| Schedule of Net Deferred Tax Assets |
Net deferred tax assets consist of the following components as of April 30:
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
NOL |
$ |
(35,883,321 |
) |
|
$ |
(35,372,287 |
) |
Net Loss |
(1,598,102 |
) |
|
(1,899,312 |
) |
Shares issued for services |
984,696 |
|
|
1,570,280 |
|
Depreciation/Amortization |
— |
|
|
24,659 |
|
Impairment/disposal of Assets |
— |
|
|
79,503 |
|
Shares issued for interest expense |
102,203 |
|
|
101,750 |
|
Amortization of Debt Discount |
(5,695 |
) |
|
(10,798 |
) |
Loss on conversion of debt |
39,000 |
|
|
— |
|
Gain on forgiveness of debt |
(277,085 |
) |
|
(370,619 |
) |
Bad Debt Expense |
— |
|
|
6,497 |
|
NOL |
$ |
(36,638,304 |
) |
|
$ |
(35,883,321 |
) |
Effective Rate |
0.34 |
|
|
0.34 |
|
Deferred Tax Asset |
(12,457,023 |
) |
|
(12,200,329 |
) |
Valuation Allowance |
12,457,023 |
|
|
12,200,329 |
|
Deferred Tax Asset |
$ |
— |
|
|
$ |
— |
|
|