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, 2015
Oct. 31, 2014
Operating activities:    
Net loss from continuing operations $ (1,956,498) $ (4,529,657)
Consolidated net income (loss) from discontinued operations 878,981 (1,526,602)
Adjustments to reconcile consolidated net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 14,969 29,462
Amortization of notes discount 0 853,417
Inducement expense 0 1,870,498
Shares based compensation 1,540,181 0
Interest expense related to make-whole amount 0 1,889,716
Income on section 16 settlements (400,000) (350,000)
Changes in operating assets and liabilities:    
Accounts receivable 2,407,532 (2,195,156)
Costs and estimated earnings in excess of billings on uncompleted contracts (165,287) 78,620
Deferred contract costs 0 (1,035)
Current assets held for sale (3,853,621) 5,465,396
Prepaid expenses and other current assets 92,677 8,363
Other assets 0 18,150
Other assets held for sale (34,523) 358,930
Accounts payable and accrued expenses (2,653,981) 1,456,978
Current liabilities held for sale 2,200,030 (1,876,128)
Accrued severance expense 0 (1,303,292)
Billings in excess of costs and estimated earnings on uncompleted contracts 203,039 678,176
Net cash (used in) provided by operating activities (2,564,221) 476,940
Investing activities:    
Acquisition of property and equipment 0 (137,842)
Proceeds from sale of China Operations 1,325,744 0
Net cash provided by (used in) investing activities 1,325,744 (137,842)
Financing activities:    
Borrowings under loan payable obligations 7,762 1,623
Repayment under loan payable obligations (10,837) 0
Repayments under other payable to Zurich (270,000) 0
Repayments of short term promissory notes (4,000) 0
Dividend paid on preferred stock 0 (146,521)
Net cash provided by (used in) financing activities 1,297,925 (144,898)
Effect of exchange rate changes on cash 91,510 (127,104)
Net increase in cash and cash equivalents 150,958 67,096
Cash and cash equivalents, beginning of the period 2,364,360 2,177,070
Cash and cash equivalents, end of the period 2,515,318 2,244,166
Schedule of non-cash investing and financing activities:    
Declaration on preferred dividends payable 4,369,958 190,699
Conversion of dividends payable related to make-whole amount through the issuance of common stock 4,104,529 0
Conversion of Series H preferred stock through the issuance of common stock 865,018 0
Settlement of severance obligation and sale of Pride 0 970,000
Series F-1 Preferred Stock [Member]    
Schedule of non-cash investing and financing activities:    
Conversion of Stock, Amount Converted 624,977 0
Convertible Series H-1 [Member]    
Financing activities:    
Proceeds from issuance of Series H-1 preferred stock and warrants 1,575,000 0
Series G-1 Preferred Stock [Member]    
Schedule of non-cash investing and financing activities:    
Conversion of Stock, Amount Converted 212,113 0
Series F And F1 Preferred Stock [Member]    
Schedule of non-cash investing and financing activities:    
Conversion of Stock, Amount Converted 3,292,741 0
Series G And G1 Preferred Stock [Member]    
Schedule of non-cash investing and financing activities:    
Conversion of Stock, Amount Converted 1,351,722 0
Series H Preferred Stock [Member]    
Schedule of non-cash investing and financing activities:    
Conversion of Stock, Amount Converted 1,299,000 0
Series E Preferred Stock [Member]    
Schedule of non-cash investing and financing activities:    
Conversion of Stock, Amount Converted 0 794,000
Pride [Member]    
Adjustments to reconcile consolidated net loss to net cash (used in) provided by operating activities:    
Gain on sale 0 (798,896)
China Operations [Member]    
Adjustments to reconcile consolidated net loss to net cash (used in) provided by operating activities:    
Gain on sale $ (837,720) $ 0