Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jul. 31, 2014
Apr. 30, 2014
Current assets:    
Cash and cash equivalents $ 135,248 $ 257,633
Accounts receivable, less allowance for doubtful accounts and sales returns of $220,000 at July 31, 2014 and $200,000 at April 30, 2014 3,314,882 3,662,898
Inventories 2,020,752 2,291,038
Other current assets 127,135 7,227
Total current assets 5,598,017 6,218,796
Property and equipment, at cost:    
Machinery and equipment 450,961 450,961
Leasehold improvements 607,867 607,867
Property and equipment, gross 1,058,828 1,058,828
Less: accumulated depreciation and amortization 867,025 840,026
Net property and equipment 191,803 218,802
Other assets 52,210 51,160
Capitalized software development costs 142,191   
Goodwill 1,083,555 1,083,555
Total assets 7,067,776 7,572,313
Current liabilities:    
Note payable-revolving credit line 2,423,730 2,969,857
Accounts payable 1,478,569 1,438,748
Accrued liabilities 819,346 927,944
Convertible notes payable, net of discount 106,666   
Convertible notes payable related parties, net of discount 26,667   
Total current liabilities 4,854,978 5,336,549
Other liabilities 232,911 250,826
Total liabilities 5,087,889 5,587,375
Stockholders' equity:    
Common stock, par value $1.00 per share. Authorized 54,000,000 shares; issued and outstanding 2,104,662 at January 31, 2014 and 1,754,662 at April 30, 2013 2,410,512 2,410,512
Additional paid-in capital 20,990,809 20,236,093
Accumulated deficit (21,421,434) (20,661,667)
Total stockholders' equity 1,979,887 1,984,938
Total liabilities and stockholders' equity $ 7,067,776 $ 7,572,313