Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Apr. 30, 2014
Income Tax Disclosure [Abstract]  
Income tax expense
    2014     2013     2012  
Current:                  
Federal   $ —       $ —       $ —    
State     —         5,000       5,000  
      —         5,000       5,000  
Deferred:                        
Federal     —         —         —    
State     —         —         —    
      —         —         —    
Total income tax expense   $ —       $ 5,000     $ 5,000  
Income tax expense differs from expected tax expense
    2014     2013     2012  
                   
Federal income tax at statutory rates   $ (879,000 )   $ (1,459,000 )   $ (1,106,000 )
State income taxes (net of Federal income tax benefit)     (179,000 )     (249,000 )     (193,000 )
                         
Other     (105,000 )     52,000       (47,000 )
                         
Total income tax expense (benefit) before provision for valuation allowance     (1,163,000 )     (1,656,000 )     (1,346,000 )
Changes in valuation allowance     1,163,000       1,661,000       1,351,000  
Total income tax expense   $ 0     $ 5,000     $ 5,000  
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities
    2014     2013  
Deferred tax assets:            
Compensated absences and severance, principally due to accruals for financial reporting purposes   $ 75,000     $ 150,000  
Stock-based compensation expense     1,275,000       1,259,000  
Accounts receivable, principally due to allowance for doubtful accounts and sales returns     86,000       78,000  
Property and equipment, principally due to differences in depreciation     240,000       106,000  
Intangible assets     430,000       464,000  
Inventories     68,000       91,000  
Domestic net operating losses     10,134,000       9,089,000  
Alternative minimum tax     438,000       438,000  
Other     153,000       61,000  
Net deferred tax assets     12,899,000       11,736,000  
                 
Valuation allowance     (12,899,000 )     (11,736,000 )
                 
Net deferred tax assets   $ —       $ —