Transition report pursuant to Rule 13a-10 or 15d-10

BALANCE SHEETS

v3.8.0.1
BALANCE SHEETS - USD ($)
Dec. 31, 2017
Feb. 28, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 3,974,536 $ 3,313,265
Certificates of deposit 263,269 262,314
Accounts receivable less allowance for doubtful accounts of $77,067 and $18,046 for December 31, 2017, and February 28, 2017, respectively 1,861,949 1,502,030
Inventory 1,658,681 1,353,703
Tax receivable 172,457
Prepaid expenses 170,739 175,955
TOTAL CURRENT ASSETS 7,929,174 6,779,724
Property and equipment, net 836,283 932,092
Patents, net of accumulated amortization of $203,768 and $180,137 at December 31, 2017 and February 28, 2017, respectively 483,821 426,943
Other assets 31,582 31,490
TOTAL ASSETS 9,280,860 8,170,249
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481 22,481
Accounts payable 454,398 772,428
Accrued expenses 658,060 417,357
Accrued payroll and related taxes 334,903 177,018
Accrued tax liability 115,854
Total Current Liabilities 1,585,696 1,389,284
Deferred capital gain - less current portion 3,762 22,496
Deferred tax liability 21,675 82,422
Total Liabilities 1,611,133 1,494,202
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 40,731,529 and 40,558,429 shares issued; 37,994,298 and 37,821,198 shares outstanding at December 31, 2017, and February 28, 2017, respectively 407,315 405,584
Additional paid-in capital 4,216,718 4,129,726
Retained earnings 3,389,898 2,484,941
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK AND DEFERRED COMPENSATION COST 8,013,931 7,020,251
Less: Treasury stock, 2,737,231 shares at December 31, 2017 and February 28, 2017, respectively, at cost (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 7,669,727 6,676,047
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,280,860 $ 8,170,249