Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES

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COMMITMENTS AND CONTINGENCIES
12 Months Ended
Apr. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 12 - COMMITMENTS AND CONTINGENCIES
 
Employment Agreements
 
The Company has entered into one-year employment contracts with two of its employees. The aggregate base salary commitments under these contracts at April 30, 2015 are $183,000, which are payable through April 1, 2016.
 
Lease Commitments
 
The Company leases its office facilities pursuant to noncancelable operating leases expiring through December 2017. The Company also has noncancelable vehicle leases. The minimum rental commitments under these noncancelable leases at April 30, 2015 are summarized as follows:
 
Year ending April 30,
 
 
 
 
2016
 
$
96,098
 
2017
 
 
79,754
 
2018
 
 
8,088
 
Total minimum lease payments
 
$
183,940
 
 
Rent expense for all operating leases was approximately $126,000 and $353,000 in 2015and 2014, respectively.