Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
12 Months Ended
Apr. 30, 2013
Apr. 30, 2012
Apr. 30, 2011
Cash flows from operating activities:      
Net loss $ (4,625,000) $ (3,259,000) $ (4,634,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 443,000 660,000 1,039,000
Bad debt expense (recovery) 57,000 14,000 (6,000)
Stock-based compensation expense 231,000 451,000 610,000
Gain on sale of property and equipment       (47,000)
Impairment of goodwill 438,000      
Impairment of software development cost    2,387,000 0
Gain on sale of patents    (4,078,000)   
Changes in assets and liabilities (net of effect of acquisition of business):      
Decrease (increase) in accounts receivable (337,000) 2,011,000 720,000
Decrease in inventories 29,000 2,530,000 1,410,000
Decrease (increase) in other current assets 34,000 12,000 (40,000)
Decrease (increase) in other assets (1,000) 56,000 (6,000)
Decrease in accounts payable (69,000) (1,928,000) (578,000)
Decrease in accrued liabilities (82,000) (74,000) (898,000)
Net cash used in operating activities (3,882,000) (1,218,000) (2,430,000)
Cash flows from investing activities:      
Acquisition of business (68,000) (211,000) (488,000)
Additions to property and equipment (6,000) (232,000) (478,000)
Software development costs    (907,000) (1,480,000)
Proceeds from sale of patents    4,078,000   
Issuance of note receivable (275,000)    47,000
Net cash (used in) provided by investing activities (349,000) 2,728,000 (2,399,000)
Cash flows from financing activities:      
Net borrowings (repayments) under revolving credit line 1,755,000 (2,033,000) 2,154,000
Proceeds from related party note payable    500,000 500,000
Repayments of related party note payable 333,000      
Net proceeds from sale of common shares under stock option plan       13,000
Net proceeds from sale of common stock    2,998,000   
Purchase of treasury stock (142,000) (45,000)   
Net cash provided by financing activities 1,280,000 1,420,000 2,667,000
Net (decrease) increase in cash and cash equivalents (2,951,000) 2,930,000 (2,162,000)
Cash and cash equivalents at beginning of period 3,275,000 345,000 2,507,000
Cash and cash equivalents at end of period 324,000 3,275,000 345,000
Supplemental disclosure of non-cash financing activities:      
Borrowings from and repayment to related party    1,500,000   
Supplemental disclosures of cash flow information:      
Cash paid during the period for interest 226,000 365,000 275,000
Cash paid during the period for income taxes $ 5,000 $ 5,000 $ 5,000