• 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") - Adjustments to the Consolidated Financial Statements Upon Adoption of ASC 606 (Details) - USD ($)
Mar. 01, 2018
May 31, 2018
Feb. 28, 2018
May 31, 2017
Feb. 28, 2017
Reduction in gift card liabilities $ 806,388 $ 763,072 $ 3,057,131    
Adjustment to deferred income tax assets 533,369 587,862 835,463    
Current Assets          
Cash and cash equivalents 6,072,984 6,302,887 6,072,984 $ 7,641,457 $ 5,779,195
Accounts receivable, net 3,897,334 3,201,929 3,897,334    
Notes receivable, current portion, net 105,540 90,658 105,540    
Refundable income taxes 342,863 107,417 342,863    
Inventories, net 4,842,474 5,219,447 4,842,474    
Other 310,173 479,046 310,173    
Total current assets 15,571,368 15,401,384 15,571,368    
Property and Equipment, Net 6,166,240 6,003,097 6,166,240    
Other Assets          
Notes receivable, less current portion, net 235,983 217,167 235,983    
Goodwill, net 1,046,944 1,046,944 1,046,944    
Franchise rights, net 4,433,927 4,245,175 4,433,927    
Intangible assets, net 587,377 564,842 587,377    
Adjustment to deferred income tax assets 533,369 587,862 835,463    
Other 63,333 71,624 63,333    
Total other assets 6,900,933 6,733,614 7,203,027    
Total Assets 28,638,541 28,138,095 28,940,635 $ 29,830,596  
Current Liabilities          
Current maturities of long-term debt 1,352,893 1,365,473 1,352,893    
Accounts payable 1,647,991 1,424,877 1,647,991    
Accrued salaries and wages 644,005 778,879 644,005    
Reduction in gift card liabilities 806,388 763,072 3,057,131    
Other accrued expenses 325,034 348,017 325,034    
Dividend payable 708,652 708,652 708,652    
Deferred revenue 328,465 291,036 471,910    
Total current liabilities 5,813,428 5,680,006 8,207,616    
Long-Term Debt, Less Current Maturities 1,176,416 829,881 1,176,416    
Deferred Revenue, Less Current Portion 1,166,165 1,121,578    
Stockholders' Equity          
Common stock 5,903 5,905 5,903    
Additional paid-in capital 6,131,147 6,286,952 6,131,147    
Retained earnings 14,345,482 14,213,773 13,419,553    
Total stockholders’ equity 20,482,532 20,506,630 19,556,603    
Total Liabilities and Stockholders’ Equity 28,638,541 $ 28,138,095 $ 28,940,635    
Accounting Standards Update 2014-09 [Member]          
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        
Current Assets          
Cash and cash equivalents        
Accounts receivable, net        
Notes receivable, current portion, net        
Refundable income taxes        
Inventories, net        
Other        
Total current assets        
Property and Equipment, Net        
Other Assets          
Notes receivable, less current portion, net        
Goodwill, net        
Franchise rights, net        
Intangible assets, net        
Adjustment to deferred income tax assets 302,094        
Other        
Total other assets (302,094)        
Total Assets (302,094)        
Current Liabilities          
Current maturities of long-term debt        
Accounts payable        
Accrued salaries and wages        
Reduction in gift card liabilities (2,250,743)        
Other accrued expenses        
Dividend payable        
Deferred revenue (143,445)        
Total current liabilities (2,394,188)        
Long-Term Debt, Less Current Maturities        
Deferred Revenue, Less Current Portion 1,166,165        
Stockholders' Equity          
Common stock        
Additional paid-in capital        
Retained earnings 925,929        
Total stockholders’ equity 925,929        
Total Liabilities and Stockholders’ Equity $ (302,094)