Educational Development (EDUC) 10-Q 6 Oct 22 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Aug. 31, 2022	Oct. 02, 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		8,685,289
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Aug. 31, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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 ($)	Aug. 31, 2022	Feb. 28, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 832,500	$ 361,200
Accounts receivable, less allowance for doubtful accounts of $238,600 (August 31) and $336,700 (February 28)	3,902,600	3,638,800
Inventories - net	64,274,600	71,553,600
Prepaid expenses and other assets	1,211,700	960,500
Total current assets	70,221,400	76,514,100
INVENTORIES - net	3,305,800	2,055,300
PROPERTY, PLANT AND EQUIPMENT - net	29,505,100	30,484,000
DEFERRED INCOME TAX ASSET	18,600	118,700
OTHER ASSETS	660,700	761,600
TOTAL ASSETS	103,711,600	109,933,700
CURRENT LIABILITIES
Accounts payable	4,441,500	12,411,800
Line of credit	12,060,900	17,723,500
Deferred revenues	785,500	681,600
Current maturities of long-term debt	1,800,000	2,542,200
Accrued salaries and commissions	1,258,500	1,890,200
Dividends payable	0	870,700
Income taxes payable	0	241,900
Other current liabilities	2,368,700	3,897,900
Total current liabilities	22,715,100	40,259,800
LONG-TERM DEBT - net	33,975,800	22,409,500
OTHER LONG-TERM LIABILITIES	396,600	498,900
Total liabilities	57,087,500	63,168,200
SHAREHOLDERS' EQUITY
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 (August 31 and February 28) shares; Outstanding 8,685,289 (August 31) and 8,707,247 (February 28) shares	2,540,400	2,540,400
Capital in excess of par value	12,666,900	12,246,600
Retained earnings	43,939,000	44,525,100
	59,146,300	59,312,100
Less treasury stock, at cost	(12,522,200)	(12,546,600)
Total shareholders' equity	46,624,100	46,765,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 103,711,600	$ 109,933,700

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - USD ($)	Aug. 31, 2022	Feb. 28, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 238,600	$ 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	8,685,289	8,707,247

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
NET REVENUES	$ 19,418,300	$ 32,994,400	$ 42,579,200	$ 73,802,300
COST OF GOODS SOLD	6,939,700	10,498,900	14,791,300	22,528,800
Gross margin	12,478,600	22,495,500	27,787,900	51,273,500
OPERATING EXPENSES
Operating and selling	3,798,800	5,239,900	7,569,400	11,682,500
Sales commissions	5,635,700	10,105,200	12,507,500	23,072,000
General and administrative	4,017,600	4,793,900	8,401,900	9,932,800
Total operating expenses	13,452,100	20,139,000	28,478,800	44,687,300
INTEREST EXPENSE	528,100	213,700	916,200	381,500
OTHER INCOME	(396,000)	(515,300)	(786,700)	(1,114,000)
EARNINGS BEFORE INCOME TAXES	(1,105,600)	2,658,100	(820,400)	7,318,700
INCOME TAXES	(303,700)	759,900	(234,300)	1,982,400
NET EARNINGS	$ (801,900)	$ 1,898,200	$ (586,100)	$ 5,336,300
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
Basic (in Dollars per share)	$ (0.1)	$ 0.24	$ (0.07)	$ 0.66
Diluted (in Dollars per share)	$ (0.1)	$ 0.23	$ (0.07)	$ 0.63
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Basic (in Shares)	8,081,807	8,028,594	8,084,117	8,028,929
Diluted (in Shares)	8,081,807	8,435,348	8,084,117	8,458,664
Dividends per share (in Dollars per share)	$ 0	$ 0.1	$ 0	$ 0.2
Gross Sales [Member]
REVENUES	$ 27,769,500	$ 44,187,100	$ 59,107,700	$ 96,578,700
Discounts and Allowances [Member]
Less discounts and allowances	(9,908,100)	(14,513,500)	(19,993,300)	(30,467,600)
Transportation Revenue [Member]
REVENUES	$ 1,556,900	$ 3,320,800	$ 3,464,800	$ 7,691,200

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, 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
Net earnings					5,336,300
Balance at Aug. 31, 2021	$ 2,540,400	11,377,900	43,290,900	$ (12,725,800)	44,483,400
Balance (in Shares) at Aug. 31, 2021	12,702,080			4,051,851
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
Sales of treasury stock		46,100		$ 14,300	60,400
Sales of treasury stock (in Shares)				(4,915)
Issuance of restricted share awards for vesting	$ 58,400	(82,000)		$ 23,600
Issuance of restricted share awards for vesting (in Shares)	292,000			(5,000)
Dividends declared			(893,600)		(893,600)
Share-based compensation expense (see Note 6)		261,700			261,700
Net earnings			1,898,200		1,898,200
Balance at Aug. 31, 2021	$ 2,540,400	11,377,900	43,290,900	$ (12,725,800)	44,483,400
Balance (in Shares) at Aug. 31, 2021	12,702,080			4,051,851
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 (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	12,547,200	44,740,900	$ (12,522,200)	47,306,300
Balance (in Shares) at May. 31, 2022	12,702,080			4,003,242
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
Net earnings					(586,100)
Balance at Aug. 31, 2022	$ 2,540,400	12,666,900	43,939,000	$ (12,522,200)	46,624,100
Balance (in Shares) at Aug. 31, 2022	12,702,080			4,016,791
Balance at May. 31, 2022	$ 2,540,400	12,547,200	44,740,900	$ (12,522,200)	47,306,300
Balance (in Shares) at May. 31, 2022	12,702,080			4,003,242
Forfeiture of restricted share awards (in Shares)				13,549
Share-based compensation expense (see Note 6)		119,700			119,700
Net earnings			(801,900)		(801,900)
Balance at Aug. 31, 2022	$ 2,540,400	$ 12,666,900	$ 43,939,000	$ (12,522,200)	$ 46,624,100
Balance (in Shares) at Aug. 31, 2022	12,702,080			4,016,791

CONDENSED STATEMENTS OF SHARE_2

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

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ (586,100)	$ 5,336,300
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation	1,207,500	924,200
Deferred income taxes	(239,000)	(48,500)
Provision for doubtful accounts	(51,600)	61,600
Provision for inventory valuation allowance	0	120,000
Share-based compensation expense - net	381,300	523,300
Changes in assets and liabilities:
Accounts receivable	(212,200)	(609,300)
Inventories - net	6,028,500	(13,223,100)
Prepaid expenses and other assets	214,200	(158,200)
Accounts payable	(7,970,300)	(104,700)
Accrued salaries and commissions and other liabilities	(2,263,200)	(4,073,000)
Deferred revenues	103,900	(1,166,600)
Income taxes payable	(241,900)	(4,100)
Total adjustments	(3,042,800)	(17,758,400)
Net cash used in operating activities	(3,628,900)	(12,422,100)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(221,000)	(3,210,200)
Purchases of other assets	(33,000)	0
Net cash used in investing activities	(254,000)	(3,210,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on term debt	(25,175,900)	(305,800)
Proceeds from term debt	36,000,000	5,244,700
Sales of treasury stock	63,400	92,400
Net borrowings (payments) on line of credit	(5,662,600)	11,408,500
Dividends paid	(870,700)	(1,698,500)
Net cash provided by financing activities	4,354,200	14,741,300
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	471,300	(891,000)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	361,200	1,812,200
CASH AND CASH EQUIVALENTS - END OF PERIOD	832,500	921,200
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	838,600	378,000
Cash paid for income taxes (net of refunds)	95,800	2,035,000
NON-CASH TRANSACTIONS
Accrued capital expenditures	$ 0	$ 10,600

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Aug. 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 year 2022 condensed statement of cash flows and footnotes to conform to the classifications used in fiscal year 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. 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 and unless other disclosed, 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 standard applies 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 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 Company’s new Credit Agreement with BOKF, NA on August 9, 2022, the Company no longer has a loan agreement utilizing interest rates that reference LIBOR. The Company’s new Credit Agreement utilizes the Secured Overnight Financing Rate (“SOFR”) published by the Chicago Mercantile Exchange.

INVENTORIES

INVENTORIES	6 Months Ended
	Aug. 31, 2022
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: August 31, 2022 February 28, 2022 Current: Book inventory $ 64,709,700 $ 72,064,400 Inventory valuation allowance (435,100 ) (510,800 ) Inventories net – current $ 64,274,600 $ 71,553,600 Noncurrent: Book inventory $ 3,764,700 $ 2,437,600 Inventory valuation allowance (458,900 ) (382,300 ) Inventories net – noncurrent $ 3,305,800 $ 2,055,300 Inventory in transit totaled $442,800 and $2,732,400 at August 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 annual minimum purchase volumes along with specific payment terms, which if not met or payments are not received timely may result in termination of the agreement. Should termination of the agreement occur, the Company will be allowed to sell through their remaining Usborne inventory over the twelve months following the termination date. Purchases received from Usborne were $1,206,200 and $12,127,000 for the three months ended August 31, 2022 and 2021, respectively. Total inventory purchases received from all suppliers were $3,163,100 and $18,779,100 for the three months ended August 31, 2022 and 2021, respectively. Purchases received from Usborne were $4,783,500 and $24,415,300 for the six months ended August 31, 2022 and 2021, respectively. Total inventory purchases received from all suppliers were $9,141,700 and $36,564,300 for the six months ended August 31, 2022 and 2021, respectively.

LEASES

LEASES	6 Months Ended
	Aug. 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 operations. Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Years ending February 28 (29), 2023 $ 775,900 2024 1,568,900 2025 1,547,100 2026 1,524,300 2027 1,554,800 Thereafter 6,536,200 Total $ 13,507,200 The cost of the leased space was $10,834,300 for both August 31, 2022 and February 28, 2022, respectively. The accumulated depreciation associated with the leased assets was $2,796,700 and $2,603,300 as of August 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	6 Months Ended
	Aug. 31, 2022
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: August 31, 2022 February 28, 2022 Line of credit $ 12,060,900 $ 17,723,500 Floating rate term loan(s) (1) $ 21,000,000 $ 14,651,000 Fixed rate term loan 15,000,000 10,349,100 Total long-term debt 36,000,000 25,000,100 Less current maturities (1,800,000 ) (2,542,200 ) Less debt issue cost (224,200 ) (48,400 ) Long-term debt, net $ 33,975,800 $ 22,409,500 (1) The February 28, 2022 floating rate term loans balance of $14,651,000 was comprised of the MidFirst Bank advancing term loans #1 and #2. On August 9, 2022, the Company repaid in full all outstanding indebtedness and terminated all commitments and obligations under its Amended and Restated Loan Agreement dated February 15, 2021 (as amended), between the Company and MidFirst Bank. The Company’s payment to MidFirst Bank, including interest, was $45,028,600, which satisfied all of the Company’s debt obligations with MidFirst Bank. The Company did not incur any early termination penalties as a result of the repayment of indebtedness or termination of the Amended and Restated Loan Agreement, which provided Term Loan #1, Advancing Term Loan #1, Advancing Term Loan #2 and the Revolving Loan. In connection with the repayment of outstanding indebtedness, the Company was automatically and permanently released from all security interests, mortgages, liens and encumbrances under the Amended and Restated Loan Agreement with MidFirst Bank. The material terms of the Amended and Restated Loan Agreement with MidFirst Bank are described in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 5, 2022. On August 9, 2022, the Company executed a new Credit Agreement (“Loan Agreement”) with BOKF, NA (“Bank of Oklahoma” or the “Lender”). The Loan Agreement establishes a fixed rate term loan in the principal amount of $15,000,000 (the “Fixed Rate Term Loan”), a floating rate term loan in the principal amount of $21,000,000 (the “Floating Rate Term Loan”; together with the Fixed Rate Term Loan, collectively, the “Term Loans”), and a revolving promissory note in the principal amount up to $15,000,000 (the “Revolving Loan” or “Line of Credit”). Features of the Loan Agreement include: (i) Term Loans on 20-year amortization with 5-year maturity date of August 9, 2027 (ii) Revolving Loan maturity date of August 9, 2023 (iii) Fixed Rate Term Loan bears interest at a fixed rate per annum equal to 4.26% (iv) Floating Rate Term Loan bears interest at a rate per annum equal to Term SOFR Rate + 1.75% (effective rate was 4.03% at August 31, 2022) (v) Revolving Loan bears interest at a rate per annum equal to Term SOFR Rate + 2.50% (effective rate was 4.78% at August 31, 2022) (vi) Revolving Loan allows for Letters of Credit up to $7,500,000 (none were outstanding at August 31, 2022) The Loan Agreement also contains provisions that require the Company to maintain a minimum fixed charge ratio and limits any additional debt with other lenders. Available credit under the current $15,000,000 revolving line of credit with the Lender was approximately $2,939,100 at August 31, 2022. 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 $ 900,000 2024 1,800,000 2025 1,800,000 2026 1,800,000 2027 1,800,000 Thereafter 27,900,000 Total $ 36,000,000

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Aug. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 5 Basic earnings (loss) 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, if applicable. 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 August 31, Six Months Ended August 31, 2022 2021 2022 2021 Earnings (loss): Net earnings (loss) applicable to common shareholders $ (801,900 ) $ 1,898,200 $ (586,100 ) $ 5,336,300 Weighted average shares: Weighted average shares outstanding-basic 8,081,807 8,028,594 8,084,117 8,028,929 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 406,754 - 429,735 Weighted average shares outstanding-diluted 8,081,807 8,435,348 8,084,117 8,458,664 Earnings (loss) per share: Basic $ (0.10 ) $ 0.24 $ (0.07 ) $ 0.66 Diluted $ (0.10 ) $ 0.23 $ (0.07 ) $ 0.63 As shown in the table below, the following shares have not been included in the calculation of diluted earnings (loss) per share as they would be anti-dilutive to the calculation above. Three Months Ended August 31, Six Months Ended August 31, 2022 2021 2022 2021 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 264,653 - 331,956 -

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Aug. 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 established 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 or 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 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 fiscal year 2023, 10,000 of these restricted shares were forfeited, along with 969 additional shares purchased with dividends received from the original issue date. The fiscal year 2023 forfeitures are available for reissue to remaining participants under the 2019 LTI Plan. The remaining compensation expense for the outstanding awards, totaling approximately $315,300 as of August 31, 2022, will be recognized ratably over the remaining vesting period of approximately 6 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. During fiscal year 2023, 18,000 of these restricted shares were forfeited, along with 760 additional shares purchased with dividends received from the original issue date. These shares are available for reissue to remaining participants under the 2019 LTI Plan. The remaining compensation expense of these awards, totaling approximately $922,600 as of August 31, 2022, will be recognized ratably over the remaining vesting period of approximately 30 months. Total shares available for reissue to remaining participants under the 2019 LTI Plan was 28,000 at August 31, 2022. As of August 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 August 31, Six Months Ended August 31, 2022 2021 2022 2021 Share-based compensation expense $ 261,600 $ 261,700 $ 523,200 $ 523,300 Less reduction of expense for forfeitures (141,900 ) - (141,900 ) - Share-based compensation expense - net 119,700 261,700 381,300 523,300 The following table summarizes stock award activity during the first six 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 (28,000 ) 7.60 Outstanding at August 31, 2022 572,000 $ 8.17 As of August 31, 2022, total unrecognized share-based compensation expense related to unvested granted or issued restricted shares was $1,237,900, which we expect to recognize over a weighted-average period of 23.9 months.

SHIPPING AND HANDLING COSTS

SHIPPING AND HANDLING COSTS	6 Months Ended
	Aug. 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 operations. Shipping and handling costs include postage, freight, handling costs, as well as shipping materials and supplies. These costs were $3,123,700 and $5,036,000 for the three months ended August 31, 2022 and 2021, respectively. These costs were $6,686,300 and $11,392,400 for the six months ended August 31, 2022 and 2021, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Aug. 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, 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 (loss) before income taxes of the segments, which is defined as segment net revenues reduced by cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments but are listed in the “Other” row below. Corporate expenses include the executive department, accounting department, information services department, general office management, warehouse operations and building facilities management. Our assets and liabilities are not allocated on a segment basis. Information by reporting segment for the three and six-month periods ended August 31, 2022 and 2021, are as follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2022 2021 2022 2021 UBAM $ 15,932,200 $ 29,518,100 $ 35,949,000 $ 67,135,000 Publishing 3,486,100 3,476,300 6,630,200 6,667,300 Total $ 19,418,300 $ 32,994,400 $ 42,579,200 $ 73,802,300 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2022 2021 2022 2021 UBAM $ 1,697,900 $ 5,579,100 $ 5,029,200 $ 13,440,400 Publishing 815,900 982,800 1,565,600 1,844,300 Other (3,619,400 ) (3,903,800 ) (7,415,200 ) (7,966,000 ) Total $ (1,105,600 ) $ 2,658,100 $ (820,400 ) $ 7,318,700

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Aug. 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 $35,475,900 and $24,521,600 as of August 31, 2022 and February 28, 2022, respectively. The term notes payable reflected on the Company’s condensed balance sheets were $36,000,000 and $25,000,100 as of August 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	6 Months Ended
	Aug. 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 August 31, 2022 or February 28, 2022 are recorded as deferred revenues on the condensed balance sheets. We received approximately $785,500 and $681,600, as of August 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	6 Months Ended
	Aug. 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 None.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Aug. 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 year 2022 condensed statement of cash flows and footnotes to conform to the classifications used in fiscal year 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 standard applies 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 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 Company’s new Credit Agreement with BOKF, NA on August 9, 2022, the Company no longer has a loan agreement utilizing interest rates that reference LIBOR. The Company’s new Credit Agreement utilizes the Secured Overnight Financing Rate (“SOFR”) published by the Chicago Mercantile Exchange.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Aug. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: August 31, 2022 February 28, 2022 Current: Book inventory $ 64,709,700 $ 72,064,400 Inventory valuation allowance (435,100 ) (510,800 ) Inventories net – current $ 64,274,600 $ 71,553,600 Noncurrent: Book inventory $ 3,764,700 $ 2,437,600 Inventory valuation allowance (458,900 ) (382,300 ) Inventories net – noncurrent $ 3,305,800 $ 2,055,300

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Aug. 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 $ 775,900 2024 1,568,900 2025 1,547,100 2026 1,524,300 2027 1,554,800 Thereafter 6,536,200 Total $ 13,507,200

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Aug. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: August 31, 2022 February 28, 2022 Line of credit $ 12,060,900 $ 17,723,500 Floating rate term loan(s) (1) $ 21,000,000 $ 14,651,000 Fixed rate term loan 15,000,000 10,349,100 Total long-term debt 36,000,000 25,000,100 Less current maturities (1,800,000 ) (2,542,200 ) Less debt issue cost (224,200 ) (48,400 ) Long-term debt, net $ 33,975,800 $ 22,409,500 (1) The February 28, 2022 floating rate term loans balance of $14,651,000 was comprised of the MidFirst Bank advancing term loans #1 and #2.
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 $ 900,000 2024 1,800,000 2025 1,800,000 2026 1,800,000 2027 1,800,000 Thereafter 27,900,000 Total $ 36,000,000

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Aug. 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 August 31, Six Months Ended August 31, 2022 2021 2022 2021 Earnings (loss): Net earnings (loss) applicable to common shareholders $ (801,900 ) $ 1,898,200 $ (586,100 ) $ 5,336,300 Weighted average shares: Weighted average shares outstanding-basic 8,081,807 8,028,594 8,084,117 8,028,929 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 406,754 - 429,735 Weighted average shares outstanding-diluted 8,081,807 8,435,348 8,084,117 8,458,664 Earnings (loss) per share: Basic $ (0.10 ) $ 0.24 $ (0.07 ) $ 0.66 Diluted $ (0.10 ) $ 0.23 $ (0.07 ) $ 0.63
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	As shown in the table below, the following shares have not been included in the calculation of diluted earnings (loss) per share as they would be anti-dilutive to the calculation above. Three Months Ended August 31, Six Months Ended August 31, 2022 2021 2022 2021 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 264,653 - 331,956 -

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Aug. 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 August 31, Six Months Ended August 31, 2022 2021 2022 2021 Share-based compensation expense $ 261,600 $ 261,700 $ 523,200 $ 523,300 Less reduction of expense for forfeitures (141,900 ) - (141,900 ) - Share-based compensation expense - net 119,700 261,700 381,300 523,300
Nonvested Restricted Stock Shares Activity [Table Text Block]	The following table summarizes stock award activity during the first six 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 (28,000 ) 7.60 Outstanding at August 31, 2022 572,000 $ 8.17

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Aug. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three and six-month periods ended August 31, 2022 and 2021, are as follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2022 2021 2022 2021 UBAM $ 15,932,200 $ 29,518,100 $ 35,949,000 $ 67,135,000 Publishing 3,486,100 3,476,300 6,630,200 6,667,300 Total $ 19,418,300 $ 32,994,400 $ 42,579,200 $ 73,802,300 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2022 2021 2022 2021 UBAM $ 1,697,900 $ 5,579,100 $ 5,029,200 $ 13,440,400 Publishing 815,900 982,800 1,565,600 1,844,300 Other (3,619,400 ) (3,903,800 ) (7,415,200 ) (7,966,000 ) Total $ (1,105,600 ) $ 2,658,100 $ (820,400 ) $ 7,318,700

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Feb. 28, 2022
INVENTORIES (Details) [Line Items]
Other Inventory, in Transit, Gross	$ 442,800		$ 442,800		$ 2,732,400
Payments for Purchase of Other Assets	3,163,100	$ 18,779,100	9,141,700	$ 36,564,300
England Based Publishing Company [Member]
INVENTORIES (Details) [Line Items]
Payments for Purchase of Other Assets	$ 1,206,200	$ 12,127,000	$ 4,783,500	$ 24,415,300

INVENTORIES (Details) - Schedu

INVENTORIES (Details) - Schedule of Inventory - USD ($)	Aug. 31, 2022	Feb. 28, 2022
Inventory Current [Member]
Current:
Book inventory	$ 64,709,700	$ 72,064,400
Inventory valuation allowance	(435,100)	(510,800)
Inventories net	64,274,600	71,553,600
Inventory, Noncurrent [Member]
Current:
Book inventory	3,764,700	2,437,600
Inventory valuation allowance	(458,900)	(382,300)
Inventories net	$ 3,305,800	$ 2,055,300

LEASES (Details)

LEASES (Details)	6 Months Ended
	Aug. 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	$ 2,796,700	$ 2,603,300

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Aug. 31, 2022 USD ($)
Lessor Operating Lease Payment To Be Received Fiscal Year Maturity Abstract
2023	$ 775,900
2024	1,568,900
2025	1,547,100
2026	1,524,300
2027	1,554,800
Thereafter	6,536,200
Total	$ 13,507,200

DEBT (Details)

DEBT (Details) - USD ($)	Aug. 09, 2022	Aug. 31, 2022
DEBT (Details) [Line Items]
Repayments of Debt	$ 45,028,600,000,000
Debt Instrument, Maturity Date	Aug. 09, 2027
Line of Credit Facility, Expiration Date	Aug. 09, 2023
Letters of Credit Outstanding, Amount	$ 7,500,000
Line of Credit Facility, Maximum Month-end Outstanding Amount	15,000,000
Line of Credit Facility, Current Borrowing Capacity		$ 2,939,100
Fixed Rate Term Loan [Member]
DEBT (Details) [Line Items]
Debt Instrument, Face Amount	$ 15,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.26%
Floating Rate Term Loan [Member]
DEBT (Details) [Line Items]
Debt Instrument, Face Amount	$ 21,000,000
Debt Instrument, Interest Rate, Effective Percentage		4.03%
Floating Rate Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
DEBT (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Loan [Member]
DEBT (Details) [Line Items]
Debt Instrument, Face Amount	$ 15,000,000
Debt Instrument, Interest Rate, Effective Percentage		4.78%
Revolving Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
DEBT (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%

DEBT (Details) - Schedule of D

DEBT (Details) - Schedule of Debt - USD ($)		Aug. 31, 2022	Feb. 28, 2022
DEBT (Details) - Schedule of Debt [Line Items]
Line of credit		$ 12,060,900	$ 17,723,500
		36,000,000	25,000,100
Less current maturities		(1,800,000)	(2,542,200)
Less debt issue cost		(224,200)	(48,400)
Long-term debt, net		33,975,800	22,409,500
Floating Rate Term Loans [Member]
DEBT (Details) - Schedule of Debt [Line Items]
	[1]	21,000,000	14,651,000
Fixed Rate Term Loans [Member]
DEBT (Details) - Schedule of Debt [Line Items]
		$ 15,000,000	$ 10,349,100
[1]The February 28, 2022 floating rate term loans balance of $14,651,000 was comprised of the MidFirst Bank advancing term loans #1 and #2.

DEBT (Details) - Schedule of M

DEBT (Details) - Schedule of Maturities of Long-term Debt - USD ($)	Aug. 31, 2022	Feb. 28, 2022
Schedule Of Maturities Of Long Term Debt Abstract
2023	$ 900,000
2024	1,800,000
2025	1,800,000
2026	1,800,000
2027	1,800,000
Thereafter	27,900,000
Total	$ 36,000,000	$ 25,000,100

EARNINGS PER SHARE (Details) -

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Earnings (loss):
Net earnings (loss) applicable to common shareholders (in Dollars)	$ (801,900)	$ 1,898,200	$ (586,100)	$ 5,336,300
Weighted average shares:
Weighted average shares outstanding-basic	8,081,807	8,028,594	8,084,117	8,028,929
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards	0	406,754	0	429,735
Weighted average shares outstanding-diluted	8,081,807	8,435,348	8,084,117	8,458,664
Earnings (loss) per share:
Basic (in Dollars per share)	$ (0.1)	$ 0.24	$ (0.07)	$ 0.66
Diluted (in Dollars per share)	$ (0.1)	$ 0.23	$ (0.07)	$ 0.63

EARNINGS PER SHARE (Details) _2

EARNINGS PER SHARE (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] - shares	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Weighted average shares:
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards	264,653	0	331,956	0

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	6 Months Ended	12 Months Ended
	Aug. 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	18,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	23 months 27 days
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in Dollars)	$ 1,237,900
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 established 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 or 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)	$ 922,600		$ 315,300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	30 months		6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	28,000
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	760
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		6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Share Based Payment Arrangement Cost By Plan Abstract
Share-based compensation expense	$ 261,600	$ 261,700	$ 523,200	$ 523,300
Less reduction of expense for forfeitures	(141,900)	0	(141,900)	0
Share-based compensation expense - net	$ 119,700	$ 261,700	$ 381,300	$ 523,300

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity	6 Months Ended
	Aug. 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	(28,000)
Forfeited, Weighted Average Fair Value | $ / shares	$ 7.6
Outstanding, Shares | shares	572,000
Outstanding, Weighted Average Fair Value | $ / shares	$ 8.17

SHIPPING AND HANDLING COSTS (De

SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Shipping and Handling [Member]
SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 3,123,700	$ 5,036,000	$ 6,686,300	$ 11,392,400

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	6 Months Ended
	Aug. 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		6 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Segment Reporting Information [Line Items]
Net Revenues	$ 19,418,300	$ 32,994,400	$ 42,579,200	$ 73,802,300
Earnings (Loss) Before Income Taxes	(1,105,600)	2,658,100	(820,400)	7,318,700
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	15,932,200	29,518,100	35,949,000	67,135,000
Earnings (Loss) Before Income Taxes	1,697,900	5,579,100	5,029,200	13,440,400
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	3,486,100	3,476,300	6,630,200	6,667,300
Earnings (Loss) Before Income Taxes	815,900	982,800	1,565,600	1,844,300
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (3,619,400)	$ (3,903,800)	$ (7,415,200)	$ (7,966,000)

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($)	Aug. 31, 2022	Feb. 28, 2022
FINANCIAL INSTRUMENTS (Details) [Line Items]
Long-Term Debt, Fair Value	$ 35,475,900	$ 24,521,600
Long-Term Debt	$ 36,000,000	$ 25,000,100

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Aug. 31, 2022	Feb. 28, 2022
Disclosure Text Block [Abstract]
Deferred Revenue, Additions	$ 785,500	$ 681,600