v3.22.2.2
CONDENSED BALANCE SHEETS - USD ($)
Aug. 31, 2022
Feb. 28, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 832,500 $ 361,200
Accounts receivable, less allowance for doubtful accounts of $238,600 (August 31) and $336,700 (February 28) 3,902,600 3,638,800
Inventories - net 64,274,600 71,553,600
Prepaid expenses and other assets 1,211,700 960,500
Total current assets 70,221,400 76,514,100
INVENTORIES - net 3,305,800 2,055,300
PROPERTY, PLANT AND EQUIPMENT - net 29,505,100 30,484,000
DEFERRED INCOME TAX ASSET 18,600 118,700
OTHER ASSETS 660,700 761,600
TOTAL ASSETS 103,711,600 109,933,700
CURRENT LIABILITIES    
Accounts payable 4,441,500 12,411,800
Line of credit 12,060,900 17,723,500
Deferred revenues 785,500 681,600
Current maturities of long-term debt 1,800,000 2,542,200
Accrued salaries and commissions 1,258,500 1,890,200
Dividends payable 0 870,700
Income taxes payable 0 241,900
Other current liabilities 2,368,700 3,897,900
Total current liabilities 22,715,100 40,259,800
LONG-TERM DEBT - net 33,975,800 22,409,500
OTHER LONG-TERM LIABILITIES 396,600 498,900
Total liabilities 57,087,500 63,168,200
SHAREHOLDERS' EQUITY    
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 (August 31 and February 28) shares; Outstanding 8,685,289 (August 31) and 8,707,247 (February 28) shares 2,540,400 2,540,400
Capital in excess of par value 12,666,900 12,246,600
Retained earnings 43,939,000 44,525,100
59,146,300 59,312,100
Less treasury stock, at cost (12,522,200) (12,546,600)
Total shareholders' equity 46,624,100 46,765,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 103,711,600 $ 109,933,700