Educational Development (EDUC) 10-Q 16 Jul 18 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2018	Jul. 09, 2018
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		4,093,481
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	May 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1

CONDENSED BALANCE SHEETS (UNAUD

CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)	May 31, 2018	Feb. 28, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 4,430,900	$ 2,723,300
Accounts receivable, less allowance for doubtful accounts $347,200 (May 31) and $297,100 (February 28)	2,772,300	2,913,700
Inventories—Net	27,715,700	26,618,600
Prepaid expenses and other assets	959,200	1,259,000
Total current assets	35,878,100	33,514,600
INVENTORIES—Net	490,300	435,900
PROPERTY, PLANT AND EQUIPMENT—Net	27,705,600	27,860,500
OTHER ASSETS	26,900	26,900
TOTAL ASSETS	64,100,900	61,837,900
CURRENT LIABILITIES:
Accounts payable	13,229,500	12,469,000
Deferred revenues	442,400	693,000
Current maturities of long-term debt	891,100	881,200
Accrued salaries and commissions	1,910,800	2,007,900
Income taxes payable	2,285,200	1,798,800
Dividends payable	409,000	0
Other current liabilities	3,132,800	3,517,900
Total current liabilities	22,300,800	21,367,800
LONG-TERM DEBT—Net of current maturities	19,563,900	19,825,100
DEFERRED INCOME TAXES—Net	325,000	136,900
OTHER LONG-TERM LIABILITIES	106,000	106,000
Total liabilities	42,295,700	41,435,800
COMMITMENTS (Note 7)
SHAREHOLDERS’ EQUITY:
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,046,040 (May 31 and February 28) shares; Outstanding 4,090,034 (May 31) and 4,089,806 (February 28) shares	1,209,200	1,209,200
Capital in excess of par value	8,573,300	8,573,300
Retained earnings	22,940,100	21,532,500
	32,722,600	31,315,000
Less treasury stock, at cost	(10,917,400)	(10,912,900)
Total shareholders’ equity	21,805,200	20,402,100
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 64,100,900	$ 61,837,900

CONDENSED BALANCE SHEETS (UNAU3

CONDENSED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($)	May 31, 2018	Feb. 28, 2018
Allowance for doubtful accounts (in Dollars)	$ 347,200	$ 297,100
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	6,046,040	6,046,040
Common Stock, shares outstanding	4,090,034	4,089,806

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)	3 Months Ended
	May 31, 2018	May 31, 2017
REVENUES	$ 30,022,300	$ 26,941,200
COST OF GOODS SOLD	9,669,700	8,598,800
Gross margin	20,352,600	18,342,400
OPERATING EXPENSES:
Operating and selling	4,752,200	4,226,800
Sales commissions	9,373,100	8,509,200
General and administrative	3,892,500	3,713,900
Total operating expenses	18,017,800	16,449,900
INTEREST EXPENSE	213,400	281,500
OTHER INCOME	(374,400)	(371,200)
EARNINGS BEFORE INCOME TAXES	2,495,800	1,982,200
INCOME TAXES	679,200	756,900
NET EARNINGS	$ 1,816,600	$ 1,225,300
BASIC AND DILUTED EARNINGS PER SHARE:
Basic (in Dollars per share)	$ 0.44	$ 0.30
Diluted (in Dollars per share)	$ 0.44	$ 0.30
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic (in Shares)	4,088,595	4,090,143
Diluted (in Shares)	4,092,504	4,093,878
Dividends per share (in Dollars per share)	$ 0.10	$ 0
Gross revenue [Member]
REVENUES	$ 39,074,800	$ 34,511,100
Discounts and Allowances [Member]
REVENUES	(11,901,400)	(10,270,500)
Transportation Revenue [Member]
REVENUES	$ 2,848,900	$ 2,700,600

CONDENSED STATEMENT OF CHANGES

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 3 months ended May 31, 2018 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 2018	$ 1,209,200	$ 8,573,300	$ 21,532,500	$ (10,912,900)	$ 20,402,100
Balance (in Shares) at Feb. 28, 2018	6,046,040			1,956,234
Purchases of treasury stock				$ (29,600)	(29,600)
Purchases of treasury stock (in Shares)				1,423
Sales of treasury stock				$ 25,100	25,100
Sales of treasury stock (in Shares)				(1,651)
Dividends declared ($0.10/share)			(409,000)		(409,000)
Net earnings			1,816,600		1,816,600
Balance at May. 31, 2018	$ 1,209,200	$ 8,573,300	$ 22,940,100	$ (10,917,400)	$ 21,805,200
Balance (in Shares) at May. 31, 2018	6,046,040			1,956,006

CONDENSED STATEMENT OF CHANGES6

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parentheticals)	3 Months Ended
	May 31, 2018$ / shares
Dividends declared /share	$ 0.10

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	May 31, 2018	May 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 1,816,600	$ 1,225,300
Depreciation	352,800	293,300
Deferred income taxes, net	188,100	54,500
Provision for doubtful accounts	85,000	90,300
Provision for inventory valuation allowance	92,100	205,600
Accounts receivable	56,400	(395,000)
Inventories, net	(1,243,600)	4,389,100
Prepaid expenses and other assets	299,800	(3,400)
Accounts payable	1,366,700	(7,133,900)
Accrued salaries and commissions, and other liabilities	(482,200)	355,200
Deferred revenues	(250,600)	(86,100)
Income tax payable	486,400	663,100
Total adjustments	950,900	(1,567,300)
Net cash provided by (used in) operating activities	2,767,500	(342,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(804,100)	(236,800)
Net cash used in investing activities	(804,100)	(236,800)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(251,300)	(219,000)
Cash received from sale of treasury stock	25,100	9,000
Cash used to purchase treasury stock	(29,600)	0
Net borrowings under line of credit	0	677,400
Net cash provided by (used in) financing activities	(255,800)	467,400
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,707,600	(111,400)
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD	2,723,300	699,200
CASH AND CASH EQUIVALENTS—END OF PERIOD	4,430,900	587,800
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for interest	229,300	275,200
Cash paid for income taxes (net of refunds)	(6,100)	0
NON-CASH TRANSACTIONS:
Accrued capital expenditures	$ 33,300	$ 0

Note 1 - BASIS OF PRESENTATION

Note 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	May 31, 2018
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, 2018 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 2018 condensed balance sheets, condensed statement of earnings and consolidated statement of cash flows to conform to the classifications used in fiscal 2019. 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, 2018 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,” (Topic 606) 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. The amendments in this series of updates shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted Topic 606, Revenue from Contracts with Customers, with a date of initial application of March 1, 2018, using the full retrospective method applied to all contracts. Results for all reporting periods are presented under Topic 606. As a result of adopting this new accounting guidance, the Company has changed the method of accounting for its hostess awards program from reporting the net cost of these awards in operating and selling expenses to allocating a portion of the transaction price to the material right and reporting these in gross sales and discounts with the associated costs in cost of goods sold. The new reporting of these awards increases gross sales and increases discounts and allowances for a similar amount, having an immaterial effect on net revenues and no effect on net earnings or retained earnings, but lowering the Company’s gross margin percentage. The Company has also removed the allowance for sales returns from the net accounts receivable amount reported on the balance sheet. The allowance for sales returns has been adjusted to reflect a refund liability and a return asset. The cumulative impact of adoption of the new revenue recognition standard had a $0 impact to net earnings and retained earnings (See Note 11). 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 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 2020. We anticipate this ASU having minimal impact on our financial statements. In August 2016, FASB issued ASU No. 2016-15 “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments.” The guidance’s objective is to reduce diversity in practice of how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new standards required date of adoption is effective for fiscal years beginning after December 15, 2017. This standard was adopted as of March 1, 2018. Adoption of this new standard did not have a material 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. The new standard is required to be applied prospectively. The guidance was effective March 1, 2018, and the adoption of this ASU did not have a material impact on our financial statements.

Note 2 - INVENTORIES

Note 2 - INVENTORIES	3 Months Ended
	May 31, 2018
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: 2018 May 31, February 28, Current: Book inventory $ 28,177,200 $ 27,078,600 Inventory valuation allowance (461,500 ) (460,000 ) Inventories net–current $ 27,715,700 $ 26,618,600 Noncurrent: Book inventory $ 838,800 $ 707,700 Inventory valuation allowance (348,500 ) (271,800 ) Inventories net–noncurrent $ 490,300 $ 435,900 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, Usborne Publishing, Ltd. (“Usborne”). Purchases from this company were approximately $7.6 million and $1.9 million for the three months ended May 31, 2018 and 2017, respectively. Total inventory purchases from all suppliers were $11.0 million and $5.4 million for the three months ended May 31, 2018 and 2017, respectively.

Note 3 - DEBT

Note 3 - DEBT	3 Months Ended
	May 31, 2018
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 3 Debt consists of the following: 2018 May 31, February 28, Line of credit $ - $ - Long-term debt $ 20,455,000 $ 20,706,300 Less current maturities (891,100 ) (881,200 ) Long-term debt, net of current maturities $ 19,563,900 $ 19,825,100 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. For 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 (5.03% at May 31, 2018). 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 The President and Chief Executive Officer and his wife have executed a Guaranty Agreement obligating them to repay $3,680,000 of any unpaid amount of Term Loan #1, unpaid accrued interest thereon, and any recourse amounts as defined in the Continuing Guaranty Agreement (See Note 12). The Tranche B, the line of credit and the Term Loan #2 accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA Ratio, which is payable monthly. The variable interest 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 EBITDA is defined in the Loan Agreement as earnings before interest expense, income tax expense (benefit) and depreciation and amortization expenses. We had no borrowings outstanding on our revolving credit agreement at May 31, 2018 and February 28, 2018. Available credit under the revolving credit agreement was $10,448,800 and $9,424,000 at May 31, 2018 and at February 28, 2018, respectively. 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 (see Note 12), 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 May 31, 2018, 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 places limitations on the amount of dividends that may be distributed and certain stock buyback transactions. 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), 2019 $ 735,800 2020 926,300 2021 968,100 2022 1,016,800 2023 1,065,300 Thereafter 15,742,700 $ 20,455,000

Note 4 - EARNINGS PER SHARE

Note 4 - EARNINGS PER SHARE	3 Months Ended
	May 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 4 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 May 31, 2018 2017 Earnings Per Share: Net earnings applicable to common shareholders $ 1,816,600 $ 1,225,300 Shares: Weighted average shares outstanding–basic 4,088,595 4,090,143 Assumed exercise of options 3,909 3,735 Weighted average shares outstanding–diluted 4,092,504 4,093,878 Diluted Earnings Per Share: Basic $ 0.44 $ 0.30 Diluted $ 0.44 $ 0.30

Note 5 - STOCK-BASED COMPENSATI

Note 5 - STOCK-BASED COMPENSATION	3 Months Ended
	May 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 5 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 three months

Note 6 - SHIPPING AND HANDLING

Note 6 - SHIPPING AND HANDLING COSTS	3 Months Ended
	May 31, 2018
Disclosure Text Block [Abstract]
Other Operating Income and Expense [Text Block]	Note 6 SHIPPING AND HANDLING COSTS We classify shipping and handling costs as operating and selling expenses in the statements of earnings. Shipping and handling costs include postage, freight, handling costs, as well as, shipping materials and supplies. These costs were

Note 7 - COMMITMENTS

Note 7 - COMMITMENTS	3 Months Ended
	May 31, 2018
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	Note 7 – In connection with the purchase of our 400,000 square-foot facility on 40-acres, in 2015, we entered in to a 15-year lease with the seller, a non-related third party, who leases 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 at $10,159,000, which was also the carrying cost as of May 31, 2018. The lessee pays $110,100 per month, through the lease anniversary date of December 2018, with a 2.0% annual increase adjustment on each anniversary date thereafter. 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 statements of earnings. At May 31, 2018, we had outstanding purchase commitments for inventory totaling approximately $18,398,300 which will be due during fiscal year 2019. Of these commitments, $13,298,100 were with Usborne, $4,873,900 with various Kane Miller publishers and the remaining $226,300 with other suppliers.

Note 8 - BUSINESS SEGMENTS

Note 8 - BUSINESS SEGMENTS	3 Months Ended
	May 31, 2018
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 8 We have 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. Our 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. Our UBAM segment markets its products through a network of independent sales consultants using a combination of direct sales, home shows, book fairs and internet sales. The accounting policies of the segments are the same as those of the rest of the Company. 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-month period ended May 31, 2018 and 2017, follows: NET REVENUES 2018 2017 Publishing $ 2,306,200 $ 2,122,100 UBAM 27,716,100 24,819,100 Total $ 30,022,300 $ 26,941,200 EARNINGS (LOSS) BEFORE INCOME TAXES 2018 2017 Publishing $ 506,300 $ 569,100 UBAM 5,099,000 4,379,500 Other (3,109,500 ) (2,966,400 ) Total $ 2,495,800 $ 1,982,200

Note 9 - FAIR VALUE MEASUREMENT

Note 9 - FAIR VALUE MEASUREMENTS	3 Months Ended
	May 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9 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 May 31, 2018 and February 28, 2018. The estimated fair value of our term notes payable is estimated by management to approximate $19,294,100 and $19,454,500 at May 31, 2018 and February 28, 2018, 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 10 - DEFERRED REVENUES

Note 10 - DEFERRED REVENUES	3 Months Ended
	May 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 10 As of the end of our first quarter, we had received approximately $442,400 in payments for sales orders which were shipped out subsequent to the quarter end. As of May 31, 2018, these prepaid sales orders are included in deferred revenues on the condensed balance sheet.

Note 11 - REVENUE RECOGNITION

Note 11 - REVENUE RECOGNITION	3 Months Ended
	May 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Note 11 Revenue is derived from the sales of children’s books and related products which are generally capable of being distinct and accounted for as single performance obligation to deliver tangible goods. Substantially all of our books are sold to end consumers and publishing retail outlets. Accordingly, revenues are recognized at shipping point, which is the point in time the customer obtains control of the products. Shipping and handling fees are recorded as operating and selling expenses as fulfillment costs when the product is shipped and revenue is recognized. The Company estimates product returns based on historical return rates. The majority of the Company's contracts have a single performance obligation and are short term in nature. Sales taxes, that are collected from customers and remitted to governmental authorities, are accounted for on a net basis and therefore are excluded from net sales. Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On March 1, 2018, the Company adopted Topic 606, as prescribed by the FASB, using the full retrospective method. Results for all reporting periods are presented under Topic 606. There was no change to net earnings or retained earnings due to the adoption of Topic 606, with the impact primarily related to the recording of our hostess award program in gross sales and discounts and allowances, as opposed to recording the net costs in operating and selling expenses. Disaggregation of Revenue Please refer to Note 8 – Business Segments for revenue by segment. Arrangements with Multiple Performance Obligations Certain contracts associated with the hostess awards program include sales incentives, such as discounted or free products. These incentives provide a separate performance obligation in the contract and material right to the customer. The transaction price is allocated to the material right based on its relative standalone selling price and is recognized in revenue as the performance obligations are satisfied, which occurs at shipping point or at the expiration of the material right. As our sales incentives are delivered with the associated products ordered, there is no deferral required. Revenue allocated to the material right are recognized in gross sales, discounts and allowances and cost of goods sold in our condensed statement of earnings. Practical Expedients and Exemptions The Company generally expenses sales commissions when incurred. These costs are recorded within operating expenses. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Impact on Financial Statements As a result of applying Topic 606, the impact to the Company’s condensed consolidated balance sheet as of February 28, 2018 was as follows: As Reported Adjustments Without Adoption ASSETS Accounts receivable—Net $ 2,913,700 $ (99,900 ) $ 2,813,800 Inventories—Net 26,618,600 (100 ) 26,618,500 Prepaid expenses and other assets 1,259,000 (117,000 ) 1,142,000 Total current assets 33,514,600 (217,000 ) 33,297,600 TOTAL ASSETS 61,837,900 (217,000 ) 61,620,900 LIABILITIES Other current liabilities 3,517,900 (217,000 ) 3,300,900 Total liabilities 41,435,800 (217,000 ) 41,218,800 As a result of applying Topic 606, the impact to the Company’s condensed statement of earnings for the three months ended May 31, 2017 was as follows: As Reported Adjustments Without Adoption GROSS SALES $ 34,511,100 $ (3,337,200 ) $ 31,173,900 Less discounts and allowances (10,270,500 ) 3,326,800 (6,943,700 ) Transportation revenue 2,700,600 - 2,700,600 NET REVENUES 26,941,200 (10,400 ) 26,930,800 COST OF GOODS SOLD 8,598,800 (1,174,000 ) 7,424,800 Gross margin 18,342,400 1,163,600 19,506,000 OPERATING EXPENSES: Operating and selling 4,226,800 1,165,600 5,392,400 Sales commissions 8,509,200 - 8,509,200 General and administrative 3,713,900 - 3,713,900 Total operating expenses 16,449,900 1,165,600 17,615,500 INTEREST EXPENSE 281,500 - 281,500 OTHER INCOME (371,200 ) (2,000 ) (373,200 ) EARNINGS BEFORE INCOME TAXES 1,982,200 - 1,982,200 INCOME TAXES 756,900 - 756,900 NET EARNINGS $ 1,225,300 $ - $ 1,225,300 As a result of applying Topic 606, the impact to the Company’s operating results by reporting segment for the three months ended May 31, 2017 was as follows: UBAM As Reported Adjustments Without Adoption GROSS SALES $ 29,986,300 $ (3,337,900 ) $ 26,648,400 Less discounts and allowances (7,860,700 ) 3,327,500 (4,533,200 ) Transportation revenue 2,693,500 - 2,693,500 NET REVENUES 24,819,100 (10,400 ) 24,808,700 COST OF GOODS SOLD 7,473,700 (1,174,000 ) 6,299,700 Gross margin 17,345,400 1,163,600 18,509,000 OPERATING EXPENSES: Operating and selling 3,165,200 1,164,900 4,330,100 Sales commissions 8,423,700 8,423,700 General and administrative 1,377,000 1,377,000 Total operating expenses 12,965,900 1,164,900 14,130,800 OPERATING INCOME $ 4,379,500 $ (1,300 ) $ 4,378,200 Publishing As Reported Adjustments Without Adoption GROSS SALES $ 4,524,800 $ 700 $ 4,525,500 Less discounts and allowances (2,409,800 ) (700 ) (2,410,500 ) Transportation revenue 7,100 - 7,100 NET REVENUES 2,122,100 - 2,122,100 COST OF GOODS SOLD 1,125,100 - 1,125,100 Gross margin 997,000 - 997,000 OPERATING EXPENSES: Operating and selling 244,900 - 244,900 Sales commissions 83,500 - 83,500 General and administrative 99,500 - 99,500 Total operating expenses 427,900 - 427,900 OPERATING INCOME $ 569,100 $ - $ 569,100

Note 12 - SUBSEQUENT EVENT

Note 12 - SUBSEQUENT EVENT	3 Months Ended
	May 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 12 On June 15, 2018, the Company executed the Eighth Amendment Loan Agreement with the Bank related to our Loan Agreement dated as of March 10, 2016, as amended. The Amendment modifies the Loan Agreement, extending the termination date until August 15, 2019, reduces the interest rate pricing grid for all floating rate borrowings covered by the Loan Agreement, establishes a new $3,000,000 advancing term loan to be used for capital expansions to increase daily shipping capacity, releases the Guaranty Agreement of Randall W. White and Carol White, along with other covenant restrictions being lessened. The amendment also includes an adjustment to the Adjusted Funded Debt to EBITDA ratio for covenant compliance.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	May 31, 2018
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, 2018 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 2018 condensed balance sheets, condensed statement of earnings and consolidated statement of cash flows to conform to the classifications used in fiscal 2019. 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,” (Topic 606) 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. The amendments in this series of updates shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted Topic 606, Revenue from Contracts with Customers, with a date of initial application of March 1, 2018, using the full retrospective method applied to all contracts. Results for all reporting periods are presented under Topic 606. As a result of adopting this new accounting guidance, the Company has changed the method of accounting for its hostess awards program from reporting the net cost of these awards in operating and selling expenses to allocating a portion of the transaction price to the material right and reporting these in gross sales and discounts with the associated costs in cost of goods sold. The new reporting of these awards increases gross sales and increases discounts and allowances for a similar amount, having an immaterial effect on net revenues and no effect on net earnings or retained earnings, but lowering the Company’s gross margin percentage. The Company has also removed the allowance for sales returns from the net accounts receivable amount reported on the balance sheet. The allowance for sales returns has been adjusted to reflect a refund liability and a return asset. The cumulative impact of adoption of the new revenue recognition standard had a $0 impact to net earnings and retained earnings (See Note 11). 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 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 2020. We anticipate this ASU having minimal impact on our financial statements. In August 2016, FASB issued ASU No. 2016-15 “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments.” The guidance’s objective is to reduce diversity in practice of how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new standards required date of adoption is effective for fiscal years beginning after December 15, 2017. This standard was adopted as of March 1, 2018. Adoption of this new standard did not have a material 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. The new standard is required to be applied prospectively. The guidance was effective March 1, 2018, and the adoption of this ASU did not have a material impact on our financial statements.

Note 2 - INVENTORIES (Tables)

Note 2 - INVENTORIES (Tables)	3 Months Ended
	May 31, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: 2018 May 31, February 28, Current: Book inventory $ 28,177,200 $ 27,078,600 Inventory valuation allowance (461,500 ) (460,000 ) Inventories net–current $ 27,715,700 $ 26,618,600 Noncurrent: Book inventory $ 838,800 $ 707,700 Inventory valuation allowance (348,500 ) (271,800 ) Inventories net–noncurrent $ 490,300 $ 435,900

Note 3 - DEBT (Tables)

Note 3 - DEBT (Tables)	3 Months Ended
	May 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: 2018 May 31, February 28, Line of credit $ - $ - Long-term debt $ 20,455,000 $ 20,706,300 Less current maturities (891,100 ) (881,200 ) Long-term debt, net of current maturities $ 19,563,900 $ 19,825,100
Schedule of Long-term Debt Instruments [Table Text Block]	The Tranche B, the line of credit and the Term Loan #2 accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA Ratio, which is payable monthly. The variable interest 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
Schedule of Maturities of Long-term Debt [Table Text Block]	Year ending February 28 (29), 2019 $ 735,800 2020 926,300 2021 968,100 2022 1,016,800 2023 1,065,300 Thereafter 15,742,700 $ 20,455,000

Note 4 - EARNINGS PER SHARE (Ta

Note 4 - EARNINGS PER SHARE (Tables)	3 Months Ended
	May 31, 2018
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 May 31, 2018 2017 Earnings Per Share: Net earnings applicable to common shareholders $ 1,816,600 $ 1,225,300 Shares: Weighted average shares outstanding–basic 4,088,595 4,090,143 Assumed exercise of options 3,909 3,735 Weighted average shares outstanding–diluted 4,092,504 4,093,878 Diluted Earnings Per Share: Basic $ 0.44 $ 0.30 Diluted $ 0.44 $ 0.30

Note 8 - BUSINESS SEGMENTS (Tab

Note 8 - BUSINESS SEGMENTS (Tables)	3 Months Ended
	May 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three-month period ended May 31, 2018 and 2017, follows: NET REVENUES 2018 2017 Publishing $ 2,306,200 $ 2,122,100 UBAM 27,716,100 24,819,100 Total $ 30,022,300 $ 26,941,200 EARNINGS (LOSS) BEFORE INCOME TAXES 2018 2017 Publishing $ 506,300 $ 569,100 UBAM 5,099,000 4,379,500 Other (3,109,500 ) (2,966,400 ) Total $ 2,495,800 $ 1,982,200

Note 11 - REVENUE RECOGNITION (

Note 11 - REVENUE RECOGNITION (Tables)	3 Months Ended
	May 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As Reported Adjustments Without Adoption ASSETS Accounts receivable—Net $ 2,913,700 $ (99,900 ) $ 2,813,800 Inventories—Net 26,618,600 (100 ) 26,618,500 Prepaid expenses and other assets 1,259,000 (117,000 ) 1,142,000 Total current assets 33,514,600 (217,000 ) 33,297,600 TOTAL ASSETS 61,837,900 (217,000 ) 61,620,900 LIABILITIES Other current liabilities 3,517,900 (217,000 ) 3,300,900 Total liabilities 41,435,800 (217,000 ) 41,218,800 As Reported Adjustments Without Adoption GROSS SALES $ 34,511,100 $ (3,337,200 ) $ 31,173,900 Less discounts and allowances (10,270,500 ) 3,326,800 (6,943,700 ) Transportation revenue 2,700,600 - 2,700,600 NET REVENUES 26,941,200 (10,400 ) 26,930,800 COST OF GOODS SOLD 8,598,800 (1,174,000 ) 7,424,800 Gross margin 18,342,400 1,163,600 19,506,000 OPERATING EXPENSES: Operating and selling 4,226,800 1,165,600 5,392,400 Sales commissions 8,509,200 - 8,509,200 General and administrative 3,713,900 - 3,713,900 Total operating expenses 16,449,900 1,165,600 17,615,500 INTEREST EXPENSE 281,500 - 281,500 OTHER INCOME (371,200 ) (2,000 ) (373,200 ) EARNINGS BEFORE INCOME TAXES 1,982,200 - 1,982,200 INCOME TAXES 756,900 - 756,900 NET EARNINGS $ 1,225,300 $ - $ 1,225,300
Disaggregation of Revenue [Table Text Block]	As Reported Adjustments Without Adoption GROSS SALES $ 29,986,300 $ (3,337,900 ) $ 26,648,400 Less discounts and allowances (7,860,700 ) 3,327,500 (4,533,200 ) Transportation revenue 2,693,500 - 2,693,500 NET REVENUES 24,819,100 (10,400 ) 24,808,700 COST OF GOODS SOLD 7,473,700 (1,174,000 ) 6,299,700 Gross margin 17,345,400 1,163,600 18,509,000 OPERATING EXPENSES: Operating and selling 3,165,200 1,164,900 4,330,100 Sales commissions 8,423,700 8,423,700 General and administrative 1,377,000 1,377,000 Total operating expenses 12,965,900 1,164,900 14,130,800 OPERATING INCOME $ 4,379,500 $ (1,300 ) $ 4,378,200 As Reported Adjustments Without Adoption GROSS SALES $ 4,524,800 $ 700 $ 4,525,500 Less discounts and allowances (2,409,800 ) (700 ) (2,410,500 ) Transportation revenue 7,100 - 7,100 NET REVENUES 2,122,100 - 2,122,100 COST OF GOODS SOLD 1,125,100 - 1,125,100 Gross margin 997,000 - 997,000 OPERATING EXPENSES: Operating and selling 244,900 - 244,900 Sales commissions 83,500 - 83,500 General and administrative 99,500 - 99,500 Total operating expenses 427,900 - 427,900 OPERATING INCOME $ 569,100 $ - $ 569,100

Note 2 - INVENTORIES (Details)

Note 2 - INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2018	May 31, 2017
Note 2 - INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 11	$ 5.4
England Based Publishing Company [Member]
Note 2 - INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 7.6	$ 1.9

Note 2 - INVENTORIES (Details)

Note 2 - INVENTORIES (Details) - Schedule of Inventory - USD ($)	May 31, 2018	Feb. 28, 2018
Note 2 - INVENTORIES (Details) - Schedule of Inventory [Line Items]
Inventories net–non-current	$ 490,300	$ 435,900
Inventories net–current	27,715,700	26,618,600
Inventory, Current [Member]
Note 2 - INVENTORIES (Details) - Schedule of Inventory [Line Items]
Book inventory	28,177,200	27,078,600
Inventory valuation allowance	(461,500)	(460,000)
Inventories net–current	27,715,700	26,618,600
Inventory, Noncurrent [Member]
Note 2 - INVENTORIES (Details) - Schedule of Inventory [Line Items]
Book inventory	838,800	707,700
Inventory valuation allowance	(348,500)	(271,800)
Inventories net–non-current	$ 490,300	$ 435,900

Note 3 - DEBT (Details)

Note 3 - DEBT (Details) - USD ($)	Mar. 10, 2016	May 31, 2018	Feb. 28, 2018
Note 3 - DEBT (Details) [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 10,448,800	$ 9,424,000
Term Loan #2 [Member]
Note 3 - DEBT (Details) [Line Items]
Guarantor Obligations, Current Carrying Value		3,680,000
Term Loan #2 [Member] | Line of Credit [Member]
Note 3 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000,000
Line of Credit Facility, Expiration Date		Jun. 15, 2018
Line of Credit Facility, Interest Rate at Period End		5.03%
Notes Payable to Banks [Member] | Term Loan #1, Tranche A [Member]
Note 3 - 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 3 - 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 #2 [Member]
Note 3 - 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
Medium-term Notes [Member] | Term Loan #1, Tranche A [Member]
Note 3 - DEBT (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.23%
London Interbank Offered Rate (LIBOR) [Member] | Notes Payable to Banks [Member] | Term Loan #1, Tranche B [Member]
Note 3 - DEBT (Details) [Line Items]
Line of Credit Facility, Interest Rate at Period End		5.03%
London Interbank Offered Rate (LIBOR) [Member] | Notes Payable to Banks [Member] | Term Loan #2 [Member]
Note 3 - DEBT (Details) [Line Items]
Debt Instrument, Interest Rate During Period		5.03%

Note 3 - DEBT (Details) - Sched

Note 3 - DEBT (Details) - Schedule of Debt - USD ($)	May 31, 2018	Feb. 28, 2018
Schedule of Debt [Abstract]
Line of credit	$ 0	$ 0
Long-term debt	20,455,000	20,706,300
Less current maturities	(891,100)	(881,200)
Long-term debt, net of current maturities	$ 19,563,900	$ 19,825,100

Note 3 - DEBT (Details) - Sch30

Note 3 - DEBT (Details) - Schedule of Long-term Debt Instruments	9 Months Ended
	Nov. 30, 2017
Pricing Tier I [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>3.00
Pricing Teir II [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>2.50 but <3.00
Pricing Tier III [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>2.00 but <2.50
Pricing Tier IV [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	<2.00
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier I [Member]
Debt Instrument [Line Items]
LIBOR Margin	350.50%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Teir II [Member]
Debt Instrument [Line Items]
LIBOR Margin	337.50%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier III [Member]
Debt Instrument [Line Items]
LIBOR Margin	325.00%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier IV [Member]
Debt Instrument [Line Items]
LIBOR Margin	312.50%

Note 3 - DEBT (Details) - Sch31

Note 3 - DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	May 31, 2018	Feb. 28, 2018
Schedule of Maturities of Long-term Debt [Abstract]
2,019	$ 735,800
2,020	926,300
2,021	968,100
2,022	1,016,800
2,023	1,065,300
Thereafter	15,742,700
	$ 20,455,000	$ 20,706,300

Note 4 - EARNINGS PER SHARE (D

Note 4 - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share - USD ($)	3 Months Ended
	May 31, 2018	May 31, 2017
Earnings Per Share:
Net earnings applicable to common shareholders (in Dollars)	$ 1,816,600	$ 1,225,300
Shares:
Weighted average shares outstanding–basic	4,088,595	4,090,143
Assumed exercise of options	3,909	3,735
Weighted average shares outstanding–diluted	4,092,504	4,093,878
Diluted Earnings Per Share:
Basic (in Dollars per share)	$ 0.44	$ 0.30
Diluted (in Dollars per share)	$ 0.44	$ 0.30

Note 6 - SHIPPING AND HANDLIN33

Note 6 - SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended
	May 31, 2018	May 31, 2017
Note 6 - SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 9,669,700	$ 8,598,800
Shipping and Handling [Member]
Note 6 - SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 4,399,000	$ 3,852,300

Note 7 - COMMITMENTS (Details)

Note 7 - COMMITMENTS (Details)	3 Months Ended
	May 31, 2018USD ($)ft²a	Nov. 30, 2017USD ($)
Note 7 - COMMITMENTS (Details) [Line Items]
Area of Real Estate Property (in Square Feet) | ft²	181,300
Area of Land (in Acres) | a	40
Lessee, Operating Lease, Term of Contract	15 years
Area of Real Estate Property, as a Percentage of the Facility	45.30%
Operating Lease, Liability		$ 10,159,000
Description of Lessor Leasing Arrangements, Operating Leases	The lessee pays $110,100 per month, through the lease anniversary date of December 2018, with a 2.0% annual increase adjustment on each anniversary date
Operating Leases, Income Statement, Minimum Lease Revenue	$ 110,100
Lessor, Operating Lease, Renewal Term	5 years
Purchase Obligation, Due in Next Twelve Months	$ 18,398,300
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year	$ 226,300
Building [Member]
Note 7 - COMMITMENTS (Details) [Line Items]
Area of Real Estate Property (in Square Feet) | ft²	400,000
Usborne Books and More [Member]
Note 7 - COMMITMENTS (Details) [Line Items]
Purchase Obligation, Due in Next Twelve Months	$ 13,298,100
Kane Miller [Member]
Note 7 - COMMITMENTS (Details) [Line Items]
Purchase Obligation, Due in Next Twelve Months	$ 4,873,900

Note 8 - BUSINESS SEGMENTS (Det

Note 8 - BUSINESS SEGMENTS (Details)	3 Months Ended
	May 31, 2018
Segment Reporting [Abstract]
Number of Reportable Segments	2

Note 8 - BUSINESS SEGMENTS (D36

Note 8 - BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended
	May 31, 2018	May 31, 2017
Segment Reporting Information [Line Items]
Net Revenues	$ 30,022,300	$ 26,941,200
Earnings (Loss) Before Income Taxes	2,495,800	1,982,200
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,306,200	2,122,100
Earnings (Loss) Before Income Taxes	506,300	569,100
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	27,716,100	24,819,100
Earnings (Loss) Before Income Taxes	5,099,000	4,379,500
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (3,109,500)	$ (2,966,400)

Note 9 - FAIR VALUE MEASUREME37

Note 9 - FAIR VALUE MEASUREMENTS (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($)	May 31, 2018	Feb. 28, 2018
Note 9 - FAIR VALUE MEASUREMENTS (Details) [Line Items]
Lines of Credit, Fair Value Disclosure	$ 0
Long-term Debt, Fair Value	$ 19,294,100	$ 19,454,500

Note 10 - DEFERRED REVENUES (De

Note 10 - DEFERRED REVENUES (Details)	3 Months Ended
	May 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Deferred Revenue, Additions	$ 442,400

Note 11 - REVENUE RECOGNITION39

Note 11 - REVENUE RECOGNITION (Details) - Schedule of New Accounting Pronouncements and Changes in Accounting Principles - USD ($)	3 Months Ended
	May 31, 2018	May 31, 2017	Feb. 28, 2018
ASSETS
Accounts receivable—Net	$ 2,772,300		$ 2,913,700
Inventories—Net	27,715,700		26,618,600
Prepaid expenses and other assets	959,200		1,259,000
Total current assets	35,878,100		33,514,600
TOTAL ASSETS	64,100,900		61,837,900
LIABILITIES
Other current liabilities	3,132,800		3,517,900
Total liabilities	42,295,700		41,435,800
REVENUES	30,022,300	$ 26,941,200
COST OF GOODS SOLD	9,669,700	8,598,800
Gross margin	20,352,600	18,342,400
OPERATING EXPENSES:
Operating and selling	4,752,200	4,226,800
Sales commissions	9,373,100	8,509,200
General and administrative	3,892,500	3,713,900
Total operating expenses	18,017,800	16,449,900
INTEREST EXPENSE	213,400	281,500
OTHER INCOME	(374,400)	(371,200)
EARNINGS BEFORE INCOME TAXES	2,495,800	1,982,200
INCOME TAXES	679,200	756,900
NET EARNINGS	1,816,600	1,225,300
Topic 606 [Member]
ASSETS
Accounts receivable—Net			(99,900)
Inventories—Net			(100)
Prepaid expenses and other assets			(117,000)
Total current assets			(217,000)
TOTAL ASSETS			(217,000)
LIABILITIES
Other current liabilities			(217,000)
Total liabilities			(217,000)
REVENUES		(10,400)
COST OF GOODS SOLD		(1,174,000)
Gross margin		1,163,600
OPERATING EXPENSES:
Operating and selling		1,165,600
Sales commissions		0
General and administrative		0
Total operating expenses		1,165,600
INTEREST EXPENSE		0
OTHER INCOME		(2,000)
EARNINGS BEFORE INCOME TAXES		0
INCOME TAXES		0
NET EARNINGS		0
Without Adoption [Member]
ASSETS
Accounts receivable—Net			2,813,800
Inventories—Net			26,618,500
Prepaid expenses and other assets			1,142,000
Total current assets			33,297,600
TOTAL ASSETS			61,620,900
LIABILITIES
Other current liabilities			3,300,900
Total liabilities			$ 41,218,800
REVENUES		26,930,800
COST OF GOODS SOLD		7,424,800
Gross margin		19,506,000
OPERATING EXPENSES:
Operating and selling		5,392,400
Sales commissions		8,509,200
General and administrative		3,713,900
Total operating expenses		17,615,500
INTEREST EXPENSE		281,500
OTHER INCOME		(373,200)
EARNINGS BEFORE INCOME TAXES		1,982,200
INCOME TAXES		756,900
NET EARNINGS		1,225,300
Gross revenue [Member]
LIABILITIES
REVENUES	39,074,800	34,511,100
Gross revenue [Member] | Topic 606 [Member]
LIABILITIES
REVENUES		(3,337,200)
Gross revenue [Member] | Without Adoption [Member]
LIABILITIES
REVENUES		31,173,900
Discounts and Allowances [Member]
LIABILITIES
REVENUES	(11,901,400)	(10,270,500)
Discounts and Allowances [Member] | Topic 606 [Member]
LIABILITIES
REVENUES		3,326,800
Discounts and Allowances [Member] | Without Adoption [Member]
LIABILITIES
REVENUES		(6,943,700)
Transportation Revenue [Member]
LIABILITIES
REVENUES	$ 2,848,900	2,700,600
Transportation Revenue [Member] | Topic 606 [Member]
LIABILITIES
REVENUES		0
Transportation Revenue [Member] | Without Adoption [Member]
LIABILITIES
REVENUES		$ 2,700,600

Note 11 - REVENUE RECOGNITION40

Note 11 - REVENUE RECOGNITION (Details) - Disaggregation of Revenue - USD ($)	3 Months Ended
	May 31, 2018	May 31, 2017
Disaggregation of Revenue [Line Items]
REVENUES	$ 30,022,300	$ 26,941,200
COST OF GOODS SOLD	9,669,700	8,598,800
Gross margin	20,352,600	18,342,400
OPERATING EXPENSES:
Operating and selling	4,752,200	4,226,800
Sales commissions	9,373,100	8,509,200
General and administrative	3,892,500	3,713,900
Total operating expenses	18,017,800	16,449,900
Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(10,400)
COST OF GOODS SOLD		(1,174,000)
Gross margin		1,163,600
OPERATING EXPENSES:
Operating and selling		1,165,600
Sales commissions		0
General and administrative		0
Total operating expenses		1,165,600
Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		26,930,800
COST OF GOODS SOLD		7,424,800
Gross margin		19,506,000
OPERATING EXPENSES:
Operating and selling		5,392,400
Sales commissions		8,509,200
General and administrative		3,713,900
Total operating expenses		17,615,500
UBAM [Member]
Disaggregation of Revenue [Line Items]
REVENUES		24,819,100
COST OF GOODS SOLD		7,473,700
Gross margin		17,345,400
OPERATING EXPENSES:
Operating and selling		3,165,200
Sales commissions		8,423,700
General and administrative		1,377,000
Total operating expenses		12,965,900
OPERATING INCOME		4,379,500
UBAM [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(10,400)
COST OF GOODS SOLD		(1,174,000)
Gross margin		1,163,600
OPERATING EXPENSES:
Operating and selling		1,164,900
Sales commissions		0
General and administrative		0
Total operating expenses		1,164,900
OPERATING INCOME		(1,300)
UBAM [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		24,808,700
COST OF GOODS SOLD		6,299,700
Gross margin		18,509,000
OPERATING EXPENSES:
Operating and selling		4,330,100
Sales commissions		8,423,700
General and administrative		1,377,000
Total operating expenses		14,130,800
OPERATING INCOME		4,378,200
Publishing [Member]
Disaggregation of Revenue [Line Items]
REVENUES		2,122,100
COST OF GOODS SOLD		1,125,100
Gross margin		997,000
OPERATING EXPENSES:
Operating and selling		244,900
Sales commissions		83,500
General and administrative		99,500
Total operating expenses		427,900
OPERATING INCOME		569,100
Publishing [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		0
COST OF GOODS SOLD		0
Gross margin		0
OPERATING EXPENSES:
Operating and selling		0
Sales commissions		0
General and administrative		0
Total operating expenses		0
OPERATING INCOME		0
Publishing [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		2,122,100
COST OF GOODS SOLD		1,125,100
Gross margin		997,000
OPERATING EXPENSES:
Operating and selling		244,900
Sales commissions		83,500
General and administrative		99,500
Total operating expenses		427,900
OPERATING INCOME		569,100
Gross revenue [Member]
Disaggregation of Revenue [Line Items]
REVENUES	39,074,800	34,511,100
Gross revenue [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(3,337,200)
Gross revenue [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		31,173,900
Gross revenue [Member] | UBAM [Member]
Disaggregation of Revenue [Line Items]
REVENUES		29,986,300
Gross revenue [Member] | UBAM [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(3,337,900)
Gross revenue [Member] | UBAM [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		26,648,400
Gross revenue [Member] | Publishing [Member]
Disaggregation of Revenue [Line Items]
REVENUES		4,524,800
Gross revenue [Member] | Publishing [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		700
Gross revenue [Member] | Publishing [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		4,525,500
Discounts and Allowances [Member]
Disaggregation of Revenue [Line Items]
REVENUES	(11,901,400)	(10,270,500)
Discounts and Allowances [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		3,326,800
Discounts and Allowances [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(6,943,700)
Discounts and Allowances [Member] | UBAM [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(7,860,700)
Discounts and Allowances [Member] | UBAM [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		3,327,500
Discounts and Allowances [Member] | UBAM [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(4,533,200)
Discounts and Allowances [Member] | Publishing [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(2,409,800)
Discounts and Allowances [Member] | Publishing [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(700)
Discounts and Allowances [Member] | Publishing [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		(2,410,500)
Transportation Revenue [Member]
Disaggregation of Revenue [Line Items]
REVENUES	$ 2,848,900	2,700,600
Transportation Revenue [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		0
Transportation Revenue [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		2,700,600
Transportation Revenue [Member] | UBAM [Member]
Disaggregation of Revenue [Line Items]
REVENUES		2,693,500
Transportation Revenue [Member] | UBAM [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		0
Transportation Revenue [Member] | UBAM [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		2,693,500
Transportation Revenue [Member] | Publishing [Member]
Disaggregation of Revenue [Line Items]
REVENUES		7,100
Transportation Revenue [Member] | Publishing [Member] | Topic 606 [Member]
Disaggregation of Revenue [Line Items]
REVENUES		0
Transportation Revenue [Member] | Publishing [Member] | Without Adoption [Member]
Disaggregation of Revenue [Line Items]
REVENUES		$ 7,100

Note 12 - SUBSEQUENT EVENT (Det

Note 12 - SUBSEQUENT EVENT (Details) - Subsequent Event [Member]	Jun. 15, 2018USD ($)
Note 12 - SUBSEQUENT EVENT (Details) [Line Items]
Long-term Debt, Maturity Date	Aug. 15, 2019
Debt Instrument, Face Amount	$ 3,000,000