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Note 3 - DEBT (Tables)

9 Months Ended

Nov. 30, 2018

Debt consists of the following:

	2018
	November 30,			February 28,

Line of credit	$	-		$	-


Long-term debt	$	20,004,100		$	20,706,300
Less current maturities		(928,100	)		(881,200	)
Long-term debt, net of current maturities	$	19,076,000		$	19,825,100

Schedule of Long-term Debt Instruments [Table Text Block]

The Tranche B, the line of credit and the Term Loan #2 accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA Ratio, which is payable monthly. The variable interest pricing tier is as follows:

Pricing Tier	Adjusted Funded Debt to EBITDA Ratio	LIBOR Margin (bps)
I	>2.00	325.00
II	>1.50 but <2.00	300.00
III	>1.00 but <1.50	275.00
IV	<1.00	250.00

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table reflects aggregate future maturities of long-term debt during the next five fiscal years and thereafter as follows:

Year ending February 28 (29),
2019	$	222,500
2020		943,700
2021		985,400
2022		1,033,900
2023		1,082,300
Thereafter		15,736,300
Total	$	20,004,100

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details