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CONSOLIDATED BALANCE SHEETS (USD $)
May 31, 2012
May 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 1,077,342 $ 989,270
Accounts receivable 1,200,516 [1] 747,075 [2]
Inventories, net 1,821,072 1,785,525
Deferred tax assets, current portion 177,000 127,000
Prepaid expenses and other 210,700 237,563
Total current assets 4,486,630 3,886,433
PROPERTY AND EQUIPMENT    
Equipment 1,185,098 1,065,145
Furniture, fixtures and leasehold improvements 244,410 214,353
Total property and equipment 1,429,508 1,279,498
Accumulated depreciation (844,684) (712,175)
Net property and equipment 584,824 567,323
DEFERRED TAX ASSETS, net of current portion 61,000 111,000
INTANGIBLE ASSETS, net 194,583 177,410
INVESTMENTS 165,324 165,324
OTHER ASSETS 78,561 47,888
TOTAL ASSETS 5,570,922 4,955,378
CURRENT LIABILITIES    
Accounts payable and accrued expenses 362,447 451,569
Accrued compensation 186,841 138,056
Line of credit 43,000  
Loan for equipment purchase   35,390
Total current liabilities 592,288 625,015
COMMITMENTS AND CONTINGENCIES      
SHAREHOLDERS' EQUITY    
Preferred stock    [3]    [4]
Common stock 556,186 [5] 549,466 [6]
Additional paid-in capital 17,737,807 17,643,121
Accumulated other comprehensive loss (6,030) (4,460)
Accumulated deficit (13,309,329) (13,857,764)
Total shareholders' equity 4,978,634 4,330,363
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,570,922 $ 4,955,378
[1] less allowance for doubtful accounts of $113,191 as of May 31, 2012.
[2] less allowance for doubtful accounts of $32,204 as of May 31, 2011.
[3] no par value authorized 5,000,000 shares, none issued and none outstanding at May 31, 2012.
[4] no par value authorized 5,000,000 shares, none issued and none outstanding at May 31, 2011
[5] $0.08 par value authorized 25,000,000 shares, issued and outstanding 6,952,339 at May 31, 2012.
[6] $0.08 par value authorized 25,000,000 shares, issued and outstanding 6,868,339 at May 31, 2011