Educational Development (EDUC) 10-Q 14 Jan 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2019	Jan. 10, 2020
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		8,460,432
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Nov. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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 ($)	Nov. 30, 2019	Feb. 28, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 8,988,900	$ 3,199,300
Accounts receivable, less allowance for doubtful accounts of $247,700 (November 30) and $268,600 (February 28)	4,064,300	3,258,800
Inventories - Net	29,673,800	33,445,600
Prepaid expenses and other assets	972,000	1,603,500
Total current assets	43,699,000	41,507,200
INVENTORIES - Net	915,900	575,000
PROPERTY, PLANT AND EQUIPMENT - Net	26,512,700	27,164,600
OTHER ASSETS	67,400	19,500
TOTAL ASSETS	71,195,000	69,266,300
CURRENT LIABILITIES
Accounts payable	12,007,500	14,228,600
Deferred revenues	494,800	965,600
Current maturities of long-term debt	1,053,600	945,900
Accrued salaries and commissions	3,186,400	2,039,000
Income taxes payable	1,347,400	756,400
Dividends payable	423,500	410,100
Other current liabilities	4,164,700	4,177,900
Total current liabilities	22,677,900	23,523,500
LONG-TERM DEBT - Net of current maturities	18,003,600	18,830,700
DEFERRED INCOME TAXES - Net	953,700	872,600
OTHER LONG-TERM LIABILITIES	148,500	109,000
Total liabilities	41,783,700	43,335,800
SHAREHOLDERS' EQUITY
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,400,080 (November 30) and 12,092,080 (February 28) shares; Outstanding 8,388,016 (November 30) and 8,195,082 (February 28) shares	2,480,000	2,418,400
Capital in excess of par value	9,603,400	8,975,100
Retained earnings	29,607,200	25,754,900
	41,690,600	37,148,400
Less treasury stock, at cost	(12,279,300)	(11,217,900)
Total shareholders' equity	29,411,300	25,930,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 71,195,000	$ 69,266,300

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - USD ($)	Nov. 30, 2019	Feb. 28, 2019
Allowance for doubtful accounts (in Dollars)	$ 247,700	$ 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	12,400,080	12,092,080
Common Stock, shares outstanding	8,388,016	8,195,082

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
NET REVENUES	$ 40,824,600	$ 40,482,600	$ 92,850,000	$ 95,185,900
COST OF GOODS SOLD	13,279,900	13,141,600	30,382,500	31,274,000
Gross margin	27,544,700	27,341,000	62,467,500	63,911,900
OPERATING EXPENSES
Operating and selling	6,513,500	6,540,600	15,089,900	14,554,400
Sales commissions	13,008,600	12,689,200	28,804,700	29,375,300
General and administrative	4,373,500	4,476,000	12,029,300	12,106,900
Total operating expenses	23,895,600	23,705,800	55,923,900	56,036,600
INTEREST EXPENSE	216,500	228,600	691,000	712,000
OTHER INCOME	(403,100)	(397,600)	(1,196,300)	(1,172,300)
EARNINGS BEFORE INCOME TAXES	3,835,700	3,804,200	7,048,900	8,335,600
INCOME TAXES	1,099,900	988,600	1,941,900	2,212,700
NET EARNINGS	$ 2,735,800	$ 2,815,600	$ 5,107,000	$ 6,122,900
BASIC AND DILUTED EARNINGS PER SHARE
Basic (in Dollars per share)	$ 0.33	$ 0.34	$ 0.62	$ 0.75
Diluted (in Dollars per share)	$ 0.33	$ 0.34	$ 0.61	$ 0.75
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Basic (in Shares)	8,406,709	8,194,072	8,301,209	8,185,561
Diluted (in Shares)	8,412,638	8,201,776	8,307,496	8,193,206
Dividends per share (in Dollars per share)	$ 0.05	$ 0.10	$ 0.15	$ 0.15
Gross Sales [Member]
REVENUES	$ 53,619,900	$ 53,486,000	$ 122,635,300	$ 125,574,400
Discounts and Allowances [Member]
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Less discounts and allowances	(16,406,500)	(16,572,600)	(37,978,900)	(38,918,700)
Transportation Revenue [Member]
REVENUES	$ 3,611,200	$ 3,569,200	$ 8,193,600	$ 8,530,200

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
Net earnings					6,122,900
Balance at Nov. 30, 2018	$ 2,418,400	8,828,600	25,609,600	$ (11,108,900)	25,747,700
Balance (in Shares) at Nov. 30, 2018	12,092,080			3,888,961
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
Exercise of options				$ 77,200	77,200
Exercise of options (in Shares)				(9,634)
Share-based compensation expense		70,000			70,000
Net earnings			1,490,700		1,490,700
Balance at Aug. 31, 2018	$ 2,418,400	8,643,300	23,612,800	$ (11,231,400)	23,443,100
Balance (in Shares) at Aug. 31, 2018	12,092,080			3,902,378
Purchases of treasury stock				$ (2,300)	(2,300)
Purchases of treasury stock (in Shares)				233
Sales of treasury stock				$ 124,800	124,800
Sales of treasury stock (in Shares)				(13,650)
Dividends declared			(818,800)		(818,800)
Share-based compensation expense		185,300			185,300
Net earnings			2,815,600		2,815,600
Balance at Nov. 30, 2018	$ 2,418,400	8,828,600	25,609,600	$ (11,108,900)	25,747,700
Balance (in Shares) at Nov. 30, 2018	12,092,080			3,888,961
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
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
Net earnings					5,107,000
Balance at Nov. 30, 2019	$ 2,480,000	9,603,400	29,607,200	$ (12,279,300)	29,411,300
Balance (in Shares) at Nov. 30, 2019	12,400,080			4,012,064
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
Purchases of treasury stock				$ (417,100)	(417,100)
Purchases of treasury stock (in Shares)				60,357
Sales of treasury stock		54,000		$ 54,600	108,600
Sales of treasury stock (in Shares)				(22,961)
Dividends declared			(422,300)		(422,300)
Share-based compensation expense		166,200			166,200
Issuance of restricted share awards for vesting	$ 61,600	(61,600)
Issuance of restricted share awards for vesting (in Shares)	308,000
Net earnings			1,007,600		1,007,600
Balance at Aug. 31, 2019	$ 2,480,000	9,368,100	27,294,900	$ (11,828,600)	27,314,400
Balance (in Shares) at Aug. 31, 2019	12,400,080			3,952,182
Purchases of treasury stock				$ (534,100)	(534,100)
Purchases of treasury stock (in Shares)				84,841
Sales of treasury stock		69,000		$ 83,400	152,400
Sales of treasury stock (in Shares)				(24,959)
Dividends declared			(423,500)		(423,500)
Share-based compensation expense		166,300			166,300
Net earnings			2,735,800		2,735,800
Balance at Nov. 30, 2019	$ 2,480,000	$ 9,603,400	$ 29,607,200	$ (12,279,300)	$ 29,411,300
Balance (in Shares) at Nov. 30, 2019	12,400,080			4,012,064

CONDENSED STATEMENTS OF SHARE_2

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended					9 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Nov. 30, 2018	May 31, 2018	Nov. 30, 2019	Nov. 30, 2018
Dividends declared	$ 0.05	$ 0.05	$ 0.05	$ 0.10	$ 0.05	$ 0.15	$ 0.15

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 5,107,000	$ 6,122,900
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	1,054,100	1,085,100
Deferred income taxes, net	81,100	673,100
Provision for doubtful accounts	39,900	68,500
Provision for inventory valuation allowance	283,400	246,200
Share-based compensation expense	498,800	255,300
Changes in assets and liabilities:
Accounts receivable	(845,400)	(705,000)
Inventories	3,147,500	(4,441,700)
Prepaid expenses and other assets	583,600	(324,400)
Accounts payable	(2,221,100)	3,327,000
Accrued salaries and commissions, and other liabilities	1,173,700	2,384,300
Deferred revenues	(470,800)	364,300
Income taxes payable	591,000	(1,252,900)
Total adjustments	3,915,800	1,679,800
Net cash provided by operating activities	9,022,800	7,802,700
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(402,200)	(1,360,500)
Net cash used in investing activities	(402,200)	(1,360,500)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on long-term debt	(719,400)	(702,100)
Cash received from sale of treasury stock	383,400	227,100
Cash used to purchase treasury stock	(1,253,700)	(31,900)
Dividends paid	(1,241,300)	(818,100)
Net cash used in financing activities	(2,831,000)	(1,325,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS	5,789,600	5,117,200
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	3,199,300	2,723,300
CASH AND CASH EQUIVALENTS - END OF PERIOD	8,988,900	7,840,500
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	693,800	704,300
Cash paid for income taxes	$ 1,318,000	$ 2,859,100

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Nov. 30, 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 herein, 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). In addition, in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842), Targeted Improvements, which provide an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. 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.

INVENTORIES

INVENTORIES	9 Months Ended
	Nov. 30, 2019
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: 2019 November 30, February 28, Current: Book inventory $ 30,041,900 $ 33,494,200 Inventory valuation allowance (368,100 ) (48,600 ) Inventories net - current $ 29,673,800 $ 33,445,600 Noncurrent: Book inventory $ 1,188,600 $ 904,400 Inventory valuation allowance (272,700 ) (329,400 ) Inventories net - noncurrent $ 915,900 $ 575,000 Book inventory quantities in excess of what we expect will be sold within the normal operating cycle, based on 2 ½ 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 $4.2 million and $8.0 million for the three months ended November 30, 2019 and 2018, respectively. Total inventory purchases from all suppliers were $6.9 million and $10.1 million for the three months ended November 30, 2019 and 2018, respectively. Purchases from Usborne were approximately $16.1 million and $23.5 million for the nine months ended November 30, 2019 and 2018, respectively. Total inventory purchases from all suppliers were $24.1 million and $31.7 million for the nine months ended November 30, 2019 and 2018, respectively.

LEASES

LEASES	9 Months Ended
	Nov. 30, 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 the exclusive use of dedicated office space in San Diego, California, and qualifies as an operating lease. Our lessor arrangements include three rental agreements for warehouse and office space in Tulsa, Oklahoma, and each qualifies as an operating lease 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 on the condensed balance sheets, 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 November 30, 2019, are as follows: Year ending February 28 (29), 2020 $ 3,200 2021 13,200 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 52,700 Present value discount (4,800 ) Total operating lease liability $ 47,900 The following table provides further information about our operating leases as of and for the nine months ended November 30, 2019: Current lease liability $ 13,400 Long-term lease liability $ 34,500 Right-of-use asset $ 47,900 Fixed lease cost $ 9,400 Operating cash flows – operating lease $ 9,400 Remaining lease term (months) 46 Discount rate 4.60 % Operating lease expense was $13,900 for nine months ended November 30, 2018 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 are estimated as follows: Year ending February 28 (29), 2020 $ 373,600 2021 1,509,300 2022 1,539,800 2023 1,570,800 2024 1,575,500 Thereafter 10,859,200 Total $ 17,428,200 The cost of the leased space was approximately $10,809,700 and $10,359,900 as of November 30, 2019 and February 28, 2019, respectively. The accumulated depreciation associated with the leased assets was $1,751,100 and $1,233,400 as of November 30, 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.

DEBT

DEBT	9 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: 2019 November 30, February 28, Line of credit $ - $ - Long-term debt $ 19,057,200 $ 19,776,600 Less current maturities (1,053,600 ) (945,900 ) Long-term debt, net of current maturities $ 18,003,600 $ 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 $11.6 million and Tranche B totaling $4.3 million as of November 30, 2019, 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 (3.99% at November 30, 2019). Term Loan #1 is secured by the primary office, warehouse and land. We also have Term Loan #2 with the Bank totaling $3.1 million as of November 30, 2019, 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 (3.99% at November 30, 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, 2020 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 (3.99% at November 30, 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 >2.00 300.00 II >1.50 but < 275.00 III >1.00 but < 250.00 IV < 225.00 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 November 30, 2019 and February 28, 2019. Available credit under the revolving credit agreement was $11,210,700 and $12,439,300 at November 30, 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 modified the Loan Agreement, extending the termination date until August 15, 2019, reduced the interest rate pricing grid for all floating rate borrowings covered by the Loan Agreement, established a new $3,000,000 advancing term loan to be used for capital expansions to increase daily shipping capacity, released the personal Guaranty of Randall W. White and Carol White, along with other covenant restrictions being lessened. The amendment also included 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 modified the Loan Agreement, removing the covenant prohibiting the Company from repurchasing its shares, subject to certain restrictions. On August 15, 2019, the Company executed the Tenth Amendment Loan Agreement with the Bank related to our Loan Agreement. The amendment modified the Loan Agreement, extending the termination date of the line of credit to August 15, 2020, amends the definition of LIBOR Margin, reduces the frequency of reports to the Lender, amends the Adjusted Funded Debt to EBITDA Ratio and amends the Compliance and Borrowing Base Certificates reporting requirements. The Loan Agreement 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, 2020, 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. As of November 30, 2019, we had no letters of credit outstanding. The Loan Agreement 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 $ 256,200 2021 1,067,400 2022 1,114,600 2023 1,161,600 2024 1,210,600 Thereafter 14,246,800 Total $ 19,057,200

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Nov. 30, 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 November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Earnings per share: Net earnings applicable to common shareholders $ 2,735,800 $ 2,815,600 $ 5,107,000 $ 6,122,900 Shares: Weighted average shares outstanding-basic 8,406,709 8,194,072 8,301,209 8,185,561 Assumed exercise of options 5,929 7,704 6,287 7,645 Weighted average shares outstanding-diluted 8,412,638 8,201,776 8,307,496 8,193,206 Diluted earnings per share: Basic $ 0.33 $ 0.34 $ 0.62 $ 0.75 Diluted $ 0.33 $ 0.34 $ 0.61 $ 0.75

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Nov. 30, 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 and nine months ended November 30, 2019. All options outstanding at November 30, 2019 were exercised 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 the third fiscal quarter of 2020, the Company recognized $166,300 of compensation expense associated with the shares granted in fiscal year 2019. The Company recognized compensation expense totaling $498,800 in the first nine months of fiscal year 2020. The remaining compensation expense for these awards, totaling approximately $2,161,600, will be recognized ratably over the remaining vesting period of approximately 39 months. A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Share-based compensation expense $ 166,300 $ 185,300 $ 498,800 $ 255,300

SHIPPING AND HANDLING COSTS

SHIPPING AND HANDLING COSTS	9 Months Ended
	Nov. 30, 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 $6,037,600 and $5,897,500 for the three months ended November 30, 2019 and 2018, respectively. These costs were $14,087,400 and $13,556,400 for the nine months ended November 30, 2019 and 2018, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Nov. 30, 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 and nine-month periods ended November 30, 2019 and 2018, are as follows: NET REVENUES Three Months Ended November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Publishing $ 2,724,200 $ 3,161,300 $ 7,766,300 $ 8,073,000 UBAM 38,100,400 37,321,300 85,083,700 87,112,900 Total $ 40,824,600 $ 40,482,600 $ 92,850,000 $ 95,185,900 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Publishing $ 832,900 $ 998,800 $ 2,253,300 $ 2,141,800 UBAM 6,501,200 6,459,800 14,358,500 15,835,800 Other (3,498,400 ) (3,654,400 ) (9,562,900 ) (9,642,000 ) Total $ 3,835,700 $ 3,804,200 $ 7,048,900 $ 8,335,600

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Nov. 30, 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 $19,086,000 and $19,123,700 at November 30, 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.

DEFERRED REVENUES

DEFERRED REVENUES	9 Months Ended
	Nov. 30, 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 fiscal quarter that were not shipped as of November 30, 2019 are recorded as deferred revenues on the condensed balance sheet. We received approximately $494,800 at November 30, 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Nov. 30, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 On January 7, 2020, our Board of Directors declared a distribution of $0.05 per share of common stock. This cash distribution will be paid on or about March 12, 2020 to shareholders of record on February 25, 2020.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Nov. 30, 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). In addition, in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842), Targeted Improvements, which provide an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. 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.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Nov. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: 2019 November 30, February 28, Current: Book inventory $ 30,041,900 $ 33,494,200 Inventory valuation allowance (368,100 ) (48,600 ) Inventories net - current $ 29,673,800 $ 33,445,600 Noncurrent: Book inventory $ 1,188,600 $ 904,400 Inventory valuation allowance (272,700 ) (329,400 ) Inventories net - noncurrent $ 915,900 $ 575,000

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Nov. 30, 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 November 30, 2019, are as follows: Year ending February 28 (29), 2020 $ 3,200 2021 13,200 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 52,700 Present value discount (4,800 ) Total operating lease liability $ 47,900
Lease, Cost [Table Text Block]	The following table provides further information about our operating leases as of and for the nine months ended November 30, 2019: Current lease liability $ 13,400 Long-term lease liability $ 34,500 Right-of-use asset $ 47,900 Fixed lease cost $ 9,400 Operating cash flows – operating lease $ 9,400 Remaining lease term (months) 46 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 are estimated as follows: Year ending February 28 (29), 2020 $ 373,600 2021 1,509,300 2022 1,539,800 2023 1,570,800 2024 1,575,500 Thereafter 10,859,200 Total $ 17,428,200

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: 2019 November 30, February 28, Line of credit $ - $ - Long-term debt $ 19,057,200 $ 19,776,600 Less current maturities (1,053,600 ) (945,900 ) Long-term debt, net of current maturities $ 18,003,600 $ 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 >2.00 300.00 II >1.50 but < 275.00 III >1.00 but < 250.00 IV < 225.00
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 $ 256,200 2021 1,067,400 2022 1,114,600 2023 1,161,600 2024 1,210,600 Thereafter 14,246,800 Total $ 19,057,200

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Nov. 30, 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 November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Earnings per share: Net earnings applicable to common shareholders $ 2,735,800 $ 2,815,600 $ 5,107,000 $ 6,122,900 Shares: Weighted average shares outstanding-basic 8,406,709 8,194,072 8,301,209 8,185,561 Assumed exercise of options 5,929 7,704 6,287 7,645 Weighted average shares outstanding-diluted 8,412,638 8,201,776 8,307,496 8,193,206 Diluted earnings per share: Basic $ 0.33 $ 0.34 $ 0.62 $ 0.75 Diluted $ 0.33 $ 0.34 $ 0.61 $ 0.75

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Nov. 30, 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 November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Share-based compensation expense $ 166,300 $ 185,300 $ 498,800 $ 255,300

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Nov. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three and nine-month periods ended November 30, 2019 and 2018, are as follows: NET REVENUES Three Months Ended November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Publishing $ 2,724,200 $ 3,161,300 $ 7,766,300 $ 8,073,000 UBAM 38,100,400 37,321,300 85,083,700 87,112,900 Total $ 40,824,600 $ 40,482,600 $ 92,850,000 $ 95,185,900 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended November 30, Nine Months Ended November 30, 2019 2018 2019 2018 Publishing $ 832,900 $ 998,800 $ 2,253,300 $ 2,141,800 UBAM 6,501,200 6,459,800 14,358,500 15,835,800 Other (3,498,400 ) (3,654,400 ) (9,562,900 ) (9,642,000 ) Total $ 3,835,700 $ 3,804,200 $ 7,048,900 $ 8,335,600

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 6.9	$ 10.1	$ 24.1	$ 31.7
England Based Publishing Company [Member]
INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 4.2	$ 8	$ 16.1	$ 23.5

INVENTORIES (Details) - Schedul

INVENTORIES (Details) - Schedule of Inventory - USD ($)	Nov. 30, 2019	Feb. 28, 2019
Inventory Current [Member]
Current:
Book inventory	$ 30,041,900	$ 33,494,200
Inventory valuation allowance	(368,100)	(48,600)
Inventories net	29,673,800	33,445,600
Inventory, Noncurrent [Member]
Current:
Book inventory	1,188,600	904,400
Inventory valuation allowance	(272,700)	(329,400)
Inventories net	$ 915,900	$ 575,000

LEASES (Details)

LEASES (Details)	9 Months Ended
	Nov. 30, 2019USD ($)	Feb. 28, 2019USD ($)
ASU 2016-02 Transition [Abstract]
Number of Rental Agreements	3
Operating Leases, Rent Expense	$ 13,900
Property Subject to or Available for Operating Lease, Net	10,809,700	$ 10,359,900
Property Subject to or Available for Operating Lease, Accumulated Depreciation	$ 1,751,100	$ 1,233,400

LEASES (Details) - Schedule of

LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases	Nov. 30, 2019USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2020	$ 3,200
2021	13,200
2022	13,700
2023	14,200
2024	8,400
Total future minimum rental payments	52,700
Present value discount	(4,800)
Total operating lease liability	$ 47,900

LEASES (Details) - Lease, Cost

LEASES (Details) - Lease, Cost	9 Months Ended
	Nov. 30, 2019USD ($)
Lease, Cost [Abstract]
Current lease liability	$ 13,400
Long-term lease liability	34,500
Right-of-use asset	47,900
Fixed lease cost	9,400
Operating cash flows – operating lease	$ 9,400
Weighted average remaining lease term (months)	46 months
Weighted average discount rate	4.60%

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payments to be Received, Maturity	Nov. 30, 2019USD ($)
Lessor, Operating Lease, Payments to be Received, Maturity [Abstract]
2020	$ 373,600
2021	1,509,300
2022	1,539,800
2023	1,570,800
2024	1,575,500
Thereafter	10,859,200
Total	$ 17,428,200

DEBT (Details)

DEBT (Details) - USD ($)	Mar. 10, 2016	Nov. 30, 2019	Feb. 28, 2019	Jun. 15, 2018
Line of Credit [Member]
DEBT (Details) [Line Items]
Line of Credit, Current		$ 0
Line of Credit Facility, Remaining Borrowing Capacity		11,210,700	$ 12,439,300
Line of Credit [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		15,000,000
Notes Payable to Banks [Member] | Tranche A [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 11,600,000
Line of Credit Facility, Expiration Date		Aug. 15, 2020
Debt Instrument, Interest Rate, Stated Percentage	4.23%
Debt Instrument, Payment Terms	interest is payable monthly
Notes Payable to Banks [Member] | Tranche B [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 4,300,000
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		3.99%
Notes Payable to Banks [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Debt Instrument, Face Amount		$ 3,100,000
Debt Instrument, Maturity Date		Jun. 28, 2021
Notes Payable to Banks [Member] | Term Loan # 1 [Member]
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]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000,000
Line of Credit Facility, Interest Rate at Period End		3.99%
London Interbank Offered Rate (LIBOR) [Member] | Notes Payable to Banks [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Debt Instrument, Interest Rate During Period		3.99%

DEBT (Details) - Schedule of De

DEBT (Details) - Schedule of Debt - USD ($)	Nov. 30, 2019	Feb. 28, 2019
Schedule of Debt [Abstract]
Line of credit	$ 0	$ 0
Long-term debt	19,057,200	19,776,600
Less current maturities	(1,053,600)	(945,900)
Long-term debt, net of current maturities	$ 18,003,600	$ 18,830,700

DEBT (Details) - Schedule of Lo

DEBT (Details) - Schedule of Long-term Debt Instruments	9 Months Ended
	Nov. 30, 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	300.00%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier II [Member]
Debt Instrument [Line Items]
LIBOR Margin	275.00%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier III [Member]
Debt Instrument [Line Items]
LIBOR Margin	250.00%
London Interbank Offered Rate (LIBOR) [Member] | Pricing Tier IV [Member]
Debt Instrument [Line Items]
LIBOR Margin	225.00%

DEBT (Details) - Schedule of Ma

DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	Nov. 30, 2019	Feb. 28, 2019
Schedule of Maturities of Long-term Debt [Abstract]
2020	$ 256,200
2021	1,067,400
2022	1,114,600
2023	1,161,600
2024	1,210,600
Thereafter	14,246,800
Total	$ 19,057,200	$ 19,776,600

EARNINGS PER SHARE (Details) -

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Earnings per share:
Net earnings applicable to common shareholders (in Dollars)	$ 2,735,800	$ 2,815,600	$ 5,107,000	$ 6,122,900
Shares:
Weighted average shares outstanding-basic	8,406,709	8,194,072	8,301,209	8,185,561
Assumed exercise of options	5,929	7,704	6,287	7,645
Weighted average shares outstanding-diluted	8,412,638	8,201,776	8,307,496	8,193,206
Diluted earnings per share:
Basic (in Dollars per share)	$ 0.33	$ 0.34	$ 0.62	$ 0.75
Diluted (in Dollars per share)	$ 0.33	$ 0.34	$ 0.61	$ 0.75

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	3 Months Ended	9 Months Ended
	Nov. 30, 2019USD ($)$ / sharesshares	Nov. 30, 2019USD ($)$ / sharesshares
2002 Plan [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding	10,000	10,000
The 2019 Long-term Incentive Plan [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	600,000	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 | $ / shares	$ 9.94	$ 9.94
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $	$ 166,300	$ 498,800
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $	$ 2,161,600	$ 2,161,600
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		39 months

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Share-based Payment Arrangement, Cost by Plan [Abstract]
Share-based compensation expense	$ 166,300	$ 185,300	$ 498,800	$ 255,300

SHIPPING AND HANDLING COSTS (De

SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Shipping and Handling [Member]
SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 6,037,600	$ 5,897,500	$ 14,087,400	$ 13,556,400

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	9 Months Ended
	Nov. 30, 2019
Segment Reporting [Abstract]
Number of Reportable Segments	2

BUSINESS SEGMENTS (Details) - S

BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Nov. 30, 2018
Segment Reporting Information [Line Items]
Net Revenues	$ 40,824,600	$ 40,482,600	$ 92,850,000	$ 95,185,900
Earnings (Loss) Before Income Taxes	3,835,700	3,804,200	7,048,900	8,335,600
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,724,200	3,161,300	7,766,300	8,073,000
Earnings (Loss) Before Income Taxes	832,900	998,800	2,253,300	2,141,800
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	38,100,400	37,321,300	85,083,700	87,112,900
Earnings (Loss) Before Income Taxes	6,501,200	6,459,800	14,358,500	15,835,800
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (3,498,400)	$ (3,654,400)	$ (9,562,900)	$ (9,642,000)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Nov. 30, 2019	Feb. 28, 2019
Fair Value, Inputs, Level 2 [Member]
FAIR VALUE MEASUREMENTS (Details) [Line Items]
Long-term Debt, Fair Value	$ 19,086,000	$ 19,123,700

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details)	9 Months Ended
	Nov. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Deferred Revenue, Additions	$ 494,800

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Jan. 07, 2020$ / shares
SUBSEQUENT EVENTS (Details) [Line Items]
Dividends Payable, Date Declared	Jan. 7, 2020
Common Stock, Dividends, Per Share, Declared	$ 0.05
Dividends Payable, Date to be Paid	Mar. 12, 2020
Dividends Payable, Date of Record	Feb. 25, 2020