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INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Loss from continuing operations before provision for income taxes show below is based on the geographic locations to which such loss is attributed for the years ended April 30:

		2014			2013
Loss income before income taxes:
Domestic		$	(11,133,473)		$	(4,895,562)
Foreign			(26,565)			(172,099)
Totals		$	(11,160,038)		$	(5,067,661)

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes from continuing operations for the years ended April 30, 2014 and 2013 is summarized as follows:

		2014			2013
Current
Federal		$	-		$	-
State			2,127			13,859
Foreign			145,696			547,374
Totals			147,823			561,233
Deferred
Federal			(330,765)			(344,919)
State			-			-
Foreign			-			-
Totals			(330,765)			(344,919)
Total provision for income taxes (benefits)		$	(182,942)		$	216,314

Schedule of Effective Income Tax Rate Reconciliation

The principal differences between the statutory income tax and the actual provision for income taxes are summarized as follows:

		2014			2013
Expected tax (benefit) provision at statutory rate (34%)		$	(3,798,248)		$	(1,723,004)
Rate differential between US statutory rate (34%) and foreign tax rates			178,019			605,886
Foreign Tax Deduction			(10,470)
State and local taxes, net of federal tax benefit			(392,424)			(230,928)
Valuation allowance			1,564,311			156,887
Non deductible financing costs			2,274,805			1,379,848
Non deductible change in fair value of acquisition-related contingent consideration						-
Other permanent differences			1,065			27,625
Totals		$	(182,942)		$	216,314

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows:

		2014			2013
Deferred tax assets:
Allowance for doubtful accounts		$	55,140		$	70,902
Inventory markdown reserve			-			3,597
Reserve for loss on work-in-progress			-			4,453
Net operating loss carryforward			-			-
Bonus and other accruals			725,037			24,570
Non-qualified stock options			76,850			67,050
Foreign tax credit			265,600			132,800
Valuation allowance			(1,122,627)			(303,372)
Deferred tax assets-current			-			-
Intangible assets			3,068			8,893
Goodwill			35,639			39,210
Property and equipment			-			423,105
Net operating loss carryforward			11,717,526			10,580,984
Valuation allowance			(11,700,982)			(10,955,925)
Deferred tax assets-long term			55,251			96,267
Deferred tax liabilities:
Property and equipment			(55,251)			(90,748)
Intangible assets			-			(5,519)
Goodwill			-			-
Cumulative translation adjustments			-			-
Deferred tax liabilities-long term			(55,251)			(96,267)
Net deferred tax assets (liabilities)		$	-		$	-

Summary of Valuation Allowance

The tax change in the valuation allowance is listed below:

		2014			2013
Balance at beginning of the year		$	11,259,297		$	7,657,266
Charged (reversed) to costs and expenses			1,564,311			3,602,031
Balance at end of the year		$	12,823,608		$	11,259,297

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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