Educational Development (EDUC) 10-K 26 May 20 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Feb. 29, 2020	May 14, 2020	Aug. 31, 2019
Document Information Line Items
Entity Registrant Name	Educational Development Corp
Document Type	10-K
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		8,369,818
Entity Public Float			$ 35,957,200
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Feb. 29, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Feb. 29, 2020	Feb. 28, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 2,999,400	$ 3,199,300
Accounts receivable, less allowance for doubtful accounts of $237,400 (2020) and $268,600 (2019)	2,967,200	3,258,800
Inventories - net	30,087,300	33,445,600
Income taxes receivable	221,700	0
Prepaid expenses and other assets	950,600	1,603,500
Total current assets	37,226,200	41,507,200
INVENTORIES - net	1,016,700	575,000
PROPERTY, PLANT AND EQUIPMENT - net	26,377,700	27,164,600
OTHER ASSETS	82,200	19,500
TOTAL ASSETS	64,702,800	69,266,300
CURRENT LIABILITIES:
Accounts payable	9,661,100	14,228,600
Deferred revenues	385,300	965,600
Current maturities of long-term debt	1,027,400	945,900
Accrued salaries and commissions	1,657,200	2,039,000
Income taxes payable	0	756,400
Dividends payable	417,400	410,100
Other current liabilities	3,238,200	4,177,900
Total current liabilities	16,386,600	23,523,500
LONG-TERM DEBT - net of current maturities	17,784,300	18,830,700
DEFERRED INCOME TAXES - net	993,300	872,600
OTHER LONG-TERM LIABILITIES	145,800	109,000
Total liabilities	35,310,000	43,335,800
COMMITMENTS AND CONTINGENCIES – See Note 9
SHAREHOLDERS' EQUITY:
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,410,080 (2020) and 12,092,080 (2019) shares; Outstanding 8,348,651 (2020) and 8,195,082 (2019) shares	2,482,000	2,418,400
Capital in excess of par value	9,843,900	8,975,100
Retained earnings	29,732,200	25,754,900
	42,058,100	37,148,400
Less treasury stock, at cost	(12,665,300)	(11,217,900)
Total shareholders' equity	29,392,800	25,930,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 64,702,800	$ 69,266,300

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 237,400	$ 268,600
Common stock, shares outstanding	8,348,651	8,195,082
Common stock, shares issued	12,410,080	12,092,080
Common stock, authorized shares	16,000,000	16,000,000
Common stock, par value (in Dollars per share)	$ 0.20	$ 0.20

STATEMENTS OF EARNINGS

STATEMENTS OF EARNINGS - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
NET REVENUES	$ 113,011,900	$ 118,811,300
COST OF GOODS SOLD	36,863,300	39,063,600
Gross margin	76,148,600	79,747,700
OPERATING EXPENSES:
Operating and selling	18,606,000	18,550,600
Sales commissions	34,994,800	36,480,400
General and administrative	15,505,100	16,164,300
Total operating expenses	69,105,900	71,195,300
INTEREST EXPENSE	888,100	931,300
OTHER INCOME	(1,597,300)	(1,559,700)
EARNINGS BEFORE INCOME TAXES	7,751,900	9,180,800
INCOME TAXES	2,106,800	2,502,400
NET EARNINGS	$ 5,645,100	$ 6,678,400
BASIC AND DILUTED EARNINGS PER SHARE:
Basic (in Dollars per share)	$ 0.68	$ 0.82
Diluted (in Dollars per share)	$ 0.68	$ 0.81
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic (in Shares)	8,318,412	8,189,149
Diluted (in Shares)	8,323,128	8,196,628
Dividends per share (in Dollars per share)	$ 0.20	$ 0.20
Gross Sales [Member]
REVENUES	$ 149,936,800	$ 157,870,100
Discounts and Allowances [Member]
Less discounts and allowances	(46,984,700)	(49,754,000)
Transportation Revenue [Member]
REVENUES	$ 10,059,800	$ 10,695,200

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 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				$ (256,500)	(256,500)
Purchases of treasury stock (in Shares)				25,171
Sales of treasury stock				$ 342,700	$ 342,700
Sales of treasury stock (in Shares)				(40,641)
Exercise of stock options (in Shares)					0
Dividends declared			(1,638,000)		$ (1,638,000)
Share-based compensation expense		401,800			401,800
Net earnings			6,678,400		6,678,400
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				$ (1,705,800)	$ (1,705,800)
Purchases of treasury stock (in Shares)				254,475	254,475
Sales of treasury stock		241,000		$ 258,400	$ 499,400
Sales of treasury stock (in Shares)				(90,044)
Exercise of stock options	$ 2,000	24,300			$ 26,300
Exercise of stock options (in Shares)	10,000				10,000
Dividends declared			(1,667,800)		$ (1,667,800)
Net earnings			5,645,100		5,645,100
Balance at Feb. 29, 2020	$ 2,482,000	$ 9,843,900	$ 29,732,200	$ (12,665,300)	$ 29,392,800
Balance (in Shares) at Feb. 29, 2020	12,410,080			4,061,429

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Retained Earnings [Member]
Dividends declared	$ 0.20	$ 0.20

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 5,645,100	$ 6,678,400
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	1,425,700	1,455,800
Deferred income taxes	120,700	735,700
Provision for doubtful accounts	63,900	74,100
Provision for inventory valuation allowance	318,400	140,700
Share-based compensation expense	665,100	401,800
Changes in assets and liabilities:
Accounts receivable	227,700	(419,100)
Inventories, net	2,598,200	(7,106,800)
Prepaid expenses and other assets	590,200	(337,100)
Accounts payable	(4,567,500)	2,399,100
Accrued salaries and commissions, and other liabilities	(1,284,700)	694,000
Deferred revenues	(580,300)	272,600
Income taxes	(978,100)	(1,042,400)
Total adjustments	(1,400,700)	(2,731,600)
Net cash provided by operating activities	4,244,400	3,946,800
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(638,800)	(1,399,400)
Net cash used in investing activities	(638,800)	(1,399,400)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(964,900)	(929,700)
Cash received from sale of treasury stock	499,400	342,700
Cash used to purchase treasury stock	(1,705,800)	(256,500)
Cash proceeds from issuance of common stock upon exercise of stock options	26,300	0
Dividends paid	(1,660,500)	(1,227,900)
Net cash used in financing activities	(3,805,500)	(2,071,400)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(199,900)	476,000
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	3,199,300	2,723,300
CASH AND CASH EQUIVALENTS - END OF YEAR	2,999,400	3,199,300
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for interest	899,100	926,900
Cash paid for income taxes	$ 3,084,100	$ 2,874,300

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business — Stock Split — Estimates — Reclassifications — Business Concentration — A significant portion of our UBAM division sales are facilitated through the use of social media collaboration platforms that allow our consultants to interact in real-time, or near real-time, with customers. Consultants use these platforms to invite potential customers to “online parties,” provide book recommendations, answer questions and provide links to other supporting online materials. When a customer is ready to purchase books from the online party, they are redirected from the social media platform to the consultant’s e-commerce site where the order can be placed. Cash and Cash Equivalents — Accounts Receivable — Management periodically reviews accounts receivable balances and, based on an assessment of historical bad debts, current customer receivable balances, age of customer receivable balances, customers’ financial conditions and current economic trends, estimates the portion of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation account based on its assessment of the current status of the individual accounts. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Recoveries of accounts receivable previously written off are recorded as income when received. Management has estimated an allowance for doubtful accounts of $237,400 and $268,600 as of February 29, 2020 and February 28, 2019, respectively. Included within this allowance is $93,900 of reserve for vendor discounts to sell remaining inventory as of February 29, 2020 and February 28, 2019. Inventories — Consultants that meet certain eligibility requirements may request and receive inventory on consignment. Consignment inventory is stated at the lower of cost or net realizable value, less an estimated reserve for consignment inventory that is not expected to be sold or returned to the Company. The total cost of inventory on consignment, excluding the estimated reserve, with consultants was $1,519,600 and $1,545,000 at February 29, 2020 and February 28, 2019, respectively. The Company has reserved for consignment inventory not expected to be sold or returned of $239,800 and $48,600 as of February 29, 2020 and February 28, 2019, respectively. Inventories are presented net of a valuation allowance, which includes reserves for inventory obsolescence and consultant consignment inventory that is not expected to be sold or returned. Management estimates the allowance for both current and noncurrent inventory. The allowance is based on management’s identification of slow-moving inventory and estimated consignment inventory that will not be sold or returned. Property, Plant and Equipment — Building 30 years Building improvements 5 – 15 years Machinery and equipment 3 – 15 years Furniture and fixtures 3 years Capitalized projects that are not placed in service are recorded as in progress and are not depreciated until the related assets are placed in service. Impairment of Long-Lived Assets — Income Taxes — Revenue Recognition — The majority of the Company's contracts have a single performance obligation and are short-term in nature. Certain contracts associated with hostess award programs include sales incentives, such as discounted products. These incentives provide a separate performance obligation in the contract and material right to the customer. The transaction price is allocated to the material right based on its relative standalone selling price and is recognized in revenue as the performance obligations are satisfied, which occurs at shipping point or at the expiration of the material right. As our sales incentives are delivered with the associated products ordered, there is no deferral required. Revenues allocated to the material right are recognized in gross sales, discounts and allowances and cost of goods sold in our statement of earnings. Estimated allowances for sales returns, which reduce net revenues and costs of goods sold, are recorded as sales are recognized. Management uses a moving average calculation to estimate the allowance for sales returns. We are not responsible for product damaged in transit. Damaged returns are primarily from retail stores. These returns result from damage that occurs in the stores, not in shipping to the stores. It is industry practice to accept non-damaged returns from retail customers. Management has estimated sales returns of approximately $201,500 and $204,000 as of February 29, 2020 and February 28, 2019, respectively, which is included in other current liabilities on the Company’s balance sheets. In addition, Management has recorded an asset for the expected value of non-damaged inventories to be returned. The estimated value of returned products of $100,800 and $102,000 is included in other current assets on the Company’s balance sheets as of February 29, 2020 and February 28, 2019, respectively. Advertising Costs — Shipping and Handling Costs — Interest Expense — Interest Expense — Earnings per Share — The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Year Ended February 29 (28), 2020 2019 Earnings per share: Net earnings applicable to common shareholders $ 5,645,100 $ 6,678,400 Shares: Weighted average shares outstanding-basic 8,318,412 8,189,149 Assumed exercise of options 4,716 7,479 Weighted average shares outstanding-diluted 8,323,128 8,196,628 Diluted earnings per share: Basic $ 0.68 $ 0.82 Diluted $ 0.68 $ 0.81 Stock-Based Compensation — New Accounting Pronouncements — 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 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 7 – 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 year 2020. The adoption of this ASU did not have a material impact on the Company’s 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 year 2020. The adoption of this ASU expands the disclosure of certain assets and liabilities recorded at fair value and did not have a material impact on the Company’s financial position, results of operations or cash flows. In December 2019, the FASB published ASU 2019-12: Income Taxes (Topic 740), which simplifies the Accounting for income taxes. Topic 740 addresses a number of topics including but not limited to the removal of certain exceptions currently included in the standard related to intra-period allocation when there are losses, in addition to calculation of income taxes when current year-to-date losses exceed anticipated loss for the year. The amendment also simplifies accounting for certain franchise taxes and disclosure of the effect of enacted change in tax laws or rates. Topic 740 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The impact of the adoption of the standard has not yet been determined and is being evaluated. In March 2020, the FASB issued ASU 2020-04: Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. This ASU includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This ASU is effective March 12, 2020 through December 31, 2022. The Company’s debt agreements include the use of alternate rates when LIBOR is not available. We do not expect the change from LIBOR to an alternate rate will have a material impact and are currently evaluating the comprehensive effect of this ASU on our Company’s financial position and results of operations.

INVENTORIES

INVENTORIES	12 Months Ended
	Feb. 29, 2020
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	2. INVENTORIES Inventories consist of the following: February 29 (28), 2020 2019 Current: Book inventory $ 30,346,900 $ 33,494,200 Inventory valuation allowance (259,600 ) (48,600 ) Inventories net - current $ 30,087,300 $ 33,445,600 Noncurrent: Book inventory $ 1,226,500 $ 904,400 Inventory valuation allowance (209,800 ) (329,400 ) Inventories net - noncurrent $ 1,016,700 $ 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.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Feb. 29, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	3. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: February 29 (28), 2020 2019 Land $ 4,107,200 $ 4,107,200 Building 20,321,800 20,321,800 Building improvements 1,833,700 1,777,100 Machinery and equipment 8,025,000 7,972,900 Furniture and fixtures 110,800 109,000 Software developments in progress 528,300 - Total property, plant and equipment 34,926,800 34,288,000 Less accumulated depreciation (8,549,100 ) (7,123,400 ) Property, plant and equipment-net $ 26,377,700 $ 27,164,600 During fiscal year 2019, the Company purchased and installed new warehouse equipment and made software enhancements to increase its daily shipping capacity and reduce warehouse labor. During fiscal year 2020, the Company upgraded the software that the UBAM division consultants use to monitor their business and place customer orders.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Feb. 29, 2020
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
Other Liabilities Disclosure [Text Block]	4. OTHER CURRENT LIABILITIES Other current liabilities consist of the following: February 29 (28), 2020 2019 Accrued royalties $ 655,600 $ 869,200 Accrued UBAM incentives 819,400 832,100 Accrued freight 150,600 431,400 Sales tax payable 499,300 547,000 Allowance for expected inventory returns 201,500 204,000 Other 911,800 1,294,200 Total other current liabilities $ 3,238,200 $ 4,177,900

INCOME TAXES

INCOME TAXES	12 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	5. INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax assets and liabilities are as follows: February 29 (28), 2020 2019 Deferred tax assets: Allowance for doubtful accounts $ 64,100 $ 72,500 Inventory overhead capitalization 69,200 87,600 Inventory valuation allowance 70,100 13,100 Inventory valuation allowance – noncurrent 56,700 88,900 Allowance for sales returns 27,200 27,500 Capital loss carryforward - 116,200 Accruals 363,900 252,900 Deferred tax assets 651,200 658,700 Less valuation allowance - (116,200 ) Total deferred tax assets 651,200 542,500 Deferred tax liabilities: Property, plant and equipment (1,644,500 ) (1,415,100 ) Total deferred tax liabilities (1,644,500 ) (1,415,100 ) Net deferred income tax liabilities $ (993,300 ) $ (872,600 ) On December 22, 2017, President Trump signed into law the Tax Act. Among its provisions, the Tax Act reduces the statutory U.S. Corporate income tax rate from a maximum rate of 35% to 21% effective January 1, 2018. The Tax Act also provides for accelerated deductions of certain capital expenditures made after September 27, 2017 through bonus depreciation. Upon the enactment of the Tax Act in fiscal year 2018, we recorded a reduction in our deferred income tax liabilities of $43,200 for the effect of the aforementioned change in the U.S. statutory income tax rate. The application of the Tax Act may change due to regulations subsequently issued by the U.S. Treasury Department. Prior to fiscal year 2019, management assessed the evidence to estimate whether sufficient future capital gains would be generated to utilize the previously existing capital loss carryforward. As there was not an expectation of capital gains existing, management determined that a valuation allowance was necessary to reduce the carrying value of the capital loss carryforward deferred tax asset as it was “more likely than not” that such assets were unrealizable. The capital loss carryforward expired in 2019. As a result, the deferred tax asset on this carryforward was written off, as well as the valuation allowance associated with it. The components of income tax expense are as follows: February 29 (28), 2020 2019 Current: Federal $ 1,518,600 $ 1,253,600 State 467,500 513,100 1,986,100 1,766,700 Deferred: Federal 109,300 674,500 State 11,400 61,200 120,700 735,700 Total income tax expense $ 2,106,800 $ 2,502,400 The following reconciles our expected income tax rate to the U.S. federal statutory income tax rate: February 29 (28), 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % U.S. state and local income taxes–net of federal benefit 5.9 % 4.7 % Other 0.3 % 1.6 % Total income tax expense 27.2 % 27.3 % We file our tax returns in the U.S. and certain state jurisdictions in which we have nexus. We are no longer subject to income tax examinations by tax authorities for fiscal years before 2017. Based upon a review of our income tax filing positions, we believe that our positions would be sustained upon an audit and do not anticipate any adjustments that would result in a material change to our financial position. Therefore, no reserves for uncertain income tax positions have been recorded. We classify interest and penalties associated with income taxes as a component of income tax expense on the statements of earnings.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Feb. 29, 2020
Retirement Benefits [Abstract]
Retirement Benefits [Text Block]	6. EMPLOYEE BENEFIT PLAN We have a profit-sharing plan that incorporates the provisions of Section 401(k) of the Internal Revenue Code. The 401(k) plan covers substantially all employees meeting specific age and length of service requirements. Matching contributions are discretionary and amounted to $146,600 and $133,300 during the fiscal years ended February 29, 2020 and February 28, 2019, respectively. The 401(k) plan includes an option for employees to invest in our stock, which is purchased from our treasury stock shares. Shares purchased for the 401(k) plan from treasury stock amounted to 40,559 net shares and 40,641 net shares during the years ended February 29, 2020 and February 28, 2019, respectively.

LEASES

LEASES	12 Months Ended
	Feb. 29, 2020
Disclosure Text Block [Abstract]
Lessor, Operating Leases [Text Block]	7. LEASES 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 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 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 in our 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 February 29, 2020, are as follows: Years ending February 28 (29), 2021 $ 13,200 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 49,500 Present value discount (4,300 ) Total operating lease liability $ 45,200 The following table provides further information about our operating leases as of and for the year ended February 29, 2020: Current lease liability $ 13,500 Long-term lease liability $ 31,700 Right-of-use asset $ 45,200 Fixed lease cost $ 12,700 Operating cash flows – operating lease $ 12,700 Remaining lease term (months) 43 Discount rate 4.60 % Operating lease expense for the year ended February 28, 2019, was $18,800 and was recognized in accordance with ASC 840. The current lease on the property extends through 2024, inclusive of a two-year renewal option. Operating Leases – Lessor In connection with the 2015 purchase of our 400,000 square-foot facility on 40-acres, we entered into a 15-year lease with the seller, a non-related third party, who leases 181,300 square feet, or 45.3% of the facility. The lessee pays $114,500 per month, through the lease anniversary date of December 2020, with a 2.0% annual increase adjustment on each anniversary date thereafter. The lease terms allow for one five-year extension, which is not a bargain renewal option, at the expiration of the 15-year term. Revenues associated with the lease are being recorded on a straight-line basis over the initial lease term and are reported in other income in the statements of earnings. We recognize variable rental payments 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 29, 2020 2021 $ 1,509,300 2022 1,539,800 2023 1,570,800 2024 1,575,500 2025 1,544,600 Thereafter 9,314,600 Total $ 17,054,600 The cost of the leased space was approximately $10,789,500 and $10,359,900 as of February 29, 2020 and February 28, 2019, respectively. The accumulated depreciation associated with the leased assets was $1,828,900 and $1,233,400 as of February 29, 2020 and February 28, 2019, respectively. Both the leased assets and accumulated depreciation are included in property, plant and equipment-net on the balance sheets.

DEBT

DEBT	12 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	8. DEBT Debt consists of the following: February 29 (28), 2020 2019 Line of credit $ - $ - Long-term debt $ 18,811,700 $ 19,776,600 Less current maturities (1,027,400 ) (945,900 ) Long-term debt, net of current maturities $ 17,784,300 $ 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. 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 (3.89% at February 29, 2020). Term Loan #1 is secured by the primary office, warehouse and land. The outstanding borrowings on Tranche A were $11,497,100 and $11,984,100 at February 29, 2020 and February 28, 2019, respectively. The outstanding borrowings on Tranche B were $4,293,500 and $4,479,700 at February 29, 2020 and February 28, 2019, respectively. 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 (3.89% at February 29, 2020). Term Loan #2 is secured by our secondary warehouse and land. The Loan Agreement also provides a $15.0 million revolving loan (“line of credit”) through August 15, 2020 with interest on future borrowings payable monthly at the Bank adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio (3.89% at February 29, 2020). The outstanding borrowings on Term Loan #2 were $3,021,100 and $3,312,800 at February 29, 2020 and February 28, 2019, respectively. We had no borrowings outstanding on the line of credit at February 29, 2020 and February 28, 2019. Available credit under the revolving credit agreement was $11,006,300 at February 29, 2020 and $12,439,300 at February 28, 2019. The Tranche B, line of credit and Term Loan #2 all accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio which is payable monthly. The current pricing tier is as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio LIBOR Margin (bps) I >2.00 300.00 II >1.50 but <2 275.00 III >1.00 but <1 250.00 IV <1 225.00 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. 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 conditions. 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, amended the definition of LIBOR Margin, reduced the frequency of reports to the Lender, amended the Adjusted Funded Debt to EBITDA Ratio and amended 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. We had no letters of credit outstanding as of February 29, 2020. The Loan Agreement also contains provisions that require us to maintain specified financial ratios, restrict transactions with related parties, prohibits mergers or consolidation, disallow additional debt, and limit the amount of investments, capital expenditures, leasing transactions we can make on a quarterly basis. Additionally, the Loan Agreement places limitations on the amount of dividends that may be distributed and 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 29, 2020 2021 $ 1,027,400 2022 1,070,600 2023 1,115,300 2024 1,161,800 2025 1,208,600 Thereafter 13,228,000 $ 18,811,700

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	9. COMMITMENTS AND CONTINGENCIES At February 29, 2020, we had outstanding purchase commitments for inventory totaling $12,861,500, which is due during fiscal year 2021. Of these commitments, $8,896,200 were with Usborne, $3,809,000 with various Kane Miller publishers and the remaining $156,300 with other suppliers.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Feb. 29, 2020
Share-based Payment Arrangement, Disclosure [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	10. STOCK-BASED COMPENSATION The Board of Directors adopted the 2002 Incentive Stock Option Plan (the “2002 Plan”) in June of 2002. The 2002 Plan also authorized us to grant up to 2,000,000 stock options. Options granted under the 2002 Plan vest at date of grant and are exercisable up to ten years from the date of grant. The exercise price on options granted is equal to the market price at the date of grant. All options outstanding at the beginning of fiscal year 2020 were exercised in December 2019. A summary of the status of our 2002 Plan as of February 29, 2020 and February 28, 2019, and changes during the years then ended is presented below: February 29 (28), 2020 2019 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 10,000 $ 2.63 10,000 $ 2.63 Exercised 10,000 2.63 - - Expired - - - - Outstanding at end of year - - 10,000 $ 2.63 At February 29, 2020, there were no stock options outstanding. 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. The remaining compensation expense for these awards, totaling approximately $1,995,400, will be recognized ratably over the remaining vesting period of approximately 36 months. No shares were granted during fiscal year 2020. A summary of compensation expense recognized in connection with restricted share awards as follows: Year Ended February 29 (28), 2020 2019 Share-based compensation expense $ 665,100 $ 401,800

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	12 Months Ended
	Feb. 29, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement [Text Block]	11. STOCK REPURCHASE PLAN In April 2008, the Board of Directors authorized us to repurchase up to an additional 1,000,000 shares of our common stock under the plan initiated in 1998 (“amended 2008 plan”). On February 4, 2019, the Board of Directors replaced the amended 2008 plan with a new plan which authorized us to repurchase up to 800,000 of outstanding common stock in the open market or in privately negotiated transactions, and to utilize any derivative or similar instrument to effect share repurchase transactions (including without limitation, accelerated share repurchase contracts, equity forward transactions, equity swap transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). The Company received approval for the new plan from its primary lender, which removed certain restrictions on share repurchases outlined in the fourth amendment and added other restrictions outlined in the ninth amendment to the Company’s Loan Agreement (see Note 8 to the financial statements). During fiscal year 2019, and prior to February 4, 2019, we purchased 16,805 shares at an average price of $11.31 per share totaling approximately $190,100 under the amended 2008 stock repurchase plan. Between February 4, 2019 and February 28, 2019, we purchased 8,366 shares at an average price of $7.93 per share totaling approximately $66,400 under the new 2019 stock repurchase plan. During fiscal year 2020, we purchased 254,475 shares at an average price of $6.70 per share totaling approximately $1,705,800 under the 2019 stock repurchase plan.

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Feb. 29, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	12. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following is a summary of the quarterly results of operations for the years ended February 29, 2020 and February 28, 2019: Net Revenues Gross Margin Net Earnings Basic Earnings Per Share Diluted Earnings Per Share 2020 First quarter $ 27,587,400 $ 18,531,200 $ 1,363,600 $ 0.17 $ 0.17 Second quarter 24,438,000 16,391,600 1,007,600 0.12 0.12 Third quarter 40,824,600 27,544,700 2,735,800 0.33 0.33 Fourth quarter 20,161,900 13,681,100 538,100 0.06 0.06 Total year $ 113,011,900 $ 76,148,600 $ 5,645,100 $ 0.68 $ 0.68 2019 First quarter $ 30,022,300 $ 20,352,600 $ 1,816,600 $ 0.22 $ 0.22 Second quarter 24,681,000 16,218,300 1,490,700 0.18 0.18 Third quarter 40,482,600 27,341,000 2,815,600 0.34 0.34 Fourth quarter 23,625,400 15,835,800 555,500 0.08 0.07 Total year $ 118,811,300 $ 79,747,700 $ 6,678,400 $ 0.82 $ 0.81

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	13. BUSINESS SEGMENTS We have two reportable segments: Publishing and UBAM. These reportable segments 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 industry segment for the years ended February 29, 2020 and February 28, 2019 is set forth below: NET REVENUES 2020 2019 Publishing $ 9,701,300 $ 10,430,000 UBAM 103,310,600 108,381,300 Total $ 113,011,900 $ 118,811,300 EARNINGS (LOSS) BEFORE INCOME TAXES 2020 2019 Publishing $ 2,682,000 $ 2,885,800 UBAM 17,444,600 19,250,100 Other (12,374,700 ) (12,955,100 ) Total $ 7,751,900 $ 9,180,800

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Feb. 29, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	14. FAIR VALUE MEASUREMENTS The valuation hierarchy included in U.S. GAAP considers the transparency of inputs used to value assets and liabilities as of the measurement date. 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 $19,155,500 and $19,123,700 at February 29, 2020 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	12 Months Ended
	Feb. 29, 2020
Disclosure Text Block [Abstract]
Deferred Revenue Disclosure [Text Block]	15. DEFERRED REVENUES The Company’s UBAM division receives payments on orders in advance of shipment. Any payments received prior to our fiscal year end that were not shipped as of February 29, 2020 and February 28, 2019 are recorded as deferred revenues on the balance sheets. We received approximately $385,300 and $965,600 at February 29, 2020 and February 28, 2019, respectively, in payments for sales orders which were, or will be, shipped out subsequent to the fiscal year end. Orders that were included in deferred revenues predominantly shipped within the first few days of the next fiscal year.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Feb. 29, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	16. SUBSEQUENT EVENTS On March 11, 2020, the World Health Organization characterized COVID-19, a new respiratory disease caused by a novel coronavirus, as a pandemic. On March 13, 2020, President Trump declared the COVID-19 outbreak in the United States as a national emergency. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented, and continue to implement, emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures may have an adverse impact on local and global economic conditions. The extent to which the coronavirus may impact the Company’s business activities will depend on future developments and the effectiveness of the actions taken in the United States and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine their financial impact at this time. On April 9, 2020, the Company, as Landlord, agreed to a 90-day lease payment abatement for the months of May, June and July 2020, with our facility’s largest leasing tenant. The lease term was extended three months past the original lease term in exchange for the three-month lease abatement. On April 16, 2020, the Company entered into a loan with MidFirst Bank as the lender in an aggregate principal amount of $1,447,400 pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This loan program provided paycheck protection for our employees from the economic impact to our business due to the COVID-19 virus, which was seen most by the decline in our Publishing division’s sales due to the closure of many retail outlets across the country, and in our UBAM division’s School and Library and Book Fair sales due to the closure of many schools nation-wide. The Company determined the PPP loan was no longer needed and therefore repaid the loan in full on May 12, 2020. On May 19, 2020, the Board of Directors of EDC approved a $0.06 dividend that will be paid to shareholders of record on Tuesday, June 2, 2020.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Nature of Business —
Stockholders' Equity, Policy [Policy Text Block]	Stock Split —
Use of Estimates, Policy [Policy Text Block]	Estimates —
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications —
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Business Concentration — A significant portion of our UBAM division sales are facilitated through the use of social media collaboration platforms that allow our consultants to interact in real-time, or near real-time, with customers. Consultants use these platforms to invite potential customers to “online parties,” provide book recommendations, answer questions and provide links to other supporting online materials. When a customer is ready to purchase books from the online party, they are redirected from the social media platform to the consultant’s e-commerce site where the order can be placed.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents —
Receivable [Policy Text Block]	Accounts Receivable — Management periodically reviews accounts receivable balances and, based on an assessment of historical bad debts, current customer receivable balances, age of customer receivable balances, customers’ financial conditions and current economic trends, estimates the portion of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation account based on its assessment of the current status of the individual accounts. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Recoveries of accounts receivable previously written off are recorded as income when received. Management has estimated an allowance for doubtful accounts of $237,400 and $268,600 as of February 29, 2020 and February 28, 2019, respectively. Included within this allowance is $93,900 of reserve for vendor discounts to sell remaining inventory as of February 29, 2020 and February 28, 2019.
Inventory, Policy [Policy Text Block]	Inventories — Consultants that meet certain eligibility requirements may request and receive inventory on consignment. Consignment inventory is stated at the lower of cost or net realizable value, less an estimated reserve for consignment inventory that is not expected to be sold or returned to the Company. The total cost of inventory on consignment, excluding the estimated reserve, with consultants was $1,519,600 and $1,545,000 at February 29, 2020 and February 28, 2019, respectively. The Company has reserved for consignment inventory not expected to be sold or returned of $239,800 and $48,600 as of February 29, 2020 and February 28, 2019, respectively. Inventories are presented net of a valuation allowance, which includes reserves for inventory obsolescence and consultant consignment inventory that is not expected to be sold or returned. Management estimates the allowance for both current and noncurrent inventory. The allowance is based on management’s identification of slow-moving inventory and estimated consignment inventory that will not be sold or returned.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment — Building 30 years Building improvements 5 – 15 years Machinery and equipment 3 – 15 years Furniture and fixtures 3 years Capitalized projects that are not placed in service are recorded as in progress and are not depreciated until the related assets are placed in service.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets —
Income Tax, Policy [Policy Text Block]	Income Taxes —
Revenue [Policy Text Block]	Revenue Recognition — The majority of the Company's contracts have a single performance obligation and are short-term in nature. Certain contracts associated with hostess award programs include sales incentives, such as discounted products. These incentives provide a separate performance obligation in the contract and material right to the customer. The transaction price is allocated to the material right based on its relative standalone selling price and is recognized in revenue as the performance obligations are satisfied, which occurs at shipping point or at the expiration of the material right. As our sales incentives are delivered with the associated products ordered, there is no deferral required. Revenues allocated to the material right are recognized in gross sales, discounts and allowances and cost of goods sold in our statement of earnings. Estimated allowances for sales returns, which reduce net revenues and costs of goods sold, are recorded as sales are recognized. Management uses a moving average calculation to estimate the allowance for sales returns. We are not responsible for product damaged in transit. Damaged returns are primarily from retail stores. These returns result from damage that occurs in the stores, not in shipping to the stores. It is industry practice to accept non-damaged returns from retail customers. Management has estimated sales returns of approximately $201,500 and $204,000 as of February 29, 2020 and February 28, 2019, respectively, which is included in other current liabilities on the Company’s balance sheets. In addition, Management has recorded an asset for the expected value of non-damaged inventories to be returned. The estimated value of returned products of $100,800 and $102,000 is included in other current assets on the Company’s balance sheets as of February 29, 2020 and February 28, 2019, respectively.
Advertising Cost [Policy Text Block]	Advertising Costs —
Cost of Goods and Service [Policy Text Block]	Shipping and Handling Costs —
Interest Expense, Policy [Policy Text Block]	Interest Expense —
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share — The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Year Ended February 29 (28), 2020 2019 Earnings per share: Net earnings applicable to common shareholders $ 5,645,100 $ 6,678,400 Shares: Weighted average shares outstanding-basic 8,318,412 8,189,149 Assumed exercise of options 4,716 7,479 Weighted average shares outstanding-diluted 8,323,128 8,196,628 Diluted earnings per share: Basic $ 0.68 $ 0.82 Diluted $ 0.68 $ 0.81
Share-based Payment Arrangement [Policy Text Block]	Stock-Based Compensation —
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements — 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 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 7 – 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 year 2020. The adoption of this ASU did not have a material impact on the Company’s 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 year 2020. The adoption of this ASU expands the disclosure of certain assets and liabilities recorded at fair value and did not have a material impact on the Company’s financial position, results of operations or cash flows. In December 2019, the FASB published ASU 2019-12: Income Taxes (Topic 740), which simplifies the Accounting for income taxes. Topic 740 addresses a number of topics including but not limited to the removal of certain exceptions currently included in the standard related to intra-period allocation when there are losses, in addition to calculation of income taxes when current year-to-date losses exceed anticipated loss for the year. The amendment also simplifies accounting for certain franchise taxes and disclosure of the effect of enacted change in tax laws or rates. Topic 740 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The impact of the adoption of the standard has not yet been determined and is being evaluated. In March 2020, the FASB issued ASU 2020-04: Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. This ASU includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This ASU is effective March 12, 2020 through December 31, 2022. The Company’s debt agreements include the use of alternate rates when LIBOR is not available. We do not expect the change from LIBOR to an alternate rate will have a material impact and are currently evaluating the comprehensive effect of this ASU on our Company’s financial position and results of operations.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Feb. 29, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Year Ended February 29 (28), 2020 2019 Earnings per share: Net earnings applicable to common shareholders $ 5,645,100 $ 6,678,400 Shares: Weighted average shares outstanding-basic 8,318,412 8,189,149 Assumed exercise of options 4,716 7,479 Weighted average shares outstanding-diluted 8,323,128 8,196,628 Diluted earnings per share: Basic $ 0.68 $ 0.82 Diluted $ 0.68 $ 0.81
Property, Plant and Equipment, Estimated Useful Life [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful life, as follows: Building 30 years Building improvements 5 – 15 years Machinery and equipment 3 – 15 years Furniture and fixtures 3 years

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Feb. 29, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: February 29 (28), 2020 2019 Current: Book inventory $ 30,346,900 $ 33,494,200 Inventory valuation allowance (259,600 ) (48,600 ) Inventories net - current $ 30,087,300 $ 33,445,600 Noncurrent: Book inventory $ 1,226,500 $ 904,400 Inventory valuation allowance (209,800 ) (329,400 ) Inventories net - noncurrent $ 1,016,700 $ 575,000

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Feb. 29, 2020
Property, Plant and Equipment [Member]
PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment consist of the following: February 29 (28), 2020 2019 Land $ 4,107,200 $ 4,107,200 Building 20,321,800 20,321,800 Building improvements 1,833,700 1,777,100 Machinery and equipment 8,025,000 7,972,900 Furniture and fixtures 110,800 109,000 Software developments in progress 528,300 - Total property, plant and equipment 34,926,800 34,288,000 Less accumulated depreciation (8,549,100 ) (7,123,400 ) Property, plant and equipment-net $ 26,377,700 $ 27,164,600

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Feb. 29, 2020
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
Other Current Liabilities [Table Text Block]	Other current liabilities consist of the following: February 29 (28), 2020 2019 Accrued royalties $ 655,600 $ 869,200 Accrued UBAM incentives 819,400 832,100 Accrued freight 150,600 431,400 Sales tax payable 499,300 547,000 Allowance for expected inventory returns 201,500 204,000 Other 911,800 1,294,200 Total other current liabilities $ 3,238,200 $ 4,177,900

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax assets and liabilities are as follows: February 29 (28), 2020 2019 Deferred tax assets: Allowance for doubtful accounts $ 64,100 $ 72,500 Inventory overhead capitalization 69,200 87,600 Inventory valuation allowance 70,100 13,100 Inventory valuation allowance – noncurrent 56,700 88,900 Allowance for sales returns 27,200 27,500 Capital loss carryforward - 116,200 Accruals 363,900 252,900 Deferred tax assets 651,200 658,700 Less valuation allowance - (116,200 ) Total deferred tax assets 651,200 542,500 Deferred tax liabilities: Property, plant and equipment (1,644,500 ) (1,415,100 ) Total deferred tax liabilities (1,644,500 ) (1,415,100 ) Net deferred income tax liabilities $ (993,300 ) $ (872,600 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of income tax expense are as follows: February 29 (28), 2020 2019 Current: Federal $ 1,518,600 $ 1,253,600 State 467,500 513,100 1,986,100 1,766,700 Deferred: Federal 109,300 674,500 State 11,400 61,200 120,700 735,700 Total income tax expense $ 2,106,800 $ 2,502,400
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following reconciles our expected income tax rate to the U.S. federal statutory income tax rate: February 29 (28), 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % U.S. state and local income taxes–net of federal benefit 5.9 % 4.7 % Other 0.3 % 1.6 % Total income tax expense 27.2 % 27.3 %

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Feb. 29, 2020
Disclosure Text Block [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 in our 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 February 29, 2020, are as follows: Years ending February 28 (29), 2021 $ 13,200 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 49,500 Present value discount (4,300 ) Total operating lease liability $ 45,200
Lease, Cost [Table Text Block]	The following table provides further information about our operating leases as of and for the year ended February 29, 2020: Current lease liability $ 13,500 Long-term lease liability $ 31,700 Right-of-use asset $ 45,200 Fixed lease cost $ 12,700 Operating cash flows – operating lease $ 12,700 Remaining lease term (months) 43 Discount rate 4.60 %
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]	Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Year Ending February 29, 2020 2021 $ 1,509,300 2022 1,539,800 2023 1,570,800 2024 1,575,500 2025 1,544,600 Thereafter 9,314,600 Total $ 17,054,600

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Feb. 29, 2020
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: February 29 (28), 2020 2019 Line of credit $ - $ - Long-term debt $ 18,811,700 $ 19,776,600 Less current maturities (1,027,400 ) (945,900 ) Long-term debt, net of current maturities $ 17,784,300 $ 18,830,700
Schedule of Long-term Debt Instruments [Table Text Block]	The Tranche B, line of credit and Term Loan #2 all accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio which is payable monthly. The current pricing tier is as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio LIBOR Margin (bps) I >2.00 300.00 II >1.50 but <2 275.00 III >1.00 but <1 250.00 IV <1 225.00
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 29, 2020 2021 $ 1,027,400 2022 1,070,600 2023 1,115,300 2024 1,161,800 2025 1,208,600 Thereafter 13,228,000 $ 18,811,700

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Feb. 29, 2020
Share-based Payment Arrangement, Disclosure [Abstract]
Share-based Payment Arrangement, Option, Activity [Table Text Block]	A summary of the status of our 2002 Plan as of February 29, 2020 and February 28, 2019, and changes during the years then ended is presented below: February 29 (28), 2020 2019 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 10,000 $ 2.63 10,000 $ 2.63 Exercised 10,000 2.63 - - Expired - - - - Outstanding at end of year - - 10,000 $ 2.63
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	A summary of compensation expense recognized in connection with restricted share awards as follows: Year Ended February 29 (28), 2020 2019 Share-based compensation expense $ 665,100 $ 401,800

QUARTERLY RESULTS OF OPERATIO_2

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Feb. 29, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Table Text Block]	The following is a summary of the quarterly results of operations for the years ended February 29, 2020 and February 28, 2019: Net Revenues Gross Margin Net Earnings Basic Earnings Per Share Diluted Earnings Per Share 2020 First quarter $ 27,587,400 $ 18,531,200 $ 1,363,600 $ 0.17 $ 0.17 Second quarter 24,438,000 16,391,600 1,007,600 0.12 0.12 Third quarter 40,824,600 27,544,700 2,735,800 0.33 0.33 Fourth quarter 20,161,900 13,681,100 538,100 0.06 0.06 Total year $ 113,011,900 $ 76,148,600 $ 5,645,100 $ 0.68 $ 0.68 2019 First quarter $ 30,022,300 $ 20,352,600 $ 1,816,600 $ 0.22 $ 0.22 Second quarter 24,681,000 16,218,300 1,490,700 0.18 0.18 Third quarter 40,482,600 27,341,000 2,815,600 0.34 0.34 Fourth quarter 23,625,400 15,835,800 555,500 0.08 0.07 Total year $ 118,811,300 $ 79,747,700 $ 6,678,400 $ 0.82 $ 0.81

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by industry segment for the years ended February 29, 2020 and February 28, 2019 is set forth below: 2020 2019 Publishing $ 9,701,300 $ 10,430,000 UBAM 103,310,600 108,381,300 Total $ 113,011,900 $ 118,811,300 2020 2019 Publishing $ 2,682,000 $ 2,885,800 UBAM 17,444,600 19,250,100 Other (12,374,700 ) (12,955,100 ) Total $ 7,751,900 $ 9,180,800

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Mar. 01, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Payments for (Proceeds from) Other Investing Activities	$ 33,100,000	$ 42,800,000
Cash, FDIC Insured Amount	250,000
Accounts Receivable, Allowance for Credit Loss	237,400	268,600
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross	1,519,600	1,545,000
Inventory Valuation Reserves	239,800	48,600
Asset Impairment Charges	0	0
Other Liabilities, Current	3,238,200	4,177,900
Advertising Expense	579,500	629,900
Cost of Goods and Services Sold	36,863,300	39,063,600
Interest Expense	888,100	931,300
Operating Lease, Liability			$ 52,900
Operating Lease, Right-of-Use Asset	45,200		$ 52,900
Sales Returns and Allowances [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Other Liabilities, Current	201,500	204,000
Shipping and Handling [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Cost of Goods and Services Sold	17,240,300	17,263,000
Usborne Books and More [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Payments for (Proceeds from) Other Investing Activities	21,400,000	29,800,000
Accounts Payable, Other, Current	5,500,000	5,600,000
Returned Products [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Other Assets, Current	100,800	102,000
Inventory Vendor Discounts [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 93,900	$ 93,900

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property, Plant and Equipment	12 Months Ended
	Feb. 29, 2020
Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	30 years
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	15 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	15 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Diluted Earnings Per Share - USD ($)	3 Months Ended								12 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 29, 2020	Feb. 28, 2019
Earnings per share:
Net earnings applicable to common shareholders (in Dollars)									$ 5,645,100	$ 6,678,400
Shares:
Weighted average shares outstanding-basic									8,318,412	8,189,149
Assumed exercise of options									4,716	7,479
Weighted average shares outstanding-diluted									8,323,128	8,196,628
Diluted earnings per share:
Basic (in Dollars per share)	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 0.08	$ 0.34	$ 0.18	$ 0.22	$ 0.68	$ 0.82
Diluted (in Dollars per share)	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 0.07	$ 0.34	$ 0.18	$ 0.22	$ 0.68	$ 0.81

INVENTORIES (Details) - Schedu

INVENTORIES (Details) - Schedule of Inventory, Noncurrent - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Inventory Current [Member]
Current:
Book inventory	$ 30,346,900	$ 33,494,200
Inventory valuation allowance	(259,600)	(48,600)
Inventories net	30,087,300	33,445,600
Inventory, Noncurrent [Member]
Current:
Book inventory	1,226,500	904,400
Inventory valuation allowance	(209,800)	(329,400)
Inventories net	$ 1,016,700	$ 575,000

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 34,926,800	$ 34,288,000
Less accumulated depreciation	(8,549,100)	(7,123,400)
Property, Plant and Equipment, Net	26,377,700	27,164,600
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,107,200	4,107,200
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	20,321,800	20,321,800
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,833,700	1,777,100
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	8,025,000	7,972,900
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	110,800	109,000
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 528,300	$ 0

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - Schedule of Other Current Liabilities - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Schedule of Other Current Liabilities [Abstract]
Accrued royalties	$ 655,600	$ 869,200
Accrued UBAM incentives	819,400	832,100
Accrued freight	150,600	431,400
Sales tax payable	499,300	547,000
Allowance for expected inventory returns	201,500	204,000
Other	911,800	1,294,200
Total other current liabilities	$ 3,238,200	$ 4,177,900

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jan. 01, 2018	Dec. 22, 2017	Feb. 29, 2020	Feb. 28, 2019	Feb. 28, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	35.00%	21.00%	21.00%
Increase (Decrease) in Deferred Income Taxes (in Dollars)					$ (43,200)

INCOME TAXES (Details) - Sched

INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Deferred tax assets:
Allowance for doubtful accounts	$ 64,100	$ 72,500
Inventory overhead capitalization	69,200	87,600
Inventory valuation allowance	70,100	13,100
Inventory valuation allowance – noncurrent	56,700	88,900
Allowance for sales returns	27,200	27,500
Capital loss carryforward	0	116,200
Accruals	363,900	252,900
Deferred tax assets	651,200	658,700
Less valuation allowance	0	(116,200)
Total deferred tax assets	651,200	542,500
Deferred tax liabilities:
Property, plant and equipment	(1,644,500)	(1,415,100)
Total deferred tax liabilities	(1,644,500)	(1,415,100)
Net deferred income tax liabilities	$ (993,300)	$ (872,600)

INCOME TAXES (Details) - Sch_2

INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Current:
Federal	$ 1,518,600	$ 1,253,600
State	467,500	513,100
	1,986,100	1,766,700
Deferred:
Federal	109,300	674,500
State	11,400	61,200
	120,700	735,700
Total income tax expense	$ 2,106,800	$ 2,502,400

INCOME TAXES (Details) - Sch_3

INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation	Jan. 01, 2018	Dec. 22, 2017	Feb. 29, 2020	Feb. 28, 2019
Schedule of Effective Income Tax Rate Reconciliation [Abstract]
U.S. federal statutory income tax rate	21.00%	35.00%	21.00%	21.00%
U.S. state and local income taxes–net of federal benefit			5.90%	4.70%
Other			0.30%	1.60%
Total income tax expense			27.20%	27.30%

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - 401(k) Plan [Member] - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
EMPLOYEE BENEFIT PLAN (Details) [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 146,600	$ 133,300
Stock Issued During Period, Shares, Treasury Stock Reissued	40,559	40,641

LEASES (Details)

LEASES (Details)	12 Months Ended
	Feb. 29, 2020USD ($)ft²a	Feb. 28, 2019USD ($)
LEASES (Details) [Line Items]
Number of Rental Agreements	3
Operating Leases, Rent Expense	$ 18,800
Area of Real Estate Property (in Square Feet) | ft²	400,000
Area of Land (in Acres) | a	40
Lessee, Operating Lease, Renewal Term	2 years
Property Subject to or Available for Operating Lease, Net	$ 10,789,500	$ 10,359,900
Property Subject to or Available for Operating Lease, Accumulated Depreciation	$ 1,828,900	$ 1,233,400
Building [Member]
LEASES (Details) [Line Items]
Area of Real Estate Property (in Square Feet) | ft²	181,300
Lessee, Operating Lease, Term of Contract	15 years
Area of Real Estate, Percentage Leased	45.30%
Description of Lessee Leasing Arrangements, Operating Leases	The lessee pays $114,500 per month, through the lease anniversary date of December 2020, with a 2.0% annual increase adjustment on each anniversary date thereafter.
Operating Leases, Rent Expense, Minimum Rentals	$ 114,500
Lessee, Operating Lease, Renewal Term	5 years

LEASES (Details) - Schedule of

LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases	Feb. 29, 2020USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2021	$ 13,200
2022	13,700
2023	14,200
2024	8,400
Total future minimum rental payments	49,500
Present value discount	(4,300)
Total operating lease liability	$ 45,200

LEASES (Details) - Lease, Cost

LEASES (Details) - Lease, Cost - USD ($)	12 Months Ended
	Feb. 29, 2020	Mar. 01, 2019
Lease, Cost [Abstract]
Current lease liability	$ 13,500
Long-term lease liability	31,700
Right-of-use asset	45,200	$ 52,900
Fixed lease cost	12,700
Operating cash flows – operating lease	$ 12,700
Remaining lease term (months)	43 years
Discount rate	4.60%

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Feb. 29, 2020USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2021	$ 1,509,300
2022	1,539,800
2023	1,570,800
2024	1,575,500
2025	1,544,600
Thereafter	9,314,600
Total	$ 17,054,600

DEBT (Details)

DEBT (Details) - USD ($)	Dec. 01, 2015	Feb. 29, 2020	Feb. 28, 2019	Jun. 15, 2018	Feb. 28, 2018
DEBT (Details) [Line Items]
Long-term Debt		$ 18,811,700			$ 19,776,600
Tranche A [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 13,400,000
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
Long-term Debt		$ 11,497,100	$ 11,984,100
Tranche B [Member] | Notes Payable to Banks [Member]
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 on future borrowings 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		3.89%
Long-term Debt		$ 4,293,500	4,479,700
Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Long-term Debt		3,021,100	3,312,800
Term Loan # 2 [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Debt Instrument, Face Amount		$ 4,000,000
Debt Instrument, Maturity Date		Jun. 28, 2021
Term Loan # 1 [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 3,000,000
Line of Credit [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 11,006,300	$ 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
London Interbank Offered Rate (LIBOR) [Member] | Term Loan # 2 [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Debt Instrument, Interest Rate During Period		3.89%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Interest Rate at Period End		3.89%

DEBT (Details) - Schedule of D

DEBT (Details) - Schedule of Debt - USD ($)	Feb. 29, 2020	Feb. 28, 2019	Feb. 28, 2018
Schedule of Debt [Abstract]
Line of credit	$ 0		$ 0
Long-term debt	18,811,700		19,776,600
Less current maturities	(1,027,400)	$ (945,900)	(945,900)
Long-term debt, net of current maturities	$ 17,784,300	$ 18,830,700	$ 18,830,700

DEBT (Details) - Schedule of L

DEBT (Details) - Schedule of Long-term Debt Instruments	12 Months Ended
	Feb. 29, 2020
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 M

DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	Feb. 29, 2020	Feb. 28, 2018
Schedule of Maturities of Long-term Debt [Abstract]
2021	$ 1,027,400
2022	1,070,600
2023	1,115,300
2024	1,161,800
2025	1,208,600
Thereafter	13,228,000
	$ 18,811,700	$ 19,776,600

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Inventory [Member]	Feb. 29, 2020USD ($)
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	$ 12,861,500
Usborne Books and More [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	8,896,200
Kane Miller [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	3,809,000
Other Suppliers [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	$ 156,300

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2002	Feb. 29, 2020	Feb. 28, 2019
2002 Plan [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	exercise price on options granted is equal to the market price at the date of grant
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
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Description		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.
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture			308,000
Shares Issued, Price Per Share (in Dollars per share)			$ 9.94
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount (in Dollars)			$ 1,995,400
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			36 months
Maximum [Member] | 2002 Plan [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details) - Schedule of Stock Option Activity - $ / shares	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Schedule of Stock Option Activity [Abstract]
Outstanding at beginning of year	10,000	10,000
Outstanding at beginning of year	$ 2.63	$ 2.63
Exercised	10,000	0
Exercised	$ 2.63	$ 0
Expired	0	0
Expired	$ 0	$ 0
Outstanding at end of year	0	10,000
Outstanding at end of year	$ 0	$ 2.63

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Share-based Payment Arrangement, Cost by Plan [Abstract]
Share-based compensation expense	$ 665,100	$ 401,800

STOCK REPURCHASE PLAN (Details)

STOCK REPURCHASE PLAN (Details) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 28, 2019	Feb. 03, 2019	Feb. 29, 2020	Feb. 28, 2019	Feb. 04, 2019	Apr. 30, 2008
Share-based Payment Arrangement [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						1,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased					800,000
Stock Repurchased During Period, Shares	8,366	16,805	254,475
Stock Repurchased During Period, Average Price Paid (in Dollars per share)	$ 7.93	$ 11.31	$ 6.70
Stock Repurchased During Period, Value (in Dollars)	$ 66,400	$ 190,100	$ 1,705,800	$ 256,500

QUARTERLY RESULTS OF OPERATIO_3

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - Schedule of Quarterly Financial Information - USD ($)	3 Months Ended								12 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 29, 2020	Feb. 28, 2019
Schedule of Quarterly Financial Information [Abstract]
Net Revenues	$ 20,161,900	$ 40,824,600	$ 24,438,000	$ 27,587,400	$ 23,625,400	$ 40,482,600	$ 24,681,000	$ 30,022,300	$ 113,011,900	$ 118,811,300
Gross Margin	13,681,100	27,544,700	16,391,600	18,531,200	15,835,800	27,341,000	16,218,300	20,352,600	76,148,600	79,747,700
Net Earnings	$ 538,100	$ 2,735,800	$ 1,007,600	$ 1,363,600	$ 555,500	$ 2,815,600	$ 1,490,700	$ 1,816,600	$ 5,645,100	$ 6,678,400
Basic Earnings Per Share (in Dollars per share)	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 0.08	$ 0.34	$ 0.18	$ 0.22	$ 0.68	$ 0.82
Diluted Earnings Per Share (in Dollars per share)	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 0.07	$ 0.34	$ 0.18	$ 0.22	$ 0.68	$ 0.81

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	12 Months Ended
	Feb. 29, 2020
Segment Reporting [Abstract]
Number of Reportable Segments	2

BUSINESS SEGMENTS (Details) -

BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended								12 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 29, 2020	Feb. 28, 2019
Segment Reporting Information [Line Items]
Net Revenues	$ 20,161,900	$ 40,824,600	$ 24,438,000	$ 27,587,400	$ 23,625,400	$ 40,482,600	$ 24,681,000	$ 30,022,300	$ 113,011,900	$ 118,811,300
Earnings (Loss) Before Income Taxes									7,751,900	9,180,800
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues									9,701,300	10,430,000
Earnings (Loss) Before Income Taxes									2,682,000	2,885,800
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues									103,310,600	108,381,300
Earnings (Loss) Before Income Taxes									17,444,600	19,250,100
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes									$ (12,374,700)	$ (12,955,100)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Fair Value, Inputs, Level 2 [Member]
FAIR VALUE MEASUREMENTS (Details) [Line Items]
Long-term Debt, Fair Value	$ 19,155,500	$ 19,123,700

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details) - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Disclosure Text Block [Abstract]
Deferred Revenue, Additions	$ 385,300	$ 965,600

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event [Member] - USD ($)	May 19, 2020	Apr. 09, 2020	Apr. 16, 2020
SUBSEQUENT EVENT (Details) [Line Items]
Lessor, Operating Lease, Description		the Company, as Landlord, agreed to a 90-day lease payment abatement for the months of May, June and July 2020, with our facility’s largest leasing tenant. The lease term was extended three months past the original lease term in exchange for the three-month lease abatement
Borrowings under Guaranteed Investment Agreements			$ 1,447,400
Dividends Payable, Date Declared	May 19, 2020
Common Stock, Dividends, Per Share, Declared	$ 0.06
Dividends Payable, Date of Record	Jun. 2, 2020