Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS (USD $)
Nov. 30, 2011
Feb. 28, 2011
CURRENT ASSETS:    
Cash $ 1,565,604 $ 1,322,250
Certificates of Deposit 253,932 152,399
Accounts receivable less allowance for doubtful accounts of $16,248 and $12,128 for November 30, 2011 and February 28, 2011 respectively 878,163 713,906
Inventory 1,061,926 668,200
Prepaid expenses 142,748 112,937
Deferred Tax Asset    45,641
Total Current Assets 3,902,373 3,015,333
PROPERTY & EQUIPMENT, less accumulated depreciation of $1,386,170 and $1,316,822 at November 30, 2011 and February 28, 2011 respectively 495,419 361,360
OTHER ASSETS:    
Patents, net of accumulated amortization of $106,357 and $102,314 at November 30, 2011 and February 28, 2011, respectively 25,796 29,839
Security deposit 28,156 28,156
Total Other Assets 53,952 57,995
TOTAL ASSETS 4,451,744 3,434,688
CURRENT LIABILITIES    
Note payable - current portion 2,039 1,928
Notes payable to related parties - current portion 40,801 39,011
Deferred capital gain - current portion 22,481 22,481
Accounts payable 309,746 158,108
Accrued expenses 129,794 71,330
Accrued payroll and related taxes 21,592 21,195
Accrued Tax Liability 35,158  
Total Current Liabilities 561,611 314,053
OTHER LIABILITIES    
Note payable - less current portion 2,007 3,552
Notes payable to related parties - less current portion 448,420 479,248
Deferred capital gain less current portion 140,516 157,375
Total Other Liabilities 590,943 640,175
Total Liabilities 1,152,554 954,228
STOCKHOLDERS' EQUITY    
Common Stock, $0.01 par value, 50,000,000 shares authorized, 38,602,667 and 36,577,667 issued and outstanding at November 30, 2011 and February 28, 2011 respectively 386,027 365,777
Additional paid-in Capital 3,318,010 3,017,809
Accumulated deficit (262,847) (761,126)
Total Stockholders' Equity before Treasury Stock 3,441,190 2,622,460
Less: Treasury Stock, 2,275,000 shares at cost at November 30, 2011 and February 28, 2011 (142,000) (142,000)
Total Stockholders' Equity 3,299,190 2,480,460
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,451,744 $ 3,434,688