Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.2.0.727
Income Taxes (Tables)
12 Months Ended
Apr. 30, 2015
Income Taxes [Abstract]  
Schedule of Income Tax Expense (Benefit)

For the Years Ended

 

April 30,

 

2015

   

2014

 

 

 

 

 

 

Current:

           

Federal

  $     $  

State

           
             

Deferred:

               

Federal

           

State

           
             

Total Income tax expense (benefit)

  $     $  
Schedule of Deferred Income Tax Assets and Liabilities

April 30,

2015

2014 

 

 

 

 

 

Deferred tax assets:

   

Net operating loss

  $ 7,487,076     $ 6,021,134  

Allowance for doubtful accounts

    21,416       55,679  

Intangible assets

    304,062       294,284  

Deferred rent

    2,872       7,948  

Stock-based compensation

    580,672       411,374  

Contributions carryforward

    93       93  

Total deferred tax assets

    8,396,191       6,790,512  
                 

Deferred tax liabilities:

               

Property and equipment

    (155,991 )     (126,297 )

Total deferred tax liabilities

    (155,991 )     (126,297 )
                 

Deferred tax assets, net

    8,240,200       6,664,215  
                 

Valuation allowance:

               

Beginning of year

    (6,664,215 )     (4,684,841 )

(Increase) during period

    (1,575,985 )     (1,979,374 )

Ending balance

    (8,240,200 )     (6,664,215 )
                 

Net deferred tax asset

  $     $  
Schedule of Income Tax Reconciliation

April 30,

2015

 

2014 

 

 

 

 

Statutory U.S. federal income tax rate

34.0 %     34.0 %

State income taxes, net of federal tax benefit

    3.0       3.1  

Other

    (0.1 )     (0.1 )

Change in valuation allowance

    (36.9 )     (37.0 )

Effective income tax rate

    0.0 %     0.0 %