Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Apr. 27, 2014 | Jul. 29, 2014 | Jul. 25, 2014 | |
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 | ' | ' | 38,320,000 |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 27-Apr-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'Yes | ' | ' |
Entity Current Reporting Status | 'No | ' | ' |
Entity Public Float | ' | $0 | ' |
Balance_Sheets
Balance Sheets (USD $) | Apr. 27, 2014 | Apr. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $85,608 | $1,956 |
Prepaid acquisition costs | 195,502 | 3,939 |
Prepaid management service - related party | 60,000 | 60,000 |
Total Current Assets | 341,110 | 65,895 |
OFFICE EQUIPMENT: | ' | ' |
Office equipment | 11,094 | 5,854 |
Accumulated depreciation | -3,013 | -1,368 |
Office Equipment, net | 8,081 | 4,486 |
SECURED CONVERTIBLE NOTES RECEIVABLE: | ' | ' |
Secured convertible notes receivable | 150,000 | 100,000 |
Accumulated impairment | -150,000 | -100,000 |
Secured Convertible Notes Receivable, net | 0 | 0 |
Total Assets | 349,191 | 70,381 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable and accrued expenses | 684,438 | 72,040 |
Accrued interest on notes payable - related party | 45,990 | 17,408 |
Notes payable - related party | 500,000 | 300,000 |
Payroll liabilities | 0 | 36 |
Advances from related party | 0 | 35,123 |
Total Current Liabilities | 1,230,428 | 424,607 |
LONG-TERM SERVICE ARRANGEMENT - RELATED PARTY | 861,118 | 527,782 |
Total Liabilities | 2,091,546 | 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, 8,576,666 and 6,265,000 shares issued and outstanding, respectively | 8,576 | 6,265 |
Additional paid-in capital | 3,922,304 | 1,385,421 |
Accumulated deficit | -5,673,235 | -2,273,694 |
Total Stockholders' Deficit | -1,742,355 | -882,008 |
Total Liabilities and Stockholders' Deficit | $349,191 | $70,381 |
Balance_Sheets_Parenthetical
Balance Sheets [Parenthetical] (USD $) | Apr. 27, 2014 | 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 | 8,576,666 | 6,265,000 |
Common stock, shares outstanding | 8,576,666 | 6,265,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Revenue | $0 | $0 |
Operating Expenses | ' | ' |
Consulting fees | 1,248,796 | 401,700 |
Management services - related party | 720,864 | 720,864 |
Professional fees | 895,074 | 112,743 |
General and administrative expenses | 456,225 | 171,849 |
Total operating expenses | 3,320,959 | 1,407,156 |
Loss from Operations | -3,320,959 | -1,407,156 |
Other (Income) Expense | ' | ' |
Impairment of notes receivable | 50,000 | 100,000 |
Interest expense | 28,582 | 17,403 |
Other (income) expense, net | 78,582 | 117,403 |
Loss before Income Tax Provision | -3,399,541 | -1,524,559 |
Income Tax Provision | 0 | 0 |
Net Loss | ($3,399,541) | ($1,524,559) |
Net Loss Per Common Share: - basic and diluted (in dollars per share) | ($0.43) | ($0.26) |
Weighted average common shares outstanding: - basic and diluted (in shares) | 7,839,178 | 5,842,611 |
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 for services on January 29, 2013 | 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 for two years services on January 29, 2013 earned during the period | 70,000 | 70 | 69,930 | ' |
Issuance of common stock to Advisory member and consultants for two years services on January 29, 2013 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 | 27,528 | ' | 27,528 | ' |
Issuance of common shares for cash at $1.00 per share | 1,450,000 | 1,450 | 1,448,550 | ' |
Issuance of common shares for cash at $1.00 per share (in shares) | ' | 1,450,000 | ' | ' |
Amortization of deferred director services | 100,000 | 0 | 100,000 | ' |
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 | ' | ' |
Former director's 50,000 unvested shares forfeited at par | 0 | -50 | 50 | ' |
Former director's 50,000 unvested shares forfeited at par (in shares) | ' | -50,000 | ' | ' |
Issuance of common stock to Advisory member and consultants for two years services on January 29, 2013 earned during the period | 490,000 | 490 | 489,510 | ' |
Issuance of common stock to Advisory member and consultants for two years services on January 29, 2013 earned during the period (in shares) | ' | 490,000 | ' | ' |
Issuance of common stock to Advisory member for one year service in October and December 2013 earned during the period | 358,333 | 358 | 357,975 | ' |
Issuance of common stock to Advisory member for one year service in October and December 2013 earned during the period (in shares) | ' | 358,333 | ' | ' |
Issuance of common stock to Advisory member and consultants for one year service in October and November 2013 earned during the period | 81,250 | 81 | 81,169 | ' |
Issuance of common stock to Advisory member and consultants for one year service in October and November 2013 earned during the period (in shares) | ' | 81,250 | ' | ' |
Issuance of common stock to consultants for one year service in February and April 2014 and earned during the period | 32,083 | 32 | 32,051 | ' |
Issuance of common stock to consultants for one year service in February and April 2014 and earned during the period (in shares) | ' | 32,083 | ' | ' |
Net loss | -3,399,541 | ' | ' | -3,399,541 |
Balance at Apr. 27, 2014 | ($1,742,355) | $8,576 | $3,922,304 | ($5,673,235) |
Balance (in shares) at Apr. 27, 2014 | ' | 8,576,666 | ' | ' |
Statement_of_Stockholders_Equi1
Statement of Stockholders' Equity (Deficit) [Parenthetical] (USD $) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Issuance of common shares for cash, price per share | $1 | $1 |
Issuance Of Common Shares For Cash One | $1 | $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 |
Common Stock [Member] | ' | ' |
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 $) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($3,399,541) | ($1,524,559) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Impairment of notes receivable | 50,000 | 100,000 |
Depreciation expense | 1,645 | 1,176 |
Equity based compensation | 1,089,194 | 317,528 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other current assets | -191,563 | -3,939 |
Accounts payable and accrued expenses | 612,398 | 60,798 |
Accrued interest on notes payable - related party | 28,582 | 17,408 |
Payroll liabilities | -36 | 36 |
Non-current management service obligation - related party | 333,336 | 333,336 |
NET CASH USED IN OPERATING ACTIVITIES | -1,475,985 | -698,216 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Note receivable | -50,000 | -100,000 |
Purchases of office equipment | -5,240 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | -55,240 | -100,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Advances from (repayment to) related party | -35,123 | -24,517 |
Proceeds from note payable - related party | 200,000 | 150,000 |
Proceeds from sale of common stock | 1,450,000 | 625,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,614,877 | 750,483 |
NET CHANGE IN CASH | 83,652 | -47,733 |
Cash at beginning of the year | 1,956 | 49,689 |
Cash at end of the year | 85,608 | 1,956 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Interest paid | 0 | 0 |
Income tax paid | $0 | $0 |
Organization_and_Operations
Organization and Operations | 12 Months Ended |
Apr. 27, 2014 | |
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. | |
On April 30, 2014, Loton Corp. filed with the Securities and Exchange Commission (the “SEC”) a Current Report on Form 8-K (the “Original Form 8-K”), with respect to our entry into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Loton Acquisition Sub I, Inc., a Delaware corporation (“Acquisition Sub”) and KoKo (Camden) Holdings (US), Inc. (“KoKo Parent”), a Delaware corporation and wholly-owned subsidiary of JJAT Corp. (“JJAT”), a Delaware corporation wholly-owned by Robert Ellin, the Company’s Executive Chairman, President, Director and controlling shareholder (“Mr. Ellin”), and his affiliates (the “Merger”). As a result of the Merger, KoKo Parent became a wholly-owned subsidiary of the Company, and the Company’s primary business became that of KoKo Parent and its subsidiaries, KoKo (Camden) Limited, a private limited company registered in England and Wales (“KoKo UK”) which owns 50% of OBAR Camden Holdings Limited, a private limited company registered in England and Wales (“OCHL”) which in turn wholly-owns its operating subsidiary OBAR Camden Limited, a private limited company registered in England and Wales (“OCL”). | |
Fiscal Year End | |
In connection with the Merger Agreement, the Company requested and received accommodation from the SEC to account for its 2014 fiscal year on a slightly-shortened, 362-day basis, in order to present financial statements for the Company as a stand-alone shell company prior to the shell’s acquisition of 50% of OCHL, on April 28, 2014. OCHL is an operating company that merged with a wholly-owned acquisition subsidiary of the Company on such date, which was two days before the Company’s fiscal year-end of April 30, 2014. | |
During the reporting period ended April 27, 2014 the Company was inactive and was seeking a suitable candidate for a business combination. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies [Text Block] | ' | |||||||
Note 2 - Summary of Significant Accounting Policies | ||||||||
Basis of Presentation | ||||||||
The accompanying 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”). | ||||||||
Reclassification | ||||||||
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. | ||||||||
Use of Estimates and Assumptions | ||||||||
The preparation of financial statements in conformity with U.S. GAAP 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 reporting 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 estimates and assumptions affecting the financial statements 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, 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 thesimplified 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 other than employees 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 reporting period ended April 27, 2014 or April 30, 2013. | ||||||||
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 Reporting | For the Reporting | |||||||
Period Ended | Period Ended | |||||||
April 27, 2014 | April 30, 2013 | |||||||
On September 23, 2011, a warrant issued to Trinad Management LLC as compensation 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 | 1,125,000 | 1,125,000 | ||||||
On January 29, 2013, an option to purchase 250,000 shares of the Company’s common stock with an exercise price of $0.75 per shares expiring seven (7) years from date of issuance which was forfeited on November 29, 2013 | - | 250,000 | ||||||
Total potentially outstanding dilutive common shares | 1,125,000 | 1,375,000 | ||||||
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 April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20. | ||||||||
Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The ASU states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Although “major” is not defined, the standard provides examples of when a disposal qualifies as a discontinued operation. | ||||||||
The ASU also requires additional disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. In addition, the ASU requires disclosure of the pre-tax profit or loss attributable to a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. | ||||||||
The ASU is effective for public business entities for annual periods beginning on or after December 15, 2014, and interim periods within those years. | ||||||||
In May 2014, the FASB issued the FASB Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) | ||||||||
This guidance amends the existing FASB Accounting Standards Codification, creating a new Topic 606, Revenue from Contracts with Customer. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | ||||||||
To achieve that core principle, an entity should apply the following steps: | ||||||||
1 | Identify the contract(s) with the customer | |||||||
2 | Identify the performance obligations in the contract | |||||||
3 | Determine the transaction price | |||||||
4 | Allocate the transaction price to the performance obligations in the contract | |||||||
5 | Recognize revenue when (or as) the entity satisfies performance obligations | |||||||
The ASU also provides guidance on disclosures that should be provided to enable financial statement users to understand the nature, amount, timing, and uncertainty of revenue recognition and cash flows arising from contracts with customers. Qualitative and quantitative information is required about the following: | ||||||||
1 | Contracts with customers – including revenue and impairments recognized, disaggregation of revenue, and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations) | |||||||
2 | Significant judgments and changes in judgments – determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations | |||||||
3 | Assets recognized from the costs to obtain or fulfill a contract. | |||||||
ASU 2014-09 is effective for periods beginning after December 15, 2016, including interim reporting periods within that reporting period for all public entities. Early application is not permitted. | ||||||||
In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. | ||||||||
The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. | ||||||||
The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. | ||||||||
Finally, the amendments remove paragraph 810-10-15-16. Paragraph 810-10-15-16 states that a development stage entity does not meet the condition in paragraph 810-10-15-14(a) to be a variable interest entity if (1) the entity can demonstrate that the equity invested in the legal entity is sufficient to permit it to finance the activities that it is currently engaged in and (2) the entity’s governing documents and contractual arrangements allow additional equity investments. | ||||||||
The amendments in this Update also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The amendments to eliminate that exception simplify U.S. GAAP by reducing avoidable complexity in existing accounting literature and improve the relevance of information provided to financial statement users by requiring the application of the same consolidation guidance by all reporting entities. The elimination of the exception may change the consolidation analysis, consolidation decision, and disclosure requirements for a reporting entity that has an interest in an entity in the development stage. | ||||||||
The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. | ||||||||
The company has limited operations and is considered to be in the development stage. The Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage. | ||||||||
In June 2014, the FASB issued the FASB Accounting Standards Update No. 2014-12 “Compensation—Stock Compensation (Topic 718) : Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”). | ||||||||
The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. | ||||||||
The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier 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 | 12 Months Ended |
Apr. 27, 2014 | |
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 April 27, 2014, a net loss and net cash used in operating activities for the reporting period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
Prior to the Merger, the Company was seeking a suitable candidate for a business combination; however, notwithstanding 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 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 execute its strategy 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. | |
Office_Equipment
Office Equipment | 12 Months Ended | |||||||||
Apr. 27, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||
Note 4 - Office Equipment | ||||||||||
Office equipment, stated at cost, less accumulated depreciation consisted of the following: | ||||||||||
Estimated Useful | April 27, 2014 | April 30, 2013 | ||||||||
Life (Years) | ||||||||||
Office equipment | 5 | $ | 11,094 | $ | 5,854 | |||||
Less accumulated depreciation | -3,013 | -1,368 | ||||||||
$ | 8,081 | $ | 4,486 | |||||||
Depreciation Expense | ||||||||||
Depreciation expense was $1,645 and $1,176 for the periods ended April 27, 2014 and April 30, 2013, respectively. | ||||||||||
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 exceeded their carrying values at April 27, 2014. | ||||||||||
Notes_Receivable
Notes Receivable | 12 Months Ended |
Apr. 27, 2014 | |
Receivables [Abstract] | ' |
Financing Receivables [Text Block] | ' |
Note 5 - Notes Receivable | |
On March 25, 2013, the Company purchased $100,000 of secured convertible notes (the “Notes”) which mature on March 25, 2015 with interest payable annually at rate of 6%. On September 17, 2013, the maturity date of the Notes 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 | 12 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
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 of the Company | |||||||
Trinad Management, LLC | An entity owned and controlled by majority stockholder of the Company | |||||||
JJAT Corp. | An entity owned and controlled by majority stockholder of the Company | |||||||
Reimbursement Agreement | ||||||||
The Company advanced funds for expenses of JJAT Corp., an affiliate principally owned by a director and majority stockholder of the Company totaling $195,502 during the period ended April 27, 2014. The Company and JJAT Corp. entered into a Reimbursement Agreement dated January 29, 2014 whereby JJAT Corp. is required to repay the Company for advances of funds for expenses made by the Company on JJAT Corp’s behalf. The amount is included in Prepaid acquisition costs in the financial statements. | ||||||||
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. | ||||||||
Note Payable - Related Party | ||||||||
Notes payable – related party consisted of the following: | ||||||||
April 27, 2014 | April 30, 2013 | |||||||
On April 2, 2012, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $150,000, with interest at 6% per annum, with principal due on April 1, 2013; the maturity date was subsequently extended to November 1, 2014. | $ | 150,000 | $ | 150,000 | ||||
On June 21, 2012, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $150,000, with interest at 6% per annum, with principal due on June 20, 2013; the maturity date was subsequently extended to November 1, 2014. | 150,000 | 150,000 | ||||||
On May 13, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $10,000, with interest at 6% per annum, with principal due on May 13, 2014. The maturity date was subsequently extended to November 13, 2014. | 10,000 | - | ||||||
On May 23, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $50,000, with interest at 6% per annum, with principal due on May 23, 2014. The maturity date was subsequently extended to November 23, 2014. | 50,000 | - | ||||||
On June 17, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $100,000, with interest at 6% per annum, with principal due on June 17, 2014. The maturity date was subsequently extended to December 17, 2014. | 100,000 | - | ||||||
On July 2, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $10,000, with interest at 6% per annum, with principal due on July 2, 2014. The maturity date was subsequently extended to January 2, 2015. | 10,000 | - | ||||||
On July 3, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $30,000, with interest at 6% per annum, with principal due on July 3, 2014. The maturity date was subsequently extended to January 3, 2015. | 30,000 | - | ||||||
$ | 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 (year) | 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 Reporting | For the Reporting | |||||||
Period | Period | |||||||
Ended | Ended | |||||||
April 27, 2014 | April 30, 2013 | |||||||
(i) (a) Management services billed or accrued on a quarterly basis | $ | 360,000 | $ | 360,000 | ||||
(i) (b) Long-term management services due at the end of the term accrued | 333,336 | 333,336 | ||||||
(ii) Amortization of the fair value of the warrant issued | 27,528 | 27,528 | ||||||
$ | 720,864 | $ | 720,864 | |||||
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 12 Months Ended | ||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||
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 $.0001 per share. | |||||||||||||||||
Common Stock | |||||||||||||||||
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 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. | |||||||||||||||||
On February 26, 2014, 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. | |||||||||||||||||
Issuance of Common Stock for Obtaining Employee Services | |||||||||||||||||
Authorization of Stock Grants to Directors and Directors/Consultants | |||||||||||||||||
Jay Krigsman | |||||||||||||||||
On January 29, 2013, the Company granted Jay 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 vested on January 29, 2014, 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 were amortized over the vesting period, or $25,000 per quarter as directors' fees. For the period ended April 27, 2014 the Company recognized $75,000 as directors' fees. | |||||||||||||||||
Andrew Schleimer | |||||||||||||||||
On January 29, 2013, the Company granted Andrew 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 were to 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 were being amortized over the vesting period, or $25,000 per quarter as directors' fees. For the period ended January 27, 2014 the Company recognized $25,000 as directors' fees (see below). | |||||||||||||||||
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 and effective as of August 31, 2013 as a consultant to the Company. Upon Mr. Schleimer's resignation, 100,000 shares of the Company's common stock were forfeited. In accordance with the terms of the Company’s option agreement, Mr. Schleimer’s option expired on November 29, 2013, ninety (90) days after he resigned as a consultant to the Company. 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. For the period ended April 27, 2014 and April 30, 2013, the Company recognized $350,000 and $50,000 as consulting fees, respectively. | |||||||||||||||||
During the period ended April 27, 2014, the Company entered into Advisory Agreements with seven (7) individuals. Pursuant to the Advisory Agreements, 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 700,000 shares in aggregate of 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 $700,000 in aggregate on the date of grant and are being amortized over the service periods. For the period ended April 27, 2014, the Company recognized $358,333 as consulting fees. | |||||||||||||||||
Authorization of Stock Grants to Consultants | |||||||||||||||||
On January 29, 2013, the Company entered into four (4) Consulting Services Agreements (“2013 Consulting Agreements”) with four (4) consultants. Pursuant to the 2013 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 were amortized over the service period as consulting fees. For the reporting period ended April 27, 2014 and April 30, 2013, the Company recognized $140,000 and $20,000 as consulting fees, respectively. | |||||||||||||||||
During the period ended April 27, 2014, the Company entered into seven (7) Consulting Services Agreements (“2014 Consulting Agreements”) with seven (7) consultants. Pursuant to the 2014 Consulting Agreements, the Company agreed to issue a total of 315,000 shares of the Company’s restricted common stock to the 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 $315,000 on the date of grant and are being amortized over the service period. For the period ended April 27, 2014, the Company recognized $113,333 as consulting fees. | |||||||||||||||||
Warrants | |||||||||||||||||
Warrants Issued in September 2011 | |||||||||||||||||
On September 23, 2011, pursuant to the Management Agreement, the Company issued Trinad Management, 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 Price Range | Weighted Average | Fair Value at Date | Aggregate | |||||||||||||
Warrant Shares | Per Share | Exercise Price | of Issuance | Intrinsic | |||||||||||||
Value | |||||||||||||||||
Balance, April 30, 2013 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | $ | - | ||||||||
Granted | - | $ | - | $ | - | $ | - | - | |||||||||
Canceled for cashless exercise | (-) | - | - | - | - | ||||||||||||
Exercised (Cashless) | (-) | - | - | - | - | ||||||||||||
Exercised | (-) | - | - | - | - | ||||||||||||
Expired | - | - | - | - | - | ||||||||||||
Balance, April 27, 2014 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | - | |||||||||
Earned and exercisable, April 27, 2014 | 968,750 | $ | 0.15 | $ | 0.15 | $ | 71,114 | - | |||||||||
Unvested, April 27, 2014 | 156,250 | $ | 0.15 | $ | 0.15 | $ | 11,461 | - | |||||||||
The following table summarizes information concerning outstanding and exercisable warrants as of April 27, 2014: | |||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||
Range of Exercise Prices | Number | Average | Weighted | Number | Average | Weighted | |||||||||||
Outstanding | Remaining | Average | Exercisable | Remaining | Average | ||||||||||||
Contractual Life | Exercise Price | Contractual | Exercise Price | ||||||||||||||
(in years) | Life | ||||||||||||||||
(in years) | |||||||||||||||||
$ | 0.15 | 1,125,000 | 7.41 | $ | 0.15 | 1,125,000 | 7.41 | $ | 0.15 | ||||||||
$ | 0.15 | 1,125,000 | 7.41 | $ | 0.15 | 1,125,000 | 7.41 | $ | 0.15 | ||||||||
Options | |||||||||||||||||
On January 29, 2013, the Company awarded a stock 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 to a director in conjunction with his consulting services performed for the Company, which 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 stock based compensation expense and included in 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 and effective as of August 31, 2013 as a consultant to the Company. In accordance with the terms of the Company’s option agreement, Mr. Schleimer’s option expired on November 29, 2013, ninety (90) days after he resigned as a consultant to the Company. | |||||||||||||||||
Income_Tax_Provision
Income Tax Provision | 12 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
Note 8 - Income Tax Provision | ||||||||
Deferred Tax Assets | ||||||||
At April 27, 2014, the Company had net operating loss (“NOL”) carry-forwards for Federal income tax purposes of $5,595,707 that may be offset against future taxable income through 2034. No tax benefit has been reported with respect to these net operating loss carry-forwards in the accompanying financial statements because the Company believes that the realization of the Company’s net deferred tax assets of approximately $1,902,540, was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are fully offset by a full valuation allowance. | ||||||||
Deferred tax assets consist primarily of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability. The valuation allowance increased approximately $1,230,644 and $417,190 for the reporting periods ended April 27, 2014 and April 30, 2013, respectively. | ||||||||
Components of deferred tax assets are as follows: | ||||||||
April 27, 2014 | April 30, 2013 | |||||||
Net deferred tax assets - Non-current: | ||||||||
Expected income tax benefit from NOL carry-forwards | $ | 1,928,900 | 773,056 | |||||
Impairment loss on notes receivable | -17,000 | -34,000 | ||||||
Warrants issued for services | -9,360 | -67,160 | ||||||
Less valuation allowance | -1,902,540 | -671,896 | ||||||
Deferred tax assets, net of valuation allowance | $ | - | $ | - | ||||
Income Tax Provision in the Statements of Operations | ||||||||
A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes is as follows: | ||||||||
For the Reporting | For the Reporting | |||||||
Period Ended | Period Ended | |||||||
April 27, 2014 | April 30, 2013 | |||||||
Federal statutory income tax rate | 34 | % | 34 | % | ||||
Change in valuation allowance on net operating loss carry-forwards | -34 | -34 | ||||||
Effective income tax rate | 0 | % | 0 | % | ||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Apr. 27, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 9 - 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 certain reportable subsequent events to be disclosed as follows: | |
On April 30, 2014, Loton Corp. filed with the Securities and Exchange Commission (the “SEC”) a Current Report on Form 8-K (the “Original Form 8-K”), with respect to our entry into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Loton Acquisition Sub I, Inc., a Delaware corporation (“Acquisition Sub”) and KoKo (Camden) Holdings (US), Inc. (“KoKo Parent”), a Delaware corporation and wholly-owned subsidiary of JJAT Corp. (“JJAT”), a Delaware corporation wholly-owned by Robert Ellin, the Company’s Executive Chairman, President, Director and controlling shareholder (“Mr. Ellin”), and his affiliates (the “Merger”). As a result of the Merger, KoKo Parent became a wholly-owned subsidiary of the Company, and the Company’s primary business became that of KoKo Parent and its subsidiaries, KoKo (Camden) Limited, a private limited company registered in England and Wales (“KoKo UK”) which owns 50% of OBAR Camden Holdings Limited, a private limited company registered in England and Wales (“OCHL”) which in turn wholly-owns its operating subsidiary OBAR Camden Limited, a private limited company registered in England and Wales (“OCL”). | |
On June 30, 2014, the Company filed an amendment to the Original Form 8-K with the SEC, to report Form 10-K information for OCHL for OCHL’s year ended March 31, 2014 (the “Form 8-K Amendment”). | |
As previously reported on our Form 8-K Amendment in connection with the closing of the Merger, our Board has approved a change in our fiscal year-end from a fiscal year ending April 30 to a fiscal year ending on March 31, to coincide with the fiscal year-end of OCHL. Our change in fiscal year took effect on June 30, 2014. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Basis of Accounting, Policy [Policy Text Block] | ' | |||||||
Basis of Presentation | ||||||||
The accompanying 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”). | ||||||||
Reclassification, Policy [Policy Text Block] | ' | |||||||
Reclassification | ||||||||
Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
Use of Estimates and Assumptions | ||||||||
The preparation of financial statements in conformity with U.S. GAAP 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 reporting 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 estimates and assumptions affecting the financial statements 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, 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 thesimplified 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 other than employees 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 reporting period ended April 27, 2014 or April 30, 2013. | ||||||||
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 Reporting | For the Reporting | |||||||
Period Ended | Period Ended | |||||||
April 27, 2014 | April 30, 2013 | |||||||
On September 23, 2011, a warrant issued to Trinad Management LLC as compensation 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 | 1,125,000 | 1,125,000 | ||||||
On January 29, 2013, an option to purchase 250,000 shares of the Company’s common stock with an exercise price of $0.75 per shares expiring seven (7) years from date of issuance which was forfeited on November 29, 2013 | - | 250,000 | ||||||
Total potentially outstanding dilutive common shares | 1,125,000 | 1,375,000 | ||||||
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 April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20. | ||||||||
Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and “represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.” The ASU states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Although “major” is not defined, the standard provides examples of when a disposal qualifies as a discontinued operation. | ||||||||
The ASU also requires additional disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. In addition, the ASU requires disclosure of the pre-tax profit or loss attributable to a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. | ||||||||
The ASU is effective for public business entities for annual periods beginning on or after December 15, 2014, and interim periods within those years. | ||||||||
In May 2014, the FASB issued the FASB Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) | ||||||||
This guidance amends the existing FASB Accounting Standards Codification, creating a new Topic 606, Revenue from Contracts with Customer. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. | ||||||||
To achieve that core principle, an entity should apply the following steps: | ||||||||
1 | Identify the contract(s) with the customer | |||||||
2 | Identify the performance obligations in the contract | |||||||
3 | Determine the transaction price | |||||||
4 | Allocate the transaction price to the performance obligations in the contract | |||||||
5 | Recognize revenue when (or as) the entity satisfies performance obligations | |||||||
The ASU also provides guidance on disclosures that should be provided to enable financial statement users to understand the nature, amount, timing, and uncertainty of revenue recognition and cash flows arising from contracts with customers. Qualitative and quantitative information is required about the following: | ||||||||
1 | Contracts with customers – including revenue and impairments recognized, disaggregation of revenue, and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations) | |||||||
2 | Significant judgments and changes in judgments – determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations | |||||||
3 | Assets recognized from the costs to obtain or fulfill a contract. | |||||||
ASU 2014-09 is effective for periods beginning after December 15, 2016, including interim reporting periods within that reporting period for all public entities. Early application is not permitted. | ||||||||
In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. | ||||||||
The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. | ||||||||
The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. | ||||||||
Finally, the amendments remove paragraph 810-10-15-16. Paragraph 810-10-15-16 states that a development stage entity does not meet the condition in paragraph 810-10-15-14(a) to be a variable interest entity if (1) the entity can demonstrate that the equity invested in the legal entity is sufficient to permit it to finance the activities that it is currently engaged in and (2) the entity’s governing documents and contractual arrangements allow additional equity investments. | ||||||||
The amendments in this Update also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The amendments to eliminate that exception simplify U.S. GAAP by reducing avoidable complexity in existing accounting literature and improve the relevance of information provided to financial statement users by requiring the application of the same consolidation guidance by all reporting entities. The elimination of the exception may change the consolidation analysis, consolidation decision, and disclosure requirements for a reporting entity that has an interest in an entity in the development stage. | ||||||||
The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. | ||||||||
The company has limited operations and is considered to be in the development stage. The Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage. | ||||||||
In June 2014, the FASB issued the FASB Accounting Standards Update No. 2014-12 “Compensation—Stock Compensation (Topic 718) : Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”). | ||||||||
The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. | ||||||||
The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier 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. | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
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 Reporting | For the Reporting | |||||||
Period Ended | Period Ended | |||||||
April 27, 2014 | April 30, 2013 | |||||||
On September 23, 2011, a warrant issued to Trinad Management LLC as compensation 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 | 1,125,000 | 1,125,000 | ||||||
On January 29, 2013, an option to purchase 250,000 shares of the Company’s common stock with an exercise price of $0.75 per shares expiring seven (7) years from date of issuance which was forfeited on November 29, 2013 | - | 250,000 | ||||||
Total potentially outstanding dilutive common shares | 1,125,000 | 1,375,000 | ||||||
Office_Equipment_Tables
Office Equipment (Tables) | 12 Months Ended | |||||||||
Apr. 27, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||
Office equipment, stated at cost, less accumulated depreciation consisted of the following: | ||||||||||
Estimated Useful | April 27, 2014 | April 30, 2013 | ||||||||
Life (Years) | ||||||||||
Office equipment | 5 | $ | 11,094 | $ | 5,854 | |||||
Less accumulated depreciation | -3,013 | -1,368 | ||||||||
$ | 8,081 | $ | 4,486 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||
Notes payable – related party consisted of the following: | ||||||||
April 27, 2014 | April 30, 2013 | |||||||
On April 2, 2012, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $150,000, with interest at 6% per annum, with principal due on April 1, 2013; the maturity date was subsequently extended to November 1, 2014. | $ | 150,000 | $ | 150,000 | ||||
On June 21, 2012, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $150,000, with interest at 6% per annum, with principal due on June 20, 2013; the maturity date was subsequently extended to November 1, 2014. | 150,000 | 150,000 | ||||||
On May 13, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $10,000, with interest at 6% per annum, with principal due on May 13, 2014. The maturity date was subsequently extended to November 13, 2014. | 10,000 | - | ||||||
On May 23, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $50,000, with interest at 6% per annum, with principal due on May 23, 2014. The maturity date was subsequently extended to November 23, 2014. | 50,000 | - | ||||||
On June 17, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $100,000, with interest at 6% per annum, with principal due on June 17, 2014. The maturity date was subsequently extended to December 17, 2014. | 100,000 | - | ||||||
On July 2, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $10,000, with interest at 6% per annum, with principal due on July 2, 2014. The maturity date was subsequently extended to January 2, 2015. | 10,000 | - | ||||||
On July 3, 2013, the Company signed a promissory note with the Trinad Capital Master Fund for the amount of $30,000, with interest at 6% per annum, with principal due on July 3, 2014. The maturity date was subsequently extended to January 3, 2015. | 30,000 | - | ||||||
$ | 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 (year) | 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 Reporting | For the Reporting | |||||||
Period | Period | |||||||
Ended | Ended | |||||||
April 27, 2014 | April 30, 2013 | |||||||
(i) (a) Management services billed or accrued on a quarterly basis | $ | 360,000 | $ | 360,000 | ||||
(i) (b) Long-term management services due at the end of the term accrued | 333,336 | 333,336 | ||||||
(ii) Amortization of the fair value of the warrant issued | 27,528 | 27,528 | ||||||
$ | 720,864 | $ | 720,864 | |||||
Stockholders_Equity_Deficit_Ta
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 27, 2014 | |||||||||||||||||
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 Price Range | Weighted Average | Fair Value at Date | Aggregate | |||||||||||||
Warrant Shares | Per Share | Exercise Price | of Issuance | Intrinsic | |||||||||||||
Value | |||||||||||||||||
Balance, April 30, 2013 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | $ | - | ||||||||
Granted | - | $ | - | $ | - | $ | - | - | |||||||||
Canceled for cashless exercise | (-) | - | - | - | - | ||||||||||||
Exercised (Cashless) | (-) | - | - | - | - | ||||||||||||
Exercised | (-) | - | - | - | - | ||||||||||||
Expired | - | - | - | - | - | ||||||||||||
Balance, April 27, 2014 | 1,125,000 | $ | 0.15 | $ | 0.15 | $ | 82,575 | - | |||||||||
Earned and exercisable, April 27, 2014 | 968,750 | $ | 0.15 | $ | 0.15 | $ | 71,114 | - | |||||||||
Unvested, April 27, 2014 | 156,250 | $ | 0.15 | $ | 0.15 | $ | 11,461 | - | |||||||||
Schedule Of Outstanding And Exercisable Warrants [Table Text Block] | ' | ||||||||||||||||
The following table summarizes information concerning outstanding and exercisable warrants as of April 27, 2014: | |||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||
Range of Exercise Prices | Number | Average | Weighted | Number | Average | Weighted | |||||||||||
Outstanding | Remaining | Average | Exercisable | Remaining | Average | ||||||||||||
Contractual Life | Exercise Price | Contractual | Exercise Price | ||||||||||||||
(in years) | Life | ||||||||||||||||
(in years) | |||||||||||||||||
$ | 0.15 | 1,125,000 | 7.41 | $ | 0.15 | 1,125,000 | 7.41 | $ | 0.15 | ||||||||
$ | 0.15 | 1,125,000 | 7.41 | $ | 0.15 | 1,125,000 | 7.41 | $ | 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 | % | |||||||||||||||
Income_Tax_Provision_Tables
Income Tax Provision (Tables) | 12 Months Ended | |||||||
Apr. 27, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
Components of deferred tax assets are as follows: | ||||||||
April 27, 2014 | April 30, 2013 | |||||||
Net deferred tax assets - Non-current: | ||||||||
Expected income tax benefit from NOL carry-forwards | $ | 1,928,900 | 773,056 | |||||
Impairment loss on notes receivable | -17,000 | -34,000 | ||||||
Warrants issued for services | -9,360 | -67,160 | ||||||
Less valuation allowance | -1,902,540 | -671,896 | ||||||
Deferred tax assets, net of valuation allowance | $ | - | $ | - | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes is as follows: | ||||||||
For the Reporting | For the Reporting | |||||||
Period Ended | Period Ended | |||||||
April 27, 2014 | April 30, 2013 | |||||||
Federal statutory income tax rate | 34 | % | 34 | % | ||||
Change in valuation allowance on net operating loss carry-forwards | -34 | -34 | ||||||
Effective income tax rate | 0 | % | 0 | % | ||||
Organization_and_Operations_De
Organization and Operations (Details Textual) (KoKo UK [Member]) | Apr. 30, 2014 |
KoKo UK [Member] | ' |
Organization and Operations [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 50.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Accounting Policies [Line Items] | ' | ' |
Total potentially outstanding dilutive common shares | 1,125,000 | 1,375,000 |
Warrant [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Potentially Outstanding Dilutive Common Shares | 1,125,000 | 1,125,000 |
Equity Option [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Potentially Outstanding Dilutive Common Shares | 0 | 250,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2013 | Apr. 27, 2014 | Apr. 30, 2013 | Sep. 23, 2011 | Apr. 30, 2012 | Apr. 30, 2013 | Apr. 27, 2014 | |
Warrant [Member] | Warrant [Member] | Equity Option [Member] | Office Equipment [Member] | ||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | 250,000 | ' | 250,000 | 1,125,000 | 1,125,000 | 250,000 | ' |
Investment Warrants, Exercise Price | ' | ' | ' | ' | $0.15 | $0.75 | ' |
Warrants Term | ' | ' | ' | ' | '10 years | '7 years | ' |
Property, Plant and Equipment, Useful Life | ' | '5 years | ' | ' | ' | ' | '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. | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Depreciation Methods | ' | ' | ' | ' | ' | ' | 'Depreciation of office equipment is computed by the straight-line method |
Office_Equipment_Details
Office Equipment (Details) (USD $) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' |
Office equipment | $11,094 | $5,854 |
Less accumulated depreciation | -3,013 | -1,368 |
Office equipment, net | $8,081 | $4,486 |
Office_Equipment_Details_Textu
Office Equipment (Details Textual) (USD $) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation expense | $1,645 | $1,176 |
Notes_Receivable_Details_Textu
Notes Receivable (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2013 | Apr. 27, 2014 | Apr. 30, 2013 | Sep. 17, 2013 | Mar. 25, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
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 | $100,000 | ' | ' |
Convertible Notes Payable [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | 17-Sep-15 | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Apr. 27, 2014 | Apr. 30, 2013 | Apr. 27, 2014 | Apr. 30, 2013 | Apr. 02, 2012 | Apr. 27, 2014 | Apr. 30, 2013 | Jun. 21, 2012 | Apr. 27, 2014 | 13-May-13 | Apr. 30, 2013 | Apr. 27, 2014 | 23-May-13 | Apr. 30, 2013 | Apr. 27, 2014 | Jun. 17, 2013 | Apr. 30, 2013 | Apr. 27, 2014 | Jul. 02, 2013 | Apr. 30, 2013 | Apr. 27, 2014 | 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] | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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) (Warrant [Member]) | 12 Months Ended |
Apr. 27, 2014 | |
Warrant [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Expected life (years) | '10 years |
Expected volatility | 118.18% |
Expected annual rate of quarterly dividends | 0.00% |
Risk-free interest rate | 1.84% |
Related_Party_Transactions_Det2
Related Party Transactions (Details 2) (USD $) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' |
(i) (a) Management services billed or accrued on a quarterly basis | $360,000 | $360,000 |
(i) (b) Long-term management services due at the end of the term accrued | 333,336 | 333,336 |
(ii) Amortization of the fair value of the warrant issued | 27,528 | 27,528 |
Service Management Costs | $720,864 | $720,864 |
Related_Party_Transactions_Det3
Related Party Transactions (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | Mar. 31, 2013 | Sep. 23, 2011 | Apr. 27, 2014 | Sep. 17, 2013 | Apr. 30, 2013 | Mar. 25, 2013 | Sep. 23, 2011 | Apr. 27, 2014 | Apr. 30, 2012 | Apr. 27, 2014 | Apr. 30, 2013 | Apr. 02, 2012 | Jun. 30, 2012 | Apr. 27, 2014 | Apr. 30, 2013 | Jun. 21, 2012 | 13-May-13 | Apr. 27, 2014 | Apr. 30, 2013 | 23-May-13 | Apr. 27, 2014 | Apr. 30, 2013 | Jun. 17, 2013 | Apr. 27, 2014 | Apr. 30, 2013 | Jul. 02, 2013 | Apr. 27, 2014 | Apr. 30, 2013 | Jul. 03, 2013 | Apr. 27, 2014 | Apr. 30, 2013 | |
Warrant [Member] | Affiliated Entity [Member] | 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] | ||||||||
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] | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | 13-Nov-14 | ' | ' | 23-Nov-14 | ' | ' | 17-Dec-14 | ' | ' | 2-Jan-15 | ' | ' | 3-Jan-15 | ' | ' |
Service Management Period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Management Expiration Date | ' | ' | 22-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Management Cost Description | ' | ' | '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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercise Price | ' | ' | $0.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $195,502 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Deficit_De
Stockholders' Equity (Deficit) (Details) (USD $) | 12 Months Ended |
Apr. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
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, April 27, 2014 - Number of Warrant Shares | 1,125,000 |
Earned and exercisable, April 27, 2014 - Number of Warrant Shares | 968,750 |
Unvested, April 27, 2014 - Number of Warrant Shares | 156,250 |
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, April 27, 2014 - Exercise Price Range Per Share | $0.15 |
Earned and exercisable, April 27, 2014 - Exercise Price Range Per Share | $0.15 |
Unvested, April 27, 2014 - 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, April 27, 2014 - Weighted Average Exercise Price | $0.15 |
Earned and exercisable, April 27, 2014 - Weighted Average Exercise Price | $0.15 |
Unvested, April 27, 2014 - 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, April 27, 2014 - Fair Value at Date of Issuance | 82,575 |
Earned and exercisable, April 27, 2014 - Fair Value at Date of Issuance | 71,114 |
Unvested, April 27, 2014 - Fair Value at Date of Issuance | 11,461 |
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, April 27, 2014 - Aggregate Intrinsic Value | 0 |
Earned and exercisable, April 27, 2014 - Aggregate Intrinsic Value | 0 |
Unamortized, April 27, 2014 - Aggregate Intrinsic Value | $0 |
Stockholders_Equity_Deficit_De1
Stockholders' Equity (Deficit) (Details 1) (USD $) | 12 Months Ended |
Apr. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices Warrants Outstanding One | $0.15 |
Range of Exercise Prices Warrants Outstanding 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 4 months 28 days |
Weighted Average Remaining Contractual Life Two (in years) | '7 years 4 months 28 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 4 months 28 days |
Weighted Average Remaining Contractual Life Two (in years) | '7 years 4 months 28 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 | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Oct. 07, 2013 | Feb. 28, 2014 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2012 | Jan. 31, 2011 | Mar. 31, 2011 | Apr. 27, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 21, 2010 | Sep. 23, 2011 | Apr. 30, 2012 | Jan. 31, 2013 | Apr. 27, 2014 | Apr. 30, 2013 | Jan. 29, 2013 | Apr. 30, 2013 | Apr. 27, 2014 | Apr. 27, 2014 | Aug. 21, 2013 | Jan. 29, 2013 | Jan. 27, 2014 | Jan. 29, 2013 | Jan. 29, 2014 | Jan. 29, 2013 | Apr. 27, 2014 | |
Director [Member] | Warrant [Member] | Warrant [Member] | Service Agreements [Member] | Service Agreements [Member] | Service Agreements [Member] | Advisory Agreement One [Member] | Advisory Agreement One [Member] | Advisory Agreement Two [Member] | services agreeement two [Member] | Mr Schleimer [Member] | Mr Schleimer [Member] | Mr Schleimer [Member] | Mr Schleimer [Member] | Mr. Krigsman [Member] | Mr. Krigsman [Member] | Mr. Krigsman [Member] | ||||||||||||||||
Service Agreements [Member] | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,576,666 | 6,265,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,576 | $6,265 | ' | $4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 400,000 | 200,000 | 300,000 | 300,000 | 250,000 | 50,000 | ' | 200,000 | 100,000 | 275,000 | 430,000 | 540,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Price Per Share New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $0.03 | $0.03 | ' | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash | 400,000 | 200,000 | 300,000 | 300,000 | 250,000 | 50,000 | ' | 200,000 | 100,000 | 275,000 | 12,900 | 16,200 | ' | 375,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000 | ' | ' | 100,000 | ' | 100,000 | 315,000 | 100,000 | 250,000 | ' | 100,000 | ' | 100,000 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '2 years | ' | '1 year | '2 years | ' | '7 years | ' | '2 years | '2 years | ' | ' |
Stock Issued During Period Per Share Restricted Stock Award Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | $1 | ' | $1 | $1 | ' | $0.75 | ' | $1 | $1 | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000 | ' | ' | 400,000 | ' | 700,000 | ' | ' | ' | ' | 100,000 | 100,000 | ' | ' |
Restricted Shares Amortization Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 700,000 | 315,000 | ' | 170,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | 1,125,000 | 1,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | $0.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Expiry Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Directors Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | 25,000 | 25,000 | ' | 75,000 |
Consulting Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,248,796 | 401,700 | ' | ' | ' | ' | ' | 140,000 | 20,000 | ' | 50,000 | 358,333 | 113,333 | ' | 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 | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Tax_Provision_Details
Income Tax Provision (Details) (USD $) | Apr. 27, 2014 | Apr. 30, 2013 |
Net deferred tax assets - Non-current: | ' | ' |
Expected income tax benefit from NOL carry-forwards | $1,928,900 | $773,056 |
Impairment loss on notes receivable | -17,000 | -34,000 |
Warrants issued for services | -9,360 | -67,160 |
Less valuation allowance | -1,902,540 | -671,896 |
Deferred tax assets, net of valuation allowance | $0 | $0 |
Income_Tax_Provision_Details_1
Income Tax Provision (Details 1) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Federal statutory income tax rate | 34.00% | 34.00% |
Change in valuation allowance on net operating loss carry-forwards | -34.00% | -34.00% |
Effective income tax rate | 0.00% | 0.00% |
Income_Tax_Provision_Details_T
Income Tax Provision (Details Textual) (USD $) | 12 Months Ended | |
Apr. 27, 2014 | Apr. 30, 2013 | |
Operating Loss Carryforwards | $5,595,707 | ' |
Increase In Valuation Allowance | 1,230,644 | 417,190 |
Deferred Tax Assets Expected Income Tax Benefit From Nol Carry Forwards | $1,928,900 | $773,056 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (KoKo UK [Member]) | Apr. 30, 2014 |
Subsequent Event [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 50.00% |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 50.00% |