Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

Related Party Transactions	12 Months Ended
Apr. 30, 2013
Notes to Financial Statements
Related Party Transactions	(5) Related Party Transactions During fiscal 2013 and fiscal 2012, the Company purchased inventories for resale totaling approximately $3,158,000 and $5,400,000, respectively from Sheerr Memory. When the Company acquired certain assets of MMB, it did not acquire any of its inventory. However, the Company informally agreed to purchase such inventory on an as needed basis, provided that the offering price was a fair market value price. The inventory acquired was purchased subsequent to the acquisition of MMB at varying times and consisted primarily of raw materials and finished goods used to produce products sold by the MMB business unit. Approximately $158,000 and $245,000 respectively, of accounts payable in the Companys consolidated balance sheets as of April 30, 2013 and 2012 is payable to Sheerr Memory. Sheerr Memory offers the Company trade terms of net 30 days and all invoices are settled in the normal course of business. No interest is paid. The Company has made further purchases from Sheerr Memory subsequent to April 30, 2013 and management anticipates that the Company will continue to do so, although the Company has no obligation to do so. The Company has financing agreements with related parties (see note 2) Interest expense in fiscal 2013 to David Sheerr totaled $187,000. Interest expense recorded in fiscal 2012 was $178,000. Interest payable to Mr. Sheerr on April 30, 2013 was $13,889 and on April 30, 2012 was $16,667.

Related Party Transactions

12 Months Ended

Apr. 30, 2013

(5) Related Party Transactions

During fiscal 2013 and fiscal 2012, the Company purchased inventories for resale totaling approximately $3,158,000 and $5,400,000, respectively from Sheerr Memory.

When the Company acquired certain assets of MMB, it did not acquire any of its inventory. However, the Company informally agreed to purchase such inventory on an as needed basis, provided that the offering price was a fair market value price. The inventory acquired was purchased subsequent to the acquisition of MMB at varying times and consisted primarily of raw materials and finished goods used to produce products sold by the MMB business unit. Approximately $158,000 and $245,000 respectively, of accounts payable in the Companys consolidated balance sheets as of April 30, 2013 and 2012 is payable to Sheerr Memory. Sheerr Memory offers the Company trade terms of net 30 days and all invoices are settled in the normal course of business. No interest is paid. The Company has made further purchases from Sheerr Memory subsequent to April 30, 2013 and management anticipates that the Company will continue to do so, although the Company has no obligation to do so.

The Company has financing agreements with related parties (see note 2) Interest expense in fiscal 2013 to David Sheerr totaled $187,000. Interest expense recorded in fiscal 2012 was $178,000. Interest payable to Mr. Sheerr on April 30, 2013 was $13,889 and on April 30, 2012 was $16,667.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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