Educational Development (EDUC) 10-Q 16 Oct 17 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Aug. 31, 2017	Oct. 12, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Educational Development Corp
Document Type	10-Q
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		4,089,693
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	Aug. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONDENSED BALANCE SHEETS (UNAUD

CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)	Aug. 31, 2017	Feb. 28, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 432,400	$ 699,200
Accounts receivable, less allowance for doubtful accounts and sales returns of $860,600 (August 31) and $675,000 (February 28)	2,995,300	2,917,000
Inventories—Net	29,371,800	34,253,100
Prepaid expenses and other assets	1,120,000	695,200
Total current assets	33,919,500	38,564,500
INVENTORIES —Net	154,400	192,100
PROPERTY, PLANT AND EQUIPMENT—Net	27,676,300	27,034,300
OTHER ASSETS	61,400	61,400
DEFERRED INCOME TAXES	0	128,000
TOTAL ASSETS	61,811,600	65,980,300
CURRENT LIABILITIES:
Accounts payable	8,764,900	17,565,300
Line of credit	6,248,900	4,882,900
Deferred revenues	647,100	633,100
Current maturities of long-term debt	898,500	898,500
Accrued salaries and commissions	2,023,800	1,379,700
Income taxes payable	1,415,900	1,519,400
Other current liabilities	2,931,300	3,218,200
Total current liabilities	22,930,400	30,097,100
LONG-TERM DEBT-Net of current maturities	21,254,400	20,665,800
OTHER LONG-TERM LIABILITIES	106,000	0
DEFERRED INCOME TAX LIABILITY	78,200	0
Total liabilities	44,369,000	50,762,900
COMMITMENTS (Note 8)
SHAREHOLDERS’ EQUITY:
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (August 31 and February 28) shares; Outstanding 4,086,683 (August 31) and 4,090,074 (February 28) shares	1,208,200	1,208,200
Capital in excess of par value	8,548,000	8,548,000
Retained earnings	18,580,000	16,317,800
	28,336,200	26,074,000
Less treasury stock, at cost	(10,893,600)	(10,856,600)
Total shareholders’ equity	17,442,600	15,217,400
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 61,811,600	$ 65,980,300

CONDENSED BALANCE SHEETS (UNAU3

CONDENSED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($)	Aug. 31, 2017	Feb. 28, 2017
Allowance for doubtful accounts and sales returns (in Dollars)	$ 860,600	$ 675,000
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	4,086,683	4,090,074

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
GROSS SALES	$ 27,921,000	$ 30,558,600	$ 59,094,900	$ 57,259,900
Less discounts and allowances	(6,223,300)	(7,444,900)	(13,167,000)	(13,633,900)
Transportation revenue	2,483,600	2,779,300	5,184,200	5,051,200
NET REVENUES	24,181,300	25,893,000	51,112,100	48,677,200
COST OF GOODS SOLD	6,659,600	7,498,400	14,084,400	14,172,200
Gross margin	17,521,700	18,394,600	37,027,700	34,505,000
OPERATING EXPENSES:
Operating and selling	4,320,200	5,541,700	9,712,600	10,270,500
Sales commissions	7,739,700	8,307,100	16,248,900	15,281,200
General and administrative	3,910,500	4,153,600	7,624,400	7,711,800
Total operating expenses	15,970,400	18,002,400	33,585,900	33,263,500
OTHER INCOME (EXPENSE):
Interest expense	(294,700)	(248,500)	(576,200)	(465,000)
Other income	426,100	377,000	799,300	748,800
Total other income	131,400	128,500	223,100	283,800
EARNINGS BEFORE INCOME TAXES	1,682,700	520,700	3,664,900	1,525,300
INCOME TAXES	645,800	202,200	1,402,700	586,600
NET EARNINGS	$ 1,036,900	$ 318,500	$ 2,262,200	$ 938,700
BASIC AND DILUTED EARNINGS PER SHARE:
Basic (in Dollars per share)	$ 0.25	$ 0.08	$ 0.55	$ 0.23
Diluted (in Dollars per share)	0.25	0.08	0.55	0.23
DIVIDENDS PER SHARE (in Dollars per share)	$ 0	$ 0.09	$ 0	$ 0.18
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic (in Shares)	4,085,648	4,074,469	4,087,895	4,071,574
Diluted (in Shares)	4,090,629	4,080,039	4,092,253	4,077,318

CONDENSED STATEMENT OF CHANGES

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 6 months ended Aug. 31, 2017 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 2017	$ 1,208,200	$ 8,548,000	$ 16,317,800	$ (10,856,600)	$ 15,217,400
Balance (in Shares) at Feb. 28, 2017	6,041,040			1,950,966
Purchases of treasury stock				$ (55,600)	(55,600)
Purchases of treasury stock (in Shares)				5,761
Sales of treasury stock				$ 18,600	18,600
Sales of treasury stock (in Shares)				(2,370)
Net earnings			2,262,200		2,262,200
Balance at Aug. 31, 2017	$ 1,208,200	$ 8,548,000	$ 18,580,000	$ (10,893,600)	$ 17,442,600
Balance (in Shares) at Aug. 31, 2017	6,041,040			1,954,357

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 2,262,200	$ 938,700
Adjustment to reconcile net earnings to net cash used in operating activities
Depreciation	585,500	504,500
Deferred income taxes	206,200	(61,700)
Provision for doubtful accounts	335,100	462,100
Provision for inventory valuation allowance	33,000	(47,300)
Changes in assets and liabilities:
Accounts receivable	(413,400)	(818,700)
Inventories, net	4,886,000	(11,933,400)
Prepaid expenses and other assets	(424,800)	(917,900)
Accounts payable	(8,800,400)	6,985,100
Deferred revenues	14,000	2,096,200
Accrued salaries and commissions	644,100	209,800
Other liabilities	(180,900)	621,000
Income tax payable	(103,500)	(77,000)
Total adjustments	(3,219,100)	(2,977,300)
Net cash used in operating activities	(956,900)	(2,038,600)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(1,227,500)	(1,701,900)
Net cash used in investing activities	(1,227,500)	(1,701,900)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(430,500)	(322,100)
Proceeds from long-term debt	1,019,100	4,000,000
Cash received from sale of treasury stock	18,600	112,100
Cash used to purchase treasury stock	(55,600)	0
Net borrowings under the line of credit	1,366,000	1,544,500
Dividends paid	0	(732,700)
Net cash provided by financing activities	1,917,600	4,601,800
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(266,800)	861,300
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD	699,200	1,183,700
CASH AND CASH EQUIVALENTS—END OF PERIOD	432,400	2,045,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	558,900	465,000
Cash paid for income taxes	$ 1,162,300	$ 725,300

Note 1 - BASIS OF PRESENTATION

Note 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Aug. 31, 2017
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]	Note 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim condensed financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The Unaudited Condensed Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the Unaudited Condensed Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim Unaudited Condensed Financial Statements should be read in conjunction with our audited financial statements as of and for the year ended February 28, 2017 included in our Form 10-K. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year due to the seasonality of our product sales. Reclassifications Certain reclassifications have been made to the fiscal 2017 condensed balance sheet and condensed statement of earnings to conform to the classifications used in fiscal 2018. These reclassifications had no effect on net earnings. Use of Estimates in the Preparation of Financial Statements The preparation of the Unaudited Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. Significant Accounting Policies Our significant accounting policies are consistent with those disclosed in Note 1 to our audited financial statements as of and for the year ended February 28, 2017, included in our Form 10-K. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued accounting standards updates (“ASU”) and concluded that the following recently issued accounting standards apply to us . 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 do not expect the adoption of this ASU will have a significant impact on the Company’s financial position, results of operations and cash flows. In July 2015, FASB issued ASU No. 2015-11 “Inventory - Simplifying the Measurement of Inventory”, which is intended to allow measurement of inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU In November 2015, FASB issued ASU No. 2015-17, “Income Taxes - Balance Sheet Classification of Deferred Taxes,” 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 have retrospectively implemented this new presentation in our condensed financial statements. As such, for the period ending of February 28, 2017, we reclassified $466,000 of current deferred tax assets to noncurrent assets and netted $338,000 of deferred tax liabilities against the balance on the condensed balance sheet. The adoption of this ASU did not affect our statements of earnings. 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. This ASU became effective for the Company on March 1, 2017. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations and cash flows. In June 2016, FASB issued ASU No. 2016-13 “Financial Instruments—Credit Losses”, which requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The new standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which means the first quarter of our fiscal year 2021. We expect the implementation of this ASU will not have a significant impact on our financial statements. In May 2017, FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This update amends the scope of modification accounting surrounding share-based payment arrangements as issued in ASU 2016-09 by providing guidance on the various types of changes which would trigger modification accounting for share-based payment awards. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which means the first quarter of our fiscal year 2019. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. We do not expect the adoption of ASU 2017-09 to have a material effect on our financial position, results of operations and cash flows.

Note 2 - INVENTORIES

Note 2 - INVENTORIES	6 Months Ended
	Aug. 31, 2017
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: 2017 August 31, February 28, Current: Book inventory $ 29,396,800 $ 34,278,100 Inventory valuation allowance (25,000 ) (25,000 ) Inventories net–current $ 29,371,800 $ 34,253,100 Non-current: Book inventory $ 460,300 $ 467,100 Inventory valuation allowance (305,900 ) (275,000 ) Inventories net–non-current $ 154,400 $ 192,100 Book inventory quantities in excess of what we expect will be sold within the normal operating cycle, based on 2.5 years of anticipated sales, are included in non-current inventory. Significant portions of our inventory purchases are concentrated with an England-based publishing company. Purchases from this company were approximately $9.4 million and $9.1 million for the three months ended August 31, 2017 and 2016, respectively. Total inventory purchases from all suppliers were $11.3 million and $15.6 million for the three months ended August 31, 2017 and 2016, respectively. Purchases from this company were approximately $11.3 million and $19.0 million for the six months ended August 31, 2017 and 2016, respectively. Total inventory purchases from all suppliers were $16.6 million and $28.5 million for the six months ended August 31, 2017 and 2016, respectively.

Note 3 - PROPERTY, PLANT AND EQ

Note 3 - PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Aug. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 3 Property, plant and equipment consist of the following: 2017 August 31, February 28, Land $ 4,107,200 $ 4,107,200 Building 20,321,800 20,321,800 Building improvements 1,692,500 1,692,500 Machinery and equipment 6,447,900 5,230,700 Furniture and fixtures 109,000 101,600 32,678,400 31,453,800 Less accumulated depreciation (5,002,100 ) (4,419,500 ) Net Property, Plant and Equipment $ 27,676,300 $ 27,034,300 During fiscal year 2018, the Company purchased and installed new warehouse equipment and made software enhancements to increase its daily shipping capacity.

Note 4 - DEBT

Note 4 - DEBT	6 Months Ended
	Aug. 31, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: 2017 August 31, February 28, Line of credit $ 6,248,900 $ 4,882,900 Long-term debt $ 22,152,900 $ 21,564,300 Less current maturities (898,500 ) (898,500 ) LONG-TERM DEBT-net of current maturities $ 21,254,400 $ 20,665,800 We have a Loan Agreement dated as of March 10, 2016 (as amended the “Loan Agreement”) with MidFirst Bank (“the Bank”) which includes multiple loans. Term Loan #1 is comprised of Tranche A totaling $13.4 million and Tranche B totaling $5.0 million, both with the maturity date of December 1, 2025. Tranche A has a fixed interest rate of 4.23% and interest is payable monthly. Tranche B interest is payable monthly at the bank adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio (4.36% at August 31, 2017). Term Loan #1 is secured by the primary office, warehouse and land. We also have Term Loan #2 with the Bank in the amount of $4.0 million with the maturity date of June 28, 2021, and interest payable monthly at the bank adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio (4.36% at August 31, 2017). Term Loan #2 is secured by our secondary warehouse and land. The Loan Agreement also provided a $10.0 million revolving loan (“line of credit”) through June 15, 2018 with interest payable monthly at the bank adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio (4.36% at August 31, 2017). The President and Chief Executive Officer and his wife have executed a Guaranty Agreement obligating them to repay $3,680,000 of any unpaid Term Loans, unpaid accrued interest and any recourse amounts as defined in the Continuing Guaranty Agreement. The Loan Agreement was amended on June 15, 2017 to include an advancing term loan (the “Advancing Term Loan”) of $3.0 million which the Company will use to cover up to ninety percent of the cost of planned fiscal 2018 capital improvements to increase its daily shipping capacity. The Advancing Term Loan accrues interest monthly, at the bank adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio (4.36% at August 31, 2017), between June 15 and December 15, 2017, at which time the amount advanced will be converted to a term loan and will amortize over a thirty-six-month period. The Tranche B, the line of credit, the Term Loan #2 and the Advancing Term Loan all accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio which is payable monthly. The current pricing tier is as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio LIBOR Margin (bps) I >3.00 350.50 II >2.50 but < 337.50 III >2.00 but < 325.00 IV < 312.50 Adjusted Funded Debt is defined as all long term and short-term bank debt less the outstanding balances of Tranche A and Trance B Term Loans. EBITDA is defined in the Loan Agreement as earnings before interest expense, income tax expense (benefit) and depreciation and amortization expenses. The $10.0 million line of credit is limited to advance rates on eligible receivables and eligible inventory levels. We had $6,248,900 and $4,882,900 in borrowings outstanding on line of credit at August 31, 2017 and February 28, 2017, respectively. Available credit under the revolving credit agreement was $3,555,000 at August 31, 2017 and $2,117,100 at February 28, 2017. 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 June 15, 2018, 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. For the quarter ended August 31, 2017, we had no letters of credit outstanding. 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, leasing transactions we can make on a quarterly basis. Additionally, the Loan Agreement suspends dividends and stock buybacks (See Note 12 for changes to our Loan Agreement subsequent to August 31, 2017).

Note 5 - EARNINGS PER SHARE

Note 5 - EARNINGS PER SHARE	6 Months Ended
	Aug. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 5 Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares outstanding and dilutive potential common shares issuable which include, where appropriate, the assumed exercise of options. In computing diluted EPS we have utilized the treasury stock method. The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below. Three Months Ended August 31, Six Months Ended August 31, 2017 2016 2017 2016 Net earnings $ 1,036,900 $ 318,500 $ 2,262,200 $ 938,700 Shares: Weighted average shares outstanding - basic 4,085,648 4,074,469 4,087,895 4,071,574 Assumed exercise of options 4,981 5,570 4,358 5,744 Weighted average shares outstanding - diluted 4,090,629 4,080,039 4,092,253 4,077,318 Basic Earnings Per Share $ 0.25 $ 0.08 $ 0.55 $ 0.23 Diluted Earnings Per Share $ 0.25 $ 0.08 $ 0.55 $ 0.23 In April 2008, the Board of Directors authorized management to purchase up to an additional 500,000 shares of our common stock under the Stock Purchase Plan (the “Plan”) initiated in 1998. This Plan has no expiration date. During the six months ended August 31, 2017, the Company purchased 5,761 shares of common stock from terminated employees that elected to withdraw their contributions from the Company’s 401(k) plan. The shares were purchased at the closing price of the stock on the day the employee executed their withdrawal form. In addition, the Company’s 401(k) plan purchased 2,370 shares of common stock held in treasury during the six months ended August 31, 2017. The remaining maximum number of shares that can be repurchased in the future is 297,368.

Note 6 - STOCK-BASED COMPENSATI

Note 6 - STOCK-BASED COMPENSATION	6 Months Ended
	Aug. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 6 We account for stock-based compensation whereby share-based payment transactions with employees, such as stock options and restricted stock, are measured at estimated fair value at date of grant and recognized as compensation expense over the vesting period. No such transactions occurred in the six months

Note 7 - SHIPPING AND HANDLING

Note 7 - SHIPPING AND HANDLING COSTS	6 Months Ended
	Aug. 31, 2017
Disclosure Text Block [Abstract]
Other Operating Income and Expense [Text Block]	Note 7 SHIPPING AND HANDLING COSTS Outbound freight and handling costs incurred are included in operating and selling expenses and were $3,121,500 and $4,099,100 for the three months ended August 31, 2017 and 2016, respectively. These costs were $6,871,200 and $7,564,800 for the six months ended August 31, 2017 and 2016, respectively.

Note 8 - COMMITMENTS

Note 8 - COMMITMENTS	6 Months Ended
	Aug. 31, 2017
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	Note 8 – W The lessee pays $107,900 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 over the 15-year lease and is reported in other income on the condensed statement of earnings. The Company executed purchase orders with several vendors during the first two quarters of fiscal 2018 to buy and install equipment that will increase the daily shipping capabilities of its distribution center located in Tulsa, OK. The original purchase orders totaled approximately $1,500,000. The Company received and installed approximately half of the equipment in the second quarter of fiscal 2018 and has approximately $400,000 of remaining commitments on the original purchase orders. The remaining equipment is scheduled to be received and installed in the fourth quarter of the fiscal year.

Note 9 - BUSINESS SEGMENTS

Note 9 - BUSINESS SEGMENTS	6 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 9 The Company has two reportable segments: Usborne Books & More (“UBAM”) and Publishing. These reportable segments 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. The Publishing segment markets its products to retail accounts, which include book, school supply, toy and gift stores and museums, through commissioned sales representatives, trade and specialty wholesalers and an internal tele-sales group. The UBAM segment markets its products through a network of independent sales consultants using a combination of home shows, internet shows and book fairs. The accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in the Company’s most recent 10-K annual report for the fiscal year ended February 28, 2017. We evaluate segment performance based on earnings before income taxes of the segments, which is defined as segment net sales reduced by cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments, but are listed in the “Other” row below. Corporate expenses include the executive department, accounting department, information services department, general office management and building facilities management. Our assets and liabilities are not allocated on a segment basis Information by reporting segment for the three and six-month periods ended August 31, 2017 and 2016, follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2017 2016 2017 2016 EDC Publishing $ 1,977,000 $ 2,035,600 $ 4,099,100 $ 4,169,600 UBAM 22,204,300 23,857,400 47,013,000 44,507,600 Total $ 24,181,300 $ 25,893,000 $ 51,112,100 $ 48,677,200 EARNINGS BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2017 2016 2017 2016 EDC Publishing $ 388,300 $ 543,200 $ 957,400 $ 1,202,200 UBAM 4,571,600 3,315,900 8,949,800 6,513,400 Other (3,277,200 ) (3,338,400 ) (6,242,300 ) (6,190,300 ) Total $ 1,682,700 $ 520,700 $ 3,664,900 $ 1,525,300

Note 10 - FAIR VALUE MEASUREMEN

Note 10 - FAIR VALUE MEASUREMENTS	6 Months Ended
	Aug. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 The valuation hierarchy included in U.S. GAAP considers the transparency of inputs used to value assets and liabilities as of the measurement date. 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 $ at August 31, 2017 and February 28, 2017, respectively. The estimated fair value of our term notes payable is estimated by management to approximate $20,905,800 and $20,130,100 at August 31, 2017 and February 28, 2017, 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.

Note 11 - DEFERRED REVENUES

Note 11 - DEFERRED REVENUES	6 Months Ended
	Aug. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 11 As of the end of the second quarter, we had received approximately $647,100 in payments for sales orders which were shipped out subsequent to the quarter end. As of August 31, 2017, these prepaid sales orders are included in deferred revenue on the condensed balance sheet.

Note 12 - SUBSEQUENT EVENT

Note 12 - SUBSEQUENT EVENT	6 Months Ended
	Aug. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 12 On September 1, 2017, the Company executed the Sixth Amendment Loan Agreement (the “Amendment”) with the Bank related to our Loan Agreement dated as of March 10, 2016, as amended. The Amendment modifies the Loan Agreement to increase the principal amount on the line of credit from $10.0 million to $15.0 million.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Aug. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim condensed financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The Unaudited Condensed Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the Unaudited Condensed Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim Unaudited Condensed Financial Statements should be read in conjunction with our audited financial statements as of and for the year ended February 28, 2017 included in our Form 10-K. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year due to the seasonality of our product sales.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain reclassifications have been made to the fiscal 2017 condensed balance sheet and condensed statement of earnings to conform to the classifications used in fiscal 2018. These reclassifications had no effect on net earnings.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates in the Preparation of Financial Statements The preparation of the Unaudited Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued accounting standards updates (“ASU”) and concluded that the following recently issued accounting standards apply to us . 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 do not expect the adoption of this ASU will have a significant impact on the Company’s financial position, results of operations and cash flows. In July 2015, FASB issued ASU No. 2015-11 “Inventory - Simplifying the Measurement of Inventory”, which is intended to allow measurement of inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU In November 2015, FASB issued ASU No. 2015-17, “Income Taxes - Balance Sheet Classification of Deferred Taxes,” 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 have retrospectively implemented this new presentation in our condensed financial statements. As such, for the period ending of February 28, 2017, we reclassified $466,000 of current deferred tax assets to noncurrent assets and netted $338,000 of deferred tax liabilities against the balance on the condensed balance sheet. The adoption of this ASU did not affect our statements of earnings. 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. This ASU became effective for the Company on March 1, 2017. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations and cash flows. In June 2016, FASB issued ASU No. 2016-13 “Financial Instruments—Credit Losses”, which requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The new standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which means the first quarter of our fiscal year 2021. We expect the implementation of this ASU will not have a significant impact on our financial statements. In May 2017, FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This update amends the scope of modification accounting surrounding share-based payment arrangements as issued in ASU 2016-09 by providing guidance on the various types of changes which would trigger modification accounting for share-based payment awards. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which means the first quarter of our fiscal year 2019. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. We do not expect the adoption of ASU 2017-09 to have a material effect on our financial position, results of operations and cash flows.

Note 2 - INVENTORIES (Tables)

Note 2 - INVENTORIES (Tables)	6 Months Ended
	Aug. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: 2017 August 31, February 28, Current: Book inventory $ 29,396,800 $ 34,278,100 Inventory valuation allowance (25,000 ) (25,000 ) Inventories net–current $ 29,371,800 $ 34,253,100 Non-current: Book inventory $ 460,300 $ 467,100 Inventory valuation allowance (305,900 ) (275,000 ) Inventories net–non-current $ 154,400 $ 192,100

Note 3 - PROPERTY, PLANT AND 21

Note 3 - PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Aug. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment consist of the following: 2017 August 31, February 28, Land $ 4,107,200 $ 4,107,200 Building 20,321,800 20,321,800 Building improvements 1,692,500 1,692,500 Machinery and equipment 6,447,900 5,230,700 Furniture and fixtures 109,000 101,600 32,678,400 31,453,800 Less accumulated depreciation (5,002,100 ) (4,419,500 ) Net Property, Plant and Equipment $ 27,676,300 $ 27,034,300

Note 4 - DEBT (Tables)

Note 4 - DEBT (Tables)	6 Months Ended
	Aug. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: 2017 August 31, February 28, Line of credit $ 6,248,900 $ 4,882,900 Long-term debt $ 22,152,900 $ 21,564,300 Less current maturities (898,500 ) (898,500 ) LONG-TERM DEBT-net of current maturities $ 21,254,400 $ 20,665,800
Schedule of Long-term Debt Instruments [Table Text Block]	The Tranche B, the line of credit, the Term Loan #2 and the Advancing Term Loan all accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio which is payable monthly. The current pricing tier is as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio LIBOR Margin (bps) I >3.00 350.50 II >2.50 but < 337.50 III >2.00 but < 325.00 IV < 312.50

Note 5 - EARNINGS PER SHARE (Ta

Note 5 - EARNINGS PER SHARE (Tables)	6 Months Ended
	Aug. 31, 2017
Earnings Per Share [Abstract]
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 EPS is shown below. Three Months Ended August 31, Six Months Ended August 31, 2017 2016 2017 2016 Net earnings $ 1,036,900 $ 318,500 $ 2,262,200 $ 938,700 Shares: Weighted average shares outstanding - basic 4,085,648 4,074,469 4,087,895 4,071,574 Assumed exercise of options 4,981 5,570 4,358 5,744 Weighted average shares outstanding - diluted 4,090,629 4,080,039 4,092,253 4,077,318 Basic Earnings Per Share $ 0.25 $ 0.08 $ 0.55 $ 0.23 Diluted Earnings Per Share $ 0.25 $ 0.08 $ 0.55 $ 0.23

Note 9 - BUSINESS SEGMENTS (Tab

Note 9 - BUSINESS SEGMENTS (Tables)	6 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three and six-month periods ended August 31, 2017 and 2016, follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2017 2016 2017 2016 EDC Publishing $ 1,977,000 $ 2,035,600 $ 4,099,100 $ 4,169,600 UBAM 22,204,300 23,857,400 47,013,000 44,507,600 Total $ 24,181,300 $ 25,893,000 $ 51,112,100 $ 48,677,200 EARNINGS BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2017 2016 2017 2016 EDC Publishing $ 388,300 $ 543,200 $ 957,400 $ 1,202,200 UBAM 4,571,600 3,315,900 8,949,800 6,513,400 Other (3,277,200 ) (3,338,400 ) (6,242,300 ) (6,190,300 ) Total $ 1,682,700 $ 520,700 $ 3,664,900 $ 1,525,300

Note 2 - INVENTORIES (Details)

Note 2 - INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Note 2 - INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 11.3	$ 15.6	$ 16.6	$ 28.5
England Based Publishing Company [Member]
Note 2 - INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 9.4	$ 9.1	$ 11.3	$ 19

Note 2 - INVENTORIES (Details)

Note 2 - INVENTORIES (Details) - Schedule of Inventory - USD ($)	Aug. 31, 2017	Feb. 28, 2017
Note 2 - INVENTORIES (Details) - Schedule of Inventory [Line Items]
Inventories net–non-current	$ 154,400	$ 192,100
Inventories net–current	29,371,800	34,253,100
Inventory, Current [Member]
Note 2 - INVENTORIES (Details) - Schedule of Inventory [Line Items]
Book inventory	29,396,800	34,278,100
Inventory valuation allowance	(25,000)	(25,000)
Inventories net–current	29,371,800	34,253,100
Inventory, Noncurrent [Member]
Note 2 - INVENTORIES (Details) - Schedule of Inventory [Line Items]
Book inventory	460,300	467,100
Inventory valuation allowance	(305,900)	(275,000)
Inventories net–non-current	$ 154,400	$ 192,100

Note 3 - PROPERTY, PLANT AND 27

Note 3 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($)	Aug. 31, 2017	Feb. 28, 2017
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 32,678,400	$ 31,453,800
Less accumulated depreciation	(5,002,100)	(4,419,500)
Net Property, Plant and Equipment	27,676,300	27,034,300
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,107,200	4,107,200
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	20,321,800	20,321,800
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,692,500	1,692,500
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6,447,900	5,230,700
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 109,000	$ 101,600

Note 4 - DEBT (Details)

Note 4 - DEBT (Details) - USD ($)	Mar. 10, 2016	Aug. 31, 2017	Feb. 28, 2017
Note 4 - DEBT (Details) [Line Items]
Long-term Line of Credit		$ 6,248,900	$ 4,882,900
Line of Credit Facility, Remaining Borrowing Capacity		3,555,000	$ 2,117,100
Term Loan #2 [Member]
Note 4 - DEBT (Details) [Line Items]
Guarantor Obligations, Current Carrying Value		3,680,000
Line of Credit [Member] | Term Loan #2 [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 10,000,000
Line of Credit Facility, Expiration Date		Jun. 15, 2018
Line of Credit Facility, Interest Rate at Period End		4.36%
Notes Payable to Banks [Member] | Term Loan #1, Tranche A [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 13,400,000
Line of Credit Facility, Expiration Date	Dec. 1, 2025
Notes Payable to Banks [Member] | Term Loan #1, Tranche B [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Debt Instrument, Payment Terms	interest is payable monthly
Notes Payable to Banks [Member] | Term Loan #1, Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Interest Rate at Period End		4.36%
Notes Payable to Banks [Member] | Term Loan #2 [Member]
Note 4 - DEBT (Details) [Line Items]
Debt Instrument, Payment Terms		interest payable monthly
Debt Instrument, Face Amount		$ 4,000,000
Debt Instrument, Maturity Date		Jun. 28, 2021
Notes Payable to Banks [Member] | Term Loan #2 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Note 4 - DEBT (Details) [Line Items]
Debt Instrument, Interest Rate During Period		4.36%
Medium-term Notes [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 10,000,000
Debt Instrument, Face Amount		$ 3,000,000
Debt Instrument, Interest Rate During Period		4.36%
Medium-term Notes [Member] | Term Loan #1, Tranche A [Member]
Note 4 - DEBT (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.23%

Note 4 - DEBT (Details) - Sched

Note 4 - DEBT (Details) - Schedule of Debt - USD ($)	Aug. 31, 2017	Feb. 28, 2017
Schedule of Debt [Abstract]
Line of credit	$ 6,248,900	$ 4,882,900
Long-term debt	22,152,900	21,564,300
Less current maturities	(898,500)	(898,500)
LONG-TERM DEBT-net of current maturities	$ 21,254,400	$ 20,665,800

Note 4 - DEBT (Details) - Sch30

Note 4 - DEBT (Details) - Schedule of Long-term Debt Instruments	6 Months Ended
	Aug. 31, 2017
Pricing Tier I [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>3.00
Pricing Tier I [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	350.50%
Pricing Teir II [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>2.50 but <3.00
Pricing Teir II [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	337.50%
Pricing Tier III [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>2.00 but <2.50
Pricing Tier III [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	325.00%
Pricing Tier IV [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	<2.00
Pricing Tier IV [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	312.50%

Note 5 - EARNINGS PER SHARE (De

Note 5 - EARNINGS PER SHARE (Details) - Stock Purchase Plan [Member] - shares	6 Months Ended
	Aug. 31, 2017	Apr. 30, 2008
Note 5 - EARNINGS PER SHARE (Details) [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		500,000
Stock Repurchased During Period, Shares	5,761
Treasury Stock, Shares, Acquired	2,370
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	297,368

Note 5 - EARNINGS PER SHARE (D

Note 5 - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Schedule of Earnings Per Share [Abstract]
Net earnings (in Dollars)	$ 1,036,900	$ 318,500	$ 2,262,200	$ 938,700
Shares:
Weighted average shares outstanding - basic	4,085,648	4,074,469	4,087,895	4,071,574
Assumed exercise of options	4,981	5,570	4,358	5,744
Weighted average shares outstanding - diluted	4,090,629	4,080,039	4,092,253	4,077,318
Basic Earnings Per Share (in Dollars per share)	$ 0.25	$ 0.08	$ 0.55	$ 0.23
Diluted Earnings Per Share (in Dollars per share)	$ 0.25	$ 0.08	$ 0.55	$ 0.23

Note 6 - STOCK-BASED COMPENSA33

Note 6 - STOCK-BASED COMPENSATION (Details) - USD ($)	6 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Allocated Share-based Compensation Expense	$ 0	$ 0

Note 7 - SHIPPING AND HANDLIN34

Note 7 - SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Disclosure Text Block [Abstract]
Shipping, Handling and Transportation Costs	$ 3,121,500	$ 4,099,100	$ 6,871,200	$ 7,564,800

Note 8 - COMMITMENTS (Details)

Note 8 - COMMITMENTS (Details)	6 Months Ended
	Aug. 31, 2017USD ($)ft²
Leases [Abstract]
Lessor, Operating Lease, Term of Contract	15 years
Area of Real Estate Property (in Square Feet) | ft²	181,300
Area of Real Estate Property, as a Percentage of the Facility	45.30%
Description of Lessor Leasing Arrangements, Operating Leases	The lessee pays $107,900 per month, with a 2.0% annual increase adjustment on the anniversary of the lease
Operating Leases, Income Statement, Minimum Lease Revenue	$ 107,900
Lessor, Operating Lease, Renewal Term	5 years
Purchase Obligation	$ 1,500,000
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	$ 400,000

Note 9 - BUSINESS SEGMENTS (Det

Note 9 - BUSINESS SEGMENTS (Details)	6 Months Ended
	Aug. 31, 2017
Segment Reporting [Abstract]
Number of Reportable Segments	2

Note 9 - BUSINESS SEGMENTS (D37

Note 9 - BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Segment Reporting Information [Line Items]
Net Revenues	$ 24,181,300	$ 25,893,000	$ 51,112,100	$ 48,677,200
Earnings (Loss) Before Income Taxes	1,682,700	520,700	3,664,900	1,525,300
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	1,977,000	2,035,600	4,099,100	4,169,600
Earnings (Loss) Before Income Taxes	388,300	543,200	957,400	1,202,200
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	22,204,300	23,857,400	47,013,000	44,507,600
Earnings (Loss) Before Income Taxes	4,571,600	3,315,900	8,949,800	6,513,400
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (3,277,200)	$ (3,338,400)	$ (6,242,300)	$ (6,190,300)

Note 10 - FAIR VALUE MEASUREM38

Note 10 - FAIR VALUE MEASUREMENTS (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($)	Aug. 31, 2017	Aug. 31, 2016
Note 10 - FAIR VALUE MEASUREMENTS (Details) [Line Items]
Lines of Credit, Fair Value Disclosure	$ 6,248,900	$ 4,882,900
Long-term Debt, Fair Value	$ 20,905,800	$ 20,130,100

Note 11 - DEFERRED REVENUES (De

Note 11 - DEFERRED REVENUES (Details)	6 Months Ended
	Aug. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Deferred Revenue, Additions	$ 647,100

Note 12 - SUBSEQUENT EVENT (Det

Note 12 - SUBSEQUENT EVENT (Details) $ in Millions	Sep. 01, 2017USD ($)
Subsequent Event [Member] | Line of Credit [Member]
Note 12 - SUBSEQUENT EVENT (Details) [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 15