Educational Development (EDUC) 10-Q 15 Jul 19 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2019	Jul. 11, 2019
Document Information Line Items
Entity Registrant Name	Educational Development Corp
Document Type	10-Q
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		8,434,999
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	May 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	May 31, 2019	Feb. 28, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 1,402,400	$ 3,199,300
Accounts receivable, less allowance for doubtful accounts of $368,800 (May 31) and $268,600 (February 28)	3,075,600	3,258,800
Inventories - Net	33,507,900	33,445,600
Prepaid expenses and other assets	1,089,900	1,603,500
Total current assets	39,075,800	41,507,200
INVENTORIES - Net	556,000	575,000
PROPERTY, PLANT AND EQUIPMENT - Net	26,927,700	27,164,600
OTHER ASSETS	72,500	19,500
TOTAL ASSETS	66,632,000	69,266,300
CURRENT LIABILITIES
Accounts payable	12,043,700	14,228,600
Deferred revenues	388,900	965,600
Current maturities of long-term debt	944,900	945,900
Accrued salaries and commissions	1,926,700	2,039,000
Income taxes payable	1,191,500	756,400
Dividends payable	408,900	410,100
Other current liabilities	3,292,700	4,177,900
Total current liabilities	20,197,300	23,523,500
LONG-TERM DEBT - Net of current maturities	18,593,900	18,830,700
DEFERRED INCOME TAXES - Net	820,800	872,600
OTHER LONG-TERM LIABILITIES	148,600	109,000
Total liabilities	39,760,600	43,335,800
SHAREHOLDERS' EQUITY
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,092,080 (May 31 and February 28) shares; Outstanding 8,177,294 (May 31) and 8,195,082 (February 28) shares	2,418,400	2,418,400
Capital in excess of par value	9,209,500	8,975,100
Retained earnings	26,709,600	25,754,900
	38,337,500	37,148,400
Less treasury stock, at cost	(11,466,100)	(11,217,900)
Total shareholders' equity	26,871,400	25,930,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 66,632,000	$ 69,266,300

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - USD ($)	May 31, 2019	Feb. 28, 2019
Allowance for doubtful accounts (in Dollars)	$ 368,800	$ 268,600
Common Stock, par value (in Dollars per share)	$ 0.20	$ 0.20
Common Stock, shares authorized	16,000,000	16,000,000
Common Stock, shares issued	12,092,080	12,092,080
Common Stock, shares outstanding	8,195,082	8,195,082

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS - USD ($)	3 Months Ended
	May 31, 2019	May 31, 2018
NET REVENUES	$ 27,587,400	$ 30,022,300
COST OF GOODS SOLD	9,056,200	9,669,700
Gross margin	18,531,200	20,352,600
OPERATING EXPENSE:
Operating and selling	4,383,900	4,752,200
Sales commissions	8,533,000	9,373,100
General and administrative	3,938,200	3,892,500
Total operating expenses	16,855,100	18,017,800
INTEREST EXPENSE	232,000	213,400
OTHER INCOME	(402,400)	(374,400)
EARNINGS BEFORE INCOME TAXES	1,846,500	2,495,800
INCOME TAXES	482,900	679,200
NET EARNINGS	$ 1,363,600	$ 1,816,600
BASIC AND DILUTED EARNINGS PER SHARE
Basic (in Dollars per share)	$ 0.17	$ 0.22
Diluted (in Dollars per share)	$ 0.17	$ 0.22
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Basic (in Shares)	8,184,272	8,177,190
Diluted (in Shares)	8,191,062	8,185,008
Dividends declared per share (in Dollars per share)	$ 0.05	$ 0.05
Gross Sales [Member]
REVENUES	$ 36,473,700	$ 39,074,800
Discounts and Allowances [Member]
Less discounts and allowances	(11,331,400)	(11,901,400)
Transportation Revenue [Member]
REVENUES	$ 2,445,100	$ 2,848,900

CONDENSED STATEMENTS OF SHAREHO

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 2018	$ 2,418,400	$ 8,573,300	$ 20,714,500	$ (11,304,100)	$ 20,402,100
Balance (in Shares) at Feb. 28, 2018	12,092,080			3,912,468
Purchases of treasury stock				$ (29,600)	(29,600)
Purchases of treasury stock (in Shares)				2,846
Sales of treasury stock				$ 25,100	25,100
Sales of treasury stock (in Shares)				(3,302)
Dividends declared			(409,000)		(409,000)
Net earnings			1,816,600		1,816,600
Balance at May. 31, 2018	$ 2,418,400	8,573,300	22,122,100	$ (11,308,600)	21,805,200
Balance (in Shares) at May. 31, 2018	12,092,080			3,912,012
Balance at Feb. 28, 2018	$ 2,418,400	8,573,300	20,714,500	$ (11,304,100)	20,402,100
Balance (in Shares) at Feb. 28, 2018	12,092,080			3,912,468
Balance at Feb. 28, 2019	$ 2,418,400	8,975,100	25,754,900	$ (11,217,900)	25,930,500
Balance (in Shares) at Feb. 28, 2019	12,092,080			3,896,998
Purchases of treasury stock				$ (302,500)	(302,500)
Purchases of treasury stock (in Shares)				36,959
Sales of treasury stock		68,100		$ 54,300	122,400
Sales of treasury stock (in Shares)				(19,171)
Dividends declared			(408,900)		(408,900)
Share-based compensation expense		166,300			166,300
Net earnings			1,363,600		1,363,600
Balance at May. 31, 2019	$ 2,418,400	$ 9,209,500	$ 26,709,600	$ (11,466,100)	$ 26,871,400
Balance (in Shares) at May. 31, 2019	12,092,080			3,914,786

CONDENSED STATEMENTS OF SHARE_2

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	May 31, 2019	May 31, 2018
Dividends declared	$ 0.05	$ 0.05

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	May 31, 2019	May 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 1,363,600	$ 1,816,600
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	366,200	352,800
Deferred income taxes, net	(51,800)	188,100
Provision for doubtful accounts	103,500	85,000
Provision for inventory valuation allowance	117,300	92,100
Share-based compensation expense	166,300	0
Changes in assets and liabilities:
Accounts receivable	79,700	56,400
Inventories	(160,600)	(1,243,600)
Prepaid expenses and other assets	460,600	299,800
Accounts payable	(2,184,900)	1,366,700
Accrued salaries and commissions, and other liabilities	(957,900)	(482,200)
Deferred revenues	(576,700)	(250,600)
Income taxes payable	435,100	486,400
Total adjustments	(2,203,200)	950,900
Net cash provided by (used in) operating activities	(839,600)	2,767,500
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(129,300)	(804,100)
Net cash used in investing activities	(129,300)	(804,100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(237,800)	(251,300)
Cash received from sale of treasury stock	122,400	25,100
Cash used to purchase treasury stock	(302,500)	(29,600)
Dividends paid	(410,100)	0
Net cash used in financing activities	(828,000)	(255,800)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,796,900)	1,707,600
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	3,199,300	2,723,300
CASH AND CASH EQUIVALENTS - END OF PERIOD	1,402,400	4,430,900
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for interest	232,000	229,300
Cash paid for income taxes (net of refunds)	100,200	(6,100)
NON-CASH TRANSACTIONS
Accrued capital expenditures	$ 0	$ 33,300

Note 1 - BASIS OF PRESENTATION

Note 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	May 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 1 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, 2019 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. On July 24, 2018, our Board of Directors authorized a two-for-one stock split in the form of a stock dividend. The stock dividend was distributed on August 22, 2018 to shareholders of record as of August 14, 2018. All share-based data, including the number of shares outstanding and per share amounts, have been retroactively adjusted to reflect the stock split for all periods presented. 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, other than the adoption of new accounting pronouncements separately documented below, are consistent with those disclosed in Note 1 to our audited financial statements as of and for the year ended February 28, 2019 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 February 2016, FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases, with the exception of short-term leases. The new accounting model for lessors remains largely unchanged, although some changes have been made to align it with the new lessee model and the new revenue recognition guidance. This update also requires companies to include additional disclosures regarding their lessee and lessor agreements. We adopted this standard on March 1, 2019, and it did not have a material impact on our condensed financial position, results of operations or cash flows. Adoption of this ASU resulted in an increase in our assets and liabilities by approximately $52,900 due to the recognition of right of use assets and lease liabilities. See Note 3 – Leases for our lease disclosures. 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. The Company adopted ASU No. 2016-13 in the first quarter of fiscal 2020. The adoption of this ASU did not have a material impact on the Company’s condensed financial position, results of operations or cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820). The new guidance modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. The Company adopted ASU No. 2018-13 in the first quarter of fiscal 2020. The adoption of this ASU did not have a material impact on the Company’s condensed financial position, results of operations or cash flows.

Note 2 - INVENTORIES

Note 2 - INVENTORIES	3 Months Ended
	May 31, 2019
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: 2019 May 31, February 28, Current: Book inventory $ 33,646,400 $ 33,494,200 Inventory valuation allowance (138,500 ) (48,600 ) Inventories net - current $ 33,507,900 $ 33,445,600 Noncurrent: Book inventory $ 892,000 $ 904,400 Inventory valuation allowance (336,000 ) (329,400 ) Inventories net - noncurrent $ 556,000 $ 575,000 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 $5.9 million and $7.6 million for the three months ended May 31, 2019 and 2018, respectively. Total inventory purchases from all suppliers were $9.2 million and $11.0 million for the three months ended May 31, 2019 and 2018, respectively.

Note 3 - LEASES

Note 3 - LEASES	3 Months Ended
	May 31, 2019
ASU 2016-02 Transition [Abstract]
Lessee, Operating Lease, Disclosure [Table Text Block]	Note 3 As of March 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) using the modified retrospective method of adoption. We elected to use the transition option that allows us to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment (if any) to the opening balance of retained earnings in the year of adoption. Comparable periods continue to be presented under the guidance of the previous standard, ASC 840. ASC 842 requires lessees to recognize a lease liability and right-of-use asset on the balance sheet for operating leases. For lessors, the new accounting model remains largely the same, although some changes have been made to align it with the new lessee model and the new revenue recognition guidance, ASC 606, Revenue from Contracts with Customers. Our adoption of ASC 842 did not result in any adjustments to retained earnings. We have both lessee and lessor arrangements. Our leases are evaluated at inception or at any subsequent modification. Depending on the terms, leases are classified as either operating or finance leases if we are the lessee, or as operating, sales-type or direct financing leases if we are the lessor, as appropriate under ASC 842. Our lessee arrangement includes a rental agreement where we have exclusive use of dedicated office space in San Diego, California, and qualifies as an operating lease. Our lessor arrangements include two rental agreements for warehouse and office space in Tulsa, Oklahoma, and both qualify as operating leases under ASC 842. In accordance with ASC 842, we have made an accounting policy election to not apply the new standard to lessee arrangements with a term of one year or less and no purchase option that is reasonably certain of exercise. We will continue to account for these short-term arrangements by recognizing payments and expenses as incurred, without recording a lease liability and right-of-use asset. We have also made an accounting policy election for both our lessee and lessor arrangements to combine lease and non-lease components. This election is applied to all of our lease arrangements as our non-lease components are not material and do not result in significant timing differences in the recognition of rental expenses or income. In addition, the Company elected the package of practical expedients upon adoption which permits the Company to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. Operating Leases – Lessee We recognize a lease liability, reported in other liabilities, for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset, reported in other assets on the condensed balance sheets, for each lease, valued at the lease liability, adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses on our condensed statements of earnings. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. Future minimum rental payments under operating leases with initial terms greater than one year as of May 31, 2019, are as follows: Year ending February 28 (29), 2020 $ 9,600 2021 13,200 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 59,100 Present value discount (6,200 ) Total operating lease liability $ 52,900 The following table provides further information about our operating leases as of and for the three months ended May 31, 2019: Current lease liability $ 13,300 Long-term lease liability $ 39,600 Right-of-use asset $ 52,900 Fixed lease cost $ 3,100 Operating cash flows – operating lease $ 3,100 Remaining lease term (months) 52 Discount rate 4.60 % Rent expense was $2,700 for first quarter of fiscal 2019 and was recognized in accordance with ASC 840. Operating Leases – Lessor We recognize fixed rental income on a straight-line basis over the life of the lease as revenue on our condensed statements of earnings. Variable rental payments are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Future minimum payments receivable under operating leases with terms greater than one year as of May 31, 2019 are estimated as follows: Year ending February 28 (29), 2020 $ 1,041,600 2021 1,414,300 2022 1,441,900 2023 1,470,000 2024 1,471,700 Thereafter 10,806,600 Total $ 17,646,100 The cost of the leased space was approximately $10,359,900 as of May 31, 2019 and February 28, 2019. The accumulated depreciation associated with the leased assets was $1,323,500 and $1,233,400 as of May 31, 2019 and February 28, 2019, respectively. Both the leased assets and accumulated depreciation are included in property, plant and equipment-net on the condensed balance sheets.

Note 4 - DEBT

Note 4 - DEBT	3 Months Ended
	May 31, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: 2019 May 31, February 28, Line of credit $ - $ - Long-term debt $ 19,538,800 $ 19,776,600 Less current maturities (944,900 ) (945,900 ) Long-term debt, net of current maturities $ 18,593,900 $ 18,830,700 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 (4.95% at May 31, 2019). 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 (4.95% at May 31, 2019). Term Loan #2 is secured by our secondary warehouse and land. The Loan Agreement also provided a $15.0 million revolving loan (“line of credit”) through August 15, 2019 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 (4.95% at May 31, 2019). Tranche B of Term Loan #1, Term Loan #2 and the line of credit 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 >2.00 325.00 II >1.50 but < 300.00 III >1.00 but < 275.00 IV < 250.00 Adjusted Funded Debt is defined as all long-term and short-term bank debt less the outstanding balances of Tranche A and Tranche B Term Loans. EBITDA is defined in the Loan Agreement as earnings before interest expense, income tax expense (benefit) and depreciation and amortization expenses, reduced by rental income. The $15.0 million line of credit is limited to advance rates on eligible receivables and eligible inventory levels. We had no borrowings outstanding on our revolving credit agreement at May 31, 2019 and February 28, 2019. Available credit under the revolving credit agreement was $12,567,900 and $12,439,300 at May 31, 2019 and February 28, 2019, respectively. On June 15, 2018, the Company executed the Eighth Amendment Loan Agreement with the Bank related to our Loan Agreement. 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 personal Guaranty 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. On February 7, 2019, the Company executed the Ninth Amendment Loan Agreement with the Bank related to our Loan Agreement. The amendment modifies the Loan Agreement, removing the covenant prohibiting the Company from repurchasing its shares, subject to certain conditions. 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 August 15, 2019, 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, 2019, we had no letters of credit outstanding. The Loan Agreement also contains provisions that require us to maintain specified financial ratios; restricts transactions with related parties; prohibits mergers or consolidation; disallows additional debt; and limits the amount of investments, capital expenditures and 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 the total value of stock that can be repurchased. 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), 2020 $ 705,900 2021 988,400 2022 1,038,000 2023 1,087,500 2024 1,139,400 Thereafter 14,579,600 Total $ 19,538,800

Note 5 - EARNINGS PER SHARE

Note 5 - EARNINGS PER SHARE	3 Months Ended
	May 31, 2019
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. See Note 1 for additional information regarding the stock split that occurred in fiscal 2019. 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, 2019 2018 Earnings per share: Net earnings applicable to common shareholders $ 1,363,600 $ 1,816,600 Shares: Weighted average shares outstanding-basic 8,184,272 8,177,190 Assumed exercise of options 6,790 7,818 Weighted average shares outstanding-diluted 8,191,062 8,185,008 Diluted earnings per share: Basic $ 0.17 $ 0.22 Diluted $ 0.17 $ 0.22

Note 6 - STOCK-BASED COMPENSATI

Note 6 - STOCK-BASED COMPENSATION	3 Months Ended
	May 31, 2019
Share-based Payment Arrangement, Disclosure [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table 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 the date of grant. For awards subject to service conditions, compensation expense is recognized over the vesting period on a straight-line basis. Awards subject to performance conditions are attributed separately for each vesting tranche of the award and are recognized ratably from the service inception date to the vesting date for each tranche. Forfeitures are recognized when they occur. The Company has outstanding stock options under the 2002 Employee Incentive Stock Option Plan totaling 10,000 shares. No options have been exercised in the three months ended May 31, 2019. All options outstanding at May 31, 2019 expire in December 2019. In July 2018, our shareholders approved the Company’s 2019 Long-Term Incentive Plan (“2019 LTI Plan”). The 2019 LTI Plan establishes up to 600,000 shares of restricted stock which can be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2019, 2020 and 2021. Restricted shares granted under the 2019 LTI Plan “cliff vest” after five years. The restricted share awards granted under the 2019 LTI Plan contain both service and performance conditions. The Company recognizes share compensation expense only for the portion of the restricted share awards that are considered probable of vesting. Shares are considered granted, and the service inception date begins, when a mutual understanding of the key terms and conditions between the Company and the employee have been established. The fair value of these awards is determined based on the closing price of the shares on the grant date. The probability of restricted share awards granted with future performance conditions is evaluated at each reporting period and compensation expense is adjusted based on the probability assessment. For certain awards that provide discretion to adjust the allocation of the restricted shares, the service-inception date for such awards could precede the grant date as a mutual understanding of the key terms and conditions between the Company and the employee has not yet been established. For awards in which the service-inception date precedes the grant date, compensation cost is accrued beginning on the service-inception date. The Company estimates the award's fair value on each subsequent reporting date, until the grant date, based on the closing market price of the Company’s common stock. On the grant date, the award's fair value is fixed, subject to the remaining performance conditions, and the cumulative amount of previously recognized compensation expense is adjusted to the fair value at the grant date. During fiscal year 2019, the Company granted approximately 308,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $9.94 per share. During fiscal year 2019, the Company recognized $401,800 of compensation expense associated with the shares granted. During the first fiscal quarter of 2020, the Company recognized $166,300 of compensation expense associated with the shares granted in fiscal year 2019. The remaining compensation expense for these awards, totaling approximately $2,494,200, will be recognized ratably over the remaining vesting period of approximately 45 months. A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended May 31, 2019 2018 Share-based compensation expense $ 166,300 $ -

Note 7 - SHIPPING AND HANDLING

Note 7 - SHIPPING AND HANDLING COSTS	3 Months Ended
	May 31, 2019
Disclosure Text Block [Abstract]
Other Operating Income and Expense [Text Block]	Note 7 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 $4,212,200 and $4,399,000 for the three months ended May 31, 2019 and 2018, respectively.

Note 8 - BUSINESS SEGMENTS

Note 8 - BUSINESS SEGMENTS	3 Months Ended
	May 31, 2019
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 8 We have two reportable segments: Publishing and Usborne Books & More (“UBAM”). 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 our internal tele-sales group. Our UBAM segment markets its products through a network of independent sales consultants using a combination of internet sales, direct sales, home shows and book fairs. 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 revenues 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, warehouse operations and building facilities management. Our assets and liabilities are not allocated on a segment basis. Information by reporting segment for the three-month periods ended May 31, 2019 and 2018, follows: NET REVENUES Three Months Ended May 31, 2019 2018 Publishing $ 2,339,300 $ 2,306,200 UBAM 25,248,100 27,716,100 Total $ 27,587,400 $ 30,022,300 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2019 2018 Publishing $ 635,700 $ 506,300 UBAM 4,369,000 5,099,000 Other (3,158,200 ) (3,109,500 ) Total $ 1,846,500 $ 2,495,800

Note 9 - FAIR VALUE MEASUREMENT

Note 9 - FAIR VALUE MEASUREMENTS	3 Months Ended
	May 31, 2019
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 term notes payable is estimated by management to approximate $19,234,600 and $19,123,700 at May 31, 2019 and February 28, 2019, 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, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 10 The Company’s UBAM division receives payments on orders in advance of shipment. Any payments received prior to the end of our first fiscal quarter that were not shipped as of May 31, 2019 are recorded as deferred revenues on the condensed balance sheet. We received approximately $388,900 at May 31, 2019 in payments for sales orders which were, or will be, shipped out subsequent to the quarter end. Orders that were included in deferred revenues predominantly shipped within the first few days of the next fiscal quarter.

Note 11 - SUBSEQUENT EVENTS

Note 11 - SUBSEQUENT EVENTS	3 Months Ended
	May 31, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 On July 11, 2019, our Board of Directors declared a distribution of $0.05 per share of common stock. This cash distribution will be paid on or about September 10, 2019 to shareholders of record on August 20, 2019.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	May 31, 2019
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, 2019 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. On July 24, 2018, our Board of Directors authorized a two-for-one stock split in the form of a stock dividend. The stock dividend was distributed on August 22, 2018 to shareholders of record as of August 14, 2018. All share-based data, including the number of shares outstanding and per share amounts, have been retroactively adjusted to reflect the stock split for all periods presented.
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 February 2016, FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases, with the exception of short-term leases. The new accounting model for lessors remains largely unchanged, although some changes have been made to align it with the new lessee model and the new revenue recognition guidance. This update also requires companies to include additional disclosures regarding their lessee and lessor agreements. We adopted this standard on March 1, 2019, and it did not have a material impact on our condensed financial position, results of operations or cash flows. Adoption of this ASU resulted in an increase in our assets and liabilities by approximately $52,900 due to the recognition of right of use assets and lease liabilities. See Note 3 – Leases for our lease disclosures. 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. The Company adopted ASU No. 2016-13 in the first quarter of fiscal 2020. The adoption of this ASU did not have a material impact on the Company’s condensed financial position, results of operations or cash flows. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820). The new guidance modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. The Company adopted ASU No. 2018-13 in the first quarter of fiscal 2020. The adoption of this ASU did not have a material impact on the Company’s condensed financial position, results of operations or cash flows.

Note 2 - INVENTORIES (Tables)

Note 2 - INVENTORIES (Tables)	3 Months Ended
	May 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: 2019 May 31, February 28, Current: Book inventory $ 33,646,400 $ 33,494,200 Inventory valuation allowance (138,500 ) (48,600 ) Inventories net - current $ 33,507,900 $ 33,445,600 Noncurrent: Book inventory $ 892,000 $ 904,400 Inventory valuation allowance (336,000 ) (329,400 ) Inventories net - noncurrent $ 556,000 $ 575,000

Note 3 - LEASES (Tables)

Note 3 - LEASES (Tables)	3 Months Ended
	May 31, 2019
ASU 2016-02 Transition [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses on our condensed statements of earnings. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. Future minimum rental payments under operating leases with initial terms greater than one year as of May 31, 2019, are as follows: Year ending February 28 (29), 2020 $ 9,600 2021 13,200 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 59,100 Present value discount (6,200 ) Total operating lease liability $ 52,900
Lease, Cost [Table Text Block]	The following table provides further information about our operating leases as of and for the three months ended May 31, 2019: Current lease liability $ 13,300 Long-term lease liability $ 39,600 Right-of-use asset $ 52,900 Fixed lease cost $ 3,100 Operating cash flows – operating lease $ 3,100 Remaining lease term (months) 52 Discount rate 4.60 %
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	Future minimum payments receivable under operating leases with terms greater than one year as of May 31, 2019 are estimated as follows: Year ending February 28 (29), 2020 $ 1,041,600 2021 1,414,300 2022 1,441,900 2023 1,470,000 2024 1,471,700 Thereafter 10,806,600 Total $ 17,646,100

Note 4 - DEBT (Tables)

Note 4 - DEBT (Tables)	3 Months Ended
	May 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: 2019 May 31, February 28, Line of credit $ - $ - Long-term debt $ 19,538,800 $ 19,776,600 Less current maturities (944,900 ) (945,900 ) Long-term debt, net of current maturities $ 18,593,900 $ 18,830,700
Schedule of Long-term Debt Instruments [Table Text Block]	Tranche B of Term Loan #1, Term Loan #2 and the line of credit 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 >2.00 325.00 II >1.50 but < 300.00 III >1.00 but < 275.00 IV < 250.00
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table reflects aggregate future maturities of long-term debt during the next five fiscal years and thereafter as follows: Year ending February 28 (29), 2020 $ 705,900 2021 988,400 2022 1,038,000 2023 1,087,500 2024 1,139,400 Thereafter 14,579,600 Total $ 19,538,800

Note 5 - EARNINGS PER SHARE (Ta

Note 5 - EARNINGS PER SHARE (Tables)	3 Months Ended
	May 31, 2019
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, 2019 2018 Earnings per share: Net earnings applicable to common shareholders $ 1,363,600 $ 1,816,600 Shares: Weighted average shares outstanding-basic 8,184,272 8,177,190 Assumed exercise of options 6,790 7,818 Weighted average shares outstanding-diluted 8,191,062 8,185,008 Diluted earnings per share: Basic $ 0.17 $ 0.22 Diluted $ 0.17 $ 0.22

Note 6 - STOCK-BASED COMPENSA_2

Note 6 - STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	May 31, 2019
Share-based Payment Arrangement, Disclosure [Abstract]
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended May 31, 2019 2018 Share-based compensation expense $ 166,300 $ -

Note 8 - BUSINESS SEGMENTS (Tab

Note 8 - BUSINESS SEGMENTS (Tables)	3 Months Ended
	May 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three-month periods ended May 31, 2019 and 2018, follows: NET REVENUES Three Months Ended May 31, 2019 2018 Publishing $ 2,339,300 $ 2,306,200 UBAM 25,248,100 27,716,100 Total $ 27,587,400 $ 30,022,300 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2019 2018 Publishing $ 635,700 $ 506,300 UBAM 4,369,000 5,099,000 Other (3,158,200 ) (3,109,500 ) Total $ 1,846,500 $ 2,495,800

Note 2 - INVENTORIES (Details)

Note 2 - INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended
	May 31, 2019	May 31, 2018
Note 2 - INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 9.2	$ 11
England Based Publishing Company [Member]
Note 2 - INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 5.9	$ 7.6

Note 2 - INVENTORIES (Details)

Note 2 - INVENTORIES (Details) - Schedule of Inventory, Noncurrent - USD ($)	May 31, 2019	Feb. 28, 2019
Inventory Current [Member]
Current:
Book inventory	$ 33,646,400	$ 33,494,200
Inventory valuation allowance	(138,500)	(48,600)
Inventories net	33,507,900	33,445,600
Inventory, Noncurrent [Member]
Current:
Book inventory	892,000	904,400
Inventory valuation allowance	(336,000)	(329,400)
Inventories net	$ 556,000	$ 575,000

Note 3 - LEASES (Details)

Note 3 - LEASES (Details)	3 Months Ended
	May 31, 2019USD ($)	Feb. 28, 2019USD ($)
ASU 2016-02 Transition [Abstract]
Number of Rental Agreements	2
Operating Leases, Rent Expense	$ 2,700
Property Subject to or Available for Operating Lease, Net	10,359,900
Property Subject to or Available for Operating Lease, Accumulated Depreciation	$ 1,323,500	$ 1,233,400

Note 3 - LEASES (Details) - Sch

Note 3 - LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases	May 31, 2019USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2020	$ 9,600
2021	13,200
2022	13,700
2023	14,200
2024	8,400
Total future minimum rental payments	59,100
Present value discount	(6,200)
Total operating lease liability	$ 52,900

Note 3 - LEASES (Details) - Lea

Note 3 - LEASES (Details) - Lease, Cost	3 Months Ended
	May 31, 2019USD ($)
Lease, Cost [Abstract]
Current lease liability	$ 13,300
Long-term lease liability	39,600
Right-of-use asset	52,900
Fixed lease cost	3,100
Operating cash flows – operating lease	$ 3,100
Weighted average remaining lease term (months)	52 years
Weighted average discount rate	4.60%

Note 3 - LEASES (Details) - Les

Note 3 - LEASES (Details) - Lessor, Operating Lease, Payments to be Received, Maturity	May 31, 2019USD ($)
Lessor, Operating Lease, Payments to be Received, Maturity [Abstract]
2020	$ 1,041,600
2021	1,414,300
2022	1,441,900
2023	1,470,000
2024	1,471,700
Thereafter	10,806,600
Total	$ 17,646,100

Note 4 - DEBT (Details)

Note 4 - DEBT (Details) - USD ($)	Mar. 10, 2016	May 31, 2019	Feb. 28, 2019	Jun. 15, 2018
Line of Credit [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 12,567,900	$ 12,439,300
Line of Credit [Member] | Term Loan # 2 [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000,000
Notes Payable to Banks [Member] | 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		Aug. 15, 2019
Debt Instrument, Interest Rate, Stated Percentage	4.23%
Debt Instrument, Payment Terms	interest is payable monthly
Notes Payable to Banks [Member] | Tranche B [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility, Expiration Date	Dec. 1, 2025
Debt Instrument, Payment Terms		interest payable monthly at the bank adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio
Debt Instrument, Interest Rate During Period		4.95%
Notes Payable to Banks [Member] | Term Loan # 2 [Member]
Note 4 - DEBT (Details) [Line Items]
Debt Instrument, Face Amount		$ 4,000,000
Debt Instrument, Maturity Date		Jun. 28, 2021
Notes Payable to Banks [Member] | Term Loan # 1 [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 3,000,000
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Term Loan # 2 [Member]
Note 4 - DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000,000
Line of Credit Facility, Interest Rate at Period End		4.95%
London Interbank Offered Rate (LIBOR) [Member] | Notes Payable to Banks [Member] | Term Loan # 2 [Member]
Note 4 - DEBT (Details) [Line Items]
Debt Instrument, Interest Rate During Period		4.95%

Note 4 - DEBT (Details) - Sched

Note 4 - DEBT (Details) - Schedule of Debt - USD ($)	May 31, 2019	Feb. 28, 2019
Schedule of Debt [Abstract]
Line of credit	$ 0	$ 0
Long-term debt	19,538,800	19,776,600
Less current maturities	(944,900)	(945,900)
Long-term debt, net of current maturities	$ 18,593,900	$ 18,830,700

Note 4 - DEBT (Details) - Sch_2

Note 4 - DEBT (Details) - Schedule of Long-term Debt Instruments	3 Months Ended
	May 31, 2019
Pricing Tier I [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>2.00
Pricing Tier II [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>1.50 but <2.00
Pricing Tier III [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	>1.00 but <1.50
Pricing Tier IV [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	<1.00
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier I [Member]
Debt Instrument [Line Items]
LIBOR Margin	325.00%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier II [Member]
Debt Instrument [Line Items]
LIBOR Margin	300.00%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier III [Member]
Debt Instrument [Line Items]
LIBOR Margin	275.00%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier IV [Member]
Debt Instrument [Line Items]
LIBOR Margin	250.00%

Note 4 - DEBT (Details) - Sch_3

Note 4 - DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	May 31, 2019	Feb. 28, 2019
Schedule of Maturities of Long-term Debt [Abstract]
2020	$ 705,900
2021	988,400
2022	1,038,000
2023	1,087,500
2024	1,139,400
Thereafter	14,579,600
Total	$ 19,538,800	$ 19,776,600

Note 5 - EARNINGS PER SHARE (De

Note 5 - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended
	May 31, 2019	May 31, 2018
Earnings per share:
Net earnings applicable to common shareholders (in Dollars)	$ 1,363,600	$ 1,816,600
Shares:
Weighted average shares outstanding-basic	8,184,272	8,177,190
Assumed exercise of options	6,790	7,818
Weighted average shares outstanding-diluted	8,191,062	8,185,008
Diluted earnings per share:
Basic (in Dollars per share)	$ 0.17	$ 0.22
Diluted (in Dollars per share)	$ 0.17	$ 0.22

Note 6 - STOCK-BASED COMPENSA_3

Note 6 - STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2019	Feb. 28, 2019
2002 Plan [Member]
Note 6 - STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding	10,000
The 2019 Long-term Incentive Plan [Member]
Note 6 - STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	600,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	308,000
Shares Issued, Price Per Share	$ 9.94
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 166,300	$ 401,800
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 2,494,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	45 months

Note 6 - STOCK-BASED COMPENSA_4

Note 6 - STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	3 Months Ended
	May 31, 2019	May 31, 2018
Share-based Payment Arrangement, Cost by Plan [Abstract]
Share-based compensation expense	$ 166,300	$ 0

Note 7 - SHIPPING AND HANDLIN_2

Note 7 - SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended
	May 31, 2019	May 31, 2018
Shipping and Handling [Member]
Note 7 - SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 4,212,200	$ 4,399,000

Note 8 - BUSINESS SEGMENTS (Det

Note 8 - BUSINESS SEGMENTS (Details)	3 Months Ended
	May 31, 2019
Segment Reporting [Abstract]
Number of Reportable Segments	2

Note 8 - BUSINESS SEGMENTS (D_2

Note 8 - BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended
	May 31, 2019	May 31, 2018
Segment Reporting Information [Line Items]
Net Revenues	$ 27,587,400	$ 30,022,300
Earnings (Loss) Before Income Taxes	1,846,500	2,495,800
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,339,300	2,306,200
Earnings (Loss) Before Income Taxes	635,700	506,300
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	25,248,100	27,716,100
Earnings (Loss) Before Income Taxes	4,369,000	5,099,000
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (3,158,200)	$ (3,109,500)

Note 9 - FAIR VALUE MEASUREME_2

Note 9 - FAIR VALUE MEASUREMENTS (Details) - USD ($)	May 31, 2019	Feb. 28, 2019
Fair Value, Inputs, Level 2 [Member]
Note 9 - FAIR VALUE MEASUREMENTS (Details) [Line Items]
Long-term Debt, Fair Value	$ 19,234,600	$ 19,123,700

Note 10 - DEFERRED REVENUES (De

Note 10 - DEFERRED REVENUES (Details)	3 Months Ended
	May 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Deferred Revenue, Additions	$ 388,900

Note 11 - SUBSEQUENT EVENTS (De

Note 11 - SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Jul. 11, 2019$ / shares
Note 11 - SUBSEQUENT EVENTS (Details) [Line Items]
Dividends Payable, Date Declared	Jul. 11, 2019
Common Stock, Dividends, Per Share, Declared	$ 0.05
Dividends Payable, Date to be Paid	Sep. 10, 2019
Dividends Payable, Date of Record	Aug. 20, 2019