6. INVENTORIES

9 Months Ended

Jan. 31, 2013

Inventories

6. INVENTORIES

Inventories are stated at the lower of cost or market and primarily include raw materials, direct labor and overhead costs (work-in-process) associated with our wholly-owned subsidiary, Avid. Cost is determined by the first-in, first-out method. Inventories consist of the following at January 31, 2013 and April 30, 2012:

	January 31, 2013		April 30, 2012
Raw materials, net	$	2,125,000	$	1,966,000
Work-in-process		2,510,000		1,645,000
Total inventories, net	$	4,635,000	$	3,611,000