Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Oct. 31, 2015
Apr. 30, 2015
Current assets:    
Cash and cash equivalents $ 617,012 $ 327,298
Accounts receivable, less allowance for doubtful accounts and sales returns of $130,000 and $140,000, respectively 3,291,508 2,170,261
Inventories 1,391,041 2,088,737
Other current assets 72,882 69,076
Total current assets 5,372,443 4,655,372
Property and equipment, net of accumulated depreciation and amortization of $1,014,831 and $966,831, respectively 94,997 120,997
Other assets 29,479 49,210
Capitalized software development costs 345,123 365,424
Goodwill 1,083,555 1,083,555
Total assets 6,925,597 6,274,558
Current liabilities:    
Note payable-revolving credit line 2,122,744 2,109,449
Accounts payable 912,926 879,573
Accrued liabilities 174,752 282,284
Convertible notes payable 600,000 600,000
Convertible notes payable related parties 80,000 107,500
Total current liabilities 3,890,422 3,978,806
Other liabilities 143,331 179,163
Total liabilities 4,033,753 4,157,969
Stockholders' equity:    
Preferred stock, par value $.01 per share. Authorized 1,300,000 shares; Issued and outstanding shares 544,600 at October 31, 2015 and 626,600 at April 30, 2015 1,635,147 1,856,903
Authorized 54,000,000 shares; issued and outstanding 3,925,870 at October 31, 2015 and 2,776,012 at April 30, 2015 3,925,870 2,776,012
Additional paid-in capital 21,859,171 21,862,333
Accumulated deficit (24,587,465) (24,490,404)
Shares to be issued 59,121 111,745
Total stockholders' equity 2,891,844 2,116,589
Total liabilities and stockholders' equity $ 6,925,597 $ 6,274,558