Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2017
Feb. 28, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 2,982,508 $ 3,313,265
Certificates of deposit 262,315 262,314
Accounts receivable less allowance for doubtful accounts of $13,046 at June 30, 2017 and $18,046 at February 28, 2017 1,899,622 1,502,030
Inventory 1,267,214 1,353,703
Tax Receivable 172,457
Prepaid expenses 229,667 175,955
TOTAL CURRENT ASSETS 6,641,326 6,779,724
Property and equipment, net 901,464 932,092
Patents, net of accumulated amortization of $188,735 and $180,137 at June 30, 2017 and February 28, 2017, respectively 429,974 426,943
Other assets 31,582 31,490
TOTAL ASSETS 8,004,346 8,170,249
CURRENT LIABILITIES    
Deferred capital gain - current 22,481 22,481
Accounts payable 279,130 772,428
Accrued expenses 353,997 417,357
Accrued payroll and related taxes 212,083 177,018
Accrued tax liability 1,384
TOTAL CURRENT LIABILITIES 869,075 1,389,284
Deferred capital gain - long term 15,002 22,496
Deferred tax liability 95,133 82,422
TOTAL LIABILITIES 979,210 1,494,202
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 40,572,102 and 40,558,429 shares issued, 37,834,871 and 37,821,198 shares outstanding at June 30, 2017 and February 28, 2017, respectively 405,721 405,584
Additional paid-in capital 4,117,845 4,129,726
Retained earnings 2,845,774 2,484,941
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK AND DEFERRED COMPENSATION COST 7,369,340 7,020,251
Less: Treasury stock, 2,737,231 shares at June 30, 2017 and February 28, 2017 (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 7,025,136 6,676,047
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,004,346 $ 8,170,249