Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v3.4.0.3
BALANCE SHEETS - USD ($)
Feb. 29, 2016
Feb. 28, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 4,201,949 $ 2,557,235
Certificates of deposit 261,118 259,789
Accounts receivable less allowance for doubtful accounts of $18,648 and $29,865 for February 29, 2016, and February 28, 2015, respectively 1,350,180 1,623,695
Inventory 1,040,277 1,226,636
Prepaid expenses 265,123 240,688
TOTAL CURRENT ASSETS 7,118,647 5,908,043
Property and equipment, net 996,822 1,161,432
Patents, net of accumulated amortization of $147,380 and $134,552 at February 29, 2016 and February 28, 2015, respectively 247,691 180,558
Other Assets 31,140 31,140
TOTAL ASSETS 8,394,300 7,281,173
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481 22,481
Accounts payable 307,764 243,217
Accrued expenses 499,406 304,041
Accrued payroll and related taxes 148,766 $ 121,917
Accrued tax liability 129,497
Total Current Liabilities 1,107,914 $ 691,656
Deferred capital gain - less current portion 44,976 67,454
Deferred tax liability 123,111 248,607
Total Liabilities 1,276,001 1,007,717
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized, 40,487,532 and 40,347,292 shares issued; 37,966,501 and 38,006,667 shares outstanding at February 29, 2016, and February 28, 2015, respectively 404,875 403,473
Additional paid-in capital 3,968,342 3,855,188
Retained earnings 3,019,940 2,237,076
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK AND DEFERRED COMPENSATION COST 7,393,157 6,495,737
Less: Treasury stock, 2,521,031 shares and 2,340,625 shares at February 29, 2016, and February 28, 2015, respectively, at cost (246,858) (166,281)
Less: Deferred compensation cost (28,000) (56,000)
TOTAL STOCKHOLDERS' EQUITY 7,118,299 6,273,456
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,394,300 $ 7,281,173