Quarterly report pursuant to Section 13 or 15(d)

LIQUIDITY AND CAPITAL RESOURCES

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LIQUIDITY AND CAPITAL RESOURCES
6 Months Ended
Oct. 31, 2015
Liquidity and Capital Resources [Abstract]  
LIQUIDITY AND CAPITAL RESOURCES
NOTE 2 – LIQUIDITY AND CAPITAL RESOURCES
  
During the six month period ended October 31, 2015, the Company completed a series of transactions that it believes will provide it with sufficient working capital and equity to operate the next twelve months from the date of filing this report, while it continues its plan to seek growth opportunities, including, but not limited: (i) organic growth to complement and enhance existing operations; (ii) acquisitions; and/or (iii) a viable merger candidate.
 
The transactions included the: (i) elimination of $1,703,000 of promissory notes which were due and payable on September 30, 2015; (ii) issuance of common stock to satisfy approximately $660,000 of the $677,000 of preferred stock dividends payable at April 30, 2015; (iii) completion of a $1,575,000 equity financing; (iv) closing of a $1,000,000 line of credit for the Suisun Operations; and (v) the closing on the sale of its ownership in its China Operations for $1,500,000.
 
Some of  these events have provided cash to the Company and eliminated future cash requirements. Along with expected continued operating profits from its Suisun Operations for fiscal year 2016 and lower corporate overhead, these are the primary factors that support the belief that the Company will have adequate liquidity for the next twelve months from the date of this filing.