Out of Period Adjustment

9 Months Ended

Jan. 31, 2012

Out of Period Adjustment [Abstract]

Accounting Changes and Error Corrections [Text Block]

Out of Period Adjustment

During the first quarter of fiscal year 2012, we discovered errors in our restricted stock accounting that affect fiscal years 2008 to 2011. We incorrectly applied guidance contained in ASC 718 Compensation -Stock Compensation related to the reversal of previously amortized compensation expense at the time of forfeiture (due to employee termination). We also did not apply a pre-vesting forfeiture rate to our stock compensation amortization expense. These errors resulted in an understatement of our net income or overstatement of our net loss in fiscal years 2008, 2009, 2010, and 2011 for a total of $99,000 that was determined immaterial to our prior year financial statements, as detailed below.

We assessed the materiality of this error on our consolidated financial statements for the years ended April 30, 2008, 2009, 2010 and 2011 in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ("SAB 108"), using both the roll-over method and iron-curtain method as defined in SAB 108. Under SAB 108, prior-year misstatements which, if corrected in the current year would be material to the current year, must be corrected by adjusting prior year consolidated financial statements, even though such correction previously was and continues to be immaterial to the prior-year consolidated financial statements. Correcting prior-year consolidated financial statements for such “immaterial errors” does not require our previously filed reports to be amended, but rather these corrections will be made the next time we file the prior-year consolidated financial statements.

The following is a reconciliation between previously reported amounts for net earnings (or loss) and basic earnings (or loss) per share and restated amounts for the periods described above. We have debited paid in capital and credited stock compensation expense for the amounts detailed in the table below.

Fiscal Year Ended April 30,	2011		2010			2009		2008
Net earnings (loss)
As reported	$	1,233,000	$	(27,000	)	$	303,000	$	165,000
Adjustments	23,000		23,000			14,000		39,000
Restated	$	1,256,000	$	(4,000	)	$	317,000	$	204,000
Basic earnings (loss) per share
As reported	$	0.21	$	(0.01	)	$	0.06	$	0.03
Adjustments	—		0.01			—		0.01
Restated	$	0.21	$	—		$	0.06	$	0.04