Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Cash flows from operating activities:    
Net loss $ (1,186,381) $ (97,062)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of deferred gain on sale leaseback (35,832) (35,832)
Depreciation and amortization 49,100 68,301
Bad debt expense 2,897 5,222
Stock-based compensation expense 429,000 272,317
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 1,350,955 (1,126,469)
Decrease in inventories 6,659 697,696
Increase in other current assets (89,590) (3,806)
Increase (decrease) in other assets (4,672) 19,731
Increase (decrease) in accounts payable (215,839) 33,353
Decrease in accrued and other liabilities (15,032) (107,532)
Net cash provided by (used in) operating activities 291,266 (274,081)
Cash flows from investing activities:    
Additions of property and equipment (22,000)
Net cash used in investing activities (22,000)
Cash flows from financing activities:    
Net borrowings (repayments) under revolving credit line (787,575) 13,295
Repayment of convertible notes (27,500)
Proceeds from sale of preferred shares 503,000 100,000
Proceeds from sale of common shares 500,000
Net cash provided by (used in) financing activities (284,575) 585,795
Net increase in cash 6,691 289,714
Cash at beginning of period 56,262 327,298
Cash at end of period 62,953 617,012
Cash paid during the period for:    
Interest 78,789 116,370
Supplemental disclosures of non-cash flow information:    
Conversion of series B preferred stock into common stock 3,448,244
Issuance of common stock for accrued dividend on series A preferred shares $ 174,233