Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

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BALANCE SHEETS (USD $)
Nov. 30, 2012
Feb. 29, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 1,682,341 $ 1,757,223
Certificates of deposit 255,624 255,228
Accounts receivable less allowance for doubtful accounts of $23,706 and $17,718 for November 30, 2012 and February 29, 2012 respectively 1,187,961 884,727
Inventory 1,170,220 1,167,456
Prepaid expenses 115,046 188,902
Total Current Assets 4,411,192 4,253,536
PROPERTY & EQUIPMENT, net 912,162 498,940
OTHER ASSETS:    
Patents, net of accumulated amortization of $110,956 and $107,640 at November 30, 2012 and February 29, 2012, respectively 22,197 24,513
Other assets 55,969 28,156
Total Other Assets 78,166 52,669
TOTAL ASSETS 5,401,520 4,805,145
CURRENT LIABILITIES    
Note payable - current portion 2,008 2,077
Notes payable to related parties - current portion 43,318 41,417
Deferred capital gain - current portion 22,481 22,481
Accounts payable 203,458 199,527
Accrued expenses 155,331 153,800
Accrued payroll and related taxes 32,883 41,551
Accrued tax liability 210,256 98,000
Total Current Liabilities 669,735 558,853
OTHER LIABILITIES    
Note payable - less current portion    1,474
Notes payable to related parties - less current portion 405,102 437,832
Deferred capital gain less current portion 118,035 134,895
Deferred tax liability 121,363 121,363
Total Other Liabilities 644,500 695,564
TOTAL LIABILITIES 1,314,235 1,254,417
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized and 38,936,667 and 37,471,667 shares issued,; 36,661,667 and 35,196,667 shares outstanding at November 30, 2012 and February 29, 2012, respectively. 389,367 374,717
Additional paid-in Capital 3,512,294 3,263,244
Retained earnings 551,274 54,767
Total Stockholders' Equity before Treasury Stock 4,452,935 3,692,728
Less: Treasury stock, 2,275,000 shares at cost at November 30, 2012 and February 29, 2012 (142,000) (142,000)
Less: Deferred compensation cost (223,650)   
Total Stockholders' Equity 4,087,285 3,550,728
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,401,520 $ 4,805,145