Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS (USD $)
Aug. 31, 2012
Feb. 29, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 1,684,369 $ 1,757,223
Certificates of deposit 255,356 255,228
Accounts receivable less allowance for doubtful accounts of $21,456 and $17,718 for August 31, 2012 and February 29, 2012, respectively 962,154 884,727
Inventory 1,251,385 1,167,456
Prepaid expenses 158,369 188,902
Total Current Assets 4,311,633 4,253,536
PROPERTY & EQUIPMENT, net 845,360 498,940
OTHER ASSETS:    
Patents, net of accumulated amortization of $109,838 and $107,640 at August 31, 2012 and February 29, 2012, respectively 23,315 24,513
Security deposit 30,968 28,156
Total Other Assets 54,283 52,669
TOTAL ASSETS 5,211,276 4,805,145
CURRENT LIABILITIES    
Note payable - current portion 2,157 2,077
Notes payable to related parties - current portion 42,675 41,417
Deferred capital gain - current portion 22,481 22,481
Accounts payable 112,504 199,527
Accrued expenses 107,547 153,800
Accrued payroll and related taxes 56,540 41,551
Accrued tax liability 214,092 98,000
Total Current Liabilities 557,996 558,853
OTHER LIABILITIES    
Note payable - less current portion 375 1,474
Notes payable to related parties - less current portion 416,175 437,832
Deferred capital gain less current portion 123,656 134,895
Deferred tax liability 121,363 121,363
Total Other Liabilities 661,569 695,564
Total Liabilities 1,219,565 1,254,417
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized and 38,936,667 and 37,471,667 shares issued; 36,661,667 and 35,196,667 shares outstanding at August 31, 2012 and February 29, 2012, respectively. 389,367 374,717
Additional paid-in Capital 3,512,294 3,263,244
Retained earnings 495,750 54,767
Total Stockholders' Equity before Treasury Stock 4,397,411 3,692,728
Less: Treasury Stock, 2,275,000 shares at cost at August 31, 2012 and February 29, 2012 (142,000) (142,000)
Deferred compensation cost (263,700)   
Total Stockholders' Equity 3,991,711 3,550,728
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,211,276 $ 4,805,145