Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Apr. 30, 2015
Apr. 30, 2014
Current assets:    
Cash and cash equivalents $ 327,000 $ 258,000
Accounts receivable, less allowance for doubtful accounts and sales returns of $140 at April 30, 2015 and $220 at April 30, 2014 2,171,000 3,663,000
Inventories:    
Raw materials 911,000 1,576,000
Work in process 2,000 64,000
Finished goods 1,176,000 651,000
Inventory 2,089,000 2,291,000
Other current assets 69,000 7,000
Total current assets 4,656,000 6,219,000
Property and equipment:    
Machinery and equipment 479,000 451,000
Leasehold improvements 609,000 608,000
Property and equipment, gross 1,088,000 1,059,000
Less: accumulated depreciation and amortization 967,000 840,000
Net property and equipment 121,000 219,000
Other assets 50,000 $ 51,000
Capitalized software development costs 365,000  
Goodwill 1,083,000 $ 1,083,000
Total assets 6,275,000 7,572,000
Current liabilities:    
Note payable-revolving credit line 2,109,000 2,970,000
Accounts payable 880,000 1,438,000
Accrued liabilities 282,000 $ 929,000
Convertible notes payable, net of discount 600,000  
Convertible notes payable related parties, net of discount 108,000  
Total current liabilities 3,979,000 $ 5,337,000
Other liabilities - related parties 179,000 250,000
Total liabilities 4,158,000 $ 5,587,000
Stockholders' equity:    
Preferred Stock, par value $.01 per share. Authorized 1,300,000 share and 626,600 shares outstanding at April 30, 2015 1,857,000  
Common stock, par value $1.00 per share. Authorized 54,000,000 shares and 2,776,012 issued and outstanding at April 30, 2015 and 2,410,512 issued and outstanding on April 30, 2014 2,776,000 $ 2,411,000
Additional paid-in capital 21,864,000 20,236,000
Accumulated deficit (24,491,000) $ (20,662,000)
Shares to be issued 111,000  
Total stockholders' equity 2,117,000 $ 1,985,000
Total liabilities and stockholders' equity $ 6,275,000 $ 7,572,000