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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Feb. 28, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES As of February 28, 2023, the Company had outstanding purchase commitments for inventory totaling $4,868,600, which will be received and payments due during fiscal year 2024. Of these inventory commitments, $2,309,000 were with Usborne, $2,103,300 with various Kane Miller publishers and the remaining $456,300 with other suppliers. As a response to the COVID-19 outbreak, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which contained a number of programs to assist workers, families and businesses. Part of the CARES Act provides an Employee Retention Credit (“ERC”) which is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid, up to $10,000 per employee annually, from March 12, 2020 through January 1, 2021. Additional relief provisions were passed by the United States government, which extended and expanded the qualified wage caps on these credits to 70% of qualified wages paid, up to $10,000 per employee per quarter, through September 30, 2021. At the time of the original filing of Form 941, we were unaware that we qualified for the ERC. Subsequent to the original filing, we became aware of our qualification based on a more than nominal impact to the business due to a government order/mandate. We recognized our qualification during the fourth quarter of fiscal 2023 based on a study provided by a third party amounting to $1,369,900 in the first quarter of 2021, $1,065,900 in the second quarter of 2021, and $1,196,100 in the third quarter of 2021. On April 11, 2023 the Company filed 2021 Q1, Q2 and Q3 941-X forms to claim a refund for the ERC. Due to the subjectivity of the credit, the Company elected to account for the ERC as a gain under ASC 450-30, Gain Contingencies. The Company will not recognize the credit until all uncertainties are resolved and the income is “realized” or “realizable.”

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