Educational Development (EDUC) 10-Q 13 Jul 23 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 31, 2023	Jul. 05, 2023
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		8,575,088
Amendment Flag	false
Entity Central Index Key	0000031667
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	May 31, 2023
Document Fiscal Year Focus	2024
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, 2023	Feb. 28, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 876,100	$ 689,100
Accounts receivable, less allowance for doubtful accounts of $134,000 (May 31) and $211,700 (February 28)	2,688,900	2,906,700
Inventories - net	56,344,000	59,086,500
Prepaid expenses and other assets	806,700	869,300
Total current assets	60,715,700	63,551,600
LONG-TERM INVENTORIES - net	5,980,500	4,719,600
PROPERTY, PLANT AND EQUIPMENT - net	29,258,100	29,656,400
DEFERRED INCOME TAX ASSET	1,126,500	796,800
OTHER ASSETS	1,173,800	1,212,400
TOTAL ASSETS	98,254,600	99,936,800
CURRENT LIABILITIES
Accounts payable	4,631,000	3,863,900
Line of credit	10,959,200	10,634,500
Deferred revenues	970,500	602,700
Current maturities of term debt	34,456,100	34,894,900
Accrued salaries and commissions	850,200	828,200
Other current liabilities	1,997,400	3,294,000
Total current liabilities	53,864,400	54,118,200
OTHER LONG-TERM LIABILITIES	498,900	586,800
Total liabilities	54,363,300	54,705,000
SHAREHOLDERS' EQUITY
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 (May 31 and February 28) shares; Outstanding 8,575,088 (May 31) and 8,713,289 (February 28) shares	2,540,400	2,540,400
Capital in excess of par value	13,289,600	13,193,400
Retained earnings	41,147,400	42,020,200
	56,977,400	57,754,000
Less treasury stock, at cost	(13,086,100)	(12,522,200)
Total shareholders' equity	43,891,300	45,231,800
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 98,254,600	$ 99,936,800

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - USD ($)	May 31, 2023	Feb. 28, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 134,000	$ 211,700
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	8,575,088	8,713,289

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022
NET REVENUES	$ 14,524,000	$ 23,160,900
COST OF GOODS SOLD	5,150,400	7,851,500
Gross margin	9,373,600	15,309,400
OPERATING EXPENSES
Operating and selling	2,397,900	3,770,600
Sales commissions	4,199,800	6,871,800
General and administrative	3,634,500	4,384,300
Total operating expenses	10,232,200	15,026,700
INTEREST EXPENSE	733,400	388,100
OTHER INCOME	(391,400)	(390,700)
EARNINGS BEFORE INCOME TAXES	(1,200,600)	285,300
INCOME TAXES	(327,800)	69,500
NET EARNINGS	$ (872,800)	$ 215,800
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
Basic (in Dollars per share)	$ (0.11)	$ 0.03
Diluted (in Dollars per share)	$ (0.11)	$ 0.03
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
Basic (in Shares)	8,278,049	8,086,427
Diluted (in Shares)	8,278,049	8,473,610
Dividends per share (in Dollars per share)	$ 0	$ 0
Gross Sales [Member]
REVENUES	$ 20,586,600	$ 31,338,200
Discounts and Allowances [Member]
Less discounts and allowances	(7,071,300)	(10,085,200)
Transportation Revenue [Member]
REVENUES	$ 1,008,700	$ 1,907,900

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
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 - net		261,600			261,600
Net earnings (loss)			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
Balance at Feb. 28, 2023	$ 2,540,400	13,193,400	42,020,200	$ (12,522,200)	45,231,800
Balance (in Shares) at Feb. 28, 2023	12,702,080			3,988,791
Purchases of treasury stock				$ (563,900)	(563,900)
Purchases of treasury stock (in Shares)				138,201
Share-based compensation expense - net		96,200			96,200
Net earnings (loss)			(872,800)		(872,800)
Balance at May. 31, 2023	$ 2,540,400	$ 13,289,600	$ 41,147,400	$ (13,086,100)	$ 43,891,300
Balance (in Shares) at May. 31, 2023	12,702,080			4,126,992

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ (872,800)	$ 215,800
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	683,600	599,600
Deferred income taxes	(329,700)	1,400
Provision for inventory valuation allowance	51,200	0
Share-based compensation expense - net	96,200	261,600
Changes in assets and liabilities:
Accounts receivable	217,800	(204,100)
Inventories - net	1,430,400	3,057,800
Prepaid expenses and other assets	128,000	(31,400)
Accounts payable	767,100	(5,699,000)
Accrued salaries and commissions and other liabilities	(1,362,500)	(1,472,300)
Deferred revenues	367,800	1,036,400
Income taxes payable/receivable	0	37,200
Total adjustments	2,049,900	(2,412,800)
Net cash provided by (used in) operating activities	1,177,100	(2,197,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(300,900)	(108,800)
Net cash used in investing activities	(300,900)	(108,800)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on term debt	(450,000)	(614,100)
Cash paid to acquire treasury stock	(563,900)	0
Sales of treasury stock	0	63,400
Net borrowings under line of credit	324,700	4,785,400
Dividends paid	0	(870,700)
Net cash provided by (used in) financing activities	(689,200)	3,364,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	187,000	1,058,200
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	689,100	361,200
CASH AND CASH EQUIVALENTS - END OF PERIOD	876,100	1,419,400
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	722,200	370,200
Cash paid for income taxes (net of refunds)	$ 8,400	$ 52,300

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	May 31, 2023
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, 2023 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 first quarter fiscal year 2023 condensed statement of cash flows to conform to the classifications presented in fiscal year 2024. These reclassifications had no effect on net earnings. 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 otherwise disclosed, are consistent with those disclosed in Note 1 to our audited financial statements as of and for the year ended February 28, 2023 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 pronouncements and concluded that no new accounting standard updates (“ASU”) had or may have a material impact on the Company.

INVENTORIES

INVENTORIES	3 Months Ended
	May 31, 2023
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 2 Inventories consist of the following: May 31, 2023 February 28, 2023 Current: Product inventory $ 56,900,700 $ 59,577,400 Inventory valuation allowance (556,700 ) (490,900 ) Inventories net – current $ 56,344,000 $ 59,086,500 Noncurrent: Product inventory $ 6,432,100 $ 5,135,200 Inventory valuation allowance (451,600 ) (415,600 ) Inventories net – noncurrent $ 5,980,500 $ 4,719,600 Inventory in transit totaled $443,600 and $850,100 at May 31, 2023 and February 28, 2023, respectively. Product 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.

LEASES

LEASES	3 Months Ended
	May 31, 2023
Disclosure Text Block [Abstract]
Lessor, Operating Leases [Text Block]	Note 3 We have both lessee and lessor arrangements. Our lessee arrangements include four rental agreements where we have the exclusive use of dedicated office space in San Diego, California, warehouse and office space in Layton, Utah, warehouse and office space in Seattle, Washington, and warehouse space locally in Tulsa, OK, all of which qualify as operating leases. Our lessor arrangements include two rental agreements for warehouse and office space in Tulsa, Oklahoma, and each qualify as an operating lease under ASC 842. Operating Leases Lessee We recognize a lease liability, reported in other liabilities on the condensed balance sheets, for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset, reported in other assets on the condensed balance sheets, for each lease, valued at the lease liability and adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used. May 31, 2023 February 28, 2023 Operating lease assets: Right-of-use assets $ 726,000 $ 823,600 Operating lease liabilities: Current lease liabilities $ 338,100 $ 347,800 Long-term lease liabilities $ 387,900 $ 475,800 Weighted-average remaining lease term (months) 33.3 36.3 Weighted-average discount rate 4.01 % 4.01 % Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses in our statements of operations. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. May 31, 2023 May 31, 2022 Fixed lease costs $ 105,800 $ 37,900 Future minimum rental payments under operating leases with initial terms greater than one year as of May 31, 2023, are as follows: Years ending February 28 (29), 2024 296,900 2025 270,500 2026 122,200 2027 72,800 Total future minimum rental payments 762,400 Less: imputed interest (36,400 ) Total operating lease liabilities $ 726,000 The following table provides further information about our operating leases reported in our condensed financial statements: May 31, 2023 May 31, 2022 Operating cash outflows – operating leases $ 105,800 $ 37,900 Operating Leases Lessor We recognize fixed rental income on a straight-line basis over the life of the lease as other income in 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), 2024 $ 1,178,800 2025 1,547,100 2026 1,524,300 2027 1,554,800 2028 1,585,900 Thereafter 4,950,300 Total $ 12,341,200 The cost of the leased space was $10,637,900 at May 31, 2023 and February 28, 2023. The accumulated depreciation associated with the leased assets was $2,946,700 and $2,853,200 as of May 31, 2023 and February 28, 2023, 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, 2023
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 Debt consists of the following: May 31, 2023 February 28, 2023 Line of credit $ 10,959,200 $ 10,634,500 Floating rate term loan $ 20,212,500 $ 20,475,000 Fixed rate term loan 14,437,500 14,625,000 Total term debt 34,650,000 35,100,000 Less current maturities (34,456,100 ) (34,894,900 ) Less debt issue cost (193,900 ) (205,100 ) Long-term debt, net $ - $ - 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 and executed a new Credit Agreement (“Loan Agreement”) with BOKF, NA (“Bank of Oklahoma” or the “Lender”). The Loan Agreement established 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”). On December 22, 2022, the Company executed the First Amendment to our Loan Agreement with the Lender. This amendment clarified the definition of the Fixed Charge Coverage Ratio to exclude dividends paid prior to November 30, 2022, and placed restrictions on acquisitions and cash dividends. On May 10, 2023, the Company executed the Second Amendment to our Loan Agreement with the Lender. This amendment waived the fixed charge ratio default which occurred on February 28, 2023 and amended the financial covenant to not require the fixed charge ratio to be measured at May 31, 2023. The Second Amendment also added a cumulative maximum level of fiscal year to date inventory purchases through the expiration of the Revolving Loan Agreement, increased the borrowing rate on the Company’s Revolving Loan to Term SOFR Rate plus 3.5%, required certain swap agreements be executed within 30 days of the amendment, reduced the revolving commitment from $15,000,000 to $14,000,000, effective May 10, 2023, and further reduced the revolving commitment to $13,500,000, effective July 15, 2023, among other items. Available credit under the current $14,000,000 revolving line of credit with the Company’s Lender was approximately $3,040,800 at May 31, 2023. Features of the Loan Agreement (as amended) at May 31, 2023 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 6.79% at May 31, 2023) (v) Revolving Loan bears interest at a rate per annum equal to Term SOFR Rate + 3.50% (effective rate was 8.54% at May 31, 2023) (vi) Revolving Loan allows for Letters of Credit up to $7,500,000 upon bank approval (none were outstanding at May 31, 2023) The Loan Agreement contains provisions that require the Company to maintain a minimum fixed charge ratio and limits any additional debt with other lenders. The Company was in violation of the minimum fixed charge ratio covenant as of February 28, 2023, for which the Company obtained a written waiver of compliance from the Lender and is not required to measure the fixed charge ratio as of May 31, 2023. The Company does not expect to meet the fixed charge ratio, outlined in the amended Loan Agreement, during fiscal year 2024. Under the terms of the amended Loan Agreement, not meeting this ratio would represent an Event of Default. Should an Event of Default occur, the Lender will have the right to accelerate the maturities of the Fixed Rate Term Loan and Floating Rate Term Loan. As an Event of Default is expected, and no waiver of the Event of Default is guaranteed to be received by the Lender, the long-term maturities of the Fixed Rate Term Loan and Float Rate Term Loan have been reclassified as current liabilities. While the Company received a waiver for the fixed charge ratio default that occurred on February 28, 2023, the borrowing and purchasing capacity was restricted and management's forecast indicated that the Company will be out of compliance in future periods. An Event of Default is expected associated with the amended Loan Agreement, there is no guaranty that the Event of Default will be waived by the Lender, and the bank may choose to accelerate the maturities of the Fixed Rate Term Loan and Floating Rate Term Loan. These conditions, among others in the aggregate, raise substantial doubt over the Company's ability to continue as a going concern. Management has plans to enter into a new financing agreement by August 9, 2023, with the Lender, which will allow it to operate without default and reclassify the non-current portions of the Fixed Rate Term Loan and Floating Rate Term Loan as long-term liabilities. In addition, management’s plans include reducing inventory and related borrowing costs, building the active PaperPie Brand Partners to pre-pandemic levels, as the distraction and costs associated with the rebrand that occurred in fiscal year 2023 are expected to have a lesser impact in the future, reducing expenses due to lower revenue volumes and receipt of the contingent Employee Retention Credit. Management expects these plans are probable of being achieved to alleviate the substantial doubt about continuing as a going concern and expects to generate sufficient liquidity to meet our obligations as they become due over the next twelve months. The following table reflects aggregate current maturities of term debt, excluding the Revolving Loan, during the current fiscal year as follows: Year ending February 29, 2024 $ 34,650,000

BUSINESS CONCENTRATION

BUSINESS CONCENTRATION	3 Months Ended
	May 31, 2023
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	Note 5 Significant portions of our inventory purchases are concentrated with an England-based publishing company, Usborne Publishing Limited (“Usborne”). During fiscal 2023, we entered into a new distribution agreement (“Agreement”) with Usborne. The Agreement includes annual minimum purchase volumes, based on Usborne’s fiscal year ending January 31st, along with specific payment terms and letter of credit requirements, which if not met may result in Usborne having the right to terminate the Agreement on less than 30 days’ written notice. Should termination of the Agreement occur, the Company will be allowed to sell its remaining Usborne inventory for an agreed upon period, but not less than twelve months following the termination date. The Company did not meet the minimum purchase requirements for the fiscal period ending January 31, 2023, did not supply the letter of credit required under the Agreement and certain payments were not received timely, which could allow Usborne to exercise their option to terminate the Agreement. As of May 31, 2023, Usborne has not notified the Company of termination of the Agreement. During Usborne’s fiscal year ended January 31, 2022, the Company earned a volume rebate of approximately $1,000,000, which was documented in the new Agreement. Usborne has refused to pay the $1,000,000 volume rebate owed to the Company due to not meeting the minimum purchase requirements or supplying the required letter of credit. The Company is disputing the cancellation of the rebate but has not recognized any reduced cost of goods sold from the rebate in fiscal year 2024 due to its uncertainty. Under the terms of the Agreement, the Company no longer has the rights to distribute Usborne’s products to retail customers after November 15, 2022, at which time Usborne was slated to use a different distributor to supply retail accounts with its products. As a courtesy upon Usborne’s request, the November 15, 2022 transition was extended until their new supplier could begin distribution, and the Company continued to distribute Usborne products through April 30, 2023. Gross sales attributed to Usborne products sold within the Publishing division accounted for approximately 67.3%, or $2,740,000, during the quarter ended May 31, 2023, and 82.5%, or $5,451,000, during the quarter ended May 31, 2022. The Company continues to distribute Usborne products through our Direct Sales division, PaperPie. Gross sales of Usborne products sold within the PaperPie division accounted for approximately 50.6%, or $8,362,300 during the quarter ended May 31, 2023, and 59.8%, or $14,791,700, during the quarter ended May 31, 2022. Purchases received from Usborne were approximately $935,600 and $3,577,300 for the period ended May 31, 2023 and 2022, respectively. Total inventory purchases for those same periods were approximately $3,190,200 and $5,978,600, respectively. Total Usborne inventory owned by the Company and included in our balance sheet was $33,977,300 and $35,363,500 as of May 31, 2023 and February 28, 2023, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	May 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 6 Basic earnings (loss) per share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares outstanding and dilutive potential common shares issuable which include, where appropriate, the assumed exercise of options and the assumed vesting of granted restricted share awards. In computing Diluted EPS, we have utilized the treasury stock method. The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Three Months Ended May 31, 2023 2022 Earnings (loss): Net earnings (loss) applicable to common shareholders $ (872,800 ) $ 215,800 Weighted average shares: Weighted average shares outstanding-basic 8,278,049 8,086,427 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 387,183 Weighted average shares outstanding-diluted 8,278,049 8,473,610 Earnings (loss) per share: Basic $ (0.11 ) $ 0.03 Diluted $ (0.11 ) $ 0.03 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 May 31, 2023 2022 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 8,551 -

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	May 31, 2023
Share-Based Payment Arrangement, Disclosure [Abstract]
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	Note 7 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 Company did not exceed the defined metrics during these fiscal years and no shares were granted to members of management according to the Plan. 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 restricted shares were forfeited and later regranted to other participants. During fiscal year 2023, 10,000 restricted shares were forfeited, along with 969 additional shares purchased with dividends received from the original issue date. The 10,000 forfeited shares were re-granted to participants during the fiscal 2023 third quarter with an average grant-date fair value of $2.08. The 969 shares purchased with dividends were not reissued. The 303,000 outstanding shares were vested on February 28, 2023. During fiscal year 2021, the Company granted 297,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $6.30 per share. During fiscal year 2023, 18,000 restricted shares were forfeited, along with 760 additional shares purchased with dividends received from the original issue date. The 18,000 forfeited shares were re-granted to participants during the fiscal 2023 third quarter with an average grant-date fair value of $2.08. The 760 shares purchased with dividends were not reissued. The remaining unrecognized compensation expense of these awards, totaling approximately $673,300 as of May 31, 2023, will be recognized ratably over the remaining vesting period of 21 months. A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended May 31, 2023 2022 Share-based compensation expense $ 96,200 $ 261,600 The following table summarizes stock award activity during the first three months of fiscal year 2024 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2023 297,000 $ 6.04 Granted - - Vested - - Forfeited - - Outstanding at May 31, 2023 297,000 $ 6.04

SHIPPING AND HANDLING COSTS

SHIPPING AND HANDLING COSTS	3 Months Ended
	May 31, 2023
Other Income and Expenses [Abstract]
Other Operating Income and Expense [Text Block]	Note 8 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 $1,938,100 and $3,562,600 for the three months ended May 31, 2023 and 2022, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	May 31, 2023
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 9 We have two reportable segments: PaperPie 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 PaperPie segment markets its products through a network of independent brand partners 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. See Note 5 for the impact of our updated distribution agreement on the Publishing segment. The accounting policies of the segments are the same as those of the rest of the Company. We evaluate segment performance based on earnings before income taxes of the segments, which is defined as segment net revenues reduced by cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments but are listed in the “Other” row below. Corporate expenses include the executive department, accounting department, information services department, general office management, warehouse operations and building facilities management. Our assets and liabilities are not allocated on a segment basis. Information by reporting segment for the three-month periods ended May 31, 2023 and 2022, are as follows: NET REVENUES Three Months Ended May 31, 2023 2022 PaperPie $ 12,583,200 $ 20,016,800 Publishing 1,940,800 3,144,100 Total $ 14,524,000 $ 23,160,900 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2023 2022 PaperPie $ 1,658,700 $ 3,331,200 Publishing 460,000 749,800 Other (3,319,300 ) (3,795,700 ) Total $ (1,200,600 ) $ 285,300

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	May 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 10 The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments: - The carrying amounts reported on the 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 $33,981,600 and $34,253,500 as of May 31, 2023 and February 28, 2023, 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, 2023
Insurance [Abstract]
Deferred Revenue Disclosure [Text Block]	Note 11 The Company’s PaperPie 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, 2023 or February 28, 2023 are recorded as deferred revenues on the condensed balance sheets. We received approximately $970,500 and $602,700 as of May 31, 2023 and February 28, 2023, respectively, in payments for sales orders which were, or will be, shipped out subsequent to the end of the period.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	May 31, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 12 On June 6, 2023, pursuant to its interest rate risk and risk management strategy, the Company entered into a swap transaction (the “Swap Transaction”) with BOKF, NA, which converts a portion of the original $21,000,000 Floating Rate Term Loan from a floating interest rate to a fixed interest rate for the next two years. The Swap Transaction has a notional amount of $18,000,000 through fiscal quarter ending May 31, 2024, and then resets to $13,000,000 through May 31, 2025, while continuing to match the amortizing balance of the original loan. Under the terms of this agreement, the Company, in effect, has exchanged the floating interest rate of 30-Day Term SOFR Rate + 1.75%, or 6.90% at the trade date of June 5, 2023, to a fixed rate of 4.73% + 1.75%, or 6.48%. The Swap Transaction commenced on June 7, 2023, with a termination date of May 30, 2025.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	May 31, 2023
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, 2023 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 first quarter fiscal year 2023 condensed statement of cash flows to conform to the classifications presented in fiscal year 2024. 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 pronouncements and concluded that no new accounting standard updates (“ASU”) had or may have a material impact on the Company.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	May 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: May 31, 2023 February 28, 2023 Current: Product inventory $ 56,900,700 $ 59,577,400 Inventory valuation allowance (556,700 ) (490,900 ) Inventories net – current $ 56,344,000 $ 59,086,500 Noncurrent: Product inventory $ 6,432,100 $ 5,135,200 Inventory valuation allowance (451,600 ) (415,600 ) Inventories net – noncurrent $ 5,980,500 $ 4,719,600

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	May 31, 2023
Disclosure Text Block [Abstract]
Lease, Cost [Table Text Block]	May 31, 2023 February 28, 2023 Operating lease assets: Right-of-use assets $ 726,000 $ 823,600 Operating lease liabilities: Current lease liabilities $ 338,100 $ 347,800 Long-term lease liabilities $ 387,900 $ 475,800 Weighted-average remaining lease term (months) 33.3 36.3 Weighted-average discount rate 4.01 % 4.01 % May 31, 2023 May 31, 2022 Fixed lease costs $ 105,800 $ 37,900 May 31, 2023 May 31, 2022 Operating cash outflows – operating leases $ 105,800 $ 37,900
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Future minimum rental payments under operating leases with initial terms greater than one year as of May 31, 2023, are as follows: Years ending February 28 (29), 2024 296,900 2025 270,500 2026 122,200 2027 72,800 Total future minimum rental payments 762,400 Less: imputed interest (36,400 ) Total operating lease liabilities $ 726,000
Lessor, Operating Lease, Payment to be Received, 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), 2024 $ 1,178,800 2025 1,547,100 2026 1,524,300 2027 1,554,800 2028 1,585,900 Thereafter 4,950,300 Total $ 12,341,200

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Debt consists of the following: May 31, 2023 February 28, 2023 Line of credit $ 10,959,200 $ 10,634,500 Floating rate term loan $ 20,212,500 $ 20,475,000 Fixed rate term loan 14,437,500 14,625,000 Total term debt 34,650,000 35,100,000 Less current maturities (34,456,100 ) (34,894,900 ) Less debt issue cost (193,900 ) (205,100 ) Long-term debt, net $ - $ -
Schedule of Maturities of Long-Term Debt [Table Text Block]	The following table reflects aggregate current maturities of term debt, excluding the Revolving Loan, during the current fiscal year as follows: Year ending February 29, 2024 $ 34,650,000

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	May 31, 2023
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, 2023 2022 Earnings (loss): Net earnings (loss) applicable to common shareholders $ (872,800 ) $ 215,800 Weighted average shares: Weighted average shares outstanding-basic 8,278,049 8,086,427 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 387,183 Weighted average shares outstanding-diluted 8,278,049 8,473,610 Earnings (loss) per share: Basic $ (0.11 ) $ 0.03 Diluted $ (0.11 ) $ 0.03
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 May 31, 2023 2022 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 8,551 -

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	May 31, 2023
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, 2023 2022 Share-based compensation expense $ 96,200 $ 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 2024 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2023 297,000 $ 6.04 Granted - - Vested - - Forfeited - - Outstanding at May 31, 2023 297,000 $ 6.04

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	May 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by reporting segment for the three-month periods ended May 31, 2023 and 2022, are as follows: NET REVENUES Three Months Ended May 31, 2023 2022 PaperPie $ 12,583,200 $ 20,016,800 Publishing 1,940,800 3,144,100 Total $ 14,524,000 $ 23,160,900 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended May 31, 2023 2022 PaperPie $ 1,658,700 $ 3,331,200 Publishing 460,000 749,800 Other (3,319,300 ) (3,795,700 ) Total $ (1,200,600 ) $ 285,300

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	May 31, 2023	Feb. 28, 2023
Inventory Disclosure [Abstract]
Other Inventory, in Transit, Gross	$ 443,600	$ 850,100

INVENTORIES (Details) - Schedu

INVENTORIES (Details) - Schedule of Inventory - USD ($)	May 31, 2023	Feb. 28, 2023
Inventory Current [Member]
Current:
Book inventory	$ 56,900,700	$ 59,577,400
Inventory valuation allowance	(556,700)	(490,900)
Inventories net	56,344,000	59,086,500
Inventory, Noncurrent [Member]
Current:
Book inventory	6,432,100	5,135,200
Inventory valuation allowance	(451,600)	(415,600)
Inventories net	$ 5,980,500	$ 4,719,600

LEASES (Details)

LEASES (Details)	3 Months Ended
	May 31, 2023 USD ($)	Feb. 28, 2023 USD ($)
Disclosure Text Block [Abstract]
Number of Rental Agreements	2
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	$ 10,637,900	$ 10,637,900
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation	$ 2,946,700	$ 2,853,200

LEASES (Details) - Lease, Cost

LEASES (Details) - Lease, Cost - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022	Feb. 28, 2023
Operating lease assets:
Right-of-use assets	$ 726,000		$ 823,600
Operating lease liabilities:
Current lease liabilities	338,100		347,800
Long-term lease liabilities	$ 387,900		$ 475,800
Weighted-average remaining lease term (months)	33 years 3 months 18 days		36 years 3 months 18 days
Weighted-average discount rate	4.01%		4.01%
Fixed lease costs	$ 105,800	$ 37,900
Operating cash flows – operating leases	$ 105,800	$ 37,900

LEASES (Details) - Lessee, Oper

LEASES (Details) - Lessee, Operating Lease, Liability, to be Paid, Maturity	May 31, 2023 USD ($)
Lessee Operating Lease Liability To Be Paid Maturity Abstract
2024	$ 296,900
2025	270,500
2026	122,200
2027	72,800
Total future minimum rental payments	762,400
Less: imputed interest	(36,400)
Total operating lease liabilities	$ 726,000

LEASES (Details) - Lessor, Oper

LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Maturity	May 31, 2023 USD ($)
Lessor Operating Lease Payment To Be Received Maturity Abstract
2024	$ 1,178,800
2025	1,547,100
2026	1,524,300
2027	1,554,800
2028	1,585,900
Thereafter	4,950,300
Total	$ 12,341,200

DEBT (Details)

DEBT (Details) - USD ($)	Aug. 09, 2022	Jul. 15, 2023	May 31, 2023	May 10, 2023
DEBT (Details) [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 13,500,000		$ 14,000,000
Line of Credit Facility, Maximum Month-end Outstanding Amount	$ 14,000,000
Line of Credit Facility, Current Borrowing Capacity			$ 3,040,800
Debt Instrument, Maturity Date	Aug. 09, 2027
Line of Credit Facility, Expiration Date	Aug. 09, 2023
Letters of Credit Outstanding, Amount	$ 7,500,000
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			6.79%
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			8.54%
Revolving Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
DEBT (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%

DEBT (Details) - Schedule of D

DEBT (Details) - Schedule of Debt - USD ($)	May 31, 2023	Feb. 28, 2023
DEBT (Details) - Schedule of Debt [Line Items]
Line of credit	$ 10,959,200	$ 10,634,500
	34,650,000	35,100,000
Less current maturities	(34,456,100)	(34,894,900)
Less debt issue cost	(193,900)	(205,100)
Long-term debt, net	0	0
Floating Rate Term Loans [Member]
DEBT (Details) - Schedule of Debt [Line Items]
	20,212,500	20,475,000
Fixed Rate Term Loans [Member]
DEBT (Details) - Schedule of Debt [Line Items]
	$ 14,437,500	$ 14,625,000

DEBT (Details) - Schedule of M

DEBT (Details) - Schedule of Maturities of Long-term Debt	May 31, 2023 USD ($)
Schedule Of Maturities Of Long Term Debt Abstract
2024	$ 34,650,000

BUSINESS CONCENTRATION (Details

BUSINESS CONCENTRATION (Details) - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022	Feb. 28, 2023
BUSINESS CONCENTRATION (Details) [Line Items]
Gain Contingency, Unrecorded Amount	$ 1,000,000
Revenues	14,524,000	$ 23,160,900
Payments for Purchase of Other Assets	3,190,200	5,978,600
Inventory, Net	56,344,000		$ 59,086,500
Publishing [Member]
BUSINESS CONCENTRATION (Details) [Line Items]
Revenues	1,940,800	3,144,100
England Based Publishing Company [Member]
BUSINESS CONCENTRATION (Details) [Line Items]
Payments for Purchase of Other Assets	935,600	3,577,300
Inventory, Net	$ 33,977,300	$ 35,363,500
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Publishing [Member]
BUSINESS CONCENTRATION (Details) [Line Items]
Concentration Risk, Percentage	67.30%	82.50%
Revenues	$ 2,740,000	$ 5,451,000
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Direct Sales [Member]
BUSINESS CONCENTRATION (Details) [Line Items]
Concentration Risk, Percentage	50.60%	59.80%
Revenues	$ 8,362,300	$ 14,791,700

EARNINGS PER SHARE (Details) -

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022
Earnings (loss):
Net earnings (loss) applicable to common shareholders (in Dollars)	$ (872,800)	$ 215,800
Weighted average shares:
Weighted average shares outstanding-basic	8,278,049	8,086,427
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards	0	387,183
Weighted average shares outstanding-diluted	8,278,049	8,473,610
Earnings (loss) per share:
Basic (in Dollars per share)	$ (0.11)	$ 0.03
Diluted (in Dollars per share)	$ (0.11)	$ 0.03

EARNINGS PER SHARE (Details) _2

EARNINGS PER SHARE (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares	3 Months Ended
	May 31, 2023	May 31, 2022
Weighted average shares:
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards	8,551	0

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2018	May 31, 2023	Nov. 30, 2022	Feb. 28, 2023	Feb. 28, 2021	Feb. 28, 2019	Jul. 31, 2021
SHARE-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 Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross			10,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)		$ 0	$ 2.08
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars)		$ 673,300
The 2019 Long-term Incentive Plan [Member]
SHARE-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.
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
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
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross			18,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)			$ 2.08
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares				303,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		21 months
2022 Long-Term Incentive Plan [Member]
SHARE-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]
SHARE-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]
SHARE-BASED COMPENSATION (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares				969

SHARE-BASED COMPENSATION (Det_2

SHARE-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022
Share Based Payment Arrangement Cost By Plan Abstract
Share-based compensation expense	$ 96,200	$ 261,600

SHARE-BASED COMPENSATION (Det_3

SHARE-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity - $ / shares	3 Months Ended
	May 31, 2023	Nov. 30, 2022
Nonvested Restricted Stock Shares Activity Abstract
Outstanding, Shares	297,000
Outstanding, Weighted Average Fair Value	$ 6.04
Granted, Shares	0
Granted, Weighted Average Fair Value	$ 0	$ 2.08
Vested, Shares	0
Vested, Weighted Average Fair Value	$ 0
Forfeited, Shares	0
Forfeited, Weighted Average Fair Value	$ 0
Outstanding, Shares	297,000
Outstanding, Weighted Average Fair Value	$ 6.04

SHIPPING AND HANDLING COSTS (De

SHIPPING AND HANDLING COSTS (Details) - USD ($)	3 Months Ended
	May 31, 2023	May 31, 2022
Shipping and Handling [Member]
SHIPPING AND HANDLING COSTS (Details) [Line Items]
Cost of Goods and Services Sold	$ 1,938,100	$ 3,562,600

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended
	May 31, 2023
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, 2023	May 31, 2022
Segment Reporting Information [Line Items]
Net Revenues	$ 14,524,000	$ 23,160,900
Earnings (Loss) Before Income Taxes	(1,200,600)	285,300
PaperPie [Member]
Segment Reporting Information [Line Items]
Net Revenues	12,583,200	20,016,800
Earnings (Loss) Before Income Taxes	1,658,700	3,331,200
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	1,940,800	3,144,100
Earnings (Loss) Before Income Taxes	460,000	749,800
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (3,319,300)	$ (3,795,700)

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($)	May 31, 2023	Feb. 28, 2023
Fair Value, Inputs, Level 2 [Member]
FINANCIAL INSTRUMENTS (Details) [Line Items]
Long-Term Debt, Fair Value	$ 33,981,600	$ 34,253,500

DEFERRED REVENUES (Details)

DEFERRED REVENUES (Details) - USD ($)	3 Months Ended	12 Months Ended
	May 31, 2023	Feb. 28, 2023
Insurance [Abstract]
Deferred Revenue, Additions	$ 970,500	$ 602,700

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($)	Jun. 06, 2023	Jun. 01, 2024	Jun. 07, 2023
Floating Rate Term Loan [Member]
SUBSEQUENT EVENTS (Details) [Line Items]
Debt Instrument, Face Amount	$ 21,000,000
Debt Instrument, Interest Rate, Effective Percentage	6.90%
Floating Rate Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
SUBSEQUENT EVENTS (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Fixed Rate Term Loan [Member]
SUBSEQUENT EVENTS (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.48%
Fixed Rate Term Loan [Member] | Swap Transaction [Member]
SUBSEQUENT EVENTS (Details) [Line Items]
Debt Instrument, Face Amount		$ 13,000,000	$ 18,000,000