INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2022

INCOME TAXES

Reconciliation of the U.S. federal statutory tax rate to the Company's effective tax rate

	2022					2021
Net Income/(Loss) Before Taxes	$	3,508,000				$	1,381,000
Provision/(Benefit) at statutory rate		737,000		21.0	%		290,000		21.0	%
State Tax Provision/(Benefit) net of federal benefit		56,000		1.6	%		50,000		3.6	%
Permanent Book/Tax Differences		(170,000	)	-4.8	%		-		0.0	%
Change in Valuation Allowance		(623,000	)	-17.8	%		(340,000	)	-24.6	%
True-Up & Adjustments		-		-0.0	%		-		0.0	%
Other		-		0.0	%		-		0.0	%
Income Tax Provision / (Benefit)	$	-				$	-
Effective income tax rate		0.00	%				0.00	%

Summary of deferred tax asset (Liability)

Deferred Tax Asset (Liability):	2022			2021
Accrued Liabilities	$	49,000		$	57,000
Inventory Allowance		1,363,000			1,406,000
Section 263A Capitalized Costs		-			54,000
Net Operating Loss Carryforwards		2,065,000			2,456,000
Other		14,000			15,000
Depreciation		(132,000	)		(6,000	)
Total Deferred Tax Assets (Liabilities)		3,359,000			3,982,000
Valuation allowance		(3,359,000	)		(3,982,000	)
	$	-		$	-

Federal net operating loss carryforward expirations

Fiscal Year Ending February 28/29	Amount
2029		7,514,000
2037		322,000
indefinite		1,254,000
Total	$	9,090,000