Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Apr. 30, 2014
Apr. 30, 2013
Current assets:    
Cash and cash equivalents $ 258,000 $ 324,000
Accounts receivable, less allowance for doubtful accounts and sales returns of $220 at April 30, 2014 and $200 at April 30, 2013 3,663,000 2,885,000
Inventories:    
Raw materials 1,576,000 1,425,000
Work in process 64,000 89,000
Finished goods 651,000 1,389,000
Inventory, net 2,291,000 2,903,000
Note receivable    275,000
Other current assets 7,000 81,000
Total current assets 6,219,000 6,468,000
Property and equipment:    
Machinery and equipment 451,000 11,733,000
Leasehold improvements 608,000 608,000
Property and equipment, gross 1,059,000 12,341,000
Less: accumulated depreciation and amortization 840,000 11,916,000
Net property and equipment 219,000 425,000
Other assets 51,000 56,000
Intangible assets, net of accumulated amortization    133,000
Goodwill 1,083,000 1,083,000
Total assets 7,572,000 8,165,000
Current liabilities:    
Note payable-revolving credit line 2,970,000 1,876,000
Accounts payable 1,438,000 948,000
Accrued liabilities 929,000 684,000
Due to related party - current portion    400,000
Total current liabilities 5,337,000 3,908,000
Due to related party - long term    1,267,000
Other liabilities 250,000   
Total liabilities 5,587,000 5,175,000
Stockholders' equity:    
Common stock, par value $1.00 per share. Authorized 54,000,000 shares and 2,410,512 issued and outstanding at April 30, 2014 and 1,754,662 issued and outstanding on April 30, 2013 2,411,000 1,755,000
Additional paid-in capital 20,236,000 19,288,000
Accumulated deficit (20,662,000) (18,053,000)
Total stockholders' equity 1,985,000 2,990,000
Total liabilities and stockholders' equity $ 7,572,000 $ 8,165,000