Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 12 Months Ended
Apr. 30, 2015
Apr. 30, 2014
Cash flows from operating activities:    
Net loss $ (3,829,000) $ (2,609,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 127,000 300,000
Bad debt expense 50,000 186,000
Stock-based compensation expense 14,000 43,000
Amortization of deferred gain in sale leaseback $ (71,000)  
Gain on sale of property and equipment   $ (139,000)
Impairment of goodwill    
Amortization of debt discount $ 750,000  
Changes in assets and liabilities:    
Decrease (increase) in accounts and notes receivable 1,442,000 $ (689,000)
Decrease in inventories 202,000 612,000
Decrease (increase) in other current assets (62,000) 74,000
Decrease in other assets 1,000 5,000
Increase (decrease) in accounts payable (558,000) 491,000
Increase (decrease) in accrued liabilities (647,000) 172,000
Net cash used in operating activities (2,581,000) $ (1,554,000)
Cash flows from investing activities:    
Additions to property and equipment (29,000)  
Software development costs $ (365,000)  
Proceeds from sale of property and equipment   $ 500,000
Net cash provided by (used in) investing activities $ (394,000) 500,000
Cash flows from financing activities:    
Net borrowings (repayments) under revolving credit line (861,000) $ 1,094,000
Proceeds from issuance of notes and warrants 750,000  
Repayment of convertible notes 42,000  
Net proceeds from sale of preferred shares $ 2,832,000  
Payment of related party note payable   $ (1,667,000)
Net proceeds from sale of common stock $ 365,000 1,561,000
Net cash provided by financing activities 3,044,000 988,000
Net (decrease) increase in cash and cash equivalents 69,000 (66,000)
Cash and cash equivalents at beginning of year 258,000  
Cash and cash equivalents at end of year 327,000 $ 258,000
Supplemental disclosure of non-cash financing activities:    
Debt discount on convertible notes payable 750,000  
Non-cash preferred stock dividends 1,759,000  
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 251,000 $ 324,000
Cash paid during the period for income taxes $ 3,000