Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v2.4.0.6
BALANCE SHEETS (USD $)
Feb. 28, 2013
Feb. 29, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 1,930,321 $ 1,757,223
Certificates of deposit 257,009 255,228
Accounts receivable less allowance for doubtful accounts of $17,450 and $17,718 for February 28, 2013, and February 29, 2012, respectively 1,114,847 884,727
Inventory 1,150,129 1,167,456
Prepaid expenses 180,651 188,902
Total Current Assets 4,632,957 4,253,536
PROPERTY & EQUIPMENT, net 875,986 498,940
OTHER ASSETS:    
Patents, net of accumulated amortization of $112,090 and $107,640 at February 28, 2013 and February 29, 2012, respectively 22,913 24,513
Other 60,369 28,156
Total Other Assets 83,282 52,669
TOTAL ASSETS 5,592,225 4,805,145
CURRENT LIABILITIES    
Note payable - current portion 1,474 2,077
Notes payable to related parties - current portion 43,971 41,417
Deferred capital gain - current portion 22,481 22,481
Accounts payable 110,358 199,527
Accrued expenses 169,790 153,800
Accrued payroll and related taxes 50,195 41,551
Accrued income tax liability 127,090 98,000
Total Current Liabilities 525,359 558,853
OTHER LIABILITIES    
Note payable - less current portion    1,474
Notes payable to related parties - less current portion 393,861 437,832
Deferred capital gain - less current portion 112,414 134,895
Deferred tax liability 204,000 121,363
Total Other Liabilities 710,275 695,564
Total Liabilities 1,235,634 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 February 28, 2013 and February 29, 2012, respectively. 389,367 374,717
Additional paid-in Capital 3,512,294 3,263,244
Retained earnings 780,530 54,767
Total Stockholders' Equity before Treasury Stock 4,682,191 3,692,728
Less: Treasury stock, 2,275,000 shares at cost (142,000) (142,000)
Less: Deferred compensation cost (183,600)   
Total Stockholders' Equity 4,356,591 3,550,728
Total Liabilities and Stockholders' Equity $ 5,592,225 $ 4,805,145