Cover Page
Cover Page | 3 Months Ended |
May 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | May 31, 2021 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | VIDE |
Entity Registrant Name | VIDEO DISPLAY CORP |
Entity Central Index Key | 0000758743 |
Current Fiscal Year End Date | --02-28 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 0-13394 |
Entity Incorporation, State or Country Code | GA |
Entity Tax Identification Number | 58-1217564 |
Entity Address, Address Line One | 5155 KING STREET |
Entity Address, City or Town | COCOA |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 32926 |
City Area Code | 800 |
Title of 12(b) Security | Common Stock |
Document Transition Report | false |
Local Phone Number | 241-5005 |
Document Quarterly Report | true |
Security Exchange Name | NONE |
Entity Common Stock, Shares Outstanding | 5,878,290 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Current assets | ||
Cash and cash equivalents | $ 842 | $ 293 |
Accounts receivable, less allowance for doubtful accounts of $6 and $12 | 434 | 1,314 |
Inventories, net | 3,929 | 4,027 |
Contract assets | 1,021 | 1,534 |
Prepaid expenses and other current assets | 320 | 279 |
Total current assets | 6,546 | 7,447 |
Property, plant, and equipment | ||
Buildings | 772 | 766 |
Construction in progress | 130 | |
Machinery and equipment | 5,309 | 5,162 |
Total property, plant and equipment | 6,081 | 6,058 |
Accumulated depreciation | (5,042) | (4,979) |
Net property, plant, and equipment | 1,039 | 1,079 |
Right of use assets under operating leases | 996 | 1,127 |
Intangible assets, net | 215 | 247 |
Other noncurrent assets | 2 | 2 |
Total assets | 8,798 | 9,902 |
Current liabilities | ||
Accounts payable | 528 | 602 |
Accrued liabilities | 652 | 728 |
Customer deposits | 1,667 | 1,717 |
Note payable | 86 | 100 |
Current maturities of financing lease obligations | 98 | 98 |
Current operating lease liabilities | 573 | 601 |
Total current liabilities | 3,604 | 3,846 |
PPP related loans, noncurrent | 1,084 | 1,084 |
Finance lease obligations less current maturities | 124 | 142 |
Long-term operating lease liabilities | 457 | 556 |
Total liabilities | 5,269 | 5,628 |
Shareholders' Equity | ||
Preferred stock, no par value – 10,000 shares authorized; none issued and outstanding | ||
Common stock, no par value – 50,000 shares authorized; 9,732 issued and 5,878 outstanding at May 31, 2021, and at February 28, 2021 | 7,293 | 7,293 |
Additional paid-in capital | 281 | 281 |
Retained earnings | 12,237 | 12,982 |
Treasury stock, shares at cost; 3,854 at May 31, 2021 and February 28, 2021 | (16,282) | (16,282) |
Total shareholders' equity | 3,529 | 4,274 |
Total liabilities and shareholders' equity | $ 8,798 | $ 9,902 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 6 | $ 12 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 9,732 | 9,732 |
Common stock, shares outstanding | 5,878 | 5,878 |
Treasury stock, shares | 3,854 | 3,854 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Net sales | $ 1,857 | $ 3,705 |
Cost of goods sold | 1,490 | 2,727 |
Gross profit | 367 | 978 |
Operating expenses | ||
Selling and delivery | 158 | 206 |
General and administrative | 993 | 997 |
Operating Expenses, Total | 1,151 | 1,203 |
Operating loss | (784) | (225) |
Other income (expense) | ||
Interest (expense) income, net | (10) | (15) |
Investment (loss) gains, net | (10) | |
Other, net | 49 | 242 |
Total other income, net | 39 | 217 |
Loss before income taxes | (745) | (8) |
Income tax expense | ||
Net loss | $ (745) | $ (8) |
Net loss per share-basic | $ (0.13) | $ 0 |
Net loss per share-diluted | $ (0.13) | $ 0 |
Basic weighted average shares outstanding | 5,878 | 5,878 |
Diluted weighted average shares outstanding | 5,878 | 5,878 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Treasury Stock | |
Balance (in shares) at Feb. 29, 2020 | [1] | 5,878 | ||||
Balance at Feb. 29, 2020 | $ 3,462 | $ 7,293 | $ 281 | $ 12,170 | $ (16,282) | |
Net loss | (8) | (8) | ||||
Balance (in shares) at May. 31, 2020 | [1] | 5,878 | ||||
Balance at May. 31, 2020 | 3,454 | $ 7,293 | 281 | 12,162 | (16,282) | |
Balance (in shares) at Feb. 28, 2021 | [1] | 5,878 | ||||
Balance at Feb. 28, 2021 | 4,274 | $ 7,293 | 281 | 12,982 | (16,282) | |
Net loss | (745) | (745) | ||||
Balance (in shares) at May. 31, 2021 | [1] | 5,878 | ||||
Balance at May. 31, 2021 | $ 3,529 | $ 7,293 | $ 281 | $ 12,237 | $ (16,282) | |
[1] | Common Shares are shown net of Treasury Shares |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Operating Activities | ||
Net loss | $ (745) | $ (8) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation expense | 63 | 60 |
Amortization of intangible assets | 32 | 43 |
Provision for doubtful accounts | (6) | (4) |
Provision for inventory reserve | 15 | 15 |
Realized/unrealized loss on investments | 10 | |
Other | 4 | 4 |
Changes in working capital items: | ||
Accounts receivable | 886 | 655 |
Inventories | 83 | 456 |
Prepaid expenses and other assets | (41) | (68) |
Contract assets | 513 | (655) |
Customer deposits | (50) | (619) |
Accounts payable and accrued liabilities | (150) | (420) |
Net cash provided by (used in) operating activities | 604 | (531) |
Investing Activities | ||
Capital expenditures | (23) | (19) |
Purchases of investments | (43) | |
Proceeds from sale of investments | 18 | |
Net cash used in investing activities | (23) | (44) |
Financing Activities | ||
Repayments of notes payable to officers and directors | (35) | |
Repayments of long-term debt | (14) | |
Repayments on lease financing | (18) | |
Proceeds from PPP related loans | 988 | |
Marginal float borrowings | 3 | |
Net cash (used in) provided by financing activities | (32) | 956 |
Net change in cash and cash equivalents | 549 | 381 |
Cash and cash equivalents, beginning of year | 293 | 844 |
Cash and cash equivalents, end of period | $ 842 | $ 1,225 |
Basis of Presentation of Princi
Basis of Presentation of Principles of Consolidation | 3 Months Ended |
May 31, 2021 | |
Basis of Presentation of Principles of Consolidation | Note 1. – Basis of Presentation of Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Video Display Corporation, Inc. and its subsidiaries (“Video Display,” the “Company,” “we,” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of February 28, 2021 has been derived from audited financial statements. The accompanying unaudited condensed consolidated financial statements as of, and for the three months ended, May 31, 2021 and 2020 have been prepared in accordance with (i) accounting principles generally accepted in the U.S. for interim financial information and (ii) the instructions to Form 10-Q 10-01 S-X 10-K |
Going Concern, Banking & Liquid
Going Concern, Banking & Liquidity | 3 Months Ended |
May 31, 2021 | |
Going Concern, Banking & Liquidity | Note 2. – Going Concern, Banking & Liquidity The accompanying unaudited interim condensed consolidated financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company reported a net loss and a decrease in working capital for the three month period ending May 31, 2021 primarily due to a decrease in revenues in three of four divisions. The Company did have an increase in liquid assets for the three month period primarily as a result of tight management of its resources. The Company has sustained losses for the last three of five fiscal years and has seen overall a decline in working capital and liquid assets during this five year period. Annual losses over this time are due to a combination of decreasing revenues across certain divisions without a commensurate reduction of expenses. The Company’s working capital and liquid asset position are presented below (in thousands) as of May 31, 2021 and February 28, 2021: May 31, 2021 February 28, 2021 Working capital $ 2,942 $ 3,601 Liquid assets $ 842 $ 293 The Company has increased marketing efforts in its ruggedized displays, TEMPEST products and services and small specialty displays. In addition, the Company has streamlined its operations and is focusing on increasing revenues by executing initiatives such as upgrading its sales and marketing efforts including a more user friendly website, hiring of an experienced Rugged Display Business Development Manager, increasing customer visits and trade shows post pandemic to market all the product lines it sells. The Company was able to increase its fiscal revenue over the prior fiscal year and has been implementing a plan to increase revenues at all the divisions, each structured to the particular division. The Company has expanded its cyber security business by adding an additional test chamber and a new test equipment to provide additional TEMPEST service capabilities and for qualifying TEMPEST products allowing it to increase the business in cyber testing services to supplement the product side of the business. The Company completed the transfer of the remaining CRT operations in Florida to its Lexel Imaging facility in Lexington, KY in order to make room for the new business in its Cocoa facility. This will also reduce expenses in the CRT operation by having that business all under one roof. The Company moved the corporate accounting functions to the Cocoa, Florida location which allows the Company to become more efficient and save money on reducing redundant operations. The plan is to further reduce expenses by closing the Tucker, Georgia facility as soon as the lease expires in 2022. There is no line of credit outstanding or other financing currently in place other than the remaining PPP loans and a $86,000 note payable balance. The ability of the Company to continue as a going concern is dependent upon the success of management’s plans to improve revenues, the operational effectiveness of continuing operations, the procurement of suitable financing, or a combination of these. The uncertainty regarding the potential success of management’s plan create substantial doubt about the ability of the Company to continue as a going concern. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
May 31, 2021 | |
Recent Accounting Pronouncements | Note 3. – Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income 2019-12”), 2019-12 Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, 2016-13 2016-13 |
Inventories
Inventories | 3 Months Ended |
May 31, 2021 | |
Inventories | Note 4. – Inventories Inventories are stated at the lower of cost (first in, first out) or market and consisted of the following (in thousands): May 31, February 28, Raw materials $ 2,880 $ 2,888 Work-in-process 933 1,166 Finished goods 929 771 4,742 4,825 Reserves for obsolescence (813 ) (798 ) $ 3,929 $ 4,027 |
Paycheck Protection Promissory
Paycheck Protection Promissory ("PPP") Related Loans | 3 Months Ended |
May 31, 2021 | |
Paycheck Protection Promissory Related Loans | Note 5. – Paycheck Protection Promissory (“PPP”) Related Loans On April 13, 2020 our Lexel Imaging subsidiary entered into a Paycheck Protection Promissory Note (the “PPP Loan”) with the Central Bank for $216,200 and on January 27, 2021 entered into a second round PPP Loan for $304,442. On April 23, 2020, Video Display Corporation entered into a $772,000 first round PPP Loan with the Renasant Bank and on February 11, 2021, entered into a second round PPP Loan with Central Bank for $780,112. The PPP Loans were made under, and are subject to the terms and conditions of, the PPP which was established under the CARES Act and is administered by the U.S. Small Business Administration. The terms of the two outstanding loans are five years with maturity dates of January 27, 2026 and February 11, 2026 and they contain a fixed annual interest rate of 1.00%. Payments of principle and interest on the PPP Loans are deferred for the first sixteen months of the term of the PPP Loans until July 27, 2022 and August 11, 2022, respectively. Principle and interest are payable monthly and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the CARES Act, recipients can apply for and receive forgiveness for all, or a portion of the loans granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs, mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”), and on the maintenance of employee and compensation levels during a certain time period following the funding of the PPP Loans. The Company believes it has used the proceeds of the PPP Loans for Qualifying Expenses. In fiscal 2021, the Company received forgiveness on the first round $216,200 Lexel Imaging PPP Loan in November 2020 and on the first round $772,000 Video Display PPP Loan in December 2020. As of May 31, 2021 and February 28, 2021, the Company had a long-term liability of $1,084 thousand related to the second round outstanding PPP Loans on the condensed consolidated balances sheets. |
Leases
Leases | 3 Months Ended |
May 31, 2021 | |
Leases [Abstract] | |
Leases | Note 6. – Leases Operating Leases The Company leases its office space and manufacturing facilities under operating lease agreements. The base lease terms expire at various dates from 2022 to 2025. While each of the leases include renewal options, the Company has only included the base lease term in its calculation of lease assets and liabilities. Balance sheet information related to operating leases is as follows (in thousands): May 31, 2021 Assets Operating lease right-of-use $ 996 Liabilities Current portion of operating lease liabilities $ 573 Noncurrent portion of operating lease liabilities 457 Total operating lease liabilities $ 1,030 Operating lease costs are included in Cost of goods sold in the Company’s condensed consolidated statements of operations and totaled approximately $149 thousand for the three months ended May 31, 2021 and $157 thousand for the three months ended May 31, 2020. Cash paid for amounts included in the measurement of operating lease liabilities was approximately $145 thousand for the three months ended May 31, 2021 and $143 thousand for the three months ended May 31, 2020. The Company did not modify any existing leases or execute any new leases during the three months ended May 31, 2021. Weighted average information associated with the measurement of the Company’s remaining operating lease obligations is as follows: May 31, 2021 Weighted average remaining lease term 1.8 years Weighted average discount rate 6 % The following table summarizes the maturity of the Company’s operating lease liabilities as of May 31, 2021 (in thousands): FY2022 $ 432 FY2023 263 FY2024 190 FY2025 185 Total operating lease payments 1,070 Less imputed interest (40 ) Total operating lease liabilities $ 1,030 Included above are leases for manufacturing and warehouse facilities leased from Southeast Metro Savings, LLC and Honeyhill Properties, LLC (entities which are controlled by the Company’s chief executive officer) under operating leases expiring at various dates through 2025. Lease costs under these leases totaled approximately $97 thousand for the three months ended May 31, 2021. Lease costs were also $97 thousand for the three months ended May 31, 2020. The Company subleases certain of its warehousing space in its Tucker and Kentucky locations. The Tucker sublease expires concurrently with the head lease in March 2022 and the Kentucky lease expires November 30, 2021 Sublease income and lease income are included in Other, net in the Company’s condensed consolidated statements of operations and totaled approximately $51,000 for the three months ended May 31, 2021 and $90,000 for the three months ended May 31, 2020. Future remaining lease payments expected to be received as of May 31, 2021 are as follows (in thousands): FY2022 $ 138 FY2023 12 Total $ 150 Financing Leases The Company has one financing lease entered into on November 23, 2020 for Tempest testing equipment for $277,000. The lease expires on December 1, 2023 Balance sheet information related to financing lease is as follows (in thousands): May 31, 2021 Financing lease right-of-use $ 237 Current portion of financing lease liabilities $ 98 Noncurrent portion of financing lease liabilities 124 Total financing lease liabilities $ 222 The following table summarizes the maturity of the Company’s finance lease liabilities as of May 31, 2021 (in thousands): Fiscal Year Amount 2022 $ 78 2023 104 2024 78 Total finance lease payments $ 260 Less imputed interest (38 ) Total finance lease liabilities $ 222 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
May 31, 2021 | |
Supplemental Cash Flow Information | Note 7 . – Supplemental Cash Flow Information Supplemental cash flow information is as follows (in thousands): Three Months 2021 2020 Cash paid for: Interest $ 7 $ — Non-cash Note receivable paid directly to officer $ — $ 55 Note payable to officer $ — $ 55 Imputed interest expense $ — $ 4 Imputed interest income $ — $ 4 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
May 31, 2021 | |
Shareholders' Equity | Note 8. – Shareholders’ Equity Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing income or loss available to common shareholders by the weighted average number of common shares outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Diluted earnings (loss) per share is calculated in a manner consistent with that of basic earnings (loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period. The following table sets forth the computation of basic and diluted earnings (loss) per share for the three-month periods ended May 31, 2021 and 2020 (in thousands, except per share data): Net Weighted Loss Three months ended May 31, 2021 Basic $ (745 ) 5,878 $ (0.13 ) Effect of dilution: Options — — — Diluted $ (745 ) 5,878 $ (0.13 ) Three months ended May 31, 2020 Basic $ (8 ) 5,878 $ (0.00 ) Effect of dilution: Options — — — Diluted $ (8 ) 5,878 $ (0.00 ) Stock options, debentures, and other liabilities convertible into 200,000 shares, of the Company’s common stock were anti-dilutive and, therefore, were excluded from the May 31, 2021 and 2020 diluted earnings (loss) per share calculations. For the three-month period ended May 31, 2021 and May 31, 2020, there was no expense related to share-based compensation as all options were fully vested. No options were granted for the three month period ending May 31, 2021 or for the three month period ended May 31, 2020. Stock Repurchase Program The Company has a stock repurchase program, pursuant to which it had been authorized to repurchase up to 2,632,500 shares of the Company’s common stock in the open market. On January 20, 2014, the Board of Directors of the Company approved a one-time For the quarter ending May 31, 2021 and May 31, 2020, the Company did not purchase any shares of the Video Display Corporation stock. Under the Company’s stock repurchase program, an additional 490,186 shares remain authorized to be repurchased by the Company at May 31, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
May 31, 2021 | |
Income Taxes | Note 9. – Income Taxes Due to the Company’s overall and historical net loss position, no income tax expense was reported for the three month period ending May 31, 2021 and May 31, 2020. Due to continued losses reported by the Company, a full valuation allowance was allocated to the deferred tax asset created by these losses. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
May 31, 2021 | |
Legal Proceedings | Note 10. – Legal Proceedings The Company is involved in various legal proceedings related to claims arising in the ordinary course of business. The Company is not currently party to any legal proceedings the result of which management believes is likely to have a material adverse impact on its business, financial position, results of operations or cash flows. |
Going Concern, Banking & Liqu_2
Going Concern, Banking & Liquidity (Tables) | 3 Months Ended |
May 31, 2021 | |
Working Capital and Liquid Asset Position | The Company’s working capital and liquid asset position are presented below (in thousands) as of May 31, 2021 and February 28, 2021: May 31, 2021 February 28, 2021 Working capital $ 2,942 $ 3,601 Liquid assets $ 842 $ 293 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
May 31, 2021 | |
Inventories | Inventories are stated at the lower of cost (first in, first out) or market and consisted of the following (in thousands): May 31, February 28, Raw materials $ 2,880 $ 2,888 Work-in-process 933 1,166 Finished goods 929 771 4,742 4,825 Reserves for obsolescence (813 ) (798 ) $ 3,929 $ 4,027 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 31, 2021 | |
Leases [Abstract] | |
Schedule of Balance Sheet Information Related to Operating Leases | Balance sheet information related to operating leases is as follows (in thousands): May 31, 2021 Assets Operating lease right-of-use $ 996 Liabilities Current portion of operating lease liabilities $ 573 Noncurrent portion of operating lease liabilities 457 Total operating lease liabilities $ 1,030 |
Schedule Of Weighted Average Information Associated With The Measurement Of Operating Lease | Weighted average information associated with the measurement of the Company’s remaining operating lease obligations is as follows: May 31, 2021 Weighted average remaining lease term 1.8 years Weighted average discount rate 6 % |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the maturity of the Company’s operating lease liabilities as of May 31, 2021 (in thousands): FY2022 $ 432 FY2023 263 FY2024 190 FY2025 185 Total operating lease payments 1,070 Less imputed interest (40 ) Total operating lease liabilities $ 1,030 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future remaining lease payments expected to be received as of May 31, 2021 are as follows (in thousands): FY2022 $ 138 FY2023 12 Total $ 150 |
Summary of Balance Sheet Information Related to Financing Leases | Balance sheet information related to financing lease is as follows (in thousands): May 31, 2021 Financing lease right-of-use $ 237 Current portion of financing lease liabilities $ 98 Noncurrent portion of financing lease liabilities 124 Total financing lease liabilities $ 222 |
Schedule of Maturity of the Company's Finance Lease Liabilities | The following table summarizes the maturity of the Company’s finance lease liabilities as of May 31, 2021 (in thousands): Fiscal Year Amount 2022 $ 78 2023 104 2024 78 Total finance lease payments $ 260 Less imputed interest (38 ) Total finance lease liabilities $ 222 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
May 31, 2021 | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows (in thousands): Three Months 2021 2020 Cash paid for: Interest $ 7 $ — Non-cash Note receivable paid directly to officer $ — $ 55 Note payable to officer $ — $ 55 Imputed interest expense $ — $ 4 Imputed interest income $ — $ 4 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
May 31, 2021 | |
Reconciliation of Shares Used in Calculation of Basic and Dilutive Earnings (Loss) Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share for the three-month periods ended May 31, 2021 and 2020 (in thousands, except per share data): Net Weighted Loss Three months ended May 31, 2021 Basic $ (745 ) 5,878 $ (0.13 ) Effect of dilution: Options — — — Diluted $ (745 ) 5,878 $ (0.13 ) Three months ended May 31, 2020 Basic $ (8 ) 5,878 $ (0.00 ) Effect of dilution: Options — — — Diluted $ (8 ) 5,878 $ (0.00 ) |
Working Capital and Liquid Asse
Working Capital and Liquid Asset Position (Detail) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Liquidity And Capital Resources [Line Items] | ||
Working capital | $ 2,942 | $ 3,601 |
Liquid assets | $ 842 | $ 293 |
Going Concern, Banking & Liqu_3
Going Concern, Banking & Liquidity - Additional Information (Detail) | May 31, 2021USD ($) |
Line of Credit Facility [Line Items] | |
Note payable | $ 86,000 |
Line of credit outstanding | $ 0 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Inventory [Line Items] | ||
Raw materials | $ 2,880 | $ 2,888 |
Work-in-process | 933 | 1,166 |
Finished goods | 929 | 771 |
Inventory, Gross | 4,742 | 4,825 |
Reserves for obsolescence | (813) | (798) |
Inventory, Net | $ 3,929 | $ 4,027 |
Paycheck Protection Promissor_2
Paycheck Protection Promissory ("PPP") Related Loans - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2020 | Nov. 30, 2020 | May 31, 2021 | Feb. 28, 2021 | Feb. 11, 2021 | Jan. 27, 2021 | Apr. 23, 2020 | Apr. 13, 2020 | |
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Gain upon debt extinguishment | $ 772,000 | $ 216,200 | ||||||
PPP loans long term liability | $ 1,084,000 | $ 1,084,000 | ||||||
Parent Company [Member] | Renasant Bank [Member] | First Round Paycheck Protection Promissory Note Loan [Member] | ||||||||
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Debt instrument face value | $ 772,000 | |||||||
Parent Company [Member] | Renasant Bank [Member] | Second Round Paycheck Protection Promissory Note Loan [Member] | ||||||||
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Debt instrument face value | $ 780,112 | |||||||
Lexel Imaging Subsidary [Member] | Central Bank [Member] | First Round Paycheck Protection Promissory Note Loan [Member] | ||||||||
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Debt instrument face value | $ 216,200 | |||||||
Lexel Imaging Subsidary [Member] | Central Bank [Member] | Second Round Paycheck Protection Promissory Note Loan [Member] | ||||||||
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Debt instrument face value | $ 304,442 | |||||||
Loan Under Paycheck Protection Programme Cares Act [Member] | ||||||||
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Debt instrument term | 5 years | |||||||
Debt instrument stated rate of interest | 1.00% | |||||||
Debt Instrument Moratorium Period | 16 months | |||||||
Loan Under Paycheck Protection Programme Cares Act [Member] | Parent Company [Member] | Renasant Bank [Member] | ||||||||
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Debt instrument maturity date | Feb. 11, 2026 | |||||||
Debt Instrument Moratorium End Date | Aug. 11, 2022 | |||||||
Loan Under Paycheck Protection Programme Cares Act [Member] | Lexel Imaging Subsidary [Member] | Central Bank [Member] | ||||||||
Debt Instrument Short Term And Long Term [Line Items] | ||||||||
Debt instrument maturity date | Jan. 27, 2026 | |||||||
Debt Instrument Moratorium End Date | Jul. 27, 2022 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Assets | ||
Operating lease right-of-use assets | $ 996 | $ 1,127 |
Liabilities | ||
Current portion of operating lease liabilities | 573 | 601 |
Noncurrent portion of operating lease liabilities | 457 | $ 556 |
Total operating lease liabilities | $ 1,030 |
Schedule Of Weighted Average In
Schedule Of Weighted Average Information Associated With The Measurement Of Operating Lease (Detail) | May 31, 2021 |
Weighted average remaining lease term | 1 year 9 months 18 days |
Weighted average discount rate | 6.00% |
Lessee Operating Lease Liabilit
Lessee Operating Lease Liability Maturity (Detail) $ in Thousands | May 31, 2021USD ($) |
FY2022 | $ 432 |
FY2023 | 263 |
FY2024 | 190 |
FY2025 | 185 |
Total operating lease payments | 1,070 |
Less imputed interest | (40) |
Total operating lease liabilities | $ 1,030 |
Schedule Of Future Minimum Rent
Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) $ in Thousands | May 31, 2021USD ($) |
FY2022 | $ 138 |
FY2023 | 12 |
Total | $ 150 |
Summary of Balance Sheet Inform
Summary of Balance Sheet Information Related to Financing Leases (Detail) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Leases [Abstract] | ||
Financing lease right-of-use assets | $ 237 | |
Current portion of financing lease liabilities | 98 | $ 98 |
Noncurrent portion of financing lease liabilities | 124 | $ 142 |
Total financing lease liabilities | $ 222 |
Schedule of Maturity of the Com
Schedule of Maturity of the Company's Finance Lease Liabilities (Detail) $ in Thousands | May 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 78 |
2023 | 104 |
2024 | 78 |
Total finance lease payments | 260 |
Less imputed interest | (38) |
Total finance lease liabilities | $ 222 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | Nov. 23, 2020 | May 31, 2021 | May 31, 2020 |
Operating Lease, Cost | $ 149,000 | $ 157,000 | |
Operating Lease, Payments | 145,000 | 143,000 | |
Operating Leases, Income Statement, Lease Revenue | $ 51,000 | 90,000 | |
Month of expiry of lease | 2023-12 | ||
Short-term Lease, Cost | $ 277,000 | ||
Lessee, Finance Lease, Discount Rate | 12.50% | ||
Tucker [Member] | |||
Month of expiry of sublease | 2022-03 | ||
Kentucky [Member] | |||
Month of expiry of sublease | 2021-11 | ||
Southeast Metro Savings LLC and Honeyhill Properties LLC [Member] | |||
Operating Lease, Cost | $ 97,000 | $ 97,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Cash paid for: | ||
Interest | $ 7 | |
Non-cash activity: | ||
Note receivable paid directly to officer | $ 55 | |
Note payable to officer | 55 | |
Imputed interest expense | 4 | |
Imputed interest income | $ 4 |
Reconciliation of Basic Earning
Reconciliation of Basic Earnings (Loss) Per Share to Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net Loss, Basic | $ (745) | $ (8) |
Net Loss, Options | ||
Net Loss, Diluted | $ (745) | $ (8) |
Weighted Average Common Shares Outstanding, Basic | 5,878 | 5,878 |
Weighted Average Common Shares Outstanding, Options | ||
Weighted Average Common Shares Outstanding, Diluted | 5,878 | 5,878 |
Loss Per Share, Basic | $ (0.13) | $ 0 |
Loss Per Share, Options | ||
Loss Per Share, Diluted | $ (0.13) | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
May 31, 2021 | May 31, 2020 | Jan. 20, 2014 | |
Stock Based Compensation [Line Items] | |||
Stock options granted | 0 | 0 | |
Authorized stock repurchase | 2,632,500 | ||
Additional authorized stock repurchase | 1,500,000 | ||
Repurchase of treasury stock (in shares) | 0 | 0 | |
Remaining repurchase of shares authorized | 490,186 | ||
Stock options convertible into shares excluded from diluted earnings per (loss) share calculation | 200,000 | 200,000 | |
General and Administrative | |||
Stock Based Compensation [Line Items] | |||
Share-based compensation | $ 0 | $ 0 |