Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v2.4.0.8
BALANCE SHEETS (USD $)
May 31, 2013
Feb. 28, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 1,633,274 $ 1,930,321
Certificates of deposit 257,009 257,009
Accounts receivable less allowance for doubtful accounts of $19,700 and $17,450 for May 31, 2013 and February 28, 2013, respectively 943,771 1,114,847
Inventory 1,262,787 1,150,129
Prepaid expenses 177,679 180,651
Total Current Assets 4,274,520 4,632,957
PROPERTY & EQUIPMENT, net 890,176 875,986
OTHER ASSETS:    
Patents, net of accumulated amortization of $112,985 and $112,090 at May 31, 2013 and February 28, 2013, respectively 25,948 22,913
Other 60,369 60,369
Total Other Assets 86,317 83,282
TOTAL ASSETS 5,251,013 5,592,225
CURRENT LIABILITIES    
Note payable - current portion    1,474
Notes payable to related parties - current portion    43,971
Deferred capital gain - current portion 22,481 22,481
Accounts payable 196,808 110,358
Accrued expenses 140,754 169,790
Accrued payroll and related taxes 20,254 50,195
Accrued tax liability 88,802 127,090
Total Current Liabilities 469,099 525,359
OTHER LIABILITIES    
Notes payable to related parties - less current portion    393,861
Deferred capital gain less current portion 106,794 112,414
Deferred tax liability 204,000 204,000
Total Other Liabilities 310,794 710,275
Total Liabilities 779,893 1,235,634
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized, 38,936,667 shares issued, and 36,661,667 shares outstanding 389,367 389,367
Additional paid-in Capital 3,512,294 3,512,294
Retained earnings 853,884 780,530
Total Stockholders' Equity before Treasury Stock 4,755,545 4,682,191
Less: Treasury stock, 2,275,000 shares at cost (142,000) (142,000)
Less: Deferred compensation cost (142,425) (183,600)
Total Stockholders' Equity 4,471,120 4,356,591
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,251,013 $ 5,592,225