DEBT (Tables)

9 Months Ended

Nov. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Debt consists of the following:

	2020
	November 30,			February 29,
Line of credit	$	-		$	-
Long-term debt	$	11,114,800		$	18,811,700
Less current maturities		(527,700	)		(1,027,400	)
Long-term debt, net of current maturities	$	10,587,100		$	17,784,300

Schedule of Long-term Debt Instruments [Table Text Block]

Adjusted Funded Debt is defined as all long-term and short-term bank debt less the outstanding balances of Tranche A. EBITDA is defined in the Loan Agreement as earnings before interest expense, income tax expense (benefit) and depreciation and amortization expenses, reduced by rental income. The variable interest pricing tier is as follows:

Pricing Tier	Adjusted Funded Debt to EBITDA Ratio	LIBOR Margin (bps)
I	>2.00	300.00
II	>1.50 but <2.00	275.00
III	>1.00 but <1.50	250.00
IV	<1.00	225.00

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table reflects aggregate future scheduled maturities of long-term debt during the next five fiscal years and thereafter as follows:

Year ending February 28 (29),
2021	$	128,800
2022		533,400
2023		556,800
2024		581,100
2025		605,400
Thereafter		8,709,300
Total	$	11,114,800