Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Jan. 31, 2016
Jan. 31, 2015
Cash flows from operating activities:    
Net loss $ (547,051) $ (2,934,932)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of deferred gain on sale leaseback (53,748) (53,747)
Depreciation and amortization 98,100 86,999
Bad debt expense 27,219 31,678
Amortization of debt discount 0 750,000
Stock-based compensation expense 665,817 14,148
Gain on convertible debt extinguishment (22,033) 0
Changes in assets and liabilities:    
Increase (decrease) in accounts receivable (1,232,808) 765,847
Decrease in inventories 532,034 22,872
Decrease (increase) in other current assets 11,972 (199,635)
Decrease in other assets 19,731 1,950
Decrease in accounts payable (123,445) (164,558)
Decrease in accrued liabilities (136,742) (676,379)
Net cash used in operating activities (760,954) (2,355,757)
Cash flows from investing activities:    
Software development costs 0 (365,424)
Additions of property and equipment (22,000) (29,000)
Net cash used in investing activities (22,000) (394,424)
Cash flows from financing activities:    
Net borrowings (repayments) under revolving credit line 584,149 (508,547)
Proceeds from issuance of convertible notes and warrants 0 750,000
Repayment of convertible notes (27,500) 0
Proceeds from sales of preferred shares 100,000 2,697,240
Proceeds from sale of common shares 500,000 0
Net cash provided by financing activities 1,156,649 2,938,693
Net increase in cash and cash equivalents 373,695 188,512
Cash and cash equivalents at beginning of period 327,298 257,633
Cash and cash equivalents at end of period 700,993 446,145
Cash paid during the period for:    
Interest 163,008 194,582
Supplemental disclosures of cash flow information:    
Debt discount on convertible notes payable 0 750,000
Non-cash preferred stock dividends 121,609 1,628,000
Issuance of common stock for accrued dividend on Series A preferred shares 0 0
Issuance of series B preferred stock for extinguishment of convertible notes and accrued interest payable   0
Exchange of common warrant for series B preferred stock 806,860 0
Exchange of series A preferred stock for series B preferred stock 1,044,374 $ 0
Exchange of interest payable on convertible debt for series B preferred stock $ 72,000