Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS (USD $)
Aug. 31, 2011
Feb. 28, 2011
CURRENT ASSETS:    
Cash $ 1,708,780 $ 1,322,250
Certificates of Deposit 152,399 152,399
Accounts receivable less allowance for doubtful accounts of $14,748 and $12,128 for August 31, 2011 and February 28, 2011 respectively 608,668 713,906
Inventory 1,089,943 668,200
Prepaid expenses 105,449 112,937
Deferred Tax Asset 27,192 45,641
Total Current Assets 3,692,431 3,015,333
PROPERTY & EQUIPMENT, less accumulated depreciation of $1,360,342 and $1,316,822 at August 31, 2011 and February 28, 2011 respectively 406,516 361,360
OTHER ASSETS:    
Patents, net of accumulated amortization of $105,072 .and $102,314 at August 31, 2011 and February 28, 2011, respectively 27,080 29,839
Security deposit 28,156 28,156
Total Other Assets 55,236 57,995
TOTAL ASSETS 4,154,183 3,434,688
CURRENT LIABILITIES    
Note payable - current portion 2,002 1,928
Notes payable to related parties - current portion 40,196 39,011
Deferred capital gain - current portion 22,481 22,481
Accounts payable 171,972 158,108
Accrued expenses 149,121 71,330
Accrued payroll and related taxes 40,826 21,195
Total Current Liabilities 426,598 314,053
OTHER LIABILITIES    
Note payable - less current portion 2,532 3,552
Notes payable to related parties - less current portion 458,850 479,248
Deferred capital gain less current portion 146,135 157,375
Total Other Liabilities 607,517 640,175
Total Liabilities 1,034,115 954,228
STOCKHOLDERS' EQUITY    
Common Stock, $0.01 par value, 50,000,000 shares authorized, 38,602,667 and 36,577,667 issued and outstanding at August 31, 2011 and February 28, 2011 respectively 386,027 365,777
Additional paid-in Capital 3,321,135 3,017,809
Accumulated deficit (445,094) (761,126)
Total Stockholders' Equity before Treasury Stock 3,262,068 2,622,460
Less: Treasury Stock, 2,275,000 shares at cost at August 31, 2011 and February 28, 2011 (142,000) (142,000)
Total Stockholders' Equity 3,120,068 2,480,460
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,154,183 $ 3,434,688