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CONDENSED BALANCE SHEETS - USD ($)
May 31, 2025
Feb. 28, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 1,040,200 $ 428,400
Restricted cash 720,400 548,100
Accounts receivable, less allowance for credit losses of $123,700 (May 31) and $112,300 (February 28) 2,000,300 2,126,000
Inventories - net 25,212,800 29,099,600
Prepaid expenses and other assets 806,300 768,100
Assets held for sale 19,279,600 19,277,000
Total current assets 49,059,600 52,247,200
INVENTORIES - net 16,831,400 15,592,500
PROPERTY, PLANT AND EQUIPMENT - net 6,153,300 6,398,700
DEFERRED INCOME TAX ASSET 2,926,700 2,536,100
OPERATING LEASE RIGHT-OF-USE ASSETS 926,400 1,108,100
OTHER ASSETS 434,600 431,700
TOTAL ASSETS 76,332,000 78,314,300
CURRENT LIABILITIES:    
Accounts payable 1,518,400 1,847,400
Line of credit 4,198,100 4,198,100
Deferred revenues 465,500 491,800
Operating lease liabilities, current 672,800 697,000
Current maturities of long-term debt 26,246,700 26,685,500
Accrued salaries and commissions 509,700 313,700
Income taxes payable 696,000 460,900
Other current liabilities 2,150,400 2,528,300
Total current liabilities 36,457,600 37,222,700
OPERATING LEASE LIABILITIES, non-current 253,600 411,100
OTHER LONG-TERM LIABILITIES 113,000 112,900
Total liabilities 36,824,200 37,746,700
SHAREHOLDERS’ EQUITY:    
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 shares; Outstanding 8,583,201 (May 31 and February 28) shares 2,540,400 2,540,400
Capital in excess of par value 13,800,000 13,800,000
Retained earnings 36,227,800 37,303,000
Accumulated other comprehensive loss 0 (15,400)
52,568,200 53,628,000
Less treasury stock, at cost (13,060,400) (13,060,400)
Total shareholders’ equity 39,507,800 40,567,600
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 76,332,000 $ 78,314,300