the table below, the following shares have not been included in the calculation of diluted earnings (loss) per share as they would be anti-dilutive to the calculation above. Year Ended February 28, 2023 2022 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 222,395 - |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements |
Liquidity, Policy [Policy Text Block] | Liquidity - Disclosure of Uncertainties about an Entity s Ability to Continue as a Going Concern (Subtopic 205-40) Determining the extent to which conditions or events raise substantial doubt about our ability to continue as a going concern and the extent to which mitigating plans sufficiently alleviate any such substantial doubt requires significant judgment and estimation by us. Our significant estimates related to this analysis may include identifying business factors such as changes in our brand partners, growth and profitability used in the forecasted financial results and liquidity. Further, we make assumptions about the probability that management's plans will be effectively implemented and alleviate substantial doubt and our ability to continue as a going concern. We believe that the estimated values used in our going concern analysis are based on reasonable assumptions. However, such assumptions are inherently uncertain and actual results could differ materially from those estimates. See Note 9 for more information about our going concern assessment. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Year Ended February 28, 2023 2022 Earnings (loss) per share: Net earnings (loss) applicable to common shareholders $ (2,504,900 ) $ 8,306,800 Shares: Weighted average shares outstanding-basic 8,157,704 8,039,843 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 412,497 Weighted average shares outstanding-diluted 8,157,704 8,452,340 Diluted earnings (loss) per share: Basic $ (0.31 ) $ 1.03 Diluted $ (0.31 ) $ 0.98 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As shown in the table below, the following shares have not been included in the calculation of diluted earnings (loss) per share as they would be anti-dilutive to the calculation above. Year Ended February 28, 2023 2022 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 222,395 - |
Property, Plant and Equipment, Estimated Useful Life [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful life, as follows: Building 30 years Building improvements 5 – 15 years Machinery and equipment 3 – 15 years Capitalized software 4 years Furniture and fixtures 3 years Molds and tooling 3 – 5 years |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory [Table Text Block] | Inventories consist of the following: February 28, 2023 2022 Current: Product inventory $ 59,577,400 $ 72,064,400 Inventory valuation allowance (490,900 ) (510,800 ) Inventories net - current $ 59,086,500 $ 71,553,600 Noncurrent: Product inventory $ 5,135,200 $ 2,437,600 Inventory valuation allowance (415,600 ) (382,300 ) Inventories net - noncurrent $ 4,719,600 $ 2,055,300 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Property, Plant and Equipment [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following: February 28, 2023 2022 Land $ 4,107,200 $ 4,107,200 Building 20,424,900 20,424,900 Building improvements 2,274,200 2,274,100 Machinery and equipment 14,234,900 14,223,500 Furniture and fixtures 121,700 110,800 Capitalized software 1,236,300 1,151,900 Molds and tooling 704,000 - Capitalized software - in progress 1,265,000 496,900 Total property, plant and equipment 44,368,200 42,789,300 Less accumulated depreciation (14,711,800 ) (12,305,300 ) Property, plant and equipment-net $ 29,656,400 $ 30,484,000 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following: February 28, 2023 2022 Accrued royalties $ 504,400 $ 873,800 Accrued PaperPie incentives 1,189,900 1,610,800 Accrued freight 120,300 191,400 Sales tax payable 394,800 499,900 Allowance for expected inventory returns 201,500 201,500 Other 883,100 520,500 Total other current liabilities $ 3,294,000 $ 3,897,900 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax assets and liabilities are as follows: February 28, 2023 2022 Deferred tax assets: Allowance for doubtful accounts $ 57,200 $ 90,900 Inventory overhead capitalization 170,100 203,500 Inventory valuation allowance 132,500 137,900 Inventory valuation allowance – noncurrent 112,200 103,200 Allowance for sales returns 27,200 27,200 Research and development capitalization 291,600 - Net operating loss carryforward (1) 830,900 - Accruals 1,069,100 953,600 Total deferred tax assets 2,690,800 1,516,300 Deferred tax liabilities: Property, plant and equipment (1,894,000 ) (1,397,600 ) Total deferred tax liabilities (1,894,000 ) (1,397,600 ) Net deferred income tax assets $ 796,800 $ 118,700 (1) The Company’s net operating loss (“NOL”) carryforward was generated from losses incurred in fiscal 2023. The Company’s NOL can be carried forward indefinitely, but are limited to a 80% maximum offset of taxable income. Authoritative guidance requires a valuation allowance to be established when determining whether deferred tax assets are more likely-than-not to be realized. Based on the Company’s evaluation, we determined the net deferred tax assets do meet the requirements to be realized, and as such, no valuation allowance has been established. |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense (benefit) are as follows: February 28, 2023 2022 Current: Federal (1) $ - $ 2,663,900 State (1) - 623,700 - 3,287,600 Deferred: Federal (719,700 ) (304,400 ) State (202,300 ) (54,100 ) (922,000 ) (358,500 ) Total income tax expense (benefit) $ (922,000 ) $ 2,929,100 (1) The Company incurred losses in fiscal 2023, resulting in a net operating loss carryforward and reclassification from current to deferred. |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following reconciles our expected income tax rate to the U.S. federal statutory income tax rate: February 28, 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % U.S. state and local income taxes–net of federal benefit 5.7 % 5.5 % Other 0.2 % (0.4 )% Total income tax expense 26.9 % 26.1 % |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | We recognize a lease liability, reported in other liabilities on the balance sheets, for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset, reported in other assets on the balance sheets, for each lease, valued at the lease liability and adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. February 28, 2023 2022 Operating lease assets: Right-of-use assets $ 823,600 $ 495,800 Operating lease liabilities: Current lease liabilities $ 347,800 $ 111,000 Long-term lease liabilities $ 475,800 $ 384,800 Weighted-average remaining lease term (months) 36.3 57.0 Weighted-average discount rate 4.01 % 3.06 % February 28, 2023 2022 Fixed lease costs $ 154,400 $ 35,300 February 28, 2023 2022 Operating cash flows – operating leases $ 154,400 $ 35,300 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Future minimum rental payments under operating leases with initial terms greater than one year as of February 28, 2023, are as follows: Years ending February 28 (29), 2024 402,700 2025 270,500 2026 122,200 2027 72,800 Total future minimum rental payments 868,200 Less: imputed interest (44,600 ) Total operating lease liabilities $ 823,600 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Years ending February 28 (29), 2024 1,568,900 2025 1,547,100 2026 1,524,300 2027 1,554,800 2028 1,585,900 Thereafter 4,950,300 Total $ 12,731,300 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt consists of the following: February 28, 2023 2022 Line of credit $ 10,634,500 $ 17,723,500 Floating rate term loan(s) (1) $ 20,475,000 $ 14,651,000 Fixed rate term loan 14,625,000 10,349,100 Total term debt 35,100,000 25,000,100 Less current portion (34,894,900 ) (2,542,200 ) Less debt issue cost (205,100 ) (48,400 ) Long-term debt, net $ - $ 22,409,500 (1) The February 28, 2022 floating rate term loans balance of $14,651,000 was comprised of the MidFirst Bank advancing term loans #1 and #2. |
Schedule of Maturities of Long-Term Debt [Table Text Block] | The following table reflects aggregate current maturities of term debt, excluding the Revolving Loan, during the next fiscal years as follows: Year ending February 29, 2024 $ 35,100,000 Total $ 35,100,000 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Share-Based Payment Arrangement, Disclosure [Abstract] | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | A summary of compensation expense recognized in connection with restricted share awards as follows: Year Ended February 28, 2023 2022 Share-based compensation expense $ 907,800 $ 1,046,500 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes stock award activity during fiscal year 2023 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2022 600,000 $ 8.14 Granted 28,000 2.08 Vested (303,000 ) 9.68 Forfeited (28,000 ) 7.60 Outstanding at February 28, 2023 297,000 $ 6.04 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following is a summary of the quarterly results of operations for the years ended February 28, 2023 and February 28, 2022: Net Revenues Gross Margin Net Earnings (Loss) Basic Earnings (Loss) Per Share Diluted Earnings (Loss) Per Share 2023 First quarter $ 23,160,900 $ 15,309,400 $ 215,800 $ 0.03 $ 0.03 Second quarter 19,418,300 12,478,600 (801,900 ) (0.10 ) (0.10 ) Third quarter 30,269,400 19,228,000 900 0.00 0.00 Fourth quarter 14,980,400 9,053,800 (1,919,700 ) (0.24 ) (0.24 ) Total year $ 87,829,000 $ 56,069,800 $ (2,504,900 ) $ (0.31 ) $ (0.31 ) 2022 First quarter $ 40,807,900 $ 28,778,000 $ 3,438,100 $ 0.43 $ 0.41 Second quarter 32,994,400 22,495,500 1,898,200 0.23 0.22 Third quarter 45,112,300 31,215,000 2,646,600 0.33 0.31 Fourth quarter 23,314,200 15,442,800 323,900 0.04 0.04 Total year $ 142,228,800 $ 97,931,300 $ 8,306,800 $ 1.03 $ 0.98 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Feb. 28, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information by industry segment for the years ended February 28, 2023 and February 28, 2022 is set forth below: 2023 2022 Publishing $ 13,282,300 $ 13,250,300 PaperPie 74,546,700 128,978,500 Total $ 87,829,000 $ 142,228,800 2023 2022 Publishing $ 3,186,800 $ 3,639,800 PaperPie 9,170,600 24,437,500 Other (15,784,300 ) (16,841,400 ) Total $ (3,426,900 ) $ 11,235,900 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | 1,531,600 | $ 1,399,200 |
Inventory Valuation Reserves | 488,500 | 505,100 |
Asset Impairment Charges | 0 | 0 |
Other Liabilities, Current | 3,294,000 | 3,897,900 |
Advertising Expense | 428,600 | 765,100 |
Cost of Goods and Services Sold | 31,759,200 | 44,297,500 |
Returned Products [Member] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Other Assets, Current | 100,800 | |
Sales Returns and Allowances [Member] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Other Liabilities, Current | 201,500 | |
Shipping and Handling [Member] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Cost of Goods and Services Sold | $ 13,588,400 | $ 22,005,600 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property, Plant and Equipment | Feb. 28, 2023 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 30 years |
Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 15 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 15 years |
Software Development [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Tools, Dies and Molds [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Tools, Dies and Molds [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Diluted Earnings Per Share - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2023 | Feb. 28, 2022 | |
Earnings (loss) per share: | ||||||||||
Net earnings (loss) applicable to common shareholders (in Dollars) | $ (2,504,900) | $ 8,306,800 | ||||||||
Shares: | ||||||||||
Weighted average shares outstanding-basic | 8,157,704 | 8,039,843 | ||||||||
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards | 0 | 412,497 | ||||||||
Weighted average shares outstanding-diluted | 8,157,704 | 8,452,340 | ||||||||
Diluted earnings (loss) per share: | ||||||||||
Basic (in Dollars per share) | $ (0.24) | $ 0 | $ (0.1) | $ 0.03 | $ 0.04 | $ 0.33 | $ 0.23 | $ 0.43 | $ (0.31) | $ 1.03 |
Diluted (in Dollars per share) | $ (0.24) | $ 0 | $ (0.1) | $ 0.03 | $ 0.04 | $ 0.31 | $ 0.22 | $ 0.41 | $ (0.31) | $ 0.98 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Weighted average shares: | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 222,395 | 0 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Inventory Disclosure [Abstract] | ||
Other Inventory, in Transit, Gross | $ 850,100 | $ 2,732,400 |
INVENTORIES (Details) - Schedu
INVENTORIES (Details) - Schedule of Inventory, Noncurrent - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Inventory Current [Member] | ||
Current: | ||
Book inventory | $ 59,577,400 | $ 72,064,400 |
Inventory valuation allowance | (490,900) | (510,800) |
Inventories net | 59,086,500 | 71,553,600 |
Inventory, Noncurrent [Member] | ||
Current: | ||
Book inventory | 5,135,200 | 2,437,600 |
Inventory valuation allowance | (415,600) | (382,300) |
Inventories net | $ 4,719,600 | $ 2,055,300 |
BUSINESS CONCENTRATION (Details
BUSINESS CONCENTRATION (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2023 | Feb. 28, 2022 | Dec. 05, 2022 | Aug. 31, 2020 | May 31, 2020 | |
BUSINESS CONCENTRATION (Details) [Line Items] | |||||||||||||
Gain Contingency, Unrecorded Amount | $ 1,000,000 | $ 1,000,000 | $ 1,369,900 | $ 1,196,100 | $ 1,065,900 | ||||||||
Revenues | 14,980,400 | $ 30,269,400 | $ 19,418,300 | $ 23,160,900 | $ 23,314,200 | $ 45,112,300 | $ 32,994,400 | $ 40,807,900 | 87,829,000 | $ 142,228,800 | |||
Payments for Purchase of Other Assets | 20,377,600 | 64,670,700 | |||||||||||
Inventory, Net | 59,086,500 | 71,553,600 | 59,086,500 | 71,553,600 | |||||||||
England Based Publishing Company [Member] | |||||||||||||
BUSINESS CONCENTRATION (Details) [Line Items] | |||||||||||||
Payments for Purchase of Other Assets | 11,448,500 | 42,596,300 | |||||||||||
Accounts Payable | 117,600 | 6,361,500 | 117,600 | 6,361,500 | |||||||||
Inventory, Net | $ 35,363,500 | $ 44,170,000 | $ 35,363,500 | $ 44,170,000 | |||||||||
Revenue Benchmark [Member] | Product Concentration Risk [Member] | |||||||||||||
BUSINESS CONCENTRATION (Details) [Line Items] | |||||||||||||
Concentration Risk, Percentage | 83.10% | 86.50% | |||||||||||
Revenues | $ 23,220,600 | $ 24,341,100 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 44,368,200 | $ 42,789,300 |
Less accumulated depreciation | (14,711,800) | (12,305,300) |
Property, Plant and Equipment, Net | 29,656,400 | 30,484,000 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,107,200 | 4,107,200 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 20,424,900 | 20,424,900 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,274,200 | 2,274,100 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 14,234,900 | 14,223,500 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 121,700 | 110,800 |
Software Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,236,300 | 1,151,900 |
Tools, Dies and Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 704,000 | 0 |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,265,000 | $ 496,900 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - Schedule of Other Current Liabilities - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Schedule Of Other Current Liabilities Abstract | ||
Accrued royalties | $ 504,400 | $ 873,800 |
Accrued PaperPie incentives | 1,189,900 | 1,610,800 |
Accrued freight | 120,300 | 191,400 |
Sales tax payable | 394,800 | 499,900 |
Allowance for expected inventory returns | 201,500 | 201,500 |
Other | 883,100 | 520,500 |
Total other current liabilities | $ 3,294,000 | $ 3,897,900 |
INCOME TAXES (Details) - Sched
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 | |
Deferred tax assets: | |||
Allowance for doubtful accounts | $ 57,200 | $ 90,900 | |
Inventory overhead capitalization | 170,100 | 203,500 | |
Inventory valuation allowance | 132,500 | 137,900 | |
Inventory valuation allowance – noncurrent | 112,200 | 103,200 | |
Allowance for sales returns | 27,200 | 27,200 | |
Research and development capitalization | 291,600 | 0 | |
Net operating loss carryforward (1) | [1] | 830,900 | 0 |
Accruals | 1,069,100 | 953,600 | |
Total deferred tax assets | 2,690,800 | 1,516,300 | |
Deferred tax liabilities: | |||
Property, plant and equipment | (1,894,000) | (1,397,600) | |
Total deferred tax liabilities | (1,894,000) | (1,397,600) | |
Net deferred income tax assets | $ 796,800 | $ 118,700 | |
[1]The Company’s net operating loss (“NOL”) carryforward was generated from losses incurred in fiscal 2023. The Company’s NOL can be carried forward indefinitely, but are limited to a 80% maximum offset of taxable income. Authoritative guidance requires a valuation allowance to be established when determining whether deferred tax assets are more likely-than-not to be realized. Based on the Company’s evaluation, we determined the net deferred tax assets do meet the requirements to be realized, and as such, no valuation allowance has been established. |
INCOME TAXES (Details) - Sch_2
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) | 12 Months Ended | ||
Feb. 28, 2023 | Feb. 28, 2022 | ||
Current: | |||
Federal (1) | [1] | $ 0 | $ 2,663,900 |
State (1) | [1] | 0 | 623,700 |
0 | 3,287,600 | ||
Deferred: | |||
Federal | (719,700) | (304,400) | |
State | (202,300) | (54,100) | |
(922,000) | (358,500) | ||
Total income tax expense (benefit) | $ (922,000) | $ 2,929,100 | |
[1]The Company incurred losses in fiscal 2023, resulting in a net operating loss carryforward and reclassification from current to deferred. |
INCOME TAXES (Details) - Sch_3
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Schedule Of Effective Income Tax Rate Reconciliation Abstract | ||
U.S. federal statutory income tax rate | 21% | 21% |
U.S. state and local income taxes–net of federal benefit | 5.70% | 5.50% |
Other | 0.20% | (0.40%) |
Total income tax expense | 26.90% | 26.10% |
EMPLOYEE BENEFIT PLAN (Details)
EMPLOYEE BENEFIT PLAN (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
401(k) Plan [Member] | ||
EMPLOYEE BENEFIT PLAN (Details) [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 160,800 | $ 161,300 |
LEASES (Details)
LEASES (Details) | 12 Months Ended | |
Feb. 28, 2023 USD ($) ft² a | Feb. 28, 2022 USD ($) | |
LEASES (Details) [Line Items] | ||
Area of Real Estate Property (in Square Feet) | ft² | 400,000 | |
Area of Land (in Acres) | a | 40 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | $ 10,637,900 | $ 10,834,300 |
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation | $ 2,853,200 | $ 2,603,300 |
San Diego, California and Layton, Utah [Member] | ||
LEASES (Details) [Line Items] | ||
Number of Rental Agreements | 4 | |
Tulsa, Oklahoma [Member] | ||
LEASES (Details) [Line Items] | ||
Number of Rental Agreements | 1 | |
Building [Member] | ||
LEASES (Details) [Line Items] | ||
Area of Real Estate Property (in Square Feet) | ft² | 181,300 | |
Lessee, Operating Lease, Term of Contract | 15 years | |
Area of Real Estate, Percentage Leased | 45.30% | |
Lessee, Operating Lease, Description | The lessee pays $121,500 per month, through the lease anniversary date of December 2023, with a 2.0% annual increase adjustment on each anniversary date thereafter. | |
Operating Lease, Expense | $ 121,500 | |
Lessee, Operating Lease, Renewal Term | 5 years |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Operating lease assets: | ||
Right-of-use assets | $ 823,600 | $ 495,800 |
Operating lease liabilities: | ||
Current lease liabilities | 347,800 | 111,000 |
Long-term lease liabilities | $ 475,800 | $ 384,800 |
Average remaining lease term (months) | 36 months 9 days | 57 months |
Discount Rate | 4.01% | 3.06% |
Fixed lease costs | $ 154,400 | $ 35,300 |
Operating cash flows – operating leases | $ 154,400 | $ 35,300 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity | Feb. 28, 2023 USD ($) |
Lessee Operating Lease Liability Maturity Abstract | |
2024 | $ 402,700 |
2025 | 270,500 |
2026 | 122,200 |
2027 | 72,800 |
Total future minimum rental payments | 868,200 |
Present value discount | (44,600) |
Total operating lease liability | $ 823,600 |
LEASES (Details) - Lessor, Oper
LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Feb. 28, 2023 USD ($) |
Lessor Operating Lease Payment To Be Received Fiscal Year Maturity Abstract | |
2024 | $ 1,568,900 |
2025 | 1,547,100 |
2026 | 1,524,300 |
2027 | 1,554,800 |
2028 | 1,585,900 |
Thereafter | 4,950,300 |
Total | $ 12,731,300 |
DEBT (Details)
DEBT (Details) - USD ($) | May 10, 2023 | Aug. 09, 2022 | Jul. 15, 2023 | Feb. 28, 2023 | Feb. 28, 2022 |
DEBT (Details) [Line Items] | |||||
Repayments of Debt | $ 45,028,600 | ||||
Debt Instrument, Maturity Date | Aug. 09, 2027 | ||||
Line of Credit Facility, Expiration Date | Aug. 09, 2023 | ||||
Letters of Credit Outstanding, Amount | $ 7,500,000 | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Fixed Rate Term Loan [Member] | |||||
DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 15,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.26% | ||||
Floating Rate Term Loan [Member] | |||||
DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 21,000,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 6.28% | ||||
Floating Rate Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Revolving Loan [Member] | |||||
DEBT (Details) [Line Items] | |||||
Debt Instrument, Face Amount | $ 15,000,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 7.03% | ||||
Revolving Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
DEBT (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Line of Credit [Member] | |||||
DEBT (Details) [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 14,000,000 | $ 13,500,000 | $ 15,000,000 | $ 4,365,500 |
DEBT (Details) - Schedule of D
DEBT (Details) - Schedule of Debt - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 | |
DEBT (Details) - Schedule of Debt [Line Items] | |||
Line of credit | $ 10,634,500 | $ 17,723,500 | |
Term loan | 35,100,000 | 25,000,100 | |
Less current portion | (34,894,900) | (2,542,200) | |
Less debt issue cost | (205,100) | (48,400) | |
Long-term debt, net | 0 | 22,409,500 | |
Advancing term loan #1 [Member] | |||
DEBT (Details) - Schedule of Debt [Line Items] | |||
Term loan | [1] | 20,475,000 | 14,651,000 |
Term loan #1 [Member] | |||
DEBT (Details) - Schedule of Debt [Line Items] | |||
Term loan | $ 14,625,000 | $ 10,349,100 | |
[1]The February 28, 2022 floating rate term loans balance of $14,651,000 was comprised of the MidFirst Bank advancing term loans #1 and #2. |
DEBT (Details) - Schedule of M
DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Schedule Of Maturities Of Long Term Debt Abstract | ||
2024 | $ 35,100,000 | |
Total | $ 35,100,000 | $ 25,000,100 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Feb. 28, 2023 | Dec. 05, 2022 | Aug. 31, 2020 | May 31, 2020 |
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||
Gain Contingency, Unrecorded Amount | $ 1,000,000 | $ 1,369,900 | $ 1,196,100 | $ 1,065,900 |
Inventory [Member] | ||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | 4,868,600 | |||
Usborne Books and More [Member] | Inventory [Member] | ||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | 2,309,000 | |||
Kane Miller [Member] | Inventory [Member] | ||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | 2,103,300 | |||
Other Suppliers [Member] | Inventory [Member] | ||||
COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 456,300 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2018 | Feb. 28, 2023 | Feb. 28, 2021 | Feb. 28, 2019 | |
STOCK-BASED COMPENSATION (Details) [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 18,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 2.08 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 24 months | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars) | $ 769,500 | ||||
The 2019 Long-term Incentive Plan [Member] | |||||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Description | The 2019 LTI Plan established up to 600,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2019, 2020 or 2021. The Company exceeded all defined metrics during these fiscal years and 600,000 shares were granted to members of management according to the Plan. The granted shares under the 2019 LTI Plan “cliff vest” after five years from the fiscal year that the defined metrics were exceeded. | ||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 600,000 | 297,000 | 308,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 300,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | ||||
Shares Issued, Price Per Share (in Dollars per share) | $ 6.3 | $ 9.94 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 10,000 | 5,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 10,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 2.08 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 303,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 24 months | ||||
Fiscal Year 2021 [Member] | The 2019 Long-term Incentive Plan [Member] | |||||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 18,000 | ||||
Additional Shares Purchased With Dividends Received From Original Issue Date [Member] | The 2019 Long-term Incentive Plan [Member] | |||||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 969 | ||||
Additional Shares Purchased With Dividends Received From Original Issue Date [Member] | Fiscal Year 2021 [Member] | The 2019 Long-term Incentive Plan [Member] | |||||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 760 |
STOCK-BASED COMPENSATION (Det_2
STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Share Based Payment Arrangement Cost By Plan Abstract | ||
Share-based compensation expense | $ 907,800 | $ 1,046,500 |
STOCK-BASED COMPENSATION (Det_3
STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity | 12 Months Ended |
Feb. 28, 2023 $ / shares shares | |
Nonvested Restricted Stock Shares Activity Abstract | |
Outstanding, Shares | shares | 600,000 |
Outstanding, Weighted Average Fair Value | $ / shares | $ 8.14 |
Granted, Shares | shares | 28,000 |
Granted, Weighted Average Fair Value | $ / shares | $ 2.08 |
Vested, Shares | shares | (303,000) |
Vested, Weighted Average Fair Value | $ / shares | $ 9.68 |
Forfeited, Shares | shares | (28,000) |
Forfeited, Weighted Average Fair Value | $ / shares | $ 7.6 |
Outstanding, Shares | shares | 297,000 |
Outstanding, Weighted Average Fair Value | $ / shares | $ 6.04 |
STOCK REPURCHASE PLAN (Details)
STOCK REPURCHASE PLAN (Details) - shares | Feb. 28, 2023 | Feb. 04, 2019 | Apr. 30, 2008 |
Share-Based Payment Arrangement [Abstract] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 514,594 | 800,000 |
QUARTERLY RESULTS OF OPERATIO_3
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - Schedule of Quarterly Financial Information - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2023 | Feb. 28, 2022 | |
2023 | ||||||||||
Net Revenues | $ 14,980,400 | $ 30,269,400 | $ 19,418,300 | $ 23,160,900 | $ 23,314,200 | $ 45,112,300 | $ 32,994,400 | $ 40,807,900 | $ 87,829,000 | $ 142,228,800 |
Gross Margin | 9,053,800 | 19,228,000 | 12,478,600 | 15,309,400 | 15,442,800 | 31,215,000 | 22,495,500 | 28,778,000 | 56,069,800 | 97,931,300 |
Net Earnings | $ (1,919,700) | $ 900 | $ (801,900) | $ 215,800 | $ 323,900 | $ 2,646,600 | $ 1,898,200 | $ 3,438,100 | $ (2,504,900) | $ 8,306,800 |
Basic Earnings Per Share (in Dollars per share) | $ (0.24) | $ 0 | $ (0.1) | $ 0.03 | $ 0.04 | $ 0.33 | $ 0.23 | $ 0.43 | $ (0.31) | $ 1.03 |
Diluted Earnings Per Share (in Dollars per share) | $ (0.24) | $ 0 | $ (0.1) | $ 0.03 | $ 0.04 | $ 0.31 | $ 0.22 | $ 0.41 | $ (0.31) | $ 0.98 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) | 12 Months Ended |
Feb. 28, 2023 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
BUSINESS SEGMENTS (Details) -
BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2023 | Feb. 28, 2022 | |
Segment Reporting Information [Line Items] | ||||||||||
Net Revenues | $ 14,980,400 | $ 30,269,400 | $ 19,418,300 | $ 23,160,900 | $ 23,314,200 | $ 45,112,300 | $ 32,994,400 | $ 40,807,900 | $ 87,829,000 | $ 142,228,800 |
Earnings (Loss) Before Income Taxes | (3,426,900) | 11,235,900 | ||||||||
Publishing [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Revenues | 13,282,300 | 13,250,300 | ||||||||
Earnings (Loss) Before Income Taxes | 3,186,800 | 3,639,800 | ||||||||
Usborne Books and More [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Revenues | 74,546,700 | 128,978,500 | ||||||||
Earnings (Loss) Before Income Taxes | 9,170,600 | 24,437,500 | ||||||||
Other Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Earnings (Loss) Before Income Taxes | $ (15,784,300) | $ (16,841,400) |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Feb. 28, 2023 | Feb. 28, 2022 |
Fair Value, Inputs, Level 2 [Member] | ||
FAIR VALUE MEASUREMENTS (Details) [Line Items] | ||
Long-Term Debt, Fair Value | $ 34,253,500 | $ 24,521,600 |
DEFERRED REVENUES (Details)
DEFERRED REVENUES (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Insurance [Abstract] | ||
Deferred Revenue, Additions | $ 602,700 | $ 681,600 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - USD ($) | May 09, 2023 | Jul. 15, 2023 | Feb. 28, 2022 |
SUBSEQUENT EVENT (Details) [Line Items] | |||
3.5% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||
Subsequent Event [Member] | |||
SUBSEQUENT EVENT (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 14,000,000 | $ 13,500,000 |