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FEDERAL AND STATE INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2013

FEDERAL AND STATE INCOME TAXES [Abstract]

Schedule of Income Tax Provision

The provision for income taxes consisted of at February 28, 2013 and February 29, 2012:

		2013				2012
State income tax:
Deferred		$	-			$	-
Current, net of refund in 2013			(11,173	)			2,000
Federal income tax:
Deferred			82,637				167,004
Current, including credit to additional paid-in capital in 2012			240,883				296,287
Total		$	312,347			$	465,291

Schedule of Income Tax Reconciliation

The reconciliation of income taxes shown in the financial statements and amounts computed by applying the Federal expected tax rate of 34% is as follows:

		2013				2012
Income before tax		$	1,038,110			$	1,281,184
Computed expected tax		$	352,957			$	435,603
State income and franchise tax/(refund)			(11,173	)			2,000
Other			(29,437	)			27,688
Provision for taxes		$	312,347			$	465,291

Schedule of Deferred Tax Assets (Liabilities)

The components of deferred tax liabilities at February 28, 2013 and February 29, 2012, respectively, are as follows:

		2013				2012
Deferred compensation cost			(62,424	)		$	-
Depreciation and amortization			(141,576	)			(121,363	)
Deferred tax liabilities		$	(204,000	)		$	(121,363	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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