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, 2013
Oct. 31, 2012
Cash flows from operating activities:    
Net loss $ (1,219,822) $ (2,223,474)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of property and equipment 103,000   
Depreciation and amortization 183,500 213,800
Bad debt expense 161,576 15,053
Stock-based compensation expense 38,682 178,987
Changes in assets and liabilities:    
Increase in accounts receivable (15,955) (60,954)
Decrease (increase) in inventories 721,311 (886,005)
Increase in other current assets (117,348) (74,432)
Decrease (increase) in other assets 6,532 (1,086)
Increase (decrease) in accounts payable 358,513 (188,670)
Decrease in accrued liabilities (61,247) (96,552)
Net cash used in operating activities (47,258) (3,123,333)
Cash flows from investing activities:    
Acquisition of business    (2,807)
Sale of property and equipment 500,000  
Issuance of note receivable    (750,000)
Net cash provided by (used in) investing activities 500,000 (752,807)
Cash flows from financing activities:    
Net borrowings (payments) under revolving credit line (169,712) 1,618,375
Payments under related party note payable (700,000) (133,333)
Net proceeds from sale of common shares 695,491   
Purchase of treasury stock    (142,262)
Net cash provided by (used in) financing activities (174,221) 1,342,780
Net increase (decrease) in cash and cash equivalents 278,521 (2,533,360)
Cash and cash equivalents at beginning of period 324,235 3,274,741
Cash and cash equivalents at end of period 602,756 741,381
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes $ 182,814 $ 151,891