LEASES (Tables)

9 Months Ended

Nov. 30, 2020

We recognize a lease liability, reported in other liabilities on the condensed balance sheets, for each lease based on the present value of remaining minimum fixed rental payments (which includes payments under any renewal option that we are reasonably certain to exercise), using a discount rate that approximates the rate of interest we would have to pay to borrow on a collateralized basis over a similar term. We also recognize a right-of-use asset, reported in other assets on the condensed balance sheets, for each lease, valued at the lease liability, adjusted for prepaid or accrued rent balances existing at the time of initial recognition. The lease liability and right-of-use asset are reduced over the term of the lease as payments are made and the assets are used.

	2020
	November 30,			February 29,
Operating lease assets:
Right-of-use asset	$	37,000		$	45,200

Operating lease liabilities:
Current lease liability	$	13,700		$	13,500
Long-term lease liability	$	23,300		$	31,700

Remaining lease term (months)		34			43
Discount rate		4.60	%		4.60	%

	Three Months Ended November 30,				Nine Months Ended November 30,
	2020		2019		2020		2019
Fixed lease cost	$	3,300	$	3,200	$	9,800	$	9,400

	Three Months Ended November 30,				Nine Months Ended November 30,
	2020		2019		2020		2019
Operating cash flows – operating lease	$	3,300	$	3,200	$	9,800	$	9,400

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum rental payments under operating leases with initial terms greater than one year as of November 30, 2020, are as follows:

Year ending February 28 (29),
2021	$	3,400
2022		13,700
2023		14,200
2024		8,400
Total future minimum rental payments		39,700
Present value discount		(2,700	)
Total operating lease liability	$	37,000

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]

Future minimum payments receivable under operating leases with terms greater than one year are estimated as follows:

Year ending February 28 (29),
2021	$	383,400
2022		1,542,100
2023		1,573,200
2024		1,577,900
2025		1,547,100
Thereafter		9,615,300
Total	$	16,239,000