Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Oct. 31, 2013
Apr. 30, 2013
Current assets:    
Cash and cash equivalents $ 602,756 $ 324,235
Accounts receivable, less allowance for doubtful accounts and sales returns of $220,000 at October 31, 2013 and $200,000 at April 30, 2013 3,014,032 2,884,653
Inventories 2,181,743 2,903,054
Note receivable    275,000
Other current assets 198,631 81,283
Total current assets 5,997,162 6,468,225
Property and equipment, at cost:    
Machinery and equipment 450,963 11,732,970
Leasehold improvements 607,867 607,867
Property and equipment, gross 1,058,830 12,340,837
Less: accumulated depreciation and amortization 774,867 11,916,197
Net property and equipment 283,963 424,640
Other assets 49,210 55,742
Intangible assets, net of accumulated amortization 51,466 132,966
Goodwill 1,083,555 1,083,555
Total assets 7,465,356 8,165,128
Current liabilities:    
Note payable-revolving credit line 1,706,416 1,876,128
Accounts payable 1,306,065 947,552
Accrued liabilities 981,585 684,509
Due to related party - current portion 400,000 400,000
Total current liabilities 4,394,066 3,908,189
Due to related party - long term 566,667 1,266,667
Total liabilities 4,960,733 5,174,856
Stockholders' equity:    
Authorized 54,000,000 shares; issued and outstanding 2,104,662 at October 31, 2013 and 1,754,662 at April 30, 2013 2,104,662 1,754,662
Additional paid-in capital 19,672,104 19,287,931
Accumulated deficit (19,272,143) (18,052,321)
Total stockholders' equity 2,504,623 2,990,272
Total liabilities and stockholders' equity $ 7,465,356 $ 8,165,128