INCOME TAXES (Tables)

12 Months Ended

Feb. 29, 2024

Income Tax Disclosure [Abstract]

Income taxes - income tax reconciliation

The annual provision (benefit) for income taxes differs from amounts computed by applying the maximum U.S. Federal income tax rate of 21% to pre-tax income as follows:

	February 29, 2024			February 28, 2023
Expected federal income tax	$	366,362		$	165,882
State tax, net of federal		52,510			37,204
Research and development tax credits		(161,525	)		(127,329	)
Permanent differences		45,770			78,252
Income tax expense	$	303,117		$	154,009

Income taxes - current and deferred tax expense

Components of the current and deferred tax expense are as follows:

	February 29, 2024			February 28, 2023
Current:
Federal	$	716,003		$	438,263
State		123,743			83,525
Total current income tax		839,746			521,788
Deferred:
Federal		(471,396	)		(321,458	)
State		(65,233	)		(46,321	)
Total deferred income tax		(536,629	)		(367,779	)
Income tax expense	$	303,117		$	154,009

Income taxes - deferred tax asset and liability components

The deferred tax asset and liability are comprised of the following:

	February 29, 2024			February 28, 2023
Deferred tax asset
Allowance for inventory	$	91,000		$	76,000
Allowance for accounts receivable		3,000			3,000
Capitalized R&D expenses – IRC Section 174		985,000			441,000
Accrued expenses and other		177,000			147,000
Deferred tax asset – Long Term	$	1,256,000		$	667,000
Deferred tax liability
Building and leasehold depreciation		(230,000	)		(83,000	)
Deferred tax liability – Long Term	$	(230,000	)	$	(83,000	)