Document And Entity Information
| Document And Entity Information - shares | 9 Months Ended | |
| Nov. 30, 2023 | Jan. 08, 2024 | |
| 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 | 8,571,088 | |
| Amendment Flag | false | |
| Entity Central Index Key | 0000031667 | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Document Period End Date | Nov. 30, 2023 | |
| Document Fiscal Year Focus | 2024 | |
| Document Fiscal Period Focus | Q3 | |
| 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, $.20 par value | |
| Security Exchange Name | NASDAQ | |
| Entity Interactive Data Current | Yes |
CONDENSED BALANCE SHEETS
| CONDENSED BALANCE SHEETS - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 3,141,000 | $ 689,100 |
| Restricted cash | 1,100,500 | 0 |
| Accounts receivable, less allowance for doubtful accounts of $144,300 (November 30) and $211,700 (February 28) | 1,845,000 | 2,906,700 |
| Inventories – net | 48,227,600 | 59,086,500 |
| Prepaid expenses and other assets | 711,700 | 869,300 |
| Assets held for sale | 18,281,100 | 0 |
| Total current assets | 73,306,900 | 63,551,600 |
| LONG-TERM INVENTORIES - net | 9,701,500 | 4,719,600 |
| PROPERTY, PLANT AND EQUIPMENT - net | 9,267,700 | 29,656,400 |
| DEFERRED INCOME TAX ASSET | 996,300 | 796,800 |
| OTHER ASSETS | 2,226,300 | 1,212,400 |
| TOTAL ASSETS | 95,498,700 | 99,936,800 |
| CURRENT LIABILITIES | ||
| Accounts payable | 5,135,100 | 3,863,900 |
| Line of credit | 4,998,100 | 10,634,500 |
| Deferred revenues | 2,094,300 | 602,700 |
| Current maturities of term debt | 1,800,000 | 34,894,900 |
| Accrued salaries and commissions | 1,286,100 | 828,200 |
| Income taxes payable | 961,700 | 0 |
| Other current liabilities | 3,888,700 | 3,294,000 |
| Total current liabilities | 20,164,000 | 54,118,200 |
| LONG-TERM DEBT – net | 27,079,400 | 0 |
| OTHER LONG-TERM LIABILITIES | 1,140,300 | 586,800 |
| Total liabilities | 48,383,700 | 54,705,000 |
| SHAREHOLDERS' EQUITY | ||
| Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 (November 30 and February 28) shares; Outstanding 8,571,088 (November 30) and 8,713,289 (February 28) shares | 2,540,400 | 2,540,400 |
| Capital in excess of par value | 13,464,100 | 13,193,400 |
| Retained earnings | 44,181,200 | 42,020,200 |
| Accumulated other comprehensive income | 15,400 | 0 |
| 60,201,100 | 57,754,000 | |
| Less treasury stock, at cost | (13,086,100) | (12,522,200) |
| Total shareholders' equity | 47,115,000 | 45,231,800 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 95,498,700 | $ 99,936,800 |
CONDENSED BALANCE SHEETS (Paren
| CONDENSED BALANCE SHEETS (Parentheticals) - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, allowance for doubtful accounts (in Dollars) | $ 144,300 | $ 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 | 8,571,088 | 8,713,289 |
CONDENSED STATEMENTS OF OPERATI
| CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| NET REVENUES | $ 16,944,800 | $ 30,269,400 | $ 42,061,800 | $ 72,848,700 |
| COST OF GOODS SOLD | 5,802,400 | 11,041,400 | 14,637,100 | 25,832,600 |
| Gross margin | 11,142,400 | 19,228,000 | 27,424,700 | 47,016,100 |
| OPERATING EXPENSES | ||||
| Operating and selling | 2,978,200 | 5,397,300 | 7,292,100 | 12,966,700 |
| Sales commissions | 5,585,000 | 8,982,300 | 13,305,100 | 21,489,800 |
| General and administrative | 3,520,300 | 4,635,700 | 10,683,900 | 13,037,500 |
| Total operating expenses | 12,083,500 | 19,015,300 | 31,281,100 | 47,494,000 |
| INTEREST EXPENSE | 726,200 | 600,600 | 2,202,900 | 1,516,900 |
| OTHER INCOME | (4,363,300) | (389,100) | (9,007,500) | (1,175,600) |
| EARNINGS (LOSS) BEFORE INCOME TAXES | 2,696,000 | 1,200 | 2,948,200 | (819,200) |
| INCOME TAX EXPENSE (BENEFIT) | 723,900 | 300 | 787,200 | (234,000) |
| NET EARNINGS (LOSS) | $ 1,972,100 | $ 900 | $ 2,161,000 | $ (585,200) |
| BASIC AND DILUTED EARNINGS (LOSS) PER SHARE | ||||
| Basic (in Dollars per share) | $ 0.24 | $ 0 | $ 0.26 | $ (0.07) |
| Diluted (in Dollars per share) | $ 0.24 | $ 0 | $ 0.26 | $ (0.07) |
| WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING | ||||
| Basic (in Shares) | 8,266,032 | 8,058,349 | 8,271,284 | 8,075,528 |
| Diluted (in Shares) | 8,266,032 | 8,249,069 | 8,277,491 | 8,075,528 |
| Dividends per share (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
| Gross Sales [Member] | ||||
| REVENUES | $ 25,036,600 | $ 42,050,900 | $ 60,996,000 | $ 101,158,700 |
| Discounts and Allowances [Member] | ||||
| Less discounts and allowances | (8,439,400) | (13,975,400) | (21,032,000) | (33,968,700) |
| Transportation Revenue [Member] | ||||
| REVENUES | $ 347,600 | $ 2,193,900 | $ 2,097,800 | $ 5,658,700 |
CONDENSED STATEMENTS OF COMPREH
| CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net earnings (loss) | $ 1,972,100 | $ 900 | $ 2,161,000 | $ (585,200) |
| Other comprehensive income: | ||||
| Unrealized gain on interest rate exchange agreement | 15,400 | 0 | 15,400 | 0 |
| Comprehensive income (loss) | $ 1,987,500 | $ 900 | $ 2,176,400 | $ (585,200) |
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] | AOCI Attributable to Parent [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 shares | $ 0 | |||||
| Forfeiture of restricted shares (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 | 12,547,200 | 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 (loss) | (585,200) | |||||
| Balance at Nov. 30, 2022 | $ 2,540,400 | 12,925,700 | 43,939,900 | $ (12,522,200) | 46,883,800 | |
| Balance (in Shares) at Nov. 30, 2022 | 12,702,080 | 3,988,791 | ||||
| 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 shares | $ 0 | |||||
| Forfeiture of restricted shares (in Shares) | 13,549 | |||||
| Share-based compensation expense - net | 119,700 | 119,700 | ||||
| Net earnings (loss) | (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 | ||||
| Issuance of restricted share awards for vesting (in Shares) | (28,000) | |||||
| Share-based compensation expense - net | 258,800 | 258,800 | ||||
| Net earnings (loss) | 900 | 900 | ||||
| Balance at Nov. 30, 2022 | $ 2,540,400 | 12,925,700 | 43,939,900 | $ (12,522,200) | 46,883,800 | |
| Balance (in Shares) at Nov. 30, 2022 | 12,702,080 | 3,988,791 | ||||
| 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 | ||||
| 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 | ||||
| Net earnings (loss) | 2,161,000 | |||||
| Balance at Nov. 30, 2023 | $ 2,540,400 | 13,464,100 | 44,181,200 | $ (13,086,100) | $ 15,400 | 47,115,000 |
| Balance (in Shares) at Nov. 30, 2023 | 12,702,080 | 4,130,992 | ||||
| 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 | ||||
| Forfeiture of restricted shares | $ 0 | |||||
| Forfeiture of restricted shares (in Shares) | 4,000 | |||||
| Share-based compensation expense - net | 79,600 | 79,600 | ||||
| Change in fair value of interest rate derivatives | 51,100 | 51,100 | ||||
| Net earnings (loss) | 1,061,700 | 1,061,700 | ||||
| Balance at Aug. 31, 2023 | $ 2,540,400 | 13,369,200 | 42,209,100 | $ (13,086,100) | 51,100 | 45,083,700 |
| Balance (in Shares) at Aug. 31, 2023 | 12,702,080 | 4,130,992 | ||||
| Share-based compensation expense - net | 94,900 | 94,900 | ||||
| Change in fair value of interest rate derivatives | (35,700) | (35,700) | ||||
| Net earnings (loss) | 1,972,100 | 1,972,100 | ||||
| Balance at Nov. 30, 2023 | $ 2,540,400 | $ 13,464,100 | $ 44,181,200 | $ (13,086,100) | $ 15,400 | $ 47,115,000 |
| Balance (in Shares) at Nov. 30, 2023 | 12,702,080 | 4,130,992 |
CONDENSED STATEMENTS OF CASH FL
| CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
| Nov. 30, 2023 | Nov. 30, 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net earnings (loss) | $ 2,161,000 | $ (585,200) |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,995,500 | 1,824,400 |
| Deferred income taxes | (199,500) | 558,400 |
| Provision for doubtful accounts | 19,800 | 0 |
| Provision for inventory valuation allowance | 9,300 | 393,000 |
| Share-based compensation expense – net | 270,700 | 640,100 |
| Net gain on sale of assets | (4,017,100) | 0 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 1,041,900 | (2,052,700) |
| Inventories – net | 5,867,700 | 8,950,500 |
| Prepaid expenses and other assets | 107,300 | 295,600 |
| Accounts payable | 1,271,200 | (8,483,300) |
| Accrued salaries and commissions and other liabilities | 637,700 | (524,800) |
| Deferred revenues | 1,491,600 | 728,300 |
| Income taxes payable/receivable | 961,700 | (1,040,600) |
| Total adjustments | 9,457,800 | 1,288,900 |
| Net cash provided by operating activities | 11,618,800 | 703,700 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of property, plant and equipment | (675,200) | (988,000) |
| Proceeds from sale of assets | 4,858,200 | 0 |
| Purchases of other assets | 0 | (257,200) |
| Net cash provided by (used in) investing activities | 4,183,000 | (1,245,200) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Payments on term debt | (6,049,100) | (25,450,100) |
| Payments on debt issue costs | 0 | (178,400) |
| Cash paid to acquire treasury stock | (563,900) | 0 |
| Proceeds from term debt | 0 | 36,000,000 |
| Sales of treasury stock | 0 | 63,400 |
| Net payments under line of credit | (5,636,400) | (8,729,000) |
| Dividends paid | 0 | (870,700) |
| Net cash provided by (used in) financing activities | (12,249,400) | 835,200 |
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,552,400 | 293,700 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD | 689,100 | 361,200 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD | 4,241,500 | 654,900 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION | ||
| Cash paid for interest - net | 2,216,400 | 1,345,900 |
| Cash paid for income taxes -net of refunds | $ 25,000 | $ 95,800 |
BASIS OF PRESENTATION AND SUMMA
| BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
| Nov. 30, 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. 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 of our audited financial statements as of and for the year ended February 28, 2023, included in our Form 10-K. Restricted Cash The Company considers cash to be restricted when withdrawal or general use is restricted. Assets Held for Sale The Company classifies long-lived assets, or disposal groups to be sold, as held for sale in the period in which all of the following criteria are met per Accounting Standards Codification (“ASC”) 360: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation of the asset and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in our condensed balance sheet. Refer to Note 3. Interest Rate Swap Agreement The interest rate swap agreement (“swap agreement”) is recognized on the balance sheet at its fair value. On the date the swap agreement is entered into, the Company designates the swap agreement as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge) if the applicable criteria are met. Changes in the fair value of the swap agreement are recorded in other comprehensive income until earnings are affected by the variability of cash flows. The Company formally documents all relationships between hedging instruments and hedged items as well as its risk-management objective and strategy for undertaking various hedged transactions. This process includes linking all cash-flow hedges to specific assets and liabilities on the balance sheet or forecasted transactions. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether they are highly effective in offsetting changes in cash flows of hedged items. When it is determined that the swap agreement is not highly effective or that it has ceased to be highly effective, the Company discontinues hedge accounting prospectively as discussed below. The Company discontinues hedge accounting prospectively when (a) it is determined that the swap agreement is no longer effective in offsetting changes in the cash flows of a hedged item (including forecasted transactions); (b) the swap agreement expires or is sold, terminated or exercised; (c) the swap agreement is de-designated as a hedge instrument because it is unlikely that a forecasted transaction will occur; or (d) management determines that designation as a hedge instrument is no longer appropriate. When hedge accounting is discontinued because it is probable that a forecasted transaction will not occur, the swap agreement will continue to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in other comprehensive income or loss will be recognized immediately in earnings. In all other situations in which hedge accounting is discontinued, the swap agreement will be carried at its fair value on the balance sheet with subsequent changes in its fair value recognized in current-period earnings. 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 the following new accounting standard updates (“ASU”) apply to us: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. |
CASH
| CASH | 9 Months Ended |
| Nov. 30, 2023 | |
| Cash and Cash Equivalents [Abstract] | |
| Cash and Cash Equivalents Disclosure [Text Block] | Note 2 The below table reconciles cash, cash equivalents and restricted cash as reported in the condensed balance sheets to the total of the same amounts shown in the condensed statements of cash flows: November 30, 2023 November 30, 2022 Cash and cash equivalents $ 3,141,000 $ 654,900 Restricted cash 1,100,500 - Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows $ 4,241,500 $ 654,900 The Company has historically contracted with Braintree Payment Services and PayPal, Inc. (together “PayPal”), third-party merchant service processors, to capture PayPal, Visa, Discover and Mastercard payments from customers. Approximately 90% of all payments received by the Company have been channeled through these processors. During the second quarter of fiscal 2024, PayPal, under the terms of our agreements, began to hold cash payments received from customers in reserve to offset any potential chargebacks. During the third quarter of fiscal 2024, the Company switched merchant services for Visa, Discover and Mastercard from Braintree to Nexio. This switch allowed a portion of the reserves to be released prior to November 30, 2023. The Company has classified the remaining cash held in reserves by PayPal as restricted cash. |
ASSETS HELD FOR SALE
| ASSETS HELD FOR SALE | 9 Months Ended |
| Nov. 30, 2023 | |
| Assets Held For Sale Abstract | |
| Assets Held For Sale [Text Block] | Note 3 During the second quarter of fiscal 2024, the Company executed the Third Amendment to the existing Credit Agreement with BOKF, NA. This amendment required the Company to list its real estate property located at 10302 East 55 th Also, during the third quarter of fiscal 2024, the Company listed its real estate property located at 5404 S. 122nd East Ave, Tulsa, Oklahoma 74146 for sale. This property, consisting of approximately 402,000 square feet of office and warehouse space on 35-acres (the “Hilti Complex”), along with 17-acres of adjacent undeveloped land, was appraised in July, 2023 with a market value of $41,970,000. The Company ceased recording depreciation on the assets upon meeting the held for sale criteria at the end of the third quarter of fiscal 2024. The Company records assets held for sale at the lower of their carrying value or fair value less costs to sell. As of November 30, 2023, the total carrying value of assets held for sale was $18,281,100 and is separately recorded on the condensed balance sheets. The net cash received from the sale will be applied to the Term Loans outstanding in the Credit Agreement with the Company’s bank. |
INVENTORIES
| INVENTORIES | 9 Months Ended |
| Nov. 30, 2023 | |
| Inventory Disclosure [Abstract] | |
| Inventory Disclosure [Text Block] | Note 4 Inventories consist of the following: November 30, 2023 February 28, 2023 Current: Product inventory $ 48,571,000 $ 59,577,400 Inventory valuation allowance (343,400 ) (490,900 ) Inventories net – current $ 48,227,600 $ 59,086,500 Noncurrent: Product inventory $ 10,225,100 $ 5,135,200 Inventory valuation allowance (523,600 ) (415,600 ) Inventories net – noncurrent $ 9,701,500 $ 4,719,600 Inventory in transit totaled $405,400 and $850,100 at November 30, 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 | 9 Months Ended |
| Nov. 30, 2023 | |
| Disclosure Text Block [Abstract] | |
| Lessor, Operating Leases [Text Block] | Note 5 We have both lessee and lessor arrangements. Our lessee arrangements include five rental agreements where we have the exclusive use of dedicated office space in San Diego, California, warehouse and office space in Layton, Utah, office space in Seattle, Washington, and two locations of warehouse space locally in Tulsa, Oklahoma, 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. Certain leased properties include areas which are subleased to other tenants. As part of our lease agreements (“master lease”), we recognize the entire lease liability and right-of-use asset associated with the leased property. 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. November 30, 2023 February 28, 2023 Operating lease assets: Right-of-use assets $ 1,792,100 $ 823,600 Operating lease liabilities: Current lease liabilities $ 762,800 $ 347,800 Long-term lease liabilities $ 1,029,300 $ 475,800 Weighted-average remaining lease term (months) 28.8 36.3 Weighted-average discount rate 4.34 % 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 condensed statements of operations. Variable and short-term rental payments are recognized as costs and expensed as they are incurred. Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Fixed lease costs $ 152,000 $ 23,200 $ 363,600 $ 73,500 Future minimum rental payments under operating leases with initial terms greater than one year as of November 30, 2023, are as follows: Years ending February 28 (29), 2024 $ 200,400 2025 735,800 2026 600,200 2027 397,300 Total future minimum rental payments 1,933,700 Less: imputed interest (141,600 ) Total operating lease liabilities $ 1,792,100 The following table provides further information about our operating leases reported in our condensed financial statements: Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Operating cash outflows – operating leases $ 152,000 $ 23,200 $ 363,600 $ 73,500 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 $ 398,000 2025 1,547,100 2026 1,524,300 2027 1,554,800 2028 1,585,900 Thereafter 4,950,400 Total $ 11,560,500 The cost of the leased space was $10,637,900 at November 30, 2023 and February 28, 2023. The accumulated depreciation associated with the leased assets was $3,098,400 and $2,853,200 as of November 30, 2023, and February 28, 2023, respectively. The leased assets, net of accumulated depreciation, are included in assets held for sale on the condensed balance sheets. |
DEBT
| DEBT | 9 Months Ended |
| Nov. 30, 2023 | |
| Debt Disclosure [Abstract] | |
| Debt Disclosure [Text Block] | Note 6 November 30, 2023 February 28, 2023 Line of credit $ 4,998,100 $ 10,634,500 Floating rate term loan $ 17,562,500 $ 20,475,000 Fixed rate term loan 11,488,400 14,625,000 Total long-term debt 29,050,900 35,100,000 Less current maturities (1,800,000 ) (34,894,900 ) Less debt issue cost (171,500 ) (205,100 ) Long-term debt, net $ 27,079,400 $ - 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 agreement 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. 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 the Lender, 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 30, 2025, while continuing to mirror a portion of the amortizing balance of the Floating Rate Term Loan. Under the terms of this agreement, the Company, in effect, has exchanged the floating interest rate of 30-Day Term SOFR Rate at the trade date of June 5, 2023, to a fixed rate of 4.73% on the amortizing balance of the Swap Transaction. The Swap Transaction commenced on June 7, 2023, with a termination date of May 30, 2025. On August 9, 2023, the Company executed the Third Amendment along with a Revised Credit Agreement (“Revised Loan Agreement”) with the Lender. This amendment extended the Revolving Loan maturity date to January 31, 2024 and introduced a stepdown to the Revolving Commitment from $13,500,000, through August 30, 2023; to $10,500,000 through October 30, 2023; to $9,000,000 through November 29, 2023; to $5,000,000 through December 30, 2023; to $4,500,000 through January 30, 2024; and to $4,000,000 on January 31, 2024. The amendment restricts the Company from entering into any new purchase orders and use its best efforts to cancel existing purchase orders. It also requires the Company to list its real estate property located at 10302 East 55th Place, Tulsa, Oklahoma, for sale with a licensed commercial real estate broker satisfactory to the Lender on or before August 18, 2023, among other items. Contingent upon the occurrence of an Event of Default in the agreement, the Company shall within 15 days list its real estate property for sale located at 5402 South 122nd Ave., Tulsa, Oklahoma (“Hilti Complex), with a licensed commercial real estate broker satisfactory to the Lender. The Third Amendment also increased the borrowing rate on the Revolving Loan to 30-Day Term SOFR Rate + 4.50%, or 9.82% at November 30, 2023. The Revised Loan Agreement was updated for the changes in the Third Amendment as well as removed the fixed charge ratio and the ability for borrowings to be accelerated before the January 31, 2024 Revolving Loan maturity date. On December 21, 2023, subsequent to quarter end, the Company executed the Fourth Amendment to the Revised Loan Agreement. See Note 17 for further details. Available credit under the current $5,000,000 revolving line of credit with the Lender was approximately $1,900 at November 30, 2023. Features of the Revised Loan Agreement at November 30, 2023 include: (i) Two Term Loans on 20-year amortization with 5-year maturity date of August 9, 2027 (ii) $15 Million Fixed Rate Term Loan bears interest at a fixed rate per annum equal to 4.26% (iii) $21 Million Floating Rate Term Loan bears interest at a rate per annum equal to Term SOFR Rate + 1.75% (effective rate was 7.08% at November 30, 2023) (iv) Stepdown Revolving Loan with maturity date of January 31, 2024. The Revolving Loan bears interest at a rate per annum equal to Term SOFR Rate + 4.50% (effective rate was 9.83% at November 30, 2023) (v) Revolving Loan allows for Letters of Credit upon bank approval (none were outstanding at November 30, 2023) Prior to the Third Amendment, executed on August 9, 2023, the Loan Agreement contained provisions that required the Company to maintain a minimum fixed charge ratio. 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 was not required to measure the fixed charge ratio as of May 31, 2023. Concurrent with the execution of the Third Amendment to the Loan Agreement, the Loan Agreement was modified to incorporate the changes outlined in the Third Amendment and the fixed charge ratio covenant was removed, as well as the Lender’s right to accelerate the maturities of the Fixed Rate Term Loan and Floating Rate Term Loan due to the fixed charge ratio covenant. The short-term duration of the Revolving Loan, among other items raise substantial doubt over the Company's ability to continue as a going concern. Management has plans to sell the Hilti Complex and pay off the Term Loans and Revolving Loan. The proceeds from the sale of the property are expected to generate sufficient cashflows to allow the Company to continue operations without borrowing funds from their bank. In addition, management’s plans include reducing inventory which will generate free cashflows and building the active number of PaperPie brand partners to pre-pandemic levels. The following table reflects aggregate future scheduled maturities of long-term debt during the next five fiscal years as follows: Years ending February 28 (29), 2024 $ 450,000 2025 1,800,000 2026 1,800,000 2027 1,800,000 2028 23,200,900 Total $ 29,050,900 |
OTHER INCOME
| OTHER INCOME | 9 Months Ended |
| Nov. 30, 2023 | |
| Other Income and Expenses [Abstract] | |
| Other Income and Other Expense Disclosure [Text Block] | Note 7 A summary of other income (loss) is show below: Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Federal tax credits realized $ - $ - $ 3,808,700 $ - Gain from sale of assets 3,970,600 - 4,017,100 - Rental income 386,000 389,100 1,158,000 1,158,000 Other 6,700 - 23,700 17,600 Total other income $ 4,363,300 $ 389,100 $ 9,007,500 $ 1,175,600 As a response to the COVID-19 outbreak, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which contained a number of programs to assist workers, families and businesses. Part of the CARES Act provides an Employee Retention Credit (“ERC”) which is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid, up to $10,000 per employee annually, from March 12, 2020 through January 1, 2021. Additional relief provisions were passed by the U.S. government, which extended and expanded the qualified wage caps on these credits to 70% of qualified wages paid, up to $10,000 per employee per quarter, through September 30, 2021. Due to the subjectivity of the credit, the Company elected to account for the ERC as a gain analogizing to ASC 450-30, Gain Contingencies. During the quarter ended August 31, 2023, the Department of Treasury notified the Company of ERC credits awarded under the CARES Act for the first three quarters of calendar 2021. During August 2023, the Company received three refund payments resulting from amended 2021 Q1, Q2 and Q3 941-X returns that were filed. As a result of receiving these refund payments, the Company is required to file amended fiscal 2021 and 2022 corporate income tax returns reducing the wages expense deduction associated with the credit received. The Company has recognized estimated federal and state tax liabilities associated with these amended returns of approximately $1,041,600 as of November 30, 2023, which are included in income taxes payable on the condensed balance sheets. |
BUSINESS CONCENTRATION
| BUSINESS CONCENTRATION | 9 Months Ended |
| Nov. 30, 2023 | |
| Risks and Uncertainties [Abstract] | |
| Concentration Risk Disclosure [Text Block] | Note 8 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 November 30, 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 into the first quarter of fiscal 2024 at which time the Company discontinued sales of Usborne products to its retail customers. The following table summarizes Usborne product gross sales by division and inventory purchases by product type: Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Gross sales of Usborne products by division: PaperPie division $ 11,016,100 $ 20,823,700 $ 25,606,300 $ 48,078,300 % of total PaperPie gross sales 49.4 % 65.2 % 49.6 % 62.4 % Publishing division - 9,046,000 2,740,000 20,711,200 % of total Publishing gross sales 0.0 % 89.3 % 29.2 % 86.0 % Total gross sales of Usborne products $ 11,016,100 $ 29,869,700 $ 28,346,300 $ 68,789,500 Purchases received by product type: Usborne $ - $ 4,782,200 $ 1,560,700 $ 9,565,700 % of total purchases received 0.0 % 71.0 % 20.1 % 60.2 % All other product types 1,713,700 1,955,900 6,191,700 6,314,100 % of total purchases received 100.0 % 29.0 % 79.9 % 39.8 % Total purchases received $ 1,713,700 $ 6,738,100 $ 7,752,400 $ 15,879,800 Total Usborne inventory owned by the Company and included in our condensed balance sheets was $30,475,500 and $35,363,500 as of November 30, 2023 and February 28, 2023, respectively. |
EARNINGS (LOSS) PER SHARE
| EARNINGS (LOSS) PER SHARE | 9 Months Ended |
| Nov. 30, 2023 | |
| Earnings Per Share [Abstract] | |
| Earnings Per Share [Text Block] | Note 9 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 November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Earnings (loss): Net earnings (loss) applicable to common shareholders $ 1,972,100 $ 900 $ 2,161,000 $ (585,200 ) Weighted average shares: Weighted average shares outstanding-basic 8,266,032 8,058,349 8,271,284 8,075,528 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 190,720 6,207 - Weighted average shares outstanding-diluted 8,266,032 8,249,069 8,277,491 8,075,528 Earnings (loss) per share: Basic $ 0.24 $ 0.00 $ 0.26 $ (0.07 ) Diluted $ 0.24 $ 0.00 $ 0.26 $ (0.07 ) 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 November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - - - 280,852 |
COMMITMENT AND CONTINGENCIES
| COMMITMENT AND CONTINGENCIES | 9 Months Ended |
| Nov. 30, 2023 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies Disclosure [Text Block] | Note 10 During the second quarter the Company received a property tax assessment notice on our inventory balance at December 31, 2022 from Tulsa County totaling approximately $917,700. The Company appealed the assessment, requesting a reduction of the property tax assessment on inventory to approximately $175,500. On July 5, 2023, the Company met with the Tulsa County Board of Equalization (“Board”) and presented the appeal, which was granted by the Board. Subsequent to the Board’s decision, the Tulsa County Assessor appealed the Board’s decision by filing a case with the Oklahoma Court of Tax Review. The Company has accrued the property taxes associated with the Board’s decision of approximately $175,500 but awaits the final decision from the Oklahoma Court of Tax Review. Should the Court of Tax Review rule against the Board’s decision, the Company expects to further escalate the appeal to the Oklahoma Supreme Court. |
SHARE-BASED COMPENSATION
| SHARE-BASED COMPENSATION | 9 Months Ended |
| Nov. 30, 2023 | |
| Share-Based Payment Arrangement, Disclosure [Abstract] | |
| Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Note 11 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. 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. These 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. During the second quarter of fiscal 2024, 4,000 restricted shares were forfeited. These forfeitures are available for reissue to remaining participants under the 2019 LTI Plan. The remaining unrecognized compensation expense of these awards, totaling approximately $474,500 as of November 30, 2023, will be recognized ratably over the remaining vesting period of 15 months. A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Share-based compensation expense $ 96,200 $ 258,800 $ 288,500 $ 782,000 Less reduction of expense for forfeitures (1,300 ) - (17,800 ) (141,900 ) Share-based compensation expense - net $ 94,900 $ 258,800 $ 270,700 $ 640,100 The following table summarizes stock award activity during the first nine months of fiscal year 2023 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2023 297,000 $ 6.04 Granted - - Vested - - Forfeited (4,000 ) 6.04 Outstanding at November 30, 2023 293,000 $ 6.04 |
SHIPPING AND HANDLING COSTS
| SHIPPING AND HANDLING COSTS | 9 Months Ended |
| Nov. 30, 2023 | |
| Other Income and Expenses [Abstract] | |
| Other Operating Income and Expense [Text Block] | Note 12 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 $2,152,700 and $4,506,500 for the three months ended November 30, 2023 and 2022, respectively. These costs were $5,505,000 and $11,192,800 for the nine months ended November 30, 2023 and 2022, respectively. |
BUSINESS SEGMENTS
| BUSINESS SEGMENTS | 9 Months Ended |
| Nov. 30, 2023 | |
| Segment Reporting [Abstract] | |
| Segment Reporting Disclosure [Text Block] | Note 13 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 8 for the impact of our updated Usborne 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, other income 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 nine-month periods ended November 30, 2023 and 2022, are as follows: NET REVENUES Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 PaperPie $ 15,698,300 $ 25,452,700 $ 37,615,500 $ 61,401,700 Publishing 1,246,500 4,816,700 4,446,300 11,447,000 Total $ 16,944,800 $ 30,269,400 $ 42,061,800 $ 72,848,700 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 PaperPie $ 1,610,700 $ 3,019,800 $ 3,633,600 $ 8,049,100 Publishing 341,200 1,239,300 1,237,800 2,805,000 Other 744,100 (4,257,900 ) (1,923,200 ) (11,673,300 ) Total $ 2,696,000 $ 1,200 $ 2,948,200 $ (819,200 ) |
INTEREST RATE SWAP AGREEMENT
| INTEREST RATE SWAP AGREEMENT | 9 Months Ended |
| Nov. 30, 2023 | |
| Disclosure Text Block [Abstract] | |
| Derivatives and Fair Value [Text Block] | Note 14 The Company maintains an interest-rate risk-management strategy that uses interest-rate swap instruments to minimize significant, unanticipated earnings fluctuations caused by interest-rate volatility. The Company's specific goal is to lower the cost of its borrowed funds, when possible. On June 5, 2023, the Company entered into a receive-variable (based on 30-Day SOFR)/pay-fixed interest-rate swap agreement related to $18,000,000 of our $21,000,000 Floating Rate Term Loan. This swap is utilized to manage interest-rate exposure over the period of the interest-rate swap and is designated as a highly effective cash-flow hedge. The differential to be paid or received on the swap agreement is accrued as interest rates change and is recognized in interest expense over the life of the agreement. The swap agreement offsets a corresponding portion of the amortizing $21,000,000 Floating Rate Term Loan, expires on May 30, 2025, and has effectively fixed the interest rate on the offsetting, outstanding balance of the $21,000,000 Floating Rate Term Loan at 6.48%. The notional amount of the swap and the offsetting, outstanding portion of the term loan were $17,562,500 on November 30, 2023. The interest-rate swap contains no credit-risk–related contingent features and is cross-collateralized by all assets of the Company. The effective portion of the unrealized gain or loss on this interest-rate swap is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the interest rate swap representing amounts excluded from the assessment of hedge effectiveness are recognized in current earnings. The fair value of the interest rate swap is included in the following caption on the condensed balance sheets as follows: November 30, 2023 February 28, 2023 Prepaid expenses and other assets $ 15,400 $ - There was no portion of unrealized gain that was excluded from the assessment of hedge effectiveness. |
FINANCIAL INSTRUMENTS
| FINANCIAL INSTRUMENTS | 9 Months Ended |
| Nov. 30, 2023 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Disclosures [Text Block] | Note 15 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 assets held for sale was $40,019,200 as of November 30, 2023. The Company did not have any assets held for sale as of February 28, 2023. Management's estimates are based on the appraised market value and listing price of the Hilti Complex and land, less the estimated costs to sell. - The estimated fair value of our term notes payable is estimated by management to approximate $28,524,300 and $34,253,500 as of November 30, 2023, and February 28, 2023, respectively. Management's estimates are based on the obligations' characteristics, including floating interest rate, maturity, and collateral. - The fair value of the Company’s interest rate swap is based on Level 2 inputs, including the present value of estimated future cash flows based on market expectations of the yield curve on variable interest rates. |
DEFERRED REVENUES
| DEFERRED REVENUES | 9 Months Ended |
| Nov. 30, 2023 | |
| Insurance [Abstract] | |
| Deferred Revenue Disclosure [Text Block] | Note 16 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 November 30, 2023, or February 28, 2023 are recorded as deferred revenues on the condensed balance sheets. We received approximately $2,094,300 and $602,700 as of November 30, 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 | 9 Months Ended |
| Nov. 30, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] | Note 17 Subsequent to November 30, 2023, the Company executed the Fourth Amendment to the Credit Agreement (“Amendment”) with the Lender. The Amendment, effective December 1, 2023, increases the Revolving Loan commitment to $8,000,000 and extends the maturity date to May 31, 2024. The Amendment also requires the Company to list the Hilti Complex for sale, allows the Company to execute additional purchase orders, subject to the lenders approval, not to exceed $2,100,000 between December 1, 2023 and March 31, 2024, among other items. |
Accounting Policies, by Policy
| Accounting Policies, by Policy (Policies) | 9 Months Ended |
| Nov. 30, 2023 | |
| Accounting Policies [Abstract] | |
| Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
| 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. |
| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash The Company considers cash to be restricted when withdrawal or general use is restricted. |
| Assets Held for Sale [Policy Text Block] | Assets Held for Sale The Company classifies long-lived assets, or disposal groups to be sold, as held for sale in the period in which all of the following criteria are met per Accounting Standards Codification (“ASC”) 360: (1) management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; (2) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated; (4) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset or disposal group beyond one year; (5) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation of the asset and reports long-lived assets and/or the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale, respectively, in our condensed balance sheet. Refer to Note 3. |
| Derivatives, Policy [Policy Text Block] | Interest Rate Swap Agreement The interest rate swap agreement (“swap agreement”) is recognized on the balance sheet at its fair value. On the date the swap agreement is entered into, the Company designates the swap agreement as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge) if the applicable criteria are met. Changes in the fair value of the swap agreement are recorded in other comprehensive income until earnings are affected by the variability of cash flows. The Company formally documents all relationships between hedging instruments and hedged items as well as its risk-management objective and strategy for undertaking various hedged transactions. This process includes linking all cash-flow hedges to specific assets and liabilities on the balance sheet or forecasted transactions. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether they are highly effective in offsetting changes in cash flows of hedged items. When it is determined that the swap agreement is not highly effective or that it has ceased to be highly effective, the Company discontinues hedge accounting prospectively as discussed below. The Company discontinues hedge accounting prospectively when (a) it is determined that the swap agreement is no longer effective in offsetting changes in the cash flows of a hedged item (including forecasted transactions); (b) the swap agreement expires or is sold, terminated or exercised; (c) the swap agreement is de-designated as a hedge instrument because it is unlikely that a forecasted transaction will occur; or (d) management determines that designation as a hedge instrument is no longer appropriate. When hedge accounting is discontinued because it is probable that a forecasted transaction will not occur, the swap agreement will continue to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in other comprehensive income or loss will be recognized immediately in earnings. In all other situations in which hedge accounting is discontinued, the swap agreement will be carried at its fair value on the balance sheet with subsequent changes in its fair value recognized in current-period earnings. |
| 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 the following new accounting standard updates (“ASU”) apply to us: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. |
CASH (Tables)
| CASH (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Cash and Cash Equivalents [Abstract] | |
| Schedule of Cash and Cash Equivalents [Table Text Block] | The below table reconciles cash, cash equivalents and restricted cash as reported in the condensed balance sheets to the total of the same amounts shown in the condensed statements of cash flows: November 30, 2023 November 30, 2022 Cash and cash equivalents $ 3,141,000 $ 654,900 Restricted cash 1,100,500 - Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows $ 4,241,500 $ 654,900 |
INVENTORIES (Tables)
| INVENTORIES (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Inventory Disclosure [Abstract] | |
| Schedule of Inventory [Table Text Block] | Inventories consist of the following: November 30, 2023 February 28, 2023 Current: Product inventory $ 48,571,000 $ 59,577,400 Inventory valuation allowance (343,400 ) (490,900 ) Inventories net – current $ 48,227,600 $ 59,086,500 Noncurrent: Product inventory $ 10,225,100 $ 5,135,200 Inventory valuation allowance (523,600 ) (415,600 ) Inventories net – noncurrent $ 9,701,500 $ 4,719,600 |
LEASES (Tables)
| LEASES (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Disclosure Text Block [Abstract] | |
| Lease, Cost [Table Text Block] | November 30, 2023 February 28, 2023 Operating lease assets: Right-of-use assets $ 1,792,100 $ 823,600 Operating lease liabilities: Current lease liabilities $ 762,800 $ 347,800 Long-term lease liabilities $ 1,029,300 $ 475,800 Weighted-average remaining lease term (months) 28.8 36.3 Weighted-average discount rate 4.34 % 4.01 % Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Fixed lease costs $ 152,000 $ 23,200 $ 363,600 $ 73,500 Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Operating cash outflows – operating leases $ 152,000 $ 23,200 $ 363,600 $ 73,500 |
| 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 November 30, 2023, are as follows: Years ending February 28 (29), 2024 $ 200,400 2025 735,800 2026 600,200 2027 397,300 Total future minimum rental payments 1,933,700 Less: imputed interest (141,600 ) Total operating lease liabilities $ 1,792,100 |
| 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 $ 398,000 2025 1,547,100 2026 1,524,300 2027 1,554,800 2028 1,585,900 Thereafter 4,950,400 Total $ 11,560,500 |
DEBT (Tables)
| DEBT (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Debt Disclosure [Abstract] | |
| Schedule of Debt [Table Text Block] | November 30, 2023 February 28, 2023 Line of credit $ 4,998,100 $ 10,634,500 Floating rate term loan $ 17,562,500 $ 20,475,000 Fixed rate term loan 11,488,400 14,625,000 Total long-term debt 29,050,900 35,100,000 Less current maturities (1,800,000 ) (34,894,900 ) Less debt issue cost (171,500 ) (205,100 ) Long-term debt, net $ 27,079,400 $ - |
| 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 as follows: Years ending February 28 (29), 2024 $ 450,000 2025 1,800,000 2026 1,800,000 2027 1,800,000 2028 23,200,900 Total $ 29,050,900 |
OTHER INCOME (Tables)
| OTHER INCOME (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Other Income and Expenses [Abstract] | |
| Schedule of Other Nonoperating Income (Expense) [Table Text Block] | A summary of other income (loss) is show below: Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Federal tax credits realized $ - $ - $ 3,808,700 $ - Gain from sale of assets 3,970,600 - 4,017,100 - Rental income 386,000 389,100 1,158,000 1,158,000 Other 6,700 - 23,700 17,600 Total other income $ 4,363,300 $ 389,100 $ 9,007,500 $ 1,175,600 |
BUSINESS CONCENTRATION (Tables)
| BUSINESS CONCENTRATION (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Risks and Uncertainties [Abstract] | |
| Schedule of Usborne product gross sales by division and inventory purchases by product type [Table Text Block] | The following table summarizes Usborne product gross sales by division and inventory purchases by product type: Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Gross sales of Usborne products by division: PaperPie division $ 11,016,100 $ 20,823,700 $ 25,606,300 $ 48,078,300 % of total PaperPie gross sales 49.4 % 65.2 % 49.6 % 62.4 % Publishing division - 9,046,000 2,740,000 20,711,200 % of total Publishing gross sales 0.0 % 89.3 % 29.2 % 86.0 % Total gross sales of Usborne products $ 11,016,100 $ 29,869,700 $ 28,346,300 $ 68,789,500 Purchases received by product type: Usborne $ - $ 4,782,200 $ 1,560,700 $ 9,565,700 % of total purchases received 0.0 % 71.0 % 20.1 % 60.2 % All other product types 1,713,700 1,955,900 6,191,700 6,314,100 % of total purchases received 100.0 % 29.0 % 79.9 % 39.8 % Total purchases received $ 1,713,700 $ 6,738,100 $ 7,752,400 $ 15,879,800 |
EARNINGS (LOSS) PER SHARE (Tabl
| EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended |
| Nov. 30, 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 November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Earnings (loss): Net earnings (loss) applicable to common shareholders $ 1,972,100 $ 900 $ 2,161,000 $ (585,200 ) Weighted average shares: Weighted average shares outstanding-basic 8,266,032 8,058,349 8,271,284 8,075,528 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - 190,720 6,207 - Weighted average shares outstanding-diluted 8,266,032 8,249,069 8,277,491 8,075,528 Earnings (loss) per share: Basic $ 0.24 $ 0.00 $ 0.26 $ (0.07 ) Diluted $ 0.24 $ 0.00 $ 0.26 $ (0.07 ) |
| 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 November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - - - 280,852 |
SHARE-BASED COMPENSATION (Table
| SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
| Nov. 30, 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 November 30, Nine Months Ended November 30, 2023 2022 2023 2022 Share-based compensation expense $ 96,200 $ 258,800 $ 288,500 $ 782,000 Less reduction of expense for forfeitures (1,300 ) - (17,800 ) (141,900 ) Share-based compensation expense - net $ 94,900 $ 258,800 $ 270,700 $ 640,100 |
| Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes stock award activity during the first nine months of fiscal year 2023 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 28, 2023 297,000 $ 6.04 Granted - - Vested - - Forfeited (4,000 ) 6.04 Outstanding at November 30, 2023 293,000 $ 6.04 |
BUSINESS SEGMENTS (Tables)
| BUSINESS SEGMENTS (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Segment Reporting [Abstract] | |
| Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information by reporting segment for the three and nine-month periods ended November 30, 2023 and 2022, are as follows: NET REVENUES Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 PaperPie $ 15,698,300 $ 25,452,700 $ 37,615,500 $ 61,401,700 Publishing 1,246,500 4,816,700 4,446,300 11,447,000 Total $ 16,944,800 $ 30,269,400 $ 42,061,800 $ 72,848,700 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended November 30, Nine Months Ended November 30, 2023 2022 2023 2022 PaperPie $ 1,610,700 $ 3,019,800 $ 3,633,600 $ 8,049,100 Publishing 341,200 1,239,300 1,237,800 2,805,000 Other 744,100 (4,257,900 ) (1,923,200 ) (11,673,300 ) Total $ 2,696,000 $ 1,200 $ 2,948,200 $ (819,200 ) |
INTEREST RATE SWAP AGREEMENT (T
| INTEREST RATE SWAP AGREEMENT (Tables) | 9 Months Ended |
| Nov. 30, 2023 | |
| Disclosure Text Block [Abstract] | |
| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The fair value of the interest rate swap is included in the following caption on the condensed balance sheets as follows: November 30, 2023 February 28, 2023 Prepaid expenses and other assets $ 15,400 $ - |
CASH (Details) - Schedule of Ca
| CASH (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | Feb. 28, 2022 |
| Schedule Of Cash And Cash Equivalents Abstract | ||||
| Cash and cash equivalents | $ 3,141,000 | $ 689,100 | $ 654,900 | |
| Restricted cash | 1,100,500 | 0 | ||
| Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows | $ 4,241,500 | $ 689,100 | $ 654,900 | $ 361,200 |
ASSETS HELD FOR SALE (Details)
| ASSETS HELD FOR SALE (Details) | 3 Months Ended | |
| Nov. 30, 2023 USD ($) m² | Feb. 28, 2023 USD ($) | |
| ASSETS HELD FOR SALE (Details) [Line Items] | ||
| Proceeds from Sale, Property, Held-for-Sale | $ 5,100,000 | |
| Gain (Loss) on Disposition of Property Plant Equipment | $ 4,017,000 | |
| Lessee, Operating Lease, Remaining Lease Term | 36 months | |
| Area of Real Estate Property (in Square Meters) | m² | 402,000 | |
| Area of Land (in Square Meters) | m² | 35 | |
| Asset, Held-for-Sale, Not Part of Disposal Group, Current | $ 18,281,100 | $ 0 |
| Measurement Input, Appraised Value [Member] | ||
| ASSETS HELD FOR SALE (Details) [Line Items] | ||
| Real Estate Investment Property, at Cost | $ 41,970,000 | |
| Undeveloped Land [Member] | ||
| ASSETS HELD FOR SALE (Details) [Line Items] | ||
| Area of Land (in Square Meters) | m² | 17 |
INVENTORIES (Details)
| INVENTORIES (Details) - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| Inventory Disclosure [Abstract] | ||
| Other Inventory, in Transit, Gross | $ 405,400 | $ 850,100 |
INVENTORIES (Details) - Schedu
| INVENTORIES (Details) - Schedule of Inventory - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| Inventory Current [Member] | ||
| Current: | ||
| Book inventory | $ 48,571,000 | $ 59,577,400 |
| Inventory valuation allowance | (343,400) | (490,900) |
| Inventories net | 48,227,600 | 59,086,500 |
| Inventory, Noncurrent [Member] | ||
| Current: | ||
| Book inventory | 10,225,100 | 5,135,200 |
| Inventory valuation allowance | (523,600) | (415,600) |
| Inventories net | $ 9,701,500 | $ 4,719,600 |
LEASES (Details)
| LEASES (Details) - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| Disclosure Text Block [Abstract] | ||
| 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 | $ 3,098,400 | $ 2,853,200 |
LEASES (Details) - Lease, Cost
| LEASES (Details) - Lease, Cost - USD ($) | 3 Months Ended | 9 Months Ended | |||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | Feb. 28, 2023 | |
| Operating lease assets: | |||||
| Right-of-use assets | $ 1,792,100 | $ 1,792,100 | $ 823,600 | ||
| Operating lease liabilities: | |||||
| Current lease liabilities | 762,800 | 762,800 | 347,800 | ||
| Long-term lease liabilities | $ 1,029,300 | $ 1,029,300 | $ 475,800 | ||
| Weighted-average remaining lease term (months) | 28 months 24 days | 28 months 24 days | 36 months 9 days | ||
| Weighted-average discount rate | 4.34% | 4.34% | 4.01% | ||
| Fixed lease costs | $ 152,000 | $ 23,200 | $ 363,600 | $ 73,500 | |
| Operating cash flows – operating leases | $ 152,000 | $ 23,200 | $ 363,600 | $ 73,500 | |
LEASES (Details) - Lessee, Oper
| LEASES (Details) - Lessee, Operating Lease, Liability, to be Paid, Maturity | Nov. 30, 2023 USD ($) |
| Lessee Operating Lease Liability To Be Paid Maturity Abstract | |
| 2024 | $ 200,400 |
| 2025 | 735,800 |
| 2026 | 600,200 |
| 2027 | 397,300 |
| Total future minimum rental payments | 1,933,700 |
| Less: imputed interest | (141,600) |
| Total operating lease liabilities | $ 1,792,100 |
LEASES (Details) - Lessor, Oper
| LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Maturity | Nov. 30, 2023 USD ($) |
| Lessor Operating Lease Payment To Be Received Maturity Abstract | |
| 2024 | $ 398,000 |
| 2025 | 1,547,100 |
| 2026 | 1,524,300 |
| 2027 | 1,554,800 |
| 2028 | 1,585,900 |
| Thereafter | 4,950,400 |
| Total | $ 11,560,500 |
DEBT (Details)
| DEBT (Details) - USD ($) | 9 Months Ended | |||||||||||||||
| Aug. 09, 2023 | Jun. 06, 2023 | Jun. 05, 2023 | May 10, 2023 | Nov. 30, 2023 | May 30, 2025 | May 31, 2024 | Jan. 31, 2024 | Jan. 30, 2024 | Dec. 30, 2023 | Nov. 29, 2023 | Oct. 30, 2023 | Aug. 30, 2023 | Jul. 15, 2023 | Feb. 28, 2023 | Aug. 09, 2022 | |
| DEBT (Details) [Line Items] | ||||||||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 14,000,000 | $ 13,500,000 | ||||||||||||||
| Derivative, Notional Amount | $ 17,562,500 | |||||||||||||||
| Debt Instrument, Interest Rate, Effective Percentage | 7.08% | |||||||||||||||
| Line of Credit Facility, Maximum Month-end Outstanding Amount | $ 5,000,000 | |||||||||||||||
| Line of Credit Facility, Current Borrowing Capacity | 1,900 | |||||||||||||||
| Debt Instrument, Maturity Date | Aug. 09, 2027 | |||||||||||||||
| Long-Term Debt | 29,050,900 | $ 35,100,000 | ||||||||||||||
| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.73% | |||||||||||||||
| Subsequent Event [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Derivative, Notional Amount | $ 13,000,000 | $ 18,000,000 | ||||||||||||||
| Fixed Rate Term Loan [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.26% | |||||||||||||||
| Long-Term Debt | $ 15,000,000 | 11,488,400 | 14,625,000 | |||||||||||||
| Floating Rate Term Loan [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Debt Instrument, Face Amount | $ 21,000,000 | 21,000,000 | ||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 6.48% | |||||||||||||||
| Debt Conversion, Original Debt, Amount | $ 21,000,000 | |||||||||||||||
| Debt Instrument, Maturity Date | May 30, 2025 | |||||||||||||||
| Long-Term Debt | $ 21,000,000 | $ 17,562,500 | $ 20,475,000 | |||||||||||||
| 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 | 9.82% | |||||||||||||||
| Stepdown Revolving Loan [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Debt Instrument, Interest Rate, Effective Percentage | 9.83% | |||||||||||||||
| Debt Instrument, Maturity Date | Jan. 31, 2024 | |||||||||||||||
| Stepdown Revolving Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||||||||||
| Revised Loan Agreement [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 9,000,000 | $ 10,500,000 | $ 13,500,000 | |||||||||||||
| Revised Loan Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||||||||||
| Revised Loan Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||
| DEBT (Details) [Line Items] | ||||||||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 4,000,000 | $ 4,500,000 | $ 5,000,000 |
DEBT (Details) - Schedule of De
| DEBT (Details) - Schedule of Debt - USD ($) | Nov. 30, 2023 | Aug. 09, 2023 | Feb. 28, 2023 |
| DEBT (Details) - Schedule of Debt [Line Items] | |||
| Line of credit | $ 4,998,100 | $ 10,634,500 | |
| Long-Term Debt | 29,050,900 | 35,100,000 | |
| Less current maturities | (1,800,000) | (34,894,900) | |
| Less debt issue cost | (171,500) | (205,100) | |
| Long-term debt, net | 27,079,400 | 0 | |
| Floating Rate Term Loan [Member] | |||
| DEBT (Details) - Schedule of Debt [Line Items] | |||
| Long-Term Debt | 17,562,500 | $ 21,000,000 | 20,475,000 |
| Fixed Rate Term Loan [Member] | |||
| DEBT (Details) - Schedule of Debt [Line Items] | |||
| Long-Term Debt | $ 11,488,400 | $ 15,000,000 | $ 14,625,000 |
DEBT (Details) - Schedule of Ma
| DEBT (Details) - Schedule of Maturities of Long-Term Debt - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| Schedule Of Maturities Of Long Term Debt Abstract | ||
| 2024 | $ 450,000 | |
| 2025 | 1,800,000 | |
| 2026 | 1,800,000 | |
| 2027 | 1,800,000 | |
| 2028 | 23,200,900 | |
| Total | $ 29,050,900 | $ 35,100,000 |
OTHER INCOME (Details)
| OTHER INCOME (Details) | Nov. 30, 2023 USD ($) |
| Other Income and Expenses [Abstract] | |
| Taxes Payable | $ 1,041,600 |
OTHER INCOME (Details) - Schedu
| OTHER INCOME (Details) - Schedule of Other Nonoperating Income (Expense) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| Schedule Of Other Nonoperating Income Expense Abstract | ||||
| Federal tax credits realized | $ 0 | $ 0 | $ 3,808,700 | $ 0 |
| Gain from sale of assets | 3,970,600 | 0 | 4,017,100 | 0 |
| Rental income | 386,000 | 389,100 | 1,158,000 | 1,158,000 |
| Other | 6,700 | 0 | 23,700 | 17,600 |
| Total other income | $ 4,363,300 | $ 389,100 | $ 9,007,500 | $ 1,175,600 |
BUSINESS CONCENTRATION (Details
| BUSINESS CONCENTRATION (Details) - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| BUSINESS CONCENTRATION (Details) [Line Items] | ||
| Gain Contingency, Unrecorded Amount | $ 1,000,000 | |
| Inventory, Net | 48,227,600 | $ 59,086,500 |
| England Based Publishing Company [Member] | ||
| BUSINESS CONCENTRATION (Details) [Line Items] | ||
| Inventory, Net | $ 30,475,500 | $ 35,363,500 |
BUSINESS CONCENTRATION (Detai_2
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Revenues | $ 16,944,800 | $ 30,269,400 | $ 42,061,800 | $ 72,848,700 |
| Total purchases received | 1,713,700 | 6,738,100 | 7,752,400 | 15,879,800 |
| PaperPie [Member] | ||||
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Revenues | 15,698,300 | 25,452,700 | 37,615,500 | 61,401,700 |
| Publishing [Member] | ||||
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Revenues | 1,246,500 | 4,816,700 | 4,446,300 | 11,447,000 |
| Usborne Products [Member] | ||||
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Revenues | 11,016,100 | 29,869,700 | 28,346,300 | 68,789,500 |
| England Based Publishing Company [Member] | ||||
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Total purchases received | $ 0 | $ 4,782,200 | $ 1,560,700 | $ 9,565,700 |
| % of total purchases received | 0% | 71% | 20.10% | 60.20% |
| All Other Product [Member] | ||||
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Total purchases received | $ 1,713,700 | $ 1,955,900 | $ 6,191,700 | $ 6,314,100 |
| % of total purchases received | 100% | 29% | 79.90% | 39.80% |
| Revenue Benchmark [Member] | Product Concentration Risk [Member] | Usborne Products [Member] | PaperPie [Member] | ||||
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Revenues | $ 11,016,100 | $ 20,823,700 | $ 25,606,300 | $ 48,078,300 |
| % of total Publishing gross sales | 49.40% | 65.20% | 49.60% | 62.40% |
| Revenue Benchmark [Member] | Product Concentration Risk [Member] | Usborne Products [Member] | Publishing [Member] | ||||
| BUSINESS CONCENTRATION (Details) - Schedule of Usborne product gross sales by division and inventory purchases by product type [Line Items] | ||||
| Revenues | $ 0 | $ 9,046,000 | $ 2,740,000 | $ 20,711,200 |
| % of total Publishing gross sales | 0% | 89.30% | 29.20% | 86% |
EARNINGS (LOSS) PER SHARE (Deta
| EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| Earnings (loss): | ||||
| Net earnings (loss) applicable to common shareholders (in Dollars) | $ 1,972,100 | $ 900 | $ 2,161,000 | $ (585,200) |
| Weighted average shares: | ||||
| Weighted average shares outstanding-basic | 8,266,032 | 8,058,349 | 8,271,284 | 8,075,528 |
| Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards | 0 | 190,720 | 6,207 | 0 |
| Weighted average shares outstanding-diluted | 8,266,032 | 8,249,069 | 8,277,491 | 8,075,528 |
| Earnings (loss) per share: | ||||
| Basic (in Dollars per share) | $ 0.24 | $ 0 | $ 0.26 | $ (0.07) |
| Diluted (in Dollars per share) | $ 0.24 | $ 0 | $ 0.26 | $ (0.07) |
EARNINGS (LOSS) PER SHARE (De_2
| EARNINGS (LOSS) PER SHARE (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| Weighted average shares: | ||||
| Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards | 0 | 0 | 0 | 280,852 |
COMMITMENT AND CONTINGENCIES (D
| COMMITMENT AND CONTINGENCIES (Details) - USD ($) | 4 Months Ended | |
| Jul. 05, 2023 | Jul. 04, 2023 | |
| Tulsa [Member] | Inventory [Member] | ||
| COMMITMENT AND CONTINGENCIES (Details) [Line Items] | ||
| Tax Adjustments, Settlements, and Unusual Provisions | $ 175,500 | $ 917,700 |
SHARE-BASED COMPENSATION (Detai
| SHARE-BASED COMPENSATION (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
| Jul. 31, 2018 | Aug. 31, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Feb. 28, 2023 | Feb. 28, 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 | 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 | $ 0 | ||||
| Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars) | $ 474,500 | |||||
| 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 | ||||
| Shares Issued, Price Per Share (in Dollars per share) | $ 6.3 | |||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 4,000 | |||||
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 15 months | |||||
| 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 | |||||
SHARE-BASED COMPENSATION (Det_2
| SHARE-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| Share Based Payment Arrangement Cost By Plan Abstract | ||||
| Share-based compensation expense | $ 96,200 | $ 258,800 | $ 288,500 | $ 782,000 |
| Less reduction of expense for forfeitures | (1,300) | 0 | (17,800) | (141,900) |
| Share-based compensation expense - net | $ 94,900 | $ 258,800 | $ 270,700 | $ 640,100 |
SHARE-BASED COMPENSATION (Det_3
| SHARE-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity - $ / shares | 3 Months Ended | 9 Months Ended |
| Nov. 30, 2022 | Nov. 30, 2023 | |
| 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 | $ 2.08 | $ 0 |
| Vested, Shares | 0 | |
| Vested, Weighted Average Fair Value | $ 0 | |
| Forfeited, Shares | (4,000) | |
| Forfeited, Weighted Average Fair Value | $ 6.04 | |
| Outstanding, Shares | 293,000 | |
| Outstanding, Weighted Average Fair Value | $ 6.04 |
SHIPPING AND HANDLING COSTS (De
| SHIPPING AND HANDLING COSTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Nov. 30, 2023 | Aug. 31, 2023 | Nov. 30, 2023 | Nov. 30, 2022 | |
| Shipping and Handling [Member] | ||||
| SHIPPING AND HANDLING COSTS (Details) [Line Items] | ||||
| Cost of Goods and Services Sold | $ 2,152,700 | $ 4,506,500 | $ 5,505,000 | $ 11,192,800 |
BUSINESS SEGMENTS (Details)
| BUSINESS SEGMENTS (Details) | 9 Months Ended |
| Nov. 30, 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 | 9 Months Ended | ||
| Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2022 | |
| Segment Reporting Information [Line Items] | ||||
| Net Revenues | $ 16,944,800 | $ 30,269,400 | $ 42,061,800 | $ 72,848,700 |
| Earnings (Loss) Before Income Taxes | 2,696,000 | 1,200 | 2,948,200 | (819,200) |
| PaperPie [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net Revenues | 15,698,300 | 25,452,700 | 37,615,500 | 61,401,700 |
| Earnings (Loss) Before Income Taxes | 1,610,700 | 3,019,800 | 3,633,600 | 8,049,100 |
| Publishing [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Net Revenues | 1,246,500 | 4,816,700 | 4,446,300 | 11,447,000 |
| Earnings (Loss) Before Income Taxes | 341,200 | 1,239,300 | 1,237,800 | 2,805,000 |
| Other Segments [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Earnings (Loss) Before Income Taxes | $ 744,100 | $ (4,257,900) | $ (1,923,200) | $ (11,673,300) |
INTEREST RATE SWAP AGREEMENT (D
| INTEREST RATE SWAP AGREEMENT (Details) - USD ($) | Aug. 09, 2023 | Jun. 05, 2023 | Nov. 30, 2023 | Aug. 09, 2022 |
| INTEREST RATE SWAP AGREEMENT (Details) [Line Items] | ||||
| Debt Instrument, Maturity Date | Aug. 09, 2027 | |||
| Derivative, Notional Amount | $ 17,562,500 | |||
| Floating Rate Term Loan [Member] | ||||
| INTEREST RATE SWAP AGREEMENT (Details) [Line Items] | ||||
| Debt Instrument, Face Amount | $ 21,000,000 | $ 21,000,000 | ||
| Debt Instrument, Maturity Date | May 30, 2025 | |||
| Debt Instrument, Basis Spread on Variable Rate | 6.48% | |||
| Floating Rate Term Loan [Member] | Swap Transaction [Member] | ||||
| INTEREST RATE SWAP AGREEMENT (Details) [Line Items] | ||||
| Debt Instrument, Face Amount | $ 18,000,000 |
INTEREST RATE SWAP AGREEMENT _2
| INTEREST RATE SWAP AGREEMENT (Details) - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| Interest Rate Contract [Member] | ||
| INTEREST RATE SWAP AGREEMENT (Details) - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Line Items] | ||
| Interest rate swap | $ 15,400 | $ 0 |
FINANCIAL INSTRUMENTS (Details)
| FINANCIAL INSTRUMENTS (Details) - USD ($) | Nov. 30, 2023 | Feb. 28, 2023 |
| FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
| Asset, Held-for-Sale, Not Part of Disposal Group | $ 40,019,200 | |
| Fair Value, Inputs, Level 2 [Member] | ||
| FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
| Long-Term Debt, Fair Value | $ 28,524,300 | $ 34,253,500 |
DEFERRED REVENUES (Details)
| DEFERRED REVENUES (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
| Nov. 30, 2023 | Feb. 28, 2023 | |
| Insurance [Abstract] | ||
| Deferred Revenue, Additions | $ 2,094,300 | $ 602,700 |
SUBSEQUENT EVENTS (Details)
| SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | Dec. 01, 2023 USD ($) |
| SUBSEQUENT EVENTS (Details) [Line Items] | |
| Long-Term Line of Credit | $ 8,000,000 |
| Line of Credit Facility, Capacity Available for Trade Purchases | $ 2,100,000 |