Financing Agreements (Details Narrative) (USD $)
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12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2011
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Jul. 31, 2010
Secured Debt Financing Agreement 2010-27-07
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Mar. 02, 2012
Secured Debt Financing Agreement Amended
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May 17, 2012
Secured Debt Financing Agreement Amended and Restated
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Apr. 30, 2013
Secured Debt Financing Agreement Amended and Restated
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Dec. 18, 2012
Secured Debt Financing Agreement Amendment 2
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Apr. 30, 2013
The Secured Debt Financing Agreement and the Note and Security Agreement
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Apr. 30, 2012
The Secured Debt Financing Agreement and the Note and Security Agreement
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Apr. 30, 2011
The Secured Debt Financing Agreement and the Note and Security Agreement
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Dec. 14, 2011
Mr. Sheerr
Note and Security Agreement
integer
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Apr. 30, 2013
Mr. Sheerr
Note and Security Agreement
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Apr. 30, 2012
Mr. Sheerr
Note and Security Agreement
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May 17, 2012
Minimum
Secured Debt Financing Agreement Amended and Restated
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Financing Agreements (Textual) [Abstract] | |||||||||||||||
Formula-based secured debt financing capacity | $ 5,000,000 | $ 3,500,000 | $ 3,500,000 | ||||||||||||
Borrowings, collateral, description | Borrowings are secured by substantially all assets. | ||||||||||||||
Interest rate | Prime plus 6% | ||||||||||||||
Minimum interest rate | 9.25% | ||||||||||||||
Interest amount as per amended and restated document | 8,000 | ||||||||||||||
Loan facility, borrowing capacity, description | On May 17, 2012, the agreement was amended and restated. The amended and restated documents reduced the interest rate to prime plus 6%, subject to a minimum of 9.25% and also not less than $8,000 per month. The loan facility allows borrowing of 90% of eligible domestic receivables. In addition, the loan facility now allows borrowing of 90% of eligible foreign receivables to a maximum of $500,000 and 25% of eligible inventory to a maximum of 20% of the amount available on receivables. The total credit line remains at $3,500,000 | ||||||||||||||
Credit facility, covenant terms | Tangible net worth covenant is $2,000,000, measured quarterly. | On December 18, 2012, the agreement was amended in exchange for a fee of $7,500 to reduce the Tangible Net Worth covenant to $1,300,000. However, if the Tangible Net Worth falls below $2,000,000, the amount available to borrow on inventory will be capped at $250,000 reduced from $500,000. | |||||||||||||
Tangible net worth | 1,636,000 | ||||||||||||||
Amount available for borrowing on inventory | 250,000 | ||||||||||||||
Liquidity disclosure | Management believes that the aggregate $3,500,000 available under this facility combined with current projected losses will not be sufficient to meet its current obligations and the Company will need to raise capital through borrowings or sales of equity securities. There can be no assurance that the Company will be able to obtain additional borrowings or complete a sale of equity securities. | ||||||||||||||
Agreement termination, terms | The Company agreed to pay an exit fee if it terminates the agreement more than 30 days prior to the one year anniversary of the amended and restated agreement. | ||||||||||||||
Additional financing available under the terms of the agreement | 431,000 | 431,000 | |||||||||||||
Net proceeds from sale of common stock and warrants | 2,998,000 | ||||||||||||||
Maximum secured financing under agreement | 2,000,000 | ||||||||||||||
Interest rate | 10.00% | ||||||||||||||
Frequency of periodic payment | Monthly | ||||||||||||||
Number of installments | 60 | ||||||||||||||
Date of first required payment, principal amount | Jul. 15, 2012 | ||||||||||||||
Amount borrowed on closing of agreement | 1,500,000 | ||||||||||||||
Repayment of Note | 333,000 | 1,500,000 | |||||||||||||
Amount borrowed under agreement | 2,000,000 | ||||||||||||||
Principal amount due per month | 33,333 | ||||||||||||||
Principal amount due for fiscal year ending April 30, 2013 | 333,333 | ||||||||||||||
Principal amounts due in each of four fiscal periods from May 1, 2013 thru April 30, 2017 | 400,000 | ||||||||||||||
Principal amount due in the fiscal period from May 1, 2017 thru June 30, 2017 | 66,667 | ||||||||||||||
Interest expense | 187,000 | 178,000 | |||||||||||||
Interest payable | 13,889 | 16,667 | |||||||||||||
Weighted average interest rate | 9.70% | 12.00% | |||||||||||||
Average dollar amounts borrowed | $ 3,190,000 | $ 3,143,000 | $ 2,263,000 |