XML 17 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
May 31, 2021
May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net earnings $ 3,438,100 $ 1,931,100
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation 432,000 409,900
Deferred income taxes 237,500 91,200
Provision for doubtful accounts 37,600 67,800
Provision for inventory valuation allowance 60,000 80,000
Share-based compensation expense 261,600 169,000
Changes in assets and liabilities:    
Accounts receivable (665,100) 348,900
Inventories, net (4,928,000) 3,080,800
Prepaid expenses and other assets (235,400) 29,100
Accounts payable (577,400) 1,385,200
Accrued salaries and commissions and other liabilities (3,617,900) 2,373,300
Deferred revenues (287,100) 2,026,800
Income taxes payable 967,700 602,100
Total adjustments (8,314,500) 10,664,100
Net cash provided by (used in) operating activities (4,876,400) 12,595,200
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (1,617,200) (143,800)
Net cash used in investing activities (1,617,200) (143,800)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on term debt (142,300) (1,710,800)
Proceeds from term debt 3,896,200 1,447,400
Sales of treasury stock 32,000 71,000
Purchases of treasury stock 0 (75,500)
Net borrowings under line of credit 3,487,200 0
Dividends paid (835,100) (417,400)
Net cash provided by (used in) financing activities 6,438,000 (685,300)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (55,600) 11,766,100
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 1,812,200 2,999,400
CASH AND CASH EQUIVALENTS - END OF PERIOD 1,756,600 14,765,500
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION    
Cash paid for interest 152,400 184,600
Cash paid for income taxes $ 17,200 $ 19,500