2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Apr. 30, 2016

Accounting Policies [Abstract]

Trade and Other Receivables

	2016		2015
Trade receivables(1)	$	2,494,000	$	3,423,000
Other receivables, net		365,000		390,000
Trade and other receivables, net	$	2,859,000	$	3,813,000

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⁽¹⁾Represents amounts billed for contract manufacturing services provided by Avid.

Inventories

	2016		2015
Raw materials	$	10,911,000	$	3,821,000
Work-in-process		5,275,000		3,533,000
Total inventories	$	16,186,000	$	7,354,000

Antidilutive Shares

The calculation of weighted average diluted shares outstanding excludes the dilutive effect of the following weighted average outstanding stock options, shares of common stock expected to be issued under our ESPP, and warrants since their impact are anti-dilutive during periods of net loss, resulting in an anti-dilutive effect as of April 30,:

	2016		2015		2014
Stock options		1,764,684		3,833,193		4,576,112
ESPP		265,029		46,992		72,896
Warrants		–		–		3,802
Total		2,029,713		3,880,185		4,652,810

The calculation of weighted average diluted shares outstanding also excludes the following weighted average outstanding stock options, warrants, and Series E Preferred Stock (assuming the if-converted method), as their exercise prices or conversion price were greater than the average market price of our common stock during the respective periods, resulting in an anti-dilutive effect as of April 30,:

	2016		2015		2014
Stock options		19,186,454		8,471,005		5,151,523
Warrants		273,280		273,280		273,280
Series E Preferred Stock		13,251,849		9,879,531		1,253,452
Total		32,711,583		18,623,816		6,678,255