Leases (Tables)
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9 Months Ended |
12 Months Ended |
Nov. 26, 2022 |
Feb. 26, 2022 |
| Leases [Abstract] |
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| Schedule of Lease Cost |
The components of total lease cost for the three and nine months ended November 26, 2022 and November 27, 2021, were as follows:
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Statement of Operations
Location |
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Operating lease cost |
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Cost of sales and SG&A |
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$ |
105,230 |
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$ |
332,952 |
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Finance lease cost: |
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Depreciation of property |
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SG&A |
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— |
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— |
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Interest on lease liabilities |
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Interest expense, net |
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— |
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— |
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Variable lease cost |
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Cost of sales and SG&A |
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40,753 |
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112,270 |
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Sublease income |
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SG&A |
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(15,744 |
) |
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(9,929 |
) |
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(42,554 |
) |
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(34,735 |
) |
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Total lease cost |
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$ |
114,515 |
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$ |
136,054 |
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$ |
369,080 |
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$ |
410,487 |
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| The Company’s lease terms and discount rates were as follows:
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Weighted-average remaining lease term (in years) |
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Operating leases |
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7.0 years |
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Finance leases |
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10.0 years |
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Weighted-average discount rate |
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Operating leases |
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6.0 |
% |
Finance leases |
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8.4 |
% | Other information with respect to the Company’s leases is as follows:
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
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$ |
340,314 |
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Operating cash flows from finance leases |
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— |
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Financing cash flows from finance leases |
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— |
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Operating lease assets obtained in exchange for new operating lease liabilities |
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293,824 |
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Financing lease assets obtained in exchange for new financing lease liabilities |
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— |
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The components of total lease cost for the fiscal year ended February 26, 2022 and February 27, 2021 were as follows:
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Statement of Operations Location |
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Operating lease cost |
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Cost of sales and SG&A |
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$ |
582,168 |
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Finance lease cost: |
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Depreciation of property |
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SG&A |
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2,500 |
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Interest on lease liabilities |
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Interest expense, net |
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7,755 |
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Variable lease cost |
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Cost of sales and SG&A |
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189,485 |
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Sublease income |
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SG&A |
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(12,574 |
) |
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Total lease cost |
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$ |
769,334 |
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| The Company’s lease terms and discount rates were as follows:
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Weighted-average remaining lease term (in years) |
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Operating leases |
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6.8 years |
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Finance leases |
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— |
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Weighted-average discount rate |
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Operating leases |
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6.4 |
% |
Finance leases |
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— |
% | Other information with respect to the Company’s leases is as follows:
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
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$ |
646,981 |
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Operating cash flows from finance leases |
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9,295 |
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Financing cash flows from finance leases |
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— |
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Operating lease assets obtained in exchange for new operating lease liabilities |
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305,614 |
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Financing lease assets obtained in exchange for new financing lease liabilities |
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— |
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| Assets and Liabilities Related to Operating and Finance Leases |
As of November 26, 2022 and February 26, 2022, assets and liabilities related to the Company’s leases were as follows:
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Consolidated Balance Sheet Location |
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Operating leases |
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Operating lease assets |
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$ |
1,562,857 |
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Finance leases |
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Property and equipment, net |
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38,790 |
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Total lease assets |
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$ |
1,385,304 |
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$ |
1,601,647 |
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Current: |
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Operating leases |
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Current operating lease liabilities |
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$ |
346,506 |
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Finance leases |
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Accrued expenses and other current liabilities |
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2,494 |
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Noncurrent: |
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Operating leases |
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Operating lease liabilities |
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1,508,002 |
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Finance leases |
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Other liabilities |
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35,447 |
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Total lease liabilities |
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$ |
1,892,449 |
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As of February 26, 2022 and February 27, 2021, assets and liabilities related to the Company’s operating and finance leases were as follows:
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Consolidated Balance Sheet Location |
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Operating leases |
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Operating lease assets |
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$ |
1,587,101 |
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Finance leases |
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Property and equipment, net |
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— |
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Total Lease assets |
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$ |
1,587,101 |
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Current: |
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Operating leases |
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Current operating lease liabilities |
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$ |
360,061 |
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Finance leases |
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Accrued expenses and other current liabilities |
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— |
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Noncurrent: |
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Operating leases |
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Operating lease liabilities |
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1,509,767 |
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Finance leases |
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Other liabilities |
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— |
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Total lease liabilities |
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$ |
1,869,828 |
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| Schedule of Lease Liabilities, Operating |
As of November 26, 2022, the Company’s lease liabilities mature as follows:
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Fiscal Year: |
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Remainder of 2022 |
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$ |
72,296 |
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$ |
2,881 |
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2023 |
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413,473 |
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11,525 |
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2024 |
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364,233 |
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11,525 |
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2025 |
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301,520 |
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11,525 |
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2026 |
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232,768 |
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11,525 |
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2027 |
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184,826 |
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11,525 |
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Thereafter |
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564,831 |
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48,713 |
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Total lease payments |
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$ |
2,133,947 |
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$ |
109,219 |
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Less imputed interest |
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(432,095 |
) |
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(47,719 |
) |
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Present value of lease liabilities |
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$ |
1,701,852 |
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$ |
61,500 |
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As of February 26, 2022, the Company’s lease liabilities mature as follows:
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Fiscal Year: |
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2022 |
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$ |
444,562 |
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$ |
7,369 |
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2023 |
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388,183 |
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11,636 |
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2024 |
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334,178 |
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11,636 |
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2025 |
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272,790 |
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11,636 |
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2026 |
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202,690 |
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11,636 |
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Thereafter |
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643,824 |
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59,531 |
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Total lease payments |
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$ |
2,286,227 |
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$ |
113,444 |
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Less imputed interest |
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(431,719 |
) |
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(75,503 |
) |
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Present value of lease liabilities |
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$ |
1,854,508 |
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$ |
37,941 |
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| Schedule of Lease Liabilities, Finance |
As of November 26, 2022, the Company’s lease liabilities mature as follows:
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Fiscal Year: |
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Remainder of 2022 |
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$ |
72,296 |
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$ |
2,881 |
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2023 |
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413,473 |
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11,525 |
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2024 |
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364,233 |
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11,525 |
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2025 |
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301,520 |
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11,525 |
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2026 |
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232,768 |
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11,525 |
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2027 |
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184,826 |
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11,525 |
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Thereafter |
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564,831 |
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48,713 |
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Total lease payments |
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$ |
2,133,947 |
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$ |
109,219 |
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Less imputed interest |
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(432,095 |
) |
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(47,719 |
) |
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Present value of lease liabilities |
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$ |
1,701,852 |
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$ |
61,500 |
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As of February 26, 2022, the Company’s lease liabilities mature as follows:
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Fiscal Year: |
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2022 |
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$ |
444,562 |
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$ |
7,369 |
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2023 |
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388,183 |
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11,636 |
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2024 |
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334,178 |
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11,636 |
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2025 |
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|
272,790 |
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11,636 |
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2026 |
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202,690 |
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|
11,636 |
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Thereafter |
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643,824 |
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59,531 |
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Total lease payments |
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$ |
2,286,227 |
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$ |
113,444 |
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Less imputed interest |
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(431,719 |
) |
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(75,503 |
) |
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Present value of lease liabilities |
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$ |
1,854,508 |
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$ |
37,941 |
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