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Subsequent Events (Details Narrative) (USD $)
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9 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|
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Jan. 31, 2014
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Jan. 31, 2013
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Apr. 30, 2013
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Jan. 31, 2014
Second Supplemental Agreement
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Jan. 31, 2014
Purchase Agreement of March 20, 2014
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| Subsequent event date | Mar. 13, 2014 | Mar. 20, 2014 | |||
| Subsequent event description |
On March 13, 2014, the Company entered into a Second Supplemental Agreement to Engagement Agreement (the “Second Supplemental Agreement”) with TriPoint Global Equities, LLC (the “Placement Agent”), pursuant to which the Placement Agent agreed to use its reasonable best efforts to arrange for the sale of up to 219,754 shares of the Company’s common stock in a registered direct public offering (the “Offering”). The Second Supplemental Agreement supplements that certain engagement letter and Supplemental Agreement to Engagement Agreement dated August 29, 2013 and September 18, 2013, respectively, by and between the Company and the Placement Agent as disclosed on the Company’s Current Report on Form 8-K filed on September 19, 2013. |
On March 20, 2014, the Company and a certain investor entered into a common stock purchase agreement (the “Purchase Agreement”) in connection with the Offering, pursuant to which the Company agreed to sell an aggregate of 219,750 shares of its common stock to such investor for aggregate gross proceeds, before deducting fees to the Placement Agent and other estimated offering expenses payable by the Company, of approximately $659,250. The purchase price was $3.00 per share. The Placement Agent was entitled to a cash fee of $46,148 which was equal to 7.0% of the gross proceeds paid to the Company in the Offering. The Company also reimbursed the Placement Agent for legal and other expenses incurred by the Placement Agent in connection with the Offering in an amount of approximately $7,500. |
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| Net proceeds to the Compay from the offering | $ 695,491 | $ 583,000 | |||
| Common stock, shares outstanding | 2,104,662 | 1,754,662 | 2,324,416 | ||
| Warrants exercised | 86,100 | ||||
| Exercise price of warrants | $ 3.50 | ||||
| Net proceeds from excercise of warrants | $ 301,350 | ||||
| Common stock issued (shares) | 2,104,662 | 1,754,662 | 86,100 | ||