INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2014

The provision (benefit) for income taxes is as follows (in thousands):

	Years Ended April 30,
	2014		2013

Current:
Federal	$	100	$	5
State		127		3
		227		8
Deferred:
Federal		1,327		(1,327	)
State		228		(228	)
Total	$	1,782	$	(1,547	)

Reconciliation of the expected income tax provision or benefit at the statutory federal income tax rate to the actual provision or benefit

The following is a reconciliation of the expected income tax benefit or provision at the statutory federal income tax rate with the actual provision or benefit:

	Years Ended April 30,
	2014		2013
(Amounts in thousands)
Expected federal income tax provision	$	1,658	$	528
State taxes, net of federal benefit		31		2
Permanent differences		12		11
Change in valuation allowance		71		(2,088	)
Other		10		-
	$	1,782	$	(1,547	)

Significant components of deferred tax assets

Significant components of the Company’s deferred tax assets are as follows:

	April 30,			April 30,
(Amounts in thousands)	2014			2013
Deferred tax assets:
Net operating loss, general business credit and AMT carryforwards	$	3,767		$	5,531
Deferred revenue		85			85
Reserves and accruals		1,142			1,188
Other		95			-
		5,089			6,804
Deferred tax liabilities:
Other		(26	)		(52	)
Net deferred tax assets before valuation allowance		5,063			6,752
Valuation allowance		(5,063	)		(5,197	)
Net deferred taxes	$	-		$	1,555