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5. INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2019

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 are as follows:

		February 28,
		2019				2018
Deferred tax assets:
Allowance for doubtful accounts		$	72,500			$	149,600
Inventory overhead capitalization			87,600				69,800
Inventory valuation allowance			13,100				47,200
Inventory valuation allowance – noncurrent			88,900				70,700
Allowance for sales returns			27,500				26,000
Capital loss carryforward			116,200				111,900
Accruals			252,900				141,700
Deferred tax assets			658,700				616,900
Less valuation allowance			(116,200	)			(111,900	)
Total deferred tax assets			542,500				505,000
Deferred tax liabilities:
Property, plant and equipment			(1,415,100	)			(641,900	)
Total deferred tax liabilities			(1,415,100	)			(641,900	)
Net deferred income tax liabilities		$	(872,600	)		$	(136,900	)

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

The components of income tax expense are as follows:

		February 28,
		2019				2018
Current:
Federal		$	1,253,600			$	1,964,700
State			513,100				388,400
			1,766,700				2,353,100
Deferred:
Federal			674,500				239,800
State			61,200				25,100
			735,700				264,900
Total income tax expense		$	2,502,400			$	2,618,000

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

The following reconciles our expected income tax rate to the U.S. federal statutory income tax rate:

		February 28,
		2019				2018
U.S. federal statutory income tax rate			21.0	%			31.8	%
U.S. state and local income taxes–net of federal benefit			4.7	%			4.0	%
Other			1.6	%			(2.4	%)
Total income tax expense			27.3	%			33.4	%

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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