Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Cash flows from operating activities:    
Net loss $ (926,942) $ (117,255)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of deferred gain on sale leaseback (17,916) (17,916)
Depreciation and amortization 24,050 24,000
Bad debt expense 2,078
Stock-based compensation expense 429,000 212,834
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 1,129,022 (504,137)
Decrease in inventories 66,487 223,581
Increase in other current assets (93,510) (13,888)
Increase in other assets (4,672)
Increase (decrease) in accounts payable 234,556 (265,336)
Decrease in accrued and other liabilities (20,548) (55,060)
Net cash provided by (used in) operating activities 819,527 (511,099)
Cash flows from financing activities:    
Net borrowings (repayments) under revolving credit line (727,113) 254,136
Repayment of convertible notes (27,500)
Proceeds from sale of common shares 500,000
Net cash provided by (used in) financing activities (727,113) 726,636
Net increase in cash 92,414 215,537
Cash at beginning of period 56,262 327,298
Cash at end of period 148,676 542,835
Cash paid during the period for:    
Interest 38,793 62,644
Supplemental disclosures of non-cash flow information:    
Conversion of series B preferred stock into common stock $ 3,414,621  
Non-cash preferred stock dividends   $ 62,600