Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Apr. 30, 2013
|
Accounting Policies [Abstract] |
|
Accounts receivable |
|
|
April 30,
2013
|
|
|
April 30,
2012
|
|
Trade receivables |
|
$ |
2,962,000 |
|
|
$ |
2,621,000 |
|
VAT receivable |
|
|
123,000 |
|
|
|
184,000 |
|
Allowance for doubtful accounts and sales returns |
|
|
(200,000 |
) |
|
|
(200,000 |
) |
|
|
$ |
2,885,000 |
|
|
$ |
2,605,000 |
|
|
Changes in goodwill |
|
|
2013 |
|
|
2012 |
|
Opening balance May 1 |
|
$ |
1,453,000 |
|
|
$ |
1,242,000 |
|
Contingently purchase price |
|
|
68,000 |
|
|
|
211,000 |
|
Impairment charge |
|
|
(438,000 |
) |
|
|
|
|
Goodwill balance April 30 |
|
$ |
1,083,000 |
|
|
$ |
1,453,000 |
|
|
The components of finite-lived intangible assets acquired |
As of April 30, 2013, the components of finite-lived
intangible assets acquired are as follows:
|
|
Gross |
|
|
Weighted |
|
|
|
|
|
Net |
|
|
|
Carrying |
|
|
Average |
|
|
Accumulated |
|
|
Carrying |
|
|
|
Amount |
|
|
Life |
|
|
Amortization |
|
|
Amount |
|
Customer relationships |
|
$ |
758,000 |
|
|
|
2 Years |
|
|
$ |
758,000 |
|
|
$ |
0 |
|
Trade names |
|
|
733,000 |
|
|
|
5 Years |
|
|
|
600,000 |
|
|
|
133,000 |
|
Non-compete agreement |
|
|
68,000 |
|
|
|
4 Years |
|
|
|
68,000 |
|
|
|
0 |
|
|
|
$ |
1,559,000 |
|
|
|
|
|
|
$ |
1,426,000 |
|
|
$ |
133,000 |
|
As of April 30, 2012, the components of finite-lived intangible
assets acquired were as follows:
|
|
Gross |
|
|
Weighted |
|
|
|
|
|
Net |
|
|
|
Carrying |
|
|
Average |
|
|
Accumulated |
|
|
Carrying |
|
|
|
Amount |
|
|
Life |
|
|
Amortization |
|
|
Amount |
|
Customer relationships |
|
$ |
758,000 |
|
|
|
2 Years |
|
|
$ |
758,000 |
|
|
$ |
0 |
|
Trade names |
|
|
733,000 |
|
|
|
5 Years |
|
|
|
451,000 |
|
|
|
282,000 |
|
Non-compete agreement |
|
|
68,000 |
|
|
|
4 Years |
|
|
|
53,000 |
|
|
|
15,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,559,000 |
|
|
|
|
|
|
$ |
1,262,000 |
|
|
$ |
297,000 |
|
|
The estimated future amortization expense related to intangible assets |
Year ending April 30: |
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
$ |
133,000 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
133,000 |
|
|
The assets and liabilities measured at fair value on a nonrecurring basis, by input level, in the consolidated balance sheet |
|
|
Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
Significant |
|
|
|
|
|
Total |
|
|
|
Markets for |
|
Other |
|
Significant |
|
|
|
Reduction |
|
|
|
Identical Assets |
|
Observable |
|
Unobservable |
|
|
|
in Fair value |
|
Balance Sheet |
|
or Liabilities |
|
Inputs |
|
Inputs |
|
April 30, 2013 |
|
Recorded at |
|
Location |
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
Total |
|
April 30, 2013 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
$ - |
|
$ - |
|
$ 1,083,000 |
|
$ 1,083,000 |
|
$ (438,000) |
|
|
Reconciliation of the numerator and denominator used in computing basic and diluted net loss per share |
|
|
Year ended April 30, 2013 |
|
|
|
Loss |
|
|
Shares |
|
|
Per share |
|
|
|
(numerator) |
|
|
(denominator) |
|
|
amount |
|
Basic net loss per share-net loss and weighted average common shares outstanding |
|
$ |
(4,625,000 |
) |
|
|
1,776,796 |
|
|
$ |
(2.60 |
) |
Effect of dilutive securities-stock options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss per share -net loss weighted average common shares outstanding and effect of stock options |
|
$ |
(4,625,000 |
) |
|
|
1,776,796 |
|
|
$ |
(2.60 |
) |
|
|
|
Year ended April 30, 2012 |
|
|
|
|
|
Loss |
|
|
|
Shares |
|
|
|
Per share |
|
|
|
|
(numerator) |
|
|
|
(denominator) |
|
|
|
amount |
|
Basic net loss per share-net loss and weighted average common shares outstanding |
|
$ |
(3,259,000 |
) |
|
|
1,770,952 |
|
|
$ |
(1.84 |
) |
Effect of dilutive securities-stock options |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Diluted net loss per share-net loss weighted average common shares outstanding and effect of stock options |
|
$ |
(3,259,000 |
) |
|
|
1,770,952 |
|
|
$ |
(1.84 |
) |
|
|
|
Year ended April 30, 2011 |
|
|
|
|
|
Loss |
|
|
|
Shares |
|
|
|
Per share |
|
|
|
|
(numerator) |
|
|
|
(denominator) |
|
|
|
amount |
|
Basic net loss per share-net loss and weighted average common shares outstanding |
|
$ |
(4,633,000 |
) |
|
|
1,487,211 |
|
|
$ |
(3.11 |
) |
Effect of dilutive securities-stock options |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Diluted net loss per share-net loss, weighted average common shares outstanding and effect of stock options |
|
$ |
(4,633,000 |
) |
|
|
1,487,211 |
|
|
$ |
(3.11 |
) |
|
Product warranty accruals |
|
|
Balance |
|
|
Charges to |
|
|
|
|
|
|
|
|
Balance |
|
|
|
Beginning |
|
|
Costs and |
|
|
|
|
|
|
|
|
End |
|
|
|
of Year |
|
|
Expenses |
|
|
Other |
|
|
Deductions |
|
|
of Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2013 |
|
$ |
79,000 |
|
|
|
14,000 |
|
|
|
- |
|
|
|
(24,000 |
) |
|
$ |
69,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2012 |
|
$ |
79,000 |
|
|
|
6,000 |
|
|
|
- |
|
|
|
(6,000 |
) |
|
$ |
79,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2011 |
|
$ |
79,000 |
|
|
|
1,000 |
|
|
|
- |
|
|
|
(1,000 |
) |
|
$ |
79,000 |
|
|
Summary of option activity |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
Weighted |
|
|
average |
|
|
Aggregate |
|
|
|
|
|
|
average |
|
|
remaining |
|
|
intrinsic |
|
|
|
Shares |
|
|
exercise price |
|
|
contractual life |
|
|
value(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance April 30, 2012 |
|
|
290,983 |
|
|
$ |
14.04 |
|
|
|
5.29 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
41,667 |
|
|
$ |
3.12 |
|
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired |
|
|
(21,075 |
) |
|
$ |
16.65 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance April 30, 2013 |
|
|
311,575 |
|
|
$ |
12.40 |
|
|
|
5.02 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable April 30, 2013 |
|
|
257,325 |
|
|
$ |
14.10 |
|
|
|
4.66 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected to vest April 30, 2013 |
|
|
272,000 |
|
|
$ |
12.40 |
|
|
|
5.02 |
|
|
|
- |
|
|
The fair value of each stock option granted during the year |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Expected life (years) |
|
|
3.0 to 5.75 |
|
|
|
3.0 to 3.3 |
|
|
|
3.0 to 6.0 |
|
Expected volatility |
|
|
77% |
|
|
|
77% |
|
|
|
56% to 79% |
|
Expected dividend yield |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expected forfeiture rate |
|
|
5.0% |
|
|
|
5.0% |
|
|
|
5.0% |
|
Risk-free interest rate |
|
|
0.5% to 0.6% |
|
|
|
0.5% to 0.6% |
|
|
|
0.7% to 2.9% |
|
Weighted average fair value of options granted during the year |
|
|
$ 0.90 |
|
|
|
$ 0.56 |
|
|
|
$ 1.07 |
|
|