Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Apr. 30, 2017
Accounting Policies [Abstract]  
Schedule of Accounts Receivable

Accounts receivable consist of the following:

 

    April 30,
2017
    April 30,
2016
 
Trade receivables   $ 1,736,000     $ 2,656,000  
VAT receivable     130,000       190,000  
Allowance for doubtful accounts and sales returns     (50,000 )     (100,000 )
    $ 1,816,000     $ 2,746,000  

Schedule of Inventories

Inventories consist of the following:

 

    April 30,
2017
    April 30,
2016
 
Raw materials   $ 811,000     $ 955,000  
Work in progress     20,000       5,000  
Finished goods     204,000       566,000  
Allowance for excess and slow moving inventory     (90,000 )     (190,000 )
    $ 945,000     $ 1,336,000  

Schedule of Property and Equipment

As of April 30, 2017 and 2016 fixed assets and accumulated depreciation and amortization balances:

 

    2017     2016  
Equipment   $ 502,000     $ 502,000  
Leasehold improvement     608,000       608,000  
Total Property and Equipment     1,110,000       1,110,000  
Less: Accumulated depreciation and amortization     (1,094,000 )     (1,059,000 )
Net property and equipment   $ 16,000     $ 51,000  

Schedule of Finite Lived Intangible Assets Future Amortization

The Capitalized Software amortization to be recorded for the periods ending April 30:

 

      Amortization  
      to be recorded  
  2018       52  
  2019       52  
  2020       52  
  2021       52  
  2022       52  
  Thereafter       14  
  Total       274  

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Anti-dilutive securities consisted of the following at April 30:

 

    2017     2016  
Convertible notes – USG     54,347       -  
Convertible notes – related parties     2,782       2,267  
Series B preferred shares     -       552,597  
Warrants     33,416       51,906  
Total     90,545       606,770  

Schedule of Product Warranty Accruals

The Company accrues estimated product warranty costs at the time of sale and any additional amounts are recorded when such costs are probable and can be reasonably estimated, such amounts in fiscal years ended April 30, 2017 and 2016 were as follows:

 

      Balance     Charges to           Balance  
      Beginning     Costs and           End  
      of Year     Expenses     Deductions     of Year  
                           
Year Ended April 30, 2017     $ 10,000     $ -     $ (5,500 )   $ 4,500  
                                   
Year Ended April 30, 2016     $ 10,000     $ -     $ -     $ 10,000