Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jul. 31, 2015
Apr. 30, 2015
Current assets:    
Cash and cash equivalents $ 542,835 $ 327,298
Accounts receivable, less allowance for doubtful accounts and sales returns of $130,000 at July 31, 2015 and $140,000 at April 30, 2015 2,672,320 2,170,261
Inventories 1,865,156 2,088,737
Other current assets 82,964 69,076
Total current assets 5,163,275 4,655,372
Property and equipment:    
Machinery and equipment 479,961 479,961
Leasehold improvements 607,867 607,867
Property and equipment, gross 1,087,828 1,087,828
Less: accumulated depreciation and amortization 990,831 966,831
Net property and equipment 96,997 120,997
Other assets 49,210 49,210
Capitalized software development costs 365,424 365,424
Goodwill 1,083,555 1,083,555
Total assets 6,758,461 6,274,558
Current liabilities:    
Note payable-revolving credit line 2,363,585 2,109,449
Accounts payable 614,237 879,573
Accrued liabilities 227,224 282,284
Convertible notes payable, net of discount 600,000 600,000
Convertible notes payable related parties, net of discount 80,000 107,500
Total current liabilities 3,885,046 3,978,806
Other liabilities - related party 161,247 179,163
Total liabilities 4,046,293 4,157,969
Stockholders' equity:    
Preferred Stock, par value $.01 per share. Authorized 1,300,000 share and 626,600 shares outstanding at July 31, 2015 and April 30, 2015 1,856,903 1,856,903
Common stock, par value $1.00 per share. Authorized 54,000,000 shares and 3,301,012 issued and outstanding at July 31, 2015 and 2,776,012 issued and outstanding on April 30, 2015 3,301,012 2,776,012
Additional paid-in capital 21,987,507 21,862,333
Accumulated deficit (24,607,659) (24,490,404)
Shares to be issued 174,405 111,745
Total stockholders' equity 2,712,168 2,116,589
Total liabilities and stockholders' equity $ 6,758,461 $ 6,274,558