DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Oct. 31, 2014

Discontinued Operations

Gain On Sale Discontinued Operation

The gain on sale of Australia is as follows:

Purchase price	$	970,010
Net assets before accumulative other comprehensive income		1,037,833
Accumulative other comprehensive income		(866,719)
Gain on sale of Australia	$	798,896

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement

The following is a summary of the operating results for the discontinued operations is as follows:

	Three months ended				Six months ended
	October 31,				October 31,
	2014		2013		2014		2013
REVENUE	$	1,313,920	$	4,406,223	$	4,583,994	$	9,862,568
COSTS AND EXPENSES:
Cost of revenue		1,028,576		3,106,345		3,359,477		7,101,124
Selling, general and administrative expenses		325,891		1,119,441		1,065,314		2,152,120
Depreciation and amortization		(69,361)		73,365		(19,477)		164,506
		1,285,106		4,299,151		4,405,314		9,417,750
OPERATING INCOME FROM DISCONTINUED OPERATIONS		28,814		107,072		178,680		444,818
Interest expense		264		2,099		1,269		2,663
Interest income		-		(1,614)		-		(4,384)
Income from discontinued operations		28,550		106,587		177,411		446,539
(Loss) gain on sale of discontinued operations		(374,932)		-		423,964		-
TOTAL INCOME FROM DISCONTINUED OPERATIONS	$	(346,382)	$	106,587	$	601,375	$	446,539

Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet

The following table summarizes assets and liabilities held for sale for the Seattle operations as of October 31, 2014 and April 30, 2014:

	October 31, 2014		April 30, 2014
ASSETS
CURRENT ASSETS:
Accounts receivable, net of allowance	$	-	$	3,351,881
Costs and estimated earnings in excess of billings on uncompleted contracts		-		616,858
Prepaid expenses and other current assets		250,000		33,073
Total current assets held for sale		250,000		4,001,812
PROPERTY AND EQUIPMENT, net		-		342,884
OTHER ASSETS		14,000		30,046
Total other assets held for sale		14,000		372,930
Total assets held for sale	$	264,000	$	4,374,742
LIABILITIES
Current portion of loans payable	$	-	$	26,921
Accounts payable and accrued expenses		133,607		1,425,586
Billings in excess of costs and estimated earnings on uncompleted contracts		-		345,108
Total current liabilities held for sale		133,607		1,797,615
Loans payable, net of current portion		-		88,404
Total liabilities	$	133,607	$	1,886,019