NOTE K - INCOME TAXES

12 Months Ended

Apr. 30, 2016

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

NOTE K - INCOME TAXES

At April 30, 2016 and 2015, the Company has available for federal income tax purposes a net operating loss carry forward of approximately $43,739,529 and $41,099,796, respectively, that may be used to offset future taxable income and expiring through the tax year 2035, subject to certain limitation pursuant to Internal Revenue Code Section 382. The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that, the benefits will not be realized.

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	Years Ended December 31,
	2015			2014
Federal statutory income tax rate		(34.0	)%		(34.0	)%
State income taxes, net of federal benefit		(11.0	)		(11.0	)
Permanent differences		23.6			14.7
Change in valuation allowance		21.4			30.3
Provision for income taxes		0.0	%		0.0	%

Components of deferred tax assets as of April 30, 2016 and 2015 are as follows:

	April 30,
	2016				2015
Noncurrent:
Net operating loss carry forward		$	19,682,788			$	18,494,908
Valuation allowance			(19,682,788	)			(18,494,908	)
Net deferred tax asset		$	-			$	-

The valuation allowance increased by $1,187,880 and $1,497,397 during the years ended April 30, 2016 and 2015, respectively.