• Filing Date: 2018-07-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Note 11 - Adoption of ASU 2014-09, "Revenue from Contracts with Customers" ("ASC 606") (Tables)
3 Months Ended
May 31, 2018
Notes Tables  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
   
Amount
 
Increase in deferred revenue
  $
1,022,720
 
Reduction in gift card liabilities
   
(2,250,743
)
Adjustment to deferred income tax assets
   
302,094
 
         
Cumulative increase to retained earnings
  $
925,929
 
   
CONSOLIDATED BALANCE SHEET
   
AS OF FEBRUARY 28, 2018
   
Previously Reported
   
Adjustments
   
Restated
   
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
  $
6,072,984
    $
-
    $
6,072,984
   
Accounts receivable, net
   
3,897,334
     
-
     
3,897,334
   
Notes receivable, current portion, net
   
105,540
     
-
     
105,540
   
Refundable income taxes
   
342,863
     
-
     
342,863
   
Inventories, net
   
4,842,474
     
-
     
4,842,474
   
Other
   
310,173
     
-
     
310,173
   
Total current assets
   
15,571,368
     
-
     
15,571,368
   
                           
Property and Equipment, Net
   
6,166,240
     
-
     
6,166,240
   
                           
Other Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes receivable, less current portion, net
   
235,983
     
-
     
235,983
   
Goodwill, net
   
1,046,944
     
-
     
1,046,944
   
Franchise rights, net
   
4,433,927
     
-
     
4,433,927
   
Intangible assets, net
   
587,377
     
-
     
587,377
   
Deferred income taxes
   
835,463
     
(302,094
)    
533,369
   
Other
   
63,333
     
-
     
63,333
   
Total other assets
   
7,203,027
     
(302,094
)    
6,900,933
   
Total Assets
  $
28,940,635
    $
(302,094
)   $
28,638,541
   
                           
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt
  $
1,352,893
    $
-
    $
1,352,893
   
Accounts payable
   
1,647,991
     
-
     
1,647,991
   
Accrued salaries and wages
   
644,005
     
-
     
644,005
   
Gift card liabilities
   
3,057,131
     
(2,250,743
)    
806,388
   
Other accrued expenses
   
325,034
     
-
     
325,034
   
Dividend payable
   
708,652
     
-
     
708,652
   
Deferred revenue
   
471,910
     
(143,445
)    
328,465
   
Total current liabilities
   
8,207,616
     
(2,394,188
)    
5,813,428
   
                           
Long-Term Debt, Less Current Maturities
   
1,176,416
     
-
     
1,176,416
   
Deferred Revenue, Less Current Portion
   
-
     
1,166,165
     
1,166,165
   
                           
Commitments and Contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
                           
Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
                         
Common stock
   
5,903
     
-
     
5,903
   
Additional paid-in capital
   
6,131,147
     
-
     
6,131,147
   
Retained earnings
   
13,419,553
     
925,929
     
14,345,482
   
Total stockholders’ equity
   
19,556,603
     
925,929
     
20,482,532
   
                           
Total Liabilities and Stockholders’ Equity
  $
28,940,635
    $
(302,094
)   $
28,638,541
   
Reconciliation of Revenue Reported for Periods Prior to the Adoption of ASC 606 [Table Text Block]
   
Three Months Ended May 31,
 
   
2018
   
2017
 
Franchise fees contained within the Statement of Income:   $
93,135
    $
249,125
 
Adjustment required to conform revenue to prior period method:    
8,365
     
-
 
Comparable franchise fees:
  $
101,500
    $
249,125
 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]
2019
  $
187,950
 
2020
   
238,572
 
2021
   
190,950
 
2022
   
178,099
 
2023
   
163,123
 
Thereafter
   
453,920
 
Total
  $
1,412,614