Educational Development (EDUC) 10-Q 8 Jul 21 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2021	Jul. 06, 2021
Document Information Line Items
Entity Registrant Name	EDUCATIONAL DEVELOPMENT CORPORATION
Trading Symbol	EDUC
Document Type	10-Q
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		8,650,230
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	May 31, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly 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 Ave
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

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	May 31, 2021	Feb. 28, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 1,756,600	$ 1,812,200
Accounts receivable, less allowance for doubtful accounts of $360,400 (May 31) and $331,900 (February 28)	3,974,200	3,346,700
Inventories - net	56,555,100	51,762,400
Prepaid expenses and other assets	1,458,000	1,219,300
Total current assets	63,743,900	58,140,600
INVENTORIES - net	760,600	685,300
PROPERTY, PLANT AND EQUIPMENT - net	30,074,900	29,951,000
OTHER ASSETS	70,300	73,600
TOTAL ASSETS	94,649,700	88,850,500
CURRENT LIABILITIES
Accounts payable	18,035,700	19,674,300
Line of credit	8,732,500	5,245,300
Deferred revenues	1,627,000	1,914,100
Current maturities of long-term debt	1,185,700	533,500
Accrued salaries and commissions	1,873,900	3,488,000
Dividends payable	834,800	835,100
Income taxes payable	1,097,900	130,200
Other current liabilities	4,094,000	6,094,800
Total current liabilities	37,481,500	37,915,300
LONG-TERM DEBT - net of current maturities	13,552,800	10,451,200
DEFERRED INCOME TAXES - net	327,400	89,900
OTHER LONG-TERM LIABILITIES	131,300	134,300
Total liabilities	51,493,000	48,590,700
SHAREHOLDERS' EQUITY
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,410,080 shares; Outstanding 8,348,314 (May 31) and 8,346,600 (February 28) shares	2,482,000	2,482,000
Capital in excess of par value	11,152,100	10,863,900
Retained earnings	42,286,300	39,683,000
	55,920,400	53,028,900
Less treasury stock, at cost	(12,763,700)	(12,769,100)
Total shareholders' equity	43,156,700	40,259,800
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 94,649,700	$ 88,850,500

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - USD ($)	May 31, 2021	Feb. 28, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 360,400	$ 331,900
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
Common stock, shares outstanding	8,348,314	8,346,600

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS - USD ($)	3 Months Ended
	May 31, 2021	May 31, 2020
NET REVENUES	$ 40,807,900	$ 38,291,700
COST OF GOODS SOLD	12,029,900	11,395,500
Gross margin	28,778,000	26,896,200
OPERATING EXPENSES
Operating and selling	6,442,600	6,340,200
Sales commissions	12,966,700	13,600,500
General and administrative	5,139,000	4,536,000
Total operating expenses	24,548,300	24,476,700
INTEREST EXPENSE	167,800	182,200
OTHER INCOME	(598,700)	(406,600)
EARNINGS BEFORE INCOME TAXES	4,660,600	2,643,900
INCOME TAXES	1,222,500	712,800
NET EARNINGS	$ 3,438,100	$ 1,931,100
BASIC AND DILUTED EARNINGS PER SHARE
Basic (in Dollars per share)	$ 0.43	$ 0.23
Diluted (in Dollars per share)	$ 0.41	$ 0.23
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Basic (in Shares)	8,029,264	8,352,424
Diluted (in Shares)	8,481,980	8,352,424
Dividends per share (in Dollars per share)	$ 0.10	$ 0.06
Gross Sales [Member]
REVENUES	$ 52,391,600	$ 46,896,900
Discounts and Allowances [Member]
Less discounts and allowances	(15,954,100)	(12,895,900)
Transportation Revenue [Member]
REVENUES	$ 4,370,400	$ 4,290,700

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. 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 (see Note 6)		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. 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
Sales of treasury stock		26,600		$ 5,400	32,000
Sales of treasury stock (in Shares)				(1,714)
Dividends declared			(834,800)		(834,800)
Share-based compensation expense (see Note 6)		261,600			261,600
Net earnings			3,438,100		3,438,100
Balance at May. 31, 2021	$ 2,482,000	$ 11,152,100	$ 42,286,300	$ (12,763,700)	$ 43,156,700
Balance (in Shares) at May. 31, 2021	12,410,080			4,061,766

CONDENSED STATEMENTS OF SHARE_2

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	May 31, 2021	May 31, 2020
Retained Earnings [Member]
Dividends declared	$ 0.10	$ 0.06

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	May 31, 2021	May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 3,438,100	$ 1,931,100
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	432,000	409,900
Deferred income taxes	237,500	91,200
Provision for doubtful accounts	37,600	67,800
Provision for inventory valuation allowance	60,000	80,000
Share-based compensation expense	261,600	169,000
Changes in assets and liabilities:
Accounts receivable	(665,100)	348,900
Inventories, net	(4,928,000)	3,080,800
Prepaid expenses and other assets	(235,400)	29,100
Accounts payable	(577,400)	1,385,200
Accrued salaries and commissions and other liabilities	(3,617,900)	2,373,300
Deferred revenues	(287,100)	2,026,800
Income taxes payable	967,700	602,100
Total adjustments	(8,314,500)	10,664,100
Net cash provided by (used in) operating activities	(4,876,400)	12,595,200
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(1,617,200)	(143,800)
Net cash used in investing activities	(1,617,200)	(143,800)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on term debt	(142,300)	(1,710,800)
Proceeds from term debt	3,896,200	1,447,400
Sales of treasury stock	32,000	71,000
Purchases of treasury stock	0	(75,500)
Net borrowings under line of credit	3,487,200	0
Dividends paid	(835,100)	(417,400)
Net cash provided by (used in) financing activities	6,438,000	(685,300)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(55,600)	11,766,100
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	1,812,200	2,999,400
CASH AND CASH EQUIVALENTS - END OF PERIOD	1,756,600	14,765,500
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	152,400	184,600
Cash paid for income taxes	$ 17,200	$ 19,500

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	May 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 1 Basis of Presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim condensed financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The Unaudited Condensed Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the Unaudited Condensed Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim Unaudited Condensed Financial Statements should be read in conjunction with our audited financial statements as of and for the year ended February 28, 2021 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 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. Effective May 1, 2021, we lessened our safety and health practices in the office and warehouse based on the recommendations from the local Tulsa Health Department. We are closely monitoring the impact of the COVID-19 pandemic and continually assessing its potential effects on our business. While the Company did not experience a decrease in net revenues during fiscal year 2021, 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. See Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information on the impact COVID-19 had during the current fiscal period. Use of Estimates in the Preparation of Financial Statements The preparation of the Unaudited Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. Significant Accounting Policies Our significant accounting policies, other than the adoption of new accounting pronouncements separately documented herein, are consistent with those disclosed in Note 1 to our audited financial statements as of and for the year ended February 28, 2021 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 was adopted by the Company at the beginning of fiscal year 2022 and did not have a material impact on 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	3 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: May 31, 2021 February 28, 2021 Current: Book inventory $ 57,052,600 $ 52,276,200 Inventory valuation allowance (497,500 ) (513,800 ) Inventories net – current $ 56,555,100 $ 51,762,400 Noncurrent: Book inventory $ 1,005,600 $ 894,300 Inventory valuation allowance (245,000 ) (209,000 ) Inventories net – noncurrent $ 760,600 $ 685,300 Book inventory includes inventory in transit which totaled $4,114,600 and $6,467,400 at May 31, 2021 and February 28, 2021, respectively. Book inventory quantities in excess of what we expect will be sold within the normal operating cycle, based on 2½ 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 $12,288,300 and $3,974,400 for the three months ended May 31, 2021 and 2020, respectively. Total inventory purchases received from all suppliers were $17,785,200 and $5,846,600 for the three months ended May 31, 2021 and 2020, respectively.

LEASES

LEASES	3 Months Ended
	May 31, 2021
Disclosure Text Block [Abstract]
Lessor, Operating Leases [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. One 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 other lessee arrangement is short term and offers flexible storage space on a month to month basis. Our lessee arrangements are not material to our condensed financial statements or notes to the condensed financial statements. 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. Operating Leases Lessor We recognize fixed rental income on a straight-line basis over the life of the lease as other income on our condensed statements of earnings. Variable rental payments are recognized as other income 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: Years ending February 28 (29), 2022 $ 1,158,700 2023 1,573,200 2024 1,577,900 2025 1,547,100 2026 1,524,300 Thereafter 8,091,000 Total $ 15,472,200 The cost of the leased space was approximately $10,826,400 as of May 31, 2021 and February 28, 2021, respectively. The accumulated depreciation associated with the leased assets was $2,312,100 and $2,216,700 as of May 31, 2021 and February 28, 2021, respectively. Both the leased assets and accumulated depreciation are included in property, plant and equipment-net on the condensed balance sheets.

DEBT

DEBT	3 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: May 31, 2021 February 28, 2021 Line of credit $ 8,732,500 $ 5,245,300 Advancing term loan $ 3,896,200 $ - Long-term debt 10,842,300 10,984,700 Less current maturities (1,185,700 ) (533,500 ) Long-term debt, net of current maturities $ 13,552,800 $ 10,451,200 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 (“Term Loan #1”), originally totaling $13.4 million, was part of the prior loan agreement. Term Loan #1 had a fixed interest rate of 4.23% with principal and interest payable monthly and a stated maturity date of December 1, 2025. 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. Term Loan #1 is secured by the primary office, warehouse and land. The outstanding borrowings on Term Loan #1 were $10,842,300 and $10,984,700 as of May 31, 2021 and February 28, 2021, 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 May 31, 2021). Our borrowings outstanding on our line of credit at May 31, 2021 and February 28, 2021, were $8,732,500 and $5,245,300, respectively. Available credit under the revolving line of credit was approximately $6,267,500 and $9,570,200 at May 31, 2021 and February 28, 2021, respectively. 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 May 31, 2021). Our borrowings outstanding under the Advancing Term Loan at May 31, 2021 were $3,896,200 and we had no borrowings at February 28, 2021. 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 3. The $15.0 million line of credit is limited to advance rates on eligible receivables and eligible inventory levels. 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 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 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. As of May 31, 2021, we had no letters of credit outstanding. 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. The following table reflects aggregate future scheduled maturities of long-term debt during the next five fiscal years and thereafter as follows: Years ending February 28 (29), 2022 $ 838,600 2023 1,387,500 2024 1,407,100 2025 1,426,400 2026 9,289,300 Thereafter 389,600 Total $ 14,738,500

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	May 31, 2021
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 excluding nonvested restricted stock awards. Diluted EPS includes the dilutive effect of issued unvested restricted stock awards and additional potential common shares issuable under stock warrants, restricted stock and stock options. We utilized the treasury stock method in computing the potential common shares issuable under stock warrants, restricted stock, stock options and preferred shares. The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below. Three Months Ended May 31, 2021 2020 Earnings: Net earnings applicable to common shareholders $ 3,438,100 $ 1,931,100 Weighted average shares: Weighted average shares outstanding-basic 8,029,264 8,352,424 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 452,716 - Weighted average shares outstanding-diluted 8,481,980 8,352,424 Earnings per share: Basic $ 0.43 $ 0.23 Diluted $ 0.41 $ 0.23

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	May 31, 2021
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 share-based compensation whereby share-based payment transactions with employees, such as stock options and restricted stock, are measured at estimated fair value at the date of grant. For awards subject to service conditions, compensation expense is recognized over the vesting period on a straight-line basis. Awards subject to performance conditions are attributed separately for each vesting tranche of the award and are recognized ratably from the service inception date to the vesting date for each tranche. Forfeitures are recognized when they occur. The probability of restricted share awards granted with future performance conditions is evaluated at each reporting period and share awards are updated and compensation expense is adjusted based on updated information. 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. In the third quarter of fiscal year 2021, 5,000 of these restricted shares were forfeited. These shares were made available to be reissued to remaining participants upon forfeiture. The remaining compensation expense for the outstanding awards, totaling approximately $1,143,600, will be recognized ratably over the remaining vesting period of approximately 21 months. 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 of these awards, totaling approximately $1,473,000, will be recognized ratably over the remaining vesting period of approximately 45 months. As of May 31, 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 follows: Three Months Ended May 31, 2021 2020 Share-based compensation expense $ 261,600 $ 169,000 The following table summarizes stock award activity during the first three months of fiscal year 2022 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2021 600,000 $ 8.14 Granted - - Vested - - Forfeited - - Outstanding at May 31, 2021 600,000 $ 8.14 As of May 31, 2021, total unrecognized share-based compensation expense related to unvested granted or issued restricted shares was $2,616,600, which we expect to recognize over a weighted-average period of 34.5 months.

SHIPPING AND HANDLING COSTS

SHIPPING AND HANDLING COSTS	3 Months Ended
	May 31, 2021
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 condensed statements of earnings. Shipping and handling costs include postage, freight, handling costs, as well as shipping materials and supplies. These costs were $6,356,400 and $6,315,300 for the three months ended May 31, 2021 and 2020, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	May 31, 2021
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 8 We have two reportable segments: Usborne Books & More (“UBAM”) and Publishing. 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 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. Our Publishing segment markets its products to retail accounts, which include book, school supply, toy and gift stores and museums, trade and specialty wholesalers, through commissioned sales representatives and our internal tele-sales group. The accounting policies of the segments are the same as those of the rest of the Company. We evaluate segment performance based on earnings before income taxes of the segments, which is defined as segment net revenues reduced by cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments but are listed in the “Other” row below. Corporate expenses include the executive department, accounting department, information services department, general office management, warehouse operations and building facilities management. Our assets and liabilities are not allocated on a segment basis. Information by reporting segment for the three-month periods ended May 31, 2021 and 2020, are as follows: NET REVENUES Three Months Ended May 31, 2021 2020 UBAM $ 37,616,900 $ 36,926,200 Publishing 3,191,000 1,365,500 Total $ 40,807,900 $ 38,291,700 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2021 2020 UBAM $ 7,861,200 $ 5,827,100 Publishing 861,600 346,600 Other (4,062,200 ) (3,529,800 ) Total $ 4,660,600 $ 2,643,900

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	May 31, 2021
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 $14,329,100 and $11,078,800 at May 31, 2021 and February 28, 2021, 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	3 Months Ended
	May 31, 2021
Disclosure Text Block [Abstract]
Deferred Revenue 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 May 31, 2021 or February 28, 2021 are recorded as deferred revenues on the condensed balance sheets. We received approximately $1,627,000 and $1,914,100 as of May 31, 2021 and February 28, 2021, respectively, in payments for sales orders which were 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 EVENT

SUBSEQUENT EVENT	3 Months Ended
	May 31, 2021
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 On July 7, 2021, the Board of Directors approved a $0.10 dividend that will be paid to shareholders of record on Tuesday, August 24, 2021.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	May 31, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim condensed financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The Unaudited Condensed Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the Unaudited Condensed Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim Unaudited Condensed Financial Statements should be read in conjunction with our audited financial statements as of and for the year ended February 28, 2021 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 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. Effective May 1, 2021, we lessened our safety and health practices in the office and warehouse based on the recommendations from the local Tulsa Health Department. We are closely monitoring the impact of the COVID-19 pandemic and continually assessing its potential effects on our business. While the Company did not experience a decrease in net revenues during fiscal year 2021, 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. See Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information on the impact COVID-19 had during the current fiscal period.
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 was adopted by the Company at the beginning of fiscal year 2022 and did not have a material impact on our financial statements and disclosures.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	May 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: May 31, 2021 February 28, 2021 Current: Book inventory $ 57,052,600 $ 52,276,200 Inventory valuation allowance (497,500 ) (513,800 ) Inventories net – current $ 56,555,100 $ 51,762,400 Noncurrent: Book inventory $ 1,005,600 $ 894,300 Inventory valuation allowance (245,000 ) (209,000 ) Inventories net – noncurrent $ 760,600 $ 685,300

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	May 31, 2021
Disclosure Text Block [Abstract]
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 $ 1,158,700 2023 1,573,200 2024 1,577,900 2025 1,547,100 2026 1,524,300 Thereafter 8,091,000 Total $ 15,472,200

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: May 31, 2021 February 28, 2021 Line of credit $ 8,732,500 $ 5,245,300 Advancing term loan $ 3,896,200 $ - Long-term debt 10,842,300 10,984,700 Less current maturities (1,185,700 ) (533,500 ) Long-term debt, net of current maturities $ 13,552,800 $ 10,451,200
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 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: Years ending February 28 (29), 2022 $ 838,600 2023 1,387,500 2024 1,407,100 2025 1,426,400 2026 9,289,300 Thereafter 389,600 Total $ 14,738,500

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	May 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below. Three Months Ended May 31, 2021 2020 Earnings: Net earnings applicable to common shareholders $ 3,438,100 $ 1,931,100 Weighted average shares: Weighted average shares outstanding-basic 8,029,264 8,352,424 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 452,716 - Weighted average shares outstanding-diluted 8,481,980 8,352,424 Earnings per share: Basic $ 0.43 $ 0.23 Diluted $ 0.41 $ 0.23

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	May 31, 2021
Share-based Payment Arrangement, Disclosure [Abstract]
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended May 31, 2021 2020 Share-based compensation expense $ 261,600 $ 169,000
Nonvested Restricted Stock Shares Activity [Table Text Block]	The following table summarizes stock award activity during the first three months of fiscal year 2022 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2021 600,000 $ 8.14 Granted - - Vested - - Forfeited - - Outstanding at May 31, 2021 600,000 $ 8.14

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	May 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three-month periods ended May 31, 2021 and 2020, are as follows: NET REVENUES Three Months Ended May 31, 2021 2020 UBAM $ 37,616,900 $ 36,926,200 Publishing 3,191,000 1,365,500 Total $ 40,807,900 $ 38,291,700 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2021 2020 UBAM $ 7,861,200 $ 5,827,100 Publishing 861,600 346,600 Other (4,062,200 ) (3,529,800 ) Total $ 4,660,600 $ 2,643,900

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	3 Months Ended
	May 31, 2021	May 31, 2020	Feb. 28, 2021
INVENTORIES (Details) [Line Items]
Other Inventory, in Transit, Gross	$ 4,114,600		$ 6,467,400
Payments for Purchase of Other Assets	17,785,200	$ 5,846,600
England Based Publishing Company [Member]
INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 12,288,300	$ 3,974,400

INVENTORIES (Details) - Schedu

INVENTORIES (Details) - Schedule of Inventory, Noncurrent - USD ($)	May 31, 2021	Feb. 28, 2021
Inventory Current [Member]
Current:
Book inventory	$ 57,052,600	$ 52,276,200
Inventory valuation allowance	(497,500)	(513,800)
Inventories net	56,555,100	51,762,400
Inventory, Noncurrent [Member]
Current:
Book inventory	1,005,600	894,300
Inventory valuation allowance	(245,000)	(209,000)
Inventories net	$ 760,600	$ 685,300

LEASES (Details)

LEASES (Details)	3 Months Ended
	May 31, 2021USD ($)	Feb. 28, 2021USD ($)
Disclosure Text Block [Abstract]
Number of Rental Agreements	3
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	$ 10,826,400
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation	$ 2,312,100	$ 2,216,700

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	May 31, 2021USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2022	$ 1,158,700
2023	1,573,200
2024	1,577,900
2025	1,547,100
2026	1,524,300
Thereafter	8,091,000
Total	$ 15,472,200

DEBT (Details)

DEBT (Details) - USD ($)	Dec. 01, 2015	May 31, 2021	Apr. 01, 2021	Feb. 28, 2021
DEBT (Details) [Line Items]
Long-term Debt		$ 14,738,500
Long-term Line of Credit		8,732,500		$ 5,245,300
Notes Payable		$ 3,896,200		0
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		$ 8,732,500		5,245,300
Line of Credit Facility, Remaining Borrowing Capacity		6,267,500		9,570,200
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%
Line of Credit Facility, Expiration Date	Dec. 1, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.12%
Long-term Debt		10,842,300		$ 10,984,700
Term Loan # 2 [Member] | Line of Credit [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000,000
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%
Notes Payable		$ 3,896,200
Tranche B [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Debt Instrument, Interest Rate, Basis for Effective Rate		Term Loan and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio.

DEBT (Details) - Schedule of D

DEBT (Details) - Schedule of Debt - USD ($)	May 31, 2021	Feb. 28, 2021
DEBT (Details) - Schedule of Debt [Line Items]
Line of credit	$ 8,732,500	$ 5,245,300
Advancing term loan	3,896,200	0
Long-term debt	14,738,500
Less current maturities	(1,185,700)	(533,500)
Long-term debt, net of current maturities	13,552,800	10,451,200
Term Loan #1 [Member]
DEBT (Details) - Schedule of Debt [Line Items]
Long-term debt	$ 10,842,300	$ 10,984,700

DEBT (Details) - Schedule of L

DEBT (Details) - Schedule of Long-term Debt Instruments	3 Months Ended
	May 31, 2021
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	May 31, 2021USD ($)
Schedule of Maturities of Long-term Debt [Abstract]
2022	$ 838,600
2023	1,387,500
2024	1,407,100
2025	1,426,400
2026	9,289,300
Thereafter	389,600
Total	$ 14,738,500

EARNINGS PER SHARE (Details) -

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended
	May 31, 2021	May 31, 2020
Earnings:
Net earnings applicable to common shareholders (in Dollars)	$ 3,438,100	$ 1,931,100
Weighted average shares:
Weighted average shares outstanding-basic	8,029,264	8,352,424
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards	452,716	0
Weighted average shares outstanding-diluted	8,481,980	8,352,424
Earnings per share:
Basic (in Dollars per share)	$ 0.43	$ 0.23
Diluted (in Dollars per share)	$ 0.41	$ 0.23

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 31, 2021	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	34 months 15 days
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars)	$ 2,616,600
The 2019 Long-term Incentive Plan [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Description	The 2019 LTI Plan establishes up to 600,000 shares of restricted stock which can be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2019, 2020 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.
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		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)	$ 1,473,000			$ 1,143,600
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	45 months			21 months

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	3 Months Ended
	May 31, 2021	May 31, 2020
Share-based Payment Arrangement, Cost by Plan [Abstract]
Share-based compensation expense	$ 261,600	$ 169,000

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity	3 Months Ended
	May 31, 2021$ / sharesshares
Nonvested Restricted Stock Shares Activity [Abstract]
Outstanding, Shares | shares	600,000
Outstanding, Weighted Average Fair Value | $ / shares	$ 8.14
Vested, Shares | shares	0
Vested, Weighted Average Fair Value | $ / shares	$ 0
Outstanding, Shares | shares	600,000
Outstanding, Weighted Average Fair Value | $ / shares	$ 8.14

SHIPPING AND HANDLING COSTS (De

SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended
	May 31, 2021	May 31, 2020
Shipping and Handling [Member]
SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 6,356,400	$ 6,315,300

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended
	May 31, 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
	May 31, 2021	May 31, 2020
Segment Reporting Information [Line Items]
Net Revenues	$ 40,807,900	$ 38,291,700
Earnings (Loss) Before Income Taxes	4,660,600	2,643,900
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	37,616,900	36,926,200
Earnings (Loss) Before Income Taxes	7,861,200	5,827,100
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	3,191,000	1,365,500
Earnings (Loss) Before Income Taxes	861,600	346,600
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (4,062,200)	$ (3,529,800)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	May 31, 2021	Feb. 28, 2021
Fair Value, Inputs, Level 2 [Member]
FAIR VALUE MEASUREMENTS (Details) [Line Items]
Long-term Debt, Fair Value	$ 14,329,100	$ 11,078,800

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details) - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2021	Feb. 28, 2021
Disclosure Text Block [Abstract]
Deferred Revenue, Additions	$ 1,627,000	$ 1,914,100

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event [Member]	Jul. 07, 2021$ / shares
SUBSEQUENT EVENT (Details) [Line Items]
Dividends Payable, Date Declared	Jul. 7, 2021
Common Stock, Dividends, Per Share, Declared	$ 0.10
Dividends Payable, Date of Record	Aug. 24, 2021