Educational Development (EDUC) 10-Q 7 Jul 22 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2022	Jun. 28, 2022
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		8,698,838
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	May 31, 2022
Document Fiscal Year Focus	2023
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, 2022	Feb. 28, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 1,419,400	$ 361,200
Accounts receivable, less allowance for doubtful accounts of $265,000 (May 31) and $336,700 (February 28)	3,842,900	3,638,800
Inventories - net	66,699,500	71,553,600
Prepaid expenses and other assets	1,021,600	960,500
Total current assets	72,983,400	76,514,100
INVENTORIES - net	3,851,600	2,055,300
PROPERTY, PLANT AND EQUIPMENT - net	29,997,100	30,484,000
DEFERRED INCOME TAX ASSET	117,300	118,700
OTHER ASSETS	728,000	761,600
TOTAL ASSETS	107,677,400	109,933,700
CURRENT LIABILITIES
Accounts payable	6,712,800	12,411,800
Line of credit	22,508,900	17,723,500
Deferred revenues	1,718,000	681,600
Current maturities of long-term debt	2,517,500	2,542,200
Accrued salaries and commissions	1,620,500	1,890,200
Dividends payable		870,700
Income taxes payable	279,100	241,900
Other current liabilities	2,718,900	3,897,900
Total current liabilities	38,075,700	40,259,800
LONG-TERM DEBT - net	21,820,100	22,409,500
OTHER LONG-TERM LIABILITIES	475,300	498,900
Total liabilities	60,371,100	63,168,200
SHAREHOLDERS' EQUITY
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 (May 31 and February 28) shares; Outstanding 8,698,838 (May 31) and 8,707,247 (February 28) shares	2,540,400	2,540,400
Capital in excess of par value	12,642,900	12,246,600
Retained earnings	44,740,900	44,525,100
	59,924,200	59,312,100
Less treasury stock, at cost	(12,617,900)	(12,546,600)
Total shareholders' equity	47,306,300	46,765,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 107,677,400	$ 109,933,700

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - USD ($)	May 31, 2022	Feb. 28, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 265,000	$ 336,700
Common stock, shares issued	12,702,080	12,702,080
Common stock, authorized shares	16,000,000	16,000,000
Common stock, par value (in Dollars per share)	$ 0.2	$ 0.2
Common stock, shares outstanding	8,698,838	8,707,247

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021
NET REVENUES	$ 23,160,900	$ 40,807,900
COST OF GOODS SOLD	7,851,500	12,029,900
Gross margin	15,309,400	28,778,000
OPERATING EXPENSES
Operating and selling	3,770,600	6,442,600
Sales commissions	6,871,800	12,966,700
General and administrative	4,384,300	5,139,000
Total operating expenses	15,026,700	24,548,300
INTEREST EXPENSE	388,100	167,800
OTHER INCOME	(390,700)	(598,700)
EARNINGS BEFORE INCOME TAXES	285,300	4,660,600
INCOME TAXES	69,500	1,222,500
NET EARNINGS	$ 215,800	$ 3,438,100
BASIC AND DILUTED EARNINGS PER SHARE
Basic (in Dollars per share)	$ 0.03	$ 0.43
Diluted (in Dollars per share)	$ 0.03	$ 0.41
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Basic (in Shares)	8,086,427	8,029,264
Diluted (in Shares)	8,473,610	8,481,980
Dividends per share (in Dollars per share)		$ 0.1
Gross Sales [Member]
REVENUES	$ 31,338,200	$ 52,391,600
Discounts and Allowances [Member]
Less discounts and allowances	(10,085,200)	(15,954,100)
Transportation Revenue [Member]
REVENUES	$ 1,907,900	$ 4,370,400

CONDENSED STATEMENTS OF SHAREHO

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 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
Balance at Feb. 28, 2022	$ 2,540,400	12,246,600	44,525,100	$ (12,546,600)	46,765,500
Balance (in Shares) at Feb. 28, 2022	12,702,080			3,994,833
Sales of treasury stock		39,000		$ 24,400	63,400
Sales of treasury stock (in Shares)				(7,771)
Forfeiture of restricted share awards		95,700		$ (95,700)
Forfeiture of restricted share awards (in Shares)				16,180
Share-based compensation expense (see Note 6)		261,600			261,600
Net earnings			215,800		215,800
Balance at May. 31, 2022	$ 2,540,400	$ 12,642,900	$ 44,740,900	$ (12,617,900)	$ 47,306,300
Balance (in Shares) at May. 31, 2022	12,702,080			4,003,242

CONDENSED STATEMENTS OF SHARE_2

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals)	3 Months Ended
	May 31, 2021 $ / shares
Retained Earnings [Member]
Dividends declared	$ 0.1

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 215,800	$ 3,438,100
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation	599,600	432,000
Deferred income taxes	1,400	237,500
Provision for doubtful accounts	(63,600)	37,600
Provision for inventory valuation allowance	0	60,000
Share-based compensation expense	261,600	261,600
Changes in assets and liabilities:
Accounts receivable	(140,500)	(665,100)
Inventories - net	3,057,800	(4,928,000)
Prepaid expenses and other assets	(31,400)	(235,400)
Accounts payable	(5,699,000)	(577,400)
Accrued salaries and commissions and other liabilities	(1,472,300)	(3,617,000)
Deferred revenues	1,036,400	(288,000)
Income taxes payable	37,200	967,700
Total adjustments	(2,412,800)	(8,314,500)
Net cash used in operating activities	(2,197,000)	(4,876,400)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(108,800)	(1,617,200)
Net cash used in investing activities	(108,800)	(1,617,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on term debt	(614,100)	(142,300)
Proceeds from term debt	0	3,896,200
Sales of treasury stock	63,400	32,000
Net borrowings under line of credit	4,785,400	3,487,200
Dividends paid	(870,700)	(835,100)
Net cash provided by financing activities	3,364,000	6,438,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,058,200	(55,600)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	361,200	1,812,200
CASH AND CASH EQUIVALENTS - END OF PERIOD	1,419,400	1,756,600
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	370,200	152,400
Cash paid for income taxes	$ 52,300	$ 17,200

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	May 31, 2022
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, 2022 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. Reclassifications Certain reclassifications have been made to the fiscal 2022 condensed statement of cash flows to conform to the classifications used in fiscal 2023. These reclassifications had no effect on net earnings. 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. The long-term 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, 2022 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 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. With the execution of the Fifth Amendment to the Company’s Amended and Restated Loan Agreement the Benchmark Replacement for LIBOR is defined as the Secured Overnight Financing Rate (“SOFR") published by the Chicago Mercantile Exchange. The change from LIBOR to SOFR did not require remeasurement or reassessment of a previous accounting determination and did not have a material impact to our condensed financial statements.

INVENTORIES

INVENTORIES	3 Months Ended
	May 31, 2022
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: May 31, 2022 February 28, 2022 Current: Book inventory $ 67,093,400 $ 72,064,400 Inventory valuation allowance (393,900 ) (510,800 ) Inventories net – current $ 66,699,500 $ 71,553,600 Noncurrent: Book inventory $ 4,269,900 $ 2,437,600 Inventory valuation allowance (418,300 ) (382,300 ) Inventories net – noncurrent $ 3,851,600 $ 2,055,300 Inventory in transit totaled $590,700 and $2,732,400 at May 31, 2022 and February 28, 2022, 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 Limited (“Usborne”). Our distribution agreement includes an annual minimum purchase volume, which if not met may modify the termination provisions from not less than 12 months to not less than 30 days. Purchases received from this company were $3,577,300 and $12,288,300 for the three months ended May 31, 2022 and 2021, respectively. Total inventory purchases received from all suppliers were $5,978,600 and $17,785,200 for the three months ended May 31, 2022 and 2021, respectively.

LEASES

LEASES	3 Months Ended
	May 31, 2022
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 Accounting Standards Codification (“ASC”) 842 - Leases. Our lessee arrangements include two rental agreements where we have the exclusive use of dedicated office space in San Diego, California, as well as warehouse and office space in Layton, Utah, and both qualify as an operating lease. Our lessor arrangements include three rental agreements for warehouse and office space in Tulsa, Oklahoma, and each qualify 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. Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Years ending February 28 (29), 2023 $ 1,182,100 2024 1,577,900 2025 1,547,100 2026 1,524,300 2027 1,554,800 Thereafter 6,536,200 Total $ 13,922,400 The cost of the leased space was $10,834,300 for both May 31, 2022 and February 28, 2022, respectively. The accumulated depreciation associated with the leased assets was $2,700,000 and $2,603,300 as of May 31, 2022 and February 28, 2022, 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, 2022
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: May 31, 2022 February 28, 2022 Line of credit $ 22,508,900 $ 17,723,500 Advancing term loan #1 $ 4,551,200 $ 4,782,600 Advancing term loan #2 9,652,700 9,868,400 Term loan #1 10,180,800 10,349,100 Total long-term debt 24,384,700 25,000,100 Less current maturities (2,517,500 ) (2,542,200 ) Less debt issue cost (47,100 ) (48,400 ) Long-term debt, net $ 21,820,100 $ 22,409,500 The Company executed an Amended and Restated Loan Agreement on February 15, 2021 (as amended the “Loan Agreement”) with MidFirst Bank (“the Bank”), which includes multiple loans. Term Loan #1 Tranche A (“Term Loan #1”), originally totaling $13.4 million, has a fixed interest rate of 3.12% 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 Loan Agreement also provides a $20.0 million revolving loan (“line of credit”) through April 11, 2023 with interest payable monthly at the Bank-adjusted Secured Overnight Financing Rate (“SOFR”) plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio, with a minimum rate of 3.00% (the effective rate was 4.02% at May 31, 2022). On April 11, 2022, the Company executed the Fifth Amendment to the Loan Agreement which temporarily increased the maximum revolving principal amount from $20.0 million to $25.0 million. The temporary increase period began on April 11, 2022 and ends on September 15, 2022, at which time the maximum revolving principal will automatically revert back to $20.0 million. Available credit under the revolving line of credit was approximately $582,300 and $2,276,500 at May 31, 2022 and February 28, 2022, respectively. In addition, the Loan Agreement provides a $6.0 million Advancing Term Loan #1 and a $10.0 million Advancing Term Loan #2. The Advancing Term Loan #1 required interest-only payments through July 15, 2021, at which time it was converted to a 60-month amortizing term loan maturing July 15, 2026. Advancing Term Loan #2 is a 120-month amortizing loan maturing November 19, 2031. The Advancing Term Loans #1 and #2 accrue interest at the Bank-adjusted SOFR plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio, with a minimum rate of 3.00% (the effective rate was 4.02% at May 31, 2022). 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 months EBITDA, reduced by specific rental income received from a non-related third party (see Note 3). The $25.0 million line of credit is limited to advance rates on eligible receivables and eligible inventory levels. The advancing term loans and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio. The variable interest pricing tiers are as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio SOFR Margin (bps) I > 2.50 330.00 II > 2.00 but < 305.00 III > 1.50 but < 280.00 IV < 255.00 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 April 11, 2023 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, 2022, 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), 2023 $ 1,878,900 2024 2,567,300 2025 2,622,300 2026 10,469,300 2027 1,517,700 Thereafter 5,329,200 Total $ 24,384,700

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	May 31, 2022
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 and stock options. 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, 2022 2021 Earnings: Net earnings applicable to common shareholders $ 215,800 $ 3,438,100 Weighted average shares: Weighted average shares outstanding-basic 8,086,427 8,029,264 Issuance of nonvested restricted shares 387,183 452,716 Weighted average shares outstanding-diluted 8,473,610 8,481,980 Earnings per share: Basic $ 0.03 $ 0.43 Diluted $ 0.03 $ 0.41

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	May 31, 2022
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 established up to 600,000 shares of restricted stock available to 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 Company exceeded all defined metrics during these fiscal years and 600,000 shares were granted to members of management according to the Plan. The granted shares under the 2019 LTI Plan “cliff vest” after five years from the fiscal year that the defined metrics were exceeded. In July 2021, our shareholders approved the Company’s 2022 Long-Term Incentive Plan (“2022 LTI Plan”). The 2022 LTI Plan establishes up to 300,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2022 and 2023. The number of restricted shares to be distributed depends on attaining the performance metrics defined by the 2022 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 2022 LTI Plan. Restricted shares granted under the 2022 LTI Plan “cliff vest” after five years from the fiscal year that the defined metrics were exceeded. 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. During the first quarter of fiscal year 2023, 10,000 of these restricted shares were forfeited, along with 969 additional shares purchased with dividends received from original issue date. The fiscal year 2023 forfeitures will not be reissued under the 2019 LTI Plan. The remaining compensation expense for the outstanding awards, totaling approximately $472,900, will be recognized ratably over the remaining vesting period of approximately 9 months. During fiscal year 2021, the Company granted 297,000 restricted shares under the 2019 LTI Plan, including the 5,000 aforementioned shares that were previously forfeited and held in Treasury, with an average grant-date fair value of $6.30 per share. In the first quarter of fiscal year 2023, 5,000 of these restricted shares were forfeited, along with 211 additional shares purchased with dividends received from original issue date. These shares will not be reissued under the 2019 LTI Plan. The remaining compensation expense of these awards, totaling approximately $1,062,000, will be recognized ratably over the remaining vesting period of approximately 33 months. As of May 31, 2022, no shares have been granted under the 2022 LTI Plan. A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended May 31, 2022 2021 Share-based compensation expense $ 261,600 $ 261,600 The following table summarizes stock award activity during the first three months of fiscal year 2023 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2022 600,000 $ 8.14 Granted - - Vested - - Forfeited (15,000 ) 8.73 Outstanding at May 31, 2022 585,000 $ 8.12 As of May 31, 2022, total unrecognized share-based compensation expense related to unvested granted or issued restricted shares was $1,534,900, which we expect to recognize over a weighted-average period of 25.6 months.

SHIPPING AND HANDLING COSTS

SHIPPING AND HANDLING COSTS	3 Months Ended
	May 31, 2022
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 $3,562,600 and $6,356,400 for the three months ended May 31, 2022 and 2021, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	May 31, 2022
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 period ended May 31, 2022 and 2021, are as follows: NET REVENUES Three Months Ended May 31, 2022 2021 UBAM $ 20,016,800 $ 37,616,900 Publishing 3,144,100 3,191,000 Total $ 23,160,900 $ 40,807,900 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2022 2021 UBAM $ 3,331,200 $ 7,861,200 Publishing 749,800 861,600 Other (3,795,700 ) (4,062,200 ) Total $ 285,300 $ 4,660,600

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	May 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9 The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments: - The carrying amounts reported in the condensed balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. - The estimated fair value of our term notes payable is estimated by management to approximate $23,364,100 and $24,521,600 as of May 31, 2022 and February 28, 2022, respectively. Management's estimates are based on the obligations' characteristics, including floating interest rate, maturity, and collateral.

DEFERRED REVENUES

DEFERRED REVENUES	3 Months Ended
	May 31, 2022
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, 2022 or February 28, 2022 are recorded as deferred revenues on the condensed balance sheets. We received approximately $1,718,000 and $681,600, as of May 31, 2022 and February 28, 2022, respectively, in payments for sales orders which will be shipped subsequent to the end of the period.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	May 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 None.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	May 31, 2022
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, 2022 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.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Certain reclassifications have been made to the fiscal 2022 condensed statement of cash flows to conform to the classifications used in fiscal 2023. These reclassifications had no effect on net earnings.
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 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. With the execution of the Fifth Amendment to the Company’s Amended and Restated Loan Agreement the Benchmark Replacement for LIBOR is defined as the Secured Overnight Financing Rate (“SOFR") published by the Chicago Mercantile Exchange. The change from LIBOR to SOFR did not require remeasurement or reassessment of a previous accounting determination and did not have a material impact to our condensed financial statements.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	May 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: May 31, 2022 February 28, 2022 Current: Book inventory $ 67,093,400 $ 72,064,400 Inventory valuation allowance (393,900 ) (510,800 ) Inventories net – current $ 66,699,500 $ 71,553,600 Noncurrent: Book inventory $ 4,269,900 $ 2,437,600 Inventory valuation allowance (418,300 ) (382,300 ) Inventories net – noncurrent $ 3,851,600 $ 2,055,300

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	May 31, 2022
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), 2023 $ 1,182,100 2024 1,577,900 2025 1,547,100 2026 1,524,300 2027 1,554,800 Thereafter 6,536,200 Total $ 13,922,400

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	May 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: May 31, 2022 February 28, 2022 Line of credit $ 22,508,900 $ 17,723,500 Advancing term loan #1 $ 4,551,200 $ 4,782,600 Advancing term loan #2 9,652,700 9,868,400 Term loan #1 10,180,800 10,349,100 Total long-term debt 24,384,700 25,000,100 Less current maturities (2,517,500 ) (2,542,200 ) Less debt issue cost (47,100 ) (48,400 ) Long-term debt, net $ 21,820,100 $ 22,409,500
Schedule of Long-Term Debt Instruments [Table Text Block]	The advancing term loans and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio. The variable interest pricing tiers are as follows: Pricing Tier Adjusted Funded Debt to EBITDA Ratio SOFR Margin (bps) I > 2.50 330.00 II > 2.00 but < 305.00 III > 1.50 but < 280.00 IV < 255.00
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), 2023 $ 1,878,900 2024 2,567,300 2025 2,622,300 2026 10,469,300 2027 1,517,700 Thereafter 5,329,200 Total $ 24,384,700

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	May 31, 2022
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, 2022 2021 Earnings: Net earnings applicable to common shareholders $ 215,800 $ 3,438,100 Weighted average shares: Weighted average shares outstanding-basic 8,086,427 8,029,264 Issuance of nonvested restricted shares 387,183 452,716 Weighted average shares outstanding-diluted 8,473,610 8,481,980 Earnings per share: Basic $ 0.03 $ 0.43 Diluted $ 0.03 $ 0.41

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	May 31, 2022
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, 2022 2021 Share-based compensation expense $ 261,600 $ 261,600
Nonvested Restricted Stock Shares Activity [Table Text Block]	The following table summarizes stock award activity during the first three months of fiscal year 2023 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2022 600,000 $ 8.14 Granted - - Vested - - Forfeited (15,000 ) 8.73 Outstanding at May 31, 2022 585,000 $ 8.12

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	May 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three-month period ended May 31, 2022 and 2021, are as follows: NET REVENUES Three Months Ended May 31, 2022 2021 UBAM $ 20,016,800 $ 37,616,900 Publishing 3,144,100 3,191,000 Total $ 23,160,900 $ 40,807,900 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2022 2021 UBAM $ 3,331,200 $ 7,861,200 Publishing 749,800 861,600 Other (3,795,700 ) (4,062,200 ) Total $ 285,300 $ 4,660,600

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021	Feb. 28, 2022
INVENTORIES (Details) [Line Items]
Other Inventory, in Transit, Gross	$ 590,700		$ 2,732,400
Payments for Purchase of Other Assets	5,978,600	$ 17,785,200
England Based Publishing Company [Member]
INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 3,577,300	$ 12,288,300

INVENTORIES (Details) - Schedu

INVENTORIES (Details) - Schedule of Inventory - USD ($)	May 31, 2022	Feb. 28, 2022
Inventory Current [Member]
Current:
Book inventory	$ 67,093,400	$ 72,064,400
Inventory valuation allowance	(393,900)	(510,800)
Inventories net	66,699,500	71,553,600
Inventory, Noncurrent [Member]
Current:
Book inventory	4,269,900	2,437,600
Inventory valuation allowance	(418,300)	(382,300)
Inventories net	$ 3,851,600	$ 2,055,300

LEASES (Details)

LEASES (Details)	3 Months Ended
	May 31, 2022 USD ($)	Feb. 28, 2022 USD ($)
Disclosure Text Block [Abstract]
Number of Rental Agreements	3
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	$ 10,834,300	$ 10,834,300
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation	$ 2,700,000	$ 2,603,300

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	May 31, 2022 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2023	$ 1,182,100
2024	1,577,900
2025	1,547,100
2026	1,524,300
2027	1,554,800
Thereafter	6,536,200
Total	$ 13,922,400

DEBT (Details)

DEBT (Details) - USD ($)		3 Months Ended
	Dec. 01, 2015	May 31, 2022	Feb. 28, 2022	Nov. 19, 2021	Jul. 16, 2021
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	3.12%
Line of Credit Facility, Expiration Date	Dec. 01, 2025
Advancing Term Loan [Member]
DEBT (Details) [Line Items]
Debt Instrument, Face Amount		$ 6,000,000
Debt Instrument, Interest Rate Terms		The Advancing Term Loan #1 required interest-only payments through July 15, 2021, at which time it was converted to a 60-month amortizing term loan maturing July 15, 2026. Advancing Term Loan #2 is a 120-month amortizing loan maturing November 19, 2031. The Advancing Term Loans #1 and #2 accrue interest at the Bank-adjusted SOFR plus a tiered pricing rate based on the Company’s Adjusted Funded Debt to EBITDA Ratio, with a minimum rate of 3.00%
Advancing Term Loan #2 [Member]
DEBT (Details) [Line Items]
Debt Instrument, Interest Rate During Period		4.02%
Debt Instrument, Face Amount				$ 10,000,000
Tranche B [Member] | Notes Payable to Banks [Member]
DEBT (Details) [Line Items]
Debt Instrument, Interest Rate, Basis for Effective Rate		term loans and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio.
Line of Credit [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 20,000,000
Line of Credit Facility, Interest Rate at Period End		4.02%
Line of Credit Facility, Remaining Borrowing Capacity		$ 582,300	$ 2,276,500
Line of Credit [Member] | Term Loan # 2 [Member]
DEBT (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 20,000,000

DEBT (Details) - Schedule of D

DEBT (Details) - Schedule of Debt - USD ($)	May 31, 2022	Feb. 28, 2022
DEBT (Details) - Schedule of Debt [Line Items]
Line of credit	$ 22,508,900	$ 17,723,500
Total long-term debt	24,384,700	25,000,100
Less current maturities	(2,517,500)	(2,542,200)
Less debt issue cost	(47,100)	(48,400)
Long-term debt, net	21,820,100	22,409,500
Advancing Term Loan [Member]
DEBT (Details) - Schedule of Debt [Line Items]
Term loan	4,551,200	4,782,600
Advancing Term Loan #2 [Member]
DEBT (Details) - Schedule of Debt [Line Items]
Term loan	9,652,700	9,868,400
Term Loan #1 [Member]
DEBT (Details) - Schedule of Debt [Line Items]
Term loan	$ 10,180,800	$ 10,349,100

DEBT (Details) - Schedule of L

DEBT (Details) - Schedule of Long-term Debt Instruments	3 Months Ended
	May 31, 2022
Pricing Tier I [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	> 2.50
Pricing Tier I [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	330%
Pricing Tier II [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	> 2.00 but < 2.50
Pricing Tier II [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	305%
Pricing Tier III [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	> 1.50 but < 2.00
Pricing Tier III [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	280%
Pricing Tier IV [Member]
Debt Instrument [Line Items]
Adjusted Funded Debt to EBITDA Ratio	< 1.50
Pricing Tier IV [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
LIBOR Margin	255%

DEBT (Details) - Schedule of M

DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	May 31, 2022	Feb. 28, 2022
Schedule of Maturities of Long-term Debt [Abstract]
2023	$ 1,878,900
2024	2,567,300
2025	2,622,300
2026	10,469,300
2027	1,517,700
Thereafter	5,329,200
Total	$ 24,384,700	$ 25,000,100

EARNINGS PER SHARE (Details) -

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021
Earnings:
Net earnings applicable to common shareholders (in Dollars)	$ 215,800	$ 3,438,100
Weighted average shares:
Weighted average shares outstanding-basic	8,086,427	8,029,264
Issuance of nonvested restricted shares	387,183	452,716
Weighted average shares outstanding-diluted	8,473,610	8,481,980
Earnings per share:
Basic (in Dollars per share)	$ 0.03	$ 0.43
Diluted (in Dollars per share)	$ 0.03	$ 0.41

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2022	Feb. 28, 2021	Feb. 28, 2019	Jul. 31, 2021
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	5,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	25 months 18 days
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars)	$ 1,534,900
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 established up to 600,000 shares of restricted stock available to 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 Company exceeded all defined metrics during these fiscal years and 600,000 shares were granted to members of management according to the Plan. The granted shares under the 2019 LTI Plan “cliff vest” after five years from the fiscal year that the defined metrics were exceeded.In July 2021, our shareholders approved the Company’s 2022 Long-Term Incentive Plan (“2022 LTI Plan”). The 2022 LTI Plan establishes up to 300,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2022 and 2023. The number of restricted shares to be distributed depends on attaining the performance metrics defined by the 2022 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 2022 LTI Plan.
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized	600,000
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture	600,000	297,000	308,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	5 years
Shares Issued, Price Per Share (in Dollars per share)		$ 6.3	$ 9.94
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	10,000	5,000	5,000
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars)	$ 1,062,000		$ 472,900
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	33 months		9 months
2022 Long-Term Incentive Plan [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized				300,000
Additional Shares Purchased with Dividends Received from Original Issue Date [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	211
Additional Shares Purchased with Dividends Received from Original Issue Date [Member] | The 2019 Long-term Incentive Plan [Member]
STOCK-BASED COMPENSATION (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	969

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021
Share-based Payment Arrangement, Cost by Plan [Abstract]
Share-based compensation expense	$ 261,600	$ 261,600

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity	3 Months Ended
	May 31, 2022 $ / shares shares
Nonvested Restricted Stock Shares Activity [Abstract]
Outstanding, Shares | shares	600,000
Outstanding, Weighted Average Fair Value | $ / shares	$ 8.14
Granted, Shares | shares	0
Granted, Weighted Average Fair Value | $ / shares	$ 0
Vested, Shares | shares	0
Vested, Weighted Average Fair Value | $ / shares	$ 0
Forfeited, Shares | shares	(15,000)
Forfeited, Weighted Average Fair Value | $ / shares	$ 8.73
Outstanding, Shares | shares	585,000
Outstanding, Weighted Average Fair Value | $ / shares	$ 8.12

SHIPPING AND HANDLING COSTS (De

SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended
	May 31, 2022	May 31, 2021
Shipping and Handling [Member]
SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 3,562,600	$ 6,356,400

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended
	May 31, 2022
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, 2022	May 31, 2021
Segment Reporting Information [Line Items]
Net Revenues	$ 23,160,900	$ 40,807,900
Earnings (Loss) Before Income Taxes	285,300	4,660,600
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	20,016,800	37,616,900
Earnings (Loss) Before Income Taxes	3,331,200	7,861,200
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	3,144,100	3,191,000
Earnings (Loss) Before Income Taxes	749,800	861,600
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (3,795,700)	$ (4,062,200)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	May 31, 2022	Feb. 28, 2022
Fair Value, Inputs, Level 2 [Member]
FAIR VALUE MEASUREMENTS (Details) [Line Items]
Long-Term Debt, Fair Value	$ 23,364,100	$ 24,521,600

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details) - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2022	Feb. 28, 2022
Disclosure Text Block [Abstract]
Deferred Revenue, Additions	$ 1,718,000	$ 681,600