Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v2.4.0.8
BALANCE SHEETS (USD $)
Aug. 31, 2014
Feb. 28, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 2,242,264 $ 2,227,398
Certificates of deposit 259,219 258,590
Accounts receivable less allowance for doubtful accounts of $30,950 and $26,450 for August 31, 2014 and February 28, 2014, respectively 1,616,796 1,744,813
Inventory 1,440,517 818,723
Prepaid expenses 274,656 245,767
Total Current Assets 5,833,452 5,295,291
PROPERTY & EQUIPMENT, net 1,112,259 839,059
OTHER ASSETS:    
Patents, net of accumulated amortization of $125,749 and $119,436 at August 31, 2014 and February 28, 2014, respectively 116,926 43,305
Other 31,053 31,053
Total Other Assets 147,979 74,358
TOTAL ASSETS 7,093,690 6,208,708
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481 22,481
Accounts payable 432,377 246,622
Accrued expenses 394,897 263,465
Accrued payroll and related taxes 75,300 72,976
Accrued tax liability 43,269 166,358
Total Current Liabilities 968,324 771,902
OTHER LIABILITIES    
Deferred capital gain - less current portion 78,696 89,936
Deferred tax liability 155,000 155,000
Total Other Liabilities 233,696 244,936
Total Liabilities 1,202,020 1,016,838
SHAREHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized, 40,356,667 and 38,936,667 shares issued; 38,081,667 and 36,661,667 shares outstanding at August 31, 2014, and February 28, 2014, respectively 403,567 389,367
Additional paid-in capital 3,855,094 3,512,294
Retained earnings 1,845,009 1,483,959
Stockholders' equity before treasury stock 6,103,670 5,385,620
Less: Treasury stock, 2,275,000 shares at cost (142,000) (142,000)
Less: Deferred compensation cost (70,000) (51,750)
Total Stockholders' Equity 5,891,670 5,191,870
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,093,690 $ 6,208,708