Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v3.7.0.1
BALANCE SHEETS - USD ($)
Feb. 28, 2017
Feb. 29, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 3,313,265 $ 4,201,949
Certificates of deposit 262,314 261,118
Accounts receivable less allowance for doubtful accounts of $18,046 and $18,648 for February 28, 2017, and February 29, 2016, respectively 1,502,030 1,350,180
Inventory 1,353,703 1,040,277
Tax receivable 172,457
Prepaid expenses 175,955 265,123
TOTAL CURRENT ASSETS 6,779,724 7,118,647
Property and equipment, net 932,092 996,822
Patents, net of accumulated amortization of $180,137 and $147,380 at February 28, 2017 and February 29, 2016, respectively 426,943 247,691
Other Assets 31,490 31,140
TOTAL ASSETS 8,170,249 8,394,300
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481 22,481
Accounts payable 772,428 307,764
Accrued expenses 417,357 499,406
Accrued payroll and related taxes 177,018 148,766
Accrued tax liability 129,497
Total Current Liabilities 1,389,284 1,107,914
Deferred capital gain - less current portion 22,496 44,976
Deferred tax liability 82,422 123,111
Total Liabilities 1,494,202 1,276,001
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 75,000,000 and 50,000,000 shares authorized, 40,558,429 and 40,487,532 shares issued; 37,821,198 and 37,966,501 shares outstanding at February 28, 2017, and February 29, 2016, respectively 405,584 404,875
Additional paid-in capital 4,129,726 3,968,342
Retained earnings 2,484,941 3,019,940
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK AND DEFERRED COMPENSATION COST 7,020,251 7,393,157
Less: Treasury stock, 2,737,231 shares and 2,521,031 shares at February 28, 2017, and February 29, 2016, respectively, at cost (344,204) (246,858)
Less: Deferred compensation cost (28,000)
TOTAL STOCKHOLDERS' EQUITY 6,676,047 7,118,299
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,170,249 $ 8,394,300