Financing Agreements (Details Narrative) (USD $)
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3 Months Ended | 6 Months Ended | 2 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||||||
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Oct. 31, 2013
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Oct. 31, 2013
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Oct. 31, 2012
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Oct. 31, 2013
Leaseback Agreement with Mr. Sheerr
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Oct. 31, 2013
Sheerr Memory
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Oct. 31, 2012
Sheerr Memory
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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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Oct. 31, 2013
Secured Debt Financing Agreement Amended and Restated
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May 17, 2012
Secured Debt Financing Agreement Amended and Restated
Minimum
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Dec. 18, 2012
Secured Debt Financing Agreement Amendment 2
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Dec. 14, 2011
Note and Security Agreement
David Sheerr
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Oct. 31, 2013
Note and Security Agreement
David Sheerr
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Oct. 31, 2012
Note and Security Agreement
David Sheerr
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Oct. 31, 2013
Note and Security Agreement
David Sheerr
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Oct. 31, 2012
Note and Security Agreement
David Sheerr
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Oct. 31, 2013
Amended and Restated Note and Security Agreement
David Sheerr
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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 requirement 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 minimum 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 | 1,122,000 | |||||||||||||||||
Inventory borrowing availability | 250,000 | 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 additional 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. | |||||||||||||||||
Additional financing available under the terms of the agreement | 823,000 | |||||||||||||||||
Maximum secured financing under agreement | 2,000,000 | |||||||||||||||||
Interest rate terms | The Company is obligated to pay monthly, interest equal to 10% per annum calculated on a 360 day year of the outstanding loan rbalance. | The Company is obligated to pay monthly, interest equal to 10% per annum calculated on a 360 day year of the outstanding loan rbalance. | ||||||||||||||||
Interest rate | 0.00% | |||||||||||||||||
Frequency of periodic principal payment | Monthly | Monthly | ||||||||||||||||
Number of installments | 60 | 29 | ||||||||||||||||
Date of first required payment, principal amount | Jul. 15, 2012 | Nov. 15, 2013 | ||||||||||||||||
Repayment of Note | 700,000 | 133,333 | 500,000 | |||||||||||||||
Amount borrowed under agreement | 2,000,000 | 2,000,000 | ||||||||||||||||
Principal amount due per month | 33,333 | 33,333 | ||||||||||||||||
Sale of property and equipment | 500,000 | 500,000 | 500,000 | |||||||||||||||
Accounts payable | 41,000 | 327,000 | 966,667 | |||||||||||||||
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 | 38,333 | 48,556 | 79,222 | 99,380 | ||||||||||||||
Interest payable | 12,630 | 12,630 | ||||||||||||||||
Leaseback assets | the aforementioned equipment and furniture that was sold to David Sheer on October 31, 2013 | |||||||||||||||||
Terms of lease | The lease is for a term of 60 months and the Company is obligated to pay approximately $7,500 per month for the term of the lease. The Company has an option to extend the lease for an additional two year period. | |||||||||||||||||
Gain on the sale of assets | 103,000 | |||||||||||||||||
Leaseback deferred gain | $ 358,000 | |||||||||||||||||
Accounting for leaseback, description | The $358,000 deferred gain is reflected in accrued liabilities in the balance sheet as of October 31, 2013. |