Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Oct. 31, 2011
Oct. 31, 2010
Cash flows from operating activities:    
Net loss $ (2,032,831) $ (2,953,637)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 357,134 529,764
Bad debt expense 10,417 15,960
Stock-based compensation expense 283,188 313,165
Gain on sale of property and equipment 0 (2,472)
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 529,973 461,125
Decrease in inventories 853,842 1,576,886
Increase in other current assets (27,879) (165,358)
Decrease in other assets 14,525 18,624
Decrease in accounts payable (1,254,387) (2,172,099)
Increase (decrease) in accrued liabilities 230,929 (650,898)
Net cash used in operating activities (1,035,089) (3,028,940)
Cash flows from investing activities:    
Acquisition of business (211,053) (370,020)
Additions to property and equipment (223,949) (36,732)
Software development costs (907,069) 0
Proceeds from sale of property and equipment 0 9,985
Net cash used in investing activities (1,342,071) (396,767)
Cash flows from financing activities:    
Net (payments of) proceeds from borrowings under revolving credit line (422,295) 2,532,614
Payment of note payable to related party 0 (1,000,000)
Net proceeds from sale of common shares 2,997,875 0
Net cash provided by financing activities 2,575,580 1,532,614
Net increase (decrease) in cash and cash equivalents 198,420 (1,893,093)
Cash and cash equivalents at beginning of period 345,105  
Cash and cash equivalents at end of period 543,525 614,363
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 181,300 62,185
Cash paid during the period for income taxes $ 0 $ 0