Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Oct. 31, 2013 | Dec. 06, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'LOTON, CORP | ' |
Entity Central Index Key | '0001491419 | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'LTNR | ' |
Entity Common Stock, Shares Outstanding | ' | 8,575,000 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
ASSETS | ' | ' |
Cash | $795,940 | $1,956 |
Prepaid expenses and other current assets | 74,366 | 3,939 |
Prepaid management service - related party | 60,000 | 60,000 |
Total Current Assets | 930,306 | 65,895 |
OFFICE EQUIPMENT: | ' | ' |
Office equipment | 8,018 | 5,854 |
Accumulated depreciation | -2,056 | -1,368 |
Office Equipment, net | 5,962 | 4,486 |
Total Assets | 936,268 | 70,381 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | ' |
Accounts payable | 68,365 | 72,040 |
Accrued interest on notes payable - related party | 31,113 | 17,408 |
Notes payable - related party | 500,000 | 300,000 |
Payroll liabilities | 0 | 36 |
Advances from related party | 24,228 | 35,123 |
Total Current Liabilities | 623,706 | 424,607 |
LONG-TERM SERVICE ARRANGEMENT - RELATED PARTY | 694,450 | 527,782 |
Total Liabilities | 1,318,156 | 952,389 |
STOCKHOLDERS' DEFICIT: | ' | ' |
Preferred stock par value $0.001 : 1,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock par value $0.001: 75,000,000 shares authorized, 7,588,333 and 6,265,000 shares issued and outstanding, respectively | 7,588 | 6,265 |
Additional paid-in capital | 2,896,195 | 1,385,421 |
Accumulated deficit | -3,285,671 | -2,273,694 |
Total Stockholders' Deficit | -381,888 | -882,008 |
Total Liabilities and Stockholders' Deficit | $936,268 | $70,381 |
Balance_Sheets_Parenthetical
Balance Sheets [Parenthetical] (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Preferred Stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 7,588,333 | 6,265,000 |
Common stock, shares outstanding | 7,588,333 | 6,265,000 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Net Revenues Earned | $0 | ' | ' | $0 |
Operating Expenses | ' | ' | ' | ' |
Consulting fees | 157,833 | 31,710 | 240,253 | 53,310 |
Management services - related party | 180,216 | 180,216 | 360,432 | 360,432 |
Professional fees | 112,563 | 41,255 | 146,180 | 56,239 |
Payroll expenses | 22,616 | 0 | 42,043 | 0 |
Travel expense | 61,209 | 21,646 | 61,209 | 34,469 |
General and administrative expenses | 42,521 | 4,294 | 98,155 | 5,365 |
Total operating expenses | 576,958 | 279,121 | 948,272 | 509,815 |
Loss from Operations | -576,958 | -279,121 | -948,272 | -509,815 |
Other (Income) Expense | ' | ' | ' | ' |
Impairment of notes receivable | 50,000 | 0 | 50,000 | 0 |
Interest expense | 7,562 | 4,537 | 13,705 | 8,482 |
Other (income) expense, net | 57,562 | 4,537 | 63,705 | 8,482 |
Loss before Income Tax Provision | -634,520 | -283,658 | -1,011,977 | -518,297 |
Income Tax Provision | 0 | 0 | 0 | 0 |
Net Loss | ($634,520) | ($283,658) | ($1,011,977) | ($518,297) |
Net Loss Per Common Share: - basic and diluted (in dollars per share) | ($0.09) | ($0.05) | ($0.14) | ($0.10) |
Weighted average common shares outstanding: - basic and diluted (in shares) | 7,247,018 | 5,427,420 | 6,998,323 | 5,398,408 |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Apr. 30, 2012 | ($299,977) | $5,370 | $443,788 | ($749,135) |
Balance (in shares) at Apr. 30, 2012 | ' | 5,370,000 | ' | ' |
Amortization of warrants issued to related party for services received | 27,528 | ' | 27,528 | ' |
Issuance of common shares for cash at $1.00 per share | 375,000 | 375 | 374,625 | ' |
Issuance of common shares for cash at $1.00 per share (in shares) | ' | 375,000 | ' | ' |
Issuance of common shares for cash at $1.00 per share | 200,000 | 200 | 199,800 | ' |
Issuance of common shares for cash at $1.00 per share (in shares) | ' | 200,000 | ' | ' |
Issuance of common shares for cash at $1.00 per share | 50,000 | 50 | 49,950 | ' |
Issuance of common shares for cash at $1.00 per share (in shares) | ' | 50,000 | ' | ' |
Issuance of stock option to purchase 250,000 common shares to a Director | 170,000 | ' | 170,000 | ' |
Restricted common shares granted to Directors for future services valued at $1.00 per share on January 29, 2013 | 200,000 | 200 | 199,800 | ' |
Restricted common shares granted to Directors for future services valued at $1.00 per share on January 29, 2013 (in shares) | ' | 200,000 | ' | ' |
Restricted common shares granted to Directors for future services valued at $1.00 per share on January 29, 2013 | -200,000 | ' | -200,000 | ' |
Amortization of deferred director services | 50,000 | ' | 50,000 | ' |
Issuance of common stock to Advisory member and consultants earned during the period | 70,000 | 70 | 69,930 | ' |
Issuance of common stock to Advisory member and consultants earned during the period (in shares) | ' | 70,000 | ' | ' |
Net loss | -1,524,559 | ' | ' | -1,524,559 |
Balance at Apr. 30, 2013 | -882,008 | 6,265 | 1,385,421 | -2,273,694 |
Balance (in shares) at Apr. 30, 2013 | ' | 6,265,000 | ' | ' |
Amortization of warrants issued to related party for services received | 13,764 | ' | 13,764 | ' |
Issuance of common shares for cash at $1.00 per share | 1,250,000 | 1,250 | 1,248,750 | ' |
Issuance of common shares for cash at $1.00 per share (in shares) | ' | 1,250,000 | ' | ' |
Amortization of deferred director services | 75,000 | ' | 75,000 | ' |
Former director’s 50,000 vested shares forfeited at par | 0 | -50 | 50 | ' |
Former director’s 50,000 vested shares forfeited at par (in shares) | 50,000 | -50,000 | ' | ' |
Former director’s 50,000 unvested shares forfeited at par | ' | -50 | 50 | ' |
Former director’s 50,000 unvested shares forfeited at par (in shares) | 50,000 | -50,000 | ' | ' |
Issuance of common stock to Advisory member and consultants earned during the period | 173,333 | 173 | 173,160 | ' |
Issuance of common stock to Advisory member and consultants earned during the period (in shares) | ' | 173,333 | ' | ' |
Net loss | -1,011,977 | ' | ' | -1,011,977 |
Balance at Oct. 31, 2013 | ($381,888) | $7,588 | $2,896,195 | ($3,285,671) |
Balance (in shares) at Oct. 31, 2013 | ' | 7,588,333 | ' | ' |
Statement_of_Stockholders_Equi1
Statement of Stockholders' Equity (Deficit) [Parenthetical] (USD $) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2013 | Apr. 30, 2013 | |
Issuance of common shares for cash, price per share | $1 | $1 |
Issuance Of Common Shares For Cash One | ' | $1 |
Issuance of common shares for cash, price per share One | ' | $1 |
Stock Issued During Period, Shares, Issued for Services | ' | 250,000 |
Stock Issued During Period Restricted Stock Award Forfeiture Per Share | ' | $1 |
Stock Issued During Period Restricted Stock Award Forfeiture Per Share One | ' | $1 |
Stock Issued During Period Vested Shares Forfeited | 50,000 | ' |
Stock Issued During Period Unvested Shares Forfeited | 50,000 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($1,011,977) | ($518,297) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Impairment loss of notes receivable | 50,000 | 0 |
Depreciation expense | 688 | 1,512 |
Equity based compensation | 262,097 | 13,764 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | -70,427 | 0 |
Accounts payable | -3,675 | 20,512 |
Accrued interest on notes payable - related party | 13,705 | 8,482 |
Payroll liabilities | -36 | 0 |
Accrued stockholder services | 166,668 | 166,668 |
NET CASH USED IN OPERATING ACTIVITIES | -592,957 | -307,359 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Notes receivable | -50,000 | 0 |
Purchases of office equipment | -2,164 | -10,223 |
NET CASH USED IN INVESTING ACTIVITIES | -52,164 | -10,223 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayments to related party | -10,895 | -15,044 |
Proceeds from note payable - related party | 200,000 | 150,000 |
Proceeds from sale of common stock | 1,250,000 | 275,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,439,105 | 409,956 |
NET CHANGE IN CASH | 793,984 | 92,374 |
Cash at beginning of the period | 1,956 | 49,689 |
Cash at end of the period | 795,940 | 142,063 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Interest paid | 0 | 0 |
Income tax paid | $0 | $0 |
Organization_and_Operations
Organization and Operations | 6 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1 – Organization and Operations | |
Loton Corp | |
Loton, Corp (the “Company”) was incorporated under the laws of the State of Nevada on December 28, 2009. The Company intended to provide 3D rendering, animation and architectural visualization services to architects, builders, advertising agencies, interior designers, home renovators, home owners and various sectors which have need of 3D visualization in North America. | |
Change in Control | |
On September 9, 2011, Trinad Capital Master Fund, a Cayman Island exempted company (“Trinad”), entered into and consummated (the “Closing”) a Securities Purchase Agreement (the “Purchase Agreement”) with Alex Kuznetsov, a shareholder and the sole director and executive officer of Loton, Corp, a Nevada corporation. Pursuant to the terms of the Purchase Agreement, Mr. Kuznetsov sold Trinad an aggregate of 4,000,000 shares (the “Shares”) of the Company’s common stock (“Common Stock”), which represented approximately 80% of the then issued and outstanding Common Stock of the Company. In consideration for the purchase of the Shares, Trinad paid an aggregate amount of $311,615. | |
The Company is currently inactive and is seeking a suitable candidate for a business combination. | |
Significant_and_Critical_Accou
Significant and Critical Accounting Policies and Practices | 6 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies [Text Block] | ' | |||||||
Note 2 – Significant and Critical Accounting Policies and Practices | ||||||||
The Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness of accounting policies and their application. Critical accounting policies and practices are those that are both most important to the portrayal of the Company’s financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The Company’s significant and critical accounting policies and practices are disclosed below as required by generally accepted accounting principles. | ||||||||
Basis of Presentation - Unaudited Interim Financial Information | ||||||||
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the fiscal year ended April 30, 2013 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on July 29, 2013. | ||||||||
Fiscal Year End | ||||||||
The Company elected April 30th as its fiscal year ending date. | ||||||||
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s). | ||||||||
Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimate(s) and assumption(s) affecting the financial statements was (were): | ||||||||
(i) | Assumption as a going concern: Management assumes that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business; | |||||||
(ii) | Fair value of long-lived assets: Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events; | |||||||
(iii) | Valuation allowance for deferred tax assets: Management assumes that the realization of the Company’s net deferred tax assets resulting from its net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b) general economic conditions, and (c) its ability to raise additional funds to support its daily operations by way of a public or private offering, among other factors; | |||||||
(iv) | Estimates and assumptions used in valuation of equity instruments: Management estimates expected term of share options and similar instruments, expected volatility of the Company’s common shares and the method used to estimate it, expected annual rate of quarterly dividends, and risk free rate(s) to value share options and similar instruments. | |||||||
These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. | ||||||||
Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. | ||||||||
Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. | ||||||||
Actual results could differ from those estimates. | ||||||||
Fair Value of Financial Instruments | ||||||||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: | ||||||||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | |||||||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | |||||||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | |||||||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | ||||||||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | ||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. | ||||||||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | ||||||||
Carrying Value, Recoverability and Impairment of Long-Lived Assets | ||||||||
The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, which include office equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. | ||||||||
The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events. | ||||||||
The impairment charges, if any, are included in operating expenses in the accompanying statements of operations. | ||||||||
Cash Equivalents | ||||||||
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | ||||||||
Office Equipment | ||||||||
Office equipment is recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of office equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of five (5) years. Upon sale or retirement of office equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations. | ||||||||
Notes Receivable | ||||||||
Notes receivable are recorded at cost, net of accumulated impairment. Interest income is recorded when collectability is reasonably assured. | ||||||||
Related Parties | ||||||||
The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. | ||||||||
Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. | ||||||||
The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. | ||||||||
Commitments and Contingencies | ||||||||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | ||||||||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | ||||||||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | ||||||||
Stock-Based Compensation for Obtaining Employee Services | ||||||||
The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum ("PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | ||||||||
The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: | ||||||||
· | Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding. Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior into the fair value (or calculated value) of the instruments. Pursuant to paragraph 718-10-S99-1, it may be appropriate to use the simplified method , i.e., expected term =(vesting term + original contractual term) / 2), if (i) A company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded; (ii) A company significantly changes the terms of its share option grants or the types of employees that receive share option grants such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term; or (iii) A company has or expects to have significant structural changes in its business such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. | |||||||
· | Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | |||||||
· | Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. | |||||||
· | Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Department of the Treasury’s daily treasury yield curve rates in effect at the time of grant for periods within the expected term of the share options and similar instruments. | |||||||
The Company’s policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. | ||||||||
Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services | ||||||||
The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). | ||||||||
Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | ||||||||
The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: | ||||||||
⋅ | Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments will be used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. | |||||||
⋅ | Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of the Company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | |||||||
⋅ | Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. | |||||||
⋅ | Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Department of the Treasury’s daily treasury yield curve rates in effect at the time of grant for periods within the expected term of the share options and similar instruments. | |||||||
Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, non-forfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to nonemployees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic. | ||||||||
Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. | ||||||||
Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded. | ||||||||
Income Tax Provision | ||||||||
The Company follows paragraph 740-10-30-2 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | ||||||||
The Company adopted the provisions of paragraph 740-10-25-13 of the FASB Accounting Standards Codification. Paragraph 740-10-25-13 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of paragraph 740-10-25-13. | ||||||||
The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary. | ||||||||
Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. | ||||||||
Uncertain Tax Positions | ||||||||
The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the interim period ended October 31, 2013 or 2012. | ||||||||
Limitation on Utilization of NOLs due to Change in Control | ||||||||
Pursuant to the Internal Revenue Code Section 382 (“Section 382”), certain ownership changes may subject the NOL’s to annual limitations which could reduce or defer the NOL. Section 382 imposes limitations on a corporation’s ability to utilize NOLs if it experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. In the event of an ownership change, utilization of the NOLs would be subject to an annual limitation under Section 382 determined by multiplying the value of its stock at the time of the ownership change by the applicable long-term tax-exempt rate. Any unused annual limitation may be carried over to later years. The imposition of this limitation on its ability to use the NOLs to offset future taxable income could cause the Company to pay U.S. federal income taxes earlier than if such limitation were not in effect and could cause such NOLs to expire unused, reducing or eliminating the benefit of such NOLs. | ||||||||
Net Income (Loss) per Common Share | ||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. | ||||||||
The following table shows the potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | ||||||||
Potentially Outstanding Dilutive | ||||||||
Common Shares | ||||||||
For the interim | For the interim | |||||||
period ended | period ended | |||||||
October 31, | October 31, | |||||||
2013 | 2012 | |||||||
On September 23, 2011, a warrant issued to Trinad Management LLC as compensation | 1,125,000 | 1,125,000 | ||||||
to purchase 1,125,000 shares of the Company’s common stock with an exercise price | ||||||||
of $0.15 per share expiring ten (10) years from date of issuance | ||||||||
On January 29, 2013, an option issued to a former Director as compensation to | 250,000 | - | ||||||
purchase 250,000 shares of the Company’s common stock with an exercise | ||||||||
price of $0.75 per share expiring seven (7) years from date of issuance | ||||||||
Total potentially outstanding dilutive common shares | 1,375,000 | 1,125,000 | ||||||
Cash Flows Reporting | ||||||||
The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. | ||||||||
Subsequent Events | ||||||||
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. | ||||||||
Recently Issued Accounting Pronouncements | ||||||||
In January 2013, the FASB issued ASU No. 2013-01, " Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ". This ASU clarifies that the scope of ASU No. 2011-11, " Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities" applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. | ||||||||
In February 2013, the FASB issued ASU No. 2013-02, " Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The ASU adds new disclosure requirements for items reclassified out of accumulated other comprehensive income by component and their corresponding effect on net income. The ASU is effective for public entities for fiscal years beginning after December 15, 2013. | ||||||||
In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, " Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date." This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013. | ||||||||
In March 2013, the FASB issued ASU No. 2013-05, " Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ." This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance outlines the events when cumulative translation adjustments should be released into net income and is intended by FASB to eliminate some disparity in current accounting practice. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. | ||||||||
In March 2013, the FASB issued ASU 2013-07, “Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting.” The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments require financial statements prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any items it had not previously recognized under U.S. GAAP but that it expects to either sell in liquidation or use in settling liabilities (for example, trademarks). The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. | ||||||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. | ||||||||
Going_Concern
Going Concern | 6 Months Ended |
Oct. 31, 2013 | |
Going Concern [Abstract] | ' |
Going Concern Disclosure [Text Block] | ' |
Note 3 – Going Concern | |
The financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. | |
As reflected in the financial statements, the Company had an accumulated deficit at October 31, 2013, a net loss and net cash used in operating activities for the interim period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
The Company is seeking a suitable candidate for a business combination; however, the Company’s cash position may not be sufficient to support the Company’s daily operations. While the Company believes in the viability of its strategy to find a suitable candidate and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to find a suitable candidate and in its ability to raise additional funds. | |
The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Valuation_and_Depreciation_of_
Valuation and Depreciation of Office Equipment | 6 Months Ended |
Oct. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' |
Property, Plant and Equipment Disclosure [Text Block] | ' |
Note 4 – Valuation and Depreciation of Office Equipment | |
(i) Impairment | |
The Company completed the annual impairment test of office equipment and determined that there was no impairment as the fair value of office equipment substantially exceeded their carrying values at April 30, 2013. | |
(ii) Depreciation Expense | |
Depreciation expense was $688 and $1,512 for the interim periods ended October 31, 2013 and 2012, respectively. | |
Notes_Receivable
Notes Receivable | 6 Months Ended |
Oct. 31, 2013 | |
Receivables [Abstract] | ' |
Financing Receivables [Text Block] | ' |
Note 5 – Notes Receivable | |
On March 25, 2013, the Company purchased $100,000 of secured convertible notes (the “Note”) maturing on March 25, 2015 with interest payable annually at a rate of 6% per annum. On September 17, 2013, the maturity date of the Note was extended to September 17, 2015. | |
On September 17, 2013, the Company purchased $50,000 of secured convertible notes maturing on September 17, 2015 with interest payable annually at a rate of 6% per annum. | |
Impairment | |
On April 30, 2013, the Company completed the annual impairment test of its notes receivable and determined that there was a $100,000 impairment when, based on current information and events, collectability of the note was not reasonably assured. | |
On October 31, 2013, the Company determined that there was a $50,000 impairment of the current note receivable when, based on current information and events, collectability of the note was not reasonably assured. | |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions Disclosure [Text Block] | ' | |||||||
Note 6 – Related Party Transactions | ||||||||
Related Parties | ||||||||
Related parties with whom the Company had transactions are: | ||||||||
Related Parties | Relationship | |||||||
Trinad Capital Master Fund | Majority stockholder | |||||||
Trinad Management, LLC | An entity owned and controlled by majority stockholder | |||||||
Advances from Stockholders | ||||||||
From time to time, stockholders of the Company advance funds to the Company for working capital purposes. Those advances are unsecured, non-interest bearing and due on demand. | ||||||||
Notes Payable - Related Party | ||||||||
Notes payable – related party consisted of the following: | ||||||||
October 31, 2013 | April 30, 2013 | |||||||
On April 2, 2012, the Company signed a promissory note with the Trinad | $ | 150,000 | $ | 150,000 | ||||
Capital Master Fund for the amount of $150,000, with interest at 6% per | ||||||||
annum, with principal due on April 1, 2013 and the maturity date was | ||||||||
subsequently extended to November 1, 2014. | ||||||||
On June 21, 2012, the Company signed a promissory note with the Trinad | 150,000 | 150,000 | ||||||
Capital Master Fund for the amount of $150,000, with interest at 6% per | ||||||||
annum, with principal due on June 20, 2013 and the maturity date was | ||||||||
subsequently extended to November 1, 2014. | ||||||||
On May 13, 2013, the Company signed a promissory note with the Trinad | 10,000 | - | ||||||
Capital Master Fund for the amount of $10,000, with interest at 6% per | ||||||||
annum, with principle due on May 13, 2014. | ||||||||
On May 23, 2013, the Company signed a promissory note with the Trinad | 50,000 | - | ||||||
Capital Master Fund for the amount of $50,000, with interest at 6% per | ||||||||
annum, with principle due on May 23, 2014. | ||||||||
On June 17, 2013, the Company signed a promissory note with the Trinad | 100,000 | - | ||||||
Capital Master Fund for the amount of $100,000, with interest at 6% per | ||||||||
annum, with principle due on June 17, 2014. | ||||||||
On July 2, 2013, the Company signed a promissory note with the Trinad | 10,000 | - | ||||||
Capital Master Fund for the amount of $10,000, with interest at 6% per | ||||||||
annum, with principle due on July 2, 2014. | ||||||||
On July 3, 2013, the Company signed a promissory note with the Trinad | 30,000 | - | ||||||
Capital Master Fund for the amount of $30,000, with interest at 6% per | ||||||||
annum, with principle due on July 3, 2014. | ||||||||
$ | 500,000 | $ | 300,000 | |||||
Management Services from a Related Party | ||||||||
On September 23, 2011, the Company entered into a Management Agreement (“Management Agreement”) with Trinad Management, LLC (“Trinad LLC”). Pursuant to the Management Agreement, Trinad LLC has agreed to provide certain management services to the Company for a period of three (3) years expiring September 22, 2014, including, without limitation, the sourcing, structuring and negotiation of a potential business combination transaction involving the Company. Under the Management Agreement the Company will compensate Trinad LLC for its services with (i) a fee equal to $2,080,000, with $90,000 payable in advance of each consecutive three-month calendar period during the term of the Agreement and with $1,000,000 due at the end of the three (3) year term unless the Management Agreement is otherwise terminated earlier in accordance with its terms, and (ii) issuance of a Warrant to purchase 1,125,000 shares of the Company’s common stock at an exercise price of $0.15 per share (“Warrant”). The Company valued the warrant granted, using the Black-Scholes pricing model with the following weighted-average assumptions: | ||||||||
Expected life (years) | 10 | |||||||
Expected volatility | 118.18 | % | ||||||
Expected annual rate of quarterly dividends | 0 | % | ||||||
Risk-free interest rate | 1.84 | % | ||||||
The expected life is based on the expiration term of the warrants. As a thinly traded public entity it is not practicable for the Company to estimate the expected volatility of its share price. The Company selected five (5) comparable public companies listed on NYSE Amex or NASDAQ Capital Market within computer data service industry which the Company plans to engage in to calculate the expected volatility. The Company calculated those five (5) comparable companies’ historical volatility over the expected life of the options or warrants and averaged them as its expected volatility. Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy. The risk-free interest rate is based on a yield curve of U.S. treasury interest rates on the date of valuation based on the contractual life of the warrant. | ||||||||
The fair value of the warrant granted, estimated on the date of grant, was $82,575 and is being amortized over the period of service of three (3) years. | ||||||||
The Company (i)(a) recorded $30,000 per month for the $1,080,000 portion of the management services to be paid on a quarterly basis, accrued (i)(b) $27,778 per month for the $1,000,000 portion of the management services, due at the end of the three (3) year term; and (ii) recorded amortization of $2,294 per month for the fair value of the warrant portion of the management services issued on September 23, 2011 in connection with the Management Agreement, or $60,072 of management services per month in aggregate. | ||||||||
The management services from the related party were as follows: | ||||||||
For the Interim | For the Interim | |||||||
Period Ended | Period Ended | |||||||
October 31, | October 31, | |||||||
2013 | 2012 | |||||||
(i) (a) Management services billed or accrued on a quarterly basis | $ | 180,000 | $ | 180,000 | ||||
(i) (b) Long-term management services due at the end of the term accrued | 166,668 | 166,668 | ||||||
(ii) Amortization of the fair value of the warrant issued | 13,764 | 13,764 | ||||||
$ | 360,432 | $ | 360,432 | |||||
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 6 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 7 – Stockholders’ Equity (Deficit) | |||||||||||||||||||||
Shares Authorized | |||||||||||||||||||||
Upon formation, the total number of shares of all classes of stock which the Company is authorized to issue is Seventy Five Million (75,000,000) shares which shall be common stock, par value $.001 per share. | |||||||||||||||||||||
Sale of Common Stock or Equity Units | |||||||||||||||||||||
On April 21, 2010, the Company issued 4,000,000 shares of its common stock at $0.001 per share, to its sole Director, or $4,000 in cash. | |||||||||||||||||||||
In January 2011, the Company issued 430,000 shares of its common stock at $0.03 per share, or $12,900 in cash. | |||||||||||||||||||||
In February and March, 2011, the Company issued 540,000 shares of common stock at $0.03 per share, or $16,200 in cash. | |||||||||||||||||||||
During the fiscal year ended April 30, 2012, the Company issued 400,000 shares of its common stock to an unrelated third party at $1.00 per share, or $400,000 in cash. | |||||||||||||||||||||
In September 2012, the Company issued 275,000 shares of its common stock to unrelated third parties at $1.00 per share, or $275,000 in cash. | |||||||||||||||||||||
On November 15, 2012, the Company entered into a securities purchase agreement with an investor pursuant to which the Company issued the investor 100,000 shares of common stock for an aggregate purchase price of $100,000. | |||||||||||||||||||||
On December 13, 2012, the Company entered into a securities purchase agreement with an investor pursuant to which the Company issued the investor 200,000 shares of common stock for an aggregate purchase price of $200,000. | |||||||||||||||||||||
On February 6, 2013, the Company entered into a securities purchase agreement with an investor pursuant to which the Company issued the investor 50,000 shares of common stock for an aggregate purchase price of $50,000. | |||||||||||||||||||||
On August 28, 2013, the Company entered into a securities purchase agreement with an investor pursuant to which the Company issued the investor 250,000 shares of common stock for an aggregate purchase price of $250,000. | |||||||||||||||||||||
On September 19, 2013, the Company entered into a securities purchase agreement with an investor pursuant to which the Company issued the investor 300,000 shares of common stock for an aggregate purchase price of $300,000. | |||||||||||||||||||||
On October 7, 2013, the Company entered into a securities purchase agreement with an investor pursuant to which the Company issued the investor 400,000 shares of common stock for an aggregate purchase price of $400,000. | |||||||||||||||||||||
On October 8, 2013, the Company entered into a securities purchase agreement with an investor pursuant to which the Company agreed to issue the investor 1,000,000 shares of common stock for $1,000,000; however, as of the date of this Quarterly Report, this transaction has not closed because the investor has not made timely payment under the agreement. | |||||||||||||||||||||
On October 30, 2013, the Company entered into a securities purchase agreement with an investor pursuant to which the Company issued the investor 300,000 shares of common stock for an aggregate purchase price of $300,000. | |||||||||||||||||||||
Issuance of Common Stock for Obtaining Employee Services | |||||||||||||||||||||
Authorization of Stock Grants to Directors and Directors/Consultants | |||||||||||||||||||||
Mr. Krigsman | |||||||||||||||||||||
On January 29, 2013, the Company granted Mr. Krigsman 100,000 shares of the Company’s restricted common stock in conjunction with his appointment to the Company's board of directors. These restricted shares will be vested in one (1) year, with a two (2) year lock-up period after vesting. These restricted shares were valued at $1.00 per share, the most recent PPM price, or $ 100,000 on the date of grant and are being amortized over the vesting period, or $25,000 per quarter as directors' fees. For the six months ended October 31, 2013 the Company recognized $50,000 as directors' fees. | |||||||||||||||||||||
Mr. Schleimer | |||||||||||||||||||||
On January 29, 2013, the Company granted Mr. Schleimer 100,000 shares of the Company’s restricted common stock in conjunction with his appointment to the Company's board of directors. These restricted shares will be vested in one (1) year, with a two (2) year lock-up period after vesting. These restricted shares were valued at $1.00 per share, the most recent PPM price, or $100,000 on the date of grant and are being amortized over the vesting period, or $25,000 per quarter as directors' fees. For the six months ended October 31, 2013 the Company recognized $25,000 as directors' fees. | |||||||||||||||||||||
In addition, on January 29, 2013, the Company awarded Mr. Schleimer an option to purchase 250,000 shares of the Company’s common stock exercisable at $0.75 per share expiring seven (7) years from the date of grant in conjunction with his future consulting services for a period of one (1) year, which vested upon grant. The fair value of the share option granted, estimated on the date of grant, was $170,000 using the Black-Scholes option-pricing model. The Company recorded the entire amount of $170,000 as consulting fees on the date of grant as the option was fully vested. | |||||||||||||||||||||
On August 21, 2013, Mr. Schleimer resigned from the Company's board of directors as well as a consultant to the Company. Upon Mr. Schleimer's resignation, the Company and Mr. Schleimer reached an agreement, whereby 100,000 shares of the Company's common stock was forfeited and the option was deemed earned. For financial reporting purposes the Company (a) recognized $50,000 in director's compensation for the vested shares; (b) reversed $50,000 in deferred compensation for the unvested shares; and (c) recorded 50,000 vested shares as forfeited using the treasury method, by debiting Common Stock and crediting Additional Paid in Capital at par value of $0.001 per share or $50. | |||||||||||||||||||||
Issuance of Common Stock to Parties Other Than Employees for Acquiring Goods or Services | |||||||||||||||||||||
Advisory Board Agreements | |||||||||||||||||||||
On January 29, 2013, the Company entered into an Advisory Board Agreement (“Advisory Agreement”) with four (4) individuals. Pursuant to the Advisory Agreement, the Advisory Board Members agreed to provide advisory service to the Board and officers of the Company on various business matters for one (1) year in exchange for 100,000 shares each or 400,000 shares in aggregate of the restricted common stock of the Company. The restricted shares will vest after two (2) years, and are subject to a lock-up period of two (2) years after vesting. These restricted shares were valued at $1.00 per share or $400,000 in aggregate on the date of grant and are being amortized over the service period, or $50,000 per quarter as consulting fees. For the six months ended October 31, 2013, the Company recognized $100,000 as consulting fees. | |||||||||||||||||||||
During the interim period ended October 31, 2013, the Company entered into Advisory Agreements with four (4) individuals. Pursuant to the Advisory Agreement, the Advisory Board Members agreed to provide advisory service to the Board and officers of the Company on various business matters for one (1) year in exchange for 100,000 shares each or 400,000 shares in aggregate of the restricted common stock of the Company. The restricted shares will vest after one (1) year, and are subject to a lock-up period of one (1) year after vesting. These restricted shares were valued at $1.00 per share or $400,000 in aggregate on the date of grant and are being amortized over the service period, or $100,000 per quarter as consulting fees. For the six months ended October 31, 2013, the Company recognized $33,333 as consulting fees. | |||||||||||||||||||||
Authorization of Stock Grants to Consultants | |||||||||||||||||||||
On January 29, 2013, the Company entered into five (5) Consulting Services Agreements (“Consulting Agreements”) with five (5) consultants. Pursuant to the Consulting Agreements, the Company agreed to issue a total of 160,000 shares of the Company’s restricted common stock to consultants for services to be performed for one (1) year. These shares will vest in two (2) years, and are subject to a lock-up period of two (2) years after vesting. These restricted shares were valued at $1.00 per share or $160,000 on the date of grant and are being amortized over the service period, or $20,000 per quarter as consulting fees. For the six months ended October 31, 2013, the Company recognized $40,000 as consulting fees. | |||||||||||||||||||||
Warrants | |||||||||||||||||||||
(i) Warrants Issued in September 2011 | |||||||||||||||||||||
On September 23, 2011, pursuant to the Management Agreement, the Company issued Trinad LLC a Warrant to purchase 1,125,000 shares of the Company’s common stock at an exercise price of $0.15 per share expiring ten (10) years from the date of issuance. | |||||||||||||||||||||
Summary of Warrant Activities | |||||||||||||||||||||
The table below summarizes the Company’s warrant activities: | |||||||||||||||||||||
Number of | Exercise | Weighted Average | Fair Value at | Aggregate | |||||||||||||||||
Warrant Shares | Price Range | Exercise Price | Date of | Intrinsic | |||||||||||||||||
Per Share | Issuance | Value | |||||||||||||||||||
Balance, April 30, 2013 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | $ | - | ||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||
Canceled for cashless exercise | (-) | - | - | - | - | ||||||||||||||||
Exercised (Cashless) | (-) | - | - | - | - | ||||||||||||||||
Exercised | (-) | - | - | - | - | ||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||
Balance, October 31, 2013 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | - | |||||||||||||
Amortized, October 31, 2013 | 781,250 | 0.15 | 0.15 | 57,350 | - | ||||||||||||||||
Unamortized, October 31, 2013 | 343,750 | $ | 0.15 | $ | 0.15 | $ | 25,225 | - | |||||||||||||
The following table summarizes information concerning outstanding and exercisable warrants as of October 31, 2013: | |||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||
Range of | Number | Average | Weighted | Number | Average | Weighted | |||||||||||||||
Exercise | Outstanding | Remaining | Average | Exercisable | Remaining | Average | |||||||||||||||
Prices | Contractual Life | Exercise | Contractual Life | Exercise | |||||||||||||||||
(in years) | Price | (in years) | Price | ||||||||||||||||||
$ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | ||||||||||||
$ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | ||||||||||||
Options | |||||||||||||||||||||
On January 29, 2013, the Company granted a stock option to a Director to purchase 250,000 shares of the Company’s common stock exercisable at $0.75 per share expiring seven (7) years from the date of grant in conjunction with his consulting services performed for the Company. The options vested upon grant. The Company estimated the fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||
January 29, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Expected life (year) | 7 | ||||||||||||||||||||
Expected volatility | 127.55 | % | |||||||||||||||||||
Risk-free interest rate | 1.21 | % | |||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||
Expected volatility is based on historical volatility for the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of the option is likely to differ materially from its historical volatility. The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the expected term of the share options or equity instruments. Expected dividend yield is based on our dividend history and anticipated dividend policy. | |||||||||||||||||||||
The fair value of share options or equity instruments granted, estimated on the date of grant, using the Black-Scholes option-pricing model, was $170,000. The Company recorded the entire amount as consulting fees on the date of grant. | |||||||||||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 8 – Subsequent Events | |
The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The management of the Company determined that there were no reportable subsequent event(s) to be disclosed. | |
Significant_and_Critical_Accou1
Significant and Critical Accounting Policies and Practices (Policies) | 6 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Basis of Accounting, Policy [Policy Text Block] | ' | |||||||
Basis of Presentation - Unaudited Interim Financial Information | ||||||||
The accompanying unaudited interim consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the fiscal year ended April 30, 2013 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on July 29, 2013. | ||||||||
Fiscal Period, Policy [Policy Text Block] | ' | |||||||
Fiscal Year End | ||||||||
The Company elected April 30 th as its fiscal year ending date. | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s). | ||||||||
Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimate(s) and assumption(s) affecting the financial statements was (were): | ||||||||
(i) | Assumption as a going concern: Management assumes that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business; | |||||||
(ii) | Fair value of long-lived assets: Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events; | |||||||
(iii) | Valuation allowance for deferred tax assets: Management assumes that the realization of the Company’s net deferred tax assets resulting from its net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b) general economic conditions, and (c) its ability to raise additional funds to support its daily operations by way of a public or private offering, among other factors; | |||||||
(iv) | Estimates and assumptions used in valuation of equity instruments: Management estimates expected term of share options and similar instruments, expected volatility of the Company’s common shares and the method used to estimate it, expected annual rate of quarterly dividends, and risk free rate(s) to value share options and similar instruments. | |||||||
These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. | ||||||||
Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. | ||||||||
Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. | ||||||||
Actual results could differ from those estimates. | ||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||
Fair Value of Financial Instruments | ||||||||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: | ||||||||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | |||||||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | |||||||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | |||||||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | ||||||||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | ||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. | ||||||||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | ||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||
Carrying Value, Recoverability and Impairment of Long-Lived Assets | ||||||||
The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, which include office equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. | ||||||||
The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events. | ||||||||
The impairment charges, if any, are included in operating expenses in the accompanying statements of operations. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
Cash Equivalents | ||||||||
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | ||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||
Office Equipment | ||||||||
Office equipment is recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of office equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of five (5) years. Upon sale or retirement of office equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations. | ||||||||
Receivables, Policy [Policy Text Block] | ' | |||||||
Notes Receivable | ||||||||
Notes receivable are recorded at cost, net of accumulated impairment. Interest income is recorded when collectability is reasonably assured. | ||||||||
Related Party Transaction [Policy Text Block] | ' | |||||||
Related Parties | ||||||||
The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. | ||||||||
Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. | ||||||||
The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. | ||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | |||||||
Commitments and Contingencies | ||||||||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | ||||||||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | ||||||||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | ||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||
Stock-Based Compensation for Obtaining Employee Services | ||||||||
The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum ("PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | ||||||||
The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: | ||||||||
⋅ | Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding. Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior into the fair value (or calculated value) of the instruments. Pursuant to paragraph 718-10-S99-1, it may be appropriate to use the simplified method , i.e., expected term =(vesting term + original contractual term) / 2), if (i) A company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded; (ii) A company significantly changes the terms of its share option grants or the types of employees that receive share option grants such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term; or (iii) A company has or expects to have significant structural changes in its business such that its historical exercise data may no longer provide a reasonable basis upon which to estimate expected term. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. | |||||||
⋅ | Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | |||||||
⋅ | Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. | |||||||
⋅ | Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Department of the Treasury’s daily treasury yield curve rates in effect at the time of grant for periods within the expected term of the share options and similar instruments. | |||||||
The Company’s policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. | ||||||||
Equity Instruments Issued [Policy Text Block] | ' | |||||||
Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services | ||||||||
The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). | ||||||||
Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | ||||||||
The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: | ||||||||
⋅ | Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments will be used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. | |||||||
⋅ | Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of the Company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. | |||||||
⋅ | Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. | |||||||
⋅ | Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Department of the Treasury’s daily treasury yield curve rates in effect at the time of grant for periods within the expected term of the share options and similar instruments. | |||||||
Pursuant to ASC paragraph 505-50-25-7, if fully vested, non-forfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, non-forfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to nonemployees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic. | ||||||||
Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. | ||||||||
Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded. | ||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||
Income Tax Provision | ||||||||
The Company follows paragraph 740-10-30-2 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | ||||||||
The Company adopted the provisions of paragraph 740-10-25-13 of the FASB Accounting Standards Codification. Paragraph 740-10-25-13 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of paragraph 740-10-25-13. | ||||||||
The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary. | ||||||||
Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. | ||||||||
Income Tax Uncertainties, Policy [Policy Text Block] | ' | |||||||
Uncertain Tax Positions | ||||||||
The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the interim period ended October 31, 2013 or 2012. | ||||||||
Limitation On Utilization Of Nols [Policy Text Block] | ' | |||||||
Limitation on Utilization of NOLs due to Change in Control | ||||||||
Pursuant to the Internal Revenue Code Section 382 (“Section 382”), certain ownership changes may subject the NOL’s to annual limitations which could reduce or defer the NOL. Section 382 imposes limitations on a corporation’s ability to utilize NOLs if it experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. In the event of an ownership change, utilization of the NOLs would be subject to an annual limitation under Section 382 determined by multiplying the value of its stock at the time of the ownership change by the applicable long-term tax-exempt rate. Any unused annual limitation may be carried over to later years. The imposition of this limitation on its ability to use the NOLs to offset future taxable income could cause the Company to pay U.S. federal income taxes earlier than if such limitation were not in effect and could cause such NOLs to expire unused, reducing or eliminating the benefit of such NOLs. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||
Net Income (Loss) per Common Share | ||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. | ||||||||
The following table shows the potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | ||||||||
Potentially Outstanding Dilutive | ||||||||
Common Shares | ||||||||
For the interim | For the interim | |||||||
period ended | period ended | |||||||
October 31, | October 31, | |||||||
2013 | 2012 | |||||||
On September 23, 2011, a warrant issued to Trinad Management LLC as compensation | 1,125,000 | 1,125,000 | ||||||
to purchase 1,125,000 shares of the Company’s common stock with an exercise price | ||||||||
of $0.15 per share expiring ten (10) years from date of issuance | ||||||||
On January 29, 2013, an option issued to a former Director as compensation to | 250,000 | - | ||||||
purchase 250,000 shares of the Company’s common stock with an exercise | ||||||||
price of $0.75 per share expiring seven (7) years from date of issuance | ||||||||
Total potentially outstanding dilutive common shares | 1,375,000 | 1,125,000 | ||||||
Cash Flow Reporting [Policy Text Block] | ' | |||||||
Cash Flows Reporting | ||||||||
The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. | ||||||||
Subsequent Events, Policy [Policy Text Block] | ' | |||||||
Subsequent Events | ||||||||
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||
Recently Issued Accounting Pronouncements | ||||||||
In January 2013, the FASB issued ASU No. 2013-01, " Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ". This ASU clarifies that the scope of ASU No. 2011-11, " Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities" applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. | ||||||||
In February 2013, the FASB issued ASU No. 2013-02, " Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The ASU adds new disclosure requirements for items reclassified out of accumulated other comprehensive income by component and their corresponding effect on net income. The ASU is effective for public entities for fiscal years beginning after December 15, 2013. | ||||||||
In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, " Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date." This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013. | ||||||||
In March 2013, the FASB issued ASU No. 2013-05, " Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ." This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance outlines the events when cumulative translation adjustments should be released into net income and is intended by FASB to eliminate some disparity in current accounting practice. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. | ||||||||
In March 2013, the FASB issued ASU 2013-07, “Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting.” The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments require financial statements prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any items it had not previously recognized under U.S. GAAP but that it expects to either sell in liquidation or use in settling liabilities (for example, trademarks). The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. | ||||||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. | ||||||||
Significant_and_Critical_Accou2
Significant and Critical Accounting Policies and Practices (Tables) | 6 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||
The following table shows the potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation as they were anti-dilutive: | ||||||||
Potentially Outstanding Dilutive | ||||||||
Common Shares | ||||||||
For the interim | For the interim | |||||||
period ended | period ended | |||||||
October 31, | October 31, | |||||||
2013 | 2012 | |||||||
On September 23, 2011, a warrant issued to Trinad Management LLC as compensation | 1,125,000 | 1,125,000 | ||||||
to purchase 1,125,000 shares of the Company’s common stock with an exercise price | ||||||||
of $0.15 per share expiring ten (10) years from date of issuance | ||||||||
On January 29, 2013, an option issued to a former Director as compensation to | 250,000 | - | ||||||
purchase 250,000 shares of the Company’s common stock with an exercise | ||||||||
price of $0.75 per share expiring seven (7) years from date of issuance | ||||||||
Total potentially outstanding dilutive common shares | 1,375,000 | 1,125,000 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||
Notes payable – related party consisted of the following: | ||||||||
October 31, 2013 | April 30, 2013 | |||||||
On April 2, 2012, the Company signed a promissory note with the Trinad | $ | 150,000 | $ | 150,000 | ||||
CapitalMaster Fund for the amount of $150,000, with interest at 6% per | ||||||||
annum, withprincipal due on April 1, 2013 and the maturity date was | ||||||||
subsequently extendedto November 1, 2014. | ||||||||
On June 21, 2012, the Company signed a promissory note with the Trinad | 150,000 | 150,000 | ||||||
Capital Master Fund for the amount of $150,000, with interest at 6% per | ||||||||
annum, with principal due on June 20, 2013 and the maturity date was | ||||||||
subsequently extended to November 1, 2014. | ||||||||
On May 13, 2013, the Company signed a promissory note with the Trinad | 10,000 | - | ||||||
Capital Master Fund for the amount of $10,000, with interest at 6% per | ||||||||
annum, with principle due on May 13, 2014. | ||||||||
On May 23, 2013, the Company signed a promissory note with the Trinad | 50,000 | - | ||||||
Capital Master Fund for the amount of $50,000, with interest at 6% per | ||||||||
annum, with principle due on May 23, 2014. | ||||||||
On June 17, 2013, the Company signed a promissory note with the Trinad | 100,000 | - | ||||||
Capital Master Fund for the amount of $100,000, with interest at 6% per | ||||||||
annum, with principle due on June 17, 2014. | ||||||||
On July 2, 2013, the Company signed a promissory note with the Trinad | 10,000 | - | ||||||
Capital Master Fund for the amount of $10,000, with interest at 6% per | ||||||||
annum, with principle due on July 2, 2014. | ||||||||
On July 3, 2013, the Company signed a promissory note with the Trinad | 30,000 | - | ||||||
Capital Master Fund for the amount of $30,000, with interest at 6% per | ||||||||
annum, with principle due on July 3, 2014. | ||||||||
$ | 500,000 | $ | 300,000 | |||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||
The Company valued the warrant granted, using the Black-Scholes pricing model with the following weighted-average assumptions: | ||||||||
Expected life (years) | 10 | |||||||
Expected volatility | 118.18 | % | ||||||
Expected annual rate of quarterly dividends | 0 | % | ||||||
Risk-free interest rate | 1.84 | % | ||||||
Schedule Of Management Services From Related Party [Table Text Block] | ' | |||||||
The management services from the related party were as follows: | ||||||||
For the Interim | For the Interim | |||||||
Period Ended | Period Ended | |||||||
October 31, | October 31, | |||||||
2013 | 2012 | |||||||
(i) (a) Management services billed or accrued on a quarterly basis | $ | 180,000 | $ | 180,000 | ||||
(i) (b) Long-term management services due at the end of the term accrued | 166,668 | 166,668 | ||||||
(ii) Amortization of the fair value of the warrant issued | 13,764 | 13,764 | ||||||
$ | 360,432 | $ | 360,432 | |||||
Stockholders_Equity_Deficit_Ta
Stockholders' Equity (Deficit) (Tables) | 6 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||||||||||||
The table below summarizes the Company’s warrant activities: | |||||||||||||||||||||
Number of | Exercise | Weighted Average | Fair Value at | Aggregate | |||||||||||||||||
Warrant Shares | Price Range | Exercise Price | Date of | Intrinsic | |||||||||||||||||
Per Share | Issuance | Value | |||||||||||||||||||
Balance, April 30, 2013 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | $ | - | ||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||
Canceled for cashless exercise | (-) | - | - | - | - | ||||||||||||||||
Exercised (Cashless) | (-) | - | - | - | - | ||||||||||||||||
Exercised | (-) | - | - | - | - | ||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||
Balance, October 31, 2013 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | - | |||||||||||||
Amortized, October 31, 2013 | 781,250 | 0.15 | 0.15 | 57,350 | - | ||||||||||||||||
Unamortized, October 31, 2013 | 343,750 | $ | 0.15 | $ | 0.15 | $ | 25,225 | - | |||||||||||||
Schedule Of Outstanding And Exercisable Warrants [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes information concerning outstanding and exercisable warrants as of October 31, 2013: | |||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||
Range of | Number | Average | Weighted | Number | Average | Weighted | |||||||||||||||
Exercise | Outstanding | Remaining | Average | Exercisable | Remaining | Average | |||||||||||||||
Prices | Contractual Life | Exercise | Contractual Life | Exercise | |||||||||||||||||
(in years) | Price | (in years) | Price | ||||||||||||||||||
$ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | ||||||||||||
$ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | 1,125,000 | 7.9 | $ | 0.15 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||
The Company estimated the fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||
January 29, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Expected life (year) | 7 | ||||||||||||||||||||
Expected volatility | 127.55 | % | |||||||||||||||||||
Risk-free interest rate | 1.21 | % | |||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||
Organization_and_Operations_De
Organization and Operations (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Oct. 07, 2013 | Oct. 31, 2013 | Oct. 30, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2012 | Jan. 31, 2011 | Mar. 31, 2011 | Oct. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2012 | |
Stock Issued During Period, Shares, New Issues | 400,000 | 1,000,000 | 300,000 | 300,000 | 250,000 | 50,000 | 200,000 | 100,000 | 275,000 | 430,000 | 540,000 | ' | ' | 400,000 |
Issuance of common shares for cash | $400,000 | $1,000,000 | $300,000 | $300,000 | $250,000 | $50,000 | $200,000 | $100,000 | $275,000 | $12,900 | $16,200 | $1,250,000 | $375,000 | $400,000 |
Securities Purchase Agreement [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Agreement Initiation Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Sep-11 | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' |
Percentage Of Stock Issued During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' |
Issuance of common shares for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $311,615 | ' | ' |
Significant_and_Critical_Accou3
Significant and Critical Accounting Policies and Practices (Details) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Total potentially outstanding dilutive common shares | 1,375,000 | 1,125,000 |
Warrant [Member] | ' | ' |
Potentially Outstanding Dilutive Common Shares | 1,125,000 | 1,125,000 |
Equity Option [Member] | ' | ' |
Potentially Outstanding Dilutive Common Shares | 250,000 | 0 |
Significant_and_Critical_Accou4
Significant and Critical Accounting Policies and Practices (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||
Oct. 31, 2013 | Apr. 30, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Warrant [Member] | Equity Option [Member] | Accounting Standards Update No 2013 01 [Member] | Accounting Standards Update No 2013 02 [Member] | Accounting Standards Update No 2013 04 [Member] | Accounting Standards Update No 2013 05 [Member] | Accounting Standards Update No 2013 07 [Member] | Office Equipment [Member] | ||
Investment Warrants, Exercise Price | ' | $0.15 | $0.75 | ' | ' | ' | ' | ' | ' |
Warrants Term | ' | '10 years | '7 years | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
Description Of Nature Of Ownership Change | 'In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Examination, Likelihood of Unfavorable Settlement | 'The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. | ' | ' | ' | ' | ' | ' | ' | ' |
New Accounting Pronouncement or Change in Accounting Principle, Description | ' | ' | ' | 'In January 2013, the FASB issued ASU No. 2013-01, " Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ". This ASU clarifies that the scope of ASU No. 2011-11, " Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities" applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. | 'In February 2013, the FASB issued ASU No. 2013-02, " Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The ASU adds new disclosure requirements for items reclassified out of accumulated other comprehensive income by component and their corresponding effect on net income. The ASU is effective for public entities for fiscal years beginning after December 15, 2013. | 'In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, " Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date." This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013. | 'In March 2013, the FASB issued ASU No. 2013-05, " Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ." This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance outlines the events when cumulative translation adjustments should be released into net income and is intended by FASB to eliminate some disparity in current accounting practice. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. | 'In March 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entitys governing documents from the entitys inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entitys inception. The amendments require financial statements prepared using the liquidation basis of accounting to present relevant information about an entitys expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any items it had not previously recognized under U.S. GAAP but that it expects to either sell in liquidation or use in settling liabilities (for example, trademarks). The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. | ' |
Valuation_and_Depreciation_of_1
Valuation and Depreciation of Office Equipment (Details Textual) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Depreciation expense | $688 | $1,512 |
Notes_Receivable_Details_Textu
Notes Receivable (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Oct. 31, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 17, 2013 | Mar. 25, 2013 | |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | $50,000 | $100,000 |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% |
Debt Instrument, Maturity Date | ' | 17-Sep-15 | ' | ' | ' | 25-Mar-15 | ' | ' | ' |
Impairment Of Notes Receivable | $50,000 | ' | $100,000 | $50,000 | $0 | $50,000 | $0 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Apr. 02, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Jun. 21, 2012 | Oct. 31, 2013 | 13-May-13 | Apr. 30, 2013 | Oct. 31, 2013 | 23-May-13 | Apr. 30, 2013 | Oct. 31, 2013 | Jun. 17, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Jul. 02, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Jul. 03, 2013 | Apr. 30, 2013 |
Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | |||
Promissory Note One [Member] | Promissory Note One [Member] | Promissory Note One [Member] | Promissory Note Two [Member] | Promissory Note Two [Member] | Promissory Note Two [Member] | Promissory Note Three [Member] | Promissory Note Three [Member] | Promissory Note Three [Member] | Promissory Note Four [Member] | Promissory Note Four [Member] | Promissory Note Four [Member] | Promissory Note Five [Member] | Promissory Note Five [Member] | Promissory Note Five [Member] | Promissory Note Six [Member] | Promissory Note Six [Member] | Promissory Note Six [Member] | Promissory Note Seven [Member] | Promissory Note Seven [Member] | Promissory Note Seven [Member] | |||
Notes payable - related party | $500,000 | $300,000 | $150,000 | $150,000 | $150,000 | $150,000 | $150,000 | $150,000 | $10,000 | $10,000 | $0 | $50,000 | $50,000 | $0 | $100,000 | $100,000 | $0 | $10,000 | $10,000 | $0 | $30,000 | $30,000 | $0 |
Related_Party_Transactions_Det1
Related Party Transactions (Details 1) | 9 Months Ended | 6 Months Ended |
Jan. 31, 2013 | Oct. 31, 2013 | |
Warrant [Member] | ||
Expected life (years) | '7 years | '10 years |
Expected volatility | 127.55% | 118.18% |
Expected annual rate of quarterly dividends | 0.00% | 0.00% |
Risk-free interest rate | 1.21% | 1.84% |
Related_Party_Transactions_Det2
Related Party Transactions (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
(i) (a) Management services billed or accrued on a quarterly basis | ' | ' | $180,000 | $180,000 |
(i) (b) Long-term management services due at the end of the term accrued | ' | ' | 166,668 | 166,668 |
(ii) Amortization of the fair value of the warrant issued | ' | ' | 13,764 | 13,764 |
Service Management Costs | $180,216 | $180,216 | $360,432 | $360,432 |
Related_Party_Transactions_Det3
Related Party Transactions (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2011 | Oct. 31, 2013 | Sep. 17, 2013 | Apr. 30, 2013 | Mar. 25, 2013 | Apr. 30, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Apr. 02, 2012 | Jun. 30, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Jun. 21, 2012 | 13-May-13 | Oct. 31, 2013 | Apr. 30, 2013 | 23-May-13 | Oct. 31, 2013 | Apr. 30, 2013 | Jun. 17, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Jul. 02, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Jul. 03, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Sep. 23, 2011 | |
Promissory Note One [Member] | Promissory Note One [Member] | Promissory Note One [Member] | Promissory Note One [Member] | Promissory Note Two [Member] | Promissory Note Two [Member] | Promissory Note Two [Member] | Promissory Note Two [Member] | Promissory Note Three [Member] | Promissory Note Three [Member] | Promissory Note Three [Member] | Promissory Note Four [Member] | Promissory Note Four [Member] | Promissory Note Four [Member] | Promissory Note Five [Member] | Promissory Note Five [Member] | Promissory Note Five [Member] | Promissory Note Six [Member] | Promissory Note Six [Member] | Promissory Note Six [Member] | Promissory Note Seven [Member] | Promissory Note Seven [Member] | Promissory Note Seven [Member] | Management Agreement With Trinad Management Llc [Member] | |||||||
Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | Trinad Capital Master Fund [Member] | ||||||||
Note payable - related party | ' | ' | $500,000 | ' | $300,000 | ' | ' | $150,000 | $150,000 | $150,000 | ' | $150,000 | $150,000 | $150,000 | $10,000 | $10,000 | $0 | $50,000 | $50,000 | $0 | $100,000 | $100,000 | $0 | $10,000 | $10,000 | $0 | $30,000 | $30,000 | $0 | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | 6.00% | ' | 6.00% | ' | ' | ' | 6.00% | ' | ' | ' | 6.00% | 6.00% | ' | ' | 6.00% | ' | ' | 6.00% | ' | ' | 6.00% | ' | ' | 6.00% | ' | ' | ' |
Debt Instrument, Maturity Date | 17-Sep-15 | ' | 25-Mar-15 | ' | ' | ' | 1-Apr-13 | ' | ' | ' | 20-Jun-13 | ' | ' | ' | 13-May-14 | ' | ' | 23-May-14 | ' | ' | 17-Jun-14 | ' | ' | 2-Jul-14 | ' | ' | 3-Jul-14 | ' | ' | ' |
Debt Instrument Extended Maturity Date | ' | ' | ' | ' | ' | ' | 1-Nov-14 | ' | ' | ' | 1-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Management Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Service Management Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22-Sep-14 |
Service Management Cost Description | ' | ' | 'Under theManagement Agreement the Company will compensate Trinad LLC for its services with (i) a fee equal to $2,080,000, with$90,000 payable in advance of eachconsecutive three-month calendar period during the term of the Agreement andwith $1,000,000 due at the end of the three (3) year term unless the Management Agreementis otherwiseterminated earlier in accordance with its terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Fair Value | ' | ' | 82,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Period For Warrants Granted | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | 1,125,000 | ' | 1,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,125,000 |
Aggregate Service Management Costs | ' | 60,072 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Agreement Initiation Date | ' | 23-Sep-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 |
Service Management Costs On Quarterly Basis Per Month | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Management Costs Long Term Per Month | ' | 27,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Of Fair Value Of Warrant Issued Per Month | ' | $2,294 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Services Payment Description | ' | 'The Company (i)(a) recorded $30,000 per month for the $1,080,000 portion of the management services to be paid on a quarterly basis, accrued (i)(b) $27,778 per month for the $1,000,000 portion of the management services, due at the end of the three (3) year term; and (ii) recorded amortization of $2,294 per month for the fair value of the warrant portion of the management services issued on September 23, 2011 in connection with the Management Agreement, or $60,072 of management services per month in aggregate. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Deficit_De
Stockholders' Equity (Deficit) (Details) (USD $) | 6 Months Ended |
Oct. 31, 2013 | |
Balance, April 30, 2013 - Number of Warrant Shares | 1,125,000 |
Granted - Number of Warrant Shares | 0 |
Canceled for cashless exercise - Number of Warrant Shares | 0 |
Exercised (Cashless) - Number of Warrant Shares | 0 |
Exercised - Number of Warrant Shares | 0 |
Expired - Number of Warrant Shares | 0 |
Balance, October 31, 2013 - Number of Warrant Shares | 1,125,000 |
Amortized, October 31, 2013 - Number of Warrant Shares | 781,250 |
Unamortized, October 31, 2013 - Number of Warrant Shares | 343,750 |
Balance, April 30, 2013 - Exercise Price Range Per Share | $0.15 |
Granted - Exercise Price Range Per Share | $0 |
Canceled for cashless exercise - Exercise Price Range Per Share | $0 |
Exercised (Cashless) - Exercise Price Range Per Share | $0 |
Exercised - Exercise Price Range Per Share | $0 |
Expired - Exercise Price Range Per Share | $0 |
Balance, October 31, 2013 - Exercise Price Range Per Share | $0.15 |
Amortized, October 31, 2013 - Exercise Price Range Per Share | $0.15 |
Unamortized, October 31, 2013 - Exercise Price Range Per Share | $0.15 |
Balance, April 30, 2013 - Weighted Average Exercise Price | $0.15 |
Granted - Weighted Average Exercise Price | $0 |
Canceled for cashless exercise - Weighted Average Exercise Price | $0 |
Exercised (Cashless) - Weighted Average Exercise Price | $0 |
Exercised - Weighted Average Exercise Price | $0 |
Expired - Weighted Average Exercise Price | $0 |
Balance, October 31, 2013 - Weighted Average Exercise Price | $0.15 |
Amortized, October 31, 2013 - Weighted Average Exercise Price | $0.15 |
Unamortized, October 31, 2013 - Weighted Average Exercise Price | $0.15 |
Balance, April 30, 2013 - Fair Value at Date of Issuance | $82,575 |
Granted - Fair Value at Date of Issuance | 0 |
Canceled for cashless exercise - Fair Value at Date of Issuance | 0 |
Exercised (Cashless) - Fair Value at Date of Issuance | 0 |
Exercised - Fair Value at Date of Issuance | 0 |
Expired - Fair Value at Date of Issuance | 0 |
Balance, October 31, 2013 - Fair Value at Date of Issuance | 82,575 |
Amortized, October 31, 2013 - Fair Value at Date of Issuance | 57,350 |
Unamortized, October 31, 2013 - Fair Value at Date of Issuance | 25,225 |
Balance, April 30, 2013 - Aggregate Intrinsic Value | 0 |
Granted - Aggregate Intrinsic Value | 0 |
Canceled for cashless exercise - Aggregate Intrinsic Value | 0 |
Exercised (Cashless) - Aggregate Intrinsic Value | 0 |
Exercised - Aggregate Intrinsic Value | 0 |
Expired - Aggregate Intrinsic Value | 0 |
Balance, October 31, 2013 - Aggregate Intrinsic Value | 0 |
Amortized, October 31, 2013 - Aggregate Intrinsic Value | 0 |
Unamortized, October 31, 2013 - Aggregate Intrinsic Value | $0 |
Stockholders_Equity_Deficit_De1
Stockholders' Equity (Deficit) (Details 1) (USD $) | 6 Months Ended |
Oct. 31, 2013 | |
Range of Exercise Prices Warrants Outstanding One | $0.15 |
Range of Exercise Prices Warrants Outstanding Two | $0.15 |
Range of Exercise Prices Warrants Exercisable One | $0.15 |
Range of Exercise Prices Warrants Exercisable Two | $0.15 |
Warrants Outstanding | ' |
Number Outstanding One | 1,125,000 |
Number Outstanding Two | 1,125,000 |
Weighted Average Remaining Contractual Life One (in years) | '7 years 10 months 24 days |
Weighted Average Remaining Contractual Life Two (in years) | '7 years 10 months 24 days |
Weighted Average Exercise Price One | $0.15 |
Weighted Average Exercise Price Two | $0.15 |
Warrants Exercisable | ' |
Number Exercisable One | 1,125,000 |
Number Exercisable Two | 1,125,000 |
Weighted Average Remaining Contractual Life One (in years) | '7 years 10 months 24 days |
Weighted Average Remaining Contractual Life Two (in years) | '7 years 10 months 24 days |
Weighted Average Exercise Price One | $0.15 |
Weighted Average Exercise Price Two | $0.15 |
Stockholders_Equity_Deficit_De2
Stockholders' Equity (Deficit) (Details 2) | 9 Months Ended |
Jan. 31, 2013 | |
Expected life (year) | '7 years |
Expected volatility | 127.55% |
Risk-free interest rate | 1.21% |
Expected annual rate of quarterly dividends | 0.00% |
Stockholders_Equity_Deficit_De3
Stockholders' Equity (Deficit) (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | |||||||||||||||||
Oct. 07, 2013 | Oct. 31, 2013 | Oct. 30, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Feb. 28, 2013 | Jan. 29, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2012 | Jan. 31, 2011 | Mar. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 21, 2010 | Sep. 30, 2011 | Sep. 23, 2011 | Jan. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 29, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 29, 2013 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2013 | |
Warrant [Member] | Warrant [Member] | Employee Stock Option [Member] | Service Agreements [Member] | Service Agreements [Member] | Advisory Agreement One [Member] | Advisory Agreement One [Member] | Advisory Agreement One [Member] | Advisory Agreement Two [Member] | Advisory Agreement Two [Member] | Mr Schleimer [Member] | Mr Schleimer [Member] | Mr Schleimer [Member] | Mr. Krigsman [Member] | ||||||||||||||||||||
Common Stock, Shares Authorized | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | 75,000,000 | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 7,588,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,588,333 | ' | 7,588,333 | ' | 6,265,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued | ' | $7,588 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,588 | ' | $7,588 | ' | $6,265 | ' | $4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 400,000 | 1,000,000 | 300,000 | 300,000 | 250,000 | 50,000 | ' | 200,000 | 100,000 | 275,000 | 430,000 | 540,000 | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' |
Stock Issued During Period Price Per Share New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $0.03 | $0.03 | ' | ' | ' | ' | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash | 400,000 | 1,000,000 | 300,000 | 300,000 | 250,000 | 50,000 | ' | 200,000 | 100,000 | 275,000 | 12,900 | 16,200 | ' | ' | 1,250,000 | ' | 375,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000 | ' | 100,000 | 400,000 | ' | 100,000 | 400,000 | 100,000 | ' | 100,000 | 100,000 |
Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Vesting Period | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '2 years | ' | ' | '1 year | ' | '7 years | ' | '1 year |
Stock Issued During Period Per Share Restricted Stock Award Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | $1 | ' | ' | $1 | ' | $1 | ' | $1 |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000 | ' | ' | 400,000 | ' | ' | 400,000 | ' | 100,000 | ' | 100,000 |
Restricted Shares Amortization Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | 50,000 | ' | ' | 100,000 | ' | 25,000 | ' | 25,000 |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | 1,125,000 | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | $0.75 | ' | ' | ' | ' | ' | ' | ' | $0.75 | ' | ' | ' |
Warrants Expiry Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Option Expiration Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement By Share-based Payment Award, Options, Grants In Period, Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000 | ' | ' |
Stock Issued During Period, Value, New Issues | 400,000 | 1,000,000 | 300,000 | 300,000 | 250,000 | 50,000 | ' | 200,000 | 100,000 | 275,000 | 12,900 | 16,200 | ' | ' | 1,250,000 | ' | 375,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' |
Consulting Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,833 | 31,710 | 240,253 | 53,310 | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | 100,000 | ' | 33,333 | 170,000 | ' | ' | ' |
Directors compensation for vested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Deferred compensation for unvested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Number Of Vested Shares Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Adjustments To Additional Paid In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' |
Adjustments To Additional Paid In Capital Par Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' |