Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS (USD $)
May 31, 2012
Feb. 29, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 1,727,378 $ 1,757,223
Certificates of deposit 255,356 255,228
Accounts receivable less allowance for doubtful accounts of $19,206 and $17,718 for May 31, 2012 and February 29, 2012, respectively 736,990 884,727
Inventory 1,317,444 1,167,456
Prepaid expenses 132,172 188,902
Deferred Tax Asset     
Total Current Assets 4,169,340 4,253,536
PROPERTY & EQUIPMENT, net 581,395 498,940
OTHER ASSETS:    
Patents, net of accumulated amortization of $108,736 and $107,640 at May 31, 2012 and February 29, 2012, respectively 23,417 24,513
Security deposit 30,968 28,156
Total Other Assets 54,385 52,669
TOTAL ASSETS 4,805,120 4,805,145
CURRENT LIABILITIES    
Note payable - current portion 2,117 2,077
Notes payable to related parties - current portion 42,041 41,417
Deferred capital gain - current portion 22,481 22,481
Accounts payable 226,649 199,527
Accrued expenses 119,417 153,800
Accrued payroll and related taxes 25,399 41,551
Accrued tax liability 47,296 98,000
Total Current Liabilities 485,400 558,853
OTHER LIABILITIES    
Note payable - less current portion 930 1,474
Notes payable to related parties - less current portion 427,085 437,832
Deferred capital gain less current portion 129,275 134,895
Deferred tax liability 121,363 121,363
Total Other Liabilities 678,653 695,564
Total Liabilities 1,164,053 1,254,417
STOCKHOLDERS' EQUITY    
Common Stock, $0.01 par value, 50,000,000 shares authorized, 37,471,667 shares issued, and 35,196,667 shares outstanding at May 31, 2012 and February 29, 2012 374,717 374,717
Additional paid-in Capital 3,263,244 3,263,244
Retained earnings 145,106 54,767
Total Stockholders' Equity before Treasury Stock 3,783,067 3,692,728
Less: Treasury Stock, 2,275,000 shares at cost at May 31, 2012 and February 29, 2012 (142,000) (142,000)
Total Stockholders' Equity 3,641,067 3,550,728
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,805,120 $ 4,805,145