Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v2.4.0.8
BALANCE SHEETS (USD $)
Feb. 28, 2014
Feb. 28, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 2,227,398 $ 1,930,321
Certificates of deposit 258,590 257,009
Accounts receivable less allowance for doubtful accounts of $26,450 and $17,450 for February 28, 2014, and February 28, 2013, respectively 1,744,813 1,114,847
Inventory 818,723 1,150,129
Prepaid expenses 245,767 180,651
Total Current Assets 5,295,291 4,632,957
PROPERTY & EQUIPMENT, net 839,059 875,986
OTHER ASSETS    
Patents, net of accumulated amortization of $119,436 and $112,090 at February 28, 2014 and February 28, 2013, respectively 43,305 22,913
Other 31,053 60,369
Total Other Assets 74,358 83,282
TOTAL ASSETS 6,208,708 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 246,622 110,358
Accrued expenses 263,465 169,790
Accrued payroll and related taxes 72,976 50,195
Accrued income tax liability 166,358 127,090
Total Current Liabilities 771,902 525,359
OTHER LIABILITIES    
Notes payable to related parties - less current portion    393,861
Deferred capital gain - less current portion 89,936 112,414
Deferred tax liability 155,000 204,000
Total Other Liabilities 244,936 710,275
Total Liabilities 1,016,838 1,235,634
STOCKHOLDERS' 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 1,483,959 780,530
Total Stockholders' Equity before Treasury Stock 5,385,620 4,682,191
Less: Treasury stock, 2,275,000 shares at cost (142,000) (142,000)
Less: Deferred compensation cost (51,750) (183,600)
Total Stockholders' Equity 5,191,870 4,356,591
Total Liabilities and Stockholders' Equity $ 6,208,708 $ 5,592,225