XML 36 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
9 INCOME TAXES (Tables)
12 Months Ended
Feb. 28, 2017
Income Tax Disclosure [Abstract]  
Income tax expense (benefit)

 

    Current     Deferred     Total  
Year ended February 29, 2017:                  
U.S. federal   $ (261,967 )     501,492       239,525  
State     (25,884 )     88,498       62,614  
  Total income tax expense (benefit)   $ (287,851 )     589,990       302,139  
Year ended February 28 2016:                        
U.S. federal   $ 256,530       548,162       804,692  
State     57,973       96,734       154,708  
  Total income tax expense   $ 314,503       644,896       959,399  

 

Expected income tax expense

 

    2017     2016  
Expected tax (benefit) provision   $ (627,328 )   $ 815,617  
State Income tax (benefit) provision     (105,566 )     -  
Other     (46,965 )     113,067  
Permanent differences       -        13,255  
Change in valuation allowance     1,081,998       17,460  
  Income tax provision   $ 302,139     $ 959,399  

 

Deferred tax assets

 

    February 28,     February 29,  
    2017     2016  
Deferred tax assets:            
NOL carryforwards   $ 379,326     $ -  
Depreciation     (80,545 )     29,725  
Reserves and accrued expenses     202,471       160,027  
Stock compensation     645,673       564,626  
Other     75,728       -  
Valuation allowance     (1,222,653 )     (140,655 )
Net deferred tax assets   $ -     $ 613,716