Annual report pursuant to Section 13 and 15(d)

Securities Purchase Agreement (Details Narrative)

v3.2.0.727
Securities Purchase Agreement (Details Narrative)
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2015
USD ($)
$ / shares
$ / unit
shares
Nov. 30, 2014
USD ($)
$ / shares
$ / unit
shares
Jul. 31, 2014
USD ($)
Mar. 31, 2014
USD ($)
$ / unit
shares
Sep. 30, 2013
USD ($)
$ / unit
shares
Oct. 31, 2014
USD ($)
Jul. 31, 2014
USD ($)
Apr. 30, 2015
USD ($)
$ / shares
shares
Apr. 30, 2014
$ / shares
shares
Mar. 20, 2014
USD ($)
$ / shares
Sep. 23, 2013
shares
Sep. 18, 2013
USD ($)
Securities Purchase Agreement (Textual) [Abstract]                        
Stock warrants outstanding | shares                 485,775      
Price per share | $ / shares               $ 2.17 $ 2.69      
Adjustments to additional paid in capital, beneficial conversion feature               $ 188,000        
Restricted Stock | Chief Executive Officer                        
Securities Purchase Agreement (Textual) [Abstract]                        
Number of common stock called by warrants | shares 316,000                      
Net proceeds from sale of common stock and warrants $ 365,000                      
Exercise price of warrants | $ / shares $ 2.50                      
Risk-free interest rate 1.19%                      
Expected volatility 90.50%                      
Expected dividend rate 0.00%                      
Strike price | $ / unit 2.50                      
Expected term 5 years                      
Restricted shares, issued and sold | shares 183,000                      
Price per share | $ / shares $ 2.00                      
Adjustments to additional paid in capital, beneficial conversion feature $ 0                      
Private Placement                        
Securities Purchase Agreement (Textual) [Abstract]                        
Risk-free interest rate 1.19%                      
Expected volatility 90.50%                      
Expected dividend rate 0.00%                      
Strike price | $ / unit 2.50                      
Expected term 5 years                      
Private placement, description On February 2, 2015, the Company completed a private placement of 26,600 shares of its Series A Stock together with Preferred Warrants to purchase shares of its common stock at a price of $5.00 per share, in accordance with the Purchase Agreement. On November 12, 2014, the Company completed a private placement of 600,000 shares of its Series A Preferred Stock (“Series A Stock”) together with Warrants to purchase shares of its common stock (“Preferred Warrant”) at a price of $5.00 per share, in accordance with the Series A Preferred Stock Purchase Agreement dated October 20, 2014 (the “Purchase Agreement”). At any time from November 17, 2014, the date of Closing, and prior to October 20, 2019 (the “Put/Call Exercise Period”), the investors may exercise a right to purchase and require the Company to sell up to an additional 700,000 shares of Series A Stock. If the investors have not exercised this right during the Put/Call Exercise Period, the Company may exercise a right to cause and require the investors to purchase up to an additional 700,000 shares of Series A Stock, for an aggregate purchase price of $3,500,000. Holders of the Series A Stock shall initially have the right to convert such shares of Series A Stock into the number of authorized but previously unissued shares of the Company’s common stock obtained by dividing the stated value of each share of Series A ($5.00) by $2.00. For each share of Series A Stock, the investors will receive 2.5 Preferred Warrants to purchase the Company’s common stock at an exercise price of $2.50 per share. The Preferred Warrants are exercisable immediately for a period of five years from the date of closing. The exercise price of the Preferred Warrants is subject to adjustments in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. The exercisability of the Preferred Warrants may be limited if upon exercise, the warrant holder or any of its affiliates would beneficially own more than 4.99% of the Company’s Common Stock.                    
Private placement, conversion terms   Holders of the Series A Stock shall initially have the right to convert such shares of Series A Stock into the number of authorized but previously unissued shares of the Company's common stock obtained by dividing the stated value of each share of Series A ($5.00) by $2.00. For each share of Series A Stock, the investors will receive 2.5 Preferred Warrants to purchase the Company's common stock at an exercise price of $2.50 per share. The Preferred Warrants are exercisable immediately for a period of five years from the date of closing. The exercise price of the Preferred Warrants is subject to adjustments in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. The exercisability of the Preferred Warrants may be limited if upon exercise, the warrant holder or any of its affiliates would beneficially own more than 4.99% of the Company's Common Stock.                    
Private placement preferred shares issued | shares 26,600 600,000                    
Proceeds from issuance of private placement $ 133,000 $ 2,700,000                    
Preferred stock, dividend rate, percentage   8.00%                    
Preferred stock, dividend rate, per share dollar amount | $ / shares   $ 0.40                    
Price per share | $ / shares $ 5.00 $ 5.00                    
Common stock issued for services | shares   182,500                    
Warrants issued for services | shares   90,000                    
Adjustments to additional paid in capital, beneficial conversion feature $ 0 $ 0                    
Securities Purchase Agreement                        
Securities Purchase Agreement (Textual) [Abstract]                        
Shares of stock sold | shares       219,754 350,000              
Number of common stock called by warrants | shares                     350,000  
Net proceeds from sale of common stock and warrants         $ 695,491              
Combination of securities offered in Securities Purchase Agreement, description         The Company offered 350,931 shares of common stock and 350,931 common stock warrants to certain investors.              
Purchase price per fixed combination | $ / unit       3.00 2.30              
Description of period for exercisability of warrants         The exercisability of the warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99% of the Common Stock. After the one year anniversary of the initial exercise date of the warrants, the Company had the right to call the warrants for cancellation for $.001 per share in the event that the volume weighted average price of the Common Stock for 20 consecutive trading days exceeds $10.00.              
Warrants exercised | shares       86,100                
Exercise price of warrants | $ / shares                   $ 3.50    
Proceeds from exercise of warrants       $ 306,350                
Common stock issued upon exercise of warrants | shares       86,100                
Estimated offering expenses                   $ 559,000   $ 807,000
Securities Purchase Agreement | Bridge Notes and Warrants                        
Securities Purchase Agreement (Textual) [Abstract]                        
Description of period for exercisability of warrants     The Bridge Warrants are exercisable for five years after the closing date of the Purchase Agreement, or July 15, 2019. For each $1,000 of principal amount of Bridge Notes, the holder received 1,200 Bridge Warrants, each exercisable for the purchase of one share of the Company’s common stock. Each holder is entitled to exercise one-third of all Bridge Warrants received at an exercise price of $3.00, one-third of all Bridge Warrants received at an exercise price of $3.50, and one-third of all Bridge Warrants received at an exercise price that is equal to the closing price on the closing date of the Purchase Agreement, $2.94.                  
Exercise price of warrants | $ / shares   $ 2.00                    
Bridge loan     $ 750,000       $ 750,000          
Bridge loan, issuance date     Jul. 15, 2014                  
Bridge loan, description     The Company issued $600,000 aggregate principal amount of the Bridge Notes to certain Institutional investors and $150,000 aggregate principal amount of the Bridge Notes to certain members of Management.                  
Bridge loan, maturity date   Jan. 15, 2016 Oct. 15, 2014                  
Bridge loan, conversion description   The sale of shares of its Series A Stock resulted in the reduction of the conversion price of the Bridge Notes held by the institutional investors to $2.00 from $2.50 to equal the conversion price of the Series A Preferred Stock. The initial conversion price for Institutional Investors is $2.50 per share (which was subsequently reduced), and the initial conversion price for Management is equal to the closing price of the Company’s common stock on the closing date of the Purchase Agreement, $2.94.                  
Bridge loan, interest rate     8.00%       8.00%          
Sale of Series A preferred stock | shares   600,000                    
Bridge loan, repayment of debt               42,500        
Bridge loan, amount of default               $ 80,000        
Risk-free interest rate               1.26%        
Expected volatility               100.00%        
Expected dividend rate               0.00%        
Discount on notes payable, warrants               $ 562,000        
Beneficial conversion feature               $ 188,000        
Non-cash interest charge           $ 617,000 $ 133,000          
Warrants                        
Securities Purchase Agreement (Textual) [Abstract]                        
Stock warrants outstanding | shares               3,358,275        
Warrants | Minimum                        
Securities Purchase Agreement (Textual) [Abstract]                        
Exercise price of warrants | $ / shares               $ 2.00        
Warrants | Maximum                        
Securities Purchase Agreement (Textual) [Abstract]                        
Exercise price of warrants | $ / shares               $ 13.56        
Private Placement | Put/Call Option                        
Securities Purchase Agreement (Textual) [Abstract]                        
Risk-free interest rate   1.64%                    
Expected volatility   93.00%                    
Expected dividend rate   8.00%                    
Strike price | $ / unit   5.00                    
Expected term   5 years                    
Fair value assumptions, exercise price | $ / shares   $ 5.58                    
Private Placement | Warrant                        
Securities Purchase Agreement (Textual) [Abstract]                        
Risk-free interest rate   1.64%                    
Expected volatility   93.00%                    
Expected dividend rate   0.00%                    
Strike price | $ / unit   2.50                    
Expected term   5 years