Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jul. 31, 2013
Apr. 30, 2013
Current assets:    
Cash and cash equivalents $ 107,826 $ 324,235
Accounts receivable, less allowance for doubtful accounts and sales returns of $200,000 at July 31, 2013 and April 30, 2013 3,209,632 2,884,653
Inventories 2,722,163 2,903,054
Note receivable, less allowance of $275,000 at July 31, 2013 and $0 at April 30, 2013    275,000
Other current assets 141,323 81,283
Total current assets 6,180,944 6,468,225
Property and equipment, at cost:    
Machinery and equipment 11,732,970 11,732,970
Leasehold improvements 607,867 607,867
Property and equipment, gross 12,340,837 12,340,837
Less: accumulated depreciation and amortization 11,967,197 11,916,197
Net property and equipment 373,640 424,640
Other assets 55,742 55,742
Intangible assets, net of accumulated amortization 92,066 132,966
Goodwill 1,083,555 1,083,555
Total assets 7,785,947 8,165,128
Current liabilities:    
Note payable-revolving credit line 2,342,300 1,876,128
Accounts payable 1,198,599 947,552
Accrued liabilities 548,796 684,509
Due to related party - current portion 400,000 400,000
Total current liabilities 4,489,695 3,908,189
Due to related party - long term 1,166,667 1,266,667
Total liabilities 5,656,362 5,174,856
Stockholders' equity:    
Common stock, par value $1.00 per share. Authorized 54,000,000 shares; issued and outstanding 1,754,662 at July 31, 2013 and April 30, 2013 1,754,662 1,754,662
Additional paid-in capital 19,308,874 19,287,931
Accumulated deficit (18,933,951) (18,052,321)
Total stockholders' equity 2,129,585 2,990,272
Total liabilities and stockholders' equity $ 7,785,947 $ 8,165,128