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INVENTORIES

3 Months Ended

May 31, 2022

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 2 – INVENTORIES

Inventories consist of the following:

		May 31, 2022				February 28, 2022
Current:
Book inventory		$	67,093,400			$	72,064,400
Inventory valuation allowance			(393,900	)			(510,800	)
Inventories net – current		$	66,699,500			$	71,553,600

Noncurrent:
Book inventory		$	4,269,900			$	2,437,600
Inventory valuation allowance			(418,300	)			(382,300	)
Inventories net – noncurrent		$	3,851,600			$	2,055,300

Inventory in transit totaled $590,700 and $2,732,400 at May 31, 2022 and February 28, 2022, respectively.

Book inventory quantities in excess of what we expect will be sold within the normal operating cycle, based on 2½ years of anticipated sales, are included in noncurrent inventory.

Significant portions of our inventory purchases are concentrated with an England-based publishing company, Usborne Publishing Limited (“Usborne”). Our distribution agreement includes an annual minimum purchase volume, which if not met may modify the termination provisions from not less than 12 months to not less than 30 days. Purchases received from this company were $3,577,300 and $12,288,300 for the three months ended May 31, 2022 and 2021, respectively. Total inventory purchases received from all suppliers were $5,978,600 and $17,785,200 for the three months ended May 31, 2022 and 2021, respectively.