INVENTORIES

3 Months Ended

May 31, 2021

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 2 – INVENTORIES

Inventories consist of the following:

	May 31, 2021			February 28, 2021
Current:
Book inventory	$	57,052,600		$	52,276,200
Inventory valuation allowance		(497,500	)		(513,800	)
Inventories net – current	$	56,555,100		$	51,762,400
Noncurrent:
Book inventory	$	1,005,600		$	894,300
Inventory valuation allowance		(245,000	)		(209,000	)
Inventories net – noncurrent	$	760,600		$	685,300

Book inventory includes inventory in transit which totaled $4,114,600 and $6,467,400 at May 31, 2021 and February 28, 2021, 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, Ltd. (“Usborne”). Purchases received from this company were $12,288,300 and $3,974,400 for the three months ended May 31, 2021 and 2020, respectively. Total inventory purchases received from all suppliers were $17,785,200 and $5,846,600 for the three months ended May 31, 2021 and 2020, respectively.