Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
12 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Cash flows from operating activities:    
Net loss $ (1,221,000) $ (3,829,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 131,000 127,000
Bad debt expense 166,000 50,000
Stock-based compensation expense 746,000 14,000
Amortization of deferred gain in sale leaseback (72,000) (71,000)
Gain on debt extinguishment 22,000
Amortization of debt discount 0 750,000
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable (741,000) 1,442,000
Decrease in inventories 753,000 202,000
Increase in other current assets (54,000) (62,000)
Decrease in other assets 19,000 1,000
Decrease in accounts payable (71,000) (558,000)
Decrease in accrued liabilities (123,000) (647,000)
Net cash used in operating activities (489,000) (2,581,000)
Cash flows from investing activities:    
Additions to property and equipment (21,000) (29,000)
Software development costs (365,000)
Net cash provided by (used in) investing activities (21,000) (394,000)
Cash flows from financing activities:    
Net repayments under revolving credit line (333,000) (861,000)
Proceeds from issuance of notes and warrants 750,000
Repayment of convertible notes (28,000) (42,000)
Proceeds from sale of preferred shares 100,000 2,832,000
Proceeds from sale of common stock 500,000 365,000
Net cash provided by financing activities 239,000 3,044,000
Net (decrease) increase in cash and cash equivalents (271,000) 69,000
Cash and cash equivalents at beginning of year 327,000 258,000
Cash and cash equivalents at end of year 56,000 327,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 199,000 251,000
Cash paid during the period for income taxes 3,000 3,000
Supplemental disclosure of non-cash financing activities:    
Debt discount on convertible notes payable 0 750,000
Non-cash preferred stock dividends 122,000 1,759,000
Issuance of common stock for accrued dividend on Series A preferred stock 233,000 0
Issuance of preferred B preferred stock for extinguishment of convertible 600,000 0
Exchange common warrant for series B preferred stock 807,000 0
Exchange of series A preferred stock for series B preferred stock 1,572,000 0
Exchange of B preferred stock for accrued interest 72,000 0
Conversion of series B preferred stock into common stock 50,000 0
Conversion of series A preferred stock into common stock $ 365,000 $ 0