Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2017
Feb. 28, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 3,661,707 $ 3,313,265
Certificates of deposit 262,314 262,314
Accounts receivable less allowance for doubtful accounts of $77,067 at September 30, 2017 and $18,046 at February 28, 2017 1,481,410 1,502,030
Inventory 1,586,568 1,353,703
Tax Receivable 172,457
Prepaid expenses 225,088 175,955
TOTAL CURRENT ASSETS 7,217,087 6,779,724
Property and equipment, net 902,075 932,092
Patents, net of accumulated amortization of $195,354 and $180,137 at September 30, 2017 and February 28, 2017, respectively 440,565 426,943
Other assets 31,583 31,490
TOTAL ASSETS 8,591,310 8,170,249
CURRENT LIABILITIES    
Deferred capital gain - current 22,481 22,481
Accounts payable 362,878 772,428
Accrued expenses 502,249 417,357
Accrued payroll and related taxes 123,716 177,018
Accrued tax liability 142,883
TOTAL CURRENT LIABILITIES 1,154,207 1,389,284
Deferred capital gain - long term 9,382 22,496
Deferred tax liability 91,039 82,422
TOTAL LIABILITIES 1,254,628 1,494,202
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 40,667,851 and 40,558,429 shares issued, 37,930,620 and 37,821,198 shares outstanding at September 30, 2017 and February 28, 2017, respectively 406,679 405,584
Additional paid-in capital 4,162,679 4,129,726
Retained earnings 3,111,528 2,484,941
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK AND DEFERRED COMPENSATION COST 7,680,886 7,020,251
Less: Treasury stock, 2,737,231 shares at September 30, 2017 and February 28, 2017 (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 7,336,682 6,676,047
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,591,310 $ 8,170,249