Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS (USD $)
Feb. 29, 2012
Feb. 28, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 1,757,223 $ 1,322,250
Certificates of deposit 255,228 152,399
Accounts receivable less allowance for doubtful accounts of $17,718 and $12,128 for February 29, 2012, and February 28, 2011, respectively 884,727 713,906
Inventory 1,167,456 668,200
Prepaid expenses 188,902 112,937
Deferred tax asset    45,641
Total Current Assets 4,253,536 3,015,333
PROPERTY & EQUIPMENT, net 498,940 361,360
OTHER ASSETS    
Patents, net of accumulated amortization of $107,640 and $102,314 at February 29, 2012 and February 28, 2011, respectively 24,513 29,839
Security deposit 28,156 28,156
Total Other Assets 52,669 57,995
TOTAL ASSETS 4,805,145 3,434,688
CURRENT LIABILITIES    
Note payable - current portion 2,077 1,928
Notes payable to related parties - current portion 41,417 39,011
Deferred capital gain - current portion 22,481 22,481
Accounts payable 199,527 158,108
Accrued expenses 153,800 71,330
Accrued payroll and related taxes 41,551 21,195
Accrued income tax liability 98,000   
Total Current Liabilities 558,853 314,053
OTHER LIABILITIES    
Note payable - less current portion 1,474 3,552
Note payable to related parties - less current portion 437,832 479,248
Deferred capital gain less current portion 134,895 157,375
Deferred tax liability 121,363   
Total Other Liabilities 695,564 640,175
Total Liabilities 1,254,417 954,228
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized and 37,471,667 and 36,577,667 shares issued; 35,196,667 and 34,302,667 shares outstanding at February 29, 2012 and February 28, 2011, respectively. 374,717 365,777
Additional paid-in capital 3,263,244 3,017,809
Retained earnings (accumulated deficit) 54,767 (761,126)
Total Stockholders' Equity before Treasury Stock 3,692,728 2,622,460
Less: Treasury stock, 2,275,000 shares at cost at February 29, 2012 and February 28, 2011 (142,000) (142,000)
Total Stockholders' Equity 3,550,728 2,480,460
Total Liabilities and Stockholders' Equity $ 4,805,145 $ 3,434,688