Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Stockholders' Equity

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Consolidated Statements of Stockholders' Equity - USD ($)
Common Stock Purchase Agreement
Preferred Stock
Shares to be Issued
Additional paid-in capital
Accumulated deficit
Total
Beginning balance at Apr. 30, 2013 $ 1,755,000     $ 19,288,000 $ (18,053,000) $ 2,990,000
Net loss         (2,609,000) (2,609,000)
Stock based compensation expense       43,000   43,000
Issuance of shares under registered direct offering 656,000     905,000   1,561,000
Ending balance at Apr. 30, 2014 2,411,000     20,236,000 (20,662,000) 1,985,000
Net loss         (3,829,000) (3,829,000)
Fair value detachable warrants       562,000   562,000
Beneficial conversion feature of convertible notes payable       188,000   188,000
Common shares issued in connection with sales of preferred stock 182,000     (182,000)    
Common shares issued 183,000     183,000    
Preferred shares issued   $ 1,857,000   974,000    
Non-cash preferred stock dividend     $ 111,000 (111,000)    
Ending balance at Apr. 30, 2015 $ 2,776,000 $ 1,857,000 $ 111,000 $ 21,864,000 $ (24,491,000) $ 2,117,000