Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events	6 Months Ended
Oct. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events On November 12, 2014, the Company completed a private placement of 600,000 shares of its Series A Preferred Stock (Series A Stock) together with Warrants to purchase shares of its common stock (Preferred Warrant) at a price of $5.00 per share, in accordance with the Series A Preferred Stock Purchase Agreement dated October 20, 2014 (the Purchase Agreement). The net proceeds to the Company from the sale of the Series A Stock and Preferred Warrant, after deducting the estimated offering expenses incurred by the Company were approximately $2,700,000. At any time from November 17, 2014, the date of Closing, and prior to October 20, 2019 (the Put/Call Exercise Period), the investors may exercise a right to purchase and require the Company to sell up to an additional 700,000 shares of Series A Stock. If the investors have not exercised this right during the Put/Call Exercise Period, the Company may exercise a right to cause and require the investors to purchase up to an additional 700,000 shares of Series A Stock, for an aggregate purchase price of $3,500,000. Holders of the Series A Stock shall initially have the right to convert such shares of Series A Stock into the number of authorized but previously unissued shares of the Companys common stock obtained by dividing the stated value of each share of Series A ($5.00) by $2.00. For each share of Series A Stock, the investors will receive 2.5 Preferred Warrants to purchase the Companys common stock at an exercise price of $2.50 per share. The Preferred Warrants are exercisable immediately for a period of five years from the date of closing. The exercise price of the Preferred Warrants is subject to adjustments in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. The exercisability of the Preferred Warrants may be limited if upon exercise, the warrant holder or any of its affiliates would beneficially own more than 4.99% of the Companys Common Stock. The Holders of the Series A Stock will receive preferential cumulative dividends at the rate of 8% per annum (equivalent to a fixed annual payment of $0.40 per share). The dividends are payable in shares of common stock and shall be valued at the weighted average price of the Companys common stock over the ten (10) consecutive trading days ended on the second trading day immediately before the payment date. The Company can call the investors to purchase up to an additional 700,000 shares of Series A Stock at a purchase price of $5.00 per share with the same rights as the original purchase. In addition, the investors can put to the Company the right to purchase up to an additional 700,000 shares of Series A Stock at a purchase price of $5.00 per share with the same rights as the original purchase. Neither party can refuse the put or call. If the maximum additional shares are sold/purchased, the gross proceeds to the Company would be $3,500,000. On December 17, 2014 the Company terminated its agreement with MPP Associates, Inc., pursuant to which MPP Associates had been providing CFO services to the Company.

Subsequent Events

6 Months Ended

Oct. 31, 2014

(14) Subsequent Events

On November 12, 2014, the Company completed a private placement of 600,000 shares of its Series A Preferred Stock (Series A Stock) together with Warrants to purchase shares of its common stock (Preferred Warrant) at a price of $5.00 per share, in accordance with the Series A Preferred Stock Purchase Agreement dated October 20, 2014 (the Purchase Agreement). The net proceeds to the Company from the sale of the Series A Stock and Preferred Warrant, after deducting the estimated offering expenses incurred by the Company were approximately $2,700,000.

At any time from November 17, 2014, the date of Closing, and prior to October 20, 2019 (the Put/Call Exercise Period), the investors may exercise a right to purchase and require the Company to sell up to an additional 700,000 shares of Series A Stock. If the investors have not exercised this right during the Put/Call Exercise Period, the Company may exercise a right to cause and require the investors to purchase up to an additional 700,000 shares of Series A Stock, for an aggregate purchase price of $3,500,000.

Holders of the Series A Stock shall initially have the right to convert such shares of Series A Stock into the number of authorized but previously unissued shares of the Companys common stock obtained by dividing the stated value of each share of Series A ($5.00) by $2.00. For each share of Series A Stock, the investors will receive 2.5 Preferred Warrants to purchase the Companys common stock at an exercise price of $2.50 per share. The Preferred Warrants are exercisable immediately for a period of five years from the date of closing. The exercise price of the Preferred Warrants is subject to adjustments in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. The exercisability of the Preferred Warrants may be limited if upon exercise, the warrant holder or any of its affiliates would beneficially own more than 4.99% of the Companys Common Stock.

The Holders of the Series A Stock will receive preferential cumulative dividends at the rate of 8% per annum (equivalent to a fixed annual payment of $0.40 per share). The dividends are payable in shares of common stock and shall be valued at the weighted average price of the Companys common stock over the ten (10) consecutive trading days ended on the second trading day immediately before the payment date.

The Company can call the investors to purchase up to an additional 700,000 shares of Series A Stock at a purchase price of $5.00 per share with the same rights as the original purchase. In addition, the investors can put to the Company the right to purchase up to an additional 700,000 shares of Series A Stock at a purchase price of $5.00 per share with the same rights as the original purchase. Neither party can refuse the put or call. If the maximum additional shares are sold/purchased, the gross proceeds to the Company would be $3,500,000.

On December 17, 2014 the Company terminated its agreement with MPP Associates, Inc., pursuant to which MPP Associates had been providing CFO services to the Company.