Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Apr. 30, 2012
Apr. 30, 2011
Current Assets:    
Cash and cash equivalents $ 3,275 $ 345
Accounts receivable, less allowance for doubtful accounts and sales returns of $200 in 2012 and $225 in 2011 2,605 4,630
Inventories:    
Raw materials 1,921 3,229
Work in process 30 36
Finished goods 981 2,197
Total inventories 2,932 5,462
Other current assets 115 127
Total current assets 8,927 10,564
Property and equipment:    
Machinery and equipment 11,976 11,931
Leasehold improvements 608 1,239
Property and equipment, gross 12,584 13,170
Less: accumulated depreciation and amortization 11,886 12,207
Net property and equipment 698 963
Other assets 55 111
Intangible assets, less accumulated amortization of $1,262 in 2012 and $1,099 in 2011 297 1,940
Goodwill 1,453 1,242
Total assets 11,430 14,820
Current liabilities:    
Note payable-revolving credit line 121 2,154
Accounts payable 1,017 2,945
Accrued liabilities 766 840
Due to related party - current portion 333 1,500
Total current liabilities 2,237 7,439
Due to related party - long term 1,667 0
Total liabilities 3,904 7,439
Stockholders' Equity:    
Common stock, par value $1.00 per share. Authorized 54,000,000 shares; issued and outstanding 10,703,309 at April 30, 2012 and 8,928,309 on April 30, 2011 10,703 8,928
Treasury stock (45) 0
Additional paid-in capital 10,296 8,622
Accumulated deficit (13,428) (10,169)
Total stockholders' equity 7,526 7,381
Total liabilities and stockholders' equity $ 11,430 $ 14,820