Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v2.4.0.8
BALANCE SHEETS (USD $)
Nov. 30, 2013
Feb. 28, 2013
CURRENT ASSETS    
Cash and cash equivalents $ 1,921,439 $ 1,930,321
Certificates of deposit 258,240 257,009
Accounts receivable less allowance for doubtful accounts of $24,200 and $17,450 for November 30, 2013 and February 28, 2013, respectively 1,278,330 1,114,847
Inventory 956,008 1,150,129
Prepaid expenses 253,113 180,651
Total Current Assets 4,667,130 4,632,957
PROPERTY & EQUIPMENT, net 855,073 875,986
OTHER ASSETS:    
Patents, net of accumulated amortization of $114,775 and $112,090 at November 30, 2013 and February 28, 2013, respectively 40,767 22,913
Other 31,053 60,369
Total Other Assets 71,820 83,282
TOTAL ASSETS 5,594,023 5,592,225
CURRENT LIABILITIES    
Note payable - current portion    1,474
Notes payable to related parties - current portion    43,971
Deferred capital gain - current portion 22,481 22,481
Accounts payable 206,416 110,358
Accrued expenses 218,300 169,790
Accrued payroll and related taxes 22,100 50,195
Accrued tax liability 36,587 127,090
Total Current Liabilities 505,884 525,359
OTHER LIABILITIES    
Note payable to related parties - less current portion    393,861
Deferred capital gain - less current portion 95,556 112,414
Deferred tax liability 204,000 204,000
Total Other Liabilities 299,556 710,275
TOTAL LIABILITIES 805,440 1,235,634
SHAREHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized, 38,936,667 shares issued, and 36,661,667 shares outstanding 389,367 389,367
Additional paid-in capital 3,512,294 3,512,294
Retained earnings 1,106,547 780,530
Stockholders' equity before treasury stock 5,008,208 4,682,191
Less: Treasury stock, 2,275,000 shares at cost (142,000) (142,000)
Less: Deferred compensation cost (77,625) (183,600)
TOTAL STOCKHOLDERS' EQUITY 4,788,583 4,356,591
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,594,023 $ 5,592,225