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INCOME TAXES (Tables) | 12 Months Ended
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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: Income taxes - income tax reconciliation
|  | 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: Income taxes - current and deferred tax expense
|  | 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: Income taxes - deferred tax asset and liability components
|  | 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 | )

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- Definition 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/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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