Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.2.0.727
DISCONTINUED OPERATIONS (Tables)
12 Months Ended
Apr. 30, 2015
Discontinued Operations  
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)
 
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
 
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