11. Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Apr. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Note 11 – Selected Quarterly Financial Data (Unaudited)

Selected quarterly financial information for each of the two most recent fiscal years is as follows:

	Fiscal Year Ended April 30, 2019 (a)
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	12,589		$	10,178		$	13,781		$	17,055
Gross profit	$	1,192		$	334		$	2,050		$	3,648
(Loss) income from continuing operations	$	(1,961	)	$	(2,190	)	$	(1,139	)	$	234
Income from discontinued operations, net of tax (b)(c)	$	–		$	739		$	–		$	102
Net (loss) income	$	(1,961	)	$	(1,451	)	$	(1,139	)	$	336
Net loss attributable to common stockholders	$	(3,403	)	$	(2,893	)	$	(2,581	)	$	(1,106	)
Basic and diluted net (loss) income per common share attributable to common stockholders (d)
Continuing operations	$	(0.06	)	$	(0.06	)	$	(0.05	)	$	(0.02	)
Discontinued operations	$	–		$	0.01		$	–		$	–
Net loss per common share attributable to common stockholders	$	(0.06	)	$	(0.05	)	$	(0.05	)	$	(0.02	)

	Fiscal Year Ended April 30, 2018 (a)
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Revenues	$	27,077		$	12,782		$	6,819		$	6,943
Gross profit (loss)	$	6,629		$	(3,460	)	$	(4,132	)	$	(1,961	)
Income (loss) from continuing operations	$	2,800		$	(8,301	)	$	(8,928	)	$	(6,134	)
(Loss) income from discontinued operations, net of tax (b)(c)	$	(4,005	)	$	(4,323	)	$	(2,076	)	$	9,154
Net (loss) income	$	(1,205	)	$	(12,624	)	$	(11,004	)	$	3,020
Net (loss) income attributable to common stockholders	$	(2,647	)	$	(14,066	)	$	(12,446	)	$	1,578
Basic and diluted net income (loss) per common share attributable to common stockholders (d)
Continuing operations	$	0.03		$	(0.21	)	$	(0.23	)	$	(0.14	)
Discontinued operations	$	(0.09	)	$	(0.10	)	$	(0.05	)	$	0.17
Net (loss) income per common share attributable to common stockholders	$	(0.06	)	$	(0.31	)	$	(0.28	)	$	0.03

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(a) On May 1, 2018, we adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of May 1, 2018 (Note 2). Under the modified retrospective method, results for the reporting periods beginning on or after May 1, 2018 are presented in accordance with ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards that were in effect prior to May 1, 2018.

(b) For all periods presented, the operating results of our former research and development segment are reported as income (loss) from discontinued operations, net of tax (Note 1).

(c) Income from discontinued operations, net of tax, for the quarters ended October 31, 2018 and April 30, 2018 include a gain on sale of research and development assets before tax of $1,000 and $8,000, respectively (Note 10).

(d) Basic and diluted net income (loss) per common share attributable to common stockholders calculations for each of the quarters are based on the basic and diluted weighted average common shares outstanding for each period. As such, the sum of the quarters may not necessarily equal the basic and diluted net income (loss) per common share amount for the fiscal year.