• Filing Date: 2018-07-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
May 31, 2018
Feb. 28, 2018
Current Assets    
Cash and cash equivalents $ 6,302,887 $ 6,072,984
Accounts receivable, less allowance for doubtful accounts of $502,962 and $479,472, respectively 3,201,929 3,897,334
Notes receivable, current portion, less current portion of the valuation allowance of $10,600 and $9,000, respectively 90,658 105,540
Refundable income taxes 107,417 342,863
Inventories, less reserve for obsolete inventory of $381,649 and $357,706, respectively 5,219,447 4,842,474
Other 479,046 310,173
Total current assets 15,401,384 15,571,368
Property and Equipment, Net 6,003,097 6,166,240
Other Assets    
Notes receivable, less current portion and valuation allowance of $15,900 and $17,500, respectively 217,167 235,983
Goodwill, net 1,046,944 1,046,944
Franchise rights, net 4,245,175 4,433,927
Intangible assets, net 564,842 587,377
Adjustment to deferred income tax assets 587,862 835,463
Other 71,624 63,333
Total other assets 6,733,614 7,203,027
Total Assets 28,138,095 28,940,635
Current Liabilities    
Current maturities of long-term debt 1,365,473 1,352,893
Accounts payable 1,424,877 1,647,991
Accrued salaries and wages 778,879 644,005
Reduction in gift card liabilities 763,072 3,057,131
Other accrued expenses 348,017 325,034
Dividend payable 708,652 708,652
Deferred revenue 291,036 471,910
Total current liabilities 5,680,006 8,207,616
Long-Term Debt, Less Current Maturities 829,881 1,176,416
Deferred Revenue, Less Current Portion 1,121,578
Commitments and Contingencies
Stockholders' Equity    
Preferred stock, $.001 par value per share; 250,000 authorized; -0- shares issued and outstanding; Series A Junior Participating Preferred Stock, authorized 50,000 shares; undesignated series, authorized 200,000 shares
Common stock, $0.001 par value, 46,000,000 shares authorized, 5,905,436 shares and 5,903,436 shares issued and outstanding, respectively 5,905 5,903
Additional paid-in capital 6,286,952 6,131,147
Retained earnings 14,213,773 13,419,553
Total stockholders’ equity 20,506,630 19,556,603
Total Liabilities and Stockholders’ Equity $ 28,138,095 $ 28,940,635