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DEBT (Tables)

3 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Debt consists of the following:

		May 31, 2022				February 28, 2022
Line of credit		$	22,508,900			$	17,723,500
Advancing term loan #1		$	4,551,200			$	4,782,600
Advancing term loan #2			9,652,700				9,868,400
Term loan #1			10,180,800				10,349,100
Total long-term debt			24,384,700				25,000,100
Less current maturities			(2,517,500	)			(2,542,200	)
Less debt issue cost			(47,100	)			(48,400	)
Long-term debt, net		$	21,820,100			$	22,409,500

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

The advancing term loans and the line of credit accrue interest at a tiered rate based on our Adjusted Funded Debt to EBITDA ratio. The variable interest pricing tiers are as follows:

Pricing Tier		Adjusted Funded Debt to EBITDA Ratio		SOFR Margin (bps)
I		> 2.50		330.00
II		> 2.00 but < 2.50		305.00
III		> 1.50 but < 2.00		280.00
IV		< 1.50		255.00

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

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

Years ending February 28 (29),
2023		$	1,878,900
2024			2,567,300
2025			2,622,300
2026			10,469,300
2027			1,517,700
Thereafter			5,329,200
Total		$	24,384,700

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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.

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