Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Aug. 31, 2022 | Oct. 10, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001616262 | |
Entity Registrant Name | Rocky Mountain Chocolate Factory, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36865 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1535633 | |
Entity Address, Address Line One | 265 Turner Drive | |
Entity Address, City or Town | Durango | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 81303 | |
City Area Code | 970 | |
Local Phone Number | 259-0554 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | RMCF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,238,776 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Revenues | ||||
Total revenue | $ 7,525,685 | $ 7,926,077 | $ 15,352,257 | $ 15,519,788 |
Costs and Expenses | ||||
Cost of sales | 4,078,994 | 4,072,082 | 8,802,449 | 8,618,679 |
Sales and marketing | 481,877 | 405,935 | 1,009,886 | 818,592 |
General and administrative | 4,067,637 | 1,864,304 | 5,698,860 | 2,709,125 |
Depreciation and amortization, exclusive of depreciation and amortization expense of $160,767, $157,698, $320,473 and $309,597, respectively, included in cost of sales | 127,478 | 148,578 | 254,956 | 296,593 |
Total costs and expenses | 9,750,701 | 7,668,252 | 17,726,610 | 14,616,059 |
Income (Loss) from Operations | (2,225,016) | 257,825 | (2,374,353) | 903,729 |
Other Income | ||||
Interest Income | 3,857 | 2,582 | 6,498 | 7,153 |
Gain on insurance recovery | 0 | 0 | 0 | 167,123 |
Other income, net | 3,857 | 2,582 | 6,498 | 174,276 |
Income (Loss) Before Income Taxes | (2,221,159) | 260,407 | (2,367,855) | 1,078,005 |
Income Tax Provision | 1,420,027 | 63,474 | 1,388,272 | 301,267 |
Consolidated Net Income (Loss) | $ (3,641,186) | $ 196,933 | $ (3,756,127) | $ 776,738 |
Basic Earnings (Loss) per Common Share (in dollars per share) | $ (0.59) | $ 0.03 | $ (0.60) | $ 0.13 |
Diluted Earnings (Loss) per Common Share (in dollars per share) | $ (0.59) | $ 0.03 | $ (0.60) | $ 0.12 |
Weighted Average Common Shares Outstanding - Basic (in shares) | 6,215,186 | 6,123,861 | 6,211,815 | 6,121,147 |
Dilutive Effect of Employee Stock Awards (in shares) | 0 | 167,591 | 0 | 169,434 |
Weighted Average Common Shares Outstanding - Diluted (in shares) | 6,215,186 | 6,291,452 | 6,211,815 | 6,290,581 |
Product [Member] | ||||
Revenues | ||||
Total revenue | $ 5,604,872 | $ 5,944,027 | $ 11,555,110 | $ 11,774,225 |
Franchise and Royalty Fees [Member] | ||||
Revenues | ||||
Total revenue | 1,920,813 | 1,982,050 | 3,797,147 | 3,745,563 |
Franchise [Member] | ||||
Costs and Expenses | ||||
Costs | 524,016 | 737,180 | 1,018,228 | 1,288,830 |
Retail [Member] | ||||
Costs and Expenses | ||||
Costs | $ 470,699 | $ 440,173 | $ 942,231 | $ 884,240 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Amortization expense included in cost of goods sold | $ 160,767 | $ 157,698 | $ 320,473 | $ 309,597 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Aug. 31, 2022 | Feb. 28, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 5,403,803 | $ 7,587,374 |
Accounts receivable, less allowance for doubtful accounts of $811,389 and $870,735, respectively | 1,964,090 | 1,967,914 |
Notes receivable, current portion, less current portion of the valuation allowance of $34,241 and $47,228, respectively | 17,581 | 8,680 |
Refundable income taxes | 431,749 | 736,528 |
Inventories | 6,429,894 | 4,354,202 |
Other | 495,986 | 343,268 |
Total current assets | 14,743,103 | 14,997,966 |
Property and Equipment, Net | 5,714,969 | 5,499,890 |
Other Assets | ||
Notes receivable, less current portion and valuation allowance of $47,710 and $65,059, respectively | 44,964 | 0 |
Goodwill, net | 729,701 | 729,701 |
Franchise rights, net | 1,893,201 | 2,078,066 |
Intangible assets, net | 333,854 | 353,685 |
Deferred income taxes, net | 0 | 1,388,271 |
Lease right of use asset | 2,742,319 | 1,771,034 |
Other | 48,115 | 62,148 |
Total other assets | 5,792,154 | 6,382,905 |
Total Assets | 26,250,226 | 26,880,761 |
Current Liabilities | ||
Accounts payable | 3,833,545 | 1,579,917 |
Accrued salaries and wages | 1,721,567 | 2,125,430 |
Gift card liabilities | 548,588 | 574,883 |
Other accrued expenses | 279,169 | 239,644 |
Contract liabilities | 199,419 | 195,961 |
Lease liability | 890,550 | 595,897 |
Total current liabilities | 7,472,838 | 5,311,732 |
Lease Liability, Less Current Portion | 1,890,611 | 1,218,256 |
Contract Liabilities, Less Current Portion | 962,341 | 950,847 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, $.001 par value per share; 250,000 authorized; -0- shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 46,000,000 shares authorized, 6,223,234 shares and 6,186,356 shares issued and outstanding, respectively | 6,223 | 6,186 |
Additional paid-in capital | 9,087,530 | 8,806,930 |
Retained earnings | 6,830,683 | 10,586,810 |
Total stockholders' equity | 15,924,436 | 19,399,926 |
Total Liabilities and Stockholders' Equity | $ 26,250,226 | $ 26,880,761 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Aug. 31, 2022 | Feb. 28, 2022 |
Accounts receivable, allowance for doubtful accounts | $ 811,389 | $ 870,735 |
Notes receivable, current portion of the valuation allowance | 34,241 | 47,228 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | $ 47,710 | $ 65,059 |
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) | 6,223,234 | 6,186,356 |
Common stock, shares outstanding (in shares) | 6,223,234 | 6,186,356 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Aug. 31, 2022 | Aug. 31, 2021 | Sep. 01, 2022 | Aug. 31, 2022 | Sep. 01, 2021 | Aug. 31, 2021 | |
Cash Flows From Operating Activities | ||||||
Net income (loss) | $ (3,641,186) | $ 196,933 | $ (3,756,127) | $ (3,756,127) | $ 776,738 | $ 776,738 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 288,244 | 306,276 | 575,429 | 606,190 | ||
Provision for obsolete inventory | 32,862 | 99,819 | ||||
Provision for loss on accounts and notes receivable | (119,000) | 0 | ||||
Loss (gain) on sale or disposal of property and equipment | 3,571 | (142,466) | ||||
Expense recorded for stock compensation | 280,637 | 269,624 | ||||
Deferred income taxes | 1,388,271 | (57,686) | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 92,487 | (262,560) | ||||
Refundable income taxes | 304,779 | 147,877 | ||||
Inventories | (2,068,878) | (1,199,304) | ||||
Contract liabilities | 14,952 | 11,747 | ||||
Other current assets | (152,718) | (107,238) | ||||
Accounts payable | 2,213,952 | 1,201,485 | ||||
Accrued liabilities | (394,910) | 83,230 | ||||
Net cash (used in) provided by operating activities | (1,584,693) | 1,427,456 | ||||
Addition to notes receivable | (54,543) | 0 | ||||
Proceeds received on notes receivable | 31,015 | 45,121 | ||||
Proceeds from sale or distribution of assets | 1,529 | 206,336 | ||||
Purchases of property and equipment | (296,519) | (113,427) | (586,879) | (570,862) | ||
Decrease (Increase) in other assets | 10,000 | (10,000) | ||||
Net cash used in investing activities | (598,878) | (329,405) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | (2,183,571) | 1,098,051 | ||||
Cash and Cash Equivalents, Beginning of Period | $ 7,587,374 | 7,587,374 | $ 5,633,279 | 5,633,279 | ||
Cash and Cash Equivalents, End of Period | $ 5,403,803 | $ 6,731,330 | $ 5,403,803 | $ 6,731,330 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Feb. 28, 2021 | 6,074,293 | |||
Balance at Feb. 28, 2021 | $ 6,074 | $ 7,971,712 | $ 10,989,783 | $ 18,967,569 |
Consolidated net (loss) income | 776,738 | 776,738 | ||
Issuance of common stock, vesting of restricted stock units and other (in shares) | 49,995 | |||
Issuance of common stock, vesting of restricted stock units and other | $ 50 | (50) | 0 | |
Equity compensation, restricted stock units | 269,624 | 269,624 | ||
Balance (in shares) at Sep. 01, 2021 | 6,124,288 | |||
Balance at Sep. 01, 2021 | $ 6,124 | 8,241,286 | 11,766,521 | 20,013,931 |
Balance (in shares) at Feb. 28, 2021 | 6,074,293 | |||
Balance at Feb. 28, 2021 | $ 6,074 | 7,971,712 | 10,989,783 | 18,967,569 |
Consolidated net (loss) income | 776,738 | |||
Balance (in shares) at Aug. 31, 2021 | 6,124,288 | |||
Balance at Aug. 31, 2021 | $ 6,124 | 8,241,286 | 11,766,521 | 20,013,931 |
Balance (in shares) at May. 31, 2021 | 6,118,995 | |||
Balance at May. 31, 2021 | $ 6,119 | 8,117,824 | 11,569,588 | 19,693,531 |
Consolidated net (loss) income | 196,933 | 196,933 | ||
Issuance of common stock, vesting of restricted stock units and other (in shares) | 5,293 | |||
Issuance of common stock, vesting of restricted stock units and other | $ 5 | (5) | 0 | |
Equity compensation, restricted stock units | 123,467 | 123,467 | ||
Balance (in shares) at Aug. 31, 2021 | 6,124,288 | |||
Balance at Aug. 31, 2021 | $ 6,124 | 8,241,286 | 11,766,521 | 20,013,931 |
Balance (in shares) at Feb. 28, 2022 | 6,186,356 | |||
Balance at Feb. 28, 2022 | $ 6,186 | 8,806,930 | 10,586,810 | 19,399,926 |
Consolidated net (loss) income | (3,756,127) | |||
Balance (in shares) at Aug. 31, 2022 | 6,223,234 | |||
Balance at Aug. 31, 2022 | $ 6,223 | 9,087,530 | 6,830,683 | 15,924,436 |
Balance (in shares) at Feb. 28, 2022 | 6,186,356 | |||
Balance at Feb. 28, 2022 | $ 6,186 | 8,806,930 | 10,586,810 | 19,399,926 |
Consolidated net (loss) income | (3,756,127) | (3,756,127) | ||
Issuance of common stock, vesting of restricted stock units and other (in shares) | 36,878 | |||
Issuance of common stock, vesting of restricted stock units and other | $ 37 | (37) | 0 | |
Equity compensation, restricted stock units | 280,637 | 280,637 | ||
Balance (in shares) at Sep. 01, 2022 | 6,223,234 | |||
Balance at Sep. 01, 2022 | $ 6,223 | 9,087,530 | 6,830,683 | 15,924,436 |
Balance (in shares) at May. 31, 2022 | 6,213,681 | |||
Balance at May. 31, 2022 | $ 6,214 | 8,938,499 | 10,471,869 | 19,416,582 |
Consolidated net (loss) income | (3,641,186) | (3,641,186) | ||
Issuance of common stock, vesting of restricted stock units and other (in shares) | 9,553 | |||
Issuance of common stock, vesting of restricted stock units and other | $ 9 | (10) | (1) | |
Equity compensation, restricted stock units | 149,041 | 149,041 | ||
Balance (in shares) at Aug. 31, 2022 | 6,223,234 | |||
Balance at Aug. 31, 2022 | $ 6,223 | $ 9,087,530 | $ 6,830,683 | $ 15,924,436 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 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 U-Swirl, Inc. (“SWRL”) (collectively, the “Company,” or “RMCF”). The Company is an international franchisor, confectionery manufacturer and retail operator. Founded in 1981, U-Swirl operates self-serve frozen yogurt cafés under the names “U-Swirl,” “Yogurtini,” “CherryBerry,” “Yogli Mogli Frozen Yogurt,” “Fuzzy Peach Frozen Yogurt,” “Let’s Yo!” and “Aspen Leaf Yogurt.” The Company’s revenues are currently derived from three The following table summarizes the number of stores operating under the Rocky Mountain Chocolate Factory brand and frozen yogurt cafés as of August 31, 2022: Sold, Not Yet Open Open Total Rocky Mountain Chocolate Factory Company-owned stores - 2 2 Franchise stores - Domestic stores and kiosks 7 157 164 International license stores 1 5 6 Cold Stone Creamery - co-branded 4 100 104 U-Swirl (Including all associated brands) - Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores 1 52 53 Franchise stores - Domestic - co-branded 1 5 6 International license stores - - - Total 14 324 338 During FY 2021 In June 2021 1991 September 2021, six six March 2022, not three six August 31, 2022 no three six August 31, 2021. Basis of Presentation The accompanying consolidated financial statements have been prepared by the Company, without audit, and reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and Securities and Exchange Commission (the “SEC”) regulations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the consolidated financial statements reflect all adjustments (of a normal and recurring nature) which are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the six August 31, 2022 not These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10 February 28, 2022, No. 1 10 June 28, 2022. not Subsequent Events On September 28, 2022, August 13, 2022 ( 2022 “2022 seven 2022 no not one 2022 no not In connection with Mr. Dudley’s retirement, Mr. Dudley and the Company entered into a Separation Agreement and General Release (the “Separation Agreement”), dated as of September 30, 2022 ( May 21, 1999; ( $70,000; December 31, 2022, Management evaluated all activity of the Company through the issue date of the financial statements and concluded that no Recent Accounting Pronouncements Except for the recent accounting pronouncements described below, other recent accounting pronouncements are not In June 2016, 2016 13, 326 2016 13 2016 13 2016 13 March 1, 2023 2016 13 |
Note 2 - Supplemental Cash Flow
Note 2 - Supplemental Cash Flow Information | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE 2 Six Months Ended August 31, Cash paid (received) for: 2022 2021 Interest $ - $ - Income taxes $ (304,779 ) $ 211,076 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 The Company recognizes revenue from contracts with its customers in accordance with Accounting Standards Codification® (“ASC”) 606, not Initial Franchise Fees, License Fees, Transfer Fees and Renewal Fees The initial franchise services are not The following table summarizes contract liabilities as of August 31, 2022 August 31, 2021: Six Months Ended August 31: 2022 2021 Contract liabilities at the beginning of the year: $ 1,146,808 $ 1,119,646 Revenue recognized (121,547 ) (103,253 ) Contract fees received 136,499 115,000 Amortized gain on the financed sale of equipment - (6,265 ) Contract liabilities at the end of the period: $ 1,161,760 $ 1,125,128 At August 31, 2022, not FYE 23 $ 107,414 FYE 24 182,857 FYE 25 167,873 FYE 26 155,751 FYE 27 139,060 Thereafter 408,805 Total $ 1,161,760 Gift Cards The Company’s franchisees sell gift cards, which do not 606 606 Factory Sales of Confectionary Items, Retail Sales and Royalty and Marketing Fees Confectionary items sold to the Company’s franchisees, others and its Company-owned stores sales are recognized at the time of the underlying sale, based on the terms of the sale and when ownership of the inventory is transferred, and are presented net of sales taxes and discounts. Royalties and marketing fees from franchised or licensed locations, which are based on a percent of sales, are recognized at the time the sales occur. |
Note 4 - Disaggregation of Reve
Note 4 - Disaggregation of Revenue | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Disaggregation of Revenue [Text Block] | NOTE 4 The following table presents disaggregated revenue by method of recognition and segment: Three Months Ended August 31, 2022 Revenues recognized over time under ASC 606: Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 44,902 $ - $ - $ 9,425 $ 54,327 Revenues recognized at a point in time: Franchising Manufacturing Retail U-Swirl Total Factory sales - 4,808,200 - - 4,808,200 Retail sales - - 263,193 533,479 796,672 Royalty and marketing fees 1,441,059 - - 425,427 1,866,486 Total $ 1,485,961 $ 4,808,200 $ 263,193 $ 968,331 $ 7,525,685 Three Months Ended August 31, 2021 Revenues recognized over time under ASC 606: Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 41,718 $ - $ - $ 5,322 $ 47,040 Revenues recognized at a point in time: Franchising Manufacturing Retail U-Swirl Total Factory sales - 5,161,445 - - 5,161,445 Retail sales - - 271,034 511,548 782,582 Royalty and marketing fees 1,559,277 - - 375,733 1,935,010 Total $ 1,600,995 $ 5,161,445 $ 271,034 $ 892,603 $ 7,926,077 Six Months Ended August 31, 2022 Revenues recognized over time under ASC 606: Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 98,755 $ - $ - $ 22,792 $ 121,547 Revenues recognized at a point in time: Franchising Manufacturing Retail U-Swirl Total Factory sales - 9,965,810 - - 9,965,810 Retail sales - - 513,603 1,075,697 1,589,300 Royalty and marketing fees 2,881,386 - - 794,214 3,675,600 Total $ 2,980,141 $ 9,965,810 $ 513,603 $ 1,892,703 $ 15,352,257 Six Months Ended August 31, 2021 Revenues recognized over time under ASC 606: Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 82,963 $ - $ - $ 20,290 $ 103,253 Revenues recognized at a point in time: Franchising Manufacturing Retail U-Swirl Total Factory sales - 10,202,168 - - 10,202,168 Retail sales - - 554,012 1,018,045 1,572,057 Royalty and marketing fees 2,951,759 - - 690,551 3,642,310 Total $ 3,034,722 $ 10,202,168 $ 554,012 $ 1,728,886 $ 15,519,788 |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 Inventories consist of the following: August 31, 2022 February 28, 2022 Ingredients and supplies $ 3,212,930 $ 2,753,068 Finished candy 3,809,095 2,168,084 U-Swirl food and packaging 46,524 56,319 Reserve for slow moving inventory (638,655 ) (623,269 ) Total inventories $ 6,429,894 $ 4,354,202 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 Property and equipment consists of the following: August 31, 2022 February 28, 2022 Land $ 513,618 $ 513,618 Building 5,148,854 5,148,854 Machinery and equipment 10,414,384 10,207,182 Furniture and fixtures 778,484 787,921 Leasehold improvements 985,914 985,914 Transportation equipment 475,315 479,701 18,316,569 18,123,190 Less accumulated depreciation (12,601,600 ) (12,623,300 ) Property and equipment, net $ 5,714,969 $ 5,499,890 Depreciation expense related to property and equipment totaled $185,897 and $370,733 during the three six August 31, 2022 three six August 31, 2021, |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7 Goodwill and intangible assets consist of the following: August 31, 2022 February 28, 2022 Amortization Period (in years) Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Store design 10 $ 394,826 $ 249,861 $ 394,826 $ 240,409 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 - 20 556,339 367,450 556,339 357,071 Franchise rights 20 5,979,637 4,086,436 5,979,637 3,901,571 Total 7,482,605 5,255,550 7,482,605 5,050,854 Goodwill and intangible assets not subject to amortization Franchising segment- Company stores goodwill $ 515,065 $ 515,065 Franchising goodwill 97,318 97,318 Manufacturing segment-goodwill 97,318 97,318 Trademark 20,000 20,000 Total 729,701 729,701 Total Goodwill and Intangible Assets $ 8,212,306 $ 5,255,550 $ 8,212,306 $ 5,050,854 Amortization expense related to intangible assets totaled $102,348 and $204,696 during the three six August 31, 2022 three six August 31, 2021, At August 31, 2022, FYE 23 $ 204,697 FYE 24 346,672 FYE 25 294,427 FYE 26 251,342 FYE 27 215,382 Thereafter 914,535 Total $ 2,227,055 |
Note 8 - Line of Credit
Note 8 - Line of Credit | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 8 Revolving Credit Line The Company has a $5.0 million credit line (subject to certain borrowing base limitations) for general corporate and working capital purposes, of which approximately $4.6 million was available for borrowing and no amount was outstanding as of August 31, 2022. August 31, 2022). August 31, 2022, not September 30, 2022, not August 31, 2022 August 31, 2022 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 Warrants In consideration of an exclusive supplier agreement and the performance of specific obligations therein, on December 20, 2019, five six fifth August 31, 2022 no The Company determined that the grant date fair value of the warrants was de minimis and did not Stock-Based Compensation Under the Company’s 2007 “2007 may The following table summarizes restricted stock unit activity during the six August 31, 2022 2021: Six Months Ended August 31, 2022 2021 Outstanding non-vested restricted stock units as of February 28: 105,978 209,450 Granted 94,892 - Vested (36,879 ) (40,995 ) Cancelled/forfeited (800 ) (900 ) Outstanding non-vested restricted stock units as of August 31: 163,191 167,555 Weighted average grant date fair value $ 5.69 $ 9.40 Weighted average remaining vesting period (in years) 2.30 3.18 The following table summarizes stock option activity during the six August 31, 2022 2021: Six Months Ended August 31, 2022 2021 Outstanding stock options as of February 28: - - Granted 36,144 - Exercised - - Cancelled/forfeited - - Outstanding stock options as of August 31: 36,144 - Weighted average exercise price 6.49 n/a Weighted average remaining contractual term (in years) 9.76 n/a The Company did not three six August 31, 2022 three August 31, 2021 six August 31, 2021. three six August 31, 2022, three August 31, 2021 six August 31, 2021. During the six August 31, 2022, one third February 28, 2023, February 28, 2025. February 2025 12.5% 200% The Company recognized $149,040 and $280,637 of stock-based compensation expense during the three six August 31, 2022, three six August 31, 2021, five six six August 31, 2022 2021, August 31, 2022 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10 Basic earnings per share is calculated using the weighted-average number of common shares outstanding. Diluted earnings per share reflects the potential dilution that could occur from common shares issuable through the settlement of restricted stock units. Restricted stock units become dilutive within the period granted and remain dilutive until the units vest and are issued as common stock. The weighted-average number of shares outstanding used in the computation of diluted earnings per share does not six August 31, 2022, six August 31, 2021, |
Note 11 - Leasing Arrangements
Note 11 - Leasing Arrangements | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 11 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 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 operations. The Company accounts for payments related to lease liabilities on a straight-line basis over the lease term. During the six August 31, 2022 2021, The lease liability reflects the present value of the Company’s estimated future minimum lease payments over the life of its leases. This includes known escalations and renewal option periods reasonably assured of being exercised. Typically, renewal options are considered reasonably assured of being exercised if the sales performance of the location remains strong. Therefore, the Right of Use Asset and Lease Liability include an assumption on renewal options that have not not not not August 31, 2022. As of August 31, 2022, FYE 23 $ 439,069 FYE 24 760,952 FYE 25 611,988 FYE 26 514,346 FYE 27 242,558 Thereafter 462,120 Total $ 3,031,033 Less: imputed interest (249,872 ) Present value of lease liabilities: $ 2,781,161 Weighted average lease term 5.7 During the six August 31, 2022 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 Contested Solicitation of Proxies During the three six August 31, 2022, 2022 three six August 31, 2022, three six August 31, 2021. Employment Agreement Payments upon a Change in Control We have entered into employment agreements with certain of our executives which contain, among other things, "change in control" severance provisions. The employment agreement for Mr. Dudley generally provides that, if the Company or the executive terminates the executive's employment under circumstances constituting a "triggering termination," the executive will be entitled to receive, among other benefits, 2.99 two 25% 18 A “change in control,” as used in the agreement for Mr. Dudley, generally means a change in the control of the Company following any number of events, but specifically a proxy contest in which our Board of Directors prior to the transaction constitutes less than a majority of our Board of Directors after the transaction or the members of our Board of Directors during any consecutive two October 6, 2021. may As a result of the changes in our Board of Directors over the past 12 may August 31, 2022 three August 31, 2022 may may Mr. Sarlls’ employment agreement provides for the following upon “change in control”: If Mr. Sarlls’ employment is involuntarily terminated without cause or if he resigns for good reason on or within 2 15 15 1.409A 3 5 Mr. Arroyo’s employment agreement provides for the following upon “change in control”: If Mr. Arroyo’s employment is involuntarily terminated without cause or if he resigns for good reason on or within 2 9 9 1.409A 3 5 Purchase Contracts The Company frequently enters into purchase contracts of between six eighteen may may may August 31, 2022, not |
Note 13 - Operating Segments
Note 13 - Operating Segments | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 13 The Company classifies its business interests into five reportable segments: Franchising, Manufacturing, Retail Stores, U-Swirl operations and Other. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 1 10 February 28, 2022, No. 1 10 June 28, 2022. Three Months Ended August 31, 2022 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 1,487,303 $ 5,110,439 $ 263,193 $ 968,331 $ - $ 7,829,266 Intersegment revenues (1,342 ) (302,239 ) - - - (303,581 ) Revenue from external customers 1,485,961 4,808,200 263,193 968,331 - 7,525,685 Segment profit (loss) 203,138 576,344 (11,439 ) 200,487 (3,189,689 ) (2,221,159 ) Total assets 1,217,381 12,288,137 628,462 4,342,807 7,773,439 26,250,226 Capital expenditures - 285,370 258 3,072 7,819 296,519 Total depreciation & amortization $ 8,520 $ 162,276 $ 1,412 $ 98,722 $ 17,314 $ 288,244 Three Months Ended August 31, 2021 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 1,602,369 $ 5,464,121 $ 271,034 $ 892,603 $ - $ 8,230,127 Intersegment revenues (1,374 ) (302,676 ) - - - (304,050 ) Revenue from external customers 1,600,995 5,161,445 271,034 892,603 - 7,926,077 Segment profit (loss) 643,606 1,247,593 26,058 173,450 (1,830,300 ) 260,407 Total assets 1,486,476 10,763,803 625,179 4,922,875 9,619,259 27,417,592 Capital expenditures - 101,537 - - 11,890 113,427 Total depreciation & amortization $ 9,174 $ 159,246 $ 1,397 $ 116,669 $ 19,790 $ 306,276 Six Months Ended August 31, 2022 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 2,982,756 $ 10,514,717 $ 513,603 $ 1,892,703 $ - $ 15,903,779 Intersegment revenues (2,615 ) (548,907 ) - - - (551,522 ) Revenue from external customers 2,980,141 9,965,810 513,603 1,892,703 - 15,352,257 Segment profit (loss) 910,234 1,184,576 (23,671 ) 368,744 (4,807,738 ) (2,367,855 ) Total assets 1,217,381 12,288,137 628,462 4,342,807 7,773,439 26,250,226 Capital expenditures 1,182 534,685 575 32,547 17,890 586,879 Total depreciation & amortization $ 17,439 $ 323,465 $ 2,824 $ 197,012 $ 34,689 $ 575,429 Six Months Ended August 31, 2021 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 3,037,735 $ 10,749,226 $ 554,012 $ 1,728,886 $ - $ 16,069,859 Intersegment revenues (3,013 ) (547,058 ) - - - (550,071 ) Revenue from external customers 3,034,722 10,202,168 554,012 1,728,886 - 15,519,788 Segment profit (loss) 1,288,472 1,915,618 44,324 318,992 (2,489,401 ) 1,078,005 Total assets 1,486,476 10,763,803 625,179 4,922,875 9,619,259 27,417,592 Capital expenditures 1,182 533,948 1,068 1,399 33,265 570,862 Total depreciation & amortization $ 18,672 $ 312,866 $ 2,798 $ 233,399 $ 38,455 $ 606,190 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 6 Months Ended |
Aug. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 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. 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. valuation allowance to reduce the carrying amount of deferred income tax assets is established when it is more likely than not not not . During the three August 31, 2022 2022 no not August 31, 2022, |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
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 7 157 164 International license stores 1 5 6 Cold Stone Creamery - co-branded 4 100 104 U-Swirl (Including all associated brands) - Company-owned stores - co-branded - 3 3 Franchise stores - Domestic stores 1 52 53 Franchise stores - Domestic - co-branded 1 5 6 International license stores - - - Total 14 324 338 |
Note 2 - Supplemental Cash Fl_2
Note 2 - Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended August 31, Cash paid (received) for: 2022 2021 Interest $ - $ - Income taxes $ (304,779 ) $ 211,076 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Six Months Ended August 31: 2022 2021 Contract liabilities at the beginning of the year: $ 1,146,808 $ 1,119,646 Revenue recognized (121,547 ) (103,253 ) Contract fees received 136,499 115,000 Amortized gain on the financed sale of equipment - (6,265 ) Contract liabilities at the end of the period: $ 1,161,760 $ 1,125,128 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | FYE 23 $ 107,414 FYE 24 182,857 FYE 25 167,873 FYE 26 155,751 FYE 27 139,060 Thereafter 408,805 Total $ 1,161,760 |
Note 4 - Disaggregation of Re_2
Note 4 - Disaggregation of Revenue (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 44,902 $ - $ - $ 9,425 $ 54,327 Franchising Manufacturing Retail U-Swirl Total Factory sales - 4,808,200 - - 4,808,200 Retail sales - - 263,193 533,479 796,672 Royalty and marketing fees 1,441,059 - - 425,427 1,866,486 Total $ 1,485,961 $ 4,808,200 $ 263,193 $ 968,331 $ 7,525,685 Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 41,718 $ - $ - $ 5,322 $ 47,040 Franchising Manufacturing Retail U-Swirl Total Factory sales - 5,161,445 - - 5,161,445 Retail sales - - 271,034 511,548 782,582 Royalty and marketing fees 1,559,277 - - 375,733 1,935,010 Total $ 1,600,995 $ 5,161,445 $ 271,034 $ 892,603 $ 7,926,077 Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 98,755 $ - $ - $ 22,792 $ 121,547 Franchising Manufacturing Retail U-Swirl Total Factory sales - 9,965,810 - - 9,965,810 Retail sales - - 513,603 1,075,697 1,589,300 Royalty and marketing fees 2,881,386 - - 794,214 3,675,600 Total $ 2,980,141 $ 9,965,810 $ 513,603 $ 1,892,703 $ 15,352,257 Franchising Manufacturing Retail U-Swirl Total Franchise fees $ 82,963 $ - $ - $ 20,290 $ 103,253 Franchising Manufacturing Retail U-Swirl Total Factory sales - 10,202,168 - - 10,202,168 Retail sales - - 554,012 1,018,045 1,572,057 Royalty and marketing fees 2,951,759 - - 690,551 3,642,310 Total $ 3,034,722 $ 10,202,168 $ 554,012 $ 1,728,886 $ 15,519,788 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | August 31, 2022 February 28, 2022 Ingredients and supplies $ 3,212,930 $ 2,753,068 Finished candy 3,809,095 2,168,084 U-Swirl food and packaging 46,524 56,319 Reserve for slow moving inventory (638,655 ) (623,269 ) Total inventories $ 6,429,894 $ 4,354,202 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | August 31, 2022 February 28, 2022 Land $ 513,618 $ 513,618 Building 5,148,854 5,148,854 Machinery and equipment 10,414,384 10,207,182 Furniture and fixtures 778,484 787,921 Leasehold improvements 985,914 985,914 Transportation equipment 475,315 479,701 18,316,569 18,123,190 Less accumulated depreciation (12,601,600 ) (12,623,300 ) Property and equipment, net $ 5,714,969 $ 5,499,890 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | August 31, 2022 February 28, 2022 Amortization Period (in years) Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Intangible assets subject to amortization Store design 10 $ 394,826 $ 249,861 $ 394,826 $ 240,409 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 - 20 556,339 367,450 556,339 357,071 Franchise rights 20 5,979,637 4,086,436 5,979,637 3,901,571 Total 7,482,605 5,255,550 7,482,605 5,050,854 Goodwill and intangible assets not subject to amortization Franchising segment- Company stores goodwill $ 515,065 $ 515,065 Franchising goodwill 97,318 97,318 Manufacturing segment-goodwill 97,318 97,318 Trademark 20,000 20,000 Total 729,701 729,701 Total Goodwill and Intangible Assets $ 8,212,306 $ 5,255,550 $ 8,212,306 $ 5,050,854 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | FYE 23 $ 204,697 FYE 24 346,672 FYE 25 294,427 FYE 26 251,342 FYE 27 215,382 Thereafter 914,535 Total $ 2,227,055 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Six Months Ended August 31, 2022 2021 Outstanding non-vested restricted stock units as of February 28: 105,978 209,450 Granted 94,892 - Vested (36,879 ) (40,995 ) Cancelled/forfeited (800 ) (900 ) Outstanding non-vested restricted stock units as of August 31: 163,191 167,555 Weighted average grant date fair value $ 5.69 $ 9.40 Weighted average remaining vesting period (in years) 2.30 3.18 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Six Months Ended August 31, 2022 2021 Outstanding stock options as of February 28: - - Granted 36,144 - Exercised - - Cancelled/forfeited - - Outstanding stock options as of August 31: 36,144 - Weighted average exercise price 6.49 n/a Weighted average remaining contractual term (in years) 9.76 n/a |
Note 11 - Leasing Arrangements
Note 11 - Leasing Arrangements (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | FYE 23 $ 439,069 FYE 24 760,952 FYE 25 611,988 FYE 26 514,346 FYE 27 242,558 Thereafter 462,120 Total $ 3,031,033 Less: imputed interest (249,872 ) Present value of lease liabilities: $ 2,781,161 Weighted average lease term 5.7 |
Note 13 - Operating Segments (T
Note 13 - Operating Segments (Tables) | 6 Months Ended |
Aug. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended August 31, 2022 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 1,487,303 $ 5,110,439 $ 263,193 $ 968,331 $ - $ 7,829,266 Intersegment revenues (1,342 ) (302,239 ) - - - (303,581 ) Revenue from external customers 1,485,961 4,808,200 263,193 968,331 - 7,525,685 Segment profit (loss) 203,138 576,344 (11,439 ) 200,487 (3,189,689 ) (2,221,159 ) Total assets 1,217,381 12,288,137 628,462 4,342,807 7,773,439 26,250,226 Capital expenditures - 285,370 258 3,072 7,819 296,519 Total depreciation & amortization $ 8,520 $ 162,276 $ 1,412 $ 98,722 $ 17,314 $ 288,244 Three Months Ended August 31, 2021 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 1,602,369 $ 5,464,121 $ 271,034 $ 892,603 $ - $ 8,230,127 Intersegment revenues (1,374 ) (302,676 ) - - - (304,050 ) Revenue from external customers 1,600,995 5,161,445 271,034 892,603 - 7,926,077 Segment profit (loss) 643,606 1,247,593 26,058 173,450 (1,830,300 ) 260,407 Total assets 1,486,476 10,763,803 625,179 4,922,875 9,619,259 27,417,592 Capital expenditures - 101,537 - - 11,890 113,427 Total depreciation & amortization $ 9,174 $ 159,246 $ 1,397 $ 116,669 $ 19,790 $ 306,276 Six Months Ended August 31, 2022 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 2,982,756 $ 10,514,717 $ 513,603 $ 1,892,703 $ - $ 15,903,779 Intersegment revenues (2,615 ) (548,907 ) - - - (551,522 ) Revenue from external customers 2,980,141 9,965,810 513,603 1,892,703 - 15,352,257 Segment profit (loss) 910,234 1,184,576 (23,671 ) 368,744 (4,807,738 ) (2,367,855 ) Total assets 1,217,381 12,288,137 628,462 4,342,807 7,773,439 26,250,226 Capital expenditures 1,182 534,685 575 32,547 17,890 586,879 Total depreciation & amortization $ 17,439 $ 323,465 $ 2,824 $ 197,012 $ 34,689 $ 575,429 Six Months Ended August 31, 2021 Franchising Manufacturing Retail U-Swirl Other Total Total revenues $ 3,037,735 $ 10,749,226 $ 554,012 $ 1,728,886 $ - $ 16,069,859 Intersegment revenues (3,013 ) (547,058 ) - - - (550,071 ) Revenue from external customers 3,034,722 10,202,168 554,012 1,728,886 - 15,519,788 Segment profit (loss) 1,288,472 1,915,618 44,324 318,992 (2,489,401 ) 1,078,005 Total assets 1,486,476 10,763,803 625,179 4,922,875 9,619,259 27,417,592 Capital expenditures 1,182 533,948 1,068 1,399 33,265 570,862 Total depreciation & amortization $ 18,672 $ 312,866 $ 2,798 $ 233,399 $ 38,455 $ 606,190 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 USD ($) shares | Sep. 28, 2022 USD ($) | Aug. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | May 31, 2022 | |
Number of Stores | 338 | 338 | |||
Subsequent Event [Member] | Former Senior Vice President, Sales and Marketing [Member] | |||||
Payments for Postemployment Benefits | $ 70,000 | ||||
Subsequent Event [Member] | Former Senior Vice President, Sales and Marketing [Member] | Consulting [Member] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 56,250 | ||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Former Senior Vice President, Sales and Marketing [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) | shares | 12,499 | ||||
Subsequent Event [Member] | AB Value/Radoff Group and Mary Bradley [Member] | |||||
Litigation Settlement, Cash Payable Under Cooperation Agreement | $ 600,000 | ||||
Subsequent Event [Member] | AB Value/Radoff Group and Mary Bradley [Member] | Minimum [Member] | |||||
Litigation Settlement, Award of Damages, Costs and Expenses Associated with Negotiation and Execution of Agreement | 500,000 | ||||
Litigation Settlement, Award of Damages, Costs and Expenses Associated with Contested Election | $ 1,000,000 | ||||
CANADA | Immaculate Confections [Member] | |||||
Number of Stores | 49 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 30,000 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Basis of Presentation - Number of Stores (Details) | Aug. 31, 2022 |
Number of stores | 338 |
Sold Not Yet Open [Member] | |
Number of stores | 14 |
Open [Member] | |
Number of stores | 324 |
Company Owned Stores [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 2 |
Company Owned Stores [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 0 |
Company Owned Stores [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 2 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 164 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 7 |
Franchise Stores - Domestic Stores and Kiosks [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 157 |
International License Stores [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 6 |
International License Stores [Member] | USwirl Inc [Member] | |
Number of stores | 0 |
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 | 5 |
International License Stores [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 0 |
Cold Stone Creamery - Co-Branded [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 104 |
Cold Stone Creamery - Co-Branded [Member] | Sold Not Yet Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 4 |
Cold Stone Creamery - Co-Branded [Member] | Open [Member] | Rocky Mountain Chocolate Factory [Member] | |
Number of stores | 100 |
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 | 53 |
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 | 52 |
Franchise Stores - Domestic Stores - Co-Branded [Member] | USwirl Inc [Member] | |
Number of stores | 6 |
Franchise Stores - Domestic Stores - Co-Branded [Member] | Sold Not Yet Open [Member] | USwirl Inc [Member] | |
Number of stores | 1 |
Franchise Stores - Domestic Stores - Co-Branded [Member] | Open [Member] | USwirl Inc [Member] | |
Number of stores | 5 |
Note 2 - Supplemental Cash Fl_3
Note 2 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) | 6 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Interest | $ 0 | $ 0 |
Income taxes | $ (304,779) | $ 211,076 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) | 6 Months Ended |
Aug. 31, 2022 | |
Customers Contracts, Term (Year) | 10 years |
Maximum [Member] | |
Customers Contracts, Term (Year) | 20 years |
Minimum [Member] | |
Franchise Agreement, Term (Year) | 10 years |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Contract Liabilities (Details) - USD ($) | 6 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Contract liabilities at the beginning of the year: | $ 1,146,808 | $ 1,119,646 |
Revenue recognized | (121,547) | (103,253) |
Contract fees received | 136,499 | 115,000 |
Amortized gain on the financed sale of equipment | 0 | (6,265) |
Contract liabilities at the end of the period: | $ 1,161,760 | $ 1,125,128 |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts With Customers - Remaining Performance Obligation (Details) | Aug. 31, 2022 USD ($) |
Revenue, remaining performance obligation, amount | $ 1,161,760 |
Note 3 - Revenue From Contrac_6
Note 3 - Revenue From Contracts With Customers - Remaining Performance Obligation 2 (Details) | Aug. 31, 2022 USD ($) |
Revenue, remaining performance obligation, amount | $ 1,161,760 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, remaining performance obligation, period (Year) | 6 months |
Revenue, remaining performance obligation, amount | $ 107,414 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 182,857 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 167,873 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 155,751 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 139,060 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | |
Revenue, remaining performance obligation, period (Year) | 1 year |
Revenue, remaining performance obligation, amount | $ 408,805 |
Note 4 - Disaggregation of Re_3
Note 4 - Disaggregation of Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Revenues | $ 7,525,685 | $ 7,926,077 | $ 15,352,257 | $ 15,519,788 |
Franchising [Member] | ||||
Revenues | 1,485,961 | 1,600,995 | 2,980,141 | 3,034,722 |
Manufacturing [Member] | ||||
Revenues | 4,808,200 | 5,161,445 | 9,965,810 | 10,202,168 |
Retail Segment [Member] | ||||
Revenues | 263,193 | 271,034 | 513,603 | 554,012 |
Transferred at Point in Time [Member] | ||||
Revenues | 7,525,685 | 7,926,077 | 15,352,257 | 15,519,788 |
Transferred at Point in Time [Member] | Franchising [Member] | ||||
Revenues | 1,485,961 | 1,600,995 | 2,980,141 | 3,034,722 |
Transferred at Point in Time [Member] | Manufacturing [Member] | ||||
Revenues | 4,808,200 | 5,161,445 | 9,965,810 | 10,202,168 |
Transferred at Point in Time [Member] | Retail Segment [Member] | ||||
Revenues | 263,193 | 271,034 | 513,603 | 554,012 |
Transferred at Point in Time [Member] | USwirl Inc [Member] | ||||
Revenues | 968,331 | 892,603 | 1,892,703 | 1,728,886 |
Franchise Fees [Member] | Transferred over Time [Member] | ||||
Revenues | 54,327 | 47,040 | 121,547 | 103,253 |
Franchise Fees [Member] | Transferred over Time [Member] | Franchising [Member] | ||||
Revenues | 44,902 | 41,718 | 98,755 | 82,963 |
Franchise Fees [Member] | Transferred over Time [Member] | Manufacturing [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Franchise Fees [Member] | Transferred over Time [Member] | Retail Segment [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Franchise Fees [Member] | Transferred over Time [Member] | USwirl Inc [Member] | ||||
Revenues | 9,425 | 5,322 | 22,792 | 20,290 |
Factory Sales [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 4,808,200 | 5,161,445 | 9,965,810 | 10,202,168 |
Factory Sales [Member] | Transferred at Point in Time [Member] | Franchising [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Factory Sales [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | ||||
Revenues | 4,808,200 | 5,161,445 | 9,965,810 | 10,202,168 |
Factory Sales [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Factory Sales [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Retail [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 796,672 | 782,582 | 1,589,300 | 1,572,057 |
Retail [Member] | Transferred at Point in Time [Member] | Franchising [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Retail [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Retail [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | ||||
Revenues | 263,193 | 271,034 | 513,603 | 554,012 |
Retail [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | ||||
Revenues | 533,479 | 511,548 | 1,075,697 | 1,018,045 |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 1,866,486 | 1,935,010 | 3,675,600 | 3,642,310 |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Franchising [Member] | ||||
Revenues | 1,441,059 | 1,559,277 | 2,881,386 | 2,951,759 |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Manufacturing [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | Retail Segment [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Royalty and Marketing Fees [Member] | Transferred at Point in Time [Member] | USwirl Inc [Member] | ||||
Revenues | $ 425,427 | $ 375,733 | $ 794,214 | $ 690,551 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) | Aug. 31, 2022 | Feb. 28, 2022 |
Ingredients and supplies | $ 3,212,930 | $ 2,753,068 |
Finished candy | 3,809,095 | 2,168,084 |
U-Swirl food and packaging | 46,524 | 56,319 |
Reserve for slow moving inventory | (638,655) | (623,269) |
Total inventories | $ 6,429,894 | $ 4,354,202 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Depreciation, Total | $ 185,897 | $ 185,404 | $ 370,733 | $ 363,978 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) | Aug. 31, 2022 | Feb. 28, 2022 |
Property, plant and equipment, gross | $ 18,316,569 | $ 18,123,190 |
Less accumulated depreciation | (12,601,600) | (12,623,300) |
Property and equipment, net | 5,714,969 | 5,499,890 |
Land [Member] | ||
Property, plant and equipment, gross | 513,618 | 513,618 |
Building [Member] | ||
Property, plant and equipment, gross | 5,148,854 | 5,148,854 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 10,414,384 | 10,207,182 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 778,484 | 787,921 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 985,914 | 985,914 |
Transportation Equipment [Member] | ||
Property, plant and equipment, gross | $ 475,315 | $ 479,701 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Amortization of Intangible Assets | $ 102,348 | $ 120,872 | $ 204,696 | $ 242,212 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Indefinite-lived Intangible Assets (Details) - USD ($) | 6 Months Ended | |
Aug. 31, 2022 | Feb. 28, 2022 | |
Intangible assets subject to amortization, gross carrying value | $ 7,482,605 | $ 7,482,605 |
Intangible assets subject to amortization, accumulated amortization | 5,255,550 | 5,050,854 |
Intangible assets not subject to amortization, gross carrying value | 729,701 | 729,701 |
Total Goodwill and Intangible Assets | 8,212,306 | 8,212,306 |
Total Goodwill and Intangible Assets | 5,255,550 | 5,050,854 |
Company Stores Goodwill [Member] | ||
Intangible assets not subject to amortization, gross carrying value | 515,065 | 515,065 |
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 | $ 394,826 | 394,826 |
Intangible assets subject to amortization, accumulated amortization | 249,861 | 240,409 |
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 | 556,339 | 556,339 |
Intangible assets subject to amortization, accumulated amortization | $ 367,450 | 357,071 |
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 | $ 4,086,436 | $ 3,901,571 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) | Aug. 31, 2022 USD ($) |
FYE 23 | $ 204,697 |
FYE 24 | 346,672 |
FYE 25 | 294,427 |
FYE 26 | 251,342 |
FYE 27 | 215,382 |
Thereafter | 914,535 |
Total | $ 2,227,055 |
Note 8 - Line of Credit (Detail
Note 8 - Line of Credit (Details Textual) $ in Thousands | 6 Months Ended |
Aug. 31, 2022 USD ($) | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 |
Wells Fargo Bank [Member] | Line of Credit [Member] | |
Long-term Line of Credit, Total | 5,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,600 |
Wells Fargo Bank [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 2.37% |
Debt Instrument, Interest Rate, Stated Percentage | 4.66% |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 20, 2019 | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 36,144 | ||||
Restricted Stock Units and Stock Options [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 149,040 | $ 123,467 | $ 280,637 | $ 269,624 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.69 | $ 9.40 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 94,892 | 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 36,879 | 40,995 | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 860,588 | $ 860,588 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | ||||
Chief Executive Officer [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 36,144 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Aggregate Grant Date Fair Value | $ 77,267 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.14 | ||||
Chief Executive Officer [Member] | Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Aggregate Grant Date Fair Value | $ 298,582 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.29 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 47,446 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Performance Shares, Targert Number, Percentage | 12.50% | ||||
Chief Executive Officer [Member] | Performance Shares [Member] | Vesting on Last Day of Current Fiscal Year Ending [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
Chief Executive Officer [Member] | Performance Shares [Member] | Vesting on Last Day of Each Quarter Thereafter [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
Share-Based Payment Arrangement, Nonemployee [Member] | |||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 0 | 2,000 | 0 | 9,000 | |
Share-Based Payment Arrangement, Expense | $ 0 | $ 11,960 | $ 0 | $ 46,610 | |
Share-Based Payment Arrangement, Employee [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 36,879 | 40,995 | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 6 years | ||||
Maximum [Member] | Chief Executive Officer [Member] | Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 94,892 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Performance Shares, Targert Number, Percentage | 200% | ||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||||
Minimum [Member] | Chief Executive Officer [Member] | Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Performance Shares, Targert Number, Percentage | 0% | ||||
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) | 6 months | ||||
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 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Restricted Stock Unit Awards Outstanding Under the Plans (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 6 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Outstanding non-vested restricted stock units as of February 28: (in shares) | 105,978 | 209,450 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 94,892 | 0 |
Vested (in shares) | (36,879) | (40,995) |
Cancelled/forfeited (in shares) | (800) | (900) |
Outstanding non-vested restricted stock units as of August 31: (in shares) | 163,191 | 167,555 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.69 | $ 9.40 |
Weighted average remaining vesting period (Year) | 2 years 3 months 18 days | 3 years 2 months 4 days |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Stock Option Activity (Details) | 6 Months Ended |
Aug. 31, 2022 $ / shares shares | |
Outstanding stock options as of February 28: (in shares) | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 36,144 |
Exercised (in shares) | 0 |
Cancelled/forfeited (in shares) | 0 |
Outstanding stock options as of August 31: (in shares) | 36,144 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 6.49 |
Weighted average remaining contractual term (in years) (Year) | 9 years 9 months 3 days |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 6 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 960,677 | 960,677 |
Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 109,251 |
Note 11 - Leasing Arrangement_2
Note 11 - Leasing Arrangements (Details Textual) - USD ($) | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | May 31, 2022 | |
Operating Lease, Expense | $ 408,849 | $ 409,897 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | ||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 1.4 | $ 3,031,033 | |
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 11 - Leasing Arrangement_3
Note 11 - Leasing Arrangements - Maturities of Lease Liabilities for Operating Leases (Details) - USD ($) | Aug. 31, 2022 | May 31, 2022 |
FYE 23 | $ 439,069 | |
FYE 24 | 760,952 | |
FYE 25 | 611,988 | |
FYE 26 | 514,346 | |
FYE 27 | 242,558 | |
Thereafter | 462,120 | |
Total | $ 1.4 | 3,031,033 |
Less: imputed interest | (249,872) | |
Present value of lease liabilities: | $ 2,781,161 | |
Weighted average lease term (Year) | 5 years 8 months 12 days |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Executive Salary, Bonus | $ 18,000 | |||
Share-based Payment Arrangement, Potential Severance Payments and Benefits From Termination | $ 859,000 | 859,000 | ||
Contractual Obligation, Total | 53,000 | $ 53,000 | ||
Minimum [Member] | ||||
Purchase Contracts, Term (Month) | 6 months | |||
Maximum [Member] | ||||
Purchase Contracts, Term (Month) | 18 months | |||
Contested Solicitation of Proxies [Member] | ||||
Litigation Settlement, Expense | $ 1,800,000 | $ 907,000 | $ 2,100,000 | $ 917,000 |
Note 13 - Operating Segments (D
Note 13 - Operating Segments (Details Textual) | 6 Months Ended |
Aug. 31, 2022 | |
Number of Reportable Segments | 5 |
Note 13 - Operating Segments -
Note 13 - Operating Segments - Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | Feb. 28, 2022 | |
Revenues | $ 7,525,685 | $ 7,926,077 | $ 15,352,257 | $ 15,519,788 | |
Segment profit (loss) | (2,221,159) | 260,407 | (2,367,855) | 1,078,005 | |
Total assets | 26,250,226 | 27,417,592 | 26,250,226 | 27,417,592 | $ 26,880,761 |
Capital expenditures | 296,519 | 113,427 | 586,879 | 570,862 | |
Total depreciation and amortization | 288,244 | 306,276 | 575,429 | 606,190 | |
Franchising [Member] | |||||
Revenues | 1,485,961 | 1,600,995 | 2,980,141 | 3,034,722 | |
Segment profit (loss) | 203,138 | 643,606 | 910,234 | 1,288,472 | |
Total assets | 1,217,381 | 1,486,476 | 1,217,381 | 1,486,476 | |
Capital expenditures | 0 | 0 | 1,182 | 1,182 | |
Total depreciation and amortization | 8,520 | 9,174 | 17,439 | 18,672 | |
Manufacturing [Member] | |||||
Revenues | 4,808,200 | 5,161,445 | 9,965,810 | 10,202,168 | |
Segment profit (loss) | 576,344 | 1,247,593 | 1,184,576 | 1,915,618 | |
Total assets | 12,288,137 | 10,763,803 | 12,288,137 | 10,763,803 | |
Capital expenditures | 285,370 | 101,537 | 534,685 | 533,948 | |
Total depreciation and amortization | 162,276 | 159,246 | 323,465 | 312,866 | |
Retail Segment [Member] | |||||
Revenues | 263,193 | 271,034 | 513,603 | 554,012 | |
Segment profit (loss) | (11,439) | 26,058 | (23,671) | 44,324 | |
Total assets | 628,462 | 625,179 | 628,462 | 625,179 | |
Capital expenditures | 258 | 0 | 575 | 1,068 | |
Total depreciation and amortization | 1,412 | 1,397 | 2,824 | 2,798 | |
U-Swirl Segment [Member] | |||||
Revenues | 968,331 | 892,603 | 1,892,703 | 1,728,886 | |
Segment profit (loss) | 200,487 | 173,450 | 368,744 | 318,992 | |
Total assets | 4,342,807 | 4,922,875 | 4,342,807 | 4,922,875 | |
Capital expenditures | 3,072 | 0 | 32,547 | 1,399 | |
Total depreciation and amortization | 98,722 | 116,669 | 197,012 | 233,399 | |
Other Segments [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment profit (loss) | (3,189,689) | (1,830,300) | (4,807,738) | (2,489,401) | |
Total assets | 7,773,439 | 9,619,259 | 7,773,439 | 9,619,259 | |
Capital expenditures | 7,819 | 11,890 | 17,890 | 33,265 | |
Total depreciation and amortization | 17,314 | 19,790 | 34,689 | 38,455 | |
Operating Segments [Member] | |||||
Revenues | 7,829,266 | 8,230,127 | 15,903,779 | 16,069,859 | |
Operating Segments [Member] | Franchising [Member] | |||||
Revenues | 1,487,303 | 1,602,369 | 2,982,756 | 3,037,735 | |
Operating Segments [Member] | Manufacturing [Member] | |||||
Revenues | 5,110,439 | 5,464,121 | 10,514,717 | 10,749,226 | |
Operating Segments [Member] | Retail Segment [Member] | |||||
Revenues | 263,193 | 271,034 | 513,603 | 554,012 | |
Operating Segments [Member] | U-Swirl Segment [Member] | |||||
Revenues | 968,331 | 892,603 | 1,892,703 | 1,728,886 | |
Operating Segments [Member] | Other Segments [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | |||||
Revenues | (303,581) | (304,050) | (551,522) | (550,071) | |
Intersegment Eliminations [Member] | Franchising [Member] | |||||
Revenues | (1,342) | (1,374) | (2,615) | (3,013) | |
Intersegment Eliminations [Member] | Manufacturing [Member] | |||||
Revenues | (302,239) | (302,676) | (548,907) | (547,058) | |
Intersegment Eliminations [Member] | Retail Segment [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | U-Swirl Segment [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Other Segments [Member] | |||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | Aug. 31, 2022 USD ($) |
Deferred Tax Assets, Gross, Total | $ 1,964,107 |