INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2013

The (benefit) provision for income taxes is as follows (in thousands):

	Years Ended April 30,
	2013			2012

Current:
Federal	$	5		$	22
State		3			3
		8			25
Deferred:
Federal		(1,327	)		-
State		(228	)		-
Total	$	(1,547	)	$	25

Reconciliation of the expected income tax provision or benefit at the statutory federal income tax rate to the actual provision or benefit

The following is a reconciliation of the expected income tax benefit or provision at the statutory federal income tax rate for the actual provision or benefit:

	Years Ended April 30,
	2013			2012
(Amounts in thousands)
Expected federal income tax provision	$	528		$	428
State taxes, net of federal benefit		2			2
Permanent differences		11			10
Change in valuation allowance		(2,088	)		(6,218	)
Net operating loss carryover expiration		-			5,804
Other		-			(1	)
	$	(1,547	)	$	25

Significant components of deferred tax assets

Significant components of the Company's deferred tax assets are as follows:

	April 30,			April 30,
(Amounts in thousands)	2013			2012
Deferred tax assets:
Net operating loss, general business credit and AMT carryforwards	$	5,531		$	7,054
Deferred revenue		85			84
Reserves and accruals		1,188			1,445
		6,804			8,583
Deferred tax liabilities:
Other		(52	)		(24	)
Net deferred tax assets before valuation allowance		6,752			8,559
Valuation allowance		(5,197	)		(8,559	)
Net deferred taxes	$	1,555		$	-