Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Apr. 30, 2013
Apr. 30, 2012
Current assets:    
Cash and cash equivalents $ 324,000 $ 3,275,000
Accounts receivable, less allowance for doubtful accounts and sales returns of $200 in 2013 and 2012 2,885,000 2,605,000
Inventories:    
Raw materials 1,425,000 1,921,000
Work in process 89,000 30,000
Finished goods 1,389,000 981,000
Inventory, net 2,903,000 2,932,000
Note receivable 275,000  
Other current assets 81,000 115,000
Total current assets 6,468,000 8,927,000
Property and equipment, at cost:    
Machinery and equipment 11,733,000 11,976,000
Leasehold improvements 608,000 608,000
Property and equipment, gross 12,341,000 12,584,000
Less: accumulated depreciation and amortization 11,916,000 11,886,000
Net property and equipment 425,000 698,000
Other assets 56,000 55,000
Intangible assets, net of accumulated amortization 133,000 297,000
Goodwill 1,083,000 1,453,000
Total assets 8,165,000 11,430,000
Current liabilities:    
Note payable-revolving credit line 1,876,000 121,000
Accounts payable 948,000 1,017,000
Accrued liabilities 684,000 766,000
Due to related party - current portion 400,000 333,000
Total current liabilities 3,908,000 2,237,000
Due to related party - long term 1,267,000 1,667,000
Total liabilities 5,175,000 3,904,000
Stockholders' equity:    
Common stock, par value $1.00 per share. Authorized 9,000,000 shares; 1,754,662 issued and outstanding at April 30, 2013 and 1,783,885 issued and 1,776,568 outstanding at April 30, 2012 1,755,000 1,784,000
Treasury stock 7,317 shares as of April 30, 2012 at cost    45,000
Additional paid-in capital 19,288,000 19,215,000
Accumulated deficit (18,053,000) (13,428,000)
Total stockholders' equity 2,990,000 7,526,000
Total liabilities and stockholders' equity $ 8,165,000 $ 11,430,000