Note 2 – INVENTORIES

Inventories consist of the following:

	2020
	November 30,			February 29,
Current:
Book inventory	$	47,785,300		$	30,346,900
Inventory valuation allowance		(471,500	)		(259,600	)
Inventories net – current	$	47,313,800		$	30,087,300

Noncurrent:
Book inventory	$	993,600		$	1,226,500
Inventory valuation allowance		(239,400	)		(209,800	)
Inventories net – noncurrent	$	754,200		$	1,016,700

Book inventory quantities in excess of what we expect will be sold within the normal operating cycle, based on 2 ½ 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 approximately $26.2 million and $4.2 million for the three months ended November 30, 2020 and 2019, respectively. Total inventory purchases received from all suppliers were $35.0 million and $6.9 million for the three months ended November 30, 2020 and 2019, respectively.

Purchases received from Usborne were approximately $37.5 million and $16.1 million for the nine months ended November 30, 2020 and 2019, respectively. Total inventory purchases received from all suppliers were $53.2 million and $24.1 million for the nine months ended November 30, 2020 and 2019, respectively.