Educational Development (EDUC) 10-Q 13 Oct 20 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Aug. 31, 2020	Oct. 07, 2020
Document Information Line Items
Entity Registrant Name	Educational Development Corp
Document Type	10-Q
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		8,355,972
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Aug. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Aug. 31, 2020	Feb. 29, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 22,636,300	$ 2,999,400
Accounts receivable, less allowance for doubtful accounts of $319,900 (August 31) and $237,400 (February 29)	3,267,800	2,967,200
Inventories - net	30,563,400	30,087,300
Income taxes receivable	0	221,700
Prepaid expenses and other assets	1,305,400	950,600
Total current assets	57,772,900	37,226,200
INVENTORIES - net	452,000	1,016,700
PROPERTY, PLANT AND EQUIPMENT - net	26,249,600	26,377,700
OTHER ASSETS	111,100	82,200
TOTAL ASSETS	84,585,600	64,702,800
CURRENT LIABILITIES
Accounts payable	24,710,700	9,661,100
Deferred revenues	1,228,400	385,300
Current maturities of long-term debt	522,000	1,027,400
Accrued salaries and commissions	4,417,000	1,657,200
Income taxes payable	1,911,500	0
Dividends payable	501,300	417,400
Other current liabilities	4,648,500	3,238,200
Total current liabilities	37,939,400	16,386,600
LONG-TERM DEBT - net of current maturities	10,721,600	17,784,300
DEFERRED INCOME TAXES - net	808,200	993,300
OTHER LONG-TERM LIABILITIES	140,200	145,800
Total liabilities	49,609,400	35,310,000
SHAREHOLDERS' EQUITY
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,410,080 (August 31) and 12,410,080 (February 29) shares; Outstanding 8,354,691 (August 31) and 8,348,651 (February 29) shares	2,482,000	2,482,000
Capital in excess of par value	10,245,600	9,843,900
Retained earnings	34,915,800	29,732,200
	47,643,400	42,058,100
Less treasury stock, at cost	(12,667,200)	(12,665,300)
Total shareholders' equity	34,976,200	29,392,800
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 84,585,600	$ 64,702,800

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - USD ($)	Aug. 31, 2020	Feb. 29, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 319,900	$ 237,400
Common Stock, par value (in Dollars per share)	$ 0.20	$ 0.20
Common Stock, shares authorized	16,000,000	16,000,000
Common Stock, shares issued	12,410,080	12,410,080
Common Stock, shares outstanding	8,354,691	8,348,651

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
NET REVENUES	$ 59,250,100	$ 24,438,000	$ 97,541,800	$ 52,025,400
COST OF GOODS SOLD	17,309,500	8,046,400	28,705,000	17,102,600
Gross margin	41,940,600	16,391,600	68,836,800	34,922,800
OPERATING EXPENSES
Operating and selling	10,531,900	4,192,500	16,872,100	8,576,400
Sales commissions	20,304,400	7,263,100	33,904,900	15,796,100
General and administrative	5,664,000	3,717,600	10,200,000	7,655,800
Total operating expenses	36,500,300	15,173,200	60,977,000	32,028,300
INTEREST EXPENSE	140,000	242,500	322,200	474,500
OTHER INCOME	(499,200)	(390,800)	(905,800)	(793,200)
EARNINGS BEFORE INCOME TAXES	5,799,500	1,366,700	8,443,400	3,213,200
INCOME TAXES	1,544,500	359,100	2,257,300	842,000
NET EARNINGS	$ 4,255,000	$ 1,007,600	$ 6,186,100	$ 2,371,200
BASIC AND DILUTED EARNINGS PER SHARE
Basic (in Dollars per share)	$ 0.51	$ 0.12	$ 0.74	$ 0.29
Diluted (in Dollars per share)	$ 0.51	$ 0.12	$ 0.74	$ 0.29
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Basic (in Shares)	8,354,214	8,312,648	8,353,319	8,248,460
Diluted (in Shares)	8,354,214	8,318,790	8,353,319	8,254,926
Dividends per share (in Dollars per share)	$ 0.06	$ 0.05	$ 0.12	$ 0.10
Gross Sales [Member]
REVENUES	$ 73,682,800	$ 32,541,700	$ 120,579,700	$ 69,015,400
Discounts and Allowances [Member]
Less discounts and allowances	(21,363,400)	(10,241,000)	(34,259,300)	(21,572,400)
Transportation Revenue [Member]
REVENUES	$ 6,930,700	$ 2,137,300	$ 11,221,400	$ 4,582,400

CONDENSED STATEMENTS OF SHAREHO

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 2019	$ 2,418,400	$ 8,975,100	$ 25,754,900	$ (11,217,900)	$ 25,930,500
Balance (in Shares) at Feb. 28, 2019	12,092,080			3,896,998
Purchases of treasury stock				$ (302,500)	(302,500)
Purchases of treasury stock (in Shares)				36,959
Sales of treasury stock		68,100		$ 54,300	122,400
Sales of treasury stock (in Shares)				(19,171)
Dividends declared			(408,900)		(408,900)
Share-based compensation expense		166,300			166,300
Net earnings			1,363,600		1,363,600
Balance at May. 31, 2019	$ 2,418,400	9,209,500	26,709,600	$ (11,466,100)	26,871,400
Balance (in Shares) at May. 31, 2019	12,092,080			3,914,786
Balance at Feb. 28, 2019	$ 2,418,400	8,975,100	25,754,900	$ (11,217,900)	25,930,500
Balance (in Shares) at Feb. 28, 2019	12,092,080			3,896,998
Net earnings					2,371,200
Balance at Aug. 31, 2019	$ 2,480,000	9,368,100	27,294,900	$ (11,828,600)	27,314,400
Balance (in Shares) at Aug. 31, 2019	12,400,080			3,952,182
Balance at May. 31, 2019	$ 2,418,400	9,209,500	26,709,600	$ (11,466,100)	26,871,400
Balance (in Shares) at May. 31, 2019	12,092,080			3,914,786
Purchases of treasury stock				$ (417,100)	(417,100)
Purchases of treasury stock (in Shares)				60,357
Sales of treasury stock		54,000		$ 54,600	108,600
Sales of treasury stock (in Shares)				(22,961)
Dividends declared			(422,300)		(422,300)
Share-based compensation expense		166,200			166,200
Issuance of restricted share awards for vesting	$ 61,600	(61,600)
Issuance of restricted share awards for vesting (in Shares)	308,000
Net earnings			1,007,600		1,007,600
Balance at Aug. 31, 2019	$ 2,480,000	9,368,100	27,294,900	$ (11,828,600)	27,314,400
Balance (in Shares) at Aug. 31, 2019	12,400,080			3,952,182
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
Purchases of treasury stock				$ (75,500)	(75,500)
Purchases of treasury stock (in Shares)				17,565
Sales of treasury stock		5,000		$ 66,000	71,000
Sales of treasury stock (in Shares)				(21,167)
Dividends declared			(502,200)		(502,200)
Share-based compensation expense		169,000			169,000
Net earnings			1,931,100		1,931,100
Balance at May. 31, 2020	$ 2,482,000	10,017,900	31,161,100	$ (12,674,800)	30,986,200
Balance (in Shares) at May. 31, 2020	12,410,080			4,057,827
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
Net earnings					6,186,100
Balance at Aug. 31, 2020	$ 2,482,000	10,245,600	34,915,800	$ (12,667,200)	34,976,200
Balance (in Shares) at Aug. 31, 2020	12,410,080			4,055,389
Balance at May. 31, 2020	$ 2,482,000	10,017,900	31,161,100	$ (12,674,800)	30,986,200
Balance (in Shares) at May. 31, 2020	12,410,080			4,057,827
Sales of treasury stock		11,500		$ 7,600	19,100
Sales of treasury stock (in Shares)				(2,438)
Dividends declared			(500,300)		(500,300)
Share-based compensation expense		216,200			216,200
Net earnings			4,255,000		4,255,000
Balance at Aug. 31, 2020	$ 2,482,000	$ 10,245,600	$ 34,915,800	$ (12,667,200)	$ 34,976,200
Balance (in Shares) at Aug. 31, 2020	12,410,080			4,055,389

CONDENSED STATEMENTS OF SHARE_2

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended				6 Months Ended
	Aug. 31, 2020	May 31, 2020	Aug. 31, 2019	May 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared	$ 0.06	$ 0.06	$ 0.05	$ 0.05	$ 0.12	$ 0.10

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 6,186,100	$ 2,371,200
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	821,100	684,800
Deferred income taxes	(185,100)	127,600
Provision for doubtful accounts	91,800	63,200
Provision for inventory valuation allowance	106,400	129,900
Share-based compensation expense	385,200	332,500
Changes in assets and liabilities:
Accounts receivable	(392,400)	(303,100)
Inventories, net	(17,700)	(2,387,600)
Prepaid expenses and other assets	(383,800)	544,600
Accounts payable	14,797,500	(1,047,900)
Accrued salaries and commissions, and other liabilities	4,164,500	(1,889,700)
Deferred revenues	843,100	(213,700)
Income taxes	2,133,200	314,000
Total adjustments	22,363,800	(3,645,400)
Net cash provided by (used in) operating activities	28,549,900	(1,274,200)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(440,900)	(234,700)
Net cash used in investing activities	(440,900)	(234,700)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of term debt	(9,015,500)	(472,100)
Proceeds from term debt	1,447,400	0
Net borrowings under line of credit	0	1,056,100
Cash received from sale of treasury stock	90,100	231,000
Cash used to purchase treasury stock	(75,500)	(719,600)
Dividends paid	(918,600)	(819,000)
Net cash used in financing activities	(8,472,100)	(723,600)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	19,636,900	(2,232,500)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	2,999,400	3,199,300
CASH AND CASH EQUIVALENTS - END OF PERIOD	22,636,300	966,800
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	343,900	465,900
Cash paid for income taxes	309,200	448,600
NONCASH INVESTING TRANSACTIONS
Accrued capital expenditures	$ 252,000	$ 0

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Aug. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 1 Basis of Presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim condensed financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The Unaudited Condensed Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the Unaudited Condensed Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim Unaudited Condensed Financial Statements should be read in conjunction with our audited financial statements as of and for the year ended February 29, 2020 included in our Form 10-K. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year due to the seasonality of our product sales. COVID-19 Update In December 2019, a novel strain of coronavirus, known as COVID-19, was reported in Wuhan, China and has since extensively impacted the global health and economic environment. In March 2020, the World Health Organization characterized COVID-19 as a pandemic, and President Trump declared the COVID-19 outbreak in the United States as a national emergency. The Company has taken numerous steps, and will continue to take further actions, in its approach to minimize the impact of the COVID-19 pandemic. To ensure the well-being of our employees, the Company offered employees in our office the ability to work from home on a temporary basis; we instructed employees in our warehouse and office to take their temperature at the start of every shift; we requested employees forgo any in-person meetings and instead opt to utilize virtual meeting spaces; and we published and continually updated our employees on the most recent developments related to COVID-19 and best practices for safety and health in the office, warehouse and at home. We are closely monitoring the impact of the COVID-19 pandemic and continually assessing its potential effects on our business. On April 16, 2020, the Company entered into a loan with MidFirst Bank as the lender in an aggregate principal amount of $1.4 million 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 COVID-19, 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. While the Company did not experience a decrease in net revenues in the first six months of fiscal year 2021 compared with the same period in fiscal year 2020, the severity and duration of the pandemic are uncertain and the extent to which our results are affected by COVID-19 cannot be accurately predicted. Use of Estimates in the Preparation of Financial Statements The preparation of the Unaudited Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. Significant Accounting Policies Our significant accounting policies, other than the adoption of new accounting pronouncements separately documented herein, are consistent with those disclosed in Note 1 to our audited financial statements as of and for the year ended February 29, 2020 included in our Form 10-K. New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued accounting standards updates (“ASU”) and concluded that the following recently issued accounting standards apply to us: In 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 London Interbank Offered Rate (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 to our financial statements and, to the extent we enter into modifications of agreements that are impacted by the LIBOR phase-out, we will apply such guidance to those contract modifications.

INVENTORIES

INVENTORIES	6 Months Ended
	Aug. 31, 2020
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: 2020 August 31, February 29, Current: Book inventory $ 31,067,700 $ 30,346,900 Inventory valuation allowance (504,300 ) (259,600 ) Inventories net – current $ 30,563,400 $ 30,087,300 Noncurrent: Book inventory $ 578,600 $ 1,226,500 Inventory valuation allowance (126,600 ) (209,800 ) Inventories net – noncurrent $ 452,000 $ 1,016,700 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 noncurrent inventory. Significant portions of our inventory purchases are concentrated with an England-based publishing company, Usborne Publishing, Ltd. (“Usborne”). Purchases received from this company were approximately $7.3 million and $6.0 million for the three months ended August 31, 2020 and 2019, respectively. Total inventory purchases received from all suppliers were $12.4 million and $8.0 million for the three months ended August 31, 2020 and 2019, respectively. Purchases received from Usborne were approximately $11.3 million and $11.9 million for the six months ended August 31, 2020 and 2019, respectively. Total inventory purchases received from all suppliers were $18.2 million and $17.2 million for the six months ended August 31, 2020 and 2019, respectively.

LEASES

LEASES	6 Months Ended
	Aug. 31, 2020
ASU 2016-02 Transition [Abstract]
Lessee, Operating Lease, Disclosure [Table Text Block]	Note 3 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. Operating Leases – Lessee We recognize a lease liability, reported in other liabilities on the condensed balance sheets, for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset, reported in other assets on the condensed balance sheets, for each lease, valued at the lease liability, adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. 2020 August 31, February 29, Operating lease assets: Right-of-use asset $ 39,800 $ 45,200 Operating lease liabilities: Current lease liability $ 13,600 $ 13,500 Long-term lease liability $ 26,200 $ 31,700 Remaining lease term (months) 37 43 Discount rate 4.60 % 4.60 % Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses on our condensed statements of earnings. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Fixed lease cost $ 3,300 $ 3,100 $ 6,500 $ 6,200 Future minimum rental payments under operating leases with initial terms greater than one year as of August 31, 2020, are as follows: Year ending February 28 (29), 2021 $ 6,700 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 43,000 Present value discount (3,200 ) Total operating lease liability $ 39,800 The following table provides further information about our operating leases reported in our condensed financial statements: Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Operating cash flows – operating lease $ 3,300 $ 3,100 $ 6,500 $ 6,200 Operating Leases – Lessor We recognize fixed rental income on a straight-line basis over the life of the lease as revenue on our condensed statements of earnings. Variable rental payments are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. On April 4, 2020, we executed an amendment to one of our existing leases that abated rental payments for the months of May, June and July, 2020. The amendment also extended the term of the lease for three additional months. This amendment represents a lease modification and, as such, we have adjusted our fixed rental income on a straight-line basis over the remaining term starting May 1, 2020. Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Year ending February 28 (29), 2021 $ 766,800 2022 1,556,100 2023 1,587,400 2024 1,592,500 2025 1,562,000 Thereafter 9,694,300 Total $ 16,759,100 The cost of the leased space was approximately $10,806,300 and $10,789,500 as of August 31, 2020 and February 29, 2020, respectively. The accumulated depreciation associated with the leased assets was $2,020,000 and $1,828,900 as of August 31, 2020 and February 29, 2020, respectively. Both the leased assets and accumulated depreciation are included in property, plant and equipment-net on the condensed balance sheets.

DEBT

DEBT	6 Months Ended
	Aug. 31, 2020
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: 2020 August 31, February 29, Line of credit $ - $ - Long-term debt $ 11,243,600 $ 18,811,700 Less current maturities (522,000 ) (1,027,400 ) Long-term debt, net of current maturities $ 10,721,600 $ 17,784,300 We have a Loan Agreement dated as of March 10, 2016 (as amended the “Loan Agreement”) with MidFirst Bank (“the Bank”) which includes Term Loan #1 Tranche A totaling $11.2 million as of August 31, 2020, with the maturity date of December 1, 2025. Tranche A has a fixed interest rate of 4.23% and interest is payable monthly. Term Loan #1 is secured by the primary office, warehouse and land. The Loan Agreement also provides a $10.0 million revolving loan (“line of credit”) through August 15, 2021, which is limited to advance rates on eligible receivables and eligible inventory levels. Interest is payable monthly at the greater of 2.75% or the bank adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio (2.75% at August 31, 2020). On August 15, 2020, the Company executed the Eleventh Amendment Loan Agreement with the Bank related to our Loan Agreement. The amendment modifies the Loan Agreement, extending the termination date of the line of credit to August 15, 2021, reducing the maximum revolving principal amount from $15.0 million to $10.0 million, and amending the definition of the LIBOR and Prime rate, establishing that the rate charged, including the LIBOR Margin or Prime Margin, shall never be less than 2.75%. Adjusted Funded Debt is defined as all long-term and short-term bank debt less the outstanding balances of Tranche A. 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 variable interest pricing tier is as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio LIBOR Margin (bps) I >2.00 300.00 II >1.50 but < 275.00 III >1.00 but < 250.00 IV < 225.00 We had no borrowings outstanding on our line of credit at August 31, 2020 and February 29, 2020. Available credit under the revolving line of credit was approximately $8.4 million and $11.0 million at August 31, 2020 and February 29, 2020, respectively. 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, 2021, and that the sum of the line of credit plus the letters of credit would not exceed the borrowing base in effect at the time. As of August 31, 2020, we had no letters of credit outstanding. On April 16, 2020, the Company entered into a loan with the Bank of approximately $1.4 million pursuant to the PPP under the CARES Act. The PPP Loan had a fixed interest rate of 1.00%, with principal and interest payments starting December 1, 2020 and a scheduled maturity date of May 1, 2022. The Company determined the PPP loan was no longer needed and repaid the loan in full, including interest accrued to date, on May 12, 2020. On June 3, 2020, the Company paid off the remaining balance of the $4.0 million Term Loan #2 which originated on June 28, 2016. The final payment, including accrued interest, totaled $2.9 million. There were no additional fees or penalties resulting from the payoff of Term Loan #2. On August 4, 2020, the Company paid off the remaining balance of the $5.0 million Term Loan #1 Tranche B which originated on March 10, 2016. The final payment, including accrued interest, totaled $4.2 million. There were no additional fees or penalties resulting from the payoff of Term Loan #1 Tranche B. The following table reflects aggregate future scheduled maturities of long-term debt during the next five fiscal years and thereafter as follows: Year ending February 28 (29), 2021 $ 256,200 2022 533,400 2023 556,700 2024 581,000 2025 605,300 Thereafter 8,711,000 Total $ 11,243,600

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Aug. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 5 Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares outstanding and dilutive potential common shares issuable which include, where appropriate, the assumed exercise of options. In computing diluted EPS, we have utilized the treasury stock method. The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below. Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Earnings: Net earnings applicable to common shareholders $ 4,255,000 $ 1,007,600 $ 6,186,100 $ 2,371,200 Weighted average shares: Weighted average shares outstanding-basic 8,354,214 8,312,648 8,353,319 8,248,460 Assumed exercise of options - 6,142 - 6,466 Weighted average shares outstanding-diluted 8,354,214 8,318,790 8,353,319 8,254,926 Earnings per share: Basic $ 0.51 $ 0.12 $ 0.74 $ 0.29 Diluted $ 0.51 $ 0.12 $ 0.74 $ 0.29

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Aug. 31, 2020
Share-based Payment Arrangement, Disclosure [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Note 6 We account for stock-based compensation whereby share-based payment transactions with employees, such as stock options and restricted stock, are measured at estimated fair value at the date of grant. For awards subject to service conditions, compensation expense is recognized over the vesting period on a straight-line basis. Awards subject to performance conditions are attributed separately for each vesting tranche of the award and are recognized ratably from the service inception date to the vesting date for each tranche. Forfeitures are recognized when they occur. 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 or 2021. The number of restricted shares to be distributed depends on attaining the performance metrics defined by the 2019 LTI Plan and may result in the distribution of a number of shares that is less than, but not greater than, the number of restricted shares outlined in the terms of the 2019 LTI Plan. Restricted shares granted under the 2019 LTI Plan “cliff vest” after five years. During fiscal year 2019, the Company granted 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 $1,662,800, will be recognized ratably over the remaining vesting period of approximately 30 months. During the first quarter of fiscal year 2021, the Company granted approximately 151,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $6.30 per share. The remaining compensation expense of the awards, totaling approximately $898,600, will be recognized ratably over the remaining vesting period of approximately 54 months. As of August 31, 2020, 141,000 restricted shares were available for issuance as future awards under the 2019 LTI Plan. A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Share-based compensation expense $ 216,200 $ 166,200 $ 385,200 $ 332,500 The following tables summarizes stock award activity during fiscal year 2021 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 29, 2020 308,000 $ 9.94 Granted 151,000 6.30 Vested - - Forfeited - - Outstanding at August 31, 2020 459,000 $ 8.74 As of August 31, 2020, total unrecognized stock-based compensation expense related to unvested restricted shares was $2,561,400, which we expect to recognize over a weighted-average period of approximately 38.4 months.

SHIPPING AND HANDLING COSTS

SHIPPING AND HANDLING COSTS	6 Months Ended
	Aug. 31, 2020
Other Income and Expenses [Abstract]
Other Operating Income and Expense [Text Block]	Note 7 We classify shipping and handling costs as operating and selling expenses in the statements of earnings. Shipping and handling costs include postage, freight, handling costs, as well as, shipping materials and supplies. These costs were $9,984,600 and $3,837,600 for the three months ended August 31, 2020 and 2019, respectively. These costs were $16,299,900 and $8,049,800 for the six months ended August 31, 2020 and 2019, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Aug. 31, 2020
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 8 We have two reportable segments: Publishing and Usborne Books & More (“UBAM”). These reportable segments are business units that offer different methods of distribution to different types of customers. They are managed separately based on the fundamental differences in their operations. Our Publishing segment markets its products to retail accounts, which include book, school supply, toy and gift stores and museums, through commissioned sales representatives, trade and specialty wholesalers and our internal tele-sales group. Our UBAM segment markets its products through a network of independent sales consultants using a combination of internet sales, direct sales, home shows and book fairs. The accounting policies of the segments are the same as those of the rest of the Company. We evaluate segment performance based on earnings before income taxes of the segments, which is defined as segment net revenues reduced by cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments but are listed in the “Other” row below. Corporate expenses include the executive department, accounting department, information services department, general office management, warehouse operations and building facilities management. Our assets and liabilities are not allocated on a segment basis. Information by reporting segment for the three and six-month periods ended August 31, 2020 and 2019, are as follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Publishing $ 2,338,500 $ 2,702,800 $ 3,704,000 $ 5,042,100 UBAM 56,911,600 21,735,200 93,837,800 46,983,300 Total $ 59,250,100 $ 24,438,000 $ 97,541,800 $ 52,025,400 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Publishing $ 738,800 $ 784,700 $ 1,085,400 $ 1,420,400 UBAM 9,662,600 3,488,300 15,489,700 7,857,300 Other (4,601,900 ) (2,906,300 ) (8,131,700 ) (6,064,500 ) Total $ 5,799,500 $ 1,366,700 $ 8,443,400 $ 3,213,200

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Aug. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9 The valuation hierarchy included in 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 $11,710,500 and $19,155,500 at August 31, 2020 and February 29, 2020, 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	6 Months Ended
	Aug. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 10 The Company’s UBAM division receives payments on orders in advance of shipment. Any payments received prior to the end of the period that were not shipped as of August 31, 2020 or February 29, 2020 are recorded as deferred revenues on the condensed balance sheets. We received approximately $1,228,400 and $385,300 at August 31, 2020 and February 29, 2020 in payments for sales orders which were, or will be, shipped out subsequent to the end of the period. Orders that were included in deferred revenues predominantly shipped within the first few days of the next fiscal period.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Aug. 31, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 On October 6, 2020, our Board of Directors declared a distribution of $0.10 per share of common stock. This cash distribution will be paid on or about December 8, 2020 to shareholders of record on November 19, 2020.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Aug. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim condensed financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The Unaudited Condensed Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the Unaudited Condensed Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim Unaudited Condensed Financial Statements should be read in conjunction with our audited financial statements as of and for the year ended February 29, 2020 included in our Form 10-K. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year due to the seasonality of our product sales.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates in the Preparation of Financial Statements The preparation of the Unaudited Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued accounting standards updates (“ASU”) and concluded that the following recently issued accounting standards apply to us: In 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 London Interbank Offered Rate (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 to our financial statements and, to the extent we enter into modifications of agreements that are impacted by the LIBOR phase-out, we will apply such guidance to those contract modifications.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Aug. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: 2020 August 31, February 29, Current: Book inventory $ 31,067,700 $ 30,346,900 Inventory valuation allowance (504,300 ) (259,600 ) Inventories net – current $ 30,563,400 $ 30,087,300 Noncurrent: Book inventory $ 578,600 $ 1,226,500 Inventory valuation allowance (126,600 ) (209,800 ) Inventories net – noncurrent $ 452,000 $ 1,016,700

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Aug. 31, 2020
ASU 2016-02 Transition [Abstract]
Lease, Cost [Table Text Block]	We recognize a lease liability, reported in other liabilities on the condensed balance sheets, for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset, reported in other assets on the condensed balance sheets, for each lease, valued at the lease liability, adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. 2020 August 31, February 29, Operating lease assets: Right-of-use asset $ 39,800 $ 45,200 Operating lease liabilities: Current lease liability $ 13,600 $ 13,500 Long-term lease liability $ 26,200 $ 31,700 Remaining lease term (months) 37 43 Discount rate 4.60 % 4.60 % Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Fixed lease cost $ 3,300 $ 3,100 $ 6,500 $ 6,200 Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Operating cash flows – operating lease $ 3,300 $ 3,100 $ 6,500 $ 6,200
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Future minimum rental payments under operating leases with initial terms greater than one year as of August 31, 2020, are as follows: Year ending February 28 (29), 2021 $ 6,700 2022 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 43,000 Present value discount (3,200 ) Total operating lease liability $ 39,800
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 28 (29), 2021 $ 766,800 2022 1,556,100 2023 1,587,400 2024 1,592,500 2025 1,562,000 Thereafter 9,694,300 Total $ 16,759,100

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Aug. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: 2020 August 31, February 29, Line of credit $ - $ - Long-term debt $ 11,243,600 $ 18,811,700 Less current maturities (522,000 ) (1,027,400 ) Long-term debt, net of current maturities $ 10,721,600 $ 17,784,300
Schedule of Long-term Debt Instruments [Table Text Block]	Adjusted Funded Debt is defined as all long-term and short-term bank debt less the outstanding balances of Tranche A. 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 variable interest pricing tier is as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio LIBOR Margin (bps) I >2.00 300.00 II >1.50 but < 275.00 III >1.00 but < 250.00 IV < 225.00
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table reflects aggregate future scheduled maturities of long-term debt during the next five fiscal years and thereafter as follows: Year ending February 28 (29), 2021 $ 256,200 2022 533,400 2023 556,700 2024 581,000 2025 605,300 Thereafter 8,711,000 Total $ 11,243,600

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Aug. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below. Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Earnings: Net earnings applicable to common shareholders $ 4,255,000 $ 1,007,600 $ 6,186,100 $ 2,371,200 Weighted average shares: Weighted average shares outstanding-basic 8,354,214 8,312,648 8,353,319 8,248,460 Assumed exercise of options - 6,142 - 6,466 Weighted average shares outstanding-diluted 8,354,214 8,318,790 8,353,319 8,254,926 Earnings per share: Basic $ 0.51 $ 0.12 $ 0.74 $ 0.29 Diluted $ 0.51 $ 0.12 $ 0.74 $ 0.29

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Aug. 31, 2020
Share-based Payment Arrangement, Disclosure [Abstract]
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Share-based compensation expense $ 216,200 $ 166,200 $ 385,200 $ 332,500
Nonvested Restricted Stock Shares Activity [Table Text Block]	The following tables summarizes stock award activity during fiscal year 2021 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 29, 2020 308,000 $ 9.94 Granted 151,000 6.30 Vested - - Forfeited - - Outstanding at August 31, 2020 459,000 $ 8.74

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Aug. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three and six-month periods ended August 31, 2020 and 2019, are as follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Publishing $ 2,338,500 $ 2,702,800 $ 3,704,000 $ 5,042,100 UBAM 56,911,600 21,735,200 93,837,800 46,983,300 Total $ 59,250,100 $ 24,438,000 $ 97,541,800 $ 52,025,400 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2020 2019 2020 2019 Publishing $ 738,800 $ 784,700 $ 1,085,400 $ 1,420,400 UBAM 9,662,600 3,488,300 15,489,700 7,857,300 Other (4,601,900 ) (2,906,300 ) (8,131,700 ) (6,064,500 ) Total $ 5,799,500 $ 1,366,700 $ 8,443,400 $ 3,213,200

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Apr. 16, 2020USD ($)
Accounting Policies [Abstract]
Debt Instrument, Face Amount	$ 1.4

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 12.4	$ 8	$ 18.2	$ 17.2
England Based Publishing Company [Member]
INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 7.3	$ 6	$ 11.3	$ 11.9

INVENTORIES (Details) - Schedul

INVENTORIES (Details) - Schedule of Inventory - USD ($)	Aug. 31, 2020	Feb. 29, 2020
Inventory Current [Member]
Current:
Book inventory	$ 31,067,700	$ 30,346,900
Inventory valuation allowance	(504,300)	(259,600)
Inventories net	30,563,400	30,087,300
Inventory, Noncurrent [Member]
Current:
Book inventory	578,600	1,226,500
Inventory valuation allowance	(126,600)	(209,800)
Inventories net	$ 452,000	$ 1,016,700

LEASES (Details)

LEASES (Details)	6 Months Ended
	Aug. 31, 2020USD ($)	Feb. 29, 2020USD ($)
ASU 2016-02 Transition [Abstract]
Number of Rental Agreements	3
Property Subject to or Available for Operating Lease, Net	$ 10,806,300	$ 10,789,500
Property Subject to or Available for Operating Lease, Accumulated Depreciation	$ 2,020,000	$ 1,828,900

LEASES (Details) - Lease, Cost

LEASES (Details) - Lease, Cost - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Feb. 29, 2020
Lease, Cost [Abstract]
Right-of-use asset	$ 39,800		$ 39,800		$ 45,200
Current lease liability	13,600		13,600		13,500
Long-term lease liability	$ 26,200		$ 26,200		$ 31,700
Remaining lease term (months)	37 years		37 years		43 years
Discount rate	4.60%		4.60%		4.60%
Fixed lease cost	$ 3,300	$ 3,100	$ 6,500	$ 6,200
Operating cash flows – operating lease	$ 3,300	$ 3,100	$ 6,500	$ 6,200

LEASES (Details) - Schedule of

LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases	Aug. 31, 2020USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2021	$ 6,700
2022	13,700
2023	14,200
2024	8,400
Total future minimum rental payments	43,000
Present value discount	(3,200)
Total operating lease liability	$ 39,800

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payments to be Received, Maturity	Aug. 31, 2020USD ($)
Lessor, Operating Lease, Payments to be Received, Maturity [Abstract]
2021	$ 766,800
2022	1,556,100
2023	1,587,400
2024	1,592,500
2025	1,562,000
Thereafter	9,694,300
Total	$ 16,759,100

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	Aug. 04, 2020	Jun. 03, 2020	Aug. 31, 2020	Aug. 15, 2020	Aug. 14, 2020	Apr. 16, 2020	Feb. 29, 2020	Jun. 15, 2018
DEBT (Details) [Line Items]
Debt Instrument, Face Amount						$ 1.4
Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								1.00%
Debt Instrument, Face Amount						$ 1.4
Tranche A [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 11.2
Line of Credit Facility, Expiration Date			Aug. 15, 2021
Debt Instrument, Interest Rate, Stated Percentage			4.23%
Debt Instrument, Payment Terms			interest is payable monthly
Tranche B [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Expiration Date			Dec. 1, 2025
Line of Credit [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity			$ 8.4				$ 11
Line of Credit [Member] | Tranche B [Member]
DEBT (Details) [Line Items]
Repayments of Lines of Credit	$ 5
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	$ 4.2
Line of Credit [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Repayments of Lines of Credit		$ 4
Interest Paid, Including Capitalized Interest, Operating and Investing Activities		$ 2.9
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10	$ 10	$ 15
Line of Credit Facility, Interest Rate at Period End			2.75%	2.75%

DEBT (Details) - Schedule of De

DEBT (Details) - Schedule of Debt - USD ($)	Aug. 31, 2020	Feb. 29, 2020
Schedule of Debt [Abstract]
Line of credit	$ 0	$ 0
Long-term debt	11,243,600	18,811,700
Less current maturities	(522,000)	(1,027,400)
Long-term debt, net of current maturities	$ 10,721,600	$ 17,784,300

DEBT (Details) - Schedule of Lo

DEBT (Details) - Schedule of Long-term Debt Instruments	6 Months Ended
	Aug. 31, 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 Ma

DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	Aug. 31, 2020	Feb. 29, 2020
Schedule of Maturities of Long-term Debt [Abstract]
2021	$ 256,200
2022	533,400
2023	556,700
2024	581,000
2025	605,300
Thereafter	8,711,000
Total	$ 11,243,600	$ 18,811,700

EARNINGS PER SHARE (Details) -

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Earnings:
Net earnings applicable to common shareholders (in Dollars)	$ 4,255,000	$ 1,007,600	$ 6,186,100	$ 2,371,200
Weighted average shares:
Weighted average shares outstanding-basic	8,354,214	8,312,648	8,353,319	8,248,460
Assumed exercise of options	0	6,142	0	6,466
Weighted average shares outstanding-diluted	8,354,214	8,318,790	8,353,319	8,254,926
Earnings per share:
Basic (in Dollars per share)	$ 0.51	$ 0.12	$ 0.74	$ 0.29
Diluted (in Dollars per share)	$ 0.51	$ 0.12	$ 0.74	$ 0.29

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	6 Months Ended	12 Months Ended
	Aug. 31, 2020	Feb. 28, 2019
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	38 months 12 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars)	$ 2,561,400
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
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture	151,000	308,000
Shares Issued, Price Per Share (in Dollars per share)	$ 6.30	$ 9.94
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount (in Dollars)	$ 898,600	$ 1,662,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	54 months	30 months
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	141,000

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Share-based Payment Arrangement, Cost by Plan [Abstract]
Share-based compensation expense	$ 216,200	$ 166,200	$ 385,200	$ 332,500

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity	6 Months Ended
	Aug. 31, 2020$ / sharesshares
Nonvested Restricted Stock Shares Activity [Abstract]
Balance, Shares Outstanding | shares	308,000
Balance, Weighted Average Fair Value | $ / shares	$ 9.94
Shares Granted | shares	151,000
Granted, Weighted Average Fair Value | $ / shares	$ 6.30
Shares Vested | shares	0
Vested Weighted Average Fair Value | $ / shares	$ 0
Shares Forfeited | shares	0
Forfeited Weighted Average Fair Value | $ / shares	$ 0
Balance, Shares Outstanding | shares	459,000
Balance, Weighted Average Fair Value | $ / shares	$ 8.74

SHIPPING AND HANDLING COSTS (De

SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Shipping and Handling [Member]
SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 9,984,600	$ 3,837,600	$ 16,299,900	$ 8,049,800

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	6 Months Ended
	Aug. 31, 2020
Segment Reporting [Abstract]
Number of Reportable Segments	2

BUSINESS SEGMENTS (Details) - S

BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Segment Reporting Information [Line Items]
Net Revenues	$ 59,250,100	$ 24,438,000	$ 97,541,800	$ 52,025,400
Earnings (Loss) Before Income Taxes	5,799,500	1,366,700	8,443,400	3,213,200
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,338,500	2,702,800	3,704,000	5,042,100
Earnings (Loss) Before Income Taxes	738,800	784,700	1,085,400	1,420,400
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	56,911,600	21,735,200	93,837,800	46,983,300
Earnings (Loss) Before Income Taxes	9,662,600	3,488,300	15,489,700	7,857,300
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (4,601,900)	$ (2,906,300)	$ (8,131,700)	$ (6,064,500)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Aug. 31, 2020	Feb. 29, 2020
Fair Value, Inputs, Level 2 [Member]
FAIR VALUE MEASUREMENTS (Details) [Line Items]
Long-term Debt, Fair Value	$ 11,710,500	$ 19,155,500

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Aug. 31, 2020	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Deferred Revenue, Additions	$ 1,228,400	$ 385,300

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Oct. 06, 2020$ / shares
SUBSEQUENT EVENTS (Details) [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.10
Dividends Payable, Date Declared	Oct. 6, 2020
Dividends Payable, Date to be Paid	Dec. 8, 2020
Dividends Payable, Date of Record	Nov. 19, 2020