Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

v3.6.0.2
BALANCE SHEETS (Unaudited) - USD ($)
Nov. 30, 2016
Feb. 29, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 3,440,160 $ 4,201,949
Certificates of deposit 261,118 261,118
Accounts receivable less allowance for doubtful accounts and returns of $20,519 at November 30, 2016 and $37,486 at February 29, 2016 1,661,214 1,350,180
Inventory 1,299,411 1,040,277
Prepaid expenses 456,934 265,123
TOTAL CURRENT ASSETS 7,118,837 7,118,647
Property and equipment, net 933,947 996,822
Patents, net of accumulated amortization of $174,434 and $147,380 at November 30, 2016 and February 29, 2016, respectively 390,578 247,691
Other assets 31,490 31,140
TOTAL ASSETS 8,474,852 8,394,300
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481 22,481
Accounts payable 910,763 307,764
Accrued expenses 582,998 499,406
Accrued payroll and related taxes 112,213 148,766
Accrued tax liability 129,497
TOTAL CURRENT LIABILITIES 1,628,455 1,107,914
Deferred capital gain - less current portion 28,116 44,976
Deferred tax liability 82,196 123,111
TOTAL LIABILITIES 1,738,767 1,276,001
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; authorized shares, 75,000,000 at November 30, 2016 and 50,000,000 at November 30, 2015; 40,485,062 shares issued at November 30, 2016 and 40,487,532 shares issued at February 29, 2016; 37,749,081 shares outstanding at November 30, 2016 and 37,966,501 shares outstanding at February 29, 2016 404,851 404,875
Additional paid-in capital 4,082,218 3,968,342
Retained earnings 2,599,736 3,019,940
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK AND DEFERRED COMPENSATION COST 7,086,805 7,393,157
Less: Treasury stock at cost, 2,735,981 shares at November 30, 2016 and 2,521,031 at February 29, 2016 (343,720) (246,858)
Less: Deferred compensation cost (7,000) (28,000)
TOTAL STOCKHOLDERS' EQUITY 6,736,085 7,118,299
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,474,852 $ 8,394,300