Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Aug. 31, 2015
Feb. 28, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 3,157,020 $ 2,557,235
Certificates of deposit 259,789 259,789
Accounts receivable less allowance for doubtful accounts of $31,581 and $29,865 for August 31, 2015 and February 28, 2015, respectively 1,409,461 1,623,695
Inventory 1,295,709 1,226,636
Prepaid expenses 258,727 240,688
TOTAL CURRENT ASSETS 6,380,706 5,908,043
Property and equipment, net 1,105,869 1,161,432
Patents, net of accumulated amortization of $140,566 and $134,552 at August 31, 2015 and February 28, 2015, respectively 192,431 180,558
Other assets 31,140 31,140
TOTAL ASSETS 7,710,146 7,281,173
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481 22,481
Accounts payable 309,796 243,217
Accrued expenses 370,508 $ 304,041
Accrued tax liability 44,307
Accrued payroll and related taxes 104,961 $ 121,917
TOTAL CURRENT LIABILITIES 852,053 691,656
Deferred capital gain - less current portion 56,216 67,454
Deferred tax liability 243,847 248,607
TOTAL LIABILITIES 1,152,116 1,007,717
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized, 40,347,292 shares issued; 38,006,667 shares outstanding 403,473 403,473
Additional paid-in capital 3,855,188 3,855,188
Retained earnings 2,507,650 2,237,076
Total Stockholders' Equity before Treasury Stock 6,766,311 6,495,737
Less: Treasury stock, 2,340,625 shares at cost (166,281) (166,281)
Less: Deferred compensation cost (42,000) (56,000)
TOTAL STOCKHOLDERS' EQUITY 6,558,030 6,273,456
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,710,146 $ 7,281,173