Financing Agreements (Details Narrative) (USD $)
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9 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||
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Jan. 31, 2014
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Jan. 31, 2013
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Jan. 31, 2014
Leaseback Agreement with Mr. Sheerr
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Oct. 31, 2013
Leaseback Agreement with Mr. Sheerr
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Jan. 31, 2014
Sheerr Memory
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Jan. 31, 2013
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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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
integer
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Jan. 31, 2014
Note and Security Agreement
David Sheerr
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Jan. 31, 2013
Note and Security Agreement
David Sheerr
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Jan. 31, 2014
Note and Security Agreement
David Sheerr
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Jan. 31, 2013
Note and Security Agreement
David Sheerr
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Oct. 31, 2013
Amended and Restated Note and Security Agreement
David Sheerr
integer
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Jan. 31, 2014
Amended and Restated Note and Security Agreement
David Sheerr
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Jan. 31, 2014
Financing Agreement
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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. | ||||||||||||||||||
Credit facility, covenant terms | 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. On November 6, 2013, the Company entered into a new financing agreement (the Financing Agreement) with Rosenthal & Rosenthal, Inc., and simultaneously terminated the loan agreement with the financial institution and paid in full the outstanding balance and accrued interest with proceeds received from the financing agreement. | ||||||||||||||||||
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. | ||||||||||||||||||
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. | Loans outstanding under the Financing Agreement will bear interest at a rate of the Prime Rate (as defined in the Financing Agreement) plus 3.25% (the Effective Rate) or on Over-advances (as defined in the Financing Agreement), if any, at a rate of the Effective Rate plus 3%. | ||||||||||||||||
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 | 800,000 | 233,333 | 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 | |||||||||||||||||
Accounts payable | 416,000 | 74,000 | 866,667 | ||||||||||||||||
Interest expense | 22,991 | 45,991 | 102,213 | 145,370 | |||||||||||||||
Interest payable | 7,463 | 7,463 | |||||||||||||||||
Sale-leaseback agreement | |||||||||||||||||||
Sale-leaseback transaction date | 2013-10-31 | ||||||||||||||||||
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 | 17,916 | 103,000 | |||||||||||||||||
Leaseback deferred gain | $ 340,000 | ||||||||||||||||||
Financing agreement with Rosenthal & Rosenthal | |||||||||||||||||||
Financing agreement description | On November 6, 2013, the Company entered into a new financing agreement (the "Financing Agreement") with Rosenthal & Rosenthal, Inc. to replace the existing loan agreement. The Financing Agreement provides for a revolving loan with a maximum borrowing capacity of $3,500,000. The loans under the Financing Agreement mature on November 30, 2016 unless such Financing Agreement is either earlier terminated or renewed |