INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2016

INCOME TAXES

Components of the provision (benefit) for income taxes

	2016		2015
Current tax expense (benefit)
Federal	$	9,000	$	(1,000)
State		75,000		17,000
		84,000		16,000
Deferred tax expense (benefit)
Federal		254,000		82,000
State		(10,000)		67,000
		244,000		149,000
Total income tax provision	$	328,000	$	165,000

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

	2016		2015
Computed tax expense at statutory rates	$	283,000	$	98,000
Permanent differences		8,000		9,000
State tax and credits		37,000		13,000
Provision to Return Adjustment		(2,000)		20,000
State Rate Adjustment		—		11,000
Increase in valuation allowance		2,000		14,000
	$	328,000	$	165,000

Summary of net operating loss carryforwards

	NOL
Year of Expiration	Carryforwards
2027	$	82,000
2030		28,000
2032		298,000
	$	408,000

Summary of the components of the net deferred income tax asset

	2016		2015
Net operating loss carryforwards	$	139,000	$	467,000
Inventory valuation reserve		147,000		138,000
Loss on equity and impairment in investee		437,000		435,000
Tax credit carryforward		68,000		57,000
Other		238,000		174,000
		1,029,000		1,271,000
Less: valuation allowance		(437,000)		(435,000)
	$	592,000	$	836,000