• Filing Date: 2019-07-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
Consolidated Balance Sheets - USD ($)
May 31, 2019
Feb. 28, 2019
Current Assets    
Cash and cash equivalents $ 5,895,574 $ 5,384,027
Accounts receivable, less allowance for doubtful accounts of $557,916 and $489,502, respectively 3,877,170 3,993,262
Notes receivable, current portion 140,452 110,162
Refundable income taxes 4,534 190,201
Inventories, less reserve for slow moving inventory of $171,651 and $371,147, respectively 4,016,264 4,270,357
Other 440,173 318,126
Total current assets 14,374,167 14,266,135
Property and Equipment, Net 5,855,457 5,786,139
Other Assets    
Notes receivable, less current portion 357,877 281,669
Goodwill, net 1,046,944 1,046,944
Franchise rights, net 3,521,112 3,678,920
Intangible assets, net 479,601 498,337
Deferred income taxes 569,393 607,421
Lease right of use asset 3,280,508
Other 63,384 56,576
Total other assets 9,318,819 6,169,867
Total Assets 29,548,443 26,222,141
Current Liabilities    
Current maturities of long term debt 829,941 1,176,488
Accounts payable 1,126,472 897,074
Accrued salaries and wages 732,313 655,853
Gift card liabilities 715,700 742,289
Other accrued expenses 271,863 293,094
Dividend payable 715,899 714,939
Contract liabilities 238,194 256,094
Lease liability 851,249
Total current liabilities 5,481,631 4,735,831
Lease Liability, Less Current Portion 2,429,259
Contract Liabilities, Less Current Portion 1,020,997 1,096,478
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, 50,000 authorized; -0- shares issued and outstanding; Undesignated series, 200,000 shares authorized; -0- shares issued and outstanding
Common stock, $.001 par value, 46,000,000 shares authorized, 5,962,327 shares and 5,957,827 shares issued and outstanding, respectively 5,962 5,958
Additional paid-in capital 6,882,114 6,650,864
Retained earnings 13,728,480 13,733,010
Total stockholders' equity 20,616,556 20,389,832
Total Liabilities and Stockholders' Equity $ 29,548,443 $ 26,222,141