DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Apr. 30, 2013

Discontinued Operations

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement

A summary of the operating results for the discontinued operations is as follows: 

	Years Ended
	April 30,
	2013		2012
REVENUE	$	4,901,501	$	29,622,221
COSTS AND EXPENSES:
Cost of revenue		4,088,400		22,397,710
Selling, general and administrative expenses		1,291,164		6,705,498
Depreciation and amortization		101,750		550,346
Goodwill and intangible assets impairment		-		148,437
		5,481,314		29,801,991
OPERATING LOSS FROM DISCONTINUED OPERATIONS		(579,813)		(179,770)
Interest expense		5,315		19,683
Loss from discontinued operations before income tax provision		(585,128)		(199,453)
Income tax provision		4,491		2,646,224
Loss from discontinued operations, net of tax		(589,619)		(2,845,677)
(Loss) gain from disposal		1,756,586		(1,032,737)
TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$	1,166,967	$	(3,878,414)

Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet

The major classes of assets and liabilities included in the consolidated balance sheets at April 30, 2012 of the discontinued operations were as follows:

	April 30, 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,432
Accounts receivable, net of allowance of $134,929 at April 30, 2012		5,837,341
Costs and estimated earnings in excess of billings on uncompleted contracts		183,760
Inventory		1,416,773
Prepaid expenses and other current assets		82,971
Prepaid income taxes		47,920
Total current assets		7,571,197
PROPERTY AND EQUIPMENT, net		1,013,377
OTHER ASSETS		51,478
Total assets		8,636,052
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current portion of loans payable		99,002
Income taxes payable		2,000
Accounts payable and accrued expenses		4,754,099
Billings in excess of costs and estimated earnings on uncompleted contracts		33,103
Deferred revenue		498,934
Total current liabilities		5,387,138
Loans payable, net of current portion		172,222
Total liabilities		5,559,360
Total net assets	$	3,076,692