Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Jul. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

Note 9: Subsequent event


On August 3, 2016, the Company entered into separate securities purchase agreements with accredited investors for the issuance and sale of the Company’s newly designated 0% Series D Convertible Preferred Stock (“Preferred Shares”) which are convertible into shares of the Company’s common stock, par value $0.001 per share and such sale and issuance. The Series D Preferred Shares are governed by a Certificate of Designations, Preferences and Rights of the 0% Series D Convertible Preferred Stock. Each Series D Preferred Share was sold at a per share purchase price of $136.00 and converts into 100 shares of Common Stock, subject to adjustment for dividends and stock splits. On August 5, 2016, the Company closed the private placement and sold 3,699 Series D Preferred Shares convertible into an aggregate of 369,900 shares of common stock with gross proceeds to the Company of $503,000.


On August 31, 2016, the Company terminated the employment of David Sheerr. Mr. Sheerr as owner of Sheerr Memory was a related party, (See note 2). The agreements with Sheer Memory and Keystone Memory have not been affected by the change of Mr. Sheerr employment status.