NOTE C - DISCONTINUED OPERATIONS

12 Months Ended

Apr. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE C – DISCONTINUED OPERATIONS

In the second quarter of fiscal 2013, the Company’s Board of Directors approved management’s recommendation to discontinue the Company’s consumer lease and loan lines of business and the sale of all of the Company’s portfolio of performing RISCs and a portion of its portfolio of leases. The sale was consummated in that quarter. The assets and liabilities have been accounted for as discontinued operations in the Company’s consolidated balance sheets for all periods presented. 

The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of operations for all periods presented. The following table presents summarized operating results for the discontinued operations.

	Years Ended
	April 30,				April 30,
	2016				2015
Revenues		$	39,295			$	41,714
Net loss		$	(29,024	)		$	(246,537	)

As the Company sold its entire portfolio of performing RISCs, and a portion of its portfolio of leases with the remaining leases in final run-off mode, therefore no portfolio performance measures were calculated for the years ended April 30, 2016 and 2015.

ASSETS INCLUDED IN DISCONTINUED OPERATIONS

MOTORCYCLES AND OTHER VEHICLES UNDER OPERATING LEASES

Motorcycles and other vehicles under operating leases at April 30, 2016 and 2015:

	April 30,			April 30,
	2016			2015
Motorcycles and other vehicles	$	11,040		$	22,086
Less: accumulated depreciation		(11,040	)		(13,456	)
Motorcycles and other vehicles, net of accumulated depreciation		-			8,630
Less: estimated reserve for residual values		-			(2,436	)
Motorcycles and other vehicles under operating leases, net	$	-		$	6,194

At April 30, 2015, motorcycles and other vehicles are being depreciated to their estimated residual values over the lives of their lease contracts. Depreciation expense for vehicles for the years ended April 30, 2016 and 2015 was $5,207 and $28,736, respectively. All of the assets are pledged as collateral for outstanding notes payable. 

RETAIL (RISC) LOAN RECEIVABLES

All of the Company’s RISC performing loan receivables were sold in August 2013.  As of April 30, 2016 and 2015 the Company had RISC loans net of reserves of $0 and $7,761, respectively.

As the Company sold all of its portfolio of RISCs, and a portion of its portfolio of leases with the remaining leases in final run-off mode, therefore no portfolio performance measures were calculated for the years ending April 30, 2016 and 2015.

LIABILITIES INCLUDED IN DISCONTINUED OPERATIONS

Included in liabilities from discontinued operations are the following:

SECURED NOTES PAYABLE

	April 30,		April 30,
	2016		2015
Secured, subordinated  individual lender	$	2,590	$	58,037
Secured, subordinated individual lender		12,080		12,080
Total	$	14,670	$	70,117

At April 30, 2016, the notes have maturities due within one year. We make payments on the notes as we collect on the underlying leases and loans.