Financing Agreements (Details Narrative) (USD $)
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3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | ||||
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Jul. 31, 2012
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Jul. 31, 2011
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May 31, 2011
Securities Purchase Agreement
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May 11, 2011
Securities Purchase Agreement
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Jul. 31, 2012
Secured Debt Financing Agreement
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Jul. 27, 2010
Secured Debt Financing Agreement
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Jul. 31, 2012
Mr. Sheerr
Note and Security Agreement
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Jul. 31, 2012
Minimum [Member]
Secured Debt Financing Agreement
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Financing Agreements (Textual) [Abstract] | ||||||||
Formula-based secured debt financing capacity | $ 3,500,000 | $ 5,000,000 | $ 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 | 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. | |||||||
Credit facility, covenant terms | Tangible Net Worth covenant is $2,000,000, measured quarterly. | |||||||
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 | 1,518,000 | 1,518,000 | ||||||
Numer of common stock sold | 1,775,000 | |||||||
Number of common stock called by warrants | 1,331,250 | |||||||
Net proceeds from sale of common stock and warrants | 2,997,875 | 2,998,000 | ||||||
Maximum secured financing under agreement | 2,000,000 | 2,000,000 | ||||||
Interest rate | 10.00% | 10.00% | ||||||
Frequency of periodic payment | Monthly | |||||||
Number of installments | 60 | 60 | ||||||
Date of first required payment, principal amount | Jul. 15, 2012 | |||||||
Amount borrowed on closing of agreement | 1,500,000 | 1,500,000 | ||||||
Repayment of Note | 33,333 | 1,500,000 | ||||||
Amount borrowed under agreement | 2,000,000 | 2,000,000 | ||||||
Principal amount due per month | 33,333 | |||||||
Principal amount due for the next fiscal year following April 30, 2012 | 333,333 | 333,333 | ||||||
Principal amounts due in each of four fiscal periods from May 1, 2013 thru April 30, 2017 | 400,000 | 400,000 | ||||||
Principal amount due in the fiscal period from May 1, 2017 thru June 30, 2017 | 66,667 | 66,667 | ||||||
Interest payable | 16,935 | 16,935 | ||||||
Interest expense | $ 50,824 |
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No authoritative reference available. No definition available.
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The specified number of securities that each class of warrants or rights outstanding give the holder the right but not the obligation to purchase from the issuer at a specific price, on or before a certain date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Date the debt agreement requires the first payment to be made, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the frequency of periodic payments (monthly, quarterly, annual). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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When presenting a range of interest rates, the lowest stated (contractual) rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of the required periodic payments applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of interest expense incurred during the period on a debt or other obligation to a related party. No definition available.
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Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the credit facility's borrowing capacity including discussion of how the borrowing capacity is determined (for example, borrowing capacity based on the amount of current assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Discussion of whether the borrowings under the credit facility are secured or unsecured and, if secured, a description of collateral (for example, accounts receivable less than 120 days old, finished goods inventory). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the conditions for borrowing under the credit facility including the nature of any restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the terms of a credit facility arrangement. Terms typically include interest rate, collateral required, guarantees required, repayment requirements, and restrictions on use of assets and activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of the required periodic payment applied to interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Number of shares issued as consideration for cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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