DISCONTINUED OPERATIONS (Tables)
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12 Months Ended |
Apr. 30, 2015 |
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| Discontinued Operations |
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| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement |
Below is a summary of the operating results for the discontinued operations is as follows:
| | | For the years ended | | | | | April 30, | | | | | 2015 | | 2014 | | | | | | | | | | | | REVENUE | | $ | 8,773,567 | | $ | 22,211,963 | | | | | | | | | | | | COSTS AND EXPENSES: | | | | | | | | | Cost of revenue | | | 6,078,094 | | | 15,909,636 | | | Selling, general and administrative expenses | | | 2,963,330 | | | 4,903,350 | | | Depreciation and amortization | | | 1,144,056 | | | 1,092,527 | | | Impairment loss on capitalized software | | | 827,449 | | | - | | | | | | 11,012,929 | | | 21,905,513 | | | OPERATING (LOSS) INCOME FROM DISCONTINUED OPERATIONS | | | (2,239,362) | | | 306,450 | | | | | | | | | | | | Interest expense | | | 245,936 | | | 241,301 | | | (Loss) income from discontinued operations before income tax provision | | | (2,485,298) | | | 65,149 | | | Income tax provision | | | 64,815 | | | 445,665 | | | (Loss) from discontinued operations, net of tax | | | (2,550,113) | | | (380,516) | | | Gain (loss) from disposal | | | 798,896 | | | (104,446) | | | Gain from disposal of BTX | | | 19,700 | | | - | | | Loss from disposal of Seattle Operations | | | (374,932) | | | - | | | TOTAL LOSS FROM DISCONTINUED OPERATIONS | | $ | (2,106,449) | | $ | (484,962) |
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| Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet |
The following table summarizes the assets and liabilities held for sale: | | | April 30, | | April 30, | | | | | 2015 | | 2014 | | | ASSETS | | | | | | | | | CURRENT ASSETS: | | | | | | | | | Accounts receivable, net of allowance | | $ | 4,264,451 | | $ | 7,350,524 | | | Costs and estimated earnings in excess of billings on uncompleted contracts | | | - | | | 616,858 | | | Prepaid expenses and other current assets | | | 34,800 | | | 98,245 | | | Deferred contract cost | | | 267,000 | | | 1,166,734 | | | Total current assets held for sale | | | 4,566,251 | | | 9,232,361 | | | | | | | | | | | | PROPERTY AND EQUIPMENT, net | | | 963,119 | | | 1,947,123 | | | | | | | | | | | | Capitalized software, net | | | - | | | 3,207,305 | | | | | | | | | | | | OTHER ASSETS | | | 14,000 | | | 33,646 | | | Total other assets held for sale | | | 977,119 | | | 5,188,074 | | | Total assets held for sale | | $ | 5,543,370 | | $ | 14,420,435 | | | | | | | | | | | | LIABILITIES | | | | | | | | | Current portion of loans payable | | $ | - | | $ | 115,325 | | | Accounts payable and accrued expenses | | | 1,700,943 | | | 2,579,350 | | | Billings in excess of costs and estimated earnings on uncompleted contracts | | | - | | | 345,108 | | | Due to related party | | | 785,684 | | | 778,573 | | | Short term bank loan | | | 3,224,180 | | | 3,195,000 | | | Secured promissory note, related parties | | | - | | | 500,000 | | | Total current liabilities held for sale | | | 5,710,807 | | | 7,513,356 | | | Total liabilities held for sale | | $ | 5,710,807 | | $ | 7,513,356 | |
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| Schedule of Noncontrolling |
Noncontrolling interest for the years ended April 30, 2015 and 2014 consists of the following: | | | Years Ended | | | | | April 30, | | | | | 2015 | | 2014 | | | Balance, beginning of year | | $ | 846,205 | | $ | 849,138 | | | Net (loss) income attributable to noncontrolling interest | | | (284,211) | | | 11,287 | | | Other comprehensive loss attributable to noncontrolling interest | | | (1,079) | | | (14,220) | | | Balance, end of year | | $ | 560,915 | | $ | 846,205 | |
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