Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | May 10, 2019 | Aug. 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Rocky Mountain Chocolate Factory, Inc. | ||
Entity Central Index Key | 0001616262 | ||
Trading Symbol | rmcf | ||
Current Fiscal Year End Date | --02-28 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,965,827 | ||
Entity Public Float | $ 38,815,702 | ||
Entity Shell Company | false | ||
Document Type | 10-K/A | ||
Document Period End Date | Feb. 28, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | Rocky Mountain Chocolate Factory, Inc. (the “Company,” “we,” “us” or “our”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment No. 1”) to amend our Annual Report on Form 10-K for the fiscal year ended February 28, 2019, originally filed with the Securities and Exchange Commission (“SEC”) on May 29, 2019 (the “Original Filing”), to include the information required by Items 10 through 14 of Part III of Form 10-K. This information was previously omitted from the Original Filing in reliance on General Instruction G(3) of Form 10-K, which permits such information to be incorporated by reference in the Form 10-K from our definitive proxy statement if such proxy statement is filed no later than 120 days after the end of our fiscal year. We are filing this Amendment to include the information required by Part III of the Original Filing because we no longer intend to file our definitive proxy statement within 120 days after the end of our fiscal year. In addition, this Amendment No. 1 is being filed to include the auditor tenure statement in Plante & Moran, PLLC's audit report contained in Part II, Item 8, which was inadvertently omitted in the Original Filing. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Item 8 of Part II and Items 10 through 14 of Part III of the Original Filing have been amended and restated in their entirety, and Item 15 of Part IV of the Original Filing has also been amended and restated in its entirety to include new certifications by our principal executive officer and principal financial officer and a new consent from Plante & Moran, PLLC. This Amendment No. 1 does not amend or otherwise update any other information in the Original Filing. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and with our other filings with the SEC subsequent to the Original Filing. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Revenues | |||
Total revenues | $ 34,545,447 | $ 38,074,695 | $ 38,296,377 |
Costs and Expenses | |||
Cost of sales | 20,599,551 | 21,176,711 | 20,735,739 |
Sales and marketing | 2,210,800 | 2,489,483 | 2,658,421 |
General and administrative | 3,432,618 | 3,904,560 | 4,005,142 |
Depreciation and amortization, exclusive of depreciation and amortization expense of $555,926, $523,034, and $447,651, respectively, included in cost of sales | 1,153,873 | 796,221 | 841,058 |
Costs associated with Company-owned store closures | 226,981 | 60,000 | |
Total costs and expenses | 31,539,495 | 32,853,826 | 32,771,893 |
Income from Operations | 3,005,952 | 5,220,869 | 5,524,484 |
Other Income (Expense) | |||
Interest expense | (70,787) | (121,244) | (170,351) |
Interest income | 20,496 | 24,578 | 41,572 |
Other expense, net | (50,291) | (96,666) | (128,779) |
Income Before Income Taxes | 2,955,661 | 5,124,203 | 5,395,705 |
Income Tax Provision | 716,862 | 2,160,295 | 1,945,589 |
Consolidated Net Income | $ 2,238,799 | $ 2,963,908 | $ 3,450,116 |
Basic Earnings per Common Share (in dollars per share) | $ 0.38 | $ 0.50 | $ 0.59 |
Diluted Earnings per Common Share (in dollars per share) | $ 0.37 | $ 0.50 | $ 0.58 |
Outstanding - Basic (in shares) | 5,931,431 | 5,884,337 | 5,843,245 |
Stock Awards (in shares) | 51,207 | 96,099 | 150,447 |
Outstanding - Diluted (in shares) | 5,982,638 | 5,980,436 | 5,993,692 |
Product [Member] | |||
Revenues | |||
Total revenues | $ 27,563,794 | $ 30,167,760 | $ 29,876,507 |
Franchise and Royalty Fees [Member] | |||
Revenues | |||
Total revenues | 6,981,653 | 7,906,935 | 8,419,870 |
Franchise [Member] | |||
Costs and Expenses | |||
Costs | 1,980,781 | 2,097,555 | 2,067,530 |
Retail [Member] | |||
Costs and Expenses | |||
Costs | $ 1,934,891 | $ 2,389,296 | $ 2,404,003 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parentheticals) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Depreciation and amortization expense | $ 555,926 | $ 523,034 | $ 447,651 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 28, 2019 | Feb. 28, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 5,384,027 | $ 6,072,984 |
Accounts receivable, less allowance for doubtful accounts of $489,502 and $479,472, respectively | 3,993,262 | 3,897,334 |
Notes receivable, current portion, less current portion of the valuation allowance of $0 and $9,000, respectively | 110,162 | 105,540 |
Refundable income taxes | 190,201 | 342,863 |
Inventories, less reserve for slow moving inventory of $371,147 and $357,706, respectively | 4,270,357 | 4,842,474 |
Other | 318,126 | 310,173 |
Total current assets | 14,266,135 | 15,571,368 |
Property and Equipment, Net | 5,786,139 | 6,166,240 |
Other Assets | ||
Notes receivable, less current portion and valuation allowance of $0 and $17,500, respectively | 281,669 | 235,983 |
Goodwill, net | 1,046,944 | 1,046,944 |
Franchise rights, net | 3,678,920 | 4,433,927 |
Intangible assets, net | 498,337 | 587,377 |
Deferred income taxes | 607,421 | 835,463 |
Other | 56,576 | 63,333 |
Total other assets | 6,169,867 | 7,203,027 |
Total Assets | 26,222,141 | 28,940,635 |
Current Liabilities | ||
Current maturities of long-term debt | 1,176,488 | 1,352,893 |
Accounts payable | 897,074 | 1,647,991 |
Accrued salaries and wages | 655,853 | 644,005 |
Gift card liabilities | 742,289 | 3,057,131 |
Other accrued expenses | 293,094 | 325,034 |
Dividend payable | 714,939 | 708,652 |
Contract liabilities | 256,094 | 471,910 |
Total current liabilities | 4,735,831 | 8,207,616 |
Long-Term Debt, Less Current Maturities | 1,176,416 | |
Contract Liabilities, Less Current Portion | 1,096,478 | |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $.001 par value per share; 250,000 authorized; -0- shares issued and outstanding Series A Junior Participating Preferred Stock, authorized 50,000 shares Undesignated series, authorized 200,000 shares | ||
Common stock, $.001 par value, 46,000,000 shares authorized, 5,957,827 shares and 5,903,436 shares issued and outstanding, respectively | 5,958 | 5,903 |
Additional paid-in capital | 6,650,864 | 6,131,147 |
Retained earnings | 13,733,010 | 13,419,553 |
Total stockholders' equity | 20,389,832 | 19,556,603 |
Total Liabilities and Stockholders' Equity | $ 26,222,141 | $ 28,940,635 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Feb. 28, 2019 | Feb. 28, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 489,502 | $ 479,472 |
Notes receivable, current portion of valuation allowance | 0 | 9,000 |
Inventories, reserve | 371,147 | 357,706 |
Notes receivable, valuation allowance | $ 0 | $ 17,500 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 250,000 | 250,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 46,000,000 | 46,000,000 |
Common stock, shares issued (in shares) | 5,957,827 | 5,903,436 |
Common stock, shares outstanding (in shares) | 5,957,827 | 5,903,436 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Undesignated Series [Member] | ||
Preferred stock, shares authorized (in shares) | 200,000 | 200,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | |
Balance at beginning of year at Feb. 29, 2016 | $ 5,839 | $ 5,340,190 | $ 13,132,879 | $ 5,839,396 | ||
Common Stock | ||||||
Repurchase and retirement of common stock | (35) | (351,548) | ||||
Issuance of common stock | 2 | |||||
Exercise of stock options, vesting of restricted stock units and other | 48 | |||||
Balance at beginning of year at Feb. 29, 2016 | 5,839 | 5,340,190 | 13,132,879 | 5,839,396 | ||
Additional Paid-In Capital | ||||||
Repurchase and retirement of common stock | (35) | (351,548) | ||||
Issuance of common stock | 20,418 | |||||
Exercise of stock options, vesting of restricted stock units and other | 564,425 | |||||
Tax (expense) benefit from employee stock transactions | (34,128) | |||||
Balance at beginning of year at Feb. 29, 2016 | 5,839 | 5,340,190 | 13,132,879 | 5,839,396 | ||
Retained Earnings | ||||||
Net income (loss) | 3,450,116 | |||||
Cash dividends declared | (2,806,583) | |||||
Correction of immaterial error | [1] | (492,766) | ||||
Balance at end of year at Feb. 28, 2017 | $ 18,828,857 | 5,854 | 5,539,357 | 13,283,646 | 5,854,372 | |
Balance at beginning of year at Feb. 29, 2016 | $ 5,839 | 5,340,190 | 13,132,879 | 5,839,396 | ||
Common Shares | ||||||
Repurchase and retirement of common stock (in shares) | (35,108) | |||||
Issuance of common stock (in shares) | 2,000 | |||||
Exercise of stock options, vesting of restricted stock units and other (in shares) | 48,084 | |||||
Balance at end of year at Feb. 28, 2017 | 18,828,857 | $ 5,854 | 5,539,357 | 13,283,646 | 5,854,372 | |
Retained Earnings | ||||||
Adoption of ASC 606 | [2] | |||||
Repurchase and retirement of common stock | ||||||
Issuance of common stock | 5 | |||||
Exercise of stock options, vesting of restricted stock units and other | 44 | |||||
Balance at beginning of year at Feb. 28, 2017 | 18,828,857 | 5,854 | 5,539,357 | 13,283,646 | 5,854,372 | |
Additional Paid-In Capital | ||||||
Repurchase and retirement of common stock | ||||||
Issuance of common stock | 59,095 | |||||
Exercise of stock options, vesting of restricted stock units and other | 532,695 | |||||
Tax (expense) benefit from employee stock transactions | ||||||
Balance at beginning of year at Feb. 28, 2017 | 18,828,857 | 5,854 | 5,539,357 | 13,283,646 | 5,854,372 | |
Retained Earnings | ||||||
Net income (loss) | 2,963,908 | 2,963,908 | ||||
Cash dividends declared | (2,828,001) | |||||
Correction of immaterial error | [1] | |||||
Balance at end of year at Feb. 28, 2018 | 19,556,603 | 5,903 | 6,131,147 | 13,419,553 | 5,903,436 | |
Balance at beginning of year at Feb. 28, 2017 | 18,828,857 | $ 5,854 | 5,539,357 | 13,283,646 | 5,854,372 | |
Common Shares | ||||||
Repurchase and retirement of common stock (in shares) | ||||||
Issuance of common stock (in shares) | 5,000 | |||||
Exercise of stock options, vesting of restricted stock units and other (in shares) | 44,064 | |||||
Balance at end of year at Feb. 28, 2018 | 19,556,603 | $ 5,903 | 6,131,147 | 13,419,553 | 5,903,436 | |
Retained Earnings | ||||||
Adoption of ASC 606 | [2] | |||||
Repurchase and retirement of common stock | ||||||
Issuance of common stock | 6 | |||||
Exercise of stock options, vesting of restricted stock units and other | 49 | |||||
Balance at beginning of year at Feb. 28, 2018 | 19,556,603 | 5,903 | 6,131,147 | 13,419,553 | 5,903,436 | |
Additional Paid-In Capital | ||||||
Repurchase and retirement of common stock | ||||||
Issuance of common stock | 55,971 | |||||
Exercise of stock options, vesting of restricted stock units and other | 463,746 | |||||
Tax (expense) benefit from employee stock transactions | ||||||
Balance at beginning of year at Feb. 28, 2018 | 19,556,603 | 5,903 | 6,131,147 | 13,419,553 | 5,903,436 | |
Retained Earnings | ||||||
Net income (loss) | 2,238,799 | 2,238,799 | ||||
Cash dividends declared | (2,851,271) | |||||
Correction of immaterial error | [1] | |||||
Balance at end of year at Feb. 28, 2019 | 20,389,832 | 5,958 | 6,650,864 | 13,733,010 | 5,957,827 | |
Balance at beginning of year at Feb. 28, 2018 | 19,556,603 | $ 5,903 | 6,131,147 | 13,419,553 | 5,903,436 | |
Common Shares | ||||||
Repurchase and retirement of common stock (in shares) | ||||||
Issuance of common stock (in shares) | 5,333 | |||||
Exercise of stock options, vesting of restricted stock units and other (in shares) | 49,058 | |||||
Balance at end of year at Feb. 28, 2019 | 20,389,832 | $ 5,958 | $ 6,650,864 | $ 13,733,010 | $ 5,957,827 | |
Retained Earnings | ||||||
Adoption of ASC 606 | [2] | $ 925,929 | ||||
[1] | As revised. Refer to Note 16 for information on immaterial correction of errors in prior period. | |||||
[2] | Refer to Note 17 for information on the adoption of ASC 606. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Cash Flows From Operating Activities | |||
Net Income | $ 2,238,799 | $ 2,963,908 | $ 3,450,116 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,709,799 | 1,319,255 | 1,288,709 |
Provision for obsolete inventory | 325,478 | 166,868 | 138,125 |
Provision for loss on accounts and notes receivable | 155,600 | 225,858 | 100,049 |
Asset impairment and store closure losses | 67,822 | ||
Loss on sale or disposal of property and equipment | 36,024 | 38,496 | 37,112 |
Expense recorded for stock compensation | 519,772 | 591,839 | 584,893 |
Deferred income taxes | (78,934) | 23,411 | 262,248 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (390,663) | (229,948) | (128,404) |
Refundable income taxes | 157,544 | (295,000) | (47,863) |
Inventories | 41,310 | (365,323) | (2,735) |
Other current assets | (8,225) | (54,091) | 29,442 |
Accounts payable | (545,588) | 96,491 | (87,657) |
Accrued liabilities | (84,191) | 242,578 | (293,402) |
Contract Liabilities | (129,527) | 33,270 | (9,619) |
Net cash provided by operating activities | 4,015,020 | 4,757,612 | 5,321,014 |
Cash Flows from Investing Activities | |||
Addition to notes receivable | (14,293) | (133,202) | |
Proceeds received on notes receivable | 102,256 | 230,637 | 318,219 |
Purchase of intangible assets | (8,508) | (312,947) | |
Proceeds from (cost of) sale or distribution of assets | 13,498 | (7,926) | 39,045 |
Purchases of property and equipment | (613,786) | (544,956) | (1,238,472) |
(Increase) decrease in other assets | (8,140) | 5,529 | 34,479 |
Net cash used in investing activities | (506,172) | (339,517) | (1,292,878) |
Cash Flows from Financing Activities | |||
Payments on long-term debt | (1,352,821) | (1,302,432) | (1,253,392) |
Repurchase of common stock | (351,583) | ||
Tax expense of stock option exercise | (34,128) | ||
Dividends paid | (2,844,984) | (2,821,874) | (2,804,786) |
Net cash used in financing activities | (4,197,805) | (4,124,306) | (4,443,889) |
Net Decrease in Cash and Cash Equivalents | (688,957) | 293,789 | (415,753) |
Cash and Cash Equivalents, Beginning of Period | 6,072,984 | 5,779,195 | 6,194,948 |
Cash and Cash Equivalents, End of Period | $ 5,384,027 | $ 6,072,984 | $ 5,779,195 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 Nature of Operations The accompanying consolidated financial statements include the accounts of Rocky Mountain Chocolate Factory, Inc., a Delaware corporation, its wholly-owned subsidiaries, Rocky Mountain Chocolate Factory, Inc. (a Colorado corporation), Aspen Leaf Yogurt, LLC (“ALY”), and U-Swirl International, Inc. (“U-Swirl”), and its 46% The Company is an international franchisor, confectionery manufacturer and retail operator. Founded in 1981, U-Swirl operates self-serve frozen yogurt cafés under the names “U-Swirl,” “Yogurtini,” “CherryBerry,” “Yogli Mogli Frozen Yogurt,” “Fuzzy Peach Frozen Yogurt,” “Let’s Yo!” and “Aspen Leaf Yogurt”. The Company’s revenues are currently derived from three The following table summarizes the number of stores operating under the Rocky Mountain Chocolate Factory brand and its subsidiaries at February 28, 2019: Sold, Not Yet Open Open Total Rocky Mountain Chocolate Factory Company-owned stores - 2 2 Franchise stores - Domestic stores and kiosks 4 183 187 International license stores 1 64 65 Cold Stone Creamery - co-branded 11 91 102 U-Swirl (Including all associated brands) Company-owned stores - 1 1 Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores - 87 87 Franchise stores - Domestic - co-branded - 9 9 International license stores - 2 2 Total 16 442 458 Consolidation Management accounts for the activities of the Company and its subsidiaries, and the accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. As described above, on January 14, 2013, January 14, 2013, January 14, 2013, February 29, 2016 February 29, 2016 February 29, 2016. February 29, 2016, no Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of six $4.9 February 28, 2019. Accounts and Notes Receivable In the normal course of business, the Company extends credit to customers, primarily franchisees that satisfy pre-defined credit criteria. The Company believes that it has limited concentration of credit risk primarily because its receivables are secured by the assets of the franchisees to which the Company ordinarily extends credit, including, but not may February 28, 2019, $391,831 $0 4.5% 6%. November 2023 $375,000 Inventories Inventories are stated at the lower of cost or net realizable value. An inventory reserve is established to reduce the cost of obsolete, damaged and excess inventories to the lower of cost or net realizable value based on actual differences. This inventory reserve is determined through analysis of items held in inventory, and, if the recorded value is higher than the market value, the Company records an expense to reduce inventory to its actual market value. The process by which the Company performs its analysis is conducted on an item by item basis and takes into account, among other relevant factors, market value, sales history and future sales potential. Cost is determined using the first first Property and Equipment and Other Assets Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method based upon the estimated useful life of the asset, which range from five thirty-nine The Company reviews its long-lived assets through analysis of estimated fair value, including identifiable intangible assets, whenever events or changes indicate the carrying amount of such assets may not Income Taxes The Company provides for income taxes pursuant to the liability method. The liability method requires recognition of deferred income taxes based on temporary differences between financial reporting and income tax bases of assets and liabilities, using current enacted income tax rates and regulations. These differences will result in taxable income or deductions in future years when the reported amount of the asset or liability is recovered or settled, respectively. Considerable judgment is required in determining when these events may not. 2016 2016 100%, 2017. 2016. fourth 2017 382 16. 6. Gift C ard B reakage The Company and its franchisees sell gift cards that are redeemable for product in stores. The Company manages the gift card program, and therefore collects all funds from the activation of gift cards and reimburses franchisees for the redemption of gift cards in their stores. A liability for unredeemed gift cards is included in accounts payable and accrued liabilities in the balance sheets. There are no not may not 2014 09, 606” 2019 not 606 $742,289 $3,057,131 February 28, 2019 2018, $139,188 $0 2019 2018, 17 606. Goodwill Goodwill arose from three first second The Company performs a goodwill impairment test on an annual basis or more frequently when events or circumstances indicate that the carrying value of a reporting unit more likely than not February 29, 2016 February 29, 2016, $1,930,529 fourth 2016, 13 Franchise Rights Franchise rights arose from the entry into agreements to acquire substantially all of the franchise rights of Yogurtini, CherryBerry, Fuzzy Peach, Let’s Yo! and Yogli Mogli. Franchise rights are amortized over a period of 20 Insurance and Self-Insurance Reserves The Company uses a combination of insurance and self-insurance plans to provide for the potential liabilities for workers’ compensation, general liability, property insurance, director and officers’ liability insurance, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering historical claims experience, demographic factors, severity factors and other assumptions. While the Company believes that its assumptions are appropriate, the estimated accruals for these liabilities could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. Sales Sales of products to franchisees and other customers are recognized at the time of delivery. Sales of products to franchisees and other customers are made at standard prices, without any bargain sales of equipment or supplies. Sales of products at retail stores are recognized at the time of sale. Rebates Rebates received from purveyors that supply products to the Company’s franchisees are included in franchise royalties and fees. Product rebates are recognized in the period in which they are earned. Rebates related to Company-owned locations are offset against operating costs. Shipping Fees Shipping fees charged to customers by the Company’s trucking department are reported as sales. Shipping costs incurred by the Company for inventory are reported as cost of sales or inventory. Franchise and Royalty Fees Beginning in FY 2019, 606, 10 15 2019, one 1% no ten 10% 2.5% 6% In certain instances, the Company is required to pay a portion of franchise fee revenue, or royalty fees to parties the Company has contracted with to assist in developing and growing a brand. The agreements generally include Development Agents, or commissioned brokers who are paid a portion of the initial franchise fee, a portion of the ongoing royalty fees, or both. When such agreements exist, the Company reports franchise fee and royalty fee revenues net of the amount paid, or due, to the agent/broker. Use of Estimates In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, and revenues and expenses during the reporting period. Actual results could differ from those estimates. Vulnerability Due to Certain Concentrations Revenue from one $3.1 9% February 28, 2019 $5.1 13% February 28, 2018. may Stock-Based Compensation At February 28, 2019, one 2007 The Company recognized $519,772, $591,839, $584,893 February 28, 2019, 2018 2017, Beginning March 1, 2017, No. 2019 09, March 1, 2017 February 28, 2017 $34,128. During FY 2019 2018, no no 2019 2018. 17 20% five six $463,795 2019 $532,739 2018 $564,473 2017. February 28, 2019 $114,183, 0.4 The Company issued 2,000 February 28, 2019 no February 28, 2018 2,000 February 28, 2017. $24,480, $0 $20,420 February 28, 2019, 2018 2017, During the year ended February 28, 2018, 5,000 $59,100 February 28, 2018. February 28, 2019, 3,333 $31,497 February 28, 2019. Earnings P er Share Basic earnings per share is computed as net earnings divided by the weighted average number of common shares outstanding during each year. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through stock options and restricted stock units. Following the expiration of all outstanding options, during FY 2017, no Advertising and Promotional Expenses The Company expenses advertising costs as incurred. Total advertising expense for RMCF amounted to $275,441, $355,678, $279,698 February 28, 2019, 2018 2017, $168,000, $222,093, $335,771 February 28, 2019, 2018 2017, Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, trade receivables, payables, notes payable and notes receivable. The fair value of all instruments approximates the carrying value, because of the relatively short maturity of these instruments. Recent Accounting Pronouncements In August 2018, No. 33 10532, 10 November 5, 2018. 105.09” 105.09 not first 10 November 30, 2018 May 31, 2019 10 not In June 2016, 2016 13, 326 2016 13 2016 13 2016 13 March 1, 2020 2016 13 In February 2016, 2016 02, 842 840 December 15, 2018, three May 31, 2019 ( first 2020 2016 02 2016 02 not $3,500,000 $3,900,000. In May 2014, No. 2014 09, 606” 605 606 not not February 28, 2018, not March 1, 2018, 10 15 The Company adopted ASC 606 March 1, 2018, not 17 |
Note 2 - Inventories
Note 2 - Inventories | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories consist of the following at February 28: 2019 2018 Ingredients and supplies $ 2,612,954 $ 2,764,727 Finished candy 1,983,854 2,371,610 U-Swirl food and packaging 44,696 63,843 Reserve for slow moving inventory (371,147 ) (357,706 ) Total inventories $ 4,270,357 $ 4,842,474 |
Note 3 - Property and Equipment
Note 3 - Property and Equipment, Net | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 Property and equipment consists of the following at February 28: 2019 2018 Land $ 513,618 $ 513,618 Building 5,031,395 4,905,103 Machinery and equipment 10,263,119 10,686,631 Furniture and fixtures 864,944 1,067,788 Leasehold improvements 1,131,659 1,568,260 Transportation equipment 422,458 434,091 Asset impairment (30,000 ) (62,891 ) 18,197,193 19,112,600 Less accumulated depreciation (12,411,054 ) (12,946,360 ) Property and equipment, net $ 5,786,139 $ 6,166,240 |
Note 4 - Line of Credit and Lon
Note 4 - Line of Credit and Long-term Debt | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 4 Line of Credit At February 28, 2019, $5.0 may 50% 50% 2.25% 4.7% February 28, 2019). February 28, 2019, $5.0 February 28, 2019, September 2019 February 28, 2019 2018 no Effective January 16, 2014, $7.0 first $6.4 January 16, 2014 first February 28, 2014. 3.75% January 15, 2020. may February 28, 2019, Long-term debt consists of the following at February 28: 2019 2018 Note payable in monthly installments of principal and interest at 3.75% per annum through December 2019 collateralized by sustantially all business assets $ 1,176,488 $ 2,529,309 Less current maturities 1,176,488 1,352,893 Long-term obligations $ - $ 1,176,416 |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | NOTE 5 Operating Leases The Company conducts its retail operations in facilities leased under non-cancelable operating leases of up to ten five ten The following is a schedule by year of future minimum rental payments required under such leases for the years ending February 28 29: 2020 $ 318,000 2021 259,000 2022 249,000 2023 243,000 2024 249,000 Thereafter 175,000 Total $ 1,493,000 The Company acts as primary lessee of some franchised store premises, which the Company then subleases to franchisees, but the majority of existing locations are leased by the franchisee directly. The Company’s current policy is not February 28, 2019, four 313 In some instances, the Company has leased space for its Company-owned locations that are now occupied by franchisees. When the Company-owned location was sold or transferred, the store was subleased to the franchisee who is responsible for the monthly rent and other obligations under the lease. The Company's liability as primary lessee on sublet franchise outlets, all of which is fully offset by sublease rentals, is as follows for the years ending February 28 29: 2020 $ 92,000 2021 75,000 2022 21,000 Total $ 188,000 The following is a schedule of lease expense for all retail operating leases for the three February 28: 2019 2018 2017 Minimum rentals $ 1,030,536 $ 1,270,240 $ 944,938 Less sublease rentals (572,000 ) (603,000 ) (318,000 ) Contingent rentals 22,800 26,100 25,200 $ 481,336 $ 693,340 $ 652,138 In FY 2019, February 28 29: 2020 $ 116,000 2021 121,000 2022 125,000 2023 129,000 2024 33,000 Total $ 524,000 The Company also leases trucking equipment under operating leases. The following is a schedule by year of future minimum rental payments required under such leases for the years ending February 28 29: 2020 $ 323,000 2021 323,000 2022 257,000 2023 29,000 Total $ 932,000 The following is a schedule of lease expense for trucking equipment operating leases for the three February 28: 2019 2018 2017 325,229 225,992 220,791 Purchase contracts The Company frequently enters into purchase contracts of between six eighteen may may may February 28, 2019, $880,000 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6 Income tax expense (benefit) is comprised of the following for the years ended February 28: 2019 2018 2017 Current Federal $ 653,226 $ 1,916,720 $ 1,411,127 State 142,570 220,164 272,214 Total Current 795,796 2,136,884 1,683,341 Deferred Federal (67,410 ) 55,658 240,233 State (11,524 ) (32,247 ) 22,015 Total Deferred (78,934 ) 23,411 262,248 Total $ 716,862 $ 2,160,295 $ 1,945,589 A reconciliation of the statutory federal income tax rate and the effective rate as a percentage of pretax income is as follows for the years ended February 28 29: 2019 2018 2017 Statutory rate 21.0 % 31.9 % 34.0 % State income taxes, net of federal benefit 3.4 % 2.4 % 3.6 % Domestic production deduction 0.0 % (0.9 )% (1.1 )% Work opportunity tax credits (0.7 )% (0.2 )% (0.4 )% Other 0.5 % 0.8 % 0.0 % Impact of tax reform 0.0 % 8.2 % 0.0 % Effective rate - provision (benefit) 24.2 % 42.2 % 36.1 % The components of deferred income taxes at February 28 2019 2018 Deferred Tax Assets Allowance for doubtful accounts and notes $ 120,368 $ 124,469 Inventories 91,265 86,938 Accrued compensation 87,930 130,049 Loss provisions and deferred income 492,468 817,945 Self-insurance accrual 34,426 38,868 Amortization 217,481 520,379 Restructuring charges 98,693 98,728 U-Swirl accumulated net loss 325,253 258,173 Valuation allowance (98,693 ) (98,728 ) Net deferred tax assets $ 1,369,191 $ 1,976,821 Deferred Tax Liabilities Depreciation and amortization (682,542 ) (1,066,113 ) Prepaid expenses (79,228 ) (75,245 ) Deferred Tax Liabilities (761,770 ) (1,141,358 ) Net deferred tax assets $ 607,421 $ 835,463 The following table summarizes deferred income tax valuation allowances as of February 28: 2019 2018 Valuation allowance at beginning of period $ 98,728 $ 148,494 Tax expense (benefits) realized by valuation allowance (35 ) - Tax benefits released from valuation allowance - - Impact of tax reform - (49,766 ) Valuation allowance at end of period $ 98,693 $ 98,728 Income tax expense and the effective income tax rate for the year ended February 28, 2019 February 28, 2018, 21% February 28, 2018 21% February 28, 2019. $421,000 February 28, 2018. The Company files income tax returns in the U.S. federal and various state taxing jurisdictions. With few exceptions, the Company is no 2013. February 28, 2015 2014 not February 28 29, 2017 2016. Realization of the Company's deferred tax assets is dependent upon the Company generating sufficient taxable income, in the appropriate tax jurisdictions, in future years to obtain benefit from the reversal of net deductible temporary differences. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed. Management believes that, with the exception of the deferred tax asset related to restructuring charges, it is more likely than not February 28, 2019. The Company accounts for uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not 50% may not February 28, 2019 2018. not not twelve February 28, 2019 2018. As of February 29, 2016, February 28, 2015, February 29, 2016, not In accordance with Section 382 may January 2013 February 2016 2017 The Company estimates that the potential future tax deductions of U-Swirl’s Federal net operating losses, limited by section 382, $1,323,000 $325,000. 2026. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 Cash Dividend The Company paid a quarterly cash dividend of $0.12 March 16, 2018 March 6, 2018. $0.12 June 15, 2018 June 5, 2018. $0.12 September 14, 2018 September 4, 2018. $0.12 December 7, 2018 November 23, 2018. $0.12 February 14, 2019, March 15, 2019 March 5, 2019. Future declarations of dividends will depend on, among other things, the Company's results of operations, financial condition, capital requirements, and on such other factors as the Company's Board of Directors may Stock Repurchases On July 15, 2014, $3.0 January 13, 2015, $2,058,000 May 21, 2015, $2,090,000 2017, 35,108 $10.01 not February 28, 2019 2018. February 28, 2019, $638,000 |
Note 8 - Stock Compensation Pla
Note 8 - Stock Compensation Plans | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 8 In FY 2014, 2007 “2007 2007 The following table summarizes stock awards under the 2007 February 28, 2019: Original share authorization: 300,000 Prior plan shares authorized and incorporated in the 2007 Plan: 85,340 Additional shares authorized through 2007 Plan amendment: 300,000 Available for award: 685,340 Cancelled/forfeited: 199,859 Shares awarded as unrestricted shares, stock options or restricted stock units: (557,409 ) Shares available for award: 327,790 Information with respect to stock option awards outstanding under the 2007 February 28, 2019, three Twelve Months Ended February 28: 2019 2018 2017 Outstanding stock options at beginning of year: - - 12,936 Granted - - - Exercised - - - Cancelled/forfeited - - (12,936 ) Outstanding stock options as of February 28: - - - Weighted average exercise price n/a n/a n/a Weighted average remaining contractual term (in years) n/a n/a n/a Information with respect to restricted stock unit awards outstanding under the 2007 February 28, 2019, three Twelve Months Ended February 28: 2019 2018 2017 Outstanding non-vested restricted stock units at beginning of year: 77,594 123,658 181,742 Granted - - - Vested (49,058 ) (44,064 ) (48,084 ) Cancelled/forfeited (3,534 ) (2,000 ) (10,000 ) Outstanding non-vested restricted stock units as of February 28: 25,002 77,594 123,658 Weighted average grant date fair value $ 12.05 $ 12.16 $ 12.21 Weighted average remaining vesting period (in years) 0.38 1.27 2.23 |
Note 9 - Operating Segments
Note 9 - Operating Segments | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 The Company classifies its business interests into five 1 FY 2019 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 5,361,528 $ 25,324,024 $ 1,272,009 $ 3,737,606 $ - $ 35,695,167 Intersegment revenues (5,236 ) (1,144,484 ) - - - (1,149,720 ) Revenue from external customers 5,356,292 24,179,540 1,272,009 3,737,606 - 34,545,447 Segment profit (loss) 2,288,871 4,310,722 (52,009 ) (32,391 ) (3,559,532 ) 2,955,661 Total assets 1,182,355 12,267,458 1,001,419 5,264,989 6,505,920 26,222,141 Capital expenditures 3,548 526,402 9,617 16,512 57,707 613,786 Total depreciation & amortization $ 46,369 $ 573,846 $ 32,762 $ 952,178 $ 104,644 $ 1,709,799 FY 2018 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 6,004,897 $ 27,491,089 $ 1,876,021 $ 4,142,085 $ - $ 39,514,092 Intersegment revenues (4,882 ) (1,434,515 ) - - - (1,439,397 ) Revenue from external customers 6,000,015 26,056,574 1,876,021 4,142,085 - 38,074,695 Segment profit (loss) 2,623,081 5,791,980 (37,102 ) 542,073 (3,795,829 ) 5,124,203 Total assets 1,157,158 12,729,659 1,134,876 8,125,171 5,793,771 28,940,635 Capital expenditures 15,429 429,545 33,056 11,899 55,027 544,956 Total depreciation & amortization $ 46,087 $ 540,033 $ 32,567 $ 576,162 $ 124,406 $ 1,319,255 FY 2017 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 5,951,055 $ 26,678,514 $ 1,710,734 $ 5,216,076 $ - $ 39,556,379 Intersegment revenues (5,332 ) (1,254,670 ) - - - (1,260,002 ) Revenue from external customers 5,945,723 25,423,844 1,710,734 5,216,076 - 38,296,377 Segment profit (loss) 2,495,709 5,609,957 128,024 1,017,395 (3,855,380 ) 5,395,705 Total assets 1,216,241 12,900,070 1,101,461 9,124,822 5,075,762 29,418,356 Capital expenditures 15,480 966,619 17,047 40,924 198,402 1,238,472 Total depreciation & amortization $ 54,053 $ 463,996 $ 14,755 $ 622,654 $ 133,251 $ 1,288,709 Revenue from one $3.1 9.1 February 28, 2019, $5.1 13.4 February 28, 2018. |
Note 10 - Supplemental Cash Flo
Note 10 - Supplemental Cash Flow Information | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 10 For the three February 28 29: Cash paid for: 2019 2018 2017 Interest, net $ 52,102 $ 102,640 $ 129,927 Income taxes 638,252 2,431,884 1,997,751 Non-cash Operating Activities Accrued Inventory 52,918 258,247 531,017 Non-cash Financing Activities Dividend payable $ 714,939 $ 708,652 702,525 |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 11 The Company has a 401 401 3 25% 1.5% February 28, 2019, 2018 2017, $70,000, $68,000, $66,000, |
Note 12 - Summarized Quarterly
Note 12 - Summarized Quarterly Data (Unaudited) | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 12 Following is a summary of the quarterly results of operations for the fiscal years ended February 28, 2019 2018: Fiscal Quarter 2019 First Second Third Fourth Total Total revenue $ 8,366,085 $ 7,800,088 $ 8,949,747 $ 9,429,527 $ 34,545,447 Gross margin 1,916,807 1,852,435 1,882,975 1,312,026 6,964,243 Net income 576,944 750,815 525,361 385,679 2,238,799 Basic earnings per share 0.10 0.13 0.09 0.06 0.38 Diluted earnings per share $ 0.10 $ 0.13 $ 0.09 $ 0.06 $ 0.37 Fiscal Quarter 2018 First Second Third Fourth Total Total revenue $ 9,346,447 $ 8,266,691 $ 9,961,572 $ 10,499,985 $ 38,074,695 Gross margin 2,191,974 2,210,910 2,311,579 2,276,586 8,991,049 Net income 813,672 928,284 751,056 470,896 2,963,908 Basic earnings per share 0.14 0.16 0.13 0.08 0.50 Diluted earnings per share $ 0.14 $ 0.16 $ 0.13 $ 0.08 $ 0.50 |
Note 13 - Goodwill and Intangib
Note 13 - Goodwill and Intangible Assets | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 13 Intangible assets consist of the following at February 28: 2019 2018 Amortization Period (in years) Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Store design 10 $ 220,778 $ 214,152 $ 220,778 $ 212,653 Packaging licenses 3 - 5 120,830 120,830 120,830 120,830 Packaging design 10 430,973 430,973 430,973 430,973 Trademark/Non-competition agreements 5 - 20 715,339 223,628 715,339 136,087 Franchise rights 20 5,979,637 2,300,717 5,979,637 1,545,710 Total 7,467,557 3,290,300 7,467,557 2,446,253 Intangible assets not subject to amortization Franchising segment- Company stores goodwill $ 1,099,328 $ 267,020 $ 1,099,328 $ 267,020 Franchising goodwill 295,000 197,682 295,000 197,682 Manufacturing segment-goodwill 295,000 197,682 295,000 197,682 Trademark 20,000 - 20,000 - Total goodwill 1,709,328 662,384 1,709,328 662,384 Total Intangible Assets $ 9,176,885 $ 3,952,684 $ 9,176,885 $ 3,108,637 Effective March 1, 2002, 350, no not March 1, 2002. Amortization expense related to intangible assets totaled $844,320, $446,050, $427,840 February 28 29, 2019, 2018 2017, During the year ended February 28, 2019 At February 28, 2019, 2020 $ 706,177 2021 594,229 2022 490,060 2023 411,607 2024 345,642 Thereafter 1,629,542 Total $ 4,177,257 |
Note 14 - Costs Associated With
Note 14 - Costs Associated With Company-owned Store Closures | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | NOTE 14 Costs associated with Company-owned store closures at February 28, 2019, 2018 2017 2019 2018 2017 Loss on distribution of assets $ 81,981 $ - $ - Lease settlement costs 145,000 - 60,000 Total $ 226,981 $ - $ 60,000 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15 On May 28, 2019, first FY2020 $0.12 June 14, 2019 June 4, 2019. In March 2019, 270,000 five six $2,536,100. |
Note 16 - Immaterial Revision o
Note 16 - Immaterial Revision of Previously Reported Income Taxes and Deferred Tax Liabilities | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 16 In the fourth 2017, The Company determined that this error was not not February 28, 2017 10 492,766 $192,233 300,533 February 28, 2017. |
Note 17 - Adoption of ASU 2014-
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 17 2014 09, 606” As described in Note 1, March 1, 2018, 606. 606 not not Initial Franchise Fees, License Fees, Transfer Fees and Renewal Fees The Company's policy for recognizing initial franchise and renewal fees through February 28, 2018, not March 1, 2018, 10 15 Gift Cards The Company’s franchisees sell gift cards which do not not 606 not 606 Impact to Prior Periods The cumulative adjustment recorded upon adoption of ASC 606 $1,022,720, $2,250,743 $302,094 not 606 March 1, 2018: Amount Increase in deferred revenue $ (1,022,720 ) Reduction in gift card liabilities 2,250,743 Adjustment to deferred income tax assets (302,094 ) Cumulative increase to retained earnings $ 925,929 The Company adopted ASC 606 March 1, 2018, not The adoption of ASC 606 CONSOLIDATED BALANCE SHEET AS OF FEBRUARY 28, 2018 Previously Reported Adjustments Restated Assets Current Assets Cash and cash equivalents $ 6,072,984 $ - $ 6,072,984 Accounts receivable, net 3,897,334 - 3,897,334 Notes receivable, current portion, net 105,540 - 105,540 Refundable income taxes 342,863 - 342,863 Inventories, net 4,842,474 - 4,842,474 Other 310,173 - 310,173 Total current assets 15,571,368 - 15,571,368 Property and Equipment, Net 6,166,240 - 6,166,240 Other Assets Notes receivable, less current portion, net 235,983 - 235,983 Goodwill, net 1,046,944 - 1,046,944 Franchise rights, net 4,433,927 - 4,433,927 Intangible assets, net 587,377 - 587,377 Deferred income taxes 835,463 (302,094 ) 533,369 Other 63,333 - 63,333 Total other assets 7,203,027 (302,094 ) 6,900,933 Total Assets $ 28,940,635 $ (302,094 ) $ 28,638,541 Liabilities and Stockholders' Equity Current Liabilities Current maturities of long-term debt $ 1,352,893 - $ 1,352,893 Accounts payable 1,647,991 - 1,647,991 Accrued salaries and wages 644,005 - 644,005 Gift card liabilities 3,057,131 (2,250,743 ) 806,388 Other accrued expenses 325,034 - 325,034 Dividend payable 708,652 - 708,652 Deferred revenue 471,910 (143,445 ) 328,465 Total current liabilities 8,207,616 (2,394,188 ) 5,813,428 Long-Term Debt, Less Current Maturities 1,176,416 - 1,176,416 Deferred Revenue, Less Current Portion - 1,166,165 1,166,165 Commitments and Contingencies Stockholders' Equity Preferred stock Common stock 5,903 - 5,903 Additional paid-in capital 6,131,147 - 6,131,147 Retained earnings 13,419,553 925,929 14,345,482 Total stockholders' equity 19,556,603 925,929 20,482,532 Total Liabilities and Stockholders' Equity $ 28,940,635 $ (302,094 ) $ 28,638,541 The following table contains a reconciliation of revenue reported for the current period and revenue had the Company reported under the prior method for revenue recognition: For the Years Ended February 28, 2019 2018 2017 Franchise Fees contained within the Statement of Income: $ 335,028 $ 681,613 $ 324,718 Adjustment required to conform revenue to prior period method: (53,528 ) - - Comparable franchise fees: $ 281,500 $ 681,613 $ 324,718 On February 28, 2019, not 2020 $ 256,093 2021 204,071 2022 190,524 2023 176,394 2024 137,477 Thereafter 388,013 Total $ 1,352,572 |
Note 18 - Disaggregation of Rev
Note 18 - Disaggregation of Revenue | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Disaggregation of Revenue [Text Block] | NOTE 18 The following table presents disaggregated revenue by the method of recognition and segment: For the Year Ended February 28, 2019 Revenues recognized over time under ASC 606: Franchising Manufacturing Retail U-Swirl Total Revenues recognized over time under ASC 606: Franchise fees $ 199,362 $ - $ - $ 135,666 $ 335,028 Revenues recognized at a point in time: Franchising Manufacturing Retail U-Swirl Total Factory sales - 24,179,540 - - 24,179,540 Retail sales - - 1,272,009 2,112,245 3,384,254 Royalty and marketing fees 5,156,930 - - 1,489,695 6,646,625 Total $ 5,356,292 $ 24,179,540 $ 1,272,009 $ 3,737,606 $ 34,545,447 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - Valuation and Qualifying Accounts Balance at Beginning of Period Additions Charged to Costs & Exp. Deductions Balance at End of Period Year Ended February 28, 2019 Valuation Allowance for Accounts and Notes Receivable 505,972 143,214 159,684 489,502 Year Ended February 29, 2018 Valuation Allowance for Accounts and Notes Receivable 536,093 166,868 196,989 505,972 Year Ended February 28, 2017 Valuation Allowance for Accounts and Notes Receivable 670,471 138,125 272,503 536,093 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Operations The accompanying consolidated financial statements include the accounts of Rocky Mountain Chocolate Factory, Inc., a Delaware corporation, its wholly-owned subsidiaries, Rocky Mountain Chocolate Factory, Inc. (a Colorado corporation), Aspen Leaf Yogurt, LLC (“ALY”), and U-Swirl International, Inc. (“U-Swirl”), and its 46% The Company is an international franchisor, confectionery manufacturer and retail operator. Founded in 1981, U-Swirl operates self-serve frozen yogurt cafés under the names “U-Swirl,” “Yogurtini,” “CherryBerry,” “Yogli Mogli Frozen Yogurt,” “Fuzzy Peach Frozen Yogurt,” “Let’s Yo!” and “Aspen Leaf Yogurt”. The Company’s revenues are currently derived from three The following table summarizes the number of stores operating under the Rocky Mountain Chocolate Factory brand and its subsidiaries at February 28, 2019: Sold, Not Yet Open Open Total Rocky Mountain Chocolate Factory Company-owned stores - 2 2 Franchise stores - Domestic stores and kiosks 4 183 187 International license stores 1 64 65 Cold Stone Creamery - co-branded 11 91 102 U-Swirl (Including all associated brands) Company-owned stores - 1 1 Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores - 87 87 Franchise stores - Domestic - co-branded - 9 9 International license stores - 2 2 Total 16 442 458 |
Consolidation, Policy [Policy Text Block] | Consolidation Management accounts for the activities of the Company and its subsidiaries, and the accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. As described above, on January 14, 2013, January 14, 2013, January 14, 2013, February 29, 2016 February 29, 2016 February 29, 2016. February 29, 2016, no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of six $4.9 February 28, 2019. |
Receivable [Policy Text Block] | Accounts and Notes Receivable In the normal course of business, the Company extends credit to customers, primarily franchisees that satisfy pre-defined credit criteria. The Company believes that it has limited concentration of credit risk primarily because its receivables are secured by the assets of the franchisees to which the Company ordinarily extends credit, including, but not may February 28, 2019, $391,831 $0 4.5% 6%. November 2023 $375,000 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. An inventory reserve is established to reduce the cost of obsolete, damaged and excess inventories to the lower of cost or net realizable value based on actual differences. This inventory reserve is determined through analysis of items held in inventory, and, if the recorded value is higher than the market value, the Company records an expense to reduce inventory to its actual market value. The process by which the Company performs its analysis is conducted on an item by item basis and takes into account, among other relevant factors, market value, sales history and future sales potential. Cost is determined using the first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment and Other Assets Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method based upon the estimated useful life of the asset, which range from five thirty-nine The Company reviews its long-lived assets through analysis of estimated fair value, including identifiable intangible assets, whenever events or changes indicate the carrying amount of such assets may not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company provides for income taxes pursuant to the liability method. The liability method requires recognition of deferred income taxes based on temporary differences between financial reporting and income tax bases of assets and liabilities, using current enacted income tax rates and regulations. These differences will result in taxable income or deductions in future years when the reported amount of the asset or liability is recovered or settled, respectively. Considerable judgment is required in determining when these events may not. 2016 2016 100%, 2017. 2016. fourth 2017 382 16. 6. |
Gift Card Breakage, Policy [Policy Text Block] | Gift C ard B reakage The Company and its franchisees sell gift cards that are redeemable for product in stores. The Company manages the gift card program, and therefore collects all funds from the activation of gift cards and reimburses franchisees for the redemption of gift cards in their stores. A liability for unredeemed gift cards is included in accounts payable and accrued liabilities in the balance sheets. There are no not may not 2014 09, 606” 2019 not 606 $742,289 $3,057,131 February 28, 2019 2018, $139,188 $0 2019 2018, 17 606. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill arose from three first second The Company performs a goodwill impairment test on an annual basis or more frequently when events or circumstances indicate that the carrying value of a reporting unit more likely than not February 29, 2016 February 29, 2016, $1,930,529 fourth 2016, 13 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Franchise Rights Franchise rights arose from the entry into agreements to acquire substantially all of the franchise rights of Yogurtini, CherryBerry, Fuzzy Peach, Let’s Yo! and Yogli Mogli. Franchise rights are amortized over a period of 20 |
Insurance and Self-Insurance Reserves [Policy Text Block] | Insurance and Self-Insurance Reserves The Company uses a combination of insurance and self-insurance plans to provide for the potential liabilities for workers’ compensation, general liability, property insurance, director and officers’ liability insurance, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering historical claims experience, demographic factors, severity factors and other assumptions. While the Company believes that its assumptions are appropriate, the estimated accruals for these liabilities could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. |
Revenue [Policy Text Block] | Sales Sales of products to franchisees and other customers are recognized at the time of delivery. Sales of products to franchisees and other customers are made at standard prices, without any bargain sales of equipment or supplies. Sales of products at retail stores are recognized at the time of sale. Rebates Rebates received from purveyors that supply products to the Company’s franchisees are included in franchise royalties and fees. Product rebates are recognized in the period in which they are earned. Rebates related to Company-owned locations are offset against operating costs. Shipping Fees Shipping fees charged to customers by the Company’s trucking department are reported as sales. Shipping costs incurred by the Company for inventory are reported as cost of sales or inventory. Franchise and Royalty Fees Beginning in FY 2019, 606, 10 15 2019, one 1% no ten 10% 2.5% 6% In certain instances, the Company is required to pay a portion of franchise fee revenue, or royalty fees to parties the Company has contracted with to assist in developing and growing a brand. The agreements generally include Development Agents, or commissioned brokers who are paid a portion of the initial franchise fee, a portion of the ongoing royalty fees, or both. When such agreements exist, the Company reports franchise fee and royalty fee revenues net of the amount paid, or due, to the agent/broker. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, and revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Vulnerability Due to Certain Concentrations Revenue from one $3.1 9% February 28, 2019 $5.1 13% February 28, 2018. may |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation At February 28, 2019, one 2007 The Company recognized $519,772, $591,839, $584,893 February 28, 2019, 2018 2017, Beginning March 1, 2017, No. 2019 09, March 1, 2017 February 28, 2017 $34,128. During FY 2019 2018, no no 2019 2018. 17 20% five six $463,795 2019 $532,739 2018 $564,473 2017. February 28, 2019 $114,183, 0.4 The Company issued 2,000 February 28, 2019 no February 28, 2018 2,000 February 28, 2017. $24,480, $0 $20,420 February 28, 2019, 2018 2017, During the year ended February 28, 2018, 5,000 $59,100 February 28, 2018. February 28, 2019, 3,333 $31,497 February 28, 2019. |
Earnings Per Share, Policy [Policy Text Block] | Earnings P er Share Basic earnings per share is computed as net earnings divided by the weighted average number of common shares outstanding during each year. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through stock options and restricted stock units. Following the expiration of all outstanding options, during FY 2017, no |
Advertising Cost [Policy Text Block] | Advertising and Promotional Expenses The Company expenses advertising costs as incurred. Total advertising expense for RMCF amounted to $275,441, $355,678, $279,698 February 28, 2019, 2018 2017, $168,000, $222,093, $335,771 February 28, 2019, 2018 2017, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, trade receivables, payables, notes payable and notes receivable. The fair value of all instruments approximates the carrying value, because of the relatively short maturity of these instruments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2018, No. 33 10532, 10 November 5, 2018. 105.09” 105.09 not first 10 November 30, 2018 May 31, 2019 10 not In June 2016, 2016 13, 326 2016 13 2016 13 2016 13 March 1, 2020 2016 13 In February 2016, 2016 02, 842 840 December 15, 2018, three May 31, 2019 ( first 2020 2016 02 2016 02 not $3,500,000 $3,900,000. In May 2014, No. 2014 09, 606” 605 606 not not February 28, 2018, not March 1, 2018, 10 15 The Company adopted ASC 606 March 1, 2018, not 17 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Number of Stores [Table Text Block] | Sold, Not Yet Open Open Total Rocky Mountain Chocolate Factory Company-owned stores - 2 2 Franchise stores - Domestic stores and kiosks 4 183 187 International license stores 1 64 65 Cold Stone Creamery - co-branded 11 91 102 U-Swirl (Including all associated brands) Company-owned stores - 1 1 Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores - 87 87 Franchise stores - Domestic - co-branded - 9 9 International license stores - 2 2 Total 16 442 458 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2019 2018 Ingredients and supplies $ 2,612,954 $ 2,764,727 Finished candy 1,983,854 2,371,610 U-Swirl food and packaging 44,696 63,843 Reserve for slow moving inventory (371,147 ) (357,706 ) Total inventories $ 4,270,357 $ 4,842,474 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment, Net (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Land $ 513,618 $ 513,618 Building 5,031,395 4,905,103 Machinery and equipment 10,263,119 10,686,631 Furniture and fixtures 864,944 1,067,788 Leasehold improvements 1,131,659 1,568,260 Transportation equipment 422,458 434,091 Asset impairment (30,000 ) (62,891 ) 18,197,193 19,112,600 Less accumulated depreciation (12,411,054 ) (12,946,360 ) Property and equipment, net $ 5,786,139 $ 6,166,240 |
Note 4 - Line of Credit and L_2
Note 4 - Line of Credit and Long-term Debt (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2019 2018 Note payable in monthly installments of principal and interest at 3.75% per annum through December 2019 collateralized by sustantially all business assets $ 1,176,488 $ 2,529,309 Less current maturities 1,176,488 1,352,893 Long-term obligations $ - $ 1,176,416 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2020 $ 318,000 2021 259,000 2022 249,000 2023 243,000 2024 249,000 Thereafter 175,000 Total $ 1,493,000 2020 $ 116,000 2021 121,000 2022 125,000 2023 129,000 2024 33,000 Total $ 524,000 2020 $ 323,000 2021 323,000 2022 257,000 2023 29,000 Total $ 932,000 |
Schedule of Future Sublease Rental Payments [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">188,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B5"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">188,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div> |
Schedule of Rent Expense [Table Text Block] | 2019 2018 2017 Minimum rentals $ 1,030,536 $ 1,270,240 $ 944,938 Less sublease rentals (572,000 ) (603,000 ) (318,000 ) Contingent rentals 22,800 26,100 25,200 $ 481,336 $ 693,340 $ 652,138 2019 2018 2017 325,229 225,992 220,791 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 2017 Current Federal $ 653,226 $ 1,916,720 $ 1,411,127 State 142,570 220,164 272,214 Total Current 795,796 2,136,884 1,683,341 Deferred Federal (67,410 ) 55,658 240,233 State (11,524 ) (32,247 ) 22,015 Total Deferred (78,934 ) 23,411 262,248 Total $ 716,862 $ 2,160,295 $ 1,945,589 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 2017 Statutory rate 21.0 % 31.9 % 34.0 % State income taxes, net of federal benefit 3.4 % 2.4 % 3.6 % Domestic production deduction 0.0 % (0.9 )% (1.1 )% Work opportunity tax credits (0.7 )% (0.2 )% (0.4 )% Other 0.5 % 0.8 % 0.0 % Impact of tax reform 0.0 % 8.2 % 0.0 % Effective rate - provision (benefit) 24.2 % 42.2 % 36.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred Tax Assets Allowance for doubtful accounts and notes $ 120,368 $ 124,469 Inventories 91,265 86,938 Accrued compensation 87,930 130,049 Loss provisions and deferred income 492,468 817,945 Self-insurance accrual 34,426 38,868 Amortization 217,481 520,379 Restructuring charges 98,693 98,728 U-Swirl accumulated net loss 325,253 258,173 Valuation allowance (98,693 ) (98,728 ) Net deferred tax assets $ 1,369,191 $ 1,976,821 Deferred Tax Liabilities Depreciation and amortization (682,542 ) (1,066,113 ) Prepaid expenses (79,228 ) (75,245 ) Deferred Tax Liabilities (761,770 ) (1,141,358 ) Net deferred tax assets $ 607,421 $ 835,463 |
Summary of Valuation Allowance [Table Text Block] | 2019 2018 Valuation allowance at beginning of period $ 98,728 $ 148,494 Tax expense (benefits) realized by valuation allowance (35 ) - Tax benefits released from valuation allowance - - Impact of tax reform - (49,766 ) Valuation allowance at end of period $ 98,693 $ 98,728 |
Note 8 - Stock Compensation P_2
Note 8 - Stock Compensation Plans (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Original share authorization: 300,000 Prior plan shares authorized and incorporated in the 2007 Plan: 85,340 Additional shares authorized through 2007 Plan amendment: 300,000 Available for award: 685,340 Cancelled/forfeited: 199,859 Shares awarded as unrestricted shares, stock options or restricted stock units: (557,409 ) Shares available for award: 327,790 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Twelve Months Ended February 28: 2019 2018 2017 Outstanding stock options at beginning of year: - - 12,936 Granted - - - Exercised - - - Cancelled/forfeited - - (12,936 ) Outstanding stock options as of February 28: - - - Weighted average exercise price n/a n/a n/a Weighted average remaining contractual term (in years) n/a n/a n/a |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Twelve Months Ended February 28: 2019 2018 2017 Outstanding non-vested restricted stock units at beginning of year: 77,594 123,658 181,742 Granted - - - Vested (49,058 ) (44,064 ) (48,084 ) Cancelled/forfeited (3,534 ) (2,000 ) (10,000 ) Outstanding non-vested restricted stock units as of February 28: 25,002 77,594 123,658 Weighted average grant date fair value $ 12.05 $ 12.16 $ 12.21 Weighted average remaining vesting period (in years) 0.38 1.27 2.23 |
Note 9 - Operating Segments (Ta
Note 9 - Operating Segments (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | FY 2019 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 5,361,528 $ 25,324,024 $ 1,272,009 $ 3,737,606 $ - $ 35,695,167 Intersegment revenues (5,236 ) (1,144,484 ) - - - (1,149,720 ) Revenue from external customers 5,356,292 24,179,540 1,272,009 3,737,606 - 34,545,447 Segment profit (loss) 2,288,871 4,310,722 (52,009 ) (32,391 ) (3,559,532 ) 2,955,661 Total assets 1,182,355 12,267,458 1,001,419 5,264,989 6,505,920 26,222,141 Capital expenditures 3,548 526,402 9,617 16,512 57,707 613,786 Total depreciation & amortization $ 46,369 $ 573,846 $ 32,762 $ 952,178 $ 104,644 $ 1,709,799 FY 2018 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 6,004,897 $ 27,491,089 $ 1,876,021 $ 4,142,085 $ - $ 39,514,092 Intersegment revenues (4,882 ) (1,434,515 ) - - - (1,439,397 ) Revenue from external customers 6,000,015 26,056,574 1,876,021 4,142,085 - 38,074,695 Segment profit (loss) 2,623,081 5,791,980 (37,102 ) 542,073 (3,795,829 ) 5,124,203 Total assets 1,157,158 12,729,659 1,134,876 8,125,171 5,793,771 28,940,635 Capital expenditures 15,429 429,545 33,056 11,899 55,027 544,956 Total depreciation & amortization $ 46,087 $ 540,033 $ 32,567 $ 576,162 $ 124,406 $ 1,319,255 FY 2017 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 5,951,055 $ 26,678,514 $ 1,710,734 $ 5,216,076 $ - $ 39,556,379 Intersegment revenues (5,332 ) (1,254,670 ) - - - (1,260,002 ) Revenue from external customers 5,945,723 25,423,844 1,710,734 5,216,076 - 38,296,377 Segment profit (loss) 2,495,709 5,609,957 128,024 1,017,395 (3,855,380 ) 5,395,705 Total assets 1,216,241 12,900,070 1,101,461 9,124,822 5,075,762 29,418,356 Capital expenditures 15,480 966,619 17,047 40,924 198,402 1,238,472 Total depreciation & amortization $ 54,053 $ 463,996 $ 14,755 $ 622,654 $ 133,251 $ 1,288,709 |
Note 10 - Supplemental Cash F_2
Note 10 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash paid for: 2019 2018 2017 Interest, net $ 52,102 $ 102,640 $ 129,927 Income taxes 638,252 2,431,884 1,997,751 Non-cash Operating Activities Accrued Inventory 52,918 258,247 531,017 Non-cash Financing Activities Dividend payable $ 714,939 $ 708,652 702,525 |
Note 12 - Summarized Quarterl_2
Note 12 - Summarized Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Fiscal Quarter 2019 First Second Third Fourth Total Total revenue $ 8,366,085 $ 7,800,088 $ 8,949,747 $ 9,429,527 $ 34,545,447 Gross margin 1,916,807 1,852,435 1,882,975 1,312,026 6,964,243 Net income 576,944 750,815 525,361 385,679 2,238,799 Basic earnings per share 0.10 0.13 0.09 0.06 0.38 Diluted earnings per share $ 0.10 $ 0.13 $ 0.09 $ 0.06 $ 0.37 Fiscal Quarter 2018 First Second Third Fourth Total Total revenue $ 9,346,447 $ 8,266,691 $ 9,961,572 $ 10,499,985 $ 38,074,695 Gross margin 2,191,974 2,210,910 2,311,579 2,276,586 8,991,049 Net income 813,672 928,284 751,056 470,896 2,963,908 Basic earnings per share 0.14 0.16 0.13 0.08 0.50 Diluted earnings per share $ 0.14 $ 0.16 $ 0.13 $ 0.08 $ 0.50 |
Note 13 - Goodwill and Intang_2
Note 13 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | 2019 2018 Amortization Period (in years) Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Store design 10 $ 220,778 $ 214,152 $ 220,778 $ 212,653 Packaging licenses 3 - 5 120,830 120,830 120,830 120,830 Packaging design 10 430,973 430,973 430,973 430,973 Trademark/Non-competition agreements 5 - 20 715,339 223,628 715,339 136,087 Franchise rights 20 5,979,637 2,300,717 5,979,637 1,545,710 Total 7,467,557 3,290,300 7,467,557 2,446,253 Intangible assets not subject to amortization Franchising segment- Company stores goodwill $ 1,099,328 $ 267,020 $ 1,099,328 $ 267,020 Franchising goodwill 295,000 197,682 295,000 197,682 Manufacturing segment-goodwill 295,000 197,682 295,000 197,682 Trademark 20,000 - 20,000 - Total goodwill 1,709,328 662,384 1,709,328 662,384 Total Intangible Assets $ 9,176,885 $ 3,952,684 $ 9,176,885 $ 3,108,637 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2020 $ 706,177 2021 594,229 2022 490,060 2023 411,607 2024 345,642 Thereafter 1,629,542 Total $ 4,177,257 |
Note 14 - Costs Associated Wi_2
Note 14 - Costs Associated With Company-owned Store Closures (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | 2019 2018 2017 Loss on distribution of assets $ 81,981 $ - $ - Lease settlement costs 145,000 - 60,000 Total $ 226,981 $ - $ 60,000 |
Note 17 - Adoption of ASU 201_2
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Amount Increase in deferred revenue $ (1,022,720 ) Reduction in gift card liabilities 2,250,743 Adjustment to deferred income tax assets (302,094 ) Cumulative increase to retained earnings $ 925,929 CONSOLIDATED BALANCE SHEET AS OF FEBRUARY 28, 2018 Previously Reported Adjustments Restated Assets Current Assets Cash and cash equivalents $ 6,072,984 $ - $ 6,072,984 Accounts receivable, net 3,897,334 - 3,897,334 Notes receivable, current portion, net 105,540 - 105,540 Refundable income taxes 342,863 - 342,863 Inventories, net 4,842,474 - 4,842,474 Other 310,173 - 310,173 Total current assets 15,571,368 - 15,571,368 Property and Equipment, Net 6,166,240 - 6,166,240 Other Assets Notes receivable, less current portion, net 235,983 - 235,983 Goodwill, net 1,046,944 - 1,046,944 Franchise rights, net 4,433,927 - 4,433,927 Intangible assets, net 587,377 - 587,377 Deferred income taxes 835,463 (302,094 ) 533,369 Other 63,333 - 63,333 Total other assets 7,203,027 (302,094 ) 6,900,933 Total Assets $ 28,940,635 $ (302,094 ) $ 28,638,541 Liabilities and Stockholders' Equity Current Liabilities Current maturities of long-term debt $ 1,352,893 - $ 1,352,893 Accounts payable 1,647,991 - 1,647,991 Accrued salaries and wages 644,005 - 644,005 Gift card liabilities 3,057,131 (2,250,743 ) 806,388 Other accrued expenses 325,034 - 325,034 Dividend payable 708,652 - 708,652 Deferred revenue 471,910 (143,445 ) 328,465 Total current liabilities 8,207,616 (2,394,188 ) 5,813,428 Long-Term Debt, Less Current Maturities 1,176,416 - 1,176,416 Deferred Revenue, Less Current Portion - 1,166,165 1,166,165 Commitments and Contingencies Stockholders' Equity Preferred stock Common stock 5,903 - 5,903 Additional paid-in capital 6,131,147 - 6,131,147 Retained earnings 13,419,553 925,929 14,345,482 Total stockholders' equity 19,556,603 925,929 20,482,532 Total Liabilities and Stockholders' Equity $ 28,940,635 $ (302,094 ) $ 28,638,541 |
Reconciliation of Revenue Reported for Periods Prior to the Adoption of ASC 606 [Table Text Block] | For the Years Ended February 28, 2019 2018 2017 Franchise Fees contained within the Statement of Income: $ 335,028 $ 681,613 $ 324,718 Adjustment required to conform revenue to prior period method: (53,528 ) - - Comparable franchise fees: $ 281,500 $ 681,613 $ 324,718 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 2020 $ 256,093 2021 204,071 2022 190,524 2023 176,394 2024 137,477 Thereafter 388,013 Total $ 1,352,572 |
Note 18 - Disaggregation of R_2
Note 18 - Disaggregation of Revenue (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended February 28, 2019 Revenues recognized over time under ASC 606: Franchising Manufacturing Retail U-Swirl Total Revenues recognized over time under ASC 606: Franchise fees $ 199,362 $ - $ - $ 135,666 $ 335,028 Revenues recognized at a point in time: Franchising Manufacturing Retail U-Swirl Total Factory sales - 24,179,540 - - 24,179,540 Retail sales - - 1,272,009 2,112,245 3,384,254 Royalty and marketing fees 5,156,930 - - 1,489,695 6,646,625 Total $ 5,356,292 $ 24,179,540 $ 1,272,009 $ 3,737,606 $ 34,545,447 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Valuation and Qualifying Accounts Disclosure [Table Text Block] | <table cellpadding="0pt" cellspacing="0pt" style="margin: 0pt; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-; min-width: 700px;"> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Balance at</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Beginning of Period</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Additions Charged to</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Costs & Exp.</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Deductions</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Balance at End of</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Period</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year Ended February 28, 2019</div> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 15%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 5px 0px 0px; border-right: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">505,972</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">143,214</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">159,684</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">489,502</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year Ended February 29, 2018</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 15%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 5px 0px 0px; border-right: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">536,093</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">166,868</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">196,989</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">505,972</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year Ended February 28, 2017</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 15%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 5px 0px 0px; border-right: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">670,471</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">138,125</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">272,503</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">536,093</div> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0pt" cellspacing="0pt" style="margin: 0pt; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; min-; min-width: 700px;"> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Balance at</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Beginning of Period</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Additions Charged to</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Costs & Exp.</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Deductions</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Balance at End of</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Period</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year Ended February 28, 2019</div> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 15%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 5px 0px 0px; border-right: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">505,972</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">143,214</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">159,684</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">489,502</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year Ended February 29, 2018</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 15%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 5px 0px 0px; border-right: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">536,093</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">166,868</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">196,989</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">505,972</div> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year Ended February 28, 2017</div> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 15.5%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 18.1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 17.2%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: top; border-bottom: thin solid rgb(0, 0, 0); width: 32%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 0px 0px 5px; border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 15%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px 5px 0px 0px; border-right: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">670,471</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">138,125</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">272,503</div> </td> <td style="vertical-align: bottom; border-bottom: thin solid rgb(0, 0, 0); width: 17%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-right: thin solid rgb(0, 0, 0); padding: 0px 5px 0px 0px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">536,093</div> </td> </tr> </table></div> |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Summary of Significant Accounting Policies 1 (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Mar. 01, 2019 | Mar. 01, 2018 | |
Assets, Total | $ 26,222,141 | $ 28,940,635 | $ 26,222,141 | $ 28,940,635 | $ 29,418,356 | $ 28,638,541 | |||||||||
Cash, Uninsured Amount | 4,900,000 | 4,900,000 | |||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | 391,831 | 391,831 | |||||||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | |||||||||||||
Gift Card, Liability, Current | 742,289 | 3,057,131 | 742,289 | 3,057,131 | $ 806,388 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 139,188 | 0 | |||||||||||||
Royalty on Retail Sales of Products Purchased from the Company | 0.00% | ||||||||||||||
Revenues, Total | 9,429,527 | $ 8,949,747 | $ 7,800,088 | $ 8,366,085 | $ 10,499,985 | $ 9,961,572 | $ 8,266,691 | $ 9,346,447 | $ 34,545,447 | 38,074,695 | |||||
Share-based Payment Arrangement, Expense | $ 519,772 | $ 591,839 | 584,893 | ||||||||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 34,128 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | ||||||||||||||
Independent Contractor [Member] | |||||||||||||||
Share-based Payment Arrangement, Expense | $ 59,100 | ||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 5,000 | ||||||||||||||
Vice President of Creative Services [Member] | |||||||||||||||
Share-based Payment Arrangement, Expense | $ 31,497 | ||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 3,333 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Payment Arrangement, Expense | $ 463,795 | $ 532,739 | $ 564,473 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 114,183 | $ 114,183 | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 146 days | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 270,000 | ||||||||||||||
Unrestricted Shares of Stock [Member] | |||||||||||||||
Share-based Payment Arrangement, Expense | $ 24,480 | $ 0 | $ 20,420 | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | 2,000 | 0 | 2,000 | ||||||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||
Number of Major Customers | 1 | ||||||||||||||
Revenues, Total | $ 3,100,000 | $ 5,100,000 | |||||||||||||
Concentration Risk, Percentage | 9.00% | 13.00% | |||||||||||||
Marketing and Promotion Fee [Member] | |||||||||||||||
Franchise Fee Rate | 1.00% | ||||||||||||||
Products Sold [Member] | |||||||||||||||
Franchise Fee Rate | 10.00% | ||||||||||||||
Franchise Rights [Member] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||||||||||||
U-Swirl International, Inc. [Member] | |||||||||||||||
Goodwill, Impairment Loss | $ 1,930,529 | ||||||||||||||
Secured by Assets Financed [Member] | |||||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 375,000 | $ 375,000 | |||||||||||||
Minimum [Member] | |||||||||||||||
Financing Receivable Interest Rate | 4.50% | 4.50% | |||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||||||
Percent of Retail Sales | 2.50% | 2.50% | |||||||||||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||||||||||||
Operating Lease, Right-of-Use Asset | $ 3,500,000 | ||||||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 17.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||
Minimum [Member] | Franchise Rights [Member] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||||||||
Maximum [Member] | |||||||||||||||
Financing Receivable Interest Rate | 6.00% | 6.00% | |||||||||||||
Property, Plant and Equipment, Useful Life | 39 years | ||||||||||||||
Percent of Retail Sales | 6.00% | 6.00% | |||||||||||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||||||||||||
Operating Lease, Right-of-Use Asset | $ 3,900,000 | ||||||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | ||||||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | ||||||||||||||
Maximum [Member] | Franchise Rights [Member] | |||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||||||||
USwirl Inc [Member] | |||||||||||||||
Assets, Total | $ 0 | ||||||||||||||
Advertising Expense | $ 168,000 | $ 222,093 | $ 335,771 | ||||||||||||
Rocky Mountain Chocolate Factory [Member] | |||||||||||||||
Advertising Expense | $ 275,441 | $ 355,678 | $ 279,698 | ||||||||||||
USwirl Inc [Member] | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 46.00% | 46.00% |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Summary of Significant Accounting Policies 2 (Details Textual) | Feb. 28, 2019 | Mar. 01, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 10 years | |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 15 years |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Number of Stores (Details) | Feb. 28, 2019 |
Number of stores | 458 |
Sold Not Yet Open [Member] | |
Number of stores | 16 |
Open [Member] | |
Number of stores | 442 |
Company Owned Stores [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 2 |
Company Owned Stores [Member] | USwirl Inc [Member] | |
Number of stores | 1 |
Company Owned Stores [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 0 |
Company Owned Stores [Member] | Sold Not Yet Open [Member] | USwirl Inc [Member] | |
Number of stores | 0 |
Company Owned Stores [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 2 |
Company Owned Stores [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 1 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 187 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 4 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 183 |
International License Stores [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 65 |
International License Stores [Member] | USwirl Inc [Member] | |
Number of stores | 2 |
International License Stores [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 1 |
International License Stores [Member] | Sold Not Yet Open [Member] | USwirl Inc [Member] | |
Number of stores | 0 |
International License Stores [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 64 |
International License Stores [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 2 |
Cold Stone Creamery - Co-Branded [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 102 |
Cold Stone Creamery - Co-Branded [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 11 |
Cold Stone Creamery - Co-Branded [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 91 |
Company Owned Stores Co-branded [Member] | USwirl Inc [Member] | |
Number of stores | 3 |
Company Owned Stores Co-branded [Member] | Sold Not Yet Open [Member] | USwirl Inc [Member] | |
Number of stores | 0 |
Company Owned Stores Co-branded [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 3 |
Franchise Stores - Domestic Stores [Member] | USwirl Inc [Member] | |
Number of stores | 87 |
Franchise Stores - Domestic Stores [Member] | Sold Not Yet Open [Member] | USwirl Inc [Member] | |
Number of stores | |
Franchise Stores - Domestic Stores [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 87 |
Franchise Stores - Domestic Stores - Co-Branded [Member] | USwirl Inc [Member] | |
Number of stores | 9 |
Franchise Stores - Domestic Stores - Co-Branded [Member] | Sold Not Yet Open [Member] | USwirl Inc [Member] | |
Number of stores | |
Franchise Stores - Domestic Stores - Co-Branded [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 9 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) | Feb. 28, 2019 | Mar. 01, 2018 | Feb. 28, 2018 |
Ingredients and supplies | $ 2,612,954 | $ 2,764,727 | |
Finished candy | 1,983,854 | 2,371,610 | |
U-Swirl food and packaging | 44,696 | 63,843 | |
Reserve for slow moving inventory | (371,147) | (357,706) | |
Total inventories | $ 4,270,357 | $ 4,842,474 | $ 4,842,474 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Mar. 01, 2018 | |
Property, plant and equipment, gross | $ 18,197,193 | $ 19,112,600 | |
Asset impairment | (30,000) | (62,891) | |
Less accumulated depreciation | (12,411,054) | (12,946,360) | |
Property and equipment, net | 5,786,139 | 6,166,240 | $ 6,166,240 |
Land [Member] | |||
Property, plant and equipment, gross | 513,618 | 513,618 | |
Building [Member] | |||
Property, plant and equipment, gross | 5,031,395 | 4,905,103 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment, gross | 10,263,119 | 10,686,631 | |
Furniture and Fixtures [Member] | |||
Property, plant and equipment, gross | 864,944 | 1,067,788 | |
Leasehold Improvements [Member] | |||
Property, plant and equipment, gross | 1,131,659 | 1,568,260 | |
Transportation Equipment [Member] | |||
Property, plant and equipment, gross | $ 422,458 | $ 434,091 |
Note 4 - Line of Credit and L_3
Note 4 - Line of Credit and Long-term Debt (Details Textual) - USD ($) $ in Thousands | Jan. 16, 2014 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2014 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||
Wells Fargo Bank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Proceeds from Lines of Credit, Total | $ 6,400 | |||
Line of Credit [Member] | Wells Fargo Bank [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,000 | |||
Long-term Line of Credit, Total | $ 0 | $ 0 | ||
Line of Credit [Member] | Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Eligible Accounts Receivable [Member] | ||||
Maximum Draws Allowed | 50.00% | |||
Eligible Inventories [Member] | ||||
Maximum Draws Allowed | 50.00% |
Note 4 - Line of Credit and L_4
Note 4 - Line of Credit and Long-term Debt - Long-term Note Payable (Details) - USD ($) | Feb. 28, 2019 | Mar. 01, 2018 | Feb. 28, 2018 |
Note payable in monthly installments of principal and interest at 3.75% per annum through December 2019 collateralized by sustantially all business assets | $ 1,176,488 | $ 2,529,309 | |
Less current maturities | 1,176,488 | $ 1,352,893 | 1,352,893 |
Long-term obligations | $ 1,176,416 | $ 1,176,416 |
Note 4 - Line of Credit and L_5
Note 4 - Line of Credit and Long-term Debt - Long-term Note Payable (Details) (Parentheticals) | Feb. 28, 2019 | Feb. 28, 2018 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) | 12 Months Ended |
Feb. 28, 2019USD ($) | |
Number of Stores | 458 |
Contractual Obligation, Total | $ 880,000 |
Franchised Units [Member] | |
Number of Stores | 313 |
Franchised Units [Member] | Primary Lessee [Member] | |
Number of Stores | 4 |
Maximum [Member] | |
Purchase Contracts, Term | 1 year 180 days |
Maximum [Member] | Retail Operations Facilities [Member] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Lessee, Operating Lease, Renewal Term | 10 years |
Minimum [Member] | |
Purchase Contracts, Term | 180 days |
Minimum [Member] | Retail Operations Facilities [Member] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Future Minimum Rental Payments Under Operating Leases (Details) | Feb. 28, 2019USD ($) |
Retail Operations Facilities [Member] | |
2020 | $ 318,000 |
2021 | 259,000 |
2022 | 249,000 |
2023 | 243,000 |
2024 | 249,000 |
Thereafter | 175,000 |
Total | 1,493,000 |
Warehouse Space [Member] | |
2020 | 116,000 |
2021 | 121,000 |
2022 | 125,000 |
2023 | 129,000 |
2024 | 33,000 |
Total | 524,000 |
Trucking Equipment [Member] | |
2020 | 323,000 |
2021 | 323,000 |
2022 | 257,000 |
2023 | 29,000 |
Total | $ 932,000 |
Note 5 - Commitments and Cont_5
Note 5 - Commitments and Contingencies - Sublease Rental Income (Details) | Feb. 28, 2019USD ($) |
2020 | $ 92,000 |
2021 | 75,000 |
2022 | 21,000 |
Total | $ 188,000 |
Note 5 - Commitments and Cont_6
Note 5 - Commitments and Contingencies - Net Lease Expense for Operating Leases (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Minimum rentals | $ 1,030,536 | $ 1,270,240 | $ 944,938 |
Less sublease rentals | (572,000) | (603,000) | (318,000) |
Contingent rentals | 22,800 | 26,100 | 25,200 |
Retail operating lease expense | 481,336 | 693,340 | 652,138 |
Lease and rental expense | $ 325,229 | $ 225,992 | $ 220,791 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 31.90% | 34.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 421,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 258,173 | $ 325,253 | $ 258,173 | |
U-Swirl Segment [Member] | ||||
Operating Loss Carryforwards, Total | 1,323,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 325,000 |
Note 6 - Income Taxes - Income
Note 6 - Income Taxes - Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Federal | $ 653,226 | $ 1,916,720 | $ 1,411,127 |
State | 142,570 | 220,164 | 272,214 |
Total Current | 795,796 | 2,136,884 | 1,683,341 |
Federal | (67,410) | 55,658 | 240,233 |
State | (11,524) | (32,247) | 22,015 |
Total Deferred | (78,934) | 23,411 | 262,248 |
Total | $ 716,862 | $ 2,160,295 | $ 1,945,589 |
Note 6 - Income Taxes - Reconci
Note 6 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate and the Effective Rate (Details) | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Statutory rate | 21.00% | 21.00% | 31.90% | 34.00% |
State income taxes, net of federal benefit | 3.40% | 2.40% | 3.60% | |
Domestic production deduction | 0.00% | (0.90%) | (1.10%) | |
Work opportunity tax credits | (0.70%) | (0.20%) | (0.40%) | |
Other | 0.50% | 0.80% | 0.00% | |
Impact of tax reform | 0.00% | 8.20% | 0.00% | |
Effective rate - provision (benefit) | 24.20% | 42.20% | 36.10% |
Note 6 - Income Taxes - Compone
Note 6 - Income Taxes - Components of Deferred Income Taxes (Details) - USD ($) | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 |
Allowance for doubtful accounts and notes | $ 120,368 | $ 124,469 | |
Inventories | 91,265 | 86,938 | |
Accrued compensation | 87,930 | 130,049 | |
Loss provisions and deferred income | 492,468 | 817,945 | |
Self-insurance accrual | 34,426 | 38,868 | |
Amortization | 217,481 | 520,379 | |
Restructuring charges | 98,693 | 98,728 | |
U-Swirl accumulated net loss | 325,253 | 258,173 | |
Valuation allowance | (98,693) | (98,728) | $ (148,494) |
Net deferred tax assets | 1,369,191 | 1,976,821 | |
Depreciation and amortization | (682,542) | (1,066,113) | |
Prepaid expenses | (79,228) | (75,245) | |
Deferred Tax Liabilities | (761,770) | (1,141,358) | |
Net deferred tax assets | $ 607,421 | $ 835,463 |
Note 6 - Income Taxes - Summary
Note 6 - Income Taxes - Summary of Deferred Income Tax Valuation Allowances (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Valuation allowance at beginning of period | $ 98,728 | $ 148,494 |
Tax expense (benefits) realized by valuation allowance | (35) | |
Tax benefits released from valuation allowance | ||
Impact of tax reform | (49,766) | |
Valuation allowance at end of period | $ 98,693 | $ 98,728 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | Mar. 15, 2019 | Dec. 07, 2018 | Sep. 14, 2018 | Jun. 15, 2018 | Mar. 16, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | May 21, 2015 | Jan. 13, 2015 | Jul. 15, 2014 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | |||||||
Stock Repurchase Program, Authorized Amount | $ 2,058,000 | $ 3,000,000 | |||||||||
Stock Repurchase Program, Additional Authorized Amount | $ 2,090,000 | ||||||||||
Treasury Stock, Shares, Acquired | 0 | 0 | 35,108 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 10.01 | ||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 638,000 | ||||||||||
Subsequent Event [Member] | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 |
Note 8 - Stock Compensation P_3
Note 8 - Stock Compensation Plans - Summarizes Stock Awards (Details) - 2007 Equity Incentive Plan [Member | 12 Months Ended |
Feb. 28, 2019shares | |
Original share authorization: (in shares) | 300,000 |
Prior plan shares authorized and incorporated in the 2007 Plan: (in shares) | 85,340 |
Additional shares authorized through 2007 Plan amendment: (in shares) | 300,000 |
Available for award: (in shares) | 685,340 |
Cancelled/forfeited: (in shares) | 199,859 |
Shares awarded as unrestricted shares, stock options or restricted stock units: (in shares) | (557,409) |
Shares available for award: (in shares) | 327,790 |
Note 8 - Stock Compensation P_4
Note 8 - Stock Compensation Plans - Stock Option Awards Outstanding Under the Plans (Details) - $ / shares | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Outstanding stock options at beginning of year: (in shares) | 12,936 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Exercised (in shares) | |||
Cancelled/forfeited (in shares) | (12,936) | ||
Outstanding stock options as of February 28: (in shares) | |||
Weighted average exercise price (in dollars per share) | |||
Weighted average remaining contractual term (Year) |
Note 8 - Stock Compensation P_5
Note 8 - Stock Compensation Plans - Restricted Stock Unit Awards Outstanding Under the Plans (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Outstanding non-vested restricted stock units at beginning of year: (in shares) | 77,594 | 123,658 | 181,742 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |
Vested (in shares) | (49,058) | (44,064) | (48,084) |
Cancelled/forfeited (in shares) | (3,534) | (2,000) | (10,000) |
Outstanding non-vested restricted stock units as of February 28: (in shares) | 25,002 | 77,594 | 123,658 |
Weighted average grant date fair value (in dollars per share) | $ 12.05 | $ 12.16 | $ 12.21 |
Weighted average remaining vesting period (Year) | 138 days | 1 year 98 days | 2 years 83 days |
Note 9 - Operating Segments (De
Note 9 - Operating Segments (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2019USD ($) | Nov. 30, 2018USD ($) | Aug. 31, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2019USD ($) | Feb. 28, 2018USD ($) | |
Number of Reportable Segments | 5 | |||||||||
Revenues, Total | $ 9,429,527 | $ 8,949,747 | $ 7,800,088 | $ 8,366,085 | $ 10,499,985 | $ 9,961,572 | $ 8,266,691 | $ 9,346,447 | $ 34,545,447 | $ 38,074,695 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||
Number of Major Customers | 1 | |||||||||
Revenues, Total | $ 3,100,000 | $ 5,100,000 | ||||||||
Concentration Risk, Percentage | 9.00% | 13.00% | ||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Manufacturing [Member] | ||||||||||
Number of Major Customers | 1 | 1 | ||||||||
Revenues, Total | $ 3,100,000 | $ 5,100,000 | ||||||||
Concentration Risk, Percentage | 9.10% | 13.40% |
Note 9 - Operating Segments - S
Note 9 - Operating Segments - Segment Information (Details) - USD ($) | 12 Months Ended | |||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Mar. 01, 2018 | |
Revenues | $ 34,545,447 | $ 38,074,695 | $ 38,296,377 | |
Segment profit (loss) | 2,955,661 | 5,124,203 | 5,395,705 | |
Assets, Total | 26,222,141 | 28,940,635 | 29,418,356 | $ 28,638,541 |
Capital expenditures | 613,786 | 544,956 | 1,238,472 | |
Total depreciation and amortization | 1,709,799 | 1,319,255 | 1,288,709 | |
Franchising [Member] | ||||
Revenues | 5,356,292 | 6,000,015 | 5,945,723 | |
Segment profit (loss) | 2,288,871 | 2,623,081 | 2,495,709 | |
Assets, Total | 1,182,355 | 1,157,158 | 1,216,241 | |
Capital expenditures | 3,548 | 15,429 | 15,480 | |
Total depreciation and amortization | 46,369 | 46,087 | 54,053 | |
Manufacturing [Member] | ||||
Revenues | 24,179,540 | 26,056,574 | 25,423,844 | |
Segment profit (loss) | 4,310,722 | 5,791,980 | 5,609,957 | |
Assets, Total | 12,267,458 | 12,729,659 | 12,900,070 | |
Capital expenditures | 526,402 | 429,545 | 966,619 | |
Total depreciation and amortization | 573,846 | 540,033 | 463,996 | |
Retail Segment [Member] | ||||
Revenues | 1,272,009 | 1,876,021 | 1,710,734 | |
Segment profit (loss) | (52,009) | (37,102) | 128,024 | |
Assets, Total | 1,001,419 | 1,134,876 | 1,101,461 | |
Capital expenditures | 9,617 | 33,056 | 17,047 | |
Total depreciation and amortization | 32,762 | 32,567 | 14,755 | |
U-Swirl Segment [Member] | ||||
Revenues | 3,737,606 | 4,142,085 | 5,216,076 | |
Segment profit (loss) | (32,391) | 542,073 | 1,017,395 | |
Assets, Total | 5,264,989 | 8,125,171 | 9,124,822 | |
Capital expenditures | 16,512 | 11,899 | 40,924 | |
Total depreciation and amortization | 952,178 | 576,162 | 622,654 | |
Other Segments [Member] | ||||
Revenues | 0 | 0 | ||
Segment profit (loss) | (3,559,532) | (3,795,829) | (3,855,380) | |
Assets, Total | 6,505,920 | 5,793,771 | 5,075,762 | |
Capital expenditures | 57,707 | 55,027 | 198,402 | |
Total depreciation and amortization | 104,644 | 124,406 | 133,251 | |
Operating Segments [Member] | ||||
Revenues | 35,695,167 | 39,514,092 | 39,556,379 | |
Operating Segments [Member] | Franchising [Member] | ||||
Revenues | 5,361,528 | 6,004,897 | 5,951,055 | |
Operating Segments [Member] | Manufacturing [Member] | ||||
Revenues | 25,324,024 | 27,491,089 | 26,678,514 | |
Operating Segments [Member] | Retail Segment [Member] | ||||
Revenues | 1,272,009 | 1,876,021 | 1,710,734 | |
Operating Segments [Member] | U-Swirl Segment [Member] | ||||
Revenues | 3,737,606 | 4,142,085 | 5,216,076 | |
Operating Segments [Member] | Other Segments [Member] | ||||
Revenues | 0 | 0 | ||
Intersegment Eliminations [Member] | ||||
Revenues | (1,149,720) | (1,439,397) | (1,260,002) | |
Intersegment Eliminations [Member] | Franchising [Member] | ||||
Revenues | (5,236) | (4,882) | (5,332) | |
Intersegment Eliminations [Member] | Manufacturing [Member] | ||||
Revenues | (1,144,484) | (1,434,515) | (1,254,670) | |
Intersegment Eliminations [Member] | Retail Segment [Member] | ||||
Revenues | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | U-Swirl Segment [Member] | ||||
Revenues | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Other Segments [Member] | ||||
Revenues | $ 0 | $ 0 | $ 0 |
Note 10 - Supplemental Cash F_3
Note 10 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Interest, net | $ 52,102 | $ 102,640 | $ 129,927 |
Income taxes | 638,252 | 2,431,884 | 1,997,751 |
Accrued Inventory | 52,918 | 258,247 | 531,017 |
Dividend payable | $ 714,939 | $ 708,652 | $ 702,525 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Defined Contribution Plan Employers Matching Contribution Vesting Period | 3 years | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 25.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.50% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 70,000 | $ 68,000 | $ 66,000 |
Note 12 - Summarized Quarterl_3
Note 12 - Summarized Quarterly Data (Unaudited) - Quarterly Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Revenues, Total | $ 9,429,527 | $ 8,949,747 | $ 7,800,088 | $ 8,366,085 | $ 10,499,985 | $ 9,961,572 | $ 8,266,691 | $ 9,346,447 | $ 34,545,447 | $ 38,074,695 | |
Gross margin | 1,312,026 | 1,882,975 | 1,852,435 | 1,916,807 | 2,276,586 | 2,311,579 | 2,210,910 | 2,191,974 | 6,964,243 | 8,991,049 | |
Net income | $ 385,679 | $ 525,361 | $ 750,815 | $ 576,944 | $ 470,896 | $ 751,056 | $ 928,284 | $ 813,672 | $ 2,238,799 | $ 2,963,908 | |
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.13 | $ 0.10 | $ 0.08 | $ 0.13 | $ 0.16 | $ 0.14 | $ 0.38 | $ 0.50 | $ 0.59 |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.09 | $ 0.13 | $ 0.10 | $ 0.08 | $ 0.13 | $ 0.16 | $ 0.14 | $ 0.37 | $ 0.50 | $ 0.58 |
Note 13 - Goodwill and Intang_3
Note 13 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Amortization of Intangible Assets, Total | $ 844,320 | $ 446,050 | $ 427,840 |
Note 13 - Goodwill and Intang_4
Note 13 - Goodwill and Intangible Assets - Indefinite-lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Intangible assets subject to amortization, gross carrying value | $ 7,467,557 | $ 7,467,557 |
Intangible assets subject to amortization, accumulated amortization | 3,290,300 | 2,446,253 |
Intangible assets not subject to amortization, gross carrying value | 1,709,328 | 1,709,328 |
Intangible assets not subject to amortization, accumulated goodwill impairment | 662,384 | 662,384 |
Total Intangible Assets | 9,176,885 | 9,176,885 |
Intangible assets not subject to amortization, accumulated goodwill impairment | 3,952,684 | 3,108,637 |
Company Stores Goodwill [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 1,099,328 | 1,099,328 |
Intangible assets not subject to amortization, accumulated goodwill impairment | 267,020 | 267,020 |
Franchising Goodwill [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 295,000 | 295,000 |
Intangible assets not subject to amortization, accumulated goodwill impairment | 197,682 | 197,682 |
Manufacturing Segment Goodwill [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 295,000 | 295,000 |
Intangible assets not subject to amortization, accumulated goodwill impairment | 197,682 | 197,682 |
Trademarks [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 20,000 | 20,000 |
Intangible assets not subject to amortization, accumulated goodwill impairment | ||
Store Design [Member] | ||
Amortization Period (Year) | 10 years | |
Intangible assets subject to amortization, gross carrying value | $ 220,778 | 220,778 |
Intangible assets subject to amortization, accumulated amortization | 214,152 | 212,653 |
Packaging Licenses [Member] | ||
Intangible assets subject to amortization, gross carrying value | 120,830 | 120,830 |
Intangible assets subject to amortization, accumulated amortization | $ 120,830 | 120,830 |
Packaging Licenses [Member] | Minimum [Member] | ||
Amortization Period (Year) | 3 years | |
Packaging Licenses [Member] | Maximum [Member] | ||
Amortization Period (Year) | 5 years | |
Packaging Design [Member] | ||
Amortization Period (Year) | 10 years | |
Intangible assets subject to amortization, gross carrying value | $ 430,973 | 430,973 |
Intangible assets subject to amortization, accumulated amortization | 430,973 | 430,973 |
Trademarks and Non Competition Agreement [Member] | ||
Intangible assets subject to amortization, gross carrying value | 715,339 | 715,339 |
Intangible assets subject to amortization, accumulated amortization | $ 223,628 | 136,087 |
Trademarks and Non Competition Agreement [Member] | Minimum [Member] | ||
Amortization Period (Year) | 5 years | |
Trademarks and Non Competition Agreement [Member] | Maximum [Member] | ||
Amortization Period (Year) | 20 years | |
Franchise Rights [Member] | ||
Amortization Period (Year) | 20 years | |
Intangible assets subject to amortization, gross carrying value | $ 5,979,637 | 5,979,637 |
Intangible assets subject to amortization, accumulated amortization | $ 2,300,717 | $ 1,545,710 |
Franchise Rights [Member] | Minimum [Member] | ||
Amortization Period (Year) | 10 years | |
Franchise Rights [Member] | Maximum [Member] | ||
Amortization Period (Year) | 15 years |
Note 13 - Goodwill and Intang_5
Note 13 - Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) | Feb. 28, 2019USD ($) |
2020 | $ 706,177 |
2021 | 594,229 |
2022 | 490,060 |
2023 | 411,607 |
2024 | 345,642 |
Thereafter | 1,629,542 |
Total | $ 4,177,257 |
Note 14 - Costs Associated Wi_3
Note 14 - Costs Associated With Company-owned Store Closures - Costs Associated With Closures (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Costs associated with Company-owned store closures | $ 226,981 | $ 60,000 | |
Loss on Distribution of Assets [Member] | |||
Costs associated with Company-owned store closures | 81,981 | ||
Lease Settlement Costs [Member] | |||
Costs associated with Company-owned store closures | $ 145,000 | $ 60,000 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) | May 10, 2018 | Mar. 31, 2019 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 |
Common Stock, Dividends, Per Share, Declared | $ 0.12 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | ||||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 270,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value, Amount | $ 2,536,100 | ||||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years |
Note 16 - Immaterial Revision_2
Note 16 - Immaterial Revision of Previously Reported Income Taxes and Deferred Tax Liabilities (Details Textual) | 12 Months Ended |
Feb. 28, 2017USD ($) | |
Correction to Retained Earnings [Member] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ (492,766) |
Correction to Accrued Liabilities [Member] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | 192,233 |
Correction to Deferred Tax Assets [Member] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ (300,533) |
Note 17 - Adoption of ASU 201_3
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") 1 (Details Textual) - USD ($) | Feb. 28, 2019 | Mar. 01, 2018 | Feb. 28, 2018 |
Gift Card, Liability, Current | $ 742,289 | $ 806,388 | $ 3,057,131 |
Deferred Tax Assets, Net, Noncurrent | $ 607,421 | 533,369 | $ 835,463 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | ||
Accounting Standards Update 2014-09 [Member] | |||
Contract with Customer, Liability, Net | 1,022,720 | ||
Gift Card, Liability, Current | (2,250,743) | ||
Deferred Tax Assets, Net, Noncurrent | $ 302,094 |
Note 17 - Adoption of ASU 201_4
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") 2 (Details Textual) | Feb. 28, 2019 | Mar. 01, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 10 years | |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-03-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 15 years |
Note 17 - Adoption of ASU 201_5
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") - Adjustments to the Consolidated Financial Statements Upon Adoption of ASC 606 (Details) - USD ($) | Mar. 01, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 |
Reduction in gift card liabilities | $ (806,388) | $ (742,289) | $ (3,057,131) | ||
Adjustment to deferred income tax assets | (533,369) | (607,421) | (835,463) | ||
Current Assets | |||||
Cash and cash equivalents | 6,072,984 | 5,384,027 | 6,072,984 | $ 5,779,195 | $ 6,194,948 |
Accounts receivable, net | 3,897,334 | 3,993,262 | 3,897,334 | ||
Notes receivable, current portion, net | 105,540 | 110,162 | 105,540 | ||
Refundable income taxes | 342,863 | 190,201 | 342,863 | ||
Inventories, net | 4,842,474 | 4,270,357 | 4,842,474 | ||
Other | 310,173 | 318,126 | 310,173 | ||
Total current assets | 15,571,368 | 14,266,135 | 15,571,368 | ||
Property and Equipment, Net | 6,166,240 | 5,786,139 | 6,166,240 | ||
Other Assets | |||||
Notes receivable, less current portion, net | 235,983 | 281,669 | 235,983 | ||
Goodwill, net | 1,046,944 | 1,046,944 | 1,046,944 | ||
Franchise rights, net | 4,433,927 | 3,678,920 | 4,433,927 | ||
Intangible assets, net | 587,377 | 498,337 | 587,377 | ||
Deferred income taxes | 533,369 | 607,421 | 835,463 | ||
Other | 63,333 | 56,576 | 63,333 | ||
Total other assets | 6,900,933 | ||||
Total Assets | 28,638,541 | 26,222,141 | 28,940,635 | $ 29,418,356 | |
Current Liabilities | |||||
Current maturities of long-term debt | 1,352,893 | 1,176,488 | 1,352,893 | ||
Accounts payable | 1,647,991 | 897,074 | 1,647,991 | ||
Accrued salaries and wages | 644,005 | 655,853 | 644,005 | ||
Gift card liabilities | 806,388 | 742,289 | 3,057,131 | ||
Other accrued expenses | 325,034 | 293,094 | 325,034 | ||
Dividend payable | 708,652 | 714,939 | 708,652 | ||
Deferred revenue | 328,465 | 256,094 | 471,910 | ||
Total current liabilities | 5,813,428 | 4,735,831 | 8,207,616 | ||
Long-Term Debt, Less Current Maturities | 1,176,416 | 1,176,416 | |||
Deferred Revenue, Less Current Portion | 1,166,165 | 1,096,478 | |||
Commitments and Contingencies | |||||
Stockholders' Equity | |||||
Common stock | 5,903 | 5,958 | 5,903 | ||
Additional paid-in capital | 6,131,147 | 6,650,864 | 6,131,147 | ||
Retained earnings | 14,345,482 | 13,733,010 | 13,419,553 | ||
Total stockholders' equity | 20,482,532 | 20,389,832 | 19,556,603 | ||
Total Liabilities and Stockholders' Equity | 28,638,541 | $ 26,222,141 | 28,940,635 | ||
Previously Reported [Member] | |||||
Reduction in gift card liabilities | (3,057,131) | ||||
Adjustment to deferred income tax assets | (835,463) | ||||
Current Assets | |||||
Cash and cash equivalents | 6,072,984 | ||||
Accounts receivable, net | 3,897,334 | ||||
Notes receivable, current portion, net | 105,540 | ||||
Refundable income taxes | 342,863 | ||||
Inventories, net | 4,842,474 | ||||
Other | 310,173 | ||||
Total current assets | 15,571,368 | ||||
Property and Equipment, Net | 6,166,240 | ||||
Other Assets | |||||
Notes receivable, less current portion, net | 235,983 | ||||
Goodwill, net | 1,046,944 | ||||
Franchise rights, net | 4,433,927 | ||||
Intangible assets, net | 587,377 | ||||
Deferred income taxes | 835,463 | ||||
Other | 63,333 | ||||
Total other assets | 7,203,027 | ||||
Total Assets | 28,940,635 | ||||
Current Liabilities | |||||
Current maturities of long-term debt | 1,352,893 | ||||
Accounts payable | 1,647,991 | ||||
Accrued salaries and wages | 644,005 | ||||
Gift card liabilities | 3,057,131 | ||||
Other accrued expenses | 325,034 | ||||
Dividend payable | 708,652 | ||||
Deferred revenue | 471,910 | ||||
Total current liabilities | 8,207,616 | ||||
Long-Term Debt, Less Current Maturities | 1,176,416 | ||||
Deferred Revenue, Less Current Portion | |||||
Commitments and Contingencies | |||||
Stockholders' Equity | |||||
Common stock | 5,903 | ||||
Additional paid-in capital | 6,131,147 | ||||
Retained earnings | 13,419,553 | ||||
Total stockholders' equity | 19,556,603 | ||||
Total Liabilities and Stockholders' Equity | $ 28,940,635 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Increase in deferred revenue | (1,022,720) | ||||
Reduction in gift card liabilities | 2,250,743 | ||||
Adjustment to deferred income tax assets | (302,094) | ||||
Cumulative increase to retained earnings | 925,929 | ||||
Other Assets | |||||
Deferred income taxes | 302,094 | ||||
Current Liabilities | |||||
Gift card liabilities | (2,250,743) | ||||
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment [Member] | |||||
Reduction in gift card liabilities | 2,250,743 | ||||
Adjustment to deferred income tax assets | 302,094 | ||||
Current Assets | |||||
Cash and cash equivalents | |||||
Accounts receivable, net | |||||
Notes receivable, current portion, net | |||||
Refundable income taxes | |||||
Inventories, net | |||||
Other | |||||
Total current assets | |||||
Property and Equipment, Net | |||||
Other Assets | |||||
Notes receivable, less current portion, net | |||||
Goodwill, net | |||||
Franchise rights, net | |||||
Intangible assets, net | |||||
Deferred income taxes | (302,094) | ||||
Other | |||||
Total other assets | (302,094) | ||||
Total Assets | (302,094) | ||||
Current Liabilities | |||||
Current maturities of long-term debt | |||||
Accounts payable | |||||
Accrued salaries and wages | |||||
Gift card liabilities | (2,250,743) | ||||
Other accrued expenses | |||||
Dividend payable | |||||
Deferred revenue | (143,445) | ||||
Total current liabilities | (2,394,188) | ||||
Long-Term Debt, Less Current Maturities | |||||
Deferred Revenue, Less Current Portion | 1,166,165 | ||||
Commitments and Contingencies | |||||
Stockholders' Equity | |||||
Common stock | |||||
Additional paid-in capital | |||||
Retained earnings | 925,929 | ||||
Total stockholders' equity | 925,929 | ||||
Total Liabilities and Stockholders' Equity | $ (302,094) |
Note 17 - Adoption of ASU 201_6
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") - Reconciliation of Revenue Reported for Period Prior to Adoption of ASC 606 (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Revenue | $ 34,545,447 | $ 38,074,695 | $ 38,296,377 |
Franchise Fees [Member] | |||
Revenue | 281,500 | 681,613 | 324,718 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Franchise Fees [Member] | |||
Revenue | 335,028 | 681,613 | 324,718 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Franchise Fees [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue | $ (53,528) |
Note 17 - Adoption of ASU 201_7
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") - Remaining Performance Obligation (Details) | Feb. 28, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 1,352,572 |
Note 17 - Adoption of ASU 201_8
Note 17 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") - Remaining Performance Obligation 2 (Details) | Feb. 28, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 1,352,572 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 256,093 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 204,071 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 190,524 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 176,394 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 137,477 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 388,013 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) |
Note 18 - Disaggregation of R_3
Note 18 - Disaggregation of Revenue - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Revenues | $ 34,545,447 | $ 38,074,695 | $ 38,296,377 |
Franchising [Member] | |||
Revenues | 5,356,292 | 6,000,015 | 5,945,723 |
Manufacturing [Member] | |||
Revenues | 24,179,540 | 26,056,574 | 25,423,844 |
Retail Segment [Member] | |||
Revenues | 1,272,009 | 1,876,021 | 1,710,734 |
USwirl Inc [Member] | |||
Revenues | 3,737,606 | ||
Factory Sales [Member] | Transferred at Point in Time [Member] | |||
Revenues | 24,179,540 | ||
Factory Sales [Member] | Transferred at Point in Time [Member] | Franchising [Member] | |||
Revenues | |||
Factory Sales [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | |||
Revenues | 24,179,540 | ||
Factory Sales [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | |||
Revenues | |||
Factory Sales [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | |||
Revenues | |||
Retail [Member] | Transferred at Point in Time [Member] | |||
Revenues | 3,384,254 | ||
Retail [Member] | Transferred at Point in Time [Member] | Franchising [Member] | |||
Revenues | |||
Retail [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | |||
Revenues | |||
Retail [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | |||
Revenues | 1,272,009 | ||
Retail [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | |||
Revenues | 2,112,245 | ||
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | |||
Revenues | 6,646,625 | ||
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Franchising [Member] | |||
Revenues | 5,156,930 | ||
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | |||
Revenues | |||
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | |||
Revenues | |||
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | |||
Revenues | 1,489,695 | ||
Franchise Fees [Member] | |||
Revenues | 281,500 | $ 681,613 | $ 324,718 |
Franchise Fees [Member] | Transferred over Time [Member] | |||
Revenues | 335,028 | ||
Franchise Fees [Member] | Transferred over Time [Member] | Franchising [Member] | |||
Revenues | 199,362 | ||
Franchise Fees [Member] | Transferred over Time [Member] | Manufacturing [Member] | |||
Revenues | |||
Franchise Fees [Member] | Transferred over Time [Member] | Retail Segment [Member] | |||
Revenues | |||
Franchise Fees [Member] | Transferred over Time [Member] | USwirl Inc [Member] | |||
Revenues | $ 135,666 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | |
Valuation Allowance for Accounts and Notes Receivable Beginning Balance | $ 505,972 | $ 536,093 | $ 670,471 |
Valuation Allowance and Reserves Charged to Cost and Expense | 143,214 | 166,868 | 138,125 |
Valuation Allowances and Reserves Deductions | 159,684 | 196,989 | 272,503 |
Valuation Allowance for Accounts and Notes Receivable Ending Balance | $ 489,502 | $ 505,972 | $ 536,093 |