|3 Months Ended|
Jul. 31, 2016
|Subsequent Events [Abstract]|
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 Companys newly designated 0% Series D Convertible Preferred Stock (Preferred Shares) which are convertible into shares of the Companys 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.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.