Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS

v2.4.1.9
BALANCE SHEETS (USD $)
Nov. 30, 2014
Feb. 28, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 2,247,919us-gaap_CashAndCashEquivalentsAtCarryingValue $ 2,227,398us-gaap_CashAndCashEquivalentsAtCarryingValue
Certificates of deposit 259,470us-gaap_DepositsAssetsCurrent 258,590us-gaap_DepositsAssetsCurrent
Accounts receivable less allowance for doubtful accounts of $32,864 and $26,450 for November 30, 2014 and February 28, 2014, respectively 1,708,908us-gaap_AccountsReceivableNetCurrent 1,744,813us-gaap_AccountsReceivableNetCurrent
Inventory 1,571,096us-gaap_InventoryNet 818,723us-gaap_InventoryNet
Prepaid expenses 244,792us-gaap_PrepaidExpenseCurrent 245,767us-gaap_PrepaidExpenseCurrent
Total Current Assets 6,032,185us-gaap_AssetsCurrent 5,295,291us-gaap_AssetsCurrent
PROPERTY & EQUIPMENT, net 1,196,029us-gaap_PropertyPlantAndEquipmentNet 839,059us-gaap_PropertyPlantAndEquipmentNet
OTHER ASSETS    
Patents, net of accumulated amortization of $126,570 and $119,436 at November 30, 2014 and February 28, 2014, respectively 127,897us-gaap_IntangibleAssetsNetExcludingGoodwill 43,305us-gaap_IntangibleAssetsNetExcludingGoodwill
Other 31,053us-gaap_OtherAssets 31,053us-gaap_OtherAssets
Total Other Assets 158,950us-gaap_OtherAssetsNoncurrent 74,358us-gaap_OtherAssetsNoncurrent
TOTAL ASSETS 7,387,164us-gaap_Assets 6,208,708us-gaap_Assets
CURRENT LIABILITIES    
Deferred capital gain - current portion 22,481us-gaap_OtherDeferredCreditsCurrent 22,481us-gaap_OtherDeferredCreditsCurrent
Accounts payable 678,542us-gaap_AccountsPayableCurrent 246,622us-gaap_AccountsPayableCurrent
Accrued expenses 426,186us-gaap_AccruedLiabilitiesCurrent 263,465us-gaap_AccruedLiabilitiesCurrent
Accrued payroll and related taxes 65,218us-gaap_EmployeeRelatedLiabilitiesCurrent 72,976us-gaap_EmployeeRelatedLiabilitiesCurrent
Accrued tax liability    166,358us-gaap_TaxesPayableCurrent
Total Current Liabilities 1,192,427us-gaap_LiabilitiesCurrent 771,902us-gaap_LiabilitiesCurrent
OTHER LIABILITIES    
Deferred capital gain - less current portion 73,076us-gaap_OtherDeferredCreditsNoncurrent 89,936us-gaap_OtherDeferredCreditsNoncurrent
Deferred tax liability 130,299us-gaap_DeferredTaxLiabilitiesNoncurrent 155,000us-gaap_DeferredTaxLiabilitiesNoncurrent
Total Other Liabilities 203,375us-gaap_LiabilitiesNoncurrent 244,936us-gaap_LiabilitiesNoncurrent
TOTAL LIABILITIES 1,395,802us-gaap_Liabilities 1,016,838us-gaap_Liabilities
SHAREHOLDERS' EQUITY    
Common stock, $0.01 par value, 50,000,000 shares authorized, 40,356,667 and 38,936,667 shares issued; 38,081,667 and 36,661,667 shares outstanding at November 30, 2014, and February 28, 2014, respectively 403,567us-gaap_CommonStockValue 389,367us-gaap_CommonStockValue
Additional paid-in capital 3,855,094us-gaap_AdditionalPaidInCapitalCommonStock 3,512,294us-gaap_AdditionalPaidInCapitalCommonStock
Retained earnings 1,937,701us-gaap_RetainedEarningsAccumulatedDeficit 1,483,959us-gaap_RetainedEarningsAccumulatedDeficit
Stockholders' equity before treasury stock 6,196,362us-gaap_StockholdersEquityBeforeTreasuryStock 5,385,620us-gaap_StockholdersEquityBeforeTreasuryStock
Less: Treasury stock, 2,275,000 shares at cost (142,000)us-gaap_TreasuryStockValue (142,000)us-gaap_TreasuryStockValue
Deferred compensation cost (63,000)us-gaap_DeferredCompensationEquity (51,750)us-gaap_DeferredCompensationEquity
Total Stockholders' Equity 5,991,362us-gaap_StockholdersEquity 5,191,870us-gaap_StockholdersEquity
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,387,164us-gaap_LiabilitiesAndStockholdersEquity $ 6,208,708us-gaap_LiabilitiesAndStockholdersEquity