Educational Development (EDUC) 10-K 26 May 16 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Feb. 29, 2016	May. 26, 2016	Aug. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Educational Development Corp
Document Type	10-K
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		4,069,669
Entity Public Float			$ 24,498,500
Amendment Flag	false
Entity Central Index Key	31,667
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Feb. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Feb. 29, 2016	Feb. 28, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 1,183,700	$ 383,900
Accounts receivable, less allowance for doubtful accounts and sales returns $501,900 (2016) and $334,500 (2015)	2,513,300	3,076,700
Inventories—Net	17,479,500	11,181,000
Prepaid expenses and other assets	1,028,100	374,200
Deferred income taxes	298,200	249,800
Total current assets	22,502,800	15,265,600
INVENTORIES—Net	169,000	350,800
PROPERTY, PLANT AND EQUIPMENT—Net	26,710,300	2,073,200
OTHER ASSETS	262,000	243,400
DEFERRED INCOME TAXES	50,900	80,200
TOTAL ASSETS	49,695,000	18,013,200
CURRENT LIABILITIES:
Accounts payable	7,801,300	2,237,700
Line of credit	3,331,800	1,400,000
Deferred revenues	2,925,200	0
Current maturities of long-term debt	615,400	0
Accrued salaries and commissions	1,202,500	618,100
Income taxes payable	803,100	63,600
Dividends payable	366,300	322,000
Other current liabilities	1,732,500	1,043,500
Total current liabilities	18,778,100	5,684,900
LONG-TERM DEBT—Net of current maturities	17,687,400	0
Total liabilities	$ 36,465,500	$ 5,684,900
COMMITMENTS (Note 7)
SHAREHOLDERS’ EQUITY:
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 shares; Outstanding 4,064,610 (2016) and 4,024,539 (2015) shares	$ 1,208,200	$ 1,208,200
Capital in excess of par value	8,548,000	8,548,000
Retained earnings	14,557,500	13,857,200
	24,313,700	23,613,400
Less treasury stock, at cost	(11,084,200)	(11,285,100)
Total shareholders’ equity	13,229,500	12,328,300
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 49,695,000	$ 18,013,200

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Allowance for doubtful accounts and sales returns (in Dollars)	$ 501,900	$ 334,500
Common Stock, par value (in Dollars per share)	$ 0.20	$ 0.20
Common Stock, shares authorized	8,000,000	8,000,000
Common Stock, shares issued	6,041,040	6,041,040
Common Stock, shares outstanding	4,064,610	4,024,539

STATEMENTS OF EARNINGS

STATEMENTS OF EARNINGS - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
GROSS SALES	$ 80,319,400	$ 48,345,400
Less discounts and allowances	(22,061,500)	(17,273,100)
Transportation revenue	5,360,400	1,476,000
NET REVENUES	63,618,300	32,548,300
COST OF SALES	20,494,200	12,763,900
Gross margin	43,124,100	19,784,400
OPERATING EXPENSES:
Operating and selling	19,419,400	9,515,400
Sales commissions	18,062,800	6,842,700
General and administrative	2,328,500	2,039,900
Total operating expenses	39,810,700	18,398,000
INTEREST EXPENSE	244,900	54,000
OTHER INCOME	(477,400)	(70,100)
EARNINGS BEFORE INCOME TAXES	3,545,900	1,402,500
INCOME TAXES	1,426,600	543,300
NET EARNINGS	$ 2,119,300	$ 859,200
PER SHARE:
Basic (in Dollars per share)	$ 0.52	$ 0.21
Diluted (in Dollars per share)	$ 0.52	$ 0.21
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic (in Shares)	4,049,154	4,003,702
Diluted (in Shares)	4,051,678	4,003,702
Dividends per share (in Dollars per share)	$ 0.35	$ 0.32

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 2014	$ 1,208,200	$ 8,548,000	$ 14,280,500	$ (11,454,300)	$ 12,582,400
Balance (in Shares) at Feb. 28, 2014	6,041,040			2,063,097
Purchases of treasury stock				$ (5,200)	(5,200)
Purchases of treasury stock (in Shares)				1,339
Sales of treasury stock				$ 174,400	174,400
Sales of treasury stock (in Shares)				(47,935)
Dividends declared			(322,000)		(322,000)
Dividends paid			(960,500)		(960,500)
Net earnings			859,200		859,200
Balance at Feb. 28, 2015	$ 1,208,200	8,548,000	13,857,200	$ (11,285,100)	$ 12,328,300
Balance (in Shares) at Feb. 28, 2015	6,041,040			2,016,501	6,041,040
Purchases of treasury stock				$ (1,600)	$ (1,600)
Purchases of treasury stock (in Shares)				163
Sales of treasury stock				$ 202,500	202,500
Sales of treasury stock (in Shares)				(40,234)
Dividends declared			(366,300)		(366,300)
Dividends paid			(1,052,700)		(1,052,700)
Net earnings			2,119,300		2,119,300
Balance at Feb. 29, 2016	$ 1,208,200	$ 8,548,000	$ 14,557,500	$ (11,084,200)	$ 13,229,500
Balance (in Shares) at Feb. 29, 2016	6,041,040			1,976,430	6,041,040

STATEMENTS OF SHAREHOLDERS' EQ6

STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - Retained Earnings [Member] - $ / shares	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Dividends declared	$ 0.09	$ 0.08
Dividends paid	$ 0.26	$ 0.24

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 2,119,300	$ 859,200
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	274,500	129,400
Deferred income taxes	(19,100)	700
Provision for doubtful accounts and sales returns	1,239,600	1,281,000
Provision for inventory valuation allowance	(68,100)	0
Changes in assets and liabilities:
Accounts receivable	(676,200)	(1,356,900)
Inventories, net	(6,048,600)	(1,192,200)
Prepaid expenses and other assets	(672,500)	(88,000)
Accounts payable, accrued salaries and commissions, and other current liabilities	6,837,000	182,500
Deferred revenue	2,925,200	0
Income tax payable	739,500	(77,300)
Total adjustments	4,531,300	(1,120,800)
Net cash provided by (used in) operating activities	6,650,600	(261,600)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(24,911,600)	(325,000)
Net cash used in investing activities	(24,911,600)	(325,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments—long-term debt	(97,200)	0
Proceeds from long-term debt	18,400,000	0
Cash received from sale of treasury stock	202,500	174,400
Cash paid to acquire treasury stock	(1,600)	(5,200)
Borrowings under line of credit	4,881,800	4,550,000
Payments under line of credit	(2,950,000)	(3,150,000)
Dividends paid	(1,374,700)	(1,278,700)
Net cash provided by financing activities	19,060,800	290,500
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	799,800	(296,100)
CASH AND CASH EQUIVALENTS—BEGINNING OF YEAR	383,900	680,000
CASH AND CASH EQUIVALENTS—END OF YEAR	1,183,700	383,900
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	179,800	54,000
Cash paid for income taxes	$ 706,400	$ 619,900

1. SUMMARY OF SIGNIFICANT ACCOU

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Feb. 29, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business — Estimates — Business Concentration — Cash and Cash Equivalents — Accounts Receivable — Management periodically reviews accounts receivable balances and, based on an assessment of historical bad debts, current customer receivable balances, age of customer receivable balances, customers’ financial conditions and current economic trends, estimates the portion of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation account based on its assessment of the current status of the individual accounts. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to trade accounts receivable. Recoveries of trade receivables previously written off are recorded as income when received. Inventories — Inventories are stated at the lower of cost or market. Cost is determined using the first-in-first-out method. Inventories are presented net of a valuation allowance. Management has estimated and included an allowance for slow moving inventory for both current and noncurrent inventory. Property, Plant and Equipment — Building 30 years Building improvements 10 – 15 years Machinery, equipment 3 – 15 years Furniture and fixtures 3 years Capitalized projects that are not placed in service are recorded as in progress and are not depreciated until the related assets are placed in service. Income Taxes — Revenue Recognition — Sales are recognized and recorded when products are shipped. Products are shipped FOB shipping point. Allowances for estimated sales returns are recorded as sales are recognized and recorded. Management uses a moving average calculation to estimate the allowance for sales returns. Transportation revenue represents the amount billed to the customer for shipping the product and is recorded when the product is shipped. Advertising Costs — Advertising costs are expensed as incurred. Advertising expenses, included in selling and operating expenses in the statements of earnings, were $531,500 and $367,300 for the years ended February 29, 2016 and February 28, 2015, respectively. Shipping and Handling Costs — Interest Expense — Interest related to our outstanding debt is recognized as incurred. Interest expense, classified separately in the statements of earnings, were $244,900 and $54,000 for the years ended February 29, 2016 and February 28, 2015, respectively. Earnings per Share — The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted earnings per share (“EPS”) is shown below. Year Ended February 29(28), 2016 2015 Earnings Per Share: Net earnings applicable to common shareholders $ 2,119,300 $ 859,200 Shares: Weighted average shares outstanding–basic 4,049,154 4,003,702 Assumed exercise of options 2,524 - Weighted average shares outstanding–diluted 4,051,678 4,003,702 Diluted Earnings Per Share Basic $ 0.52 $ 0.21 Diluted $ 0.52 $ 0.21 Stock options not considered above because they were antidilutive - 10,000 Long-Lived Asset Impairment — Stock-Based Compensation — New Accounting Pronouncements — In May 2014, FASB issued ASU No. 2014-09, and amended with ASU No. 2015-14 “Revenue from Contracts with Customers,” which provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and will also result in enhanced disclosures. The changes are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. We are currently reviewing the ASU and assessing the potential impact on our financial statements. In August 2015, FASB issued ASU No. 2015-15 “Interest—Imputation of Interest,” which modifies the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. These changes allow an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The changes are effective for financial statements issued for annual periods beginning after December 15, 2015, and interim periods within those annual periods, which means the first quarter of our fiscal year 2017. We are currently reviewing the ASU and assessing the potential impact on our financial statements. In November 2015, FASB issued ASU No. 2015-17, which is intended to improve how deferred taxes are classified on organizations’ balance sheets by eliminating the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The changes are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, which means the first quarter of our fiscal year 2018. We anticipate this ASU having minimal impact on our financial statements. In February 2016, FASB issued ASU No. 2016-02, “Leases,” which is intended to establish a comprehensive new lease accounting model. The new standard clarifies the definition of a lease, requires a dual approach to lease classification similar to current lease classifications, and causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset. The new standard is effective for interim and annual periods beginning after December 15, 2018, which means the first quarter of our fiscal year 2020. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. We are currently reviewing the ASU and evaluating the potential impact on our financial statements. In March 2016, FASB issued ASU No. 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting,” which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for interim and annual periods beginning after December 15, 2016, which means the first quarter of our fiscal year 2018.We are currently reviewing the ASU and evaluating the potential impact on our financial statements.

2. INVENTORIES

2. INVENTORIES	12 Months Ended
	Feb. 29, 2016
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	2. INVENTORIES Inventories consist of the following: February 29(28), 2016 2015 Current: Book inventory $ 17,504,500 $ 11,206,000 Inventory valuation allowance (25,000 ) (25,000 ) Inventories net–current $ 17,479,500 $ 11,181,000 Noncurrent: Book inventory $ 469,000 $ 718,900 Inventory valuation allowance (300,000 ) (368,100 ) Inventories net–noncurrent $ 169,000 $ 350,800

3. PROPERTY, PLANT AND EQUIPMEN

3. PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Feb. 29, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	3. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: February 29(28), 2016 2015 Land $ 4,107,200 $ 250,000 Building 20,321,800 2,124,700 Building improvements 2,735,800 781,600 Machinery and equipment 2,190,300 1,706,400 Furniture and fixtures 85,700 75,700 System installations in progress 610,000 200,800 30,050,800 5,139,200 Less accumulated depreciation (3,340,500 ) (3,066,000 ) $ 26,710,300 $ 2,073,200 On December 1, 2015, we completed the purchase of a new facility to provide larger office and warehouse capacity which will accommodate the future growth of our operations. The land, building and equipment associated with the facility were purchased for $23,213,000, which includes $327,000 of transaction costs. Refer to Note 7 and Note 8 for additional information.

4. OTHER CURRENT LIABILITIES

4. OTHER CURRENT LIABILITIES	12 Months Ended
	Feb. 29, 2016
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
Other Liabilities Disclosure [Text Block]	4. OTHER CURRENT LIABILITIES Other current liabilities consist of the following: February 29(28), 2016 2015 Accrued royalties $ 578,200 $ 368,200 Accrued UBAM trip incentives 705,200 323,700 Interest payable 65,000 - Sales tax payable 145,700 181,000 Other 238,400 170,600 $ 1,732,500 $ 1,043,500

5. INCOME TAXES

5. INCOME TAXES	12 Months Ended
	Feb. 29, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	5. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. 2016 2015 Current: Deferred tax assets: Allowance for doubtful accounts $ 40,000 $ 41,100 Inventory overhead capitalization 131,000 86,900 Inventory valuation allowance 9,500 9,500 Allowance for sales returns 38,000 38,000 Accruals 79,700 74,300 Deferred tax assets-current 298,200 249,800 Noncurrent: Deferred tax assets: Inventory valuation allowance $ 114,000 $ 143,300 Capital loss carryforward 163,600 163,600 Subtotal deferred tax assets 277,600 306,900 Less valuation allowance (163,600 ) (163,600 ) Total net deferred tax assets 114,000 143,300 Deferred tax liabilities: Property, plant and equipment (63,100 ) (63,100 ) Deferred tax liabilities (63,100 ) (63,100 ) Net deferred tax asset-noncurrent $ 50,900 $ 80,200 Management has assessed the evidence to estimate whether sufficient future capital gains will be generated to utilize the existing capital loss carryforward. As no current expectation of capital gains exists, Management has The amount of the deferred tax asset considered realizable, however, could be adjusted if future capital gains are generated during the carryforward period which ends February 28, 2019. Management has determined that no valuation allowance is necessary to reduce the carrying value of other deferred tax assets as it is “more likely than not” that such assets are realizable. The amount of the deferred tax liability related to property, plant and equipment could be adjusted if a scheduled future cost segregation analysis, expected to be completed by the end of the second fiscal quarter 2017, results in changes which affect this liability. The components of income tax expense are as follows: February 29(28), 2016 2015 Current: Federal $ 1,210,900 $ 439,200 State 234,800 103,400 1,445,700 542,600 Deferred: Federal (16,100 ) 600 State (3,000 ) 100 (19,100 ) 700 Total income tax expense $ 1,426,600 $ 543,300 The following reconciles our expected income tax expense utilizing statutory tax rates to the actual tax expense: February 29(28), 2016 2015 Tax expense at federal statutory rate $ 1,205,600 $ 476,800 Federal income tax audit expense for 2012 67,900 - State income tax–net of federal tax benefit 158,200 73,300 Other (5,100 ) (6,800 ) Total income tax expense $ 1,426,600 $ 543,300 We file our tax returns in the U.S. and certain state jurisdictions. We are no longer subject to income tax examinations by tax authorities for fiscal years before 2013. Based upon a review of our income tax filing positions, we believe that our positions would be sustained upon an audit and do not anticipate any adjustments that would result in a material change to our financial position. Therefore, no reserves for uncertain income tax positions have been recorded. We classify interest and penalties associated with income taxes as a component of income tax expense on the statement of earnings.

6. EMPLOYEE BENEFIT PLAN

6. EMPLOYEE BENEFIT PLAN	12 Months Ended
	Feb. 29, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	6. EMPLOYEE BENEFIT PLAN We have a profit sharing plan that incorporates the provisions of Section 401(k) of the Internal Revenue Code.

7. COMMITMENTS

7. COMMITMENTS	12 Months Ended
	Feb. 29, 2016
Disclosure Text Block Supplement [Abstract]
Commitments Disclosure [Text Block]	7. COMMITMENTS In connection with the purchase of the facility, disclosed in Note 3, we entered into a 15-year lease with the seller, a non-related third party, who will lease 181,300 square feet, or 45.3% of the facility. The lease is being accounted for as an operating lease. The cost of the leased space upon acquisition was estimated as $10,159,000, which was also the carrying cost as of February 29, 2016. The lessee will pay $105,800 per month, with a 2.0% annual increase adjustment on the anniversary of the lease. The lease terms allow for one five-year extension, which is not a bargain renewal option, at the expiration of the 15-year term. Revenue associated with the lease is being recorded on a straight-line basis and is reported in Other Income on the statement of earnings. The following table reflects future minimum rental income payments under the non-cancellable portion of this lease as of February 29, 2016: Year ending February 28(29), 2017 $ 1,275,400 2018 1,301,000 2019 1,327,000 2020 1,353,500 2021 1,380,600 Thereafter 14,992,400 Total $ 21,629,900 At February 29, 2016, we had outstanding purchase commitments for inventory totaling approximately $18,143,200, which is due during fiscal year 2017. Rent expense for the year ended February 29, 2016 was $26,100. As of February 29, 2016, we did not have any lease commitments in excess of one year.

8. DEBT

8. DEBT	12 Months Ended
	Feb. 29, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	8. DEBT February 29(28), 2016 2015 Line of credit $ 3,331,800 $ 1,400,000 Long-term debt $ 18,302,800 $ - Less current maturities (615,400 ) - Total $ 17,687,400 $ - In connection with our purchase of the new facility, disclosed in Note 3, and effective December 1, 2015, we signed a Loan Agreement with MidFirst Bank (the Bank) including a Term Loan comprised of Tranche A of $13.4 million and Tranche B of $5.0 million both with the maturity date of December 1, 2025. The Loan Agreement also provides a $4.0 million revolving loan (“line of credit”) through December 1, 2016. Available credit under the line of credit agreement was $668,200 as of February 29, 2016. Tranche A has a fixed interest rate of 4.23% and interest is payable monthly. For Tranche B and the line of credit, interest is payable monthly at the lesser of the maximum interest rate permitted under the Governing law, or the bank adjusted LIBOR Index plus 2.75% (3.18% at February 29, 2016). Subsequent to year end, we executed the First amendment to the loan agreement in March 2016, which increased the line of credit to $6.0 million. The Loan Agreement also contains a provision for our use of the Bank’s letters of credit. The Bank agrees to issue, or obtain issuance of commercial or stand-by letters of credit provided that no letters of credit will have an expiry date later than December 1, 2016, and that the sum of the line of credit plus the letters of credit would not exceed the borrowing base in effect at the time. The Loan Agreement contains provisions that require us to maintain specified financial ratios, restrict transactions with related parties, prohibit mergers or consolidation, disallow additional debt, and limit the amount of compensation, salaries, investments, capital expenditures and leasing transactions. For the year ended February 29, 2016, we had no letters of credit outstanding. Effective November 18, 2015, we paid off and terminated our previous Credit and Security Agreement with Arvest Bank which provided a $4.0 million line of credit. We had $1.4 million in borrowings outstanding on the line of credit at February 28, 2015. The following table reflects aggregate future maturities of long-term debt during the next five fiscal years and thereafter as follows: Year ending February 28(29), 2017 $ 615,400 2018 641,800 2019 667,300 2020 693,800 2021 719,700 Thereafter 14,964,800 $ 18,302,800

9. CAPITAL STOCK, STOCK OPTIONS

9. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS	12 Months Ended
	Feb. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS The Board of Directors adopted the 2002 Incentive Stock Option Plan (the “2002 Plan”) in June of 2002. The 2002 Plan also authorized us to grant up to 1,000,000 stock options. Options granted under the 2002 Plan vest at date of grant and are exercisable up to ten years from the date of grant. The exercise price on options granted is equal to the market price at the date of grant. A summary of the status of our 2002 Plan as of February 29, 2016 and February 28, 2015, and changes during the years then ended is presented below: February 29(28), 2016 2015 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at Beginning of Year 10,000 $ 5.25 11,000 $ 5.68 Exercised - - - - Expired - - (1,000 ) (10.00 ) Outstanding at End of Year 10,000 5.25 10,000 5.25 At February 29, 2016, all options outstanding are exercisable with an aggregate intrinsic value of $60,900 and weighted-average remaining contractual terms of options outstanding of 3.8 years.

10. QUARTERLY RESULTS OF OPERAT

10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Feb. 29, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of the quarterly results of operations for the years ended February 29, 2016 and February 28, 2015. Basic Diluted Net Earnings Earnings Revenues Gross Margin Net Earnings Per Share Per Share 2016 First quarter $ 9,637,800 $ 6,064,000 $ 324,600 $ 0.08 $ 0.08 Second quarter 12,606,800 8,029,400 644,400 0.16 0.16 Third quarter 24,424,200 17,038,000 1,258,500 0.31 0.31 Fourth quarter 16,949,500 11,992,700 (108,200 ) (0.03 ) (0.03 ) Total year $ 63,618,300 $ 43,124,100 $ 2,119,300 $ 0.52 $ 0.52 2015 First quarter $ 7,178,300 $ 4,334,800 $ 239,700 $ 0.06 $ 0.06 Second quarter 6,808,200 3,795,100 (3,900 ) (0.00 ) (0.00 ) Third quarter 10,936,500 6,821,700 526,400 0.13 0.13 Fourth quarter 7,625,300 4,832,800 97,000 0.02 0.02 Total year $ 32,548,300 $ 19,784,400 $ 859,200 $ 0.21 $ 0.21

11. BUSINESS SEGMENTS

11. BUSINESS SEGMENTS	12 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	11. BUSINESS SEGMENTS We have two reportable segments: EDC Publishing and Usborne Books & More (“UBAM”) which are business units that offer different methods of distribution to different types of customers. They are managed separately based on the fundamental differences in their operations. · EDC Publishing markets its products to retail accounts, which include book, toy and gift stores, school supply stores and museums, through commissioned sales representatives, trade and specialty wholesalers and an internal telesales group. · UBAM markets its product line through a nationwide network of independent sales consultants using a combination of home shows, internet shows, and book fairs. The UBAM division also distributes to school and public libraries. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Information by industry segment for the years ended February 29, 2016 and February 28, 2015 is set forth below: NET REVENUES 2016 2015 Publishing $ 10,831,400 $ 11,532,500 UBAM 52,786,900 21,015,800 Other - - Total $ 63,618,300 $ 32,548,300 EARNINGS (LOSS) BEFORE INCOME TAXES 2016 2015 Publishing $ 3,305,300 $ 3,452,800 UBAM 7,336,200 2,456,300 Other (7,095,600 ) (4,506,600 ) Total $ 3,545,900 $ 1,402,500

12. STOCK REPURCHASE PLAN

12. STOCK REPURCHASE PLAN	12 Months Ended
	Feb. 29, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	12. STOCK REPURCHASE PLAN In April 2008, the Board of Directors authorized us to purchase up to an additional 500,000 shares of our common stock under the plan initiated in 1998. This plan has no expiration date. During fiscal year 2016, we purchased 163 shares of common stock at an average price of $9.82 per share totaling approximately $1,600. The maximum number of shares that may be repurchased in the future is 303,152.

13. FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS	12 Months Ended
	Feb. 29, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	13. FAIR VALUE MEASUREMENTS The valuation hierarchy included in U.S. GAAP considers the transparency of inputs used to value assets and liabilities as of the measurement date. The less transparent or observable the inputs used to value assets and liabilities, the lower the classification of the assets and liabilities in the valuation hierarchy. A financial instrument’s classification within the valuation hierarchy is based on the lowest level of input that is significant to its fair value measurement. The three levels of the valuation hierarchy and the classification of our financial assets and liabilities within the hierarchy are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly. If an asset or liability has a specified term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 - Unobservable inputs for the asset or liability. We do not report any assets or liabilities at fair value in the financial statements. However, the estimated fair value of our line of credit is estimated by management to approximate the carrying value of $3,331,800 and $1,400,000 at February 29, 2016 and February 28, 2015, respectively, the estimated fair value of our term note payable is estimated by management to approximate $18,078,300 at February 29, 2016 and $0 February 28, 2015, respectively. Management’s estimates are based on the obligations’ characteristics, including floating interest rate, maturity, and collateral. Such valuation inputs are considered a Level 2 measurement in the fair value valuation hierarchy.

14. SUBSEQUENT EVENT

14. SUBSEQUENT EVENT	12 Months Ended
	Feb. 29, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	14. SUBSEQUENT EVENT On March 18, 2016, we paid the previously declared $0.09 dividend per share to shareholders of record as of March 11, 2016.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Feb. 29, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Nature of Business —
Use of Estimates, Policy [Policy Text Block]	Estimates —
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Business Concentration —
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents —
Receivables, Policy [Policy Text Block]	Accounts Receivable — Management periodically reviews accounts receivable balances and, based on an assessment of historical bad debts, current customer receivable balances, age of customer receivable balances, customers’ financial conditions and current economic trends, estimates the portion of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation account based on its assessment of the current status of the individual accounts. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to trade accounts receivable. Recoveries of trade receivables previously written off are recorded as income when received.
Inventory, Policy [Policy Text Block]	Inventories — Inventories are stated at the lower of cost or market. Cost is determined using the first-in-first-out method. Inventories are presented net of a valuation allowance. Management has estimated and included an allowance for slow moving inventory for both current and noncurrent inventory.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment — Building 30 years Building improvements 10 – 15 years Machinery, equipment 3 – 15 years Furniture and fixtures 3 years Capitalized projects that are not placed in service are recorded as in progress and are not depreciated until the related assets are placed in service.
Income Tax, Policy [Policy Text Block]	Income Taxes —
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition — Sales are recognized and recorded when products are shipped. Products are shipped FOB shipping point. Allowances for estimated sales returns are recorded as sales are recognized and recorded. Management uses a moving average calculation to estimate the allowance for sales returns. Transportation revenue represents the amount billed to the customer for shipping the product and is recorded when the product is shipped.
Advertising Costs, Policy [Policy Text Block]	Advertising Costs — Advertising costs are expensed as incurred. Advertising expenses, included in selling and operating expenses in the statements of earnings, were $531,500 and $367,300 for the years ended February 29, 2016 and February 28, 2015, respectively.
Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Costs —
Interest Expense, Policy [Policy Text Block]	Interest Expense — Interest related to our outstanding debt is recognized as incurred. Interest expense, classified separately in the statements of earnings, were $244,900 and $54,000 for the years ended February 29, 2016 and February 28, 2015, respectively.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share — The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted earnings per share (“EPS”) is shown below. Year Ended February 29(28), 2016 2015 Earnings Per Share: Net earnings applicable to common shareholders $ 2,119,300 $ 859,200 Shares: Weighted average shares outstanding–basic 4,049,154 4,003,702 Assumed exercise of options 2,524 - Weighted average shares outstanding–diluted 4,051,678 4,003,702 Diluted Earnings Per Share Basic $ 0.52 $ 0.21 Diluted $ 0.52 $ 0.21 Stock options not considered above because they were antidilutive - 10,000
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Asset Impairment —
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation —
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements — In May 2014, FASB issued ASU No. 2014-09, and amended with ASU No. 2015-14 “Revenue from Contracts with Customers,” which provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and will also result in enhanced disclosures. The changes are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which means the first quarter of our fiscal year 2019. We are currently reviewing the ASU and assessing the potential impact on our financial statements. In August 2015, FASB issued ASU No. 2015-15 “Interest—Imputation of Interest,” which modifies the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. These changes allow an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The changes are effective for financial statements issued for annual periods beginning after December 15, 2015, and interim periods within those annual periods, which means the first quarter of our fiscal year 2017. We are currently reviewing the ASU and assessing the potential impact on our financial statements. In November 2015, FASB issued ASU No. 2015-17, which is intended to improve how deferred taxes are classified on organizations’ balance sheets by eliminating the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The changes are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, which means the first quarter of our fiscal year 2018. We anticipate this ASU having minimal impact on our financial statements. In February 2016, FASB issued ASU No. 2016-02, “Leases,” which is intended to establish a comprehensive new lease accounting model. The new standard clarifies the definition of a lease, requires a dual approach to lease classification similar to current lease classifications, and causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset. The new standard is effective for interim and annual periods beginning after December 15, 2018, which means the first quarter of our fiscal year 2020. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. We are currently reviewing the ASU and evaluating the potential impact on our financial statements. In March 2016, FASB issued ASU No. 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting,” which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for interim and annual periods beginning after December 15, 2016, which means the first quarter of our fiscal year 2018.We are currently reviewing the ASU and evaluating the potential impact on our financial statements.

1. SUMMARY OF SIGNIFICANT ACC23

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Feb. 29, 2016
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted earnings per share (“EPS”) is shown below. Year Ended February 29(28), 2016 2015 Earnings Per Share: Net earnings applicable to common shareholders $ 2,119,300 $ 859,200 Shares: Weighted average shares outstanding–basic 4,049,154 4,003,702 Assumed exercise of options 2,524 - Weighted average shares outstanding–diluted 4,051,678 4,003,702 Diluted Earnings Per Share Basic $ 0.52 $ 0.21 Diluted $ 0.52 $ 0.21 Stock options not considered above because they were antidilutive - 10,000
Property, Plant and Equipment, Estimated Useful Life [Member]
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives, as follows: Building 30 years Building improvements 10 – 15 years Machinery, equipment 3 – 15 years Furniture and fixtures 3 years

2. INVENTORIES (Tables)

2. INVENTORIES (Tables)	12 Months Ended
	Feb. 29, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories consist of the following: February 29(28), 2016 2015 Current: Book inventory $ 17,504,500 $ 11,206,000 Inventory valuation allowance (25,000 ) (25,000 ) Inventories net–current $ 17,479,500 $ 11,181,000
Schedule of Inventory, Noncurrent [Table Text Block]	Inventories consist of the following: Noncurrent: Book inventory $ 469,000 $ 718,900 Inventory valuation allowance (300,000 ) (368,100 ) Inventories net–noncurrent $ 169,000 $ 350,800

3. PROPERTY, PLANT AND EQUIPM25

3. PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Feb. 29, 2016
Property, Plant and Equipment [Member]
3. PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment consist of the following: February 29(28), 2016 2015 Land $ 4,107,200 $ 250,000 Building 20,321,800 2,124,700 Building improvements 2,735,800 781,600 Machinery and equipment 2,190,300 1,706,400 Furniture and fixtures 85,700 75,700 System installations in progress 610,000 200,800 30,050,800 5,139,200 Less accumulated depreciation (3,340,500 ) (3,066,000 ) $ 26,710,300 $ 2,073,200

4. OTHER CURRENT LIABILITIES (T

4. OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Feb. 29, 2016
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
Other Current Liabilities [Table Text Block]	Other current liabilities consist of the following: February 29(28), 2016 2015 Accrued royalties $ 578,200 $ 368,200 Accrued UBAM trip incentives 705,200 323,700 Interest payable 65,000 - Sales tax payable 145,700 181,000 Other 238,400 170,600 $ 1,732,500 $ 1,043,500

5. INCOME TAXES (Tables)

5. INCOME TAXES (Tables)	12 Months Ended
	Feb. 29, 2016
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax assets and liabilities as of February 29(28) are as follows: 2016 2015 Current: Deferred tax assets: Allowance for doubtful accounts $ 40,000 $ 41,100 Inventory overhead capitalization 131,000 86,900 Inventory valuation allowance 9,500 9,500 Allowance for sales returns 38,000 38,000 Accruals 79,700 74,300 Deferred tax assets-current 298,200 249,800 Noncurrent: Deferred tax assets: Inventory valuation allowance $ 114,000 $ 143,300 Capital loss carryforward 163,600 163,600 Subtotal deferred tax assets 277,600 306,900 Less valuation allowance (163,600 ) (163,600 ) Total net deferred tax assets 114,000 143,300 Deferred tax liabilities: Property, plant and equipment (63,100 ) (63,100 ) Deferred tax liabilities (63,100 ) (63,100 ) Net deferred tax asset-noncurrent $ 50,900 $ 80,200
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of income tax expense are as follows: February 29(28), 2016 2015 Current: Federal $ 1,210,900 $ 439,200 State 234,800 103,400 1,445,700 542,600 Deferred: Federal (16,100 ) 600 State (3,000 ) 100 (19,100 ) 700 Total income tax expense $ 1,426,600 $ 543,300
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following reconciles our expected income tax expense utilizing statutory tax rates to the actual tax expense: February 29(28), 2016 2015 Tax expense at federal statutory rate $ 1,205,600 $ 476,800 Federal income tax audit expense for 2012 67,900 - State income tax–net of federal tax benefit 158,200 73,300 Other (5,100 ) (6,800 ) Total income tax expense $ 1,426,600 $ 543,300

7. COMMITMENTS (Tables)

7. COMMITMENTS (Tables)	12 Months Ended
	Feb. 29, 2016
Disclosure Text Block Supplement [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The following table reflects future minimum rental income payments under the non-cancellable portion of this lease as of February 29, 2016: Year ending February 28(29), 2017 $ 1,275,400 2018 1,301,000 2019 1,327,000 2020 1,353,500 2021 1,380,600 Thereafter 14,992,400 Total $ 21,629,900

8. DEBT (Tables)

8. DEBT (Tables)	12 Months Ended
	Feb. 29, 2016
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: February 29(28), 2016 2015 Line of credit $ 3,331,800 $ 1,400,000 Long-term debt $ 18,302,800 $ - Less current maturities (615,400 ) - Total $ 17,687,400 $ -
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table reflects aggregate future maturities of long-term debt during the next five fiscal years and thereafter as follows: Year ending February 28(29), 2017 $ 615,400 2018 641,800 2019 667,300 2020 693,800 2021 719,700 Thereafter 14,964,800 $ 18,302,800

9. CAPITAL STOCK, STOCK OPTIO30

9. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS (Tables)	12 Months Ended
	Feb. 29, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the status of our 2002 Plan as of February 29, 2016 and February 28, 2015, and changes during the years then ended is presented below: February 29(28), 2016 2015 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at Beginning of Year 10,000 $ 5.25 11,000 $ 5.68 Exercised - - - - Expired - - (1,000 ) (10.00 ) Outstanding at End of Year 10,000 5.25 10,000 5.25

10. QUARTERLY RESULTS OF OPER31

10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Feb. 29, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following is a summary of the quarterly results of operations for the years ended February 29, 2016 and February 28, 2015. Basic Diluted Net Earnings Earnings Revenues Gross Margin Net Earnings Per Share Per Share 2016 First quarter $ 9,637,800 $ 6,064,000 $ 324,600 $ 0.08 $ 0.08 Second quarter 12,606,800 8,029,400 644,400 0.16 0.16 Third quarter 24,424,200 17,038,000 1,258,500 0.31 0.31 Fourth quarter 16,949,500 11,992,700 (108,200 ) (0.03 ) (0.03 ) Total year $ 63,618,300 $ 43,124,100 $ 2,119,300 $ 0.52 $ 0.52 2015 First quarter $ 7,178,300 $ 4,334,800 $ 239,700 $ 0.06 $ 0.06 Second quarter 6,808,200 3,795,100 (3,900 ) (0.00 ) (0.00 ) Third quarter 10,936,500 6,821,700 526,400 0.13 0.13 Fourth quarter 7,625,300 4,832,800 97,000 0.02 0.02 Total year $ 32,548,300 $ 19,784,400 $ 859,200 $ 0.21 $ 0.21

11. BUSINESS SEGMENTS (Tables)

11. BUSINESS SEGMENTS (Tables)	12 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by industry segment for the years ended February 29, 2016 and February 28, 2015 is set forth below: NET REVENUES 2016 2015 Publishing $ 10,831,400 $ 11,532,500 UBAM 52,786,900 21,015,800 Other - - Total $ 63,618,300 $ 32,548,300 EARNINGS (LOSS) BEFORE INCOME TAXES 2016 2015 Publishing $ 3,305,300 $ 3,452,800 UBAM 7,336,200 2,456,300 Other (7,095,600 ) (4,506,600 ) Total $ 3,545,900 $ 1,402,500

1. SUMMARY OF SIGNIFICANT ACC33

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Payments for (Proceeds from) Other Investing Activities	$ 29,800,000	$ 15,300,000
Cash, FDIC Insured Amount	250,000
Revenue Recognition, Sales Returns, Reserve for Sales Returns	100,000	100,000
Advertising Expense	531,500	367,300
Shipping, Handling and Transportation Costs	8,655,600	3,719,300
Interest Expense	244,900	54,000
Impairment of Intangible Assets, Finite-lived	$ 0	$ 0
Sales Revenue, Goods, Net [Member] | Usborne Books and More [Member]
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Concentration Risk, Percentage	83.00%	65.00%
Usborne Books and More [Member]
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Payments for (Proceeds from) Other Investing Activities	$ 20,000,000	$ 12,200,000

1. SUMMARY OF SIGNIFICAN

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property, Plant and Equipment	12 Months Ended
	Feb. 29, 2016
Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	30 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Minimum [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Maximum [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	15 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	15 years

1. SUMMARY OF SIGNIFIC35

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Diluted Earnings Per Share - USD ($)	3 Months Ended								12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Feb. 29, 2016	Feb. 28, 2015
Earnings Per Share:
Net earnings applicable to common shareholders (in Dollars)									$ 2,119,300	$ 859,200
Shares:
Weighted average shares outstanding–basic									4,049,154	4,003,702
Assumed exercise of options									2,524	0
Weighted average shares outstanding–diluted									4,051,678	4,003,702
Diluted Earnings Per Share
Basic (in Dollars per share)	$ (0.03)	$ 0.31	$ 0.16	$ 0.08	$ 0.02	$ 0.13	$ 0	$ 0.06	$ 0.52	$ 0.21
Diluted (in Dollars per share)	$ (0.03)	$ 0.31	$ 0.16	$ 0.08	$ 0.02	$ 0.13	$ 0	$ 0.06	$ 0.52	$ 0.21
Stock options not considered above because they were antidilutive									0	10,000

2. INVENTORIES (Details

2. INVENTORIES (Details) - Schedule of Inventory, Current - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Current:
Book inventory	$ 17,504,500	$ 11,206,000
Inventory valuation allowance	(25,000)	(25,000)
Inventories net–current	$ 17,479,500	$ 11,181,000

2. INVENTORIES (Detai37

2. INVENTORIES (Details) - Schedule of Inventory, Noncurrent - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Noncurrent:
Book inventory	$ 469,000	$ 718,900
Inventory valuation allowance	(300,000)	(368,100)
Inventories net–noncurrent	$ 169,000	$ 350,800

3. PROPERTY, PLANT AND EQUIPM38

3. PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Dec. 01, 2015	Feb. 29, 2016	Feb. 28, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Additions	$ 23,213,000
Payments to Acquire Property, Plant, and Equipment	$ 327,000	$ 24,911,600	$ 325,000

3. PROPERTY, PLANT AND E

3. PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 30,050,800	$ 5,139,200
Less accumulated depreciation	(3,340,500)	(3,066,000)
	26,710,300	2,073,200
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,107,200	250,000
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	20,321,800	2,124,700
Less accumulated depreciation	(88,000)
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,735,800	781,600
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,190,300	1,706,400
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	85,700	75,700
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 610,000	$ 200,800

4. OTHER CURRENT LIABILI

4. OTHER CURRENT LIABILITIES (Details) - Schedule of Other Current Liabilities - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Schedule of Other Current Liabilities [Abstract]
Accrued royalties	$ 578,200	$ 368,200
Accrued UBAM trip incentives	705,200	323,700
Interest payable	65,000	0
Sales tax payable	145,700	181,000
Other	238,400	170,600
	$ 1,732,500	$ 1,043,500

5. INCOME TAXES (Detail

5. INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Deferred tax assets:
Allowance for doubtful accounts	$ 40,000	$ 41,100
Inventory overhead capitalization	131,000	86,900
Inventory valuation allowance	9,500	9,500
Allowance for sales returns	38,000	38,000
Accruals	79,700	74,300
Deferred tax assets-current	298,200	249,800
Deferred tax assets:
Inventory valuation allowance	114,000	143,300
Capital loss carryforward	163,600	163,600
Subtotal deferred tax assets	277,600	306,900
Less valuation allowance	(163,600)	(163,600)
Total net deferred tax assets	114,000	143,300
Deferred tax liabilities:
Property, plant and equipment	(63,100)	(63,100)
Deferred tax liabilities	(63,100)	(63,100)
Net deferred tax asset-noncurrent	$ 50,900	$ 80,200

5. INCOME TAXES (Deta42

5. INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Current:
Federal	$ 1,210,900	$ 439,200
State	234,800	103,400
	1,445,700	542,600
Deferred:
Federal	(16,100)	600
State	(3,000)	100
	(19,100)	700
Total income tax expense	$ 1,426,600	$ 543,300

5. INCOME TAXES (Deta43

5. INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Schedule of Effective Income Tax Rate Reconciliation [Abstract]
Tax expense at federal statutory rate	$ 1,205,600	$ 476,800
Federal income tax audit expense for 2012	67,900	0
State income tax–net of federal tax benefit	158,200	73,300
Other	(5,100)	(6,800)
Total income tax expense	$ 1,426,600	$ 543,300

6. EMPLOYEE BENEFIT PLAN (Detai

6. EMPLOYEE BENEFIT PLAN (Details) - 401(k) Plan [Member] - USD ($)	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
6. EMPLOYEE BENEFIT PLAN (Details) [Line Items]
Defined Benefit Plan, Contributions by Employer	$ 51,400	$ 44,900
Stock Issued During Period, Shares, Treasury Stock Reissued	40,121	47,935

7. COMMITMENTS (Details)

7. COMMITMENTS (Details)	12 Months Ended
	Feb. 29, 2016USD ($)ft²	Feb. 28, 2015USD ($)
7. COMMITMENTS (Details) [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 3,340,500	$ 3,066,000
Operating Leases, Rent Expense	26,100
Inventory [Member]
7. COMMITMENTS (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	18,143,200
Usborne Books and More [Member] | Inventory [Member]
7. COMMITMENTS (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	14,370,300
Kane Miller [Member] | Inventory [Member]
7. COMMITMENTS (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	3,550,000
Other Suppliers [Member] | Inventory [Member]
7. COMMITMENTS (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	$ 223,000
Building [Member]
7. COMMITMENTS (Details) [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	15 years
Area of Real Estate Property (in Square Feet) | ft²	181,300
Area of Real Estate, Percentage Leased	45.30%
Buildings and Improvements, Gross	$ 10,159,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 88,000
Description of Lessee Leasing Arrangements, Operating Leases	The lessee will pay $105,800 per month, with a 2.0% annual increase adjustment on the anniversary of the lease.
Operating Leases, Rent Expense, Minimum Rentals	$ 105,800
Lessee Leasing Arrangements, Operating Leases, Renewal Term	5 years

7. COMMITMENTS (Details) - Sche

7. COMMITMENTS (Details) - Schedule of Future Minimum Rental Payments for Operating Leases	Feb. 29, 2016USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2,017	$ 1,275,400
2,018	1,301,000
2,019	1,327,000
2,020	1,353,500
2,021	1,380,600
Thereafter	14,992,400
Total	$ 21,629,900

8. DEBT (Details)

8. DEBT (Details) - USD ($)	Dec. 01, 2015	Mar. 31, 2016	Feb. 29, 2016	Feb. 28, 2015
8. DEBT (Details) [Line Items]
Long-term Line of Credit			$ 3,331,800	$ 1,400,000
Line of Credit [Member]
8. DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000,000
Line of Credit Facility, Expiration Date	Dec. 1, 2016
Line of Credit Facility, Remaining Borrowing Capacity			$ 668,200
Long-term Line of Credit				$ 1,400,000
Line of Credit [Member] | Subsequent Event [Member]
8. DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 6,000,000
Tranche A [Member] | Notes Payable to Banks [Member]
8. DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 13,400,000
Line of Credit Facility, Expiration Date	Dec. 1, 2025
Debt Instrument, Interest Rate, Stated Percentage	4.23%
Debt Instrument, Payment Terms	interest is payable monthly
Tranche B [Member] | Notes Payable to Banks [Member]
8. DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility, Expiration Date	Dec. 1, 2025
Debt Instrument, Payment Terms	interest is payable monthly at the lesser of the maximum interest rate permitted under the Governing law, or the bank adjusted LIBOR Index plus 2.75%
Line of Credit Facility, Interest Rate at Period End			3.18%
Tranche B [Member] | Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member]
8. DEBT (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%

8. DEBT (Details)

8. DEBT (Details) - Schedule of Debt - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Schedule of Debt [Abstract]
Line of credit	$ 3,331,800	$ 1,400,000
Long-term debt	18,302,800	0
Less current maturities	(615,400)	0
Total	$ 17,687,400	$ 0

8. DEBT (Detail49

8. DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Schedule of Maturities of Long-term Debt [Abstract]
2,017	$ 615,400
2,018	641,800
2,019	667,300
2,020	693,800
2,021	719,700
Thereafter	14,964,800
	$ 18,302,800	$ 0

9. CAPITAL STOCK, STOCK OPTIO50

9. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS (Details) - 2002 Plan [Member] - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2002	Feb. 29, 2016
9. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	exercise price on options granted is equal to the market price at the date of grant
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars)		$ 60,900
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		3 years 292 days
Maximum [Member]
9. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years

9. CAPITAL STOCK, STOCK

9. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS (Details) - Schedule of Stock Option Activity - $ / shares	12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Schedule of Stock Option Activity [Abstract]
Outstanding at Beginning of Year	10,000	11,000
Outstanding at Beginning of Year	$ 5.25	$ 5.68
Exercised	0	0
Exercised	$ 0	$ 0
Expired	0	(1,000)
Expired	$ 0	$ (10)
Outstanding at End of Year	10,000	10,000
Outstanding at End of Year	$ 5.25	$ 5.25

10. QUARTERLY RESULTS OF O

10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - Schedule of Quarterly Financial Information - USD ($)	3 Months Ended								12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Feb. 29, 2016	Feb. 28, 2015
2,016
Net Revenues	$ 16,949,500	$ 24,424,200	$ 12,606,800	$ 9,637,800	$ 7,625,300	$ 10,936,500	$ 6,808,200	$ 7,178,300	$ 63,618,300	$ 32,548,300
Gross Margin	11,992,700	17,038,000	8,029,400	6,064,000	4,832,800	6,821,700	3,795,100	4,334,800	43,124,100	19,784,400
Net Earnings	$ (108,200)	$ 1,258,500	$ 644,400	$ 324,600	$ 97,000	$ 526,400	$ (3,900)	$ 239,700	$ 2,119,300	$ 859,200
Basic Earnings Per Share (in Dollars per share)	$ (0.03)	$ 0.31	$ 0.16	$ 0.08	$ 0.02	$ 0.13	$ 0	$ 0.06	$ 0.52	$ 0.21
Diluted Earnings Per Share (in Dollars per share)	$ (0.03)	$ 0.31	$ 0.16	$ 0.08	$ 0.02	$ 0.13	$ 0	$ 0.06	$ 0.52	$ 0.21

11. BUSINESS SEGMENTS (Details)

11. BUSINESS SEGMENTS (Details)	12 Months Ended
	Feb. 29, 2016
Segment Reporting [Abstract]
Number of Reportable Segments	2

11. BUSINESS SEGMENTS (De

11. BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended								12 Months Ended
	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Feb. 29, 2016	Feb. 28, 2015
Segment Reporting Information [Line Items]
Net Revenues	$ 16,949,500	$ 24,424,200	$ 12,606,800	$ 9,637,800	$ 7,625,300	$ 10,936,500	$ 6,808,200	$ 7,178,300	$ 63,618,300	$ 32,548,300
Earnings (Loss) Before Income Taxes									3,545,900	1,402,500
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues									10,831,400	11,532,500
Earnings (Loss) Before Income Taxes									3,305,300	3,452,800
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues									52,786,900	21,015,800
Earnings (Loss) Before Income Taxes									7,336,200	2,456,300
Other Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues									0	0
Earnings (Loss) Before Income Taxes									$ (7,095,600)	$ (4,506,600)

12. STOCK REPURCHASE PLAN (Deta

12. STOCK REPURCHASE PLAN (Details) - USD ($)	12 Months Ended
	Feb. 29, 2016	Apr. 30, 2008
Stockholders' Equity Note [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		500,000
Stock Repurchased During Period, Shares	163
Stock Repurchased During Period, Average Price Paid (in Dollars per share)	$ 9.82
Stock Repurchased During Period, Value (in Dollars)	$ 1,600
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	303,152

13. FAIR VALUE MEASUREMENTS (De

13. FAIR VALUE MEASUREMENTS (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($)	Feb. 29, 2016	Feb. 28, 2015
13. FAIR VALUE MEASUREMENTS (Details) [Line Items]
Lines of Credit, Fair Value Disclosure	$ 3,331,800	$ 1,400,000
Long-term Debt, Fair Value	$ 18,078,300	$ 0

14. SUBSEQUENT EVENT (Details)

14. SUBSEQUENT EVENT (Details) - Subsequent Event [Member]	Mar. 18, 2016$ / shares
14. SUBSEQUENT EVENT (Details) [Line Items]
Dividends Payable, Date to be Paid	Mar. 18, 2016
Common Stock, Dividends, Per Share, Cash Paid	$ 0.09
Dividends Payable, Date of Record	Mar. 11, 2016