Commitments and Contingencies

12 Months Ended

Apr. 30, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

We are obligated under several capital leases covering various computer hardware that expire at various dates during the next three years. All of these leases are non-cancellable and are presented in the accompanying consolidated financial statements as long-term debt. At April 30, 2012 and 2011, the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows:

	2012			2011
Information technology equipment	$	121,000		$	52,000
Less accumulated amortization	(46,000		)	(16,000		)
	$	75,000		$	36,000

Amortization of assets held under capital lease is included with depreciation expense.

As part of our ongoing operations, we enter into arrangements that obligate us to make future payments to various parties. Some of these contractual obligations are not reflected on the accompanying consolidated balance sheets due to the nature of the obligations. Such obligations include operating leases for production space and for equipment. On July 30, 2010, we entered into a real estate lease agreement with 96-OP Prop, LLC to lease approximately 18,000 square feet for manufacturing injection molded products, electromechanical assemblies, and larger transformers.  This agreement commenced on September 1, 2010 and continues through February 28, 2014.  The lease agreement is incorporated by reference to Exhibit 10.8 of Form 8-K filed with the SEC on August 4, 2010.

Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease including any periods free of rent. Total rent expense for all operating leases for the years ended April 30, 2012 and 2011 was $229,000 and $124,000, respectively.

Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of April 30, 2012 are:

Year Ending April 30,	Capital Leases		Operating Leases
2013	$	44,000	$	154,000
2014	28,000		112,000
2015	4,000		—
	$	76,000	$	266,000

The future minimum capital lease payments of $76,000 include amounts representing interest of $1,000 which results in a present value of $75,000 for net minimum capital lease payments.