Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

 v2.3.0.11
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Jul. 31, 2011
Jul. 31, 2010
Cash flows from operating activities:    
Net loss $ (853,957) $ (1,238,642)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 178,567 279,882
Bad debt expense 1,412 8,850
Stock-based compensation expense 148,252 157,808
Gain on sale of property and equipment 0 (2,472)
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 790,831 (159,967)
Decrease in inventories 128,734 1,124,644
Increase in other current assets (35,029) (122,612)
Decrease in other assets 14,525 5,180
Decrease in accounts payable (1,009,820) (1,508,046)
Increase (decrease) in accrued liabilities 64,341 (3,749)
Net cash used in operating activities (572,144) (1,459,124)
Cash flows from investing activities:    
Acquisition of business (57,364) (266,792)
Additions to property and equipment (205,067) (5,426)
Software development costs (632,638) 0
Proceeds from sale of property and equipment 0 9,985
Net cash used in investing activities (895,069) (262,233)
Cash flows from financing activities:    
Payments of short term debt (1,129,072) 0
Net proceeds from sale of common shares 2,997,875 0
Net cash provided by financing activities 1,868,803 0
Net increase (decrease) in cash and cash equivalents 401,590 (1,721,357)
Cash and cash equivalents at beginning of period 345,105 2,507,456
Cash and cash equivalents at end of period 746,695 786,099
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 92,858 16,458
Cash paid during the period for income taxes $ 0 $ 0