11. RISK MANAGEMENT ACTIVITIES
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Risks and Uncertainties [Abstract] | |
11. RISK MANAGEMENT ACTIVITIES | Foreign Currency
The majority of the Companys business is denominated in U.S. dollars and fluctuations in the foreign currency markets will have a minimal effect on the Companys business activities.
Commodity Prices
The Company is exposed to market risk from changes in commodity prices. The cost of the Companys products could increase if the prices of fiberglass and/or aluminum increase significantly, further decreasing the Companys ability to attain profitable operations. The Company is not involved in any purchase commitments with any of our vendors.
Insurance
The Company is exposed to several risks, including fire, earthquakes, theft, and key person liabilities. The Company does not carry any insurance for these risks, other than general liability insurance, which will adversely affect the Companys operations if any of these risks materialize. |
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Income Statement [Abstract] | ||
Sales, net | $ 1,355,179 | $ 419,397 |
Cost of Goods Sold | 1,073,101 | 342,739 |
Gross Profit (loss) | 282,078 | 76,658 |
General and administrative expenses | 562,147 | 1,089,619 |
Selling and marketing expenses | 99,259 | 63,435 |
Write-off of assets | ||
Income (Loss) from operations | (379,328) | (1,076,396) |
Other income - Gain on debt relief | 24,874 | 17,164 |
Other income | 1,931 | 0 |
Interest expense | (64,753) | (187,454) |
Net other Income (loss) | (39,879) | (170,290) |
Loss before income tax (expense) benefit | (417,276) | (1,246,686) |
Income tax (expense) benefit | 0 | 0 |
Net Loss from operations | $ (417,276) | $ (1,246,686) |
Net loss per share | ||
Basic | $ (0.01) | $ (0.02) |
Diluted | $ (0.01) | $ (0.02) |
Weighted average number of shares outstanding: | ||
Basic | 55,890,117 | 52,803,323 |
Diluted | 55,890,117 | 52,803,323 |
4. TRADE RECEIVABLES
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Receivables [Abstract] | |
4. TRADE RECEIVABLES |
As of April 30, 2013 and 2012, we had no trade receivables: |
18. RESTATEMENT
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Restatement | |
18. RESTATEMENT |
The Company in September 2013 restated its financial statements by including in the footnotes the description below of a material contingency which the Company previously failed to disclose. On March 15, 2013 an individual (the Plaintiff) filed a Complaint for Damages against the Company and other parties in the Superior Court of State of California for the County of Riverside, alleging in general, breach of contract on the part of the Company for failure to fulfill the terms of an employment agreement. The Complaint seeks monetary damages at minimum of approximately $660,000, and repurchase by the Company of the Plaintiffs 500,000 common shares. A Request for Entry of Default was filed by the Plaintiff with the Court on May 8, 2013, effectively eliminating the Companys right to answer the Complaint unless the Request for Entry of Default is set aside. The Company has retained legal counsel on the matter, intends to move for a set aside of the Request for Entry of Default, to file a motion to be removed from the suit, and to vigorously defend itself against any claims. |
12. CUSTOMER DEPOSIT
|
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Notes to Financial Statements | |||||||||||||||||||||||||||||||
12. CUSTOMER DEPOSIT | Deposits from customers consisted of the following for the years ended April 30, 2013 and April 30, 2012:
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15. STOCKHOLDERS' EQUITY (Details Narrative) (USD $)
|
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Stockholders Equity Details Narrative | ||
Common Stock shares par value | $ 0.0001 | $ 0.0001 |
Common Stock shares Issued | 55,890,117 | 55,890,117 |
Common Stock shares Authorized | 500,000,000 | 500,000,000 |
Common Stock shares Outstanding | 55,890,117 | 55,890,117 |
6. OTHER RECEIVABLES (Details) (USD $)
|
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Notes to Financial Statements | ||
Other Receivables - Disposal of Subsidiary | $ 237,718 | $ 237,718 |
Reserve | (237,718) | (237,718) |
Sale of Spray booth | 10,000 | |
Total Receivables | $ 10,000 | $ 0 |
6. OTHER RECEIVABLES (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||
Other Receivables |
|
5. INVENTORY (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Inventory |
|
13. NOTE PAYABLE (Details Narrative) (USD $)
|
Apr. 30, 2013
|
---|---|
Note Payable Details Narrative | |
Unsecured note payable Amount | $ 50,000 |
Unsecured note payable Interest rate | 8.00% |
Accrued Interest unsecured note payable | $ 8,113 |
16. COMMITMENTS AND CONTINGENCIES (Tables)
|
12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Commitments And Contingencies Tables | |||||||||||||||||||
Operating Lease Obligation |
|
8. PREPAID EXPENSES AND OTHER ASSETS (Details Narrative) (USD $)
|
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Prepaid Expenses And Other Assets Details Narrative | ||
Prepaid expenses and other assets included operating expenses, vendor deposit and trade mark | $ 18,674 | $ 9,468 |
16. COMMITMENTS AND CONTINGENCIES (Details) (USD $)
|
Apr. 30, 2013
|
---|---|
Operating Lease Obligation | |
April 30, 2014 | $ 67,320 |
April 30, 2015 | 67,320 |
April 30, 2016 | 67,320 |
Total operating lease obligation | $ 213,180 |
12. CUSTOMER DEPOSIT (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Notes to Financial Statements | |||||||||||||||||||||||||||||||
Customer Deposits |
|
7. SHORT-TERM DEBT (Details Narrative) (USD $)
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Short-Term Debt Details Narrative | ||
Line of credit totaling | $ 100,000 | |
Interest rate | 8.75% | |
Outstanding balance | $ 94,887 | $ 94,932 |
2. SUMMARY OF ACCOUNTING POLICIES (Policies)
|
12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Accounting Policies [Abstract] | |||||||||||||||||
Basis of Presentation and Consolidation | The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the assets, liabilities, revenues, and expenses of our two wholly owned subsidiaries, Medina Marine, Inc. and Harbor Guard Boats, Inc. All intercompany balances and transactions have been eliminated in consolidation. |
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Use of Estimates |
The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions are used for, but are not limited to;
1) Revenue recognition; 2) Allowance for doubtful accounts; 3) Inventory costs; 4) Asset impairments; 5) Depreciable lives of assets; 6) Income tax reserves and valuation allowances; 7) Fair value of stock options; 8) Allocation of direct and indirect cost of sales; 9) Contingent liabilities; and 10) Warranty liabilities.
Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require exercise of judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates. |
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Revenue Recognition | Revenue Recognition is recognized when earned. The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue. |
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Cash and Cash Equivalents | The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts. |
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Accounts receivable | The Company reviews its accounts receivables accounts periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. |
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Inventory | We carry our inventories at the lower of their cost or market value. Cost is determined using first-in, first-out ("FIFO") method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value. |
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Fixed Assets | Capital assets are stated at cost. Equipment consisting of molds is estimated at the date of acquisition of Harbor Guard Boats. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred.
|
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Long Lived Assets | Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), now codified in ASC 350,which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of," and the accounting and reporting provisions of APB Opinion No. 30, "Reporting the Results of Operations for a Disposal of a Segment of a Business." The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced. |
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Income Taxes | Deferred income tax assets and liabilities are computed annually for differences between the financial statements and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income (loss). Valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.
At April 30, 2013 and 2012 the Company had net operating loss carry forwards of approximately $7,673,338 and $7,256,062, respectively, which begin to expire in 2033. The deferred tax asset of approximately $1,533,744 and $1,450,617 in 2013 and 2012 respectively, created by the net operating losses have been offset by a 100% valuation allowance. The change in the valuation allowance in 2013 and 2012 was $831,127 and $249,255 |
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Comprehensive Loss | Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. |
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Issuance of Shares for Service | The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. |
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Fair Value Of Financial Instruments | FASB ASC 825 requires that the Company disclose estimated fair values of financial instruments. The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying, as financial instruments are a reasonable estimate of fair value. |
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Foreign Currency Translation And Hedging | The Company is exposed to foreign currency fluctuations due to international trade. The management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. Management does not currently hedge foreign currency exposure. |
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Basic And Diluted Net Loss Per Share | Net loss per share is calculated in accordance with FASB ASC 105. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. |
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Products and services, geographic areas and major customers | The Company earns revenue from the sale of recreational and commercial boats. The Company sells its products within United States and abroad. The Company does not separate sales activities into different operating segments and/or geographic areas. |
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Recently issued accounting pronouncements | In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principals" (formerly Statement of Financial Accounting Standards ("SFAS") No. 168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles"). ASC 105 establishes the FASB ASC as the single source of authoritative nongovernmental U.S. GAAP. The standard is effective for interim and annual periods ending after September 15, 2011. We adopted the provisions of the standard on September 30, 2011, which did not have a material impact on our financial statements. There were various other accounting standards and interpretations issued in 2011, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Accounting Policies [Abstract] | |||||||||||||||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation and Consolidation
The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the assets, liabilities, revenues, and expenses of our two wholly owned subsidiaries, Medina Marine, Inc. and Harbor Guard Boats, Inc. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions are used for, but are not limited to;
1) Revenue recognition; 2) Allowance for doubtful accounts; 3) Inventory costs; 4) Asset impairments; 5) Depreciable lives of assets; 6) Income tax reserves and valuation allowances; 7) Fair value of stock options; 8) Allocation of direct and indirect cost of sales; 9) Contingent liabilities; and 10) Warranty liabilities.
Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require exercise of judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates.
Revenue Recognition
Revenue Recognition is recognized when earned. The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue.
Cash and Cash Equivalents
The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts.
Accounts receivable
The Company reviews its accounts receivables accounts periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.
Inventory
We carry our inventories at the lower of their cost or market value. Cost is determined using first-in, first-out ("FIFO") method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value.
Fixed Assets
Capital assets are stated at cost. Equipment consisting of molds is estimated at the date of acquisition of Harbor Guard Boats. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred.
Long Lived Assets
Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), now codified in ASC 350,which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of," and the accounting and reporting provisions of APB Opinion No. 30, "Reporting the Results of Operations for a Disposal of a Segment of a Business." The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced.
Income Taxes
Deferred income tax assets and liabilities are computed annually for differences between the financial statements and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income (loss). Valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.
At April 30, 2013 and 2012 the Company had net operating loss carry forwards of approximately $7,673,338 and $7,256,062, respectively, which begin to expire in 2033. The deferred tax asset of approximately $1,533,744 and $1,450,617 in 2013 and 2012 respectively, created by the net operating losses have been offset by a 100% valuation allowance. The change in the valuation allowance in 2013 and 2012 was $831,127 and $249,255
Comprehensive Loss
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income.
Issuance of Shares for Service
The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.
Fair Value of Financial Instruments
FASB ASC 825 requires that the Company disclose estimated fair values of financial instruments. The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying, as financial instruments are a reasonable estimate of fair value.
Foreign Currency Translations and Hedging
The Company is exposed to foreign currency fluctuations due to international trade. The management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. Management does not currently hedge foreign currency exposure.
Basic and Diluted Net Loss per Share
Net loss per share is calculated in accordance with FASB ASC 105. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.
Products and Services, Geographic Areas and Major Customers
The Company earns revenue from the sale of recreational and commercial boats. The Company sells its products within United States and abroad. The Company does not separate sales activities into different operating segments and/or geographic areas.
Recently issued accounting pronouncements
In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principals" (formerly Statement of Financial Accounting Standards ("SFAS") No. 168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles"). ASC 105 establishes the FASB ASC as the single source of authoritative nongovernmental U.S. GAAP. The standard is effective for interim and annual periods ending after September 15, 2011. We adopted the provisions of the standard on September 30, 2011, which did not have a material impact on our financial statements. There were various other accounting standards and interpretations issued in 2011, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
5. INVENTORY
|
12 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
5. INVENTORY | As of April 30, 2013 and 2012, inventory consisted of the following:
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3. RELATED PARTY TRANSACTIONS
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Related Party Transactions [Abstract] | |
3. RELATED PARTY TRANSACTIONS | As of April 30, 2013, we had no related party transactions. |
9. ACCRUED LIABILITIES (Details) (USD $)
|
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Accrued Liabilities Details | ||
Payroll tax | $ 2,528 | |
Interest - shareholder loan | 94,093 | 70,371 |
Interest - related party | 8,113 | 14,000 |
Interest - notes payable | 28,668 | 7,179 |
Accrued payroll | 548,676 | 354,324 |
Warranty liabilities | 27,903 | 13,073 |
Total Accrued liabilities | $ 709,981 | $ 458,947 |
7. FIXED ASSETS (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
|
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment |
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13. NOTE PAYABLE (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
|
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Notes Payable |
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5. INVENTORY (Details) (USD $)
|
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Inventory Details | ||
Raw material and supplies | $ 0 | $ 0 |
Work-in-Progress | 193,748 | 224,566 |
Finished Goods | 0 | 0 |
Total Inventory | $ 193,748 | $ 224,566 |