Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.3.1.900
DISCONTINUED OPERATIONS (Tables)
6 Months Ended
Oct. 31, 2015
Discontinued Operations  
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement
The following is a summary of the operating results for the discontinued operations as follows:
  
 
 
Three months ended
 
Six months ended
 
 
 
October 31,
 
October 31,
 
 
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
-
 
$
2,503,401
 
$
839,969
 
$
6,479,902
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of revenue
 
 
-
 
 
1,938,879
 
 
546,296
 
 
4,782,465
 
Selling, general and administrative expenses
 
 
-
 
 
1,183,750
 
 
111,324
 
 
2,202,199
 
Depreciation and amortization
 
 
-
 
 
358,461
 
 
80,971
 
 
834,707
 
Impairment loss on capitalized software
 
 
-
 
 
827,448
 
 
-
 
 
827,448
 
 
 
 
-
 
 
4,308,538
 
 
738,591
 
 
8,646,819
 
Operating (loss) income from discontinued operations
 
 
-
 
 
(1,805,137)
 
 
101,378
 
 
(2,166,917)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
-
 
 
(67,377)
 
 
(49,234)
 
 
(134,296)
 
(Loss) income from discontinued operations before income tax provision
 
 
-
 
 
(1,872,514)
 
 
52,144
 
 
(2,301,213)
 
Income tax provision
 
 
-
 
 
(14,870)
 
 
(10,883)
 
 
(24,285)
 
(Loss) income from discontinued operations, net of tax
 
 
-
 
 
(1,887,384)
 
 
41,261
 
 
(2,325,498)
 
Gain (loss) from disposal
 
 
837,720
 
 
-
 
 
837,720
 
 
798,896
 
Total income (loss) from discontinued operations
 
$
837,720
 
$
(1,887,384)
 
$
878,981
 
$
(1,526,602)
 
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet
The following table summarizes assets and liabilities held for sale for the Seattle and China Operations as of October 31, 2015 and April 30, 2015:
 
 
 
October 31,
 
April 30,
 
 
 
2015
 
2015
 
Assets
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Accounts receivable, net of allowance
 
$
-
 
$
4,264,451
 
Prepaid expenses and other current assets
 
 
-
 
 
34,800
 
Deferred contract cost
 
 
-
 
 
267,000
 
Total current assets held for sale
 
 
-
 
 
4,566,251
 
 
 
 
 
 
 
 
 
Property and equipment, net
 
 
-
 
 
963,119
 
 
 
 
 
 
 
 
 
Total other assets held for sale
 
 
-
 
 
963,119
 
Total assets held for sale
 
$
-
 
$
5,529,370
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$
-
 
$
1,700,943
 
Due to related party
 
 
-
 
 
785,684
 
Short term bank loan
 
 
-
 
 
3,224,180
 
Total current liabilities held for sale
 
 
-
 
 
5,710,807
 
Total liabilities held for sale
 
$
-
 
$
5,710,807
 
Schedule of Noncontrolling
Noncontrolling interest for the six months ended October 31, 2015 consists of the following:
 
 
 
October 31, 2015
 
Balance at April 30, 2015
 
$
560,915
 
Reclassification adjustments of net loss attributable to noncontrolling interest on sale of China Operations
 
 
(560,915)
 
Balance at October 31, 2015
 
$
-