Educational Development Corp Files Q3 2024 10-Q
Ticker: EDUC · Form: 10-Q · Filed: Jan 13, 2025 · CIK: 31667
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
EDC filed its 10-Q for Nov 30, 2024. All good.
AI Summary
Educational Development Corporation filed its 10-Q for the period ending November 30, 2024. The company, incorporated in Delaware, operates in the wholesale-miscellaneous nondurable goods sector. Its principal business address is in Tulsa, Oklahoma.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Educational Development Corporation, crucial for understanding its current business standing.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.
Key Players & Entities
- EDUCATIONAL DEVELOPMENT CORP (company) — Registrant
- 000-04957 (company) — Commission file number
- Delaware (company) — State of incorporation
- 73-0750007 (company) — IRS Number
- TULSA, OK (company) — Business Address City and State
- November 30, 2024 (date) — Quarterly period ended
FAQ
What is the primary business of Educational Development Corporation?
Educational Development Corporation operates in the wholesale-miscellaneous nondurable goods sector, as indicated by its Standard Industrial Classification code [5190].
When was the company incorporated?
The company was incorporated in Delaware.
What is the filing date of this 10-Q report?
This 10-Q report was filed as of January 13, 2025.
What is the fiscal year end for Educational Development Corporation?
The fiscal year end for Educational Development Corporation is February 28.
What was the previous name of Educational Development Corporation?
The company was formerly known as TUTOR TAPES INTERNATIONAL CORP and INTERNATIONAL TEACHING TAPES INC, with name changes occurring in 1970.
Filing Stats: 4,390 words · 18 min read · ~15 pages · Grade level 17.6 · Accepted 2025-01-13 17:02:33
Key Financial Figures
- $0.20 — l Development Corporation Common Stock, $0.20 par value outstanding. TABLE OF CONTEN
- $8.52 — ars, and the initial lease rate will be $8.52 per square foot, with 2.5% annual escal
Filing Documents
- edc20241130_10q.htm (10-Q) — 1286KB
- ex_765055.htm (EX-10.9) — 34KB
- ex_764008.htm (EX-31.1) — 13KB
- ex_764009.htm (EX-31.2) — 14KB
- ex_764010.htm (EX-32.1) — 6KB
- 0001185185-25-000023.txt ( ) — 6114KB
- educ-20241130.xsd (EX-101.SCH) — 47KB
- educ-20241130_cal.xml (EX-101.CAL) — 46KB
- educ-20241130_def.xml (EX-101.DEF) — 218KB
- educ-20241130_lab.xml (EX-101.LAB) — 385KB
- educ-20241130_pre.xml (EX-101.PRE) — 228KB
- edc20241130_10q_htm.xml (XML) — 881KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.
Controls and Procedures
Controls and Procedures 32
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 33 Item 1A.
Risk Factors
Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34
Signatures
Signatures 35 CAUTIONARY REMARKS REGARDING FORWARD-LOOKING STATEMENTS The information discussed in this Quarterly Report on Form 10-Q includes " forward-looking statements. " These forward-looking statements are identified by their use of terms and phrases such as " may, " " expect, " " estimate, " " project, " " plan, " " believe, " " intend, " " achievable, " " anticipate, " " continue, " " potential, " " should, " " could, " and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new brand partners, our ability to locate and procure desired books, product and supplier concentrations, our relationship with our primary supplier and the related distribution requirements and contractual limitations, adverse publicity associated with our Company or the industry, our ability to ship timely, changes to our primary sales channels, including social media and party plan platforms, changing consumer preferences and demands, cybersecurity threats and incidents, legal matters, reliance on information technology infrastructure, restrictions imposed by covenants in the agreements governing our indebtedness, our ability to obtain adequate financing for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in our Annual Report on F
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS EDUCATIONAL DEVELOPMENT CORPORATION CONDENSED BALANCE SHEETS (UNAUDITED) November 30, February 29, ASSETS 2024 2024 CURRENT ASSETS: Cash and cash equivalents $ 2,289,300 $ 844,500 Restricted cash 935,600 432,900 Accounts receivable, less allowance for credit losses of $ 124,700 (November 30) and $ 129,000 (February 29) 2,175,200 1,936,900 Inventories - net 32,058,600 43,913,200 Prepaid expenses and other assets 842,900 630,800 Assets held for sale 19,250,000 18,281,100 Total current assets 57,551,600 66,039,400 INVENTORIES - net 14,728,500 11,677,000 PROPERTY, PLANT AND EQUIPMENT - net 6,964,300 8,939,600 DEFERRED INCOME TAX ASSET 2,663,600 1,406,500 OPERATING LEASE RIGHT-OF-USE ASSETS 1,256,500 1,614,900 OTHER ASSETS 437,300 427,600 TOTAL ASSETS $ 83,601,800 $ 90,105,000 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,332,700 $ 3,910,200 Line of credit 4,298,100 5,498,100 Deferred revenues 1,378,100 583,500 Operating lease liabilities, current 705,800 726,900 Current maturities of long-term debt 1,800,000 1,800,000 Accrued salaries and commissions 913,900 384,400 Income taxes payable 1,148,100 773,400 Other current liabilities 3,232,400 3,338,100 Total current liabilities 15,809,100 17,014,600 LONG-TERM DEBT - net 25,324,300 26,640,700 OPERATING LEASE LIABILITIES, non-current 550,700 888,000 OTHER LONG-TERM LIABILITIES 111,000 111,000 Total liabilities 41,795,100 44,654,300 SHAREHOLDERS' EQUITY: Common stock, $ 0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 shares; Outstanding 8,583,601 (November 30) and 8,575,088 (February 29) shares 2,540,400 2,540,400 Capital in excess of par value 13,698,500 13,405,400 Retained earnings 38,648,500 42,566,600 Accumulated other comprehensive income (loss) ( 21,600 ) 24,400 54,8