Leases

12 Months Ended

Apr. 30, 2012

Leases [Abstract]

LEASES

NOTE K—LEASES

The Company leases certain facilities under various operating leases expiring at various date through April 2017. The Company also leases various machinery and equipment under capital leases.

Future minimum lease payments under leases with terms of one year or more are as follows at April 30, 2012:

	Capital		Operating
Years ending April 30,	leases		leases
2013	$	261,683	$	1,013,933
2014		261,683		1,191,918
2015		261,682		1,245,770
2016		261,682		1,273,929
2017		86,248		1,274,702
Thereafter		—		3,681,699
		1,132,978	$	9,681,951
Less amounts representing interest		106,639
		1,026,339
Less current portion		219,457
	$	806,882

Rent expense incurred under operating leases was approximately $1,412,455 and $1,569,996 for the years ended April 30, 2012 and 2011, respectively.

In September 2010, the Company entered into a real estate lease agreement in Union City, CA, to rent manufacturing and office space. Under the terms of the lease agreement, the Company receives incentives over the life of the lease, which extends through March 2021. The amount of the deferred rent expense recorded for the fiscal year ended April 30, 2012 was $13,057. In addition, the landlord provided the Company tenant incentives of $418,000, which is being amortized over the life of the lease.