Note 2 – INVENTORIES

Inventories consist of the following:

	2019
	November 30,			February 28,
Current:
Book inventory	$	30,041,900		$	33,494,200
Inventory valuation allowance		(368,100	)		(48,600	)
Inventories net - current	$	29,673,800		$	33,445,600

Noncurrent:
Book inventory	$	1,188,600		$	904,400
Inventory valuation allowance		(272,700	)		(329,400	)
Inventories net - noncurrent	$	915,900		$	575,000

Book inventory quantities in excess of what we expect will be sold within the normal operating cycle, based on 2 ½ years of anticipated sales, are included in non-current inventory.

Significant portions of our inventory purchases are concentrated with an England-based publishing company, Usborne Publishing, Ltd. (“Usborne”). Purchases from this company were approximately $4.2 million and $8.0 million for the three months ended November 30, 2019 and 2018, respectively. Total inventory purchases from all suppliers were $6.9 million and $10.1 million for the three months ended November 30, 2019 and 2018, respectively.

Purchases from Usborne were approximately $16.1 million and $23.5 million for the nine months ended November 30, 2019 and 2018, respectively. Total inventory purchases from all suppliers were $24.1 million and $31.7 million for the nine months ended November 30, 2019 and 2018, respectively.