Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | May 11, 2020 | Aug. 30, 2019 | |
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 | --02-29 | ||
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 Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,060,663 | ||
Entity Public Float | $ 44,346,486 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 29, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share Preferred Stock Purchase Rights |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Revenues | |||
Total revenues | $ 31,849,796 | $ 34,545,447 | $ 38,074,695 |
Costs and Expenses | |||
Cost of sales | 18,214,896 | 20,599,551 | 21,176,711 |
Sales and marketing | 1,922,650 | 2,210,800 | 2,489,483 |
General and administrative | 5,735,971 | 3,432,618 | 3,904,560 |
Depreciation and amortization, exclusive of depreciation and amortization expense of $597,430, $555,926, and $523,034, respectively, included in cost of sales | 895,395 | 1,153,873 | 796,221 |
Costs associated with Company-owned store closures | 15,400 | 226,981 | |
Total costs and expenses | 30,458,186 | 31,539,495 | 32,853,826 |
Income from Operations | 1,391,610 | 3,005,952 | 5,220,869 |
Other Income (Expense) | |||
Interest expense | (19,016) | (70,787) | (121,244) |
Interest income | 29,738 | 20,496 | 24,578 |
Other income (expense), net | 10,722 | (50,291) | (96,666) |
Income Before Income Taxes | 1,402,332 | 2,955,661 | 5,124,203 |
Income Tax Provision | 368,500 | 716,862 | 2,160,295 |
Consolidated Net Income | $ 1,033,832 | $ 2,238,799 | $ 2,963,908 |
Basic Earnings per Common Share (in dollars per share) | $ 0.17 | $ 0.38 | $ 0.50 |
Diluted Earnings per Common Share (in dollars per share) | $ 0.17 | $ 0.37 | $ 0.50 |
Weighted Average Common Shares Outstanding - Basic (in shares) | 5,986,371 | 5,931,431 | 5,884,337 |
Dilutive Effect of Employee Stock Awards (in shares) | 268,972 | 51,207 | 96,099 |
Weighted Average Common Shares Outstanding - Diluted (in shares) | 6,255,343 | 5,982,638 | 5,980,436 |
Product [Member] | |||
Revenues | |||
Total revenues | $ 24,718,968 | $ 27,563,794 | $ 30,167,760 |
Franchise and Royalty Fees [Member] | |||
Revenues | |||
Total revenues | 7,130,828 | 6,981,653 | 7,906,935 |
Franchise [Member] | |||
Costs and Expenses | |||
Costs | 1,882,185 | 1,980,781 | 2,097,555 |
Retail [Member] | |||
Costs and Expenses | |||
Costs | $ 1,791,689 | $ 1,934,891 | $ 2,389,296 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parentheticals) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Depreciation and amortization expense | $ 597,430 | $ 555,926 | $ 523,034 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 4,822,071 | $ 5,384,027 |
Accounts receivable, less allowance for doubtful accounts of $638,907 and $489,502, respectively | 4,049,959 | 3,993,262 |
Notes receivable, current portion | 160,700 | 110,162 |
Refundable income taxes | 418,319 | 190,201 |
Inventories | 3,750,978 | 4,270,357 |
Other | 409,703 | 318,126 |
Total current assets | 13,611,730 | 14,266,135 |
Property and Equipment, Net | 5,938,013 | 5,786,139 |
Other Assets | ||
Notes receivable, less current portion | 289,515 | 281,669 |
Goodwill, net | 1,046,944 | 1,046,944 |
Franchise rights, net | 3,047,688 | 3,678,920 |
Intangible assets, net | 498,393 | 498,337 |
Deferred income taxes | 630,078 | 607,421 |
Lease right of use asset | 2,698,765 | |
Other | 56,262 | 56,576 |
Total other assets | 8,267,645 | 6,169,867 |
Total Assets | 27,817,388 | 26,222,141 |
Current Liabilities | ||
Current maturities of long term debt | 1,176,488 | |
Accounts payable | 2,241,506 | 897,074 |
Accrued salaries and wages | 716,860 | 655,853 |
Gift card liabilities | 609,842 | 742,289 |
Other accrued expenses | 316,751 | 293,094 |
Dividend payable | 722,344 | 714,939 |
Contract liabilities | 195,658 | 256,094 |
Lease liability | 803,861 | |
Total current liabilities | 5,606,822 | 4,735,831 |
Lease Liability, Less Current Portion | 1,894,904 | |
Contract Liabilities, Less Current Portion | 960,151 | 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; 50,000 authorized; -0- shares issued and outstanding | ||
Common stock, $.001 par value, 46,000,000 shares authorized, 6,019,532 shares and 5,957,827 shares issued and outstanding, respectively | 6,020 | 5,958 |
Additional paid-in capital | 7,459,931 | 6,650,864 |
Retained earnings | 11,889,560 | 13,733,010 |
Total stockholders' equity | 19,355,511 | 20,389,832 |
Total Liabilities and Stockholders' Equity | $ 27,817,388 | $ 26,222,141 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 638,907 | $ 489,502 |
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) | 6,019,532 | 5,957,827 |
Common stock, shares outstanding (in shares) | 6,019,532 | 5,957,827 |
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 Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Total | |
Retained Earnings | ||||||
Balance | $ 5,854 | $ 5,539,357 | $ 13,283,646 | |||
Balance at Feb. 28, 2017 | 5,854 | 5,539,357 | 13,283,646 | |||
Common Stock | ||||||
Issuance of common stock | 5 | 59,095 | ||||
Equity compensation, restricted stock units | 44 | 532,695 | ||||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2018 | [1] | |||||
Balance at Feb. 28, 2018 | 5,903 | 6,131,147 | 13,419,553 | $ 19,556,603 | ||
Balance at Feb. 28, 2017 | 5,854 | 5,539,357 | 13,283,646 | |||
Additional Paid-In Capital | ||||||
Issuance of common stock | 5 | 59,095 | ||||
Equity compensation, restricted stock units | 44 | 532,695 | ||||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2018 | [1] | |||||
Balance at Feb. 28, 2018 | 5,903 | 6,131,147 | 13,419,553 | 19,556,603 | ||
Balance at Feb. 28, 2017 | 5,854 | 5,539,357 | 13,283,646 | |||
Retained Earnings | ||||||
Net income attributable to RMCF stockholders | 2,963,908 | 2,963,908 | ||||
Cash dividends declared | (2,828,001) | |||||
Balance | Accounting Standards Update 2014-09 [Member] | [1] | |||||
Balance | 5,854 | 5,539,357 | 13,283,646 | 19,556,603 | ||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2018 | [1] | |||||
Balance at Feb. 28, 2018 | $ 5,903 | 6,131,147 | 13,419,553 | 19,556,603 | ||
Balance (in shares) at Feb. 28, 2017 | 5,854,372 | |||||
Common Shares | ||||||
Issuance of common stock (in shares) | 5,000 | |||||
Equity compensation, restricted stock units (in shares) | 44,064 | |||||
Balance (in shares) at Feb. 28, 2018 | 5,903,436 | |||||
Retained Earnings | ||||||
Balance | Accounting Standards Update 2014-09 [Member] | [1] | |||||
Balance | $ 5,903 | 6,131,147 | 13,419,553 | 19,556,603 | ||
Issuance of common stock | 6 | 55,971 | ||||
Equity compensation, restricted stock units | 49 | 463,746 | ||||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2019 | [1] | 925,929 | ||||
Balance at Feb. 28, 2019 | 5,958 | 6,650,864 | 13,733,010 | 20,389,832 | ||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2018 | [1] | |||||
Balance at Feb. 28, 2018 | 5,903 | 6,131,147 | 13,419,553 | 19,556,603 | ||
Additional Paid-In Capital | ||||||
Issuance of common stock | 6 | 55,971 | ||||
Equity compensation, restricted stock units | 49 | 463,746 | ||||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2019 | [1] | 925,929 | ||||
Balance at Feb. 28, 2019 | 5,958 | 6,650,864 | 13,733,010 | 20,389,832 | ||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2018 | [1] | |||||
Balance at Feb. 28, 2018 | 5,903 | 6,131,147 | 13,419,553 | 19,556,603 | ||
Retained Earnings | ||||||
Net income attributable to RMCF stockholders | 2,238,799 | 2,238,799 | ||||
Cash dividends declared | (2,851,271) | |||||
Balance | Accounting Standards Update 2014-09 [Member] | [1] | |||||
Balance | 5,903 | 6,131,147 | 13,419,553 | 19,556,603 | ||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2019 | [1] | 925,929 | ||||
Balance at Feb. 28, 2019 | $ 5,958 | 6,650,864 | 13,733,010 | 20,389,832 | ||
Common Shares | ||||||
Issuance of common stock (in shares) | 5,333 | |||||
Equity compensation, restricted stock units (in shares) | 49,058 | |||||
Balance (in shares) at Feb. 28, 2019 | 5,957,827 | |||||
Retained Earnings | ||||||
Balance | Accounting Standards Update 2014-09 [Member] | [1] | 925,929 | ||||
Balance | $ 5,958 | 6,650,864 | 13,733,010 | 20,389,832 | ||
Issuance of common stock | 23 | 210,951 | ||||
Equity compensation, restricted stock units | 39 | 598,116 | ||||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 29, 2020 | [1] | |||||
Balance at Feb. 29, 2020 | 6,020 | 7,459,931 | 11,889,560 | 19,355,511 | ||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2019 | [1] | 925,929 | ||||
Balance at Feb. 28, 2019 | 5,958 | 6,650,864 | 13,733,010 | 20,389,832 | ||
Additional Paid-In Capital | ||||||
Issuance of common stock | 23 | 210,951 | ||||
Equity compensation, restricted stock units | 39 | 598,116 | ||||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 29, 2020 | [1] | |||||
Balance at Feb. 29, 2020 | 6,020 | 7,459,931 | 11,889,560 | 19,355,511 | ||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 28, 2019 | [1] | 925,929 | ||||
Balance at Feb. 28, 2019 | 5,958 | 6,650,864 | 13,733,010 | 20,389,832 | ||
Retained Earnings | ||||||
Net income attributable to RMCF stockholders | 1,033,832 | 1,033,832 | ||||
Cash dividends declared | (2,877,282) | |||||
Balance | Accounting Standards Update 2014-09 [Member] | [1] | 925,929 | ||||
Balance | 6,020 | 7,459,931 | 11,889,560 | 20,389,832 | ||
Balance (Accounting Standards Update 2014-09 [Member]) at Feb. 29, 2020 | [1] | |||||
Balance at Feb. 29, 2020 | $ 6,020 | 7,459,931 | 11,889,560 | 19,355,511 | ||
Common Shares | ||||||
Issuance of common stock (in shares) | 22,870 | |||||
Equity compensation, restricted stock units (in shares) | 38,835 | |||||
Balance (in shares) at Feb. 29, 2020 | 6,019,532 | |||||
Retained Earnings | ||||||
Balance | Accounting Standards Update 2014-09 [Member] | [1] | |||||
Balance | $ 6,020 | $ 7,459,931 | $ 11,889,560 | $ 19,355,511 | ||
[1] | Refer to Note 3 for information on the adoption of ASC 606. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Cash Flows From Operating Activities | |||
Net income | $ 1,033,832 | $ 2,238,799 | $ 2,963,908 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,492,825 | 1,709,799 | 1,319,255 |
Provision for obsolete inventory | 360,614 | 325,478 | 166,868 |
Provision for loss on accounts and notes receivable | 197,830 | 155,600 | 225,858 |
Costs associated with Company-owned store closures | 15,400 | 67,822 | |
Loss on sale or disposal of property and equipment | 11,174 | 36,024 | 38,496 |
Expense recorded for stock compensation | 809,129 | 519,772 | 591,839 |
Deferred income taxes | (22,657) | (78,934) | 23,411 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (453,816) | (390,663) | (229,948) |
Refundable income taxes | (228,118) | 157,544 | (295,000) |
Inventories | 297,306 | 41,310 | (365,323) |
Other current assets | (91,577) | (8,225) | (54,091) |
Accounts payable | 1,205,891 | (545,588) | 96,491 |
Accrued liabilities | (47,783) | (84,191) | 242,578 |
Contract liabilities | (184,232) | (129,527) | 33,270 |
Net cash provided by operating activities | 4,395,818 | 4,015,020 | 4,757,612 |
Cash Flows from Investing Activities | |||
Addition to notes receivable | (14,293) | ||
Proceeds received on notes receivable | 146,455 | 102,256 | 230,637 |
Purchase of intangible assets | (75,000) | (8,508) | |
Proceeds from (cost of) sale or distribution of assets | 763 | 13,498 | (7,926) |
Purchases of property and equipment | (983,941) | (613,786) | (544,956) |
(Increase) decrease in other assets | 314 | (8,140) | 5,529 |
Net cash used in investing activities | (911,409) | (506,172) | (339,517) |
Cash Flows from Financing Activities | |||
Payments on long-term debt | (1,176,488) | (1,352,821) | (1,302,432) |
Dividends paid | (2,869,877) | (2,844,984) | (2,821,874) |
Net cash used in financing activities | (4,046,365) | (4,197,805) | (4,124,306) |
Net Decrease in Cash and Cash Equivalents | (561,956) | (688,957) | 293,789 |
Cash and Cash Equivalents, Beginning of Period | 5,384,027 | 6,072,984 | 5,779,195 |
Cash and Cash Equivalents, End of Period | $ 4,822,071 | $ 5,384,027 | $ 6,072,984 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 29, 2020 | |
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 In FY 2020, 1,000 January 2020 The following table summarizes the number of stores operating under the Rocky Mountain Chocolate Factory brand and its subsidiaries at February 29, 2020: Sold, Not Yet Open Open Total Rocky Mountain Chocolate Factory Company-owned stores - 2 2 Franchise stores - Domestic stores and kiosks 2 176 178 International license stores 1 61 62 Cold Stone Creamery - co-branded 5 98 103 U-Swirl (Including all associated brands) Company-owned stores - 1 1 Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores 1 73 74 Franchise stores - Domestic - co-branded - 7 7 International license stores - 2 2 Total 9 423 432 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. All intercompany balances and transactions have been eliminated in consolidation. Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three $4.3 February 29, 2020. 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 29, 2020, $450,215 $0 $391,831 $0 February 28, 2019. 4.5% 6%. November 2023 $293,000 may 19. Inventories Inventories are stated at the lower of cost or net realizable value, which is adjusted for obsolete, damaged and excess inventories to the lower of cost or net realizable value based on actual differences. The inventory value 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 basis 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 14. 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 $609,842 $742,289 February 29, 2020 February 28, 2019, $168,090 $139,188 2020 2019, 3 606. Goodwill Goodwill arose primarily from two 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 2020 three February 29, 2020 fourth 7 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 when the products are shipped or at the time of delivery when the Franchisee or other customer takes ownership and assumes risk of loss, collection is reasonably assured, persuasive evidence of a contract with a customer exists, and the sales price is fixed or determinable. Revenue is measured based on the amount of consideration that is expected to be received by the Company for providing goods or services under a contract with a customer. 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% 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 In June 2019, 11 Revenue from FTD represented approximately $1.5 5% February 29, 2020 $3.1 9% February 28, 2019. may Stock-Based Compensation At February 29, 2020, one 2007 The Company recognized $809,129, $519,772, $591,839 February 28 29, 2020, 2019 2018, During FY 2020, 280,000 2019, no no 2020 2019. 17 20%, 5% five six $598,155 2020 $463,795 2019 $532,739 2018. February 29, 2020 $2,138,380, 4.6 The Company issued 14,078 February 29, 2020 2,000 February 28, 2019 no February 28, 2018. $130,172, $24,480 $0 February 28 29, 2020, 2019 2018, The Company issued 15,000 February 29, 2020 $137,850 February 29, 2020. 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 The weighted-average number of shares outstanding used in the computation of diluted earnings per share does not February 29, 2020, 960,677 Advertising and Promotional Expenses The Company expenses advertising costs as incurred. Total advertising expense for RMCF amounted to $276,602, $275,441, $355,678 February 28 29, 2020, 2019 2018, $203,004, $168,000, $222,093 February 28 29, 2020, 2019 2018, 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. 10 May 31, 2019. 10 In June 2016, 2016 13, 326 2016 13 2016 13 2016 13 March 1, 2020 2016 13 In February 2016, 2016 02, 842 840 2016 02 March 1, 2019, not $3.3 not 10 Related Party Transactions As described above, in FY 2020, 2020 February 29, 2020, $320,000 |
Note 2 - Supplemental Cash Flow
Note 2 - Supplemental Cash Flow Information | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 2 For the three February 28 29: 2020 2019 2018 Cash paid for: Interest $ 20,610 $ 72,619 $ 123,008 Income taxes 619,276 638,252 2,431,884 Non-cash Operating Activities Accrued Inventory 191,459 52,918 258,247 Non-cash Financing Activities Dividend payable $ 722,344 $ 714,939 $ 708,652 |
Note 3 - Revenue from Contracts
Note 3 - Revenue from Contracts with Customers | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 Effective March 1, 2018, 606. 606 not not 20 10 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 The following table summarizes contract liabilities as of February 29, 2020 February 28, 2019: Twelve Months Ended February 29 or 28: 2020 2019 Contract liabilities at the beginning of the year: $ 1,352,572 $ 1,494,630 Revenue recognized (324,982) (335,028) Contract fees received 140,750 205,500 Amortized gain on the financed sale of equipment (12,531) (12,530) Contract liabilities at the end of the year: $ 1,155,809 $ 1,352,572 At February 29, 2020, not 2021 $ 195,658 2022 182,286 2023 168,450 2024 137,907 2025 124,620 Thereafter 346,888 Total $ 1,155,809 Gift Cards The Company’s franchisees sell gift cards, which do not not 606 not 606 |
Note 4 - Disaggregation of Reve
Note 4 - Disaggregation of Revenue | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Disaggregation of Revenue [Text Block] | NOTE 4 The following table presents disaggregated revenue by the method of recognition and segment: For the Year Ended February 29, 2020 Revenues recognized over time under ASC 606: Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 230,543 $ - $ - $ 94,439 $ 324,982 Revenues recognized at a point in time: Franchising Manufacturing Retail U-Swirl Total Factory sales - 21,516,530 - - 21,516,530 Retail sales - - 1,104,171 2,098,267 3,202,438 Royalty and marketing fees 5,300,089 - - 1,505,757 6,805,846 Total $ 5,530,632 $ 21,516,530 $ 1,104,171 $ 3,698,463 $ 31,849,796 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 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 Inventories consist of the following at February 28 29: 2020 2019 Ingredients and supplies $ 2,186,652 $ 2,612,954 Finished candy 1,827,767 1,983,854 U-Swirl food and packaging 56,708 44,696 Reserve for slow moving inventory (320,149 ) (371,147 ) Total inventories $ 3,750,978 $ 4,270,357 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 Property and equipment consists of the following at February 28 29: 2020 2019 Land $ 513,618 $ 513,618 Building 5,031,395 5,031,395 Machinery and equipment 10,664,396 10,233,119 Furniture and fixtures 852,557 864,944 Leasehold improvements 1,154,396 1,131,659 Transportation equipment 440,989 422,458 Asset impairment - - 18,657,351 18,197,193 Less accumulated depreciation (12,719,338 ) (12,411,054 ) Property and equipment, net $ 5,938,013 $ 5,786,139 Depreciation expense related to property and equipment totaled $786,648, $865,479, $873,205 February 28 29, 2020, 2019 2018, |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 Intangible assets consist of the following at February 28 29: 2020 2019 Amortization Period (in years) Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Store design 10 $ 295,779 $ 215,653 $ 220,778 $ 214,152 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 - 20 715,339 297,072 715,339 223,628 Franchise rights 20 5,979,637 2,931,949 5,979,637 2,300,717 Total 7,542,558 3,996,477 7,467,557 3,290,300 Intangible assets not subject to amortization Franchising segment- Company stores goodwill $ 832,308 $ 832,308 Franchising goodwill 97,318 97,318 Manufacturing segment-goodwill 97,318 97,318 Trademark 20,000 20,000 Total goodwill 1,046,944 1,046,944 Total Intangible Assets $ 8,589,502 $ 3,996,477 $ 8,514,501 $ 3,290,300 Amortization expense related to intangible assets totaled $706,177, $844,320, $446,050 February 28 29, 2020, 2019 2018, At February 29, 2020, 2021 $ 594,229 2022 490,060 2023 411,607 2024 345,642 2025 290,689 Thereafter 1,338,854 Total $ 3,471,081 During FY 2020 $250,000 $75,000 February 29, 2020. |
Note 8 - Line of Credit and Lon
Note 8 - Line of Credit and Long-term Debt | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 8 Line of Credit At February 29, 2020, $5.0 may 50% 50% 2.25% 3.8% February 29, 2020 February 29, 2020, $5.0 September 2021 February 28 29, 2020 2019 no 19 February 29, 2020. Effective January 16, 2014, $7.0 first $6.4 January 16, 2014 first February 28, 2014. 3.75% January 15, 2020. February 29, 2020 no Long-term debt consists of the following at February 28 29: 2020 2019 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 Less current maturities - 1,176,488 Long-term obligations $ - $ - |
Note 9 - Stock Compensation Pla
Note 9 - Stock Compensation Plans | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 9 In FY 2014, 2007 “2007 2007 The following table summarizes stock awards under the 2007 February 29, 2020: 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: 200,471 Shares awarded as unrestricted shares, stock options or restricted stock units: (866,487 ) Shares available for award: 19,324 Information with respect to restricted stock unit awards outstanding under the 2007 February 29, 2020, three Twelve Months Ended February 28 or 29: 2020 2019 2018 Outstanding non-vested restricted stock units at beginning of year: 25,002 77,594 123,658 Granted 280,000 - - Vested (38,835 ) (49,058 ) (44,064 ) Cancelled/forfeited (612 ) (3,534 ) (2,000 ) Outstanding non-vested restricted stock units as of February 28: 265,555 25,002 77,594 Weighted average grant date fair value $ 9.39 $ 12.05 $ 12.16 Weighted average remaining vesting period (in years) 4.56 0.38 1.27 The Company has no February 29, 2020, February 28, 2019, February 28, 2018. |
Note 10 - Leasing Arrangements
Note 10 - Leasing Arrangements | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10 The Company conducts its retail operations in facilities leased under non-cancelable operating leases of up to ten five ten The Company acts as primary lessee of some franchised store premises, which the Company then subleases to franchisees, but the majority of existing franchised locations are leased by the franchisee directly. 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 following is a schedule of lease expense for all retail operating leases for the three February 28 29: 2020 2019 2018 Minimum rentals $ 733,190 $ 1,030,536 $ 1,270,240 Less sublease rentals (318,000 ) (572,000 ) (603,000 ) Contingent rentals 21,600 22,800 26,100 $ 436,790 $ 481,336 $ 693,340 The Company also leases trucking equipment and warehouse space in support of its manufacturing operations. Expense associated with trucking and warehouse leases is included in cost of sales on the consolidated statements of income. The following is a schedule of lease expense for trucking equipment operating leases for the three February 28 29: 2020 2019 2018 342,297 325,229 225,992 ASU 2016 02 not The amount of the ‘Right of Use Asset’ and ‘Lease Liability’ recorded in the Consolidated Balance Sheets upon the adoption of ASU 2016 02 $3.3 not not not not 3.4% February 29, 2020. $3.0 As of February 29, 2020, FYE 21 $ 819,005 FYE 22 694,754 FYE 23 437,445 FYE 24 315,962 FYE 25 164,222 Thereafter 552,819 Total $ 2,984,207 Less: Imputed interest (285,442 ) Present value of lease liabilities: $ 2,698,765 Weighted average lease term 6.7 years The Company did not February 29, 2020. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 Purchase contracts The Company frequently enters into purchase contracts of between six eighteen may may may February 29, 2020, $274,000 not Litigation From time to time, the Company is involved in litigation relating to claims arising out of its operations. The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. At February 29, 2020, not |
Note 12 - FTD Loss Contingency
Note 12 - FTD Loss Contingency | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | NOTE 12 In June 2019, 11 The Company has historically conducted business with FTD under a Gourmet Foods Supplier Agreement (the “Supplier Agreement”), that among other provisions, provided assurance that custom inventory purchased by the Company and developed specifically for FTD would be purchased by FTD upon termination of the Supplier Agreement. On September 23, 2019, not As a result of FTD’s bankruptcy, the sale of certain assets, and the court’s approval to reject and not February 29, 2020 2020, $230,384 not not As of February 29, 2020, February 29, 2020 Ingredients and supplies $ 335,574 Finished candy 22,045 Accounts receivable 79,744 Reserve for estimated losses (204,507 ) Total potential loss, contingent upon the bankruptcy proceedings $ 232,856 Revenue from FTD represented approximately $1.5 5% February 29, 2020 $3.1 9% February 28, 2019. may |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13 Cash Dividend The Company paid a quarterly cash dividend of $0.12 March 15, 2019 March 5, 2019. $0.12 June 14, 2019 June 4, 2019. $0.12 September 13, 2019 September 4, 2019. $0.12 December 6, 2019 November 22, 2019. $0.12 February 18, 2020, March 13, 2020 February 28, 2020. 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 19 February 29, 2020. Stock Repurchases On July 15, 2014, $3.0 February 29, 2020, $638,000 Warrants In consideration of Edible entering into the exclusive supplier agreement and the performance of its obligations therein, on December 20, 2019, 960,677 $8.76 five six fifth The Company determined that the grant date fair value of the warrants was de minimis and did not |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 Income tax expense (benefit) is comprised of the following for the years ended February 28 29: 2020 2019 2018 Current Federal $ 306,000 $ 653,226 $ 1,916,720 State 85,157 142,570 220,164 Total Current 391,157 795,796 2,136,884 Deferred Federal (19,350 ) (67,410 ) 55,658 State (3,307 ) (11,524 ) (32,247 ) Total Deferred (22,657 ) (78,934 ) 23,411 Total $ 368,500 $ 716,862 $ 2,160,295 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: 2020 2019 2018 Statutory rate 21.0 % 21.0 % 31.9 % State income taxes, net of federal benefit 4.6 % 3.4 % 2.4 % Domestic production deduction 0.0 % 0.0 % (0.9 )% Work opportunity tax credits (1.1 )% (0.7 )% (0.2 )% Equity compensation tax expense 1.4 % 0.0 % 0.0 % Other 0.4 % 0.5 % 0.8 % Impact of tax reform 0.0 % 0.0 % 8.2 % Effective rate - provision (benefit) 26.3 % 24.2 % 42.2 % The components of deferred income taxes at February 28 29 2020 2019 Deferred Tax Assets Allowance for doubtful accounts and notes $ 157,107 $ 120,368 Inventories 78,724 91,265 Accrued compensation 137,786 87,930 Loss provisions and deferred income 397,535 492,468 Self-insurance accrual 37,623 34,426 Amortization 299,373 217,481 Restructuring charges 98,693 98,693 U-Swirl accumulated net loss 401,699 325,253 Valuation allowance (98,693 ) (98,693 ) Net deferred tax assets $ 1,509,847 $ 1,369,191 Deferred Tax Liabilities Depreciation and amortization (779,023 ) (682,542 ) Prepaid expenses (100,746 ) (79,228 ) Deferred Tax Liabilities (879,769 ) (761,770 ) Net deferred tax assets $ 630,078 $ 607,421 The following table summarizes deferred income tax valuation allowances as of February 28 29: 2020 2019 Valuation allowance at beginning of period $ 98,693 $ 98,728 Tax expense (benefits) realized by valuation allowance - (35 ) Tax benefits released from valuation allowance - - Impact of tax reform - - Valuation allowance at end of period $ 98,693 $ 98,693 The effective income tax rate for the year ended February 29, 2020 February 28, 2019, 2018 2020 2019 21% February 28, 2018. $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 2014. February 28 29, 2017, 2016, 2015 2014 not 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 29, 2020. 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 29, 2020 2019. not not twelve February 28 29, 2020 2019. 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, $1,634,000 $401,699. 2026. |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plan | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 15 The Company has a 401 401 3 25% 1.5% February 28 29, 2020, 2019 2018, $61,000, $70,000, $68,000, |
Note 16 - Operating Segments
Note 16 - Operating Segments | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 16 The Company classifies its business interests into five 1 FY 2020 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 5,535,564 $ 22,570,723 $ 1,104,171 $ 3,698,463 $ - $ 32,908,921 Intersegment revenues (4,932 ) (1,054,193 ) - - - (1,059,125 ) Revenue from external customers 5,530,632 21,516,530 1,104,171 3,698,463 - 31,849,796 Segment profit (loss) 2,530,449 4,009,282 42,433 485,185 (5,665,017 ) 1,402,332 Total assets 1,221,975 11,796,822 1,006,320 6,026,394 7,765,877 27,817,388 Capital expenditures 24,422 840,459 28,443 3,997 86,620 983,941 Total depreciation & amortization $ 44,166 $ 615,162 $ 12,983 $ 726,615 $ 93,899 $ 1,492,825 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 |
Note 17 - Summarized Quarterly
Note 17 - Summarized Quarterly Data (Unaudited) | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 17 Following is a summary of the quarterly results of operations for the fiscal years ended February 28 29, 2020 2019: Fiscal Quarter 2020 First Second Third Fourth Total Total revenue $ 8,425,999 $ 7,385,270 $ 7,913,252 $ 8,125,275 $ 31,849,796 Gross margin 1,845,867 1,645,605 1,534,424 1,478,176 6,504,072 Net income 711,609 918,088 (71,637 ) (524,228 ) 1,033,832 Basic earnings per share 0.12 0.15 (0.01 ) (0.09 ) 0.17 Diluted earnings per share $ 0.11 $ 0.15 $ (0.01 ) $ (0.08 ) $ 0.17 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 |
Note 18 - Costs Associated With
Note 18 - Costs Associated With Company-owned Store Closures | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | NOTE 18 Costs associated with Company-owned store closures at February 28 29, 2020, 2019 2018 2020 2019 2018 Loss on distribution of assets $ 15,400 $ 81,981 $ - Lease settlement costs - 145,000 - Total $ 15,400 $ 226,981 $ - |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 19 Dividend On May 11, 2020 first 19. COVID- 19 As discussed in more detail throughout this Annual Report, we have experienced business disruptions resulting from efforts to contain the rapid spread of the novel coronavirus (COVID- 19 19, not During this challenging time, our foremost priority is the safety and well-being of our employees, customers, franchisees and communities. In addition to our already stringent practices for the quality and safety of our confections, we are diligently following health and safety guidance issued by the World Health Organization, the Centers for Disease Control and state and local governmental agencies. COVID- 19 may In these challenging and unprecedented times, management is taking all necessary and appropriate action to maximize our liquidity as we navigate the current landscape. These actions include significantly reducing our operating expenses and production volume to reflect reduced sales volumes as well as the elimination of all non-essential spending and capital expenditures. Further, in an abundance of caution and to maintain ample financial flexibility, we have drawn down the full amount under our line of credit and we have received a loan under the Paycheck Protection Program (the “PPP”). The receipt of funds under the PPP has allowed us to avoid workforce reduction measures amidst a steep decline in revenue and production volume. While we believe we have sufficient liquidity with our current cash position, we will continue to monitor and evaluate all financing alternatives as necessary as these unprecedented events evolve. For more information, please see Item 1A 19 May It is not may 19. may The Company has been focused on employee safety and implementing steps to improve safety. The Company has been monitoring the frequently changing guidance on best safety practices and is rapidly integrating safety measures into the working environment. Most of our office and administrative staff are working remotely. The nature of our production environment necessitates that most employees must be on site to perform their job duties. The current trends and the lack of definitive guidance on how to best improve the safety of a production environment may We expect sales and earnings to be down materially in the three May 31, 2020 ( first 2021 2021. may may not no February 29, 2020 Line of Credit Draw On March 16, 2020, $3.4 $5.0 50% 50% March 16, 2020 3.06%, one 2.25%. September 30, 2021. 19 Paycheck Protection Program Loans On April 13 April 20, 2020, 1st $1.5 April 14 April 20, 2022 1.00% may no may eight 75% No |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 29, 2020 | |
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 29, 2020 Valuation Allowance for Accounts and Notes Receivable 489,502 197,830 48,425 638,907 Year Ended February 28, 2019 Valuation Allowance for Accounts and Notes Receivable 505,972 143,214 159,684 489,502 Year Ended February 28, 2018 Valuation Allowance for Accounts and Notes Receivable 536,093 166,868 196,989 505,972 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 29, 2020 | |
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 In FY 2020, 1,000 January 2020 The following table summarizes the number of stores operating under the Rocky Mountain Chocolate Factory brand and its subsidiaries at February 29, 2020: Sold, Not Yet Open Open Total Rocky Mountain Chocolate Factory Company-owned stores - 2 2 Franchise stores - Domestic stores and kiosks 2 176 178 International license stores 1 61 62 Cold Stone Creamery - co-branded 5 98 103 U-Swirl (Including all associated brands) Company-owned stores - 1 1 Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores 1 73 74 Franchise stores - Domestic - co-branded - 7 7 International license stores - 2 2 Total 9 423 432 |
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. All intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three $4.3 February 29, 2020. |
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 29, 2020, $450,215 $0 $391,831 $0 February 28, 2019. 4.5% 6%. November 2023 $293,000 may 19. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value, which is adjusted for obsolete, damaged and excess inventories to the lower of cost or net realizable value based on actual differences. The inventory value 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 basis 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 14. |
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 $609,842 $742,289 February 29, 2020 February 28, 2019, $168,090 $139,188 2020 2019, 3 606. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill arose primarily from two 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 2020 three February 29, 2020 fourth 7 |
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 when the products are shipped or at the time of delivery when the Franchisee or other customer takes ownership and assumes risk of loss, collection is reasonably assured, persuasive evidence of a contract with a customer exists, and the sales price is fixed or determinable. Revenue is measured based on the amount of consideration that is expected to be received by the Company for providing goods or services under a contract with a customer. 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% |
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 In June 2019, 11 Revenue from FTD represented approximately $1.5 5% February 29, 2020 $3.1 9% February 28, 2019. may |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation At February 29, 2020, one 2007 The Company recognized $809,129, $519,772, $591,839 February 28 29, 2020, 2019 2018, During FY 2020, 280,000 2019, no no 2020 2019. 17 20%, 5% five six $598,155 2020 $463,795 2019 $532,739 2018. February 29, 2020 $2,138,380, 4.6 The Company issued 14,078 February 29, 2020 2,000 February 28, 2019 no February 28, 2018. $130,172, $24,480 $0 February 28 29, 2020, 2019 2018, The Company issued 15,000 February 29, 2020 $137,850 February 29, 2020. 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 The weighted-average number of shares outstanding used in the computation of diluted earnings per share does not February 29, 2020, 960,677 |
Advertising Cost [Policy Text Block] | Advertising and Promotional Expenses The Company expenses advertising costs as incurred. Total advertising expense for RMCF amounted to $276,602, $275,441, $355,678 February 28 29, 2020, 2019 2018, $203,004, $168,000, $222,093 February 28 29, 2020, 2019 2018, |
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. 10 May 31, 2019. 10 In June 2016, 2016 13, 326 2016 13 2016 13 2016 13 March 1, 2020 2016 13 In February 2016, 2016 02, 842 840 2016 02 March 1, 2019, not $3.3 not 10 |
Related Party Transactions, Policy [Policy Text Block] | Related Party Transactions As described above, in FY 2020, 2020 February 29, 2020, $320,000 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
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 2 176 178 International license stores 1 61 62 Cold Stone Creamery - co-branded 5 98 103 U-Swirl (Including all associated brands) Company-owned stores - 1 1 Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores 1 73 74 Franchise stores - Domestic - co-branded - 7 7 International license stores - 2 2 Total 9 423 432 |
Note 2 - Supplemental Cash Fl_2
Note 2 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2020 2019 2018 Cash paid for: Interest $ 20,610 $ 72,619 $ 123,008 Income taxes 619,276 638,252 2,431,884 Non-cash Operating Activities Accrued Inventory 191,459 52,918 258,247 Non-cash Financing Activities Dividend payable $ 722,344 $ 714,939 $ 708,652 |
Note 3 - Revenue from Contrac_2
Note 3 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Twelve Months Ended February 29 or 28: 2020 2019 Contract liabilities at the beginning of the year: $ 1,352,572 $ 1,494,630 Revenue recognized (324,982) (335,028) Contract fees received 140,750 205,500 Amortized gain on the financed sale of equipment (12,531) (12,530) Contract liabilities at the end of the year: $ 1,155,809 $ 1,352,572 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 2021 $ 195,658 2022 182,286 2023 168,450 2024 137,907 2025 124,620 Thereafter 346,888 Total $ 1,155,809 |
Note 4 - Disaggregation of Re_2
Note 4 - Disaggregation of Revenue (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 230,543 $ - $ - $ 94,439 $ 324,982 Franchising Manufacturing Retail U-Swirl Total Factory sales - 21,516,530 - - 21,516,530 Retail sales - - 1,104,171 2,098,267 3,202,438 Royalty and marketing fees 5,300,089 - - 1,505,757 6,805,846 Total $ 5,530,632 $ 21,516,530 $ 1,104,171 $ 3,698,463 $ 31,849,796 Franchising Manufacturing Retail U-Swirl Total Revenues recognized over time under ASC 606: Franchise fees $ 199,362 $ - $ - $ 135,666 $ 335,028 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 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2020 2019 Ingredients and supplies $ 2,186,652 $ 2,612,954 Finished candy 1,827,767 1,983,854 U-Swirl food and packaging 56,708 44,696 Reserve for slow moving inventory (320,149 ) (371,147 ) Total inventories $ 3,750,978 $ 4,270,357 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land $ 513,618 $ 513,618 Building 5,031,395 5,031,395 Machinery and equipment 10,664,396 10,233,119 Furniture and fixtures 852,557 864,944 Leasehold improvements 1,154,396 1,131,659 Transportation equipment 440,989 422,458 Asset impairment - - 18,657,351 18,197,193 Less accumulated depreciation (12,719,338 ) (12,411,054 ) Property and equipment, net $ 5,938,013 $ 5,786,139 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | 2020 2019 Amortization Period (in years) Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Store design 10 $ 295,779 $ 215,653 $ 220,778 $ 214,152 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 - 20 715,339 297,072 715,339 223,628 Franchise rights 20 5,979,637 2,931,949 5,979,637 2,300,717 Total 7,542,558 3,996,477 7,467,557 3,290,300 Intangible assets not subject to amortization Franchising segment- Company stores goodwill $ 832,308 $ 832,308 Franchising goodwill 97,318 97,318 Manufacturing segment-goodwill 97,318 97,318 Trademark 20,000 20,000 Total goodwill 1,046,944 1,046,944 Total Intangible Assets $ 8,589,502 $ 3,996,477 $ 8,514,501 $ 3,290,300 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 594,229 2022 490,060 2023 411,607 2024 345,642 2025 290,689 Thereafter 1,338,854 Total $ 3,471,081 |
Note 8 - Line of Credit and L_2
Note 8 - Line of Credit and Long-term Debt (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2020 2019 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 Less current maturities - 1,176,488 Long-term obligations $ - $ - |
Note 9 - Stock Compensation P_2
Note 9 - Stock Compensation Plans (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
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: 200,471 Shares awarded as unrestricted shares, stock options or restricted stock units: (866,487 ) Shares available for award: 19,324 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Twelve Months Ended February 28 or 29: 2020 2019 2018 Outstanding non-vested restricted stock units at beginning of year: 25,002 77,594 123,658 Granted 280,000 - - Vested (38,835 ) (49,058 ) (44,064 ) Cancelled/forfeited (612 ) (3,534 ) (2,000 ) Outstanding non-vested restricted stock units as of February 28: 265,555 25,002 77,594 Weighted average grant date fair value $ 9.39 $ 12.05 $ 12.16 Weighted average remaining vesting period (in years) 4.56 0.38 1.27 |
Note 10 - Leasing Arrangements
Note 10 - Leasing Arrangements (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Rent Expense [Table Text Block] | 2020 2019 2018 Minimum rentals $ 733,190 $ 1,030,536 $ 1,270,240 Less sublease rentals (318,000 ) (572,000 ) (603,000 ) Contingent rentals 21,600 22,800 26,100 $ 436,790 $ 481,336 $ 693,340 2020 2019 2018 342,297 325,229 225,992 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | FYE 21 $ 819,005 FYE 22 694,754 FYE 23 437,445 FYE 24 315,962 FYE 25 164,222 Thereafter 552,819 Total $ 2,984,207 Less: Imputed interest (285,442 ) Present value of lease liabilities: $ 2,698,765 Weighted average lease term 6.7 years |
Note 12 - FTD Loss Contingency
Note 12 - FTD Loss Contingency (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | February 29, 2020 Ingredients and supplies $ 335,574 Finished candy 22,045 Accounts receivable 79,744 Reserve for estimated losses (204,507 ) Total potential loss, contingent upon the bankruptcy proceedings $ 232,856 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 Current Federal $ 306,000 $ 653,226 $ 1,916,720 State 85,157 142,570 220,164 Total Current 391,157 795,796 2,136,884 Deferred Federal (19,350 ) (67,410 ) 55,658 State (3,307 ) (11,524 ) (32,247 ) Total Deferred (22,657 ) (78,934 ) 23,411 Total $ 368,500 $ 716,862 $ 2,160,295 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Statutory rate 21.0 % 21.0 % 31.9 % State income taxes, net of federal benefit 4.6 % 3.4 % 2.4 % Domestic production deduction 0.0 % 0.0 % (0.9 )% Work opportunity tax credits (1.1 )% (0.7 )% (0.2 )% Equity compensation tax expense 1.4 % 0.0 % 0.0 % Other 0.4 % 0.5 % 0.8 % Impact of tax reform 0.0 % 0.0 % 8.2 % Effective rate - provision (benefit) 26.3 % 24.2 % 42.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred Tax Assets Allowance for doubtful accounts and notes $ 157,107 $ 120,368 Inventories 78,724 91,265 Accrued compensation 137,786 87,930 Loss provisions and deferred income 397,535 492,468 Self-insurance accrual 37,623 34,426 Amortization 299,373 217,481 Restructuring charges 98,693 98,693 U-Swirl accumulated net loss 401,699 325,253 Valuation allowance (98,693 ) (98,693 ) Net deferred tax assets $ 1,509,847 $ 1,369,191 Deferred Tax Liabilities Depreciation and amortization (779,023 ) (682,542 ) Prepaid expenses (100,746 ) (79,228 ) Deferred Tax Liabilities (879,769 ) (761,770 ) Net deferred tax assets $ 630,078 $ 607,421 |
Summary of Valuation Allowance [Table Text Block] | 2020 2019 Valuation allowance at beginning of period $ 98,693 $ 98,728 Tax expense (benefits) realized by valuation allowance - (35 ) Tax benefits released from valuation allowance - - Impact of tax reform - - Valuation allowance at end of period $ 98,693 $ 98,693 |
Note 16 - Operating Segments (T
Note 16 - Operating Segments (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | FY 2020 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 5,535,564 $ 22,570,723 $ 1,104,171 $ 3,698,463 $ - $ 32,908,921 Intersegment revenues (4,932 ) (1,054,193 ) - - - (1,059,125 ) Revenue from external customers 5,530,632 21,516,530 1,104,171 3,698,463 - 31,849,796 Segment profit (loss) 2,530,449 4,009,282 42,433 485,185 (5,665,017 ) 1,402,332 Total assets 1,221,975 11,796,822 1,006,320 6,026,394 7,765,877 27,817,388 Capital expenditures 24,422 840,459 28,443 3,997 86,620 983,941 Total depreciation & amortization $ 44,166 $ 615,162 $ 12,983 $ 726,615 $ 93,899 $ 1,492,825 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 |
Note 17 - Summarized Quarterl_2
Note 17 - Summarized Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 First Second Third Fourth Total Total revenue $ 8,425,999 $ 7,385,270 $ 7,913,252 $ 8,125,275 $ 31,849,796 Gross margin 1,845,867 1,645,605 1,534,424 1,478,176 6,504,072 Net income 711,609 918,088 (71,637 ) (524,228 ) 1,033,832 Basic earnings per share 0.12 0.15 (0.01 ) (0.09 ) 0.17 Diluted earnings per share $ 0.11 $ 0.15 $ (0.01 ) $ (0.08 ) $ 0.17 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 |
Note 18 - Costs Associated Wi_2
Note 18 - Costs Associated With Company-owned Store Closures (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | 2020 2019 2018 Loss on distribution of assets $ 15,400 $ 81,981 $ - Lease settlement costs - 145,000 - Total $ 15,400 $ 226,981 $ - |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Valuation and Qualifying Accounts Disclosure [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-color: black black rgb(0, 0, 0); border-style: solid; border-width: 1px; width: 40%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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;"><div style="display: inline; font-style: italic; font: inherit;">Deductions</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Year Ended February 29, 2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">489,502</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">197,830</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">48,425</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">638,907</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Year Ended February 28, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">505,972</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">143,214</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">159,684</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">489,502</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Year Ended February 28, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">536,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">166,868</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">196,989</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">505,972</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-color: black black rgb(0, 0, 0); border-style: solid; border-width: 1px; width: 40%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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;"><div style="display: inline; font-style: italic; font: inherit;">Deductions</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; width: 1%;"> <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> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Year Ended February 29, 2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">489,502</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">197,830</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">48,425</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">638,907</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Year Ended February 28, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">505,972</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">143,214</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">159,684</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">489,502</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 1%;"> </td> <td style="border-bottom: 1px solid black; width: 12%;"> </td> <td style="border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Year Ended February 28, 2018</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid black; border-right: 1px solid black; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Valuation Allowance for Accounts and Notes Receivable</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">536,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">166,868</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">196,989</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">505,972</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt; border-right: 1px solid black;"> </td> </tr> </table></div> |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 13 Months Ended | ||||||||||
Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | Mar. 29, 2020 | Mar. 01, 2019 | |
Cash, Uninsured Amount | $ 4,300,000 | $ 4,300,000 | |||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | 450,215 | $ 391,831 | 450,215 | $ 391,831 | |||||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | 0 | 0 | |||||||||
Gift Card, Liability, Current | 609,842 | 742,289 | 609,842 | 742,289 | |||||||||
Gift Card Liability, Breakage | 168,090 | $ 139,188 | |||||||||||
Royalty on Retail Sales of Products Purchased from the Company | 0.00% | ||||||||||||
Revenues, Total | 8,125,275 | $ 7,913,252 | $ 7,385,270 | $ 8,425,999 | 9,429,527 | $ 8,949,747 | $ 7,800,088 | $ 8,366,085 | 31,849,796 | $ 34,545,447 | |||
Share-based Payment Arrangement, Expense | 809,129 | $ 519,772 | $ 591,839 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||||||||||
Operating Lease, Right-of-Use Asset | 2,698,765 | 2,698,765 | |||||||||||
Operating Lease, Liability, Total | 2,698,765 | 2,698,765 | |||||||||||
Edible [Member] | |||||||||||||
Revenue from Related Parties | $ 320,000 | ||||||||||||
Accounts Receivable, Related Parties, Current | $ 320,000 | ||||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||
Operating Lease, Right-of-Use Asset | $ 3,300,000 | ||||||||||||
Operating Lease, Liability, Total | 3,300,000 | 3,300,000 | $ 3,300,000 | ||||||||||
Rocky Mountain Chocolate Factory [Member] | |||||||||||||
Advertising Expense | 276,602 | 275,441 | 355,678 | ||||||||||
USwirl Inc [Member] | |||||||||||||
Advertising Expense | 203,004 | 168,000 | $ 222,093 | ||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | ||||||||||||
Warrant [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 960,677 | ||||||||||||
Independent Contractor [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 59,100 | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 5,000 | ||||||||||||
Vice President of Creative Services [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 31,497 | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 3,333 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 598,155 | $ 463,795 | $ 532,739 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 280,000 | 0 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 2,138,380 | $ 2,138,380 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years 219 days | ||||||||||||
Unrestricted Shares of Stock [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 130,172 | $ 24,480 | $ 0 | ||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 14,078 | 2,000 | 0 | ||||||||||
Unrestricted Shares of Stock [Member] | Chief Executive Officer [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 137,850 | ||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 15,000 | ||||||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||
Revenues, Total | $ 1,500,000 | $ 3,100,000 | |||||||||||
Concentration Risk, Percentage | 5.00% | 9.00% | |||||||||||
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 (Year) | 20 years | ||||||||||||
Secured by Assets Financed [Member] | |||||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 293,000 | $ 293,000 | |||||||||||
Minimum [Member] | |||||||||||||
Financing Receivable Interest Rate | 4.50% | 4.50% | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||||||||
Percent of Retail Sales | 2.50% | 2.50% | |||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Annual Vesting [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 17.00% | ||||||||||||
Minimum [Member] | Franchise Rights [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||||
Maximum [Member] | |||||||||||||
Financing Receivable Interest Rate | 6.00% | 6.00% | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||||||||||||
Percent of Retail Sales | 6.00% | 6.00% | |||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 6 years | ||||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Annual Vesting [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 Rights, Percentage, Per Quarter | 5.00% | ||||||||||||
Maximum [Member] | Franchise Rights [Member] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||||||
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 - Number of Stores (Details) | Feb. 29, 2020 |
Number of stores | 432 |
Sold Not Yet Open [Member] | |
Number of stores | 9 |
Open [Member] | |
Number of stores | 423 |
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 | 178 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 2 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 176 |
International License Stores [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 62 |
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 | 61 |
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 | 103 |
Cold Stone Creamery - Co-Branded [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 5 |
Cold Stone Creamery - Co-Branded [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 98 |
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 | 74 |
Franchise Stores - Domestic Stores [Member] | Sold Not Yet Open [Member] | USwirl Inc [Member] | |
Number of stores | 1 |
Franchise Stores - Domestic Stores [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 73 |
Franchise Stores - Domestic Stores - Co-Branded [Member] | USwirl Inc [Member] | |
Number of stores | 7 |
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 | 7 |
Note 2 - Supplemental Cash Fl_3
Note 2 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Interest | $ 20,610 | $ 72,619 | $ 123,008 |
Income taxes | 619,276 | 638,252 | 2,431,884 |
Accrued Inventory | 191,459 | 52,918 | 258,247 |
Dividend payable | $ 722,344 | $ 714,939 | $ 708,652 |
Note 3 - Revenue from Contrac_3
Note 3 - Revenue from Contracts with Customers 1 (Details Textual) | Mar. 01, 2018 | Feb. 29, 2020 |
Maximum [Member] | ||
Customers Contracts, Term (Year) | 20 years | |
Franchise Agreement, Term (Year) | 15 years | |
Minimum [Member] | ||
Franchise Agreement, Term (Year) | 10 years |
Note 3 - Revenue from Contrac_4
Note 3 - Revenue from Contracts with Customers 2 (Details Textual) | Feb. 29, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-01 | |
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, 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, 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, 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, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 10 years |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 0 years |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts with Customers - Contract Liabilities (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Contract liabilities at the beginning of the year: | $ 1,352,572 | $ 1,494,630 |
Revenue recognized | (324,982) | (335,028) |
Contract fees received | 140,750 | 205,500 |
Amortized gain on the financed sale of equipment | (12,531) | (12,530) |
Contract liabilities at the end of the year: | $ 1,155,809 | $ 1,352,572 |
Note 3 - Revenue from Contrac_6
Note 3 - Revenue from Contracts with Customers - Remaining Performance Obligation (Details) | Feb. 29, 2020USD ($) |
Revenue, remaining performance obligation, amount | $ 1,155,809 |
Note 3 - Revenue from Contrac_7
Note 3 - Revenue from Contracts with Customers - Remaining Performance Obligation 2 (Details) | Feb. 29, 2020USD ($) |
Revenue, remaining performance obligation, amount | $ 1,155,809 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 195,658 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 182,286 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 168,450 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 137,907 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 124,620 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 346,888 |
Note 4 - Disaggregation of Re_3
Note 4 - Disaggregation of Revenue - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Franchise fees | $ 31,849,796 | $ 34,545,447 | $ 38,074,695 |
Franchising [Member] | |||
Franchise fees | 5,530,632 | 5,356,292 | 6,000,015 |
Manufacturing [Member] | |||
Franchise fees | 21,516,530 | 24,179,540 | 26,056,574 |
Retail Segment [Member] | |||
Franchise fees | 1,104,171 | 1,272,009 | $ 1,876,021 |
USwirl Inc [Member] | |||
Franchise fees | 3,698,463 | 3,737,606 | |
Franchise Fees [Member] | Transferred over Time [Member] | |||
Franchise fees | 324,982 | 335,028 | |
Franchise Fees [Member] | Transferred over Time [Member] | Franchising [Member] | |||
Franchise fees | 230,543 | 199,362 | |
Franchise Fees [Member] | Transferred over Time [Member] | Manufacturing [Member] | |||
Franchise fees | |||
Franchise Fees [Member] | Transferred over Time [Member] | Retail Segment [Member] | |||
Franchise fees | |||
Franchise Fees [Member] | Transferred over Time [Member] | USwirl Inc [Member] | |||
Franchise fees | 94,439 | 135,666 | |
Factory Sales [Member] | Transferred at Point in Time [Member] | |||
Franchise fees | 21,516,530 | 24,179,540 | |
Factory Sales [Member] | Transferred at Point in Time [Member] | Franchising [Member] | |||
Franchise fees | |||
Factory Sales [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | |||
Franchise fees | 21,516,530 | 24,179,540 | |
Factory Sales [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | |||
Franchise fees | |||
Factory Sales [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | |||
Franchise fees | |||
Retail [Member] | Transferred at Point in Time [Member] | |||
Franchise fees | 3,202,438 | 3,384,254 | |
Retail [Member] | Transferred at Point in Time [Member] | Franchising [Member] | |||
Franchise fees | |||
Retail [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | |||
Franchise fees | |||
Retail [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | |||
Franchise fees | 1,104,171 | 1,272,009 | |
Retail [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | |||
Franchise fees | 2,098,267 | 2,112,245 | |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | |||
Franchise fees | 6,805,846 | 6,646,625 | |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Franchising [Member] | |||
Franchise fees | 5,300,089 | 5,156,930 | |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | |||
Franchise fees | |||
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | |||
Franchise fees | |||
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | |||
Franchise fees | $ 1,505,757 | $ 1,489,695 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
Ingredients and supplies | $ 2,186,652 | $ 2,612,954 |
Finished candy | 1,827,767 | 1,983,854 |
U-Swirl food and packaging | 56,708 | 44,696 |
Reserve for slow moving inventory | (320,149) | (371,147) |
Total inventories | $ 3,750,978 | $ 4,270,357 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Depreciation, Total | $ 786,648 | $ 865,479 | $ 873,205 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Property, plant and equipment, gross | $ 18,657,351 | $ 18,197,193 |
Asset impairment | ||
Less accumulated depreciation | (12,719,338) | (12,411,054) |
Property and equipment, net | 5,938,013 | 5,786,139 |
Land [Member] | ||
Property, plant and equipment, gross | 513,618 | 513,618 |
Building [Member] | ||
Property, plant and equipment, gross | 5,031,395 | 5,031,395 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 10,664,396 | 10,233,119 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 852,557 | 864,944 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 1,154,396 | 1,131,659 |
Transportation Equipment [Member] | ||
Property, plant and equipment, gross | $ 440,989 | $ 422,458 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Amortization of Intangible Assets, Total | $ 706,177 | $ 844,320 | $ 446,050 |
Store Design [Member] | |||
Intangible Assets, Expected to Add During Period | 250,000 | ||
Intangible Assets, Net (Excluding Goodwill), Total | $ 75,000 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Indefinite-lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Intangible assets subject to amortization, gross carrying value | $ 7,542,558 | $ 7,467,557 |
Intangible assets subject to amortization, accumulated amortization | 3,996,477 | 3,290,300 |
Intangible assets not subject to amortization, gross carrying value | 1,046,944 | 1,046,944 |
Total Intangible Assets | 8,589,502 | 8,514,501 |
Intangible assets not subject to amortization, accumulated goodwill impairment | 3,996,477 | 3,290,300 |
Company Stores Goodwill [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 832,308 | 832,308 |
Franchising Goodwill [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 97,318 | 97,318 |
Manufacturing Segment Goodwill [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 97,318 | 97,318 |
Trademarks [Member] | ||
Intangible assets not subject to amortization, gross carrying value | $ 20,000 | 20,000 |
Store Design [Member] | ||
Amortization Period (Year) | 10 years | |
Intangible assets subject to amortization, gross carrying value | $ 295,779 | 220,778 |
Intangible assets subject to amortization, accumulated amortization | 215,653 | 214,152 |
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 | $ 297,072 | 223,628 |
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 | $ 2,931,949 | $ 2,300,717 |
Franchise Rights [Member] | Minimum [Member] | ||
Amortization Period (Year) | 10 years | |
Franchise Rights [Member] | Maximum [Member] | ||
Amortization Period (Year) | 15 years |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) | Feb. 29, 2020USD ($) |
2021 | $ 594,229 |
2022 | 490,060 |
2023 | 411,607 |
2024 | 345,642 |
2025 | 290,689 |
Thereafter | 1,338,854 |
Total | $ 3,471,081 |
Note 8 - Line of Credit and L_3
Note 8 - Line of Credit and Long-term Debt (Details Textual) - USD ($) $ in Thousands | Jan. 16, 2014 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2014 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||
Wells Fargo Bank Loan [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Wells Fargo Bank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000 | |||
Proceeds from Lines of Credit, Total | $ 6,400 | |||
Wells Fargo Bank [Member] | Wells Fargo Bank Loan [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Line of Credit [Member] | Wells Fargo Bank [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 5,000 | |||
Long-term Line of Credit, Total | $ 0 | |||
Line of Credit [Member] | Wells Fargo Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |||
Eligible Accounts Receivable [Member] | ||||
Maximum Draws Allowed | 50.00% | |||
Eligible Inventories [Member] | ||||
Maximum Draws Allowed | 50.00% |
Note 8 - Line of Credit and L_4
Note 8 - Line of Credit and Long-term Debt - Long-term Note Payable (Details) - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 |
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 | |
Less current maturities | 1,176,488 | |
Long-term obligations |
Note 8 - Line of Credit and L_5
Note 8 - Line of Credit and Long-term Debt - Long-term Note Payable (Details) (Parentheticals) | Feb. 28, 2019 |
Wells Fargo Bank Loan [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% |
Note 9 - Stock Compensation P_3
Note 9 - Stock Compensation Plans (Details Textual) - shares shares in Thousands | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | 0 |
Note 9 - Stock Compensation P_4
Note 9 - Stock Compensation Plans - Summarizes Stock Awards (Details) - 2007 Equity Incentive Plan [Member | 12 Months Ended |
Feb. 29, 2020shares | |
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) | 200,471 |
Shares awarded as unrestricted shares, stock options or restricted stock units: (in shares) | (866,487) |
Shares available for award: (in shares) | 19,324 |
Note 9 - Stock Compensation P_5
Note 9 - Stock Compensation Plans - Restricted Stock Unit Awards Outstanding Under the Plans (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Outstanding non-vested restricted stock units at beginning of year: (in shares) | 25,002 | 77,594 | 123,658 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 280,000 | 0 | |
Vested (in shares) | (38,835) | (49,058) | (44,064) |
Cancelled/forfeited (in shares) | (612) | (3,534) | (2,000) |
Outstanding non-vested restricted stock units as of February 28: (in shares) | 265,555 | 25,002 | 77,594 |
Weighted average grant date fair value (in dollars per share) | $ 9.39 | $ 12.05 | $ 12.16 |
Weighted average remaining vesting period (Year) | 4 years 204 days | 138 days | 1 year 98 days |
Note 10 - Leasing Arrangement_2
Note 10 - Leasing Arrangements (Details Textual) - USD ($) | Feb. 29, 2020 | Mar. 01, 2019 |
Operating Lease, Liability, Total | $ 2,698,765 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 2,984,207 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Liability, Total | $ 3,300,000 | $ 3,300,000 |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |
Lessee, Operating Lease, Renewal Term (Year) | 10 years | |
Minimum [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 10 - Leasing Arrangement_3
Note 10 - Leasing Arrangements - Lease Expense (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Retail Leases [Member] | |||
Minimum rentals | $ 733,190 | $ 1,030,536 | $ 1,270,240 |
Less sublease rentals | (318,000) | (572,000) | (603,000) |
Contingent rentals | 21,600 | 22,800 | 26,100 |
Retail operating lease expense | 436,790 | 481,336 | 693,340 |
Trucking Equipment Leases [Member] | |||
Retail operating lease expense | $ 342,297 | $ 325,229 | $ 225,992 |
Note 10 - Leasing Arrangement_4
Note 10 - Leasing Arrangements - Maturities of Lease Liabilities for Operating Leases (Details) | Feb. 29, 2020USD ($) |
FYE 21 | $ 819,005 |
FYE 22 | 694,754 |
FYE 23 | 437,445 |
FYE 24 | 315,962 |
FYE 25 | 164,222 |
Thereafter | 552,819 |
Total | 2,984,207 |
Less: Imputed interest | (285,442) |
Operating Lease, Liability, Total | $ 2,698,765 |
Weighted average lease term (Year) | 6 years 255 days |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) | 12 Months Ended |
Feb. 29, 2020USD ($) | |
Contractual Obligation, Total | $ 274,000 |
Minimum [Member] | |
Purchase Contracts, Term (Month) | 180 days |
Maximum [Member] | |
Purchase Contracts, Term (Month) | 1 year 180 days |
Note 12 - FTD Loss Contingenc_2
Note 12 - FTD Loss Contingency (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 29, 2020 | Feb. 28, 2019 | |
Revenues, Total | $ 8,125,275 | $ 7,913,252 | $ 7,385,270 | $ 8,425,999 | $ 9,429,527 | $ 8,949,747 | $ 7,800,088 | $ 8,366,085 | $ 31,849,796 | $ 34,545,447 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||
Revenues, Total | $ 1,500,000 | $ 3,100,000 | ||||||||
Concentration Risk, Percentage | 5.00% | 9.00% | ||||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | FTD [Member] | ||||||||||
Revenues, Total | $ 1,500,000 | $ 3,100,000 | ||||||||
Concentration Risk, Percentage | 5.00% | 9.00% | ||||||||
FTD's Bankruptcy [Member] | ||||||||||
Loss Contingency, Estimate Loss of Inventory | $ 230,384 |
Note 12 - FTD Loss Contingenc_3
Note 12 - FTD Loss Contingency - Balances (Details) - FTD's Bankruptcy [Member] | Feb. 29, 2020USD ($) |
Possible loss, contingent upon the bankruptcy proceedings | $ 232,856 |
Reserve for estimated losses | (204,507) |
Accounts Receivable [Member] | |
Possible loss, contingent upon the bankruptcy proceedings | 79,744 |
Ingredients and Supplies [Member] | Inventories [Member] | |
Possible loss, contingent upon the bankruptcy proceedings | 335,574 |
Finished Candy [Member] | Inventories [Member] | |
Possible loss, contingent upon the bankruptcy proceedings | $ 22,045 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Details Textual) - USD ($) | Feb. 18, 2020 | Dec. 20, 2019 | Dec. 06, 2019 | Sep. 13, 2019 | Jun. 14, 2019 | Mar. 15, 2019 | Feb. 29, 2020 | Jul. 15, 2014 |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | |||
Stock Repurchase Program, Authorized Amount | $ 3,000,000 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 638,000 | |||||||
Warrant to Purchase Common Stock [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 8.76 | |||||||
Certain Revenue Thresholds, Cumulative Basis Connection with Performance Basis (Year) | 5 years | |||||||
Warrants and Rights Outstanding, Term (Month) | 180 days | |||||||
Warrant to Purchase Common Stock [Member] | Maximum [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 960,677 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 29, 2020 | Feb. 28, 2019 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 421,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 401,699 | $ 325,253 | |
U-Swirl Segment [Member] | |||
Operating Loss Carryforwards, Total | 1,634,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 401,699 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Federal | $ 306,000 | $ 653,226 | $ 1,916,720 |
State | 85,157 | 142,570 | 220,164 |
Total Current | 391,157 | 795,796 | 2,136,884 |
Federal | (19,350) | (67,410) | 55,658 |
State | (3,307) | (11,524) | (32,247) |
Total Deferred | (22,657) | (78,934) | 23,411 |
Total | $ 368,500 | $ 716,862 | $ 2,160,295 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate and the Effective Rate (Details) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Statutory rate | 21.00% | 21.00% | 31.90% |
State income taxes, net of federal benefit | 4.60% | 3.40% | 2.40% |
Domestic production deduction | 0.00% | 0.00% | (0.90%) |
Work opportunity tax credits | (1.10%) | (0.70%) | (0.20%) |
Equity compensation tax expense | 1.40% | 0.00% | 0.00% |
Other | 0.40% | 0.50% | 0.80% |
Impact of tax reform | 0.00% | 0.00% | 8.20% |
Effective rate - provision (benefit) | 26.30% | 24.20% | 42.20% |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Deferred Income Taxes (Details) - USD ($) | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 |
Allowance for doubtful accounts and notes | $ 157,107 | $ 120,368 | |
Inventories | 78,724 | 91,265 | |
Accrued compensation | 137,786 | 87,930 | |
Loss provisions and deferred income | 397,535 | 492,468 | |
Self-insurance accrual | 37,623 | 34,426 | |
Amortization | 299,373 | 217,481 | |
Restructuring charges | 98,693 | 98,693 | |
U-Swirl accumulated net loss | 401,699 | 325,253 | |
Valuation allowance | (98,693) | (98,693) | $ (98,728) |
Net deferred tax assets | 1,509,847 | 1,369,191 | |
Depreciation and amortization | (779,023) | (682,542) | |
Prepaid expenses | (100,746) | (79,228) | |
Deferred Tax Liabilities | (879,769) | (761,770) | |
Net deferred tax assets | $ 630,078 | $ 607,421 |
Note 14 - Income Taxes - Summar
Note 14 - Income Taxes - Summary of Deferred Income Tax Valuation Allowances (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Valuation allowance at beginning of period | $ 98,693 | $ 98,728 |
Tax expense (benefits) realized by valuation allowance | (35) | |
Tax benefits released from valuation allowance | ||
Impact of tax reform | ||
Valuation allowance at end of period | $ 98,693 | $ 98,693 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Defined Contribution Plan Employers Matching Contribution Vesting Period (Year) | 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 | $ 61,000 | $ 70,000 | $ 68,000 |
Note 16 - Operating Segments (D
Note 16 - Operating Segments (Details Textual) | 12 Months Ended |
Feb. 29, 2020 | |
Number of Reportable Segments | 5 |
Note 16 - Operating Segments -
Note 16 - Operating Segments - Segment Information (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Franchise fees | $ 31,849,796 | $ 34,545,447 | $ 38,074,695 |
Segment profit (loss) | 1,402,332 | 2,955,661 | 5,124,203 |
Total assets | 27,817,388 | 26,222,141 | 28,940,635 |
Capital expenditures | 983,941 | 613,786 | 544,956 |
Total depreciation and amortization | 1,492,825 | 1,709,799 | 1,319,255 |
Franchising [Member] | |||
Franchise fees | 5,530,632 | 5,356,292 | 6,000,015 |
Segment profit (loss) | 2,530,449 | 2,288,871 | 2,623,081 |
Total assets | 1,221,975 | 1,182,355 | 1,157,158 |
Capital expenditures | 24,422 | 3,548 | 15,429 |
Total depreciation and amortization | 44,166 | 46,369 | 46,087 |
Manufacturing [Member] | |||
Franchise fees | 21,516,530 | 24,179,540 | 26,056,574 |
Segment profit (loss) | 4,009,282 | 4,310,722 | 5,791,980 |
Total assets | 11,796,822 | 12,267,458 | 12,729,659 |
Capital expenditures | 840,459 | 526,402 | 429,545 |
Total depreciation and amortization | 615,162 | 573,846 | 540,033 |
Retail Segment [Member] | |||
Franchise fees | 1,104,171 | 1,272,009 | 1,876,021 |
Segment profit (loss) | 42,433 | (52,009) | (37,102) |
Total assets | 1,006,320 | 1,001,419 | 1,134,876 |
Capital expenditures | 28,443 | 9,617 | 33,056 |
Total depreciation and amortization | 12,983 | 32,762 | 32,567 |
U-Swirl Segment [Member] | |||
Franchise fees | 3,698,463 | 3,737,606 | 4,142,085 |
Segment profit (loss) | 485,185 | (32,391) | 542,073 |
Total assets | 6,026,394 | 5,264,989 | 8,125,171 |
Capital expenditures | 3,997 | 16,512 | 11,899 |
Total depreciation and amortization | 726,615 | 952,178 | 576,162 |
Other Segments [Member] | |||
Franchise fees | 0 | 0 | |
Segment profit (loss) | (5,665,017) | (3,559,532) | (3,795,829) |
Total assets | 7,765,877 | 6,505,920 | 5,793,771 |
Capital expenditures | 86,620 | 57,707 | 55,027 |
Total depreciation and amortization | 93,899 | 104,644 | 124,406 |
Operating Segments [Member] | |||
Franchise fees | 32,908,921 | 35,695,167 | 39,514,092 |
Operating Segments [Member] | Franchising [Member] | |||
Franchise fees | 5,535,564 | 5,361,528 | 6,004,897 |
Operating Segments [Member] | Manufacturing [Member] | |||
Franchise fees | 22,570,723 | 25,324,024 | 27,491,089 |
Operating Segments [Member] | Retail Segment [Member] | |||
Franchise fees | 1,104,171 | 1,272,009 | 1,876,021 |
Operating Segments [Member] | U-Swirl Segment [Member] | |||
Franchise fees | 3,698,463 | 3,737,606 | 4,142,085 |
Operating Segments [Member] | Other Segments [Member] | |||
Franchise fees | 0 | 0 | |
Intersegment Eliminations [Member] | |||
Franchise fees | (1,059,125) | (1,149,720) | (1,439,397) |
Intersegment Eliminations [Member] | Franchising [Member] | |||
Franchise fees | (4,932) | (5,236) | (4,882) |
Intersegment Eliminations [Member] | Manufacturing [Member] | |||
Franchise fees | (1,054,193) | (1,144,484) | (1,434,515) |
Intersegment Eliminations [Member] | Retail Segment [Member] | |||
Franchise fees | 0 | 0 | 0 |
Intersegment Eliminations [Member] | U-Swirl Segment [Member] | |||
Franchise fees | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Other Segments [Member] | |||
Franchise fees | $ 0 | $ 0 | $ 0 |
Note 17 - Summarized Quarterl_3
Note 17 - Summarized Quarterly Data (Unaudited) - Quarterly Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Revenues, Total | $ 8,125,275 | $ 7,913,252 | $ 7,385,270 | $ 8,425,999 | $ 9,429,527 | $ 8,949,747 | $ 7,800,088 | $ 8,366,085 | $ 31,849,796 | $ 34,545,447 | |
Gross margin | 1,478,176 | 1,534,424 | 1,645,605 | 1,845,867 | 1,312,026 | 1,882,975 | 1,852,435 | 1,916,807 | 6,504,072 | 6,964,243 | |
Net income | $ (524,228) | $ (71,637) | $ 918,088 | $ 711,609 | $ 385,679 | $ 525,361 | $ 750,815 | $ 576,944 | $ 1,033,832 | $ 2,238,799 | $ 2,963,908 |
Basic earnings per share (in dollars per share) | $ (0.09) | $ (0.01) | $ 0.15 | $ 0.12 | $ 0.06 | $ 0.09 | $ 0.13 | $ 0.10 | $ 0.17 | $ 0.38 | $ 0.50 |
Diluted earnings per share (in dollars per share) | $ (0.08) | $ (0.01) | $ 0.15 | $ 0.11 | $ 0.06 | $ 0.09 | $ 0.13 | $ 0.10 | $ 0.17 | $ 0.37 | $ 0.50 |
Note 18 - Costs Associated Wi_3
Note 18 - Costs Associated With Company-owned Store Closures - Costs Associated With Closures (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Costs associated with Company-owned store closures | $ 15,400 | $ 226,981 | |
Loss on Distribution of Assets [Member] | |||
Costs associated with Company-owned store closures | 15,400 | 81,981 | |
Lease Settlement Costs [Member] | |||
Costs associated with Company-owned store closures | $ 145,000 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Apr. 20, 2020 | Mar. 16, 2020 | Feb. 29, 2020 | Feb. 28, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||
Wells Fargo Bank Loan [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Subsequent Event [Member] | ||||
Long-term Line of Credit, Total | $ 3,400 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||
Percentage of Eligible Accounts Receivable | 50.00% | |||
Percentage of Eligible Inventories | 50.00% | |||
Proceeds From Paycheck Protection Program Under CARES Act | $ 1,500 | |||
Subsequent Event [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Subsequent Event [Member] | Line of Credit [Member] | Wells Fargo Bank Loan [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.06% |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 28, 2018 | |
Valuation Allowance for Accounts and Notes Receivable Beginning Balance | $ 489,502 | $ 505,972 | $ 536,093 |
Valuation Allowance and Reserves Charged to Cost and Expense | 197,830 | 143,214 | 166,868 |
Valuation Allowances and Reserves Deductions | 48,425 | 159,684 | 196,989 |
Valuation Allowance for Accounts and Notes Receivable Ending Balance | $ 638,907 | $ 489,502 | $ 505,972 |