Educational Development (EDUC) 10-K 13 May 21 2021 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Feb. 28, 2021	May 10, 2021	Aug. 31, 2020
Document Information Line Items
Entity Registrant Name	EDUCATIONAL DEVELOPMENT CORPORATION
Trading Symbol	EDUC
Document Type	10-K
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		8,350,972
Entity Public Float			$ 90,190,900
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Feb. 28, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-04957
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-0750007
Entity Address, Address Line One	5402 South 122nd East Avenue
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74146
City Area Code	918
Local Phone Number	622-4522
Title of 12(b) Security	Common Stock, $.20 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Feb. 28, 2021	Feb. 29, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,812,200	$ 2,999,400
Accounts receivable, less allowance for doubtful accounts of $331,900 (2021) and $237,400 (2020)	3,346,700	2,967,200
Inventories - net	51,762,400	30,087,300
Income taxes receivable	0	221,700
Prepaid expenses and other assets	1,219,300	950,600
Total current assets	58,140,600	37,226,200
INVENTORIES - net	685,300	1,016,700
PROPERTY, PLANT AND EQUIPMENT - net	29,951,000	26,377,700
OTHER ASSETS	73,600	82,200
TOTAL ASSETS	88,850,500	64,702,800
CURRENT LIABILITIES:
Accounts payable	19,674,300	9,661,100
Line of credit	5,245,300	0
Deferred revenues	1,914,100	385,300
Current maturities of long-term debt	533,500	1,027,400
Accrued salaries and commissions	3,488,000	1,657,200
Income taxes payable	130,200	0
Dividends payable	835,100	417,400
Other current liabilities	6,094,800	3,238,200
Total current liabilities	37,915,300	16,386,600
LONG-TERM DEBT - net of current maturities	10,451,200	17,784,300
DEFERRED INCOME TAXES - net	89,900	993,300
OTHER LONG-TERM LIABILITIES	134,300	145,800
Total liabilities	48,590,700	35,310,000
COMMITMENTS AND CONTINGENCIES – See Note 9
SHAREHOLDERS' EQUITY:
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,410,080 shares; Outstanding 8,346,600 (2021) and 8,348,651 (2020) shares	2,482,000	2,482,000
Capital in excess of par value	10,863,900	9,843,900
Retained earnings	39,683,000	29,732,200
	53,028,900	42,058,100
Less treasury stock, at cost	(12,769,100)	(12,665,300)
Total shareholders' equity	40,259,800	29,392,800
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 88,850,500	$ 64,702,800

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 331,900	$ 237,400
Common stock, shares outstanding	8,346,600	8,348,651
Common stock, shares issued	12,410,080	12,410,080
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. 28, 2021	Feb. 29, 2020
NET REVENUES	$ 204,635,100	$ 113,011,900
COST OF GOODS SOLD	60,037,000	36,863,300
Gross margin	144,598,100	76,148,600
OPERATING EXPENSES:
Operating and selling	36,123,700	18,606,000
Sales commissions	69,977,200	34,994,800
General and administrative	22,541,500	15,505,100
Total operating expenses	128,642,400	69,105,900
INTEREST EXPENSE	561,000	888,100
OTHER INCOME	(1,836,100)	(1,597,300)
EARNINGS BEFORE INCOME TAXES	17,230,800	7,751,900
INCOME TAXES	4,606,800	2,106,800
NET EARNINGS	$ 12,624,000	$ 5,645,100
BASIC AND DILUTED EARNINGS PER SHARE:
Basic (in Dollars per share)	$ 1.51	$ 0.68
Diluted (in Dollars per share)	$ 1.50	$ 0.68
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic (in Shares)	8,352,474	8,318,412
Diluted (in Shares)	8,426,724	8,323,128
Dividends per share (in Dollars per share)	$ 0.32	$ 0.20
Gross Sales [Member]
REVENUES	$ 255,589,600	$ 149,936,800
Discounts and Allowances [Member]
Less discounts and allowances	(74,814,700)	(46,984,700)
Transportation Revenue [Member]
REVENUES	$ 23,860,200	$ 10,059,800

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, 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)
Share-based compensation expense (see Note 10)		665,100			665,100
Issuance of restricted share awards for vesting	$ 61,600	(61,600)
Issuance of restricted share awards for vesting (in Shares)	308,000
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
Purchases of treasury stock				$ (163,800)	$ (163,800)
Purchases of treasury stock (in Shares)				22,565	22,565
Sales of treasury stock		57,800		$ 83,600	$ 141,400
Sales of treasury stock (in Shares)				(26,828)
Exercise of stock options (in Shares)					0
Dividends declared			(2,673,200)		$ (2,673,200)
Forfeiture of restricted share awards		23,600		$ (23,600)
Forfeiture of restricted share awards (in Shares)				6,314
Share-based compensation expense (see Note 10)		938,600			938,600
Net earnings			12,624,000		12,624,000
Balance at Feb. 28, 2021	$ 2,482,000	$ 10,863,900	$ 39,683,000	$ (12,769,100)	$ 40,259,800
Balance (in Shares) at Feb. 28, 2021	12,410,080			4,063,480

STATEMENTS OF SHAREHOLDERS' E_2

STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Retained Earnings [Member]
Dividends declared	$ 0.32	$ 0.20

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 12,624,000	$ 5,645,100
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	1,633,200	1,425,700
Deferred income taxes	(903,400)	120,700
Provision for doubtful accounts	139,800	63,900
Provision for inventory valuation allowance	198,600	318,400
Share-based compensation expense	938,600	665,100
Changes in assets and liabilities:
Accounts receivable	(519,400)	227,700
Inventories, net	(21,542,300)	2,598,200
Prepaid expenses and other assets	(260,100)	590,200
Accounts payable	8,952,000	(4,567,500)
Accrued salaries and commissions, and other liabilities	4,676,000	(1,284,700)
Deferred revenues	1,528,800	(580,300)
Income taxes receivable/payable	351,900	(978,100)
Total adjustments	(4,806,300)	(1,400,700)
Net cash provided by operating activities	7,817,700	4,244,400
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(4,145,300)	(638,800)
Net cash used in investing activities	(4,145,300)	(638,800)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on term debt	(9,274,400)	(964,900)
Proceeds from term debt	1,447,400	0
Sales of treasury stock	141,400	499,400
Purchases of treasury stock	(163,800)	(1,705,800)
Cash proceeds from issuance of common stock upon exercise of stock options	0	26,300
Net borrowings under line of credit	5,245,300	0
Dividends paid	(2,255,500)	(1,660,500)
Net cash used in financing activities	(4,859,600)	(3,805,500)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,187,200)	(199,900)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	2,999,400	3,199,300
CASH AND CASH EQUIVALENTS - END OF YEAR	1,812,200	2,999,400
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for interest	582,000	899,100
Cash paid for income taxes	4,806,900	3,084,100
NON-CASH TRANSACTIONS:
Accrued capital expenditures	$ 1,061,200	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Feb. 28, 2021
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Estimates 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 $331,900 and $237,400 as of February 28, 2021 and February 29, 2020, respectively. Included within this allowance is $93,900 of reserve for vendor discounts to sell remaining inventory as of February 28, 2021 and February 29, 2020. Inventories The Company assumes title and responsibility for inventory purchased according to the contract language with our suppliers and the individual shipment terms for the order. The majority of Usborne orders pass title at FOB-Destination Port and most Kane Miller orders pass title at FOB-Shipping Point. The Company maintains insurance for the value of the inventory once the title has been passed until it is received at our warehouse (“inventory in transit”). 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 $1,114,100 and $1,519,600 at February 28, 2021 and February 29, 2020, respectively. The Company has reserved for consignment inventory not expected to be sold or returned of $478,600 and $239,800 as of February 28, 2021 and February 29, 2020, 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 Capitalized software 4 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 UBAM's sales contracts have a single performance obligation and are short-term in nature. UBAM’s sales are generally collected at the time the product is ordered. Sales which have been paid for but not shipped are classified as deferred revenue on the balance sheets. Sales associated with consignment inventory are recognized when reported by the consignee and payment associated with the sale has been collected. Transportation revenue represents the amount billed to the customer for shipping the product and is recorded when the product is shipped. Certain UBAM sales contracts associated with the 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 the products included as sales incentives are shipped 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. The majority of Publishing’s sales contracts have a single performance obligation and are short-term in nature. Publishing’s sales may be collected at the time the product is shipped or the customers may be given payment terms based primarily on their credit worthiness and payment history. 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 as of both February 28, 2021 and February 29, 2020, 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 is included in other current assets on the Company’s balance sheets as of both February 28, 2021 and February 29, 2020. The Company generally expenses sales commissions in the same period that the revenue is recognized. These costs are recorded within operating expenses. The Company does not disclose the value of unsatisfied performance obligations for contracts with an unexpected length of one year or less. Advertising Costs Shipping and Handling Costs 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 28 (29), 2021 2020 Earnings per share: Net earnings applicable to common shareholders $ 12,624,000 $ 5,645,100 Shares: Weighted average shares outstanding-basic 8,352,474 8,318,412 Assumed exercise of options and issuance of nonvested restricted shares 74,250 4,716 Weighted average shares outstanding-diluted 8,426,724 8,323,128 Diluted earnings per share: Basic $ 1.51 $ 0.68 Diluted $ 1.50 $ 0.68 Share-Based Compensation New Accounting Pronouncements 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 is not expected to have a material impact to our financial statements and disclosures. 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	12 Months Ended
	Feb. 28, 2021
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	2. INVENTORIES Inventories consist of the following: February 28 (29), 2021 2020 Current: Book inventory $ 52,276,200 $ 30,346,900 Inventory valuation allowance (513,800 ) (259,600 ) Inventories net - current $ 51,762,400 $ 30,087,300 Noncurrent: Book inventory $ 894,300 $ 1,226,500 Inventory valuation allowance (209,000 ) (209,800 ) Inventories net - noncurrent $ 685,300 $ 1,016,700 Inventory in transit totaled $6,467,400 and $549,900 at February 28, 2021 and February 29, 2020, respectively. 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. 28, 2021
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 28 (29), 2021 2020 Land $ 4,107,200 $ 4,107,200 Building 20,373,900 20,321,800 Building improvements 1,949,200 1,833,700 Machinery and equipment 8,289,400 8,025,000 Furniture and fixtures 110,800 110,800 Capitalized software 866,500 - Property, plant and equipment - in progress 4,436,300 528,300 Total property, plant and equipment 40,133,300 34,926,800 Less accumulated depreciation (10,182,300 ) (8,549,100 ) Property, plant and equipment-net $ 29,951,000 $ 26,377,700 During fiscal year 2020, the Company began the process to upgrade the software platform that the UBAM division consultants use to monitor their business. During fiscal year 2021, the Company placed into service these UBAM platform upgrades and continued its development of a new platform for customers to place orders. In addition, during fiscal year 2021 the Company began construction on two new pick-pack-ship lines to increase the Company’s daily shipping capacity.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Feb. 28, 2021
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 28 (29), 2021 2020 Accrued royalties $ 1,423,400 $ 655,600 Accrued UBAM incentives 1,695,000 819,400 Accrued freight 265,700 150,600 Sales tax payable 986,400 499,300 Allowance for expected inventory returns 201,500 201,500 Other 1,522,800 911,800 Total other current liabilities $ 6,094,800 $ 3,238,200

INCOME TAXES

INCOME TAXES	12 Months Ended
	Feb. 28, 2021
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 28 (29), 2021 2020 Deferred tax assets: Allowance for doubtful accounts $ 89,600 $ 64,100 Inventory overhead capitalization 127,700 69,200 Inventory valuation allowance 138,700 70,100 Inventory valuation allowance – noncurrent 56,400 56,700 Allowance for sales returns 27,200 27,200 Accruals 754,200 363,900 Total deferred tax assets 1,193,800 651,200 Deferred tax liabilities: Property, plant and equipment (1,283,700 (1,644,500 ) Total deferred tax liabilities (1,283,700 ) (1,644,500 ) Net deferred income tax liabilities $ (89,900 ) $ (993,300 ) The components of income tax expense are as follows: February 28 (29), 2021 2020 Current: Federal $ 3,236,400 $ 1,518,600 State 901,600 467,500 4,138,000 1,986,100 Deferred: Federal 382,100 109,300 State 86,700 11,400 468,800 120,700 Total income tax expense $ 4,606,800 $ 2,106,800 The following reconciles our expected income tax rate to the U.S. federal statutory income tax rate: February 28 (29), 2021 2020 U.S. federal statutory income tax rate 21.0 % 21.0 % U.S. state and local income taxes–net of federal benefit 5.5 % 5.9 % Other 0.2 % 0.3 % Total income tax expense 26.7 % 27.2 % 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. 28, 2021
Retirement Benefits [Abstract]
Retirement Benefits [Text Block]	6. EMPLOYEE BENEFIT PLAN The Company has created the Educational Development Corporation Employee 401(k) Plan (“EDC 401(k) Plan”) as a benefit plan for employees offering retirement investment options as well as profit sharing with its employees, in the form of matching contributions. This plan incorporates the provisions of Section 401(k) of the Internal Revenue Code that allow favorable tax treatments on investments. The EDC 401(k) Plan is available to all employees that meet specific age and length of service requirements. The Company’s matching contributions are discretionary and approved annually at a meeting of the EDC 401(k) Plan’s Trustees and Company’s management. Matching contributions made to the Plan by the Company totaled $126,800 and $146,600 during the fiscal years ended February 28, 2021 and February 29, 2020, respectively. The EDC 401(k) Plan includes, as an investment option, the ability to purchase shares of the Company’s stock. Employees that made contributions in this investment option historically purchased their shares directly from the Company. Sales of our treasury stock to the EDC 401(k) Plan totaled 40,559 shares in fiscal 2020. In fiscal year 2021, the EDC 401(k) Plan administrator began acquiring shares of the Company stock directly from the NASDAQ.

LEASES

LEASES	12 Months Ended
	Feb. 28, 2021
Disclosure Text Block [Abstract]
Lessor, Operating Leases [Text Block]	7. LEASES 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 Accounting Standards Codification (“ASC”) 842 - Leases. 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 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. February 28 (29), 2021 2020 Operating lease assets: Right-of-use asset $ 34,100 $ 45,200 Operating lease liabilities: Current lease liability $ 13,700 $ 13,500 Long-term lease liability $ 20,400 $ 31,700 Remaining lease term (months) 31 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 in our statements of earnings. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. February 28 (29), 2021 2020 Fixed lease cost $ 13,200 $ 12,700 Future minimum rental payments under operating leases with initial terms greater than one year as of February 28, 2021, are as follows: Years ending February 28 (29), 2022 $ 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 36,300 Present value discount (2,200 ) Total operating lease liability $ 34,100 The following table provides further information about our operating leases reported in our financial statements: February 28 (29), 2021 2020 Operating cash flows – operating lease $ 13,200 $ 12,700 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 $116,800 per month, through the lease anniversary date of December 2021, with a 2.0% annual increase adjustment on each anniversary date thereafter. The lease terms allow for one five-year Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Years ending February 28 (29), 2022 $ 1,542,100 2023 1,573,200 2024 1,577,900 2025 1,547,100 2026 1,524,300 Thereafter 8,091,000 Total $ 15,855,600 The cost of the leased space was approximately $10,826,400 and $10,789,500 as of February 28, 2021 and February 29, 2020, respectively. The accumulated depreciation associated with the leased assets was $2,216,700 and $1,828,900 as of February 28, 2021 and February 29, 2020, 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. 28, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	8. DEBT Debt consists of the following: February 28 (29), 2021 2020 Line of credit $ 5,245,300 $ - Long-term debt $ 10,984,700 $ 18,811,700 Less current maturities (533,500 ) (1,027,400 ) Long-term debt, net of current maturities $ 10,451,200 $ 17,784,300 The Company executed an Amended and Restated Loan Agreement on February 15, 2021 (as amended the “Loan Agreement”) with MidFirst Bank (“the Bank”), which replaced the prior loan agreement and includes multiple loans. Term Loan #1 Tranche A, originally totaling $13.4 million, was part of the prior loan agreement. Term Loan #1 Tranche A has a fixed interest rate of 4.23% with principal and interest payable monthly and a stated maturity date of December 1, 2025. Term Loan #1 is secured by the primary office, warehouse and land. The outstanding borrowings on Term Loan #1 were $10,984,700 and $11,497,100 as of February 28, 2021 and February 29, 2020, respectively. The Loan Agreement also provides a $15.0 million revolving loan (“Line of credit”) through August 15, 2022 with interest payable monthly at the Bank-adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio, with a minimum rate of 2.75% (the effective rate was 2.75% at February 28, 2021). The Company had $5,245,300 of borrowings outstanding on the line of credit as of February 28, 2021. Available credit under the revolving credit agreement was $9,570,200 as of February 28, 2021. In addition, the Loan Agreement provides a $6.0 million Advancing Term Loan to be used to finance planned equipment purchases. The Advancing Term Loan requires interest-only payments through July 15, 2021, at which time it will convert to a 60-month amortizing term loan maturing July 15, 2026. The Advancing Term Loan accrues interest at the Bank-adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio, with a minimum rate of 2.75% (the effective rate was 2.75% at February 28, 2021). The Company had no borrowings under the Advancing Term Loan at February 28, 2021. The Company had three separate loans under the prior loan agreement with the Bank: Term Loan #1 Tranche B, Term Loan #2 and a revolving loan that were fully paid prior to executing the current Loan Agreement. The Tranche B Loan had 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, with a minimum rate of 2.75%. The outstanding borrowings on the Tranche B Loan was $4,293,500 as of February 29, 2020. Term Loan #2 had 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, with a minimum rate of 2.75%. Term Loan #2 was secured by our secondary warehouse and land. The outstanding borrowings on Term Loan #2 was $3,021,100 as of February 29, 2020. The prior loan agreement also provided a $10.0 million revolving loan with interest payable monthly at the Bank-adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio, with a minimum rate of 2.75%. We had no borrowings outstanding on the line of credit at February 29, 2020. The Advancing Term Loan and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio. 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 balance of Term Loan #1. EBITDA is defined in the Loan Agreement as net income plus interest expense, income tax expense (benefit) and depreciation and amortization expenses. The Adjusted Funded Debt to EBITDA ratio includes Adjusted Funded Debt to trailing twelve month EBITDA, reduced by specific rental income received from a non-related third party, see Note 7. The $15.0 million line of credit is limited to advance rates on eligible receivables and eligible inventory levels. 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, 2022, 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 28, 2021. The Loan Agreement also contains provisions that require the Company to maintain specified financial ratios and limits any additional debt with other lenders. 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 using advances from the line of credit. On April 16, 2020, the Company entered into a loan with the Bank of approximately $1.4 million pursuant to the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (“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. The following table reflects aggregate future maturities of long-term debt during the next five fiscal years as follows: Years ending February 28 (29), 2022 $ 533,500 2023 556,800 2024 581,200 2025 605,400 2026 8,707,800 Total $ 10,984,700

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Feb. 28, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	9. COMMITMENTS AND CONTINGENCIES As of February 28, 2021, the Company had outstanding purchase commitments for inventory totaling $37,577,300, which will be received and payments due during fiscal year 2022. Of these inventory commitments, $26,141,100 were with Usborne, $11,231,500 with various Kane Miller publishers and the remaining $204,700 with other suppliers. The Company also had outstanding purchase commitments for equipment associated with the addition of two new pick-pack-ship lines totaling $1,693,600 at February 28, 2021, of which $1,061,200 was included in accounts payable.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Feb. 28, 2021
Share-based Payment Arrangement, Disclosure [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	10. SHARE-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. There were no options outstanding during fiscal year 2021. The 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 28, 2021 and February 29, 2020, and changes during the years then ended is presented below: February 28 (29), 2021 2020 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year - - 10,000 $ 2.63 Exercised - - 10,000 $ 2.63 Expired - - - - Outstanding at end of year - - - - In July 2018, our shareholders approved the Company’s 2019 Long-Term Incentive Plan (“2019 LTI Plan”). The 2019 LTI Plan established up to 600,000 shares of restricted stock to 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. 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. 5,000 restricted shares from fiscal year 2019 were forfeited during fiscal year 2021. The remaining compensation expense for fiscal year 2019 awards, totaling approximately $1,307,000, will be recognized ratably over the remaining vesting period of approximately 24 months. No shares were granted during fiscal year 2020. During fiscal year 2021, the Company initially granted 151,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $6.30 per share. 8,000 of these shares were granted, forfeited and re-granted to remaining participants in fiscal year 2021. In the third quarter of fiscal year 2021, the Company increased the number of shares granted for fiscal year 2021 from 151,000 to 305,000 due to revised performance expectations for the year. The remaining compensation expense for these awards, totaling approximately $1,571,200, will be recognized ratably over the remaining vesting period of approximately 48 months. As of February 28, 2021, there are no restricted shares available for issuance as future awards under the 2019 LTI Plan. A summary of compensation expense recognized in connection with restricted share awards as follows: Year Ended February 28 (29), 2021 2020 Share-based compensation expense $ 938,600 $ 665,100 The following table 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 305,000 6.30 Vested - - Forfeited (13,000 ) (7.70 ) Outstanding at February 28, 2021 600,000 $ 8.14 As of February 28, 2021, total unrecognized share-based compensation expense related to unvested restricted shares was $2,878,200, which we expect to recognize over a weighted-average period of 37.1 months.

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	12 Months Ended
	Feb. 28, 2021
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 shares 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). This plan has no expiration date. During fiscal year 2021, we purchased 22,565 shares at an average price of $7.27 per share totaling approximately $163,800 under the 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. The maximum number of shares that may be repurchased in the future is 514,594.

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Feb. 28, 2021
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 28, 2021 and February 29, 2020: Net Revenues Gross Margin Net Earnings Basic Earnings Per Share Diluted Earnings Per Share 2021 First quarter $ 38,291,700 $ 26,896,200 $ 1,931,100 $ 0.23 $ 0.23 Second quarter 59,250,100 41,940,600 4,255,000 0.51 0.51 Third quarter 66,750,300 47,152,500 4,269,600 0.51 0.51 Fourth quarter 40,343,000 28,608,800 2,168,300 0.26 0.25 Total year $ 204,635,100 $ 144,598,100 $ 12,624,000 $ 1.51 $ 1.50 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

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Feb. 28, 2021
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 28, 2021 and February 29, 2020 is set forth below: NET REVENUES 2021 2020 Publishing $ 8,625,800 $ 9,701,300 UBAM 196,009,300 103,310,600 Total $ 204,635,100 $ 113,011,900 EARNINGS (LOSS) BEFORE INCOME TAXES 2021 2020 Publishing $ 2,571,600 $ 2,682,000 UBAM 32,820,600 17,444,600 Other (18,161,400 ) (12,374,700 ) Total $ 17,230,800 $ 7,751,900

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Feb. 28, 2021
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 $11,078,800 and $19,155,500 as of February 28, 2021 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	12 Months Ended
	Feb. 28, 2021
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 28, 2021 and February 29, 2020 are recorded as deferred revenues on the balance sheets. We received approximately $1,914,100 and $385,300 as of February 28, 2021 and February 29, 2020, 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. 28, 2021
Subsequent Events [Abstract]
Subsequent Events [Text Block]	16. SUBSEQUENT EVENTS On April 1, 2021, the Company executed the First Amendment to the Loan Agreement which reduced the fixed interest rate on Term Loan #1 to 3.12% and removed the prepayment premium from the Loan Agreement. On May 11, 2021, the Board of Directors of EDC approved a $0.10 dividend that will be paid to shareholders of record on Wednesday, June 2, 2021.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Feb. 28, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Nature of Business
Use of Estimates, Policy [Policy Text Block]	Estimates
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 $331,900 and $237,400 as of February 28, 2021 and February 29, 2020, respectively. Included within this allowance is $93,900 of reserve for vendor discounts to sell remaining inventory as of February 28, 2021 and February 29, 2020.
Inventory, Policy [Policy Text Block]	Inventories The Company assumes title and responsibility for inventory purchased according to the contract language with our suppliers and the individual shipment terms for the order. The majority of Usborne orders pass title at FOB-Destination Port and most Kane Miller orders pass title at FOB-Shipping Point. The Company maintains insurance for the value of the inventory once the title has been passed until it is received at our warehouse (“inventory in transit”). 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 $1,114,100 and $1,519,600 at February 28, 2021 and February 29, 2020, respectively. The Company has reserved for consignment inventory not expected to be sold or returned of $478,600 and $239,800 as of February 28, 2021 and February 29, 2020, 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 Capitalized software 4 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 UBAM's sales contracts have a single performance obligation and are short-term in nature. UBAM’s sales are generally collected at the time the product is ordered. Sales which have been paid for but not shipped are classified as deferred revenue on the balance sheets. Sales associated with consignment inventory are recognized when reported by the consignee and payment associated with the sale has been collected. Transportation revenue represents the amount billed to the customer for shipping the product and is recorded when the product is shipped. Certain UBAM sales contracts associated with the 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 the products included as sales incentives are shipped 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. The majority of Publishing’s sales contracts have a single performance obligation and are short-term in nature. Publishing’s sales may be collected at the time the product is shipped or the customers may be given payment terms based primarily on their credit worthiness and payment history. 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 as of both February 28, 2021 and February 29, 2020, 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 is included in other current assets on the Company’s balance sheets as of both February 28, 2021 and February 29, 2020. The Company generally expenses sales commissions in the same period that the revenue is recognized. These costs are recorded within operating expenses. The Company does not disclose the value of unsatisfied performance obligations for contracts with an unexpected length of one year or less.
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 28 (29), 2021 2020 Earnings per share: Net earnings applicable to common shareholders $ 12,624,000 $ 5,645,100 Shares: Weighted average shares outstanding-basic 8,352,474 8,318,412 Assumed exercise of options and issuance of nonvested restricted shares 74,250 4,716 Weighted average shares outstanding-diluted 8,426,724 8,323,128 Diluted earnings per share: Basic $ 1.51 $ 0.68 Diluted $ 1.50 $ 0.68
Share-based Payment Arrangement [Policy Text Block]	Share-Based Compensation
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements 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 is not expected to have a material impact to our financial statements and disclosures. 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Feb. 28, 2021
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 28 (29), 2021 2020 Earnings per share: Net earnings applicable to common shareholders $ 12,624,000 $ 5,645,100 Shares: Weighted average shares outstanding-basic 8,352,474 8,318,412 Assumed exercise of options and issuance of nonvested restricted shares 74,250 4,716 Weighted average shares outstanding-diluted 8,426,724 8,323,128 Diluted earnings per share: Basic $ 1.51 $ 0.68 Diluted $ 1.50 $ 0.68
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 Capitalized software 4 years Furniture and fixtures 3 years

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Feb. 28, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: February 28 (29), 2021 2020 Current: Book inventory $ 52,276,200 $ 30,346,900 Inventory valuation allowance (513,800 ) (259,600 ) Inventories net - current $ 51,762,400 $ 30,087,300 Noncurrent: Book inventory $ 894,300 $ 1,226,500 Inventory valuation allowance (209,000 ) (209,800 ) Inventories net - noncurrent $ 685,300 $ 1,016,700

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Feb. 28, 2021
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 28 (29), 2021 2020 Land $ 4,107,200 $ 4,107,200 Building 20,373,900 20,321,800 Building improvements 1,949,200 1,833,700 Machinery and equipment 8,289,400 8,025,000 Furniture and fixtures 110,800 110,800 Capitalized software 866,500 - Property, plant and equipment - in progress 4,436,300 528,300 Total property, plant and equipment 40,133,300 34,926,800 Less accumulated depreciation (10,182,300 ) (8,549,100 ) Property, plant and equipment-net $ 29,951,000 $ 26,377,700

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Feb. 28, 2021
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]
Other Current Liabilities [Table Text Block]	Other current liabilities consist of the following: February 28 (29), 2021 2020 Accrued royalties $ 1,423,400 $ 655,600 Accrued UBAM incentives 1,695,000 819,400 Accrued freight 265,700 150,600 Sales tax payable 986,400 499,300 Allowance for expected inventory returns 201,500 201,500 Other 1,522,800 911,800 Total other current liabilities $ 6,094,800 $ 3,238,200

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Feb. 28, 2021
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 28 (29), 2021 2020 Deferred tax assets: Allowance for doubtful accounts $ 89,600 $ 64,100 Inventory overhead capitalization 127,700 69,200 Inventory valuation allowance 138,700 70,100 Inventory valuation allowance – noncurrent 56,400 56,700 Allowance for sales returns 27,200 27,200 Accruals 754,200 363,900 Total deferred tax assets 1,193,800 651,200 Deferred tax liabilities: Property, plant and equipment (1,283,700 (1,644,500 ) Total deferred tax liabilities (1,283,700 ) (1,644,500 ) Net deferred income tax liabilities $ (89,900 ) $ (993,300 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of income tax expense are as follows: February 28 (29), 2021 2020 Current: Federal $ 3,236,400 $ 1,518,600 State 901,600 467,500 4,138,000 1,986,100 Deferred: Federal 382,100 109,300 State 86,700 11,400 468,800 120,700 Total income tax expense $ 4,606,800 $ 2,106,800
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 28 (29), 2021 2020 U.S. federal statutory income tax rate 21.0 % 21.0 % U.S. state and local income taxes–net of federal benefit 5.5 % 5.9 % Other 0.2 % 0.3 % Total income tax expense 26.7 % 27.2 %

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Feb. 28, 2021
Disclosure Text Block [Abstract]
Lease, Cost [Table Text Block]	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. February 28 (29), 2021 2020 Operating lease assets: Right-of-use asset $ 34,100 $ 45,200 Operating lease liabilities: Current lease liability $ 13,700 $ 13,500 Long-term lease liability $ 20,400 $ 31,700 Remaining lease term (months) 31 43 Discount Rate 4.60 % 4.60 % February 28 (29), 2021 2020 Fixed lease cost $ 13,200 $ 12,700 February 28 (29), 2021 2020 Operating cash flows – operating lease $ 13,200 $ 12,700
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 February 28, 2021, are as follows: Years ending February 28 (29), 2022 $ 13,700 2023 14,200 2024 8,400 Total future minimum rental payments 36,300 Present value discount (2,200 ) Total operating lease liability $ 34,100
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: Years ending February 28 (29), 2022 $ 1,542,100 2023 1,573,200 2024 1,577,900 2025 1,547,100 2026 1,524,300 Thereafter 8,091,000 Total $ 15,855,600

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Feb. 28, 2021
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: February 28 (29), 2021 2020 Line of credit $ 5,245,300 $ - Long-term debt $ 10,984,700 $ 18,811,700 Less current maturities (533,500 ) (1,027,400 ) Long-term debt, net of current maturities $ 10,451,200 $ 17,784,300
Schedule of Long-term Debt Instruments [Table Text Block]	The Advancing Term Loan and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio. 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 as follows: Years ending February 28 (29), 2022 $ 533,500 2023 556,800 2024 581,200 2025 605,400 2026 8,707,800 Total $ 10,984,700

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Feb. 28, 2021
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 28, 2021 and February 29, 2020, and changes during the years then ended is presented below: February 28 (29), 2021 2020 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year - - 10,000 $ 2.63 Exercised - - 10,000 $ 2.63 Expired - - - - Outstanding at end of year - - - -
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 28 (29), 2021 2020 Share-based compensation expense $ 938,600 $ 665,100
Nonvested Restricted Stock Shares Activity [Table Text Block]	The following table 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 305,000 6.30 Vested - - Forfeited (13,000 ) (7.70 ) Outstanding at February 28, 2021 600,000 $ 8.14

QUARTERLY RESULTS OF OPERATIO_2

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Feb. 28, 2021
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 28, 2021 and February 29, 2020: Net Revenues Gross Margin Net Earnings Basic Earnings Per Share Diluted Earnings Per Share 2021 First quarter $ 38,291,700 $ 26,896,200 $ 1,931,100 $ 0.23 $ 0.23 Second quarter 59,250,100 41,940,600 4,255,000 0.51 0.51 Third quarter 66,750,300 47,152,500 4,269,600 0.51 0.51 Fourth quarter 40,343,000 28,608,800 2,168,300 0.26 0.25 Total year $ 204,635,100 $ 144,598,100 $ 12,624,000 $ 1.51 $ 1.50 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

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Feb. 28, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by industry segment for the years ended February 28, 2021 and February 29, 2020 is set forth below: 2021 2020 Publishing $ 8,625,800 $ 9,701,300 UBAM 196,009,300 103,310,600 Total $ 204,635,100 $ 113,011,900 2021 2020 Publishing $ 2,571,600 $ 2,682,000 UBAM 32,820,600 17,444,600 Other (18,161,400 ) (12,374,700 ) Total $ 17,230,800 $ 7,751,900

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Payments for (Proceeds from) Other Investing Activities	$ 72,400,000	$ 33,100,000
Cash, FDIC Insured Amount	250,000
Accounts Receivable, Allowance for Credit Loss	331,900	237,400
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross	1,114,100	1,519,600
Inventory Valuation Reserves	478,600	239,800
Asset Impairment Charges	0	0
Other Liabilities, Current	6,094,800	3,238,200
Advertising Expense	1,181,300	579,500
Cost of Goods and Services Sold	60,037,000	36,863,300
Interest Expense	561,000	888,100
Sales Returns and Allowances [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Other Liabilities, Current	201,500
Inventory Vendor Discounts [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Accounts Receivable, Allowance for Credit Loss	93,900	93,900
Usborne Books and More [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Payments for (Proceeds from) Other Investing Activities	50,800,000	21,400,000
Accounts Payable, Other, Current	14,600,000	5,500,000
Returned Products [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Other Assets, Current	100,800
Shipping and Handling [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Cost of Goods and Services Sold	$ 34,167,000	$ 17,240,300

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Property, Plant and Equipment	12 Months Ended
	Feb. 28, 2021
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
Software Development [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	4 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. 28, 2021	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2021	Feb. 29, 2020
Earnings per share:
Net earnings applicable to common shareholders (in Dollars)									$ 12,624,000	$ 5,645,100
Shares:
Weighted average shares outstanding-basic									8,352,474	8,318,412
Assumed exercise of options and issuance of nonvested restricted shares									74,250	4,716
Weighted average shares outstanding-diluted									8,426,724	8,323,128
Diluted earnings per share:
Basic (in Dollars per share)	$ 0.26	$ 0.51	$ 0.51	$ 0.23	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 1.51	$ 0.68
Diluted (in Dollars per share)	$ 0.25	$ 0.51	$ 0.51	$ 0.23	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 1.50	$ 0.68

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Inventory Disclosure [Abstract]
Other Inventory, in Transit, Gross	$ 6,467,400	$ 549,900

INVENTORIES (Details) - Schedu

INVENTORIES (Details) - Schedule of Inventory, Noncurrent - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Inventory Current [Member]
Current:
Book inventory	$ 52,276,200	$ 30,346,900
Inventory valuation allowance	(513,800)	(259,600)
Inventories net	51,762,400	30,087,300
Inventory, Noncurrent [Member]
Current:
Book inventory	894,300	1,226,500
Inventory valuation allowance	(209,000)	(209,800)
Inventories net	$ 685,300	$ 1,016,700

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 40,133,300	$ 34,926,800
Less accumulated depreciation	(10,182,300)	(8,549,100)
Property, Plant and Equipment, Net	29,951,000	26,377,700
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	20,373,900	20,321,800
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,949,200	1,833,700
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	8,289,400	8,025,000
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	110,800	110,800
Software Development [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	866,500	0
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,436,300	$ 528,300

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - Schedule of Other Current Liabilities - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Schedule of Other Current Liabilities [Abstract]
Accrued royalties	$ 1,423,400	$ 655,600
Accrued UBAM incentives	1,695,000	819,400
Accrued freight	265,700	150,600
Sales tax payable	986,400	499,300
Allowance for expected inventory returns	201,500	201,500
Other	1,522,800	911,800
Total other current liabilities	$ 6,094,800	$ 3,238,200

INCOME TAXES (Details) - Sched

INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Deferred tax assets:
Allowance for doubtful accounts	$ 89,600	$ 64,100
Inventory overhead capitalization	127,700	69,200
Inventory valuation allowance	138,700	70,100
Inventory valuation allowance – noncurrent	56,400	56,700
Allowance for sales returns	27,200	27,200
Accruals	754,200	363,900
Total deferred tax assets	1,193,800	651,200
Deferred tax liabilities:
Property, plant and equipment	(1,283,700)	(1,644,500)
Total deferred tax liabilities	(1,283,700)	(1,644,500)
Net deferred income tax liabilities	$ (89,900)	$ (993,300)

INCOME TAXES (Details) - Sch_2

INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Current:
Federal	$ 3,236,400	$ 1,518,600
State	901,600	467,500
	4,138,000	1,986,100
Deferred:
Federal	382,100	109,300
State	86,700	11,400
	468,800	120,700
Total income tax expense	$ 4,606,800	$ 2,106,800

INCOME TAXES (Details) - Sch_3

INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Schedule of Effective Income Tax Rate Reconciliation [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%
U.S. state and local income taxes–net of federal benefit	5.50%	5.90%
Other	0.20%	0.30%
Total income tax expense	26.70%	27.20%

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
401(k) Plan [Member]
EMPLOYEE BENEFIT PLAN (Details) [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 126,800	$ 146,600

LEASES (Details)

LEASES (Details)	12 Months Ended
	Feb. 28, 2021USD ($)ft²a	Feb. 29, 2020USD ($)
LEASES (Details) [Line Items]
Number of Rental Agreements	3
Area of Real Estate Property (in Square Feet) | ft²	400,000
Area of Land (in Acres) | a	40
Property Subject to or Available for Operating Lease, Net	$ 10,826,400	$ 10,789,500
Property Subject to or Available for Operating Lease, Accumulated Depreciation	$ 2,216,700	$ 1,828,900
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 $116,800 per month, through the lease anniversary date of December 2021, with a 2.0% annual increase adjustment on each anniversary date thereafter.
Operating Leases, Rent Expense, Minimum Rentals	$ 116,800
Lessee, Operating Lease, Renewal Term	5 years

LEASES (Details) - Lease, Cost

LEASES (Details) - Lease, Cost - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Operating lease assets:
Right-of-use asset	$ 34,100	$ 45,200
Operating lease liabilities:
Current lease liability	13,700	13,500
Long-term lease liability	$ 20,400	$ 31,700
Remaining lease term (months)	31 months	43 months
Discount Rate	4.60%	4.60%
Fixed lease cost	$ 13,200	$ 12,700
Operating cash flows – operating lease	$ 13,200	$ 12,700

LEASES (Details) - Schedule of

LEASES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases	Feb. 28, 2021USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2022	$ 13,700
2023	14,200
2024	8,400
Total future minimum rental payments	36,300
Present value discount	(2,200)
Total operating lease liability	$ 34,100

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Feb. 28, 2021USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2022	$ 1,542,100
2023	1,573,200
2024	1,577,900
2025	1,547,100
2026	1,524,300
Thereafter	8,091,000
Total	$ 15,855,600

DEBT (Details)

DEBT (Details) - USD ($)	Dec. 01, 2015	Feb. 28, 2021	Apr. 16, 2020	Feb. 29, 2020	Feb. 28, 2019
DEBT (Details) [Line Items]
Long-term Debt		$ 10,984,700		$ 18,811,700
Long-term Line of Credit		$ 5,245,300		0
Number of Loans		3
Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Debt Instrument, Face Amount			$ 1,400,000
Debt Instrument, Interest Rate, Stated Percentage			1.00%
Tranche A [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 13,400,000
Debt Instrument, Interest Rate During Period	4.23%
Long-term Debt		$ 10,984,700		11,497,100
Tranche B [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Expiration Date	Dec. 1, 2025
Long-term Debt				4,293,500
Debt Instrument, Interest Rate, Basis for Effective Rate		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, with a minimum rate of 2.75%
Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Long-term Debt				3,021,100
Advancing Term Loan [Member]
DEBT (Details) [Line Items]
Debt Instrument, Interest Rate During Period		2.75%
Debt Instrument, Face Amount		$ 6,000,000
Debt Instrument, Interest Rate Terms		The Advancing Term Loan requires interest-only payments through July 15, 2021, at which time it will convert to a 60-month amortizing term loan maturing July 15, 2026. The Advancing Term Loan accrues interest at the Bank-adjusted LIBOR Index plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio, with a minimum rate of 2.75% (the effective rate was 2.75%
Line of Credit [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Expiration Date		Aug. 15, 2022
Debt Instrument, Interest Rate, Basis for Effective Rate		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, with a minimum rate of 2.75% (the effective rate was 2.75%
Line of Credit Facility, Interest Rate at Period End		2.75%
Long-term Line of Credit		$ 5,245,300
Line of Credit Facility, Remaining Borrowing Capacity		9,570,200			$ 9,570,200
Line of Credit [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000,000		$ 10,000,000
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				2.75%

DEBT (Details) - Schedule of D

DEBT (Details) - Schedule of Debt - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Schedule of Debt [Abstract]
Line of credit	$ 5,245,300	$ 0
Long-term debt	10,984,700	18,811,700
Less current maturities	(533,500)	(1,027,400)
Long-term debt, net of current maturities	$ 10,451,200	$ 17,784,300

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. 28, 2021	Feb. 29, 2020
Schedule of Maturities of Long-term Debt [Abstract]
2022	$ 533,500
2023	556,800
2024	581,200
2025	605,400
2026	8,707,800
Total	$ 10,984,700	$ 18,811,700

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Feb. 28, 2021USD ($)
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Accounts Payable, Other	$ 1,061,200
Inventory [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	37,577,300
Usborne Books and More [Member] | Inventory [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	26,141,100
Kane Miller [Member] | Inventory [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	11,231,500
Other Suppliers [Member] | Inventory [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	204,700
Equipment [Member]
COMMITMENTS AND CONTINGENCIES (Details) [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	$ 1,693,600

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2002	Feb. 28, 2021	Feb. 28, 2021	Feb. 28, 2019
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			37 months 3 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars)		$ 2,878,200	$ 2,878,200
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	600,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years	24 months
Share-based Compensation Arrangement by Share-based Payment Award, Description			The 2019 LTI Plan established up to 600,000 shares of restricted stock to 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.
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture		305,000	151,000	308,000
Shares Issued, Price Per Share (in Dollars per share)		$ 6.30	$ 6.30	$ 9.94
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares			8,000	5,000
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars)		$ 1,571,200	$ 1,571,200	$ 1,307,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			48 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. 28, 2021	Feb. 29, 2020
Schedule of Stock Option Activity [Abstract]
Outstanding at beginning of year	0	10,000
Outstanding at beginning of year	$ 0	$ 2.63
Exercised	0	10,000
Exercised	$ 0	$ 2.63
Expired	0	0
Expired	$ 0	$ 0
Outstanding at end of year	0	0
Outstanding at end of year	$ 0	$ 0

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Share-based Payment Arrangement, Cost by Plan [Abstract]
Share-based compensation expense	$ 938,600	$ 665,100

STOCK-BASED COMPENSATION (Det_4

STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity	12 Months Ended
	Feb. 28, 2021$ / sharesshares
Nonvested Restricted Stock Shares Activity [Abstract]
Outstanding, Shares | shares	308,000
Outstanding, Weighted Average Fair Value | $ / shares	$ 9.94
Granted, Shares | shares	305,000
Granted, Weighted Average Fair Value | $ / shares	$ 6.30
Vested, Shares | shares	0
Vested, Weighted Average Fair Value | $ / shares	$ 0
Forfeited, Shares | shares	(13,000)
Forfeited, Weighted Average Fair Value | $ / shares	$ (7.70)
Outstanding, Shares | shares	600,000
Outstanding, Weighted Average Fair Value | $ / shares	$ 8.14

STOCK REPURCHASE PLAN (Details)

STOCK REPURCHASE PLAN (Details) - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	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	514,594		800,000
Stock Repurchased During Period, Shares	22,565	254,475
Stock Repurchased During Period, Average Price Paid (in Dollars per share)	$ 7.27	$ 6.70
Stock Repurchased During Period, Value (in Dollars)	$ 163,800	$ 1,705,800

QUARTERLY RESULTS OF OPERATIO_3

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - Schedule of Quarterly Financial Information - USD ($)	3 Months Ended								12 Months Ended
	Feb. 28, 2021	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2021	Feb. 29, 2020
Schedule of Quarterly Financial Information [Abstract]
Net Revenues	$ 40,343,000	$ 66,750,300	$ 59,250,100	$ 38,291,700	$ 20,161,900	$ 40,824,600	$ 24,438,000	$ 27,587,400	$ 204,635,100	$ 113,011,900
Gross Margin	28,608,800	47,152,500	41,940,600	26,896,200	13,681,100	27,544,700	16,391,600	18,531,200	144,598,100	76,148,600
Net Earnings	$ 2,168,300	$ 4,269,600	$ 4,255,000	$ 1,931,100	$ 538,100	$ 2,735,800	$ 1,007,600	$ 1,363,600	$ 12,624,000	$ 5,645,100
Basic Earnings Per Share (in Dollars per share)	$ 0.26	$ 0.51	$ 0.51	$ 0.23	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 1.51	$ 0.68
Diluted Earnings Per Share (in Dollars per share)	$ 0.25	$ 0.51	$ 0.51	$ 0.23	$ 0.06	$ 0.33	$ 0.12	$ 0.17	$ 1.50	$ 0.68

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	12 Months Ended
	Feb. 28, 2021
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. 28, 2021	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting Information [Line Items]
Net Revenues	$ 40,343,000	$ 66,750,300	$ 59,250,100	$ 38,291,700	$ 20,161,900	$ 40,824,600	$ 24,438,000	$ 27,587,400	$ 204,635,100	$ 113,011,900
Earnings (Loss) Before Income Taxes									17,230,800	7,751,900
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues									8,625,800	9,701,300
Earnings (Loss) Before Income Taxes									2,571,600	2,682,000
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues									196,009,300	103,310,600
Earnings (Loss) Before Income Taxes									32,820,600	17,444,600
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes									$ (18,161,400)	$ (12,374,700)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Feb. 28, 2021	Feb. 29, 2020
Fair Value, Inputs, Level 2 [Member]
FAIR VALUE MEASUREMENTS (Details) [Line Items]
Long-term Debt, Fair Value	$ 11,078,800	$ 19,155,500

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details) - USD ($)	12 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Disclosure Text Block [Abstract]
Deferred Revenue, Additions	$ 1,914,100	$ 385,300

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event [Member] - $ / shares	May 11, 2021	Apr. 01, 2021
SUBSEQUENT EVENT (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.12%
Dividends Payable, Date Declared	May 11, 2021
Common Stock, Dividends, Per Share, Declared	$ 0.10
Dividends Payable, Date of Record	Jun. 2, 2021