Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v2.4.1.9
BALANCE SHEETS (USD $)
Feb. 28, 2015
Feb. 28, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 2,557,235us-gaap_CashAndCashEquivalentsAtCarryingValue $ 2,227,398us-gaap_CashAndCashEquivalentsAtCarryingValue
Certificates of deposit 259,789us-gaap_DepositsAssetsCurrent 258,590us-gaap_DepositsAssetsCurrent
Accounts receivable less allowance for doubtful accounts of $29,865 and $26,450 for February 28, 2015, and February 28, 2014, respectively 1,623,695us-gaap_AccountsReceivableNetCurrent 1,744,813us-gaap_AccountsReceivableNetCurrent
Inventory 1,226,636us-gaap_InventoryNet 818,723us-gaap_InventoryNet
Prepaid expenses 240,688us-gaap_PrepaidExpenseCurrent 245,767us-gaap_PrepaidExpenseCurrent
Total Current Assets 5,908,043us-gaap_AssetsCurrent 5,295,291us-gaap_AssetsCurrent
Property & Equipment, net 1,161,432us-gaap_PropertyPlantAndEquipmentNet 839,059us-gaap_PropertyPlantAndEquipmentNet
Patents, net of accumulated amortization of $134,552 and $119,436 at February 28, 2015 and February 28, 2014, respectively 180,558us-gaap_IntangibleAssetsNetExcludingGoodwill 43,305us-gaap_IntangibleAssetsNetExcludingGoodwill
Other Assets 31,140us-gaap_OtherAssetsNoncurrent 31,053us-gaap_OtherAssetsNoncurrent
TOTAL ASSETS 7,281,173us-gaap_Assets 6,208,708us-gaap_Assets
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481us-gaap_OtherDeferredCreditsCurrent 22,481us-gaap_OtherDeferredCreditsCurrent
Accounts payable 243,217us-gaap_AccountsPayableCurrent 246,622us-gaap_AccountsPayableCurrent
Accrued expenses 304,041us-gaap_AccruedLiabilitiesCurrent 263,465us-gaap_AccruedLiabilitiesCurrent
Accrued payroll and related taxes 121,917us-gaap_EmployeeRelatedLiabilitiesCurrent 72,976us-gaap_EmployeeRelatedLiabilitiesCurrent
Accrued income tax liability    166,358us-gaap_TaxesPayableCurrent
Total Current Liabilities 691,656us-gaap_LiabilitiesCurrent 771,902us-gaap_LiabilitiesCurrent
Deferred capital gain - less current portion 67,454us-gaap_OtherDeferredCreditsNoncurrent 89,936us-gaap_OtherDeferredCreditsNoncurrent
Deferred tax liability 248,607us-gaap_DeferredTaxLiabilitiesNoncurrent 155,000us-gaap_DeferredTaxLiabilitiesNoncurrent
Total Liabilities 1,007,717us-gaap_Liabilities 1,016,838us-gaap_Liabilities
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized, 40,347,292 and 38,936,667 shares issued; 38,006,667 and 36,661,667 shares outstanding at February 28, 2015, and February 28, 2014, respectively 403,473us-gaap_CommonStockValue 389,367us-gaap_CommonStockValue
Additional paid-in capital 3,855,188us-gaap_AdditionalPaidInCapitalCommonStock 3,512,294us-gaap_AdditionalPaidInCapitalCommonStock
Retained earnings 2,237,076us-gaap_RetainedEarningsAccumulatedDeficit 1,483,959us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Equity before Treasury Stock 6,495,737us-gaap_StockholdersEquityBeforeTreasuryStock 5,385,620us-gaap_StockholdersEquityBeforeTreasuryStock
Less: Treasury stock, 2,340,625 shares and 2,275,000 shares at February 28, 2015, and February 28, 2014, respectively, at cost (166,281)us-gaap_TreasuryStockValue (142,000)us-gaap_TreasuryStockValue
Less: Deferred compensation cost (56,000)us-gaap_DeferredCompensationEquity (51,750)us-gaap_DeferredCompensationEquity
Total Stockholders' Equity 6,273,456us-gaap_StockholdersEquity 5,191,870us-gaap_StockholdersEquity
Total Liabilities and Stockholders' Equity $ 7,281,173us-gaap_LiabilitiesAndStockholdersEquity $ 6,208,708us-gaap_LiabilitiesAndStockholdersEquity