Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 29, 2016 | Jun. 10, 2016 | Aug. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SOLITRON DEVICES INC | ||
Entity Central Index Key | 91,668 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --02-29 | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 29, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 8,137,474 | ||
Entity Common Stock, Shares Outstanding | 2,232,977 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 634 | $ 820 |
Treasury Bills and Certificates of Deposit | 6,740 | 6,971 |
Accounts receivable, less allowance for doubtful accounts of $2 | 528 | 1,018 |
Inventories, net (Note 3) | 3,671 | 4,197 |
Prepaid expenses and other current assets | 184 | 123 |
TOTAL CURRENT ASSETS | 11,757 | 13,129 |
PROPERTY, PLANT AND EQUIPMENT, Net (Note 4) | 436 | 458 |
OTHER ASSETS | 8 | 8 |
TOTAL ASSETS | 12,201 | 13,595 |
CURRENT LIABILITIES | ||
Accounts payable | 164 | 425 |
Customer deposits | 28 | 20 |
Accrued expenses and other current liabilities (Note 5) | 497 | 632 |
TOTAL CURRENT LIABILITIES | 689 | 1,077 |
TOTAL LIABILITIES | $ 689 | $ 1,077 |
COMMITMENTS AND CONTINGENCIES (Note 11) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 par value, authorized 500,000 shares, none issued | ||
Common stock, $.01 par value, authorized 10,000,000 shares, 2,232,977 shares outstanding, net of 338257 shares at February 29, 2016, 2,185,832 shares outstanding, net of 273,230 shares at February 28, 2015 | $ 24 | $ 23 |
Additional paid-in capital | 2,759 | 2,749 |
Accumulated other comprehensive income | 17 | 15 |
Retained Earnings | 9,266 | 10,006 |
Less treasury stock | (554) | (275) |
TOTAL STOCKHOLDERS' EQUITY | 11,512 | 12,518 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 12,201 | $ 13,595 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 29, 2016 | Feb. 28, 2015 |
Balance Sheets [Abstract] | ||
Allowance for doubtful accounts (in dollars) | $ 2 | $ 2 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares outstanding | 2,232,977 | 2,185,832 |
Treasury stock, shares | 338,257 | 273,230 |
Statements of Operation and Com
Statements of Operation and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Statements Of Income and Comprehensive Income [Abstract] | ||
Net sales | $ 8,395 | $ 9,757 |
Cost of sales | 6,621 | 7,225 |
Gross profit | 1,774 | 2,532 |
Selling, general and administrative expenses | 1,969 | 1,610 |
Operating (loss) income | (195) | 922 |
Other income (expenses): | ||
Interest income | $ 30 | 16 |
Other, net (Note 12) | 8 | |
Income (Loss) before provision for income taxes | $ (165) | 946 |
Provision for income taxes | 0 | 19 |
Net (loss) income | (165) | 927 |
Other comprehensive (loss) income | ||
Unrealized gain on investments | 2 | 1 |
Total comprehensive (loss) income | $ (163) | $ 928 |
(Loss) income per share from operating (loss) income-Basic | $ (0.07) | $ 0.42 |
(Loss) income per share from operating (loss) income-Diluted | (0.07) | 0.38 |
Net (loss) income per share-Basic | (0.07) | 0.42 |
Net (loss) income per share-Diluted | $ (0.07) | $ 0.38 |
Weighted average shares outstanding-Basic | 2,245,575 | 2,183,876 |
Weighted average shares outstanding-Diluted | 2,245,575 | 2,408,635 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Accumulated other comprehensive income | Retained earnings | Treasury Stock |
Beginning Balance at Feb. 28, 2014 | $ 11,693 | $ 23 | $ 2,743 | $ 14 | $ 9,188 | $ (275) |
Beginning Balance, Shares at Feb. 28, 2014 | 2,177,832 | |||||
Employee exercise of stock options | $ 6 | $ 6 | ||||
Employee exercise of stock options, shares | (8,000) | 8,000 | ||||
Dividend | $ (109) | $ (109) | ||||
Unrealized gain on investments | 1 | $ 1 | ||||
Net (loss) | 927 | $ 927 | ||||
Ending Balance at Feb. 28, 2015 | 12,518 | $ 23 | $ 2,749 | $ 15 | $ 10,006 | $ (275) |
Ending Balance, Shares at Feb. 28, 2015 | 2,185,832 | |||||
Employee exercise of stock options | $ 11 | $ 1 | $ 10 | |||
Employee exercise of stock options, shares | (141,487) | 112,172 | ||||
Dividend | $ (575) | $ (575) | ||||
Purchase of Treasury Stock | (279) | $ (279) | ||||
Purchase of Treasury Stock, Shares | (65,027) | |||||
Unrealized gain on investments | 2 | $ 2 | ||||
Net (loss) | (165) | $ (165) | ||||
Ending Balance at Feb. 29, 2016 | $ 11,512 | $ 24 | $ 2,759 | $ 17 | $ 9,266 | $ (554) |
Ending Balance, Shares at Feb. 29, 2016 | 2,232,977 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Statements Of Cash Flows [Abstract] | ||
Net income (loss) | $ (165) | $ 927 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 208 | 223 |
Decrease (increase) in operating assets: | ||
Accounts receivable | 490 | (233) |
Inventories | 526 | 120 |
Prepaid expenses and other current assets | $ (61) | 32 |
Other assets | (2) | |
Increase (decrease) in operating liabilities: | ||
Accounts payable | $ (261) | 110 |
Customer deposit | 8 | (73) |
Accrued expenses and other liabilities | (135) | 27 |
Total adjustments | 777 | 204 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 610 | 1,131 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales of Treasury Bills and Certificates of Deposit | 733 | 6,260 |
Purchases of Treasury Bills and Certificates of Deposit | (500) | (6,970) |
Purchase of property, plant and equipment | (186) | (123) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 47 | (833) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividend paid | (575) | (109) |
Proceeds from exercise of stock options | 11 | $ 6 |
Purchase of Treasury Stock | (279) | |
NET CASH (USED IN) FINANCING ACTIVITIES | (843) | $ (103) |
Net increase (decrease) in cash and cash equivalents | (186) | 195 |
Cash and cash equivalents - beginning of the year | 820 | 625 |
Cash and cash equivalents - end of the year | 634 | 820 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the year for income taxes | $ 5 | $ 26 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 29, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Activities Solitron Devices, Inc., a Delaware corporation (the “Company” or “Solitron”), designs, develops, manufactures, and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets. The Company was incorporated under the laws of the State of New York in 1959 and reincorporated under the laws of the State of Delaware in August 1987. Basis of Presentation The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Cash and Cash Equivalents Cash and cash equivalents include demand deposits and money market accounts. Investment in Treasury Bills and Certificates of Deposit Investment in Treasury Bills/Certificates of Deposit includes treasury bills with maturities of one year or less, and Certificates of Deposit with maturities from one to three years, and is stated at market value. All of the Company’s investments are classified as available-for-sale. As they are available for current operations, they are classified as current on the balance sheets. Investments in available-for-sale securities are reported at fair value with unrecognized gains or losses, net of tax, as a component of accumulated other comprehensive income and is included as a separate component of stockholders’ equity. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when the declines are determined to be other-than-temporary. The following table summarizes the Company's available-for-sale investments: February 29, 2016 Cost Gross Gross Fair (In thousands) Short-term investments: Treasury Bills $ 1,759 $ - $ - $ 1,756 Certificates of Deposit 4,979 2 4,984 $ 6,738 Total short-term investments $ 2 $ - $ 6,740 February 28, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Short-term investments: Certificates of deposit $ 6,970 $ 1 $ - $ 6,971 Total short-term investments $ 6,970 $ 1 $ - $ 6,971 At February 29, 2016 and February 28, 2015, the deferred tax liability related to unrecognized gains and losses on short-term investments was $0. As of February 29, 2016, contractual maturities of the Company's available-for-sale non-equity investments were as follows: Cost Fair Value (In thousands) Maturing within one year $ 5,092 $ 5,094 Maturing one to three years $ 1,648 $ 1,646 $ 6,740 $ 6,740 Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” defines “fair value” as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also sets forth a valuation hierarchy of the inputs (assumptions that market participants would use in pricing an asset or liability) used to measure fair value. This hierarchy prioritizes the inputs into the following three levels: Level 1. Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that results in management’s best estimate of fair value. The Company’s Treasury bills and brokered certificates of deposits are subject to level 1 fair value measurement. The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses and other liabilities approximate their fair value due to the relatively short period to maturity for these instruments. The fair value of long-term debt is based on current rates at which the Company could borrow funds with similar remaining maturities, and the carrying amount of the long-term debt approximates fair value. Accounts Receivable Accounts receivable consists of unsecured credit extended to the Company’s customers in the ordinary course of business. The Company reserves for any amounts deemed to be uncollectible based on past collection experiences and an analysis of outstanding balances, using an allowance account. The allowance amount was $2,000 as of February 29, 2016 and February 28, 2015. Shipping and Handling Shipping and handling costs billed to customers are recorded in net sales. Shipping costs incurred by the Company are recorded in cost of sales. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the “first-in, first-out” (FIFO) method. The Company buys raw material only to fill customer orders. Excess raw material is created only when a vendor imposes a minimum buy in excess of actual requirements. Such excess material will usually be utilized to meet the requirements of the customer’s subsequent orders. If excess material is not utilized after two fiscal years it is fully reserved. Any inventory item once designated as reserved is carried at zero value in all subsequent valuation activities. The Company’s inventory valuation policy is as follows: Raw material /Work in process: All material purchased, processed, and/or used in the last two fiscal years is valued at the lower of its acquisition cost or market. All material not purchased/used in the last two fiscal years is fully reserved. Finished goods: All finished goods with firm orders for later delivery are valued (material and overhead) at the lower of cost or market. All finished goods with no orders are fully reserved. Direct labor costs: Direct labor costs are allocated to finished goods and work in process inventory based on engineering estimates of the amount of man-hours required from the different direct labor departments to bring each device to its particular level of completion. Property, Plant and Equipment Property, plant, and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs that do not extend their expected life are expensed as incurred. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets: Leasehold Improvements 10 years Machinery and Equipment 5 years Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on the accounts. As of February 29, 2016, all non-interest bearing checking accounts were FDIC insured to a limit of $250,000. Deposits in excess of FDIC insured limits were approximately $374,000 at February 29, 2016. With respect to the trade receivables, most of the Company’s products are custom made pursuant to contracts with customers whose end-products are sold to the United States Government. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains allowances for potential credit losses. Actual losses and allowances have historically been within management’s expectations. Revenue Recognition Revenue is recognized in accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition Income Taxes Income taxes are accounted for under the asset and liability method of ASC 740-10, “Income Taxes”. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. The Company adopted guidance related to accounting for uncertainty in income taxes in accordance with ASC 740-10 and began evaluating tax positions utilizing a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination based on the technical merits of the position. The second step is to measure the benefit to be recorded from tax positions that meet the more-likely-than-not recognition threshold by determining the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement and recognizing that amount in the financial statements. Solitron has adopted ASC 740-10 and no material impact on its financial condition, results of operations, cash flows, or disclosures occurred upon adoption. Net (Loss) Income Per Common Share Net (loss) income per common share is presented in accordance with ASC 260-10 “Earnings per Share.” Basic earnings per common share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per common share incorporate the incremental shares issuable upon the assumed exercise of stock options to the extent they are not anti-dilutive using the treasury stock method. Due to the loss, there is no effect from dilution on earnings per share. Impairment of long-lived assets Potential impairments of long-lived assets are reviewed annually or when events and circumstances warrant an earlier review. In accordance with ASC Subtopic 360-10, "Property, Plant and Equipment – Overall," impairment is determined when estimated future undiscounted cash flows associated with an asset are less than the asset’s carrying value. Financial Statement Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences could be material. Such estimates include depreciable life of property and equipment, accounts receivable allowance, deferred tax valuation allowance, and allowance for inventory obsolescence. Stock based compensation The Company records stock-based compensation in accordance with the provisions of ASC Topic 718, "Compensation-Stock Compensation," which establishes accounting standards for transactions in which an entity exchanges its equity instruments for goods or services. Under ASC Topic 718, the Company recognizes an expense for the fair value of outstanding stock options and grants as they vest, whether held by employees or others. No vesting of stock options occurred during the year ended February 29, 2016 or February 28, 2015. Recent Accounting Pronouncements No recent accounting pronouncements affecting the Company were issued by the Financial Accounting Standards Board or other standards-setting bodies. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 29, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 2. EARNINGS PER SHARE The shares used in the computation of the Company’s basic and diluted earnings per common share were as follows: Fiscal Year Ended February 29, 2016 28, 2015 Weighted average common shares outstanding 2,245,575 2,183,876 Dilutive effect of employee stock options 0 224,759 Weighted average common shares outstanding, assuming dilution 2,245,575 2,408,635 |
Inventories
Inventories | 12 Months Ended |
Feb. 29, 2016 | |
Inventories [Abstract] | |
INVENTORIES | 3. INVENTORIES As of February 29, 2016, inventories consist of the following: Gross Reserve Net Raw Materials $ 1,854,000 $ (489,000 ) $ 1,365,000 Work-In-Process 3,915,000 (1,775,000 ) 2,140,000 Finished Goods 980,000 (814,500 ) 165,500 Totals $ 6,749,000 $ (3,078,500 ) $ 3,670,500 As of February 28, 2015, inventories consist of the following: Gross Reserve Net Raw Materials $ 2,124,000 $ (404,000 ) $ 1,720,000 Work-In-Process 3,744,000 (1,624,000 ) 2,120,000 Finished Goods 1,077,000 (720,000 ) 357,000 Totals $ 6,945,000 $ (2,748,000 ) $ 4,197,000 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Feb. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 4. PROPERTY, PLANT AND EQUIPMENT As of February 29, 2016 and February 28, 2015, property, plant, and equipment consist of the following: 2016 2015 Leasehold Improvements $ 227,000 $ 227,000 Machinery and Equipment 3,304,000 3,118,000 Subtotal 3,531,000 3,345,000 Less: Accumulated Depreciation and Amortization (3,095,000 ) (2,887,000 ) Net Property, Plant and Equipment $ 436,000 $ 458,000 Depreciation and amortization expense was $208,000 and $223,000 for the years ended 2016 and 2015, respectively and is included in Cost of Sales in the accompanying Statements of Income. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Feb. 29, 2016 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of February 29, 2016 and February 28, 2015, accrued expenses and other current liabilities consist of the following: 2016 2015 Payroll and related employee benefits $ 447,000 $ 575,000 Income taxes - 15,000 Property taxes 10,000 7,000 Other liabilities 40,000 35,000 Totals $ 497,000 $ 632,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 29, 2016 | |
Income Taxes [Abstract] | |
INCOME TAXES | 6. INCOME TAXES At February 29, 2016, the Company has net operating loss carryforwards of approximately $10,122,000 that expire through February 2029. Such net operating losses are available to offset future taxable income, if any. As the utilization of such net operating losses for tax purposes is not assured, the deferred tax asset has been fully reserved through the recording of a 100% valuation allowance. Should a cumulative change in the ownership of more than 50% occur within a three-year period, there could be an annual limitation on the use of the net operating loss carryforwards. Total net deferred taxes are comprised of the following at February 29, 2016 and February 28, 2015: Deferred Tax Asset (Liability): 2016 2015 Current Allowance for doubtful accounts $ 1,000 $ 1,000 Inventory allowance 1,170,000 1,044,000 Section 263A capitalized costs 118,000 85,000 Total current deferred tax assets 1,289,000 1,130,000 Valuation allowance (1,289,000 ) (1,130,000 ) $ 0 $ 0 Long-term Loss carryforwards $ 3,846,000 $ 3,959,000 Depreciation (41,000 ) (31,000 ) Total long-term deferred tax assets 3,805,000 3,928,000 Valuation allowance (3,805,000 ) (3,928,000 ) $ 0 $ 0 The change in the valuation allowance on deferred tax assets is due principally to the utilization of the net operating loss for the years ended February 29, 2016 and February 28, 2015. A reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate for fiscal year ended February 29, 2016 and February 28, 2015 is as follows: 2016 2015 U.S. federal statutory rate 34.0 % 34.0 % Change in valuation allowance (34.0 ) (34.0 ) Alternative Minimum Taxes 0.00 2.0 Effective income tax rate 0.00 % 2.0 % |
Stock Options
Stock Options | 12 Months Ended |
Feb. 29, 2016 | |
Stock Options [Abstract] | |
STOCK OPTIONS | 7. STOCK OPTIONS The Company’s 2000 Stock Option Plan provides that stock options are valid for ten years and vest twelve months after the award date unless otherwise stated in the option awards. The 2000 Stock Option Plan terminated pursuant to its terms in July 2010. The Company’s 2007 Stock Incentive Plan allows the Company to grant common stock, options, restricted stock, and stock appreciation rights to eligible individuals. As of February 29, 2016, the Company had not granted any awards under the 2007 Stock Incentive Plan. On January 23, 2006, the Board of Directors granted stock options to certain key employees and directors. The options, which became vested on January 23, 2007, were for a total of 14,700 shares and the exercise price was fixed at $3.95 per share, which was the price on the OTCBB at the time of the grant. The options were exercisable through January 23, 2016. The remaining options balance is -0- as of February 29, 2016. On May 16, 2005, the Board of Directors granted stock options to certain key employees and directors. The options, which became vested on May 15, 2006, were for a total of 47,000 shares and the exercise price was fixed at $0.75 per share, which was the price on the OTCBB at the time of the grant. The options were exercisable through May 15, 2015. The remaining options balance was -0- as of February 29, 2016. There are no options from this grant that remain outstanding. On May 17, 2004, the Board of Directors granted stock options to certain key employees and directors. The options, which became vested on May 16, 2005, were for a total number of 47,500 shares and the exercise price was fixed at $1.05 per share, which was the price on the OTCBB at the time of the grant. The options were exercisable through May 16, 2014. There are no options from this grant that remain outstanding. On May 17, 2004, the Board of Directors awarded the Company’s President options totaling 175,636 shares, which are fully vested. The exercise price of these options was fixed at $1.05 per share (the closing price on the OTCBB at the time of the grant). The remaining options balance is 35,449 as of February 29, 2016. In December 2000, a grant equal to 10% of the outstanding shares (254,624) was made to the Company’s President at the exercisable price of $0.40 per share (the closing stock price on the date of the grant). Fifty percent (50%) of the total number of shares was immediately exercisable and the other 50% vested in five equal installments over the following five years. All of these options are fully vested. The remaining options balance is 254,624 as of February 29, 2016. Below is a summary of the Company’s Stock Option Activity: Weighted- Weighted- Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Term Value Balance, February 28, 2014 448,560 $ 0.74 2.61 1,496,000 Expired (900 ) Exercised (8,000 ) Balance, February 28, 2015 439,660 0.73 1.94 1,570,341 Expired (8,100 ) Exercised (141,487 ) Balance, February 29, 2016 290,073 $ 0.48 $ ---- 948,703 No options were granted in the years ended February 29, 2016 and February 28, 2015. On June 18, 2015 the CEO exercised a portion of his options for 140,187 shares, of which 29,315 shares were withheld by the Company to cover the federal income taxes due upon exercising, and as a result the Company issued 110,872 shares. All of the Company’s outstanding options were vested as of February 29, 2016. No options vested during the years ended February 29, 2016 and February 28, 2015. The following table summarizes information about stock options outstanding and exercisable at February 29, 2016: Options Outstanding Exercisable Options Range of Exercise Prices Number of Outstanding Options Remaining Contractual Life Weighted Average Exercise Price Number Weighted Average Exercise Price $ 0.400 $ 0.400 254,624 Evergreen $ 0.40 254,624 $ 0.40 $ 1.050 $ 1.050 35,449 Evergreen $ 1.05 35,449 $ 1.05 290,073 $ 0.48 290,073 $ 0.48 All options with a remaining contractual life outstanding are fully vested. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 29, 2016 | |
Employee Benefit Plans [Abstract] | |
EMPLOYEE BENEFIT PLANS | 8. EMPLOYEE BENEFIT PLANS The Company has a 401k and Profit Sharing Plan (the "Profit Sharing Plan") in which substantially all employees may participate after three months of service. Contributions to the Profit Sharing Plan by participants are voluntary. The Company may match participant's contributions up to 25% of 4% of each participant's annual compensation. In addition, the Company may make additional contributions at its discretion. The Company did not contribute to the Profit Sharing Plan during the fiscal years ended February 29, 2016 and February 28, 2015. |
Export Sales and Major Customer
Export Sales and Major Customers | 12 Months Ended |
Feb. 29, 2016 | |
Export Sales and Major Customers [Abstract] | |
EXPORT SALES AND MAJOR CUSTOMERS | 9. EXPORT SALES AND MAJOR CUSTOMERS Revenues from domestic and export sales to unaffiliated customers for the year ended February 29, 2016 are as follows: Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 0 $ 20,000 $ 0 $ 20,000 Canada and Latin America 27,000 0 25,000 40,000 92,000 Far East and Middle East 22,000 5,000 72,000 432,000 531,000 United States 1,357,000 3,758,000 447,000 2,190,000 7,752,000 Totals $ 1,406,000 $ 3,763,000 $ 564,000 $ 2,662,000 $ 8,395,000 Revenues from domestic and export sales to unaffiliated customers for the year ended February 28, 2015 are as follows: Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 904,000 $ 10,000 $ 0 $ 914,000 Canada and Latin America 47,000 0 20,000 13,000 80,000 Far East and Middle East 18,000 0 40,000 481,000 539,000 United States 1,313,000 4,586,000 278,000 2,047,000 8,224,000 Totals $ 1,378,000 $ 5,490,000 $ 348,000 $ 2,541,000 $ 9,757,000 Revenues from domestic and export sales are attributed to global geographic regions according to the location of the customer’s primary manufacturing or operating facilities. Sales to the Company's top two customers accounted for 62% of net sales for the year ended February 29, 2016 as compared with 63% of the Company's net sales for the year ended February 28, 2015. Sales to Raytheon Company accounted for approximately 49% of net sales for the year ended February 29, 2016 and 48% for the year ended February 28, 2015. Sales to the second largest customer, the United States Government, for the years ended February 29, 2016 and February 28, 2015 accounted for 13% and 15% of net sales respectively. |
Major Suppliers
Major Suppliers | 12 Months Ended |
Feb. 29, 2016 | |
Major Suppliers [Abstract] | |
MAJOR SUPPLIERS | 10. MAJOR SUPPLIERS For the year ended February 29, 2016, purchases from the Company’s top supplier, Egide USA Inc. accounted for 15% of the Company's total purchases of production materials, and all other suppliers were individually less than 9% of purchases. For the year ended February 28, 2015, purchases from the Company’s two top suppliers, Egide USA Inc. and Wuxi Streamtek Ltd., accounted for 30% of the Company’s total purchases of production materials. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 29, 2016 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES Employment Agreement In December 2000, the Company entered into a five-year employment agreement with its President. On January 14, 2013, the Company amended the employment agreement with its President. This agreement provides, among other things, for annual compensation of $240,000 and a bonus pursuant to a formula. The agreement stipulates that the President shall be entitled to a bonus equal to fifteen percent (15%) of the Company’s pre-tax income in excess of Two Hundred Fifty Thousand Dollars ($250,000). For purposes of the agreement, “pre –tax income” shall mean net income before taxes, excluding (i) all extraordinary gains or losses, (ii) gains resulting from debt forgiven associated with the buyout of unsecured creditors, and (iii) any bonuses paid to the President. The bonus payable thereunder shall be paid within ninety (90) days after the end of the fiscal year. On January 14, 2014 the President exercised a cost-of-living increase clause in his contract increasing his annual base salary to $296,500. On December 5, 2014, the Compensation Committee approved an increase to Mr. Saraf’s annual base salary to $321,500, effective December 1, 2014. The Company accrued $105,000 as a bonus to Mr. Saraf for the fiscal year ended February 28,2015. On December 22, 2015, the Compensation Committee approved the contractual cost-of-living increase to Mr. Saraf’s annual base salary of 0.5%, resulting in an annual base salary of $323,107. The Company has not accrued any bonus for Mr. Saraf in fiscal year 2016. The President’s employment agreement stipulates, in Article 2.2, “Option to Extend”, that the contract is automatically extended for one year periods unless a notice is given by either party at least 180 days prior to the expiration of the term or any extensions. Upon execution of the agreement, the President received a grant of options to purchase ten percent (10%) of the outstanding shares of the Company’s common stock, par value $.01 calculated on a fully diluted basis, at an exercise price per share equal to the closing asking price of the Company’s common stock on the OTCBB on the date of the grant ($0.40). Fifty percent (50%) of the Initial Stock Options granted were vested immediately upon grant. The remaining fifty percent (50%) of the Initial Stock Options vested in equal amounts on each of the first five anniversaries of the date of grant. These options were fully vested during the year ended February 28, 2006. Since November, 2, 2015, the Company reduced all exempt employees’ annual salaries (paid in weekly installments), including the President’s salary, by 10%, giving the President an effective annual salary of $291,000. As part of the Company’s decision, starting November 2, 2015, to reduce the work week schedule to 36 hours, the President voluntarily agreed to the temporary reduction to work schedule and salary which is still in effect. Operating leases: On October 1, 2015, the Company extended its current lease with its landlord, CF EB REO II LLC, for the occupancy and use of its 47,000 square foot facility located at 3301 Electronics Way, West Palm Beach, Florida 33407 (the “Lease”). The property subsequently was sold to La Boheme Properties, Inc., a Florida corporation, which is the current landlord as the Lease was assigned to them. The term of the Lease ends on December 31, 2021. The base rent provided in the Lease is $34,451 per month. The Company has the option to extend the term of the Lease for an additional five years beginning on January 1, 2022 and ending on December 31, 2026. Commencing on January 1, 2016 and on the first day of January of every subsequent year, the base rent will be increased to compensate for changes in the cost of living, provided that in no event will the base rent be increased by less than three percent nor more than five percent annually. Future minimum lease payments for this non-cancelable operating lease are as follows: Fiscal Year Ending February 28/29 Amount 2017 $ 427,000 2018 $ 440,000 2019 $ 454,000 2020 $ 467,000 2021 $ 481,000 thereafter $ 411,000 Rent expense for the fiscal years ended February 29, 2016 and February 28, 2015 was approximately $415,000 and $370,000, respectively. |
Other Income
Other Income | 12 Months Ended |
Feb. 29, 2016 | |
Other Income [Abstract] | |
OTHER INCOME | 12. OTHER INCOME During the fiscal year ended February 29, 2016, the Company recognized no other income. During the fiscal year ended February 28, 2015, the Company recognized approximately $8,000 of other income attributable to cancellation of debt. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Feb. 29, 2016 | |
Shareholders' Equity [Abstract] | |
SHAREHOLDERS' EQUITY | 13. STOCKHOLDERS’ EQUITY On May 29, 2015 the Board of Directors authorized a stock repurchase program under which the Company may repurchase up to $500,000 of its outstanding common stock from time to time through February 29, 2016 on the open market or in privately negotiated transactions. On July 28, 2015, the Company announced that its Board of Directors had expanded the stock repurchase program to cover repurchases of up to $1,000,000 of its outstanding common stock from time to time through February 29, 2016 on the open market or in privately negotiated transactions. In November 2015, pursuant to the Company’s previously authorized stock repurchase program, the Company repurchased 65,027 shares of outstanding common stock at $4.30 per share from a stockholder in a privately negotiated transaction for an aggregate price of approximately $280,000 On January 15, 2016, the Board of Directors amended the Company’s previously authorized stock repurchase program. Under the Company’s previously authorized stock repurchase program, the Company was authorized to repurchase up to $1,000,000 of its outstanding common stock from time to time through February 29, 2016 on the open market or in privately negotiated transactions. Under the amended stock repurchase program, the Company may acquire up to $1,000,000 of its outstanding common stock from time to time, increasing the Company’s authorization from the $720,000 remaining and eliminating the expiration date of February 29, 2016. Purchases under the amended stock repurchase program may be made through the open market or privately negotiated transactions as determined by the Company’s management, and in accordance with the requirements of the Securities and Exchange Commission. The timing and actual number of shares repurchased will depend on variety of factors including price, corporate and regulatory requirements and other conditions. In July 2015, the Company paid a dividend of $0.25 per share to all stockholders of record as of the close of business on June 29 th During the fiscal year ending February 29 th |
Subsequent Events
Subsequent Events | 12 Months Ended |
Feb. 29, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS There are no subsequent events to report. Management has evaluated the subsequent events through June 15, 2016, the date the financial statements were issued. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Activities | Nature of Operations and Activities Solitron Devices, Inc., a Delaware corporation (the “Company” or “Solitron”), designs, develops, manufactures, and markets solid-state semiconductor components and related devices primarily for the military and aerospace markets. The Company was incorporated under the laws of the State of New York in 1959 and reincorporated under the laws of the State of Delaware in August 1987. |
Basis of Presentation | Basis of Presentation The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include demand deposits and money market accounts. |
Investment in Treasury Bills and Certificates of Deposit | Investment in Treasury Bills and Certificates of Deposit Investment in Treasury Bills/Certificates of Deposit includes treasury bills with maturities of one year or less, and Certificates of Deposit with maturities from one to three years, and is stated at market value. All of the Company’s investments are classified as available-for-sale. As they are available for current operations, they are classified as current on the balance sheets. Investments in available-for-sale securities are reported at fair value with unrecognized gains or losses, net of tax, as a component of accumulated other comprehensive income and is included as a separate component of stockholders’ equity. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when the declines are determined to be other-than-temporary. The following table summarizes the Company's available-for-sale investments: February 29, 2016 Cost Gross Gross Fair (In thousands) Short-term investments: Treasury Bills $ 1,759 $ - $ - $ 1,756 Certificates of Deposit 4,979 2 4,984 $ 6,738 Total short-term investments $ 2 $ - $ 6,740 February 28, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Short-term investments: Certificates of deposit $ 6,970 $ 1 $ - $ 6,971 Total short-term investments $ 6,970 $ 1 $ - $ 6,971 At February 29, 2016 and February 28, 2015, the deferred tax liability related to unrecognized gains and losses on short-term investments was $0. As of February 29, 2016, contractual maturities of the Company's available-for-sale non-equity investments were as follows: Cost Fair Value (In thousands) Maturing within one year $ 5,092 $ 5,094 Maturing one to three years $ 1,648 $ 1,646 $ 6,740 $ 6,740 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” defines “fair value” as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also sets forth a valuation hierarchy of the inputs (assumptions that market participants would use in pricing an asset or liability) used to measure fair value. This hierarchy prioritizes the inputs into the following three levels: Level 1. Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that results in management’s best estimate of fair value. The Company’s Treasury bills and brokered certificates of deposits are subject to level 1 fair value measurement. The carrying amounts of the Company’s short-term financial instruments, including accounts receivable, accounts payable, accrued expenses and other liabilities approximate their fair value due to the relatively short period to maturity for these instruments. The fair value of long-term debt is based on current rates at which the Company could borrow funds with similar remaining maturities, and the carrying amount of the long-term debt approximates fair value. |
Accounts Receivable | Accounts Receivable Accounts receivable consists of unsecured credit extended to the Company’s customers in the ordinary course of business. The Company reserves for any amounts deemed to be uncollectible based on past collection experiences and an analysis of outstanding balances, using an allowance account. The allowance amount was $2,000 as of February 29, 2016 and February 28, 2015. |
Shipping and Handling | Shipping and Handling Shipping and handling costs billed to customers are recorded in net sales. Shipping costs incurred by the Company are recorded in cost of sales. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined using the “first-in, first-out” (FIFO) method. The Company buys raw material only to fill customer orders. Excess raw material is created only when a vendor imposes a minimum buy in excess of actual requirements. Such excess material will usually be utilized to meet the requirements of the customer’s subsequent orders. If excess material is not utilized after two fiscal years it is fully reserved. Any inventory item once designated as reserved is carried at zero value in all subsequent valuation activities. The Company’s inventory valuation policy is as follows: Raw material /Work in process: All material purchased, processed, and/or used in the last two fiscal years is valued at the lower of its acquisition cost or market. All material not purchased/used in the last two fiscal years is fully reserved. Finished goods: All finished goods with firm orders for later delivery are valued (material and overhead) at the lower of cost or market. All finished goods with no orders are fully reserved. Direct labor costs: Direct labor costs are allocated to finished goods and work in process inventory based on engineering estimates of the amount of man-hours required from the different direct labor departments to bring each device to its particular level of completion. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant, and equipment is recorded at cost. Major renewals and improvements are capitalized, while Leasehold Improvements 10 years Machinery and Equipment 5 years |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and trade receivables. The Company places its cash with high credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on the accounts. As of February 29, 2016, all non-interest bearing checking accounts were FDIC insured to a limit of $250,000. Deposits in excess of FDIC insured limits were approximately $374,000 at February 29, 2016. With respect to the trade receivables, most of the Company’s products are custom made pursuant to contracts with customers whose end-products are sold to the United States Government. The Company performs ongoing credit evaluations of its customers’ financial condition and maintains allowances for potential credit losses. Actual losses and allowances have historically been within management’s expectations. |
Revenue Recognition | Revenue Recognition Revenue is recognized in accordance with SEC Staff Accounting Bulletin No. 104, Revenue Recognition |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method of ASC 740-10, “Income Taxes”. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. The Company adopted guidance related to accounting for uncertainty in income taxes in accordance with ASC 740-10 and began evaluating tax positions utilizing a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination based on the technical merits of the position. The second step is to measure the benefit to be recorded from tax positions that meet the more-likely-than-not recognition threshold by determining the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement and recognizing that amount in the financial statements. Solitron has adopted ASC 740-10 and no material impact on its financial condition, results of operations, cash flows, or disclosures occurred upon adoption. |
Net (Loss) Income Per Common Share | Net (Loss) Income Per Common Share Net (loss) income per common share is presented in accordance with ASC 260-10 “Earnings per Share.” Basic earnings per common share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per common share incorporate the incremental shares issuable upon the assumed exercise of stock options to the extent they are not anti-dilutive using the treasury stock method. Due to the loss, there is no effect from dilution on earnings per share. |
Impairment of long-lived assets | Impairment of long-lived assets Potential impairments of long-lived assets are reviewed annually or when events and circumstances warrant an earlier review. In accordance with ASC Subtopic 360-10, "Property, Plant and Equipment – Overall," impairment is determined when estimated future undiscounted cash flows associated with an asset are less than the asset’s carrying value. |
Financial Statement Estimates | Financial Statement Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences could be material. Such estimates include depreciable life of property and equipment, accounts receivable allowance, deferred tax valuation allowance, and allowance for inventory obsolescence. |
Stock based compensation | Stock based compensation The Company records stock-based compensation in accordance with the provisions of ASC Topic 718, "Compensation-Stock Compensation," which establishes accounting standards for transactions in which an entity exchanges its equity instruments for goods or services. Under ASC Topic 718, the Company recognizes an expense for the fair value of outstanding stock options and grants as they vest, whether held by employees or others. No vesting of stock options occurred during the year ended February 29, 2016 or February 28, 2015. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No recent accounting pronouncements affecting the Company were issued by the Financial Accounting Standards Board or other standards-setting bodies. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of available-for-sale investments | February 29, 2016 Cost Gross Gross Fair (In thousands) Short-term investments: Treasury Bills $ 1,759 $ - $ - $ 1,756 Certificates of Deposit 4,979 2 4,984 $ 6,738 Total short-term investments $ 2 $ - $ 6,740 February 28, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Short-term investments: Certificates of deposit $ 6,970 $ 1 $ - $ 6,971 Total short-term investments $ 6,970 $ 1 $ - $ 6,971 |
Contractual maturities of available-for-sale non-equity investments | Cost Fair Value (In thousands) Maturing within one year $ 5,092 $ 5,094 Maturing one to three years $ 1,648 $ 1,646 $ 6,740 $ 6,740 |
Summary of estimated useful lives of assets | Leasehold Improvements 10 years Machinery and Equipment 5 years |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted earnings per common share | Fiscal Year Ended February 29, 2016 28, 2015 Weighted average common shares outstanding 2,245,575 2,183,876 Dilutive effect of employee stock options 0 224,759 Weighted average common shares outstanding, assuming dilution 2,245,575 2,408,635 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Inventories [Abstract] | |
Schedule of inventories | Gross Reserve Net Raw Materials $ 1,854,000 $ (489,000 ) $ 1,365,000 Work-In-Process 3,915,000 (1,775,000 ) 2,140,000 Finished Goods 980,000 (814,500 ) 165,500 Totals $ 6,749,000 $ (3,078,500 ) $ 3,670,500 Gross Reserve Net Raw Materials $ 2,124,000 $ (404,000 ) $ 1,720,000 Work-In-Process 3,744,000 (1,624,000 ) 2,120,000 Finished Goods 1,077,000 (720,000 ) 357,000 Totals $ 6,945,000 $ (2,748,000 ) $ 4,197,000 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant, and equipment | 2016 2015 Leasehold Improvements $ 227,000 $ 227,000 Machinery and Equipment 3,304,000 3,118,000 Subtotal 3,531,000 3,345,000 Less: Accumulated Depreciation and Amortization (3,095,000 ) (2,887,000 ) Net Property, Plant and Equipment $ 436,000 $ 458,000 |
Accrued Expenses and Other Cu26
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Summary of accrued expenses and other current liabilities | 2016 2015 Payroll and related employee benefits $ 447,000 $ 575,000 Income taxes - 15,000 Property taxes 10,000 7,000 Other liabilities 40,000 35,000 Totals $ 497,000 $ 632,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Income Taxes [Abstract] | |
Summary of deferred tax asset (Liability) | Deferred Tax Asset (Liability): 2016 2015 Current Allowance for doubtful accounts $ 1,000 $ 1,000 Inventory allowance 1,170,000 1,044,000 Section 263A capitalized costs 118,000 85,000 Total current deferred tax assets 1,289,000 1,130,000 Valuation allowance (1,289,000 ) (1,130,000 ) $ 0 $ 0 Long-term Loss carryforwards $ 3,846,000 $ 3,959,000 Depreciation (41,000 ) (31,000 ) Total long-term deferred tax assets 3,805,000 3,928,000 Valuation allowance (3,805,000 ) (3,928,000 ) $ 0 $ 0 |
Reconciliation of the U.S. federal statutory tax rate to the Company's effective tax rate | 2016 2015 U.S. federal statutory rate 34.0 % 34.0 % Change in valuation allowance (34.0 ) (34.0 ) Alternative Minimum Taxes 0.00 2.0 Effective income tax rate 0.00 % 2.0 % |
Stock Options (Tables)
Stock Options (Tables) - Stock Options [Member] | 12 Months Ended |
Feb. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of company's stock option activity | Weighted- Weighted- Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Term Value Balance, February 28, 2014 448,560 $ 0.74 2.61 1,496,000 Expired (900 ) Exercised (8,000 ) Balance, February 28, 2015 439,660 0.73 1.94 1,570,341 Expired (8,100 ) Exercised (141,487 ) Balance, February 29, 2016 290,073 $ 0.48 $ ---- 948,703 |
Summarized information about stock options outstanding and exercisable | Options Outstanding Exercisable Options Range of Exercise Prices Number of Outstanding Options Remaining Contractual Life Weighted Exercise Price Number Weighted Exercise Price $ 0.400 $ 0.400 254,624 Evergreen $ 0.40 254,624 $ 0.40 $ 1.050 $ 1.050 35,449 Evergreen $ 1.05 35,449 $ 1.05 290,073 $ 0.48 290,073 $ 0.48 |
Export Sales and Major Custom29
Export Sales and Major Customers (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Export Sales and Major Customers [Abstract] | |
Summary of revenues from domestic and export sales to unaffiliated customers | Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 0 $ 20,000 $ 0 $ 20,000 Canada and Latin America 27,000 0 25,000 40,000 92,000 Far East and Middle East 22,000 5,000 72,000 432,000 531,000 United States 1,357,000 3,758,000 447,000 2,190,000 7,752,000 Totals $ 1,406,000 $ 3,763,000 $ 564,000 $ 2,662,000 $ 8,395,000 Power Field Effect Power Geographic Region Transistors Hybrids Transistors MOSFETS Totals Europe and Australia $ 0 $ 904,000 $ 10,000 $ 0 $ 914,000 Canada and Latin America 47,000 0 20,000 13,000 80,000 Far East and Middle East 18,000 0 40,000 481,000 539,000 United States 1,313,000 4,586,000 278,000 2,047,000 8,224,000 Totals $ 1,378,000 $ 5,490,000 $ 348,000 $ 2,541,000 $ 9,757,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Commitments and Contingencies [Abstract] | |
Schedule of future minimum lease payments for non-cancelable operating lease | Fiscal Year Ending February 28/29 Amount 2017 $ 427,000 2018 $ 440,000 2019 $ 454,000 2020 $ 467,000 2021 $ 481,000 thereafter $ 411,000 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Short-term investments: | ||
Cost | $ 6,738 | $ 6,970 |
Gross Unrealized Gains | $ 2 | $ 1 |
Gross Unrealized Losses | ||
Fair Value | $ 6,740 | $ 6,971 |
Treasury bills [Member] | ||
Short-term investments: | ||
Cost | $ 1,759 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 1,756 | |
Certificates of deposit [Member] | ||
Short-term investments: | ||
Cost | 4,979 | 6,970 |
Gross Unrealized Gains | $ 2 | $ 1 |
Gross Unrealized Losses | ||
Fair Value | $ 4,984 | $ 6,971 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Details 1) $ in Thousands | Feb. 29, 2016USD ($) |
Schedule of contractual maturities of the Company's available-for-sale non-equity investments | |
Maturing within one year, cost | $ 5,092 |
Maturing one to three years, cost | 1,648 |
Total, cost | 6,740 |
Maturing within one year, fair value | 5,094 |
Maturing one to three years, fair value | 1,646 |
Total, fair value | $ 6,740 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended |
Feb. 29, 2016 | |
Leasehold Improvements [Member] | |
Summary of property plant and equipment estimated useful lives | |
Estimated useful lives | 10 years |
Machinery and Equipment [Member] | |
Summary of property plant and equipment estimated useful lives | |
Estimated useful lives | 5 years |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Summary of significant accounting policies (Textual) | ||
Deferred tax liability related to unrecognized gains and losses on short-term investments | $ 0 | $ 0 |
Allowance for doubtful accounts (in dollars) | 2,000 | $ 2,000 |
FDIC insured limit | 250,000 | |
Deposits in excess of FDIC insured limits | $ 374,000 | |
Number of shares options vested | 0 | |
Treasury bills [Member] | ||
Summary of significant accounting policies (Textual) | ||
Maturity term | One year or less. | |
Certificates of deposit [Member] | ||
Summary of significant accounting policies (Textual) | ||
Maturity term | One to three years. |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Summery of basic and diluted earnings per common share | ||
Weighted average common shares outstanding | 2,245,575 | 2,183,876 |
Dilutive effect of employee stock options | 0 | 224,759 |
Weighted average common shares outstanding, assuming dilution | 2,245,575 | 2,408,635 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) | 12 Months Ended |
Feb. 28, 2015shares | |
Earning per share (Textual) | |
Antidilutive Securities excluded from computation of earnings per share, Amount | 8,400 |
Inventories (Details)
Inventories (Details) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Schedule of Inventories | ||
Inventory, Raw Materials, Gross | $ 1,854,000 | $ 2,124,000 |
Inventory, Work-In-Process, Gross | 3,915,000 | 3,744,000 |
Inventory, Finished Goods, Gross | 980,000 | 1,077,000 |
Inventory, Gross, Total | 6,749,000 | 6,945,000 |
Inventory Raw Material Reserve | (489,000) | (404,000) |
Inventory Work-In-Process Reserve | (1,775,000) | (1,624,000) |
Inventory Finished Goods Reserve | (814,500) | (720,000) |
Inventory Adjustments, Total | (3,078,500) | (2,748,000) |
Inventory, Raw material, Net | 1,365,000 | 1,720,000 |
Inventory, Work in Process, Net | 2,140,000 | 2,120,000 |
Inventory, Finished Goods, Net | 165,500 | 357,000 |
Inventories, Net | $ 3,671,000 | $ 4,197,000 |
Property, Plant and Equipment38
Property, Plant and Equipment (Details) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Components of property, plant, and equipment | ||
Subtotal | $ 3,531,000 | $ 3,345,000 |
Less: Accumulated Depreciation and Amortization | (3,095,000) | (2,887,000) |
Net Property, Plant and Equipment | 436,000 | 458,000 |
Leasehold Improvements [Member] | ||
Components of property, plant, and equipment | ||
Subtotal | 227,000 | 227,000 |
Machinery and Equipment [Member] | ||
Components of property, plant, and equipment | ||
Subtotal | $ 3,304,000 | $ 3,118,000 |
Property, Plant and Equipment39
Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Property, Plant and Equipment (Textual) | ||
Depreciation and amortization expense | $ 208 | $ 223 |
Accrued Expenses and Other Cu40
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Accrued expenses and other liabilities | ||
Payroll and related employee benefits | $ 447,000 | $ 575,000 |
Income taxes | 15,000 | |
Property taxes | $ 10,000 | 7,000 |
Other liabilities | 40,000 | 35,000 |
Totals | $ 497,000 | $ 632,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Current | ||
Allowance for doubtful accounts | $ 1,000 | $ 1,000 |
Inventory allowance | 1,170,000 | 1,044,000 |
Section 263A capitalized costs | 118,000 | 85,000 |
Total current deferred tax assets | 1,289,000 | 1,130,000 |
Valuation allowance | (1,289,000) | (1,130,000) |
Total net deferred taxes | 0 | 0 |
Long-term | ||
Loss carryforwards | 3,846,000 | 3,959,000 |
Depreciation | 41,000 | 31,000 |
Total long-term deferred tax assets | 3,805,000 | 3,928,000 |
Valuation allowance | (3,805,000) | (3,928,000) |
Total net deferred tax assets | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Reconciliation of the U.S. federal statutory tax rate to the Company's effective tax rate | ||
U.S. federal statutory rate | 34.00% | 34.00% |
Change in valuation allowance | (34.00%) | (34.00%) |
Alternative Minimum Taxes | 0.00% | 2.00% |
Effective income tax rate | 0.00% | 2.00% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended |
Feb. 29, 2016USD ($) | |
Income taxes (Textual) | |
Operating loss carryforwards, net | $ 10,122,000 |
Operating loss carryforwards, Expiration dates | Feb. 28, 2029 |
Valuation allowance recorded on deferred tax assets percentage | 100.00% |
Operating Loss Carryforwards, Limitations on Use | Should a cumulative change in the ownership of more than 50% occur within a three-year period, there could be an annual limitation on the use of the net operating loss carryforwards. |
Cumulative change in ownership percentage | 50.00% |
Period for cumulative change in ownership | 3 years |
Stock Options (Details)
Stock Options (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Summary of stock option activities [Abstract] | ||
Beginning balance, Options Outstanding | 439,660 | 448,560 |
Options Outstanding, Expired | (8,100) | (900) |
Options Outstanding, Exercised | (141,487) | (8,000) |
Ending balance, Options Outstanding | 290,073 | 439,660 |
Beginning balance, Weighted-Average Exercise Price | $ 0.73 | $ 0.74 |
Ending balance, Weighted-Average Exercise Price | $ 0.48 | $ 0.73 |
Beginning balance, Weighted-Average Remaining Contractual Term | 1 year 11 months 9 days | 2 years 7 months 10 days |
Ending Balance, Weighted-Average Remaining Contractual Term | 0 years | 1 year 11 months 9 days |
Beginning balance, Aggregate Intrinsic Value | $ 1,570,341 | $ 1,496,000 |
Ending balance, Aggregate Intrinsic Value | $ 948,703 | $ 1,570,341 |
Stock Options (Details 1)
Stock Options (Details 1) - $ / shares | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Details regarding stock options ranges, outstanding and exercisable numbers | |||
Options Outstanding, Number of Outstanding Options | 290,073 | 439,660 | 448,560 |
Options Outstanding, Weighted Average Exercise Price | $ 0.48 | $ 0.73 | $ 0.74 |
Stock Options [Member] | |||
Details regarding stock options ranges, outstanding and exercisable numbers | |||
Options Outstanding, Number of Outstanding Options | 290,073 | 439,660 | |
Options Outstanding, Weighted Average Exercise Price | $ 0.48 | $ 0.74 | |
Exercisable Options, Number | 290,073 | ||
Exercisable Options, Weighted Average Exercise Price | $ 0.48 | ||
Exercise Price Range One [Member] | Stock Options [Member] | |||
Details regarding stock options ranges, outstanding and exercisable numbers | |||
Upper Range of Exercise Prices | 0.400 | ||
Lower Range of Exercise Prices | $ 0.400 | ||
Options Outstanding, Number of Outstanding Options | 254,624 | ||
Options Outstanding, Remaining Contractual Life | Evergreen | ||
Options Outstanding, Weighted Average Exercise Price | $ 0.40 | ||
Exercisable Options, Number | 254,624 | ||
Exercisable Options, Weighted Average Exercise Price | $ 0.40 | ||
Exercise Price Range Two [Member] | Stock Options [Member] | |||
Details regarding stock options ranges, outstanding and exercisable numbers | |||
Upper Range of Exercise Prices | 1.050 | ||
Lower Range of Exercise Prices | $ 1.050 | ||
Options Outstanding, Number of Outstanding Options | 35,449 | ||
Options Outstanding, Remaining Contractual Life | Evergreen | ||
Options Outstanding, Weighted Average Exercise Price | $ 1.05 | ||
Exercisable Options, Number | 35,449 | ||
Exercisable Options, Weighted Average Exercise Price | $ 1.05 |
Stock Options (Details Textual)
Stock Options (Details Textual) - $ / shares | Jun. 18, 2015 | Jan. 23, 2006 | May 16, 2005 | May 17, 2004 | Dec. 31, 2000 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 |
Stock Option (Textual) | ||||||||
Number of options granted | 0 | |||||||
Number of shares options vested | 0 | |||||||
Options Outstanding, Number of Outstanding Options | 290,073 | 439,660 | 448,560 | |||||
Employee exercise of stock options, shares | (141,487) | (8,000) | ||||||
Stock Options [Member] | ||||||||
Stock Option (Textual) | ||||||||
Common stock option vest date | Jan. 23, 2007 | May 15, 2006 | May 16, 2005 | |||||
Number of options granted | 14,700 | 47,000 | 47,500 | |||||
Stock options exercise price | $ 3.95 | $ 0.75 | $ 1.05 | |||||
Stock option expiration date | Jan. 23, 2016 | May 15, 2015 | May 16, 2014 | |||||
Options granted, description | Valid for ten years and vest twelve months after the award date unless otherwise stated in the option awards. | |||||||
Options Outstanding, Number of Outstanding Options | 290,073 | 439,660 | ||||||
Director [Member] | Stock Options [Member] | ||||||||
Stock Option (Textual) | ||||||||
Options Outstanding, Number of Outstanding Options | 8,400 | |||||||
Company's President [Member] | Stock Options [Member] | ||||||||
Stock Option (Textual) | ||||||||
Number of options granted | 175,636 | 254,624 | ||||||
Stock options exercise price | $ 1.05 | $ 0.40 | ||||||
Options granted, description | Fifty percent (50%) of the total number of shares was immediately exercisable and the other 50% vested in five equal installments over the following five years. | |||||||
Percentage of outstanding shares made to the Company's President | 10.00% | |||||||
Options Outstanding, Number of Outstanding Options | 35,449 | |||||||
Company's President [Member] | Stock options one [Member] | ||||||||
Stock Option (Textual) | ||||||||
Options Outstanding, Number of Outstanding Options | 54,624 | |||||||
Chief Executive Officer [Member] | Stock Options [Member] | ||||||||
Stock Option (Textual) | ||||||||
Number of options granted | 110,872 | |||||||
Employee exercise of stock options, shares | 29,315 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended |
Feb. 29, 2016 | |
Employee Benefit Plans (Textual) | |
Minimum period of employee service | 3 months |
Maximum [Member] | |
Employee Benefit Plans (Textual) | |
Defined contribution plan, company | 25.00% |
Minimum [Member] | |
Employee Benefit Plans (Textual) | |
Defined contribution plan, company | 4.00% |
Export Sales and Major Custom48
Export Sales and Major Customers (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | $ 8,395,000 | $ 9,757,000 |
Power Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 1,406,000 | 1,378,000 |
Hybrids [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 3,763,000 | 5,490,000 |
Field Effect Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 564,000 | 348,000 |
Power MOSFETS [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 2,662,000 | 2,541,000 |
Europe and Australia [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 20,000 | 914,000 |
Europe and Australia [Member] | Power Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 0 | 0 |
Europe and Australia [Member] | Hybrids [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 0 | 904,000 |
Europe and Australia [Member] | Field Effect Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 20,000 | 10,000 |
Europe and Australia [Member] | Power MOSFETS [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 0 | 0 |
Canada and Latin America [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 92,000 | 80,000 |
Canada and Latin America [Member] | Power Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 27,000 | 47,000 |
Canada and Latin America [Member] | Hybrids [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 0 | 0 |
Canada and Latin America [Member] | Field Effect Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 25,000 | 20,000 |
Canada and Latin America [Member] | Power MOSFETS [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 40,000 | 13,000 |
Far East and Middle East [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 531,000 | 539,000 |
Far East and Middle East [Member] | Power Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 22,000 | 18,000 |
Far East and Middle East [Member] | Hybrids [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 5,000 | 0 |
Far East and Middle East [Member] | Field Effect Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 72,000 | 40,000 |
Far East and Middle East [Member] | Power MOSFETS [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 432,000 | 481,000 |
United States [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 7,752,000 | 8,224,000 |
United States [Member] | Power Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 1,357,000 | 1,313,000 |
United States [Member] | Hybrids [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 3,758,000 | 4,586,000 |
United States [Member] | Field Effect Transistors [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | 447,000 | 278,000 |
United States [Member] | Power MOSFETS [Member] | ||
Revenues from domestic and export sales to unaffiliated customers | ||
Revenues, Total | $ 2,190,000 | $ 2,047,000 |
Export Sales and Major Custom49
Export Sales and Major Customers (Details Textual) - Net Sales [Member] - Customers | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Export sales and major customers (Textual) | ||
Number of major customers | 2 | 2 |
Sales from major customers | 62.00% | 63.00% |
Raytheon Company [Member] | ||
Export sales and major customers (Textual) | ||
Sales from major customers | 49.00% | 48.00% |
United States Government [Member] | ||
Export sales and major customers (Textual) | ||
Sales from major customers | 13.00% | 15.00% |
Major Suppliers (Details)
Major Suppliers (Details) - Supplier Concentration Risk [Member] - Suppliers | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Concentration Risk [Line Items] | ||
Number of major suppliers | 2 | |
Egide USA [Member] | ||
Concentration Risk [Line Items] | ||
Purchases from major suppliers | 15.00% | 30.00% |
Other Suppliers [Member] | ||
Concentration Risk [Line Items] | ||
Purchases from major suppliers | 9.00% | |
Wuxi Streamtek Ltd. [Member] | ||
Concentration Risk [Line Items] | ||
Purchases from major suppliers | 30.00% |
Commitments and Contingencies51
Commitments and Contingencies (Details) | Feb. 29, 2016USD ($) |
Future minimum lease payments for non-cancelable operating lease | |
2,017 | $ 427,000 |
2,018 | 440,000 |
2,019 | 454,000 |
2,020 | 467,000 |
2,021 | 481,000 |
thereafter | $ 411,000 |
Commitments and Contingencies52
Commitments and Contingencies (Details Textual) | Nov. 02, 2015USD ($) | Oct. 01, 2015USD ($)ft² | Dec. 05, 2014USD ($) | Jan. 14, 2014USD ($) | Dec. 22, 2015USD ($) | Dec. 31, 2000USD ($) | Feb. 29, 2016USD ($)$ / shares | Feb. 28, 2015USD ($)$ / shares |
Commitments and Contingencies (Textual) | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Area of leased space (In square foot) | ft² | 47,000 | |||||||
Base rent per month | $ 34,451 | |||||||
Operating lease expiration date | Dec. 31, 2021 | |||||||
Lease agreement extended term | 5 years | |||||||
Operating leases description | The Company has the option to extend the term of the Lease for an additional five years beginning on January 1, 2022 and ending on December 31, 2026. | |||||||
Rent expenses | $ 415,000 | $ 370,000 | ||||||
Employment Agreement [Member] | Mr. Saraf [Member] | ||||||||
Commitments and Contingencies (Textual) | ||||||||
Term of agreement | 5 years | |||||||
Annual base salary | $ 291,000 | $ 321,500 | $ 296,500 | $ 323,107 | $ 240,000 | |||
Percentage of bonus, Description | Bonus equal to fifteen percent (15%) of the Company's pre-tax income in excess of Two Hundred Fifty Thousand Dollars ($250,000). | |||||||
Term of bonus payable | 90 days | |||||||
Accrued bonus | $ 105,000 | |||||||
Annual base salary, Percentage | 10.00% | 0.50% | ||||||
Employment agreement, Description | "Option to Extend", that the contract is automatically extended for one year periods unless a notice is given by either party at least 180 days prior to the expiration of the term or any extensions. | |||||||
Percentage of outstanding shares available for options | 10.00% | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
Exercise price of option | $ / shares | $ 0.40 | |||||||
Options granted, description | Fifty percent (50%) of the Initial Stock Options granted were vested immediately upon grant. The remaining fifty percent (50%) of the Initial Stock Options vested in equal amounts on each of the first five anniversaries of the date of grant. |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Other income (Textual) | ||
Other income, net | $ 8 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Jan. 15, 2016 | Nov. 20, 2015 | Jul. 31, 2015 | Jul. 28, 2015 | May 29, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Jan. 15, 2015 |
Shareholders' Equity (Textual) | ||||||||
Stock repurchase program, authorized amount | $ 1,000,000 | $ 500,000 | ||||||
Stock repurchase program, expiration date | Feb. 29, 2016 | Feb. 29, 2016 | Feb. 29, 2016 | |||||
Number of shares repurchased | 65,027 | |||||||
Repurchased share value per share | $ 4.30 | |||||||
Repurchased share value | $ 280,000 | |||||||
Cash dividends per share (in dollars per share) | $ 0.25 | |||||||
Employee exercise of stock options | $ 11,000 | $ 6,000 | ||||||
Employee exercise of stock options, shares | (141,487) | (8,000) | ||||||
Dividend paid | $ (575,000) | $ (109,000) | ||||||
Authorized repurchase amount | $ 720,000 | |||||||
Common Stock | ||||||||
Shareholders' Equity (Textual) | ||||||||
Employee exercise of stock options | $ 1,000 | |||||||
Employee exercise of stock options, shares | 112,172 | 8,000 | ||||||
Dividend paid | ||||||||
Authorized repurchase amount | $ 1,000,000 |