Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Apr. 30, 2014
Accounting Policies [Abstract]  
Accounts receivable
    April 30,
2014		     April 30,
2013		  
Trade receivables   $ 3,758,000     $ 2,962,000  
VAT receivable     125,000       123,000  
Allowance for doubtful accounts and sales returns     (220,000 )     (200,000 )
    $ 3,663,000     $ 2,885,000  
Changes in goodwill
    2014     2013  
Opening balance May 1   $ 1,083,000     $ 1,453,000  
Contingent purchase price     —         68,000  
Impairment charge     —         (438,000 )
Goodwill balance April 30   $ 1,083,000     $ 1,083,000  
The components of finite-lived intangible assets acquired

As of April 30, 2014, 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       733,000       0  
Non-compete agreement     68,000       4 Years       68,000       0  
    $ 1,559,000             $ 1,559,000     $ 0  

 

As of April 30, 2013, 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       600,000       133,000  
Non-compete agreement     68,000       4 Years       68,000       0  
    $ 1,559,000             $ 1,426,000     $ 133,000  
The assets and liabilities measured at fair value on a nonrecurring basis, by input level, in the consolidated balance sheet
    Quoted                       Total  
    Prices in                       Reduction  
    Active Markets for     Significant Other     Significant           in Fair value  
Balance Sheet   Identical Assets or     Observable Inputs     Unobservable     April 30, 2014     Recorded as of  
Location   Liabilities (Level 1)     (Level 2)     Inputs (Level 3)     Total     April 30, 2014  
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, 2014  
    Loss     Shares     Per share  
    (numerator)     (denominator)     amount  
Basic net loss per share-net loss and weighted average common shares outstanding   $ (2,609,000 )     1,999,856     $ (1.30 )
Effect of dilutive securities-stock options     —         —         —    
Diluted net loss per share -net loss weighted average common shares outstanding and effect of stock options   $ (2,609,000 )     1,999,856     $ (1.30 )

 

      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 )
Product warranty accruals
    Balance     Charges to           Balance  
    Beginning     Costs and           End  
    of Year     Expenses     Deductions     of Year  
                         
Year Ended April 30, 2014   $ 69,000     $ 9,000     $ (9,000 )   $ 69,000  
                                 
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  
Summary of option activity
    Options Outstanding  
          Exercise     Weighted  
          price     average  
    Shares     per share     exercise price  
                   
Balance April 30, 2011     260,867       $ 7.68-47.88     $ 16.72  
                         
Granted     48,000       6.36-6.72       6.59  
Exercised     —         —         —    
Expired     (55,884 )     6.72-47.88       21.67  
Balance April 30, 2012     252,983       $ 6.36-24.54     $ 13.70  
                         
Granted     41,667       2.44-4.14       4.14  
Exercised     —         —         —    
Expired     (14,408 )     6.72-24.54       15.49  
Balance April 30, 2013     280,242       $ 2.44-24.54     $ 12.04  
                         
Granted     —         —         —    
Exercised     —         —         —    
Expired     (34,665 )     6.72-24.54       10.41  
Balance April 30, 2014     245,577       $ 2.44-19.20     $ 12.27  
The fair value of each stock option granted during the year
    2014     2013     2012  
Expected life (years)     —         3.0 to 5.75       3.0 to 3.3  
Expected volatility     —         77%     77%
Expected dividend yield     —         —         —    
Expected forfeiture rate     —         5.0%     5.0%
Risk-free interest rate     —         0.5% to 0.6%       0.5% to 0.6%  
Weighted average fair value of options granted during the year     —       $ 0.90     $ 0.56