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 ($)
 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Cash flows from operating activities:    
Net loss $ (1,686,679) $ (547,052)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of deferred gain on sale leaseback (53,748) (53,748)
Depreciation and amortization 74,150 98,100
Provision for doubtful accounts 11,375 27,219
Stock-based compensation expense 429,000 665,817
Gain on convertible debt extinguishment (22,033)
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 1,476,847 (1,232,808)
Decrease in inventories 349,048 532,034
Decrease (increase) in other current assets (292,002) 11,972
Increase (decrease) in other assets (4,672) 19,731
Increase (decrease) in accounts payable 147,168 (123,445)
Decrease in accrued and other liabilities (60,449) (136,742)
Net cash provided by (used in) operating activities 390,038 (760,954)
Net Cash used in 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 (906,004) 584,149
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 (used in) provided by financing activities (403,004) 1,156,649
Net (decrease) increase in cash (12,964) 373,695
Cash at beginning of period 56,262 327,298
Cash at end of period 43,298 700,993
Cash paid during the period for:    
Interest 46,638 163,008
Supplemental disclosures of non-cash flow information:    
Non-cash preferred stock dividends 121,609
Conversion of series B preferred stock into common stock 4,045,007 233,354
Issuance of series B preferred stock for extinguishment of convertible notes and accrued interest payable 600,000
Exchange of common warrant for series B preferred stock 806,860
Exchange of series A preferred stock for series B preferred stock 1,044,374
Exchange of interest payable on convertible debt for series B preferred stock $ 72,000