RESTATEMENT AND RECLASSIFICATIONS

3 Months Ended

Jul. 31, 2011

RESTATEMENT AND RECLASSIFICATIONS [Text Block]

2. RESTATEMENT AND RECLASSIFICATIONS

    The Company has restated its previously issued Consolidated Financial Statements to correct the recording of the gain on sale of property and other errors. The Company has also reclassified its recording of past preferred stock dividends as an adjustment to accumulated deficit.

The following tables summarize the corrections on each of the affected financial statement line items for each period presented:

		As Previously			Restatement
		Reported			Adjusted			As Restated
Consolidated Balance Sheet
ACCOUNTS RECEIVABLE	$	71,784		$	25,000		$	96,784
PROPERTY ON OPERATING LEASES		1,388,557			285,000			1,673,557
PROPERTY USED IN STKY. OPER.		554,282			502,000			1,056,282
ACCOUNTS PAYABLE & ACCR. EXP.		73,886			25,205			99,091
ACCRUED PROFESSIONAL FEES		37,205			(37,205	)		0
PREFERRED STOCK DIV. PAYABLE		223,550			(223,550	)		0
INCOME TAXES PAYABLE		10,000			(10,000	)		0
ADDITIONAL PAID-IN CAPITAL		28,322,341			(2,795,620	)		25,526,721
ACCUMULATED DEFICIT		(15,539,019	)		3,853,170			(11,685,849	)