Cover
Cover - shares | 6 Months Ended | |
Aug. 31, 2024 | Oct. 08, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2024 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q2 | |
Entity Information [Line Items] | ||
Entity Registrant Name | EDUCATIONAL DEVELOPMENT CORPORATION | |
Entity Central Index Key | 0000031667 | |
Entity File Number | 000-04957 | |
Entity Tax Identification Number | 73-0750007 | |
Entity Incorporation, State or Country Code | DE | |
Current Fiscal Year End Date | --02-28 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Contact Personnel [Line Items] | ||
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 | |
Entity Phone Fax Numbers [Line Items] | ||
City Area Code | 918 | |
Local Phone Number | 622-4522 | |
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock, $.20 par value | |
Trading Symbol | EDUC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 8,581,601 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 753,800 | $ 844,500 |
Restricted cash | 376,600 | 432,900 |
Accounts receivable, less allowance for credit losses of $117,500 (August 31) and $129,000 (February 29) | 2,079,100 | 1,936,900 |
Inventories - net | 35,533,400 | 43,913,200 |
Prepaid expenses and other assets | 873,800 | 630,800 |
Assets held for sale | 19,233,900 | 18,281,100 |
Total current assets | 58,850,600 | 66,039,400 |
INVENTORIES - net | 14,745,100 | 11,677,000 |
PROPERTY, PLANT AND EQUIPMENT - net | 7,242,800 | 8,939,600 |
DEFERRED INCOME TAX ASSET | 2,366,200 | 1,406,500 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 1,560,100 | 1,614,900 |
OTHER ASSETS | 430,100 | 427,600 |
TOTAL ASSETS | 85,194,900 | 90,105,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,623,000 | 3,910,200 |
Line of credit | 6,098,100 | 5,498,100 |
Deferred revenues | 500,400 | 583,500 |
Operating lease liabilities, current | 794,400 | 726,900 |
Current maturities of long-term debt | 1,800,000 | 1,800,000 |
Accrued salaries and commissions | 425,400 | 384,400 |
Income taxes payable | 1,126,900 | 773,400 |
Other current liabilities | 2,648,300 | 3,338,100 |
Total current liabilities | 16,016,500 | 17,014,600 |
LONG-TERM DEBT - net | 25,763,100 | 26,640,700 |
OPERATING LEASE LIABILITIES, non-current | 765,700 | 888,000 |
OTHER LONG-TERM LIABILITIES | 111,000 | 111,000 |
Total liabilities | 42,656,300 | 44,654,300 |
SHAREHOLDERS' EQUITY: | ||
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 shares; Outstanding 8,581,601 (August 31) and 8,575,088 (February 29) shares | 2,540,400 | 2,540,400 |
Capital in excess of par value | 13,599,900 | 13,405,400 |
Retained earnings | 39,484,200 | 42,566,600 |
Accumulated other comprehensive income (loss) | (20,400) | 24,400 |
55,604,100 | 58,536,800 | |
Less treasury stock, at cost | (13,065,500) | (13,086,100) |
Total shareholders' equity | 42,538,600 | 45,450,700 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 85,194,900 | $ 90,105,000 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parentheticals) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, less allowance for credit losses (in Dollars) | $ 117,500 | $ 129,000 |
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 | 8,581,601 | 8,575,088 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
NET REVENUES | $ 6,509,200 | $ 10,593,100 | $ 16,502,600 | $ 25,117,100 |
COST OF GOODS SOLD | 2,862,500 | 3,684,300 | 6,396,500 | 8,834,700 |
Gross margin | 3,646,700 | 6,908,800 | 10,106,100 | 16,282,400 |
OPERATING EXPENSES | ||||
Operating and selling | 1,385,800 | 1,916,000 | 3,265,800 | 4,313,900 |
Sales commissions | 1,850,900 | 3,520,300 | 4,909,700 | 7,720,100 |
General and administrative | 2,905,500 | 3,529,100 | 6,105,100 | 7,163,600 |
Total operating expenses | 6,142,200 | 8,965,400 | 14,280,600 | 19,197,600 |
INTEREST EXPENSE | 545,700 | 743,300 | 1,122,400 | 1,476,700 |
OTHER INCOME | (575,100) | (4,252,800) | (1,083,800) | (4,644,200) |
EARNINGS (LOSS) BEFORE INCOME TAXES | (2,466,100) | 1,452,900 | (4,213,100) | 252,300 |
INCOME TAX EXPENSE (BENEFIT) | (662,700) | 391,200 | (1,130,700) | 63,400 |
NET EARNINGS (LOSS) | $ (1,803,400) | $ 1,061,700 | $ (3,082,400) | $ 188,900 |
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE | ||||
Basic (in Dollars per share) | $ (0.22) | $ 0.13 | $ (0.37) | $ 0.02 |
Diluted (in Dollars per share) | $ (0.22) | $ 0.13 | $ (0.37) | $ 0.02 |
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING | ||||
Basic (in Shares) | 8,272,217 | 8,269,771 | 8,269,494 | 8,273,910 |
Diluted (in Shares) | 8,272,217 | 8,269,771 | 8,269,494 | 8,283,221 |
Dividends per share (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Product [Member] | ||||
REVENUES | $ 6,119,600 | $ 9,851,600 | $ 15,710,500 | $ 23,366,900 |
Transportation Revenue [Member] | ||||
REVENUES | $ 389,600 | $ 741,500 | $ 792,100 | $ 1,750,200 |
STATEMENTS OF COMPREHENSIVE INC
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ (1,803,400) | $ 1,061,700 | $ (3,082,400) | $ 188,900 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on interest rate exchange agreement | (67,700) | 51,100 | (44,800) | 51,100 |
Comprehensive income (loss) | $ (1,871,100) | $ 1,112,800 | $ (3,127,200) | $ 240,000 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
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) | 188,900 | |||||
Balance at Aug. 31, 2023 | $ 2,540,400 | 13,369,200 | 42,209,100 | $ 51,100 | $ (13,086,100) | 45,083,700 |
Balance (in Shares) at Aug. 31, 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 (in Shares) | 4,000 | |||||
Share-based compensation expense - net | 79,600 | 79,600 | ||||
Change in fair value of interest rate exchange agreement | 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 | 51,100 | $ (13,086,100) | 45,083,700 |
Balance (in Shares) at Aug. 31, 2023 | 12,702,080 | 4,130,992 | ||||
Balance at Feb. 29, 2024 | $ 2,540,400 | 13,405,400 | 42,566,600 | 24,400 | $ (13,086,100) | 45,450,700 |
Balance (in Shares) at Feb. 29, 2024 | 12,702,080 | 4,126,992 | ||||
Sales of treasury stock | (4,100) | $ 12,700 | 8,600 | |||
Sales of treasury stock (in Shares) | (4,000) | |||||
Share-based compensation expense - net | 100,800 | 100,800 | ||||
Change in fair value of interest rate exchange agreement | 22,900 | 22,900 | ||||
Net earnings (loss) | (1,279,000) | (1,279,000) | ||||
Balance at May. 31, 2024 | $ 2,540,400 | 13,502,100 | 41,287,600 | 47,300 | $ (13,073,400) | 44,304,000 |
Balance (in Shares) at May. 31, 2024 | 12,702,080 | 4,122,992 | ||||
Balance at Feb. 29, 2024 | $ 2,540,400 | 13,405,400 | 42,566,600 | 24,400 | $ (13,086,100) | 45,450,700 |
Balance (in Shares) at Feb. 29, 2024 | 12,702,080 | 4,126,992 | ||||
Net earnings (loss) | (3,082,400) | |||||
Balance at Aug. 31, 2024 | $ 2,540,400 | 13,599,900 | 39,484,200 | (20,400) | $ (13,065,500) | 42,538,600 |
Balance (in Shares) at Aug. 31, 2024 | 12,702,080 | 4,120,479 | ||||
Balance at May. 31, 2024 | $ 2,540,400 | 13,502,100 | 41,287,600 | 47,300 | $ (13,073,400) | 44,304,000 |
Balance (in Shares) at May. 31, 2024 | 12,702,080 | 4,122,992 | ||||
Sales of treasury stock | (3,000) | $ 7,900 | 4,900 | |||
Sales of treasury stock (in Shares) | (2,513) | |||||
Share-based compensation expense - net | 100,800 | 100,800 | ||||
Change in fair value of interest rate exchange agreement | (67,700) | (67,700) | ||||
Net earnings (loss) | (1,803,400) | (1,803,400) | ||||
Balance at Aug. 31, 2024 | $ 2,540,400 | $ 13,599,900 | $ 39,484,200 | $ (20,400) | $ (13,065,500) | $ 42,538,600 |
Balance (in Shares) at Aug. 31, 2024 | 12,702,080 | 4,120,479 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Aug. 31, 2024 | Aug. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $ (3,082,400) | $ 188,900 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 972,200 | 1,366,000 |
Deferred income taxes | (959,700) | (1,002,500) |
Provision for credit losses | 41,600 | 0 |
Provision for inventory valuation allowance | 191,300 | 105,400 |
Share-based compensation expense - net | 201,600 | 175,800 |
Net loss (gain) on sale of assets | 3,700 | (46,500) |
Changes in assets and liabilities: | ||
Accounts receivable | (183,800) | 916,100 |
Inventories - net | 5,120,400 | 1,829,300 |
Prepaid expenses and other assets | (259,000) | 221,600 |
Accounts payable | (1,287,200) | 1,113,200 |
Accrued salaries and commissions and other liabilities | (693,600) | (1,280,400) |
Deferred revenues | (83,100) | 86,900 |
Income taxes payable/receivable | 353,500 | 1,041,600 |
Total adjustments | 3,417,900 | 4,526,500 |
Net cash provided by operating activities | 335,500 | 4,715,400 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (200,000) | (546,200) |
Proceeds from sale of assets | 4,000 | 75,700 |
Net cash used in investing activities | (196,000) | (470,500) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on term debt | (900,000) | (900,000) |
Cash paid to acquire treasury stock | 0 | (563,900) |
Sales of treasury stock | 13,500 | 0 |
Net borrowings (payments) under line of credit | 600,000 | (911,400) |
Net cash used in financing activities | (286,500) | (2,375,300) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (147,000) | 1,869,600 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD | 1,277,400 | 689,100 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD | 1,130,400 | 2,558,700 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION | ||
Cash paid for interest | 1,128,800 | 1,513,600 |
Cash paid for income taxes (net of refunds) | $ 33,800 | $ 24,200 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Aug. 31, 2024 | |
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 29, 2024 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 to our audited financial statements as of and for the year ended February 29, 2024 included in our Form 10-K. Reclassifications Certain reclassifications have been made to the fiscal 2024 condensed statements of operations to combine Gross Sales and Discounts and allowances now presented as Product Revenues, net of discount and allowances to conform with the current year financial statement presentation. These reclassifications had no effect on net earnings. Liquidity In accordance with ASC 205-40, Going Concern Determining the extent to which conditions or events raise substantial doubt about our ability to continue as a going concern and the extent to which mitigating plans sufficiently alleviate any such substantial doubt requires significant judgment and estimation by us. Our significant estimates related to this analysis may include identifying business factors such as completing the planned sale of owned real estate, changes in our Brand Partners, sales growth and profitability used in the forecasted financial results and liquidity. Further, we make assumptions about the probability that management's plans will be effectively implemented and alleviate substantial doubt and our ability to continue as a going concern. We believe that the estimated values used in our going concern analysis are based on reasonable assumptions. However, such assumptions are inherently uncertain and actual results could differ materially from those estimates. The short-term duration of the Revolving Loan and uncertainty of the bank’s ongoing support beyond January 4, 2025 (See Note 17), along with recurring operating losses and other items, raise substantial doubt over the Company's ability to continue as a going concern. To address these concerns, the Company has taken steps in its plans to reduce debt by selling owned real estate. On September 19, 2024 the Company executed an agreement to sell the Hilti Complex for $38,250,000, the closing of which remains subject to the satisfaction of various closing conditions. Upon closing, the proceeds from the sale are expected to pay off the Term Loans and Revolving Loan. Following the loan payoff, management plans to fund ongoing operations with limited borrowings through local banks or other financing sources. In addition, management’s plans include reducing inventory which will generate free cashflows and building the active PaperPie Brand Partners to pre-pandemic levels. Although there is no guarantee these plans will be successful, management believes these plans, if achieved, will alleviate the substantial doubt about continuing as a going concern and generate sufficient liquidity to meet our obligations as they become due over the next twelve months. 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 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
CASH
CASH | 6 Months Ended |
Aug. 31, 2024 | |
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 balance sheets to the total of the same amounts shown in the statements of cash flows: August 31, 2024 August 31, 2023 Cash and cash equivalents $ 753,800 $ 1,480,900 Restricted cash 376,600 1,077,800 Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows $ 1,130,400 $ 2,558,700 The Company has historically contracted with Braintree Payment Services and PayPal, Inc. (together “PayPal”) and most recently Nexio, 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 most merchant services for Visa, Discover and Mastercard from Braintree to Nexio, which required a shorter hold period. The Company has classified the cash held in reserves by PayPal and Nexio as restricted cash. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 6 Months Ended |
Aug. 31, 2024 | |
Assets Held For Sale Abstract | |
Assets Held For Sale [Text Block] | Note 3 During the third quarter of fiscal 2024, the Company listed its real estate property located at 5402 S. 122nd E. 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. See Note 17 for the real estate contract for the Hilti Complex that occurred subsequent to August 31, 2024. During the second quarter of fiscal year 2025, the Company entered into a triple-net lease agreement for approximately 111,000 square feet of available office and warehouse space in the Hilti Complex to a new tenant. To create space for this new tenant, the Company removed certain operating equipment and reclassified the assets from property plant and equipment to assets held for sale upon meeting the held for sale criteria at the end of the second quarter. The Company records assets held for sale at the lower of their carrying value or fair value less costs to sell. The total carrying value of assets held for sale was $19,233,900 and $18,281,100 as of August 31, 2024 and February 29, 2024 and is separately recorded on the balance sheets. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Aug. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 4 Inventories consist of the following: August 31, 2024 February 29, 2024 Current: Product inventory $ 35,978,600 $ 44,303,000 Inventory valuation allowance (445,200 ) (389,800 ) Inventories net – current $ 35,533,400 $ 43,913,200 Noncurrent: Product inventory $ 15,453,200 $ 12,269,200 Inventory valuation allowance (708,100 ) (592,200 ) Inventories net – noncurrent $ 14,745,100 $ 11,677,000 Inventory in transit totaled $0 and $264,000 at August 31, 2024 and February 29, 2024, 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 | 6 Months Ended |
Aug. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Lessor, Operating Leases [Text Block] | Note 5 We have both lessee and lessor arrangements. Our lessee arrangements include six rental agreements where we have the exclusive use of dedicated office space in San Diego, California, warehouse and office space in Seattle, Washington, warehouse and office space in Layton, Utah, two leases for warehouse space locally in Tulsa, Oklahoma, and warehouse space in Joplin, Missouri, all of which qualify as an operating lease. Our lessor arrangements include three rental agreements for warehouse and office space in Tulsa, Oklahoma, and qualify as operating leases under ASC 842. Operating Leases Lessee We recognize a lease liability, reported on the 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. Expected payments in the next twelve months are classified as current lease liabilities. Payments in excess of twelve months are classified as long-term lease liabilities. We also recognize a right-of-use asset, on the balance sheets, for each lease, valued at the lease liability and adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use assets are reduced over the term of the lease as payments are made and the assets are used. August 31, 2024 February 29, 2024 Operating lease assets: Right-of-use assets $ 1,560,100 $ 1,614,900 Operating lease liabilities: Current lease liabilities $ 794,400 $ 726,900 Long-term lease liabilities $ 765,700 $ 888,000 Weighted-average remaining lease term (months) 20.5 25.8 Weighted-average discount rate 4.57 % 4.34 % Minimum fixed rental payments are recognized on a straight-line basis over the life of the lease as costs and expenses in our statements of operations. Variable and short-term rental payments are recognized as costs and expenses as they are incurred. Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Fixed lease costs $ 189,800 $ 105,800 $ 379,500 $ 211,600 Future minimum rental payments under operating leases with initial terms greater than one year as of August 31, 2024, are as follows: Years ending February 28 (29), 2025 $ 431,500 2026 750,500 2027 472,400 Total future minimum rental payments 1,654,400 Less: imputed interest (94,300 ) Total operating lease liabilities $ 1,560,100 The following table provides further information about our operating leases reported in our condensed financial statements: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Operating cash outflows – operating leases $ 189,800 $ 105,800 $ 379,500 $ 211,600 Operating Leases Lessor In connection with the 2015 purchase of the Hilti Complex, we entered into a 15-year lease with the seller, a non-related third party, who leases 181,300 square feet, or 45.3% of the facility. The lessee pays $123,900 per month, through the lease anniversary date of December 2024 with a 2.0% annual increase adjustment on each anniversary date thereafter. The lease terms allow for one five-year extension, which is not a bargain renewal option, at the expiration of the 15-year term. Revenues associated with the lease are being recorded on a straight-line basis over the initial lease term and are reported in other income in the statements of operations. We recognize variable rental payments as revenue in the period in which the changes in facts and circumstances, on which the variable lease payments are based, occur. On May 26, 2024, the Company entered into a triple-net lease agreement for approximately 111,000 square feet of available office and warehouse space in the Hilti Complex to a new tenant. The initial lease term is five years, commenced July 1, 2024, and includes an option to extend the lease term for an additional five years. The lessee pays $84,000 per month, with 3% escalations at the beginning of each year of the lease. The lease includes standard triple-net terms such that the Tenant shall be responsible for utilities, insurance, property taxes and repairs and maintenance, excluding roof and structure, which shall be the Landlords’ responsibility. Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows: Years ending February 28 (29), 2025 $ 1,307,600 2026 2,657,700 2027 2,666,300 2028 2,676,600 2029 2,741,400 Thereafter 3,711,200 Total $ 15,760,800 The cost of the leased space was $16,313,300 and $10,159,500 at August 31, 2024 and February 29, 2024. The accumulated depreciation associated with the leased asset was $3,891,200 and $2,776,400 at August 31, 2024 and February 29, 2024, respectively. During the third quarter of fiscal 2024, the Company announced its plans to sell the Hilti Complex and reclassified the land and buildings from property, plant and equipment to assets held for sale. The leased space was included in this reclassification. |
DEBT
DEBT | 6 Months Ended |
Aug. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 Debt consists of the following: August 31, 2024 February 29, 2024 Line of credit $ 6,098,100 $ 5,498,100 Floating rate term loan $ 16,775,000 $ 17,300,000 Fixed rate term loan 10,925,900 11,300,900 Total term debt 27,700,900 28,600,900 Less current maturities (1,800,000 ) (1,800,000 ) Less debt issue cost (137,800 ) (160,200 ) Long-term debt, net $ 25,763,100 $ 26,640,700 On August 9, 2022, the Company executed a Credit Agreement (“Loan Agreement”) with BOKF, NA (“Bank of Oklahoma” or the “Lender”). The Loan Agreement established a fixed rate term loan in the principal amount of $15,000,000 (the “Fixed Rate Term Loan”), a floating rate term loan in the principal amount of $21,000,000 (the “Floating Rate Term Loan”; together with the Fixed Rate Term Loan, collectively, the “Term Loans”), and a revolving promissory note in the principal amount up to $15,000,000 (the “Revolving Loan” or “Line of Credit”). On December 22, 2022, the Company executed the First Amendment to our Loan Agreement with the Lender. This amendment clarified the definition of the Fixed Charge Coverage Ratio to exclude dividends paid prior to November 30, 2022, and placed restrictions on acquisitions and cash dividends. On May 10, 2023, the Company executed the Second Amendment to our Loan Agreement with the Lender. This amendment waived the fixed charge ratio default which occurred on February 28, 2023 and amended the financial covenant to not require the fixed charge ratio to be measured at May 31, 2023. The Second Amendment also added a cumulative maximum level of fiscal year to date inventory purchases through the expiration of the Revolving Loan Agreement, increased the borrowing rate on the Company’s Revolving Loan to Term SOFR Rate plus 3.5%, required certain swap agreements be executed within 30 days of the amendment, reduced the revolving commitment from $15,000,000 to $14,000,000, effective May 10, 2023, and further reduced the revolving commitment to $13,500,000, effective July 15, 2023, among other items. 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 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%. 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 restricted the Company from entering into any new purchase orders and use its best efforts to cancel existing purchase orders. It also required 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 the 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 9.85% at August 31, 2024. 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. 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. On November 30, 2023, the Company executed the Fourth Amendment to the Credit Agreement (“Amendment”) with the Lender. The Amendment, effective December 1, 2023, increased the Revolving Loan commitment to $8,000,000 and extended the maturity date to May 31, 2024. The Amendment also required the Company to list the Hilti Complex for sale, allowed the Company to execute additional purchase orders, subject to the lender’s approval and conditions, not to exceed $2,100,000 between December 1, 2023 and March 31, 2024, among other items. Proceeds from the sale of the property are to be used to pay down the borrowings with the Lender. A third-party appraisal was completed on the Hilti Complex, consisting of the 402,000 square feet building complex on approximately 50 acres, along with approximately 17 acres of adjacent unused land, in July of 2023 with a market value of $41,970,000. On June 13, 2024, the Company executed the Fifth Amendment to the Existing Credit Agreement with the Lender. The Amendment, effective May 31, 2024, adjusts the maximum availability of the Revolving Loan commitment to $7,000,000 through the maturity date of October 4, 2024. The Amendment also requires an additional decrease in the Revolving Loan to $4,500,000 from the effective date of the sale of the Hilti Complex among other restrictions and requirements. Available credit under the current $7,000,000 revolving line of credit with the Company’s Lender was approximately $901,900 at August 31, 2024. Subsequent to quarter end, the Company executed the Sixth Amendment to the Existing Credit Agreement with the Lender, see Note 17. Features of the Revised Loan Agreement 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% (iv) $7 Million Revolving Loan with maturity date of October 4, 2024. The Revolving Loan bears interest at a rate per annum equal to Term SOFR Rate + 4.50% (effective rate was 9.85% at August 31, 2024) (v) Revolving Loan allows for Letters of Credit upon bank approval (none were outstanding at August 31, 2024) The following table reflects aggregate current maturities of term debt, excluding the Revolving Loan, during the current fiscal year as follows: Years ending February 28 (29), 2025 $ 900,000 2026 1,800,000 2027 1,800,000 2028 23,200,900 Total $ 27,700,900 |
OTHER INCOME
OTHER INCOME | 6 Months Ended |
Aug. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 7 A summary of other income is shown below: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Federal tax credits realized $ - $ 3,808,700 $ - $ 3,808,700 Rental income 564,400 386,000 950,400 772,000 Other 10,700 58,100 133,400 63,500 Total other income $ 575,100 $ 4,252,800 $ 1,083,800 $ 4,644,200 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 August 31, 2023, which are included in income taxes payable on the condensed balance sheets. |
BUSINESS CONCENTRATION
BUSINESS CONCENTRATION | 6 Months Ended |
Aug. 31, 2024 | |
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 along with specific payment terms and letter of credit requirements, which if not met offer Usborne 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. As of February 29, 2024, the Company did not meet the minimum purchase requirements and did not supply the letter of credit required under the Agreement, which offers Usborne the right to exercise their option to terminate the Agreement. Usborne has not notified the Company of termination of the Agreement. Usborne has refused to pay the $1.0 million volume rebate owed to the Company from purchases made during fiscal 2022. The Company is disputing the cancellation of the rebate but has not recognized any rebate due to its uncertainty. Additionally, under the terms in the Agreement, the Company no longer has the rights to distribute Usborne’s products to retail customers. The Company discontinued selling Usborne products to retail customers in the first quarter of fiscal 2024. The following table summarizes Usborne product revenues net of discounts by division and inventory purchases by product type: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Product revenues, net of discounts of Usborne products by division: PaperPie division $ 1,848,000 $ 4,195,300 $ 5,480,600 $ 9,943,300 % of total PaperPie Product revenues, net of discounts 36.6 % 48.8 % 40.4 % 49.3 % Publishing division - - - 1,304,000 % of total Publishing Product revenues, net of discounts 0.0 % 0.0 % 0.0 % 40.9 % Total Product revenues, net of discounts of Usborne products $ 1,848,000 $ 4,195,300 $ 5,480,600 $ 11,247,300 Purchases received by product type: Usborne $ 48,800 $ 625,200 $ 100,600 $ 1,560,700 % of total purchases received 6.8 % 21.9 % 6.8 % 25.8 % All other product types 665,000 2,223,400 1,380,200 4,478,000 % of total purchases received 93.2 % 78.1 % 93.2 % 74.2 % Total purchases received $ 713,800 $ 2,848,600 $ 1,480,800 $ 6,038,700 Total Usborne inventory owned by the Company and included in our condensed balance sheets was $26,565,100 and $29,010,200 as of August 31, 2024 and February 29, 2024, respectively. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Aug. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 9 Basic earnings (loss) per share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares outstanding and dilutive potential common shares issuable which include, where appropriate, the assumed exercise of options and the assumed vesting of granted restricted share awards. In computing Diluted EPS, we have utilized the treasury stock method. The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Earnings (loss): Net earnings (loss) applicable to common shareholders $ (1,803,400 ) $ 1,061,700 $ (3,082,400 ) $ 188,900 Weighted average shares: Weighted average shares outstanding-basic 8,272,217 8,269,771 8,269,494 8,273,910 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - - - 9,311 Weighted average shares outstanding-diluted 8,272,217 8,269,771 8,269,494 8,283,221 Earnings (loss) per share: Basic $ (0.22 ) $ 0.13 $ (0.37 ) $ 0.02 Diluted $ (0.22 ) $ 0.13 $ (0.37 ) $ 0.02 As shown in the table below, the following shares have not been included in the calculation of diluted loss per share as they would be anti-dilutive to the calculation above. Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 181,030 - 160,890 - |
COMMITMENT AND CONTINGENCIES
COMMITMENT AND CONTINGENCIES | 6 Months Ended |
Aug. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 During the first quarter of fiscal 2025, the Company received a property tax assessment notice on our inventory balance at December 31, 2022 from Tulsa County totaling approximately $700,000. The Company appealed the assessment, requesting a reduction of the property tax assessment on inventory to approximately $290,000. On June 25, 2024, 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 in the District Court in and for Tulsa County. The Company has accrued the property taxes associated with the Board’s decision of approximately $290,000 but awaits the final decision from the District Court. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Aug. 31, 2024 | |
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. In July 2021, our shareholders approved the Company’s 2022 Long-Term Incentive Plan (“2022 LTI Plan”). The 2022 LTI Plan established up to 300,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2022 or 2023. The Company did not exceed the defined metrics during these fiscal years and no shares were granted to members of management according to the Plan. During fiscal year 2019, the Company granted 308,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $9.94 per share. In fiscal year 2021, 5,000 restricted shares were forfeited and later regranted to other participants. During fiscal year 2023, 10,000 restricted shares were forfeited, along with 969 additional shares purchased with dividends received from the original issue date. The 10,000 forfeited shares were re-granted to participants during the fiscal 2023 third quarter with an average grant-date fair value of $2.08. The 969 shares purchased with dividends were not reissued. The remaining first tranche of granted shares totaling 303,000 shares vested on February 28, 2023. During fiscal year 2021, the Company granted 297,000 restricted shares under the 2019 LTI Plan with an average grant-date fair value of $6.30 per share. During fiscal year 2023, 18,000 restricted shares were forfeited, along with 760 additional shares purchased with dividends received from the original issue date. The 18,000 forfeited shares were re-granted to participants during fiscal 2023 with an average grant-date fair value of $2.08. The 760 shares purchased with dividends were not reissued. During fiscal year 2024, 35,285 restricted shares were forfeited and regranted to participants with an average grant-date fair value of $1.84. The remaining unrecognized compensation expense of these awards, totaling approximately $201,800 as of August 31, 2024, will be recognized ratably over the remaining vesting period of 6 months. A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Share-based compensation expense $ 100,800 $ 96,200 $ 201,600 $ 192,400 Less reduction of expense for forfeitures - (16,600 ) - (16,600 ) Share-based compensation expense - net $ 100,800 $ 79,600 $ 201,600 $ 175,800 The following table summarizes stock award activity during the first three months of fiscal year 2025 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 29, 2024 297,000 $ 5.53 Granted - - Vested - - Forfeited - - Outstanding at August 31, 2024 297,000 $ 5.53 |
SHIPPING AND HANDLING COSTS
SHIPPING AND HANDLING COSTS | 6 Months Ended |
Aug. 31, 2024 | |
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 $968,500 and $1,414,200 for the three months ended August 31, 2024 and 2023, respectively. These costs were $2,515,100 and $3,352,300 for the six months ended August 31, 2024 and 2023, respectively. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Aug. 31, 2024 | |
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 and income taxes are not allocated to the segments but are listed in the “Other” row below. Corporate expenses include the executive department, accounting department, information services department, general office management, warehouse operations and building facilities management. Our assets and liabilities are not allocated on a segment basis. Information by reporting segment for the three- and six-month periods ended August 31, 2024 and 2023, are as follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 PaperPie $ 5,440,300 $ 9,334,000 $ 14,340,600 $ 21,917,200 Publishing 1,068,900 1,259,100 2,162,000 3,199,900 Total $ 6,509,200 $ 10,593,100 $ 16,502,600 $ 25,117,100 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 PaperPie $ (470,700 ) $ 364,200 $ 300,400 $ 2,022,900 Publishing 255,200 436,600 486,800 896,600 Other (2,250,600 ) 652,100 (5,000,300 ) (2,667,200 ) Total $ (2,466,100 ) $ 1,452,900 $ (4,213,100 ) $ 252,300 |
INTEREST RATE EXCHANGE AGREEMEN
INTEREST RATE EXCHANGE AGREEMENT | 6 Months Ended |
Aug. 31, 2024 | |
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 was $11,775,000 on August 31, 2024. 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: August 31, 2024 February 29, 2024 Prepaid expenses and other assets $ - $ 24,400 Other current liabilities $ 20,400 $ - There was no portion of unrealized gain that was excluded from the assessment of hedge effectiveness. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Aug. 31, 2024 | |
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 on the balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments - The estimated fair value of our assets held for sale for the Hilti complex was $37,000,000 as of August 31, 2024 and February 29, 2024, respectively. Management's estimates are based on the recent sale agreement for the price of the Hilti Complex less the estimated costs to sell plus an estimated value of the excess land of approximately 17 acres for $2,500,000 along with the estimated fair value of equipment held for sale of approximately $1,000,000. - The estimated fair value of our term notes payable is estimated by management to approximate $27,425,500 and $28,152,800 as of August 31, 2024 and February 29, 2024, 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 of $(20,400) 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 | 6 Months Ended |
Aug. 31, 2024 | |
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 August 31, 2024 or February 29, 2024 are recorded as deferred revenues on the condensed balance sheets. We received approximately $500,400 and $583,500 as of August 31, 2024 and February 29, 2024, respectively, in payments for sales orders which were, or will be, shipped out subsequent to the end of the period. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Aug. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 17 On September 18, 2024, the Company executed a Lease Termination Agreement associated with the warehouse and office space located in Layton, Utah. The term of the lease was set to expire on November 30, 2026, however the Landlord agreed to an early termination of the lease which shall be effective October 1, 2024. The Landlord also agreed that there will be no lease termination fee required. On September 19, 2024, the Company executed a Commercial Real Estate Sale Contract (“Contract”) with Partner Holdings, LLC (“Buyer”) for the Hilti Complex. The agreed upon sale price of the Hilti Complex per the executed Contract totaled $38,250,000 less buyer fees and closing costs. The proceeds from the sale will be utilized to pay off the Term Loans and Revolving Loan outstanding in the Credit Agreement with the Company's Bank. At closing, EDC will assign the existing Hilti tenant lease to the Buyer. EDC will retain sublease rights to the Crusoe Energy System leased space and will execute a separate Triple-Net Lease (the "Lease") for the remaining approximate 218,000 square feet. The Contract does not include the excess land parcel, consisting of approximately 17 acres of undeveloped land adjacent to the Hilti Complex, which will remain under the ownership of EDC. The initial term of the new lease with the Buyer will be for 15 years, and the initial lease rate will be $8.52 per square foot, with 2.5% annual escalations beginning in year two of the lease. The Lease will also include triple-net terms, where the Seller will be responsible for utilities, insurance, property taxes, and regular maintenance, excluding roof and structural maintenance, which will be the Buyer's responsibility. Additionally, the Seller will retain the rights to sublease, subject to buyer approval, any available unused space in the building during the lease term. The Lease will also encompass other standard terms that are customary in the local market. Subsequent to quarter end, the Company executed the Sixth Amendment to the Existing Credit Agreement with the Lender. The Amendment, effective October 3, 2024, extends the maturity date to January 4, 2025 and includes required step downs on the Revolving Loan to $5.5 million by November 30, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Aug. 31, 2024 | May 31, 2024 | Aug. 31, 2023 | May 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (1,803,400) | $ (1,279,000) | $ 1,061,700 | $ (872,800) | $ (3,082,400) | $ 188,900 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Aug. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim condensed financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. The Unaudited Condensed Financial Statements include all adjustments considered necessary for a fair presentation of the financial position and results of operations for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed herein. Accordingly, the Unaudited Condensed Financial Statements do not include all of the information and notes required by GAAP for complete financial statements. However, we believe that the disclosures made are adequate to make the information not misleading. These interim Unaudited Condensed Financial Statements should be read in conjunction with our audited financial statements as of and for the year ended February 29, 2024 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, 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. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the fiscal 2024 condensed statements of operations to combine Gross Sales and Discounts and allowances now presented as Product Revenues, net of discount and allowances to conform with the current year financial statement presentation. These reclassifications had no effect on net earnings. |
Liquidity [Policy Text Block] | Liquidity In accordance with ASC 205-40, Going Concern Determining the extent to which conditions or events raise substantial doubt about our ability to continue as a going concern and the extent to which mitigating plans sufficiently alleviate any such substantial doubt requires significant judgment and estimation by us. Our significant estimates related to this analysis may include identifying business factors such as completing the planned sale of owned real estate, changes in our Brand Partners, sales growth and profitability used in the forecasted financial results and liquidity. Further, we make assumptions about the probability that management's plans will be effectively implemented and alleviate substantial doubt and our ability to continue as a going concern. We believe that the estimated values used in our going concern analysis are based on reasonable assumptions. However, such assumptions are inherently uncertain and actual results could differ materially from those estimates. The short-term duration of the Revolving Loan and uncertainty of the bank’s ongoing support beyond January 4, 2025 (See Note 17), along with recurring operating losses and other items, raise substantial doubt over the Company's ability to continue as a going concern. To address these concerns, the Company has taken steps in its plans to reduce debt by selling owned real estate. On September 19, 2024 the Company executed an agreement to sell the Hilti Complex for $38,250,000, the closing of which remains subject to the satisfaction of various closing conditions. Upon closing, the proceeds from the sale are expected to pay off the Term Loans and Revolving Loan. Following the loan payoff, management plans to fund ongoing operations with limited borrowings through local banks or other financing sources. In addition, management’s plans include reducing inventory which will generate free cashflows and building the active PaperPie Brand Partners to pre-pandemic levels. Although there is no guarantee these plans will be successful, management believes these plans, if achieved, will alleviate the substantial doubt about continuing as a going concern and generate sufficient liquidity to meet our obligations as they become due over the next twelve months. |
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 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
CASH (Tables)
CASH (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
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 balance sheets to the total of the same amounts shown in the statements of cash flows: August 31, 2024 August 31, 2023 Cash and cash equivalents $ 753,800 $ 1,480,900 Restricted cash 376,600 1,077,800 Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows $ 1,130,400 $ 2,558,700 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory [Table Text Block] | Inventories consist of the following: August 31, 2024 February 29, 2024 Current: Product inventory $ 35,978,600 $ 44,303,000 Inventory valuation allowance (445,200 ) (389,800 ) Inventories net – current $ 35,533,400 $ 43,913,200 Noncurrent: Product inventory $ 15,453,200 $ 12,269,200 Inventory valuation allowance (708,100 ) (592,200 ) Inventories net – noncurrent $ 14,745,100 $ 11,677,000 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | August 31, 2024 February 29, 2024 Operating lease assets: Right-of-use assets $ 1,560,100 $ 1,614,900 Operating lease liabilities: Current lease liabilities $ 794,400 $ 726,900 Long-term lease liabilities $ 765,700 $ 888,000 Weighted-average remaining lease term (months) 20.5 25.8 Weighted-average discount rate 4.57 % 4.34 % Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Fixed lease costs $ 189,800 $ 105,800 $ 379,500 $ 211,600 Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Operating cash outflows – operating leases $ 189,800 $ 105,800 $ 379,500 $ 211,600 |
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 August 31, 2024, are as follows: Years ending February 28 (29), 2025 $ 431,500 2026 750,500 2027 472,400 Total future minimum rental payments 1,654,400 Less: imputed interest (94,300 ) Total operating lease liabilities $ 1,560,100 |
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), 2025 $ 1,307,600 2026 2,657,700 2027 2,666,300 2028 2,676,600 2029 2,741,400 Thereafter 3,711,200 Total $ 15,760,800 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | August 31, 2024 February 29, 2024 Line of credit $ 6,098,100 $ 5,498,100 Floating rate term loan $ 16,775,000 $ 17,300,000 Fixed rate term loan 10,925,900 11,300,900 Total term debt 27,700,900 28,600,900 Less current maturities (1,800,000 ) (1,800,000 ) Less debt issue cost (137,800 ) (160,200 ) Long-term debt, net $ 25,763,100 $ 26,640,700 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | The following table reflects aggregate current maturities of term debt, excluding the Revolving Loan, during the current fiscal year as follows: Years ending February 28 (29), 2025 $ 900,000 2026 1,800,000 2027 1,800,000 2028 23,200,900 Total $ 27,700,900 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | A summary of other income is shown below: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Federal tax credits realized $ - $ 3,808,700 $ - $ 3,808,700 Rental income 564,400 386,000 950,400 772,000 Other 10,700 58,100 133,400 63,500 Total other income $ 575,100 $ 4,252,800 $ 1,083,800 $ 4,644,200 |
BUSINESS CONCENTRATION (Tables)
BUSINESS CONCENTRATION (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Schedule of Product Information [Table Text Block] | The following table summarizes Usborne product revenues net of discounts by division and inventory purchases by product type: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Product revenues, net of discounts of Usborne products by division: PaperPie division $ 1,848,000 $ 4,195,300 $ 5,480,600 $ 9,943,300 % of total PaperPie Product revenues, net of discounts 36.6 % 48.8 % 40.4 % 49.3 % Publishing division - - - 1,304,000 % of total Publishing Product revenues, net of discounts 0.0 % 0.0 % 0.0 % 40.9 % Total Product revenues, net of discounts of Usborne products $ 1,848,000 $ 4,195,300 $ 5,480,600 $ 11,247,300 Purchases received by product type: Usborne $ 48,800 $ 625,200 $ 100,600 $ 1,560,700 % of total purchases received 6.8 % 21.9 % 6.8 % 25.8 % All other product types 665,000 2,223,400 1,380,200 4,478,000 % of total purchases received 93.2 % 78.1 % 93.2 % 74.2 % Total purchases received $ 713,800 $ 2,848,600 $ 1,480,800 $ 6,038,700 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted EPS is shown below: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Earnings (loss): Net earnings (loss) applicable to common shareholders $ (1,803,400 ) $ 1,061,700 $ (3,082,400 ) $ 188,900 Weighted average shares: Weighted average shares outstanding-basic 8,272,217 8,269,771 8,269,494 8,273,910 Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards - - - 9,311 Weighted average shares outstanding-diluted 8,272,217 8,269,771 8,269,494 8,283,221 Earnings (loss) per share: Basic $ (0.22 ) $ 0.13 $ (0.37 ) $ 0.02 Diluted $ (0.22 ) $ 0.13 $ (0.37 ) $ 0.02 |
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 loss per share as they would be anti-dilutive to the calculation above. Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Weighted average shares: Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards 181,030 - 160,890 - |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Share-Based Payment Arrangement, Disclosure [Abstract] | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | A summary of compensation expense recognized in connection with restricted share awards follows: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 Share-based compensation expense $ 100,800 $ 96,200 $ 201,600 $ 192,400 Less reduction of expense for forfeitures - (16,600 ) - (16,600 ) Share-based compensation expense - net $ 100,800 $ 79,600 $ 201,600 $ 175,800 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes stock award activity during the first three months of fiscal year 2025 under the 2019 LTI Plan: Shares Weighted Average Fair Value (per share) Outstanding at February 29, 2024 297,000 $ 5.53 Granted - - Vested - - Forfeited - - Outstanding at August 31, 2024 297,000 $ 5.53 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information by reporting segment for the three- and six-month periods ended August 31, 2024 and 2023, are as follows: NET REVENUES Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 PaperPie $ 5,440,300 $ 9,334,000 $ 14,340,600 $ 21,917,200 Publishing 1,068,900 1,259,100 2,162,000 3,199,900 Total $ 6,509,200 $ 10,593,100 $ 16,502,600 $ 25,117,100 EARNINGS (LOSS) BEFORE INCOME TAXES Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 PaperPie $ (470,700 ) $ 364,200 $ 300,400 $ 2,022,900 Publishing 255,200 436,600 486,800 896,600 Other (2,250,600 ) 652,100 (5,000,300 ) (2,667,200 ) Total $ (2,466,100 ) $ 1,452,900 $ (4,213,100 ) $ 252,300 |
INTEREST RATE EXCHANGE AGREEM_2
INTEREST RATE EXCHANGE AGREEMENT (Tables) | 6 Months Ended |
Aug. 31, 2024 | |
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: August 31, 2024 February 29, 2024 Prepaid expenses and other assets $ - $ 24,400 Other current liabilities $ 20,400 $ - |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Sep. 19, 2024 USD ($) |
Subsequent Event [Member] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |
Proceeds from Sale of Real Estate | $ 38,250,000 |
CASH (Details) - Schedule of Ca
CASH (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Schedule Of Cash And Cash Equivalents Abstract | ||||
Cash and cash equivalents | $ 753,800 | $ 844,500 | $ 1,480,900 | |
Restricted cash | 376,600 | 1,077,800 | ||
Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows | $ 1,130,400 | $ 1,277,400 | $ 2,558,700 | $ 689,100 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) | Aug. 31, 2024 USD ($) ft² | May 26, 2024 m² | Feb. 29, 2024 USD ($) | Nov. 30, 2023 USD ($) ft² a | Jul. 31, 2023 USD ($) ft² a |
ASSETS HELD FOR SALE (Details) [Line Items] | |||||
Area of Real Estate Property (in Square Feet) | ft² | 402,000 | ||||
Area of Land (in Acres) | a | 50 | ||||
Real Estate Investment Property, at Cost | $ | $ 41,970,000 | ||||
Asset, Held-for-Sale, Not Part of Disposal Group, Current | $ | $ 19,233,900 | $ 18,281,100 | |||
Office and Warehouse [Member] | |||||
ASSETS HELD FOR SALE (Details) [Line Items] | |||||
Area of Land (in Acres) | a | 35 | ||||
Hilti Complex [Member] | |||||
ASSETS HELD FOR SALE (Details) [Line Items] | |||||
Area of Real Estate Property (in Square Feet) | ft² | 402,000 | ||||
Undeveloped Land [Member] | |||||
ASSETS HELD FOR SALE (Details) [Line Items] | |||||
Area of Land (in Acres) | a | 17 | ||||
Office and Warehouse [Member] | |||||
ASSETS HELD FOR SALE (Details) [Line Items] | |||||
Area of Real Estate Property (in Square Feet) | 111,000 | 111,000 | |||
Measurement Input, Appraised Value [Member] | |||||
ASSETS HELD FOR SALE (Details) [Line Items] | |||||
Real Estate Investment Property, at Cost | $ | $ 41,970,000 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Inventory Disclosure [Abstract] | ||
Other Inventory, in Transit, Gross | $ 0 | $ 264,000 |
INVENTORIES (Details) - Schedu
INVENTORIES (Details) - Schedule of Inventory - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Inventory Current [Member] | ||
Current: | ||
Book inventory | $ 35,978,600 | $ 44,303,000 |
Inventory valuation allowance | (445,200) | (389,800) |
Inventories net | 35,533,400 | 43,913,200 |
Inventory, Noncurrent [Member] | ||
Current: | ||
Book inventory | 15,453,200 | 12,269,200 |
Inventory valuation allowance | (708,100) | (592,200) |
Inventories net | $ 14,745,100 | $ 11,677,000 |
LEASES (Details)
LEASES (Details) | 6 Months Ended | |||
Aug. 31, 2024 USD ($) ft² | May 26, 2024 USD ($) m² | Feb. 29, 2024 USD ($) | Jul. 31, 2023 ft² | |
LEASES (Details) [Line Items] | ||||
Area of Real Estate Property | ft² | 402,000 | |||
Lessor, Operating Lease, Payment to be Received | $ 15,760,800 | |||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | 16,313,300 | $ 10,159,500 | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation | $ 3,891,200 | $ 2,776,400 | ||
Building [Member] | ||||
LEASES (Details) [Line Items] | ||||
Lessor, Operating Lease, Term of Contract | 15 years | |||
Area of Real Estate Property | ft² | 181,300 | |||
Area Of Real Estate Percentage Leased | 45.30% | |||
Lessee, Operating Lease, Description | The lessee pays $123,900 per month, through the lease anniversary date of December 2024 with a 2.0% annual increase adjustment on each anniversary date thereafter. | |||
Lessor, Operating Lease, Payment to be Received | $ 123,900 | |||
Office and Warehouse [Member] | ||||
LEASES (Details) [Line Items] | ||||
Lessor, Operating Lease, Term of Contract | 5 years | |||
Area of Real Estate Property | 111,000 | 111,000 | ||
Lessor, Operating Lease, Payment to be Received | $ 84,000 | |||
Lessor, Operating Lease, Renewal Term | 5 years | |||
Lessor, Annual Rental Increase, Percentage | 3% |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Feb. 29, 2024 | |
Operating lease assets: | |||||
Right-of-use assets | $ 1,560,100 | $ 1,560,100 | $ 1,614,900 | ||
Operating lease liabilities: | |||||
Current lease liabilities | 794,400 | 794,400 | 726,900 | ||
Long-term lease liabilities | $ 765,700 | $ 765,700 | $ 888,000 | ||
Weighted-average remaining lease term (months) | 20 months 15 days | 20 months 15 days | 25 months 24 days | ||
Weighted-average discount rate | 4.57% | 4.57% | 4.34% | ||
Fixed lease costs | $ 189,800 | $ 105,800 | $ 379,500 | $ 211,600 | |
Operating cash outflows – operating leases | $ 189,800 | $ 105,800 | $ 379,500 | $ 211,600 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, to be Paid, Maturity | Aug. 31, 2024 USD ($) |
Lessee Operating Lease Liability To Be Paid Maturity Abstract | |
2025 | $ 431,500 |
2026 | 750,500 |
2027 | 472,400 |
Total future minimum rental payments | 1,654,400 |
Less: imputed interest | (94,300) |
Total operating lease liabilities | $ 1,560,100 |
LEASES (Details) - Lessor, Oper
LEASES (Details) - Lessor, Operating Lease, Payment to be Received, Maturity | Aug. 31, 2024 USD ($) |
Lessor Operating Lease Payment To Be Received Maturity Abstract | |
2025 | $ 1,307,600 |
2026 | 2,657,700 |
2027 | 2,666,300 |
2028 | 2,676,600 |
2029 | 2,741,400 |
Thereafter | 3,711,200 |
Total | $ 15,760,800 |
DEBT (Details)
DEBT (Details) | 3 Months Ended | 6 Months Ended | ||||||||||||||||||
Jun. 13, 2024 USD ($) | Aug. 09, 2023 USD ($) | Jun. 06, 2023 USD ($) | Jun. 05, 2023 USD ($) | May 10, 2023 USD ($) | May 31, 2024 USD ($) | Aug. 31, 2024 USD ($) a | May 30, 2025 USD ($) | Oct. 03, 2024 USD ($) | Feb. 29, 2024 USD ($) | Jan. 31, 2024 USD ($) | Jan. 30, 2024 USD ($) | Dec. 30, 2023 USD ($) | Dec. 01, 2023 USD ($) | Nov. 29, 2023 USD ($) | Oct. 30, 2023 USD ($) | Aug. 30, 2023 USD ($) | Jul. 31, 2023 USD ($) ft² a | Jul. 15, 2023 USD ($) | Aug. 09, 2022 USD ($) | |
DEBT (Details) [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 14,000,000 | $ 13,500,000 | ||||||||||||||||||
Long-Term Line of Credit | $ 6,098,100 | $ 5,498,100 | $ 8,000,000 | |||||||||||||||||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 2,100,000 | |||||||||||||||||||
Area of Real Estate Property (in Square Feet) | ft² | 402,000 | |||||||||||||||||||
Area of Land (in Acres) | a | 50 | |||||||||||||||||||
Real Estate Investment Property, at Cost | $ 41,970,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Aug. 09, 2027 | |||||||||||||||||||
Line of Credit Facility, Maximum Month-end Outstanding Amount | 7,000,000 | |||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 901,900 | |||||||||||||||||||
Long-Term Debt | 27,700,900 | 28,600,900 | ||||||||||||||||||
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 | 10,925,900 | 11,300,900 | |||||||||||||||||
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 | 1.75% | 6.48% | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 21,000,000 | |||||||||||||||||||
Derivative Liability, Notional Amount | $ 18,000,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.73% | |||||||||||||||||||
Debt Instrument, Maturity Date | May 30, 2025 | |||||||||||||||||||
Long-Term Debt | $ 21,000,000 | $ 16,775,000 | $ 17,300,000 | |||||||||||||||||
Revolving Loan [Member] | ||||||||||||||||||||
DEBT (Details) [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 9.85% | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000,000 | |||||||||||||||||||
Debt Instrument, Maturity Date | Oct. 04, 2024 | |||||||||||||||||||
Line of Credit Facility, Increase (Decrease), Other, Net | $ 4,500,000 | |||||||||||||||||||
Long-Term Debt | $ 7,000,000 | |||||||||||||||||||
Stepdown Revolving Loan [Member] | ||||||||||||||||||||
DEBT (Details) [Line Items] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 9.85% | |||||||||||||||||||
Debt Instrument, Maturity Date | Oct. 04, 2024 | |||||||||||||||||||
Revised Loan Agreement [Member] | ||||||||||||||||||||
DEBT (Details) [Line Items] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,000,000 | $ 4,500,000 | $ 5,000,000 | $ 9,000,000 | $ 10,500,000 | $ 13,500,000 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
DEBT (Details) [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 5,500,000 | |||||||||||||||||||
Subsequent Event [Member] | Floating Rate Term Loan [Member] | ||||||||||||||||||||
DEBT (Details) [Line Items] | ||||||||||||||||||||
Derivative Liability, Notional Amount | $ 13,000,000 | |||||||||||||||||||
Unused Land [Member] | ||||||||||||||||||||
DEBT (Details) [Line Items] | ||||||||||||||||||||
Area of Land (in Acres) | a | 17 | 17 |
DEBT (Details) - Schedule of De
DEBT (Details) - Schedule of Debt - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 | Dec. 01, 2023 | Aug. 09, 2023 |
DEBT (Details) - Schedule of Debt [Line Items] | ||||
Line of credit | $ 6,098,100 | $ 5,498,100 | $ 8,000,000 | |
Total term debt | 27,700,900 | 28,600,900 | ||
Less current maturities | (1,800,000) | (1,800,000) | ||
Less debt issue cost | (137,800) | (160,200) | ||
Long-term debt, net | 25,763,100 | 26,640,700 | ||
Floating Rate Term Loan [Member] | ||||
DEBT (Details) - Schedule of Debt [Line Items] | ||||
Total term debt | 16,775,000 | 17,300,000 | $ 21,000,000 | |
Fixed Rate Term Loan [Member] | ||||
DEBT (Details) - Schedule of Debt [Line Items] | ||||
Total term debt | $ 10,925,900 | $ 11,300,900 | $ 15,000,000 |
DEBT (Details) - Schedule of Ma
DEBT (Details) - Schedule of Maturities of Long-Term Debt - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
Schedule Of Maturities Of Long Term Debt Abstract | ||
2025 | $ 900,000 | |
2026 | 1,800,000 | |
2027 | 1,800,000 | |
2028 | 23,200,900 | |
Total | $ 27,700,900 | $ 28,600,900 |
OTHER INCOME (Details)
OTHER INCOME (Details) | Aug. 31, 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 | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Schedule Of Other Nonoperating Income Expense Abstract | ||||
Federal tax credits realized | $ 0 | $ 3,808,700 | $ 0 | $ 3,808,700 |
Rental income | 564,400 | 386,000 | 950,400 | 772,000 |
Other | 10,700 | 58,100 | 133,400 | 63,500 |
Total other income | $ 575,100 | $ 4,252,800 | $ 1,083,800 | $ 4,644,200 |
BUSINESS CONCENTRATION (Details
BUSINESS CONCENTRATION (Details) - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
BUSINESS CONCENTRATION (Details) [Line Items] | ||
Gain Contingency, Unrecorded Amount | $ 1,000,000 | |
Inventory, Net | 35,533,400 | $ 43,913,200 |
England Based Publishing Company [Member] | ||
BUSINESS CONCENTRATION (Details) [Line Items] | ||
Inventory, Net | $ 26,565,100 | $ 29,010,200 |
BUSINESS CONCENTRATION (Detai_2
BUSINESS CONCENTRATION (Details) - Schedule of Product Information - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Product revenues, net of discounts of Usborne products by division: | ||||
Product revenues, net of discounts | $ 6,509,200 | $ 10,593,100 | $ 16,502,600 | $ 25,117,100 |
Purchases received by product type: | ||||
Purchases received | 713,800 | 2,848,600 | 1,480,800 | 6,038,700 |
Usborne Products [Member] | ||||
Product revenues, net of discounts of Usborne products by division: | ||||
Product revenues, net of discounts | $ 1,848,000 | $ 4,195,300 | $ 5,480,600 | $ 11,247,300 |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Usborne Products [Member] | ||||
Product revenues, net of discounts of Usborne products by division: | ||||
% of total product revenues, net of discounts | 6.80% | 21.90% | 6.80% | 25.80% |
Purchases received by product type: | ||||
Purchases received | $ 48,800 | $ 625,200 | $ 100,600 | $ 1,560,700 |
% of total purchases received | 6.80% | 21.90% | 6.80% | 25.80% |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | All Other Product Types [Member] | ||||
Product revenues, net of discounts of Usborne products by division: | ||||
% of total product revenues, net of discounts | 93.20% | 78.10% | 93.20% | 74.20% |
Purchases received by product type: | ||||
Purchases received | $ 665,000 | $ 2,223,400 | $ 1,380,200 | $ 4,478,000 |
% of total purchases received | 93.20% | 78.10% | 93.20% | 74.20% |
PaperPie [Member] | ||||
Product revenues, net of discounts of Usborne products by division: | ||||
Product revenues, net of discounts | $ 5,440,300 | $ 9,334,000 | $ 14,340,600 | $ 21,917,200 |
PaperPie [Member] | Product Concentration Risk [Member] | Revenue Benchmark [Member] | Usborne Products [Member] | ||||
Product revenues, net of discounts of Usborne products by division: | ||||
Product revenues, net of discounts | $ 1,848,000 | $ 4,195,300 | $ 5,480,600 | $ 9,943,300 |
% of total product revenues, net of discounts | 36.60% | 48.80% | 40.40% | 49.30% |
Purchases received by product type: | ||||
% of total purchases received | 36.60% | 48.80% | 40.40% | 49.30% |
Publishing [Member] | ||||
Product revenues, net of discounts of Usborne products by division: | ||||
Product revenues, net of discounts | $ 1,068,900 | $ 1,259,100 | $ 2,162,000 | $ 3,199,900 |
Publishing [Member] | Product Concentration Risk [Member] | Revenue Benchmark [Member] | Usborne Products [Member] | ||||
Product revenues, net of discounts of Usborne products by division: | ||||
Product revenues, net of discounts | $ 0 | $ 0 | $ 0 | $ 1,304,000 |
% of total product revenues, net of discounts | 0% | 0% | 0% | 40.90% |
Purchases received by product type: | ||||
% of total purchases received | 0% | 0% | 0% | 40.90% |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Earnings (loss): | ||||
Net earnings (loss) applicable to common shareholders (in Dollars) | $ (1,803,400) | $ 1,061,700 | $ (3,082,400) | $ 188,900 |
Weighted average shares: | ||||
Weighted average shares outstanding-basic | 8,272,217 | 8,269,771 | 8,269,494 | 8,273,910 |
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards | 0 | 0 | 0 | 9,311 |
Weighted average shares outstanding-diluted | 8,272,217 | 8,269,771 | 8,269,494 | 8,283,221 |
Earnings (loss) per share: | ||||
Basic (in Dollars per share) | $ (0.22) | $ 0.13 | $ (0.37) | $ 0.02 |
Diluted (in Dollars per share) | $ (0.22) | $ 0.13 | $ (0.37) | $ 0.02 |
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 | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Weighted average shares: | ||||
Issued unvested restricted stock and assumed shares issuable under granted unvested restricted stock awards | 181,030 | 0 | 160,890 | 0 |
COMMITMENT AND CONTINGENCIES (D
COMMITMENT AND CONTINGENCIES (Details) - USD ($) | 3 Months Ended | |
Aug. 31, 2024 | May 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Increase (Decrease) in Property and Other Taxes Payable | $ 290,000 | $ 700,000 |
Accrual for Taxes Other than Income Taxes | $ 290,000 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2018 | Aug. 31, 2024 | Feb. 29, 2024 | Feb. 28, 2023 | Feb. 28, 2021 | Feb. 28, 2019 | |
SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 35,285 | 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) | $ 0 | $ 1.84 | $ 2.08 | ||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount (in Dollars) | $ 201,800 | ||||||
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 | ||||||
The 2019 Long-term Incentive Plan [Member] | |||||||
SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Description | The 2019 LTI Plan established up to 600,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2019, 2020 or 2021. The Company exceeded all defined metrics during these fiscal years and 600,000 shares were granted to members of management according to the Plan. The granted shares under the 2019 LTI Plan “cliff vest” after five years from the fiscal year that the defined metrics were exceeded. | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 600,000 | ||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 600,000 | 297,000 | 308,000 | ||||
Shares Issued, Price Per Share (in Dollars per share) | $ 6.3 | $ 9.94 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 10,000 | 5,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 10,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 2.08 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | 303,000,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 6 months | ||||||
The 2019 Long-term Incentive Plan [Member] | 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 | 969 | ||||||
The 2022 Long-term Incentive Plan [Member] | |||||||
SHARE-BASED COMPENSATION (Details) [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Description | The 2022 LTI Plan established up to 300,000 shares of restricted stock available to be granted to certain members of management based on exceeding specified net revenues and pre-tax performance metrics during fiscal years 2022 or 2023. The Company did not exceed the defined metrics during these fiscal years and no shares were granted to members of management according to the Plan. | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 300,000 |
SHARE-BASED COMPENSATION (Det_2
SHARE-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Cost by Plan - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Share Based Payment Arrangement Cost By Plan Abstract | ||||
Share-based compensation expense | $ 100,800 | $ 96,200 | $ 201,600 | $ 192,400 |
Less reduction of expense for forfeitures | 0 | (16,600) | 0 | (16,600) |
Share-based compensation expense - net | $ 100,800 | $ 79,600 | $ 201,600 | $ 175,800 |
SHARE-BASED COMPENSATION (Det_3
SHARE-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity - $ / shares | 6 Months Ended | 12 Months Ended | |
Aug. 31, 2024 | Feb. 29, 2024 | Feb. 28, 2023 | |
Nonvested Restricted Stock Shares Activity Abstract | |||
Outstanding, Shares | 297,000 | ||
Outstanding, Weighted Average Fair Value | $ 5.53 | ||
Granted, Shares | 0 | ||
Granted, Weighted Average Fair Value | $ 0 | $ 1.84 | $ 2.08 |
Vested, Shares | 0 | ||
Vested, Weighted Average Fair Value | $ 0 | ||
Forfeited, Shares | 0 | ||
Forfeited, Weighted Average Fair Value | $ 0 | ||
Outstanding, Shares | 297,000 | 297,000 | |
Outstanding, Weighted Average Fair Value | $ 5.53 | $ 5.53 |
SHIPPING AND HANDLING COSTS (De
SHIPPING AND HANDLING COSTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Shipping and Handling [Member] | ||||
SHIPPING AND HANDLING COSTS (Details) [Line Items] | ||||
Cost of Goods and Services Sold | $ 968,500 | $ 1,414,200 | $ 2,515,100 | $ 3,352,300 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) | 6 Months Ended |
Aug. 31, 2024 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
BUSINESS SEGMENTS (Details) -
BUSINESS SEGMENTS (Details) - Schedule of Information by Industry Segment - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net Revenues | $ 6,509,200 | $ 10,593,100 | $ 16,502,600 | $ 25,117,100 |
Loss Before Income Taxes | (2,466,100) | 1,452,900 | (4,213,100) | 252,300 |
PaperPie [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 5,440,300 | 9,334,000 | 14,340,600 | 21,917,200 |
Loss Before Income Taxes | (470,700) | 364,200 | 300,400 | 2,022,900 |
Publishing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,068,900 | 1,259,100 | 2,162,000 | 3,199,900 |
Loss Before Income Taxes | 255,200 | 436,600 | 486,800 | 896,600 |
Other Operating Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss Before Income Taxes | $ (2,250,600) | $ 652,100 | $ (5,000,300) | $ (2,667,200) |
INTEREST RATE EXCHANGE AGREEM_3
INTEREST RATE EXCHANGE AGREEMENT (Details) - USD ($) | Aug. 09, 2023 | Jun. 05, 2023 | Aug. 31, 2024 | Aug. 09, 2022 |
INTEREST RATE EXCHANGE AGREEMENT (Details) [Line Items] | ||||
Debt Instrument, Maturity Date | Aug. 09, 2027 | |||
Derivative, Notional Amount | $ 11,775,000 | |||
Floating Rate Term Loan [Member] | ||||
INTEREST RATE EXCHANGE 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 | 1.75% | 6.48% | ||
Swap Transaction [Member] | Floating Rate Term Loan [Member] | ||||
INTEREST RATE EXCHANGE AGREEMENT (Details) [Line Items] | ||||
Debt Instrument, Face Amount | $ 18,000,000 |
INTEREST RATE EXCHANGE AGREEM_4
INTEREST RATE EXCHANGE AGREEMENT (Details) - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location - USD ($) | Aug. 31, 2024 | Feb. 29, 2024 |
INTEREST RATE EXCHANGE AGREEMENT (Details) - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Line Items] | ||
Fair value of interest rate swap | $ 20,400 | $ 0 |
Interest Rate Contract [Member] | ||
INTEREST RATE EXCHANGE AGREEMENT (Details) - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Line Items] | ||
Fair value of interest rate swap | $ 0 | $ 24,400 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) | Aug. 31, 2024 USD ($) a | Feb. 29, 2024 USD ($) | Jul. 31, 2023 a |
FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 37,000,000 | $ 37,000,000 | |
Area of Land (in Acres) | a | 50 | ||
Interest Rate Derivative Liabilities, at Fair Value | 20,400 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Long-Term Debt, Fair Value | 27,425,500 | $ 28,152,800 | |
Interest Rate Derivative Liabilities, at Fair Value | $ 20,400 | ||
Unused Land [Member] | |||
FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Area of Land (in Acres) | a | 17 | 17 | |
Land [Member] | |||
FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 2,500,000 | ||
Equipment [Member] | |||
FINANCIAL INSTRUMENTS (Details) [Line Items] | |||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 1,000,000 |
DEFERRED REVENUES (Details)
DEFERRED REVENUES (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Aug. 31, 2024 | Feb. 29, 2024 | |
Insurance [Abstract] | ||
Deferred Revenue, Additions | $ 500,400 | $ 583,500 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | Sep. 19, 2024 USD ($) ft² a | Oct. 03, 2024 USD ($) |
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Proceeds from Sale of Buildings | $ 38,250,000 | |
Lessor, Operating Lease, Description | The initial term of the new lease with the Buyer will be for 15 years, and the initial lease rate will be $8.52 per square foot, with 2.5% annual escalations beginning in year two of the lease. The Lease will also include triple-net terms, where the Seller will be responsible for utilities, insurance, property taxes, and regular maintenance, excluding roof and structural maintenance, which will be the Buyer's responsibility. | |
Lessor, Operating Lease, Term of Contract | 15 years | |
Line of Credit Facility, Current Borrowing Capacity | $ 5,500,000 | |
Office and Warehouse [Member] | ||
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Area of Real Estate Property (in Square Feet) | ft² | 218,000 | |
Land [Member] | ||
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Area of Land (in Acres) | a | 17 |