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6. INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2017

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax assets and liabilities as of February 28 (29), are as follows:

		FY2017				FY2016
Current:
Deferred tax assets:
Allowance for doubtful accounts		$	164,600			$	40,000
Inventory overhead capitalization			131,000				131,000
Inventory valuation allowance			9,500				9,500
Allowance for sales returns			72,200				38,000
Accruals			89,300				79,700
Deferred tax assets-current			466,600				298,200
Noncurrent:
Deferred tax assets (liabilities):
Inventory valuation allowance		$	104,500			$	114,000
Property, plant and equipment			(443,100	)			(63,100	)
Capital loss carryforward			163,600				163,600
Subtotal deferred tax assets (liabilities):			(175,000	)			214,500
Less valuation allowance			(163,600	)			(163,600	)
Net deferred tax assets (liabilities)-noncurrent		$	(338,600	)		$	50,900

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of income tax expense are as follows:

		February 28 (29),
		2017				2016
Current:
Federal		$	1,267,600			$	1,210,900
State			262,500				234,800
			1,530,100				1,445,700
Deferred:
Federal			186,200				(16,100	)
State			34,900				(3,000	)
			221,100				(19,100	)
Total income tax expense		$	1,751,200			$	1,426,600

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following reconciles our expected income tax expense utilizing statutory tax rates to the actual tax expense:

		February 28 (29),
		2017				2016
Tax expense at federal statutory rate		$	1,568,200			$	1,205,600
Federal income tax audit expense for 2012			-				67,900
State income tax–net of federal tax benefit			182,000				158,200
Other			1,000				(5,100	)
Total income tax expense		$	1,751,200			$	1,426,600

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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