Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
Jul. 31, 2012
Apr. 30, 2012
Current assets:    
Cash and cash equivalents $ 1,122,971 $ 3,274,741
Accounts receivable, less allowance for doubtful accounts and sales returns of $200,000 at July 31, 2012 and April 30, 2012 3,015,096 2,604,775
Inventories 3,801,321 2,932,072
Other current assets 500,585 115,652
Total current assets 8,439,973 8,927,240
Note receivable 375,000   
Property and equipment, at cost:    
Machinery and equipment 11,975,980 11,975,980
Leasehold improvements 607,867 607,867
Property and equipment, gross 12,583,847 12,583,847
Less: accumulated depreciation and amortization 11,945,435 11,885,435
Net property and equipment 638,412 698,412
Other assets 81,449 54,832
Intangible assets, net of accumulated amortization 255,666 296,566
Goodwill 1,453,034 1,453,034
Total assets 11,243,534 11,430,084
Current liabilities:    
Note payable-revolving credit line 951,383 120,986
Accounts payable 1,172,145 1,017,328
Accrued liabilities 645,720 765,623
Due to related party - current portion 366,667 333,333
Total current liabilities 3,135,915 2,237,270
Due to related party - long term 1,600,000 1,666,667
Total liabilities 4,735,915 3,903,937
Stockholders' equity:    
Common stock, par value $1.00 per share. Authorized 54,000,000 shares; issued and outstanding 10,703,309 at July 31, 2011 and April 30, 2012 10,703,309 10,703,309
Treasury stock 181,554 shares as of July 31, 2012 and 43,900 shares as of April 30, 2012 at cost 187,561 45,299
Additional paid-in capital 10,395,217 10,295,766
Accumulated deficit (14,403,346) (13,427,629)
Total stockholders' equity 6,507,619 7,526,147
Total liabilities and stockholders' equity $ 11,243,534 $ 11,430,084