Financing Agreements - Payables (Details Narrative) (USD $)
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3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||
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Jul. 31, 2014
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Jul. 31, 2013
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Jul. 31, 2014
Leaseback Agreement with Mr. Sheerr
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Oct. 31, 2013
Leaseback Agreement with Mr. Sheerr
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Apr. 30, 2014
Leaseback Agreement with Mr. Sheerr
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Nov. 30, 2013
Secured Debt Financing Agreement Amended and Restated
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Jul. 31, 2014
Secured Debt Financing Agreement Amended and Restated
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Nov. 06, 2013
Secured Debt Financing Agreement Amended and Restated
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Oct. 31, 2013
Amended and Restated Note and Security Agreement
David Sheerr
integer
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Apr. 30, 2014
Amended and Restated Note and Security Agreement
David Sheerr
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Jul. 31, 2014
Institutional Investor
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Jul. 31, 2014
Management
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Financing Agreements (Textual) [Abstract] | ||||||||||||
Formula-based secured debt financing capacity | $ 3,500,000 | |||||||||||
Line of credit facility, maturity date | Nov. 30, 2016 | |||||||||||
Current borrowings | 2,424,000 | |||||||||||
Borrowings, collateral, description | Borrowings are secured by substantially all assets. | |||||||||||
Credit facility, interest rate | Prime plus 3.25% or on Over-advances at a rate of the Effective Rate plus 3% | |||||||||||
Additional financing available under the terms of the agreement | 60,000 | |||||||||||
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 balance. | |||||||||||
Interest rate | 8.00% | 8.00% | ||||||||||
Subordinated secured convertible bridge notes | 750,000 | 600,000 | 150,000 | |||||||||
Conversion price | $ 2.50 | $ 2.94 | ||||||||||
Bridge notes, maturity date | Oct. 15, 2014 | Oct. 15, 2014 | ||||||||||
Warrants issued in connection with the bridge notes, exercise terms | The Warrants are exercisable for five years after the closing date of the Purchase Agreement. For each $1,000 of principal amount of Bridge Notes, the holder received 1,200 Warrants to purchase the Companys common stock. Each holder is entitled to exercise one-third of all warrants received at an exercise price of $3.00, one-third of all warrants received at an exercise price of $3.50, and one-third of all warrants received at an exercise price that is equal to the closing price on the closing date of the Purchase Agreement, $2.94. Pursuant to the terms of the Purchase Agreement, the Company has agreed to register the shares underlying the Bridge Notes and the Warrants. | |||||||||||
Risk-free interest rate, warrants | 1.26% | |||||||||||
Expected volatility, warrants | 100.00% | |||||||||||
Discount on notes payable, warrants | 562,000 | |||||||||||
Beneficial conversion feature | 188,000 | |||||||||||
Non-cash interest charge | 133,000 | |||||||||||
Frequency of periodic principal payment | Monthly | |||||||||||
Number of installments | 29 | |||||||||||
Date of first required payment, principal amount | Nov. 15, 2013 | |||||||||||
Repayment of Note | 100,000 | 500,000 | 966,667 | |||||||||
Reduced note balance | 966,667 | |||||||||||
Principal amount due per month | 33,333 | |||||||||||
Sale of property and equipment | 500,000 | |||||||||||
Sale-leaseback agreement | ||||||||||||
Sale-leaseback transaction date | 2013-10-31 | |||||||||||
Leaseback assets | Equipment and furniture 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 | 139,000 | |||||||||||
Leaseback deferred gain | $ 305,000 | $ 322,000 | ||||||||||
Sale-leaseback other information | The Company will recognize the remaining $322,000 in proportion to the related gross rental charged to expense over the term of the lease, 60 months. |