Basis of Presentation
The accompanying unaudited
condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they
do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments to previously
accrued loss provisions) considered necessary for a fair presentation have been included. Operating results for the interim
periods are not necessarily indicative of the results that may be expected for the entire year. The condensed consolidated
balance sheet as of April 30, 2012 was derived from the audited financial statements for the year then ended. For further
information, refer to the consolidated financial statements and footnotes thereto included in the Companys annual report
on Form 10-K for the fiscal year ended April 30, 2012.
Because the Company is engaged
in the development and sale of real estate at various stages of construction, the operating cycle may extend beyond one year.
Accordingly, following the usual practice of the real estate industry, the accompanying condensed consolidated balance sheets are
Currently, there are no
Accounting Standards Update (ASUs) that the Company is required to adopt which are likely to have a material effect on its financial