Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Oct. 31, 2013
Oct. 31, 2012
OPERATING ACTIVITIES :    
Consolidated net (loss) income $ (6,362,640) $ 528,920
Adjustments to reconcile consolidated net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 457,952 783,530
Gain from disposition of operations 0 (1,838,419)
Amortization of notes discount 3,053,867 0
Change in the fair value of derivative liabilities 833,750 0
Stock-based compensation 22,511 103,951
Provision for doubtful accounts 29,784 32,923
Amortization of debt issuance costs 277,095 294,803
Loss (gain) on sale of fixed assets 13,509 (23,384)
Deferred income taxes 0 (153,822)
Changes in operating assets and liabilities:    
Restricted cash 1,869,178 0
Accounts receivable (2,014,625) 1,893,605
Costs and estimated earnings in excess of billings on uncompleted contracts (70,042) 62,920
Deferred contract costs (126,513) 0
Inventory 0 (18,431)
Prepaid expenses and other current assets (97,330) (156,031)
Income taxes payable (94,919) 119,232
Prepaid taxes 0 39,931
Other assets (11,001) 15,157
Assets held for sale 112,262 0
Accounts payable and accrued expenses 213,526 (1,753,067)
Accrued severance expense 1,381,249 0
Billings in excess of costs and estimated earnings on uncompleted contracts 379,060 (1,575,966)
Deferred revenue 303,804 658,485
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 170,477 (985,663)
INVESTING ACTIVITIES:    
Acquisition of property and equipment, net (17,620) (229,513)
Proceeds from sale of operations, net of transaction costs 0 4,554,009
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (17,620) 4,324,496
FINANCING ACTIVITIES:    
Net proceeds from Section 16(b) settlement 0 222,413
Debt issuance costs (102,182) (56,514)
Repayments under lines of credit 0 (3,929,817)
Repayment to senior secured convertible notes (9,507) 0
Repayments under loans payable, net (23,534) (53,619)
Repayments to joint venture partner, net 0 (2,516,123)
Repayments of capital lease obligations 0 (14,588)
Borrowings under short-term bank loan 816,100 2,367,645
Repayments under other payable (210,229) 0
Borrowings under other payable 0 793,927
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 470,648 (3,186,676)
Effect of exchange rate changes on cash (41,051) (42,234)
NET INCREASE IN CASH AND CASH EQUIVALENTS 582,454 109,923
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 915,752 811,283
CASH AND CASH EQUIVALENTS, END OF THE PERIOD $ 1,498,206 $ 921,206