INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2015

Components of deferred tax liabilities and assets

Deferred taxes are determined based on the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provision of the enacted tax laws. Significant components of the Company's deferred tax liabilities and assets as of April 30, 2015 and 2014 are as follows (in thousands):

	April 30, 2015		April 30, 2014
Deferred tax liabilities:
Depreciation	$	(178)	$	(352)

Deferred tax assets:
Accounts receivable allowance		28		28
Inventory and other allowances		1,154		1,548
Vacation accruals		117		111
NOL carryforward		76		-
Total gross deferred tax assets		1,375		1,687
Less valuation allowance		-		-
Net deferred tax assets	$	1,197	$	1,335

Reconciliation of the federal statutory income tax rate to the effective tax rate

The reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

	April 30, 2015		April 30, 2014
Statutory federal income tax rate (benefit) expense, net of noncontrolling interest		34.0%		34.0%
State income tax net of federal benefits		0.0%		0.0%
Permanent tax		59.15%		26.9%
Other		(9.71)%		(38.0)%
		83.44%		22.9%

Income tax expense

Income tax expense:
Deferred income tax (benefit)	$	138	$	(33)
Current income tax (benefit)		-		66
Total income tax expense (benefit)	$	138	$	33