INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2015

INCOME TAXES

Components of the provision (benefit) for income taxes

	2015		2014
Current tax expense (benefit)
Federal	$	(1,000)	$	24,000
State		17,000		18,000
		16,000		42,000
Deferred tax expense (benefit)
Federal		82,000		(222,000)
State		67,000		77,000
		149,000		(145,000)
Total income tax benefit	$	165,000	$	(103,000)

Summary of the principal differences between statutory income tax expense and effective provision for income taxes

	2015		2014
Computed tax expense at statutory rates	$	98,000	$	261,000
Permanent differences		9,000		7,000
State tax and credits		24,000		86,000
Provision to Return Adjustment		9,000		336,000
State Rate Adjustment		11,000		—
Increase (decrease) in valuation allowance		14,000		(793,000)
	$	165,000	$	(103,000)

Summary of net operating loss carryforwards

	NOL
Year of Expiration	Carryforwards
2019	$	982,000
2022		32,000
2023		1,000
2024		77,000
2026		253,000
2027		217,000
2030		28,000
2032		298,000
	$	1,888,000

Summary of the components of the net deferred income tax asset

	2015		2014
Net operating loss carryforwards	$	467,000	$	646,000
Inventory valuation reserve		138,000		146,000
Loss on equity and impairment in investee		435,000		421,000
Tax credit carryforward		—		105,000
Other		231,000		88,000
		1,271,000		1,406,000
Less: valuation allowance		(435,000)		(421,000)
	$	836,000	$	985,000

Presentation of the net deferred tax assets in the balance sheets

	2015		2014
Current deferred income tax asset	$	171,000	$	177,000
Noncurrent deferred income tax asset		665,000		808,000
	$	836,000	$	985,000