Financing Agreements (Details Narrative) (USD $)
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3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | |||||
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Jul. 31, 2013
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Jul. 31, 2012
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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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Jul. 31, 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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Jul. 31, 2013
Sheerr Memory
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Dec. 14, 2011
Mr. Sheerr
Note and Security Agreement
integer
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Jul. 31, 2013
Mr. Sheerr
Note and Security Agreement
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Jul. 31, 2013
Sheerr Memory
integer
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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. | ||||||||||
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. | |||||||||||
Tangible net worth | 757,000 | |||||||||||
Additional financing available under the terms of the agreement | 7,000 | |||||||||||
Maximum secured financing under agreement | 2,000,000 | 2,000,000 | ||||||||||
Interest rate | 10.00% | 0.00% | ||||||||||
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 | 100,000 | 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 fiscal year ending April 30, 2013 | 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 expense | 50,824 | 40,889 | ||||||||||
Interest payable | $ 13,490 | $ 16,935 |