Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SPARTA COMMERCIAL SERVICES, INC. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 22,188,740 | ' |
Entity Public Float | ' | ' | $7,202,806 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000318299 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $70,456 | $38,213 |
Accounts receivable | 182,343 | 153,847 |
Property and equipment, net of accumulated depreciation and amortization of $199,367 and $194,795, respectively (NOTE B) | 9,974 | 14,546 |
Goodwill | 10,000 | 10,000 |
Other assets | 60,992 | 57,907 |
Deposits | 40,568 | 40,568 |
Total assets from continuing operations | 374,333 | 315,081 |
ASSETS FROM DISCONTINUED OPERATIONS (NOTE C) | 90,024 | 109,669 |
Total assets | 464,357 | 424,750 |
Liabilities: | ' | ' |
Accounts payable and accrued expenses | 1,259,368 | 1,333,187 |
Notes payable net of beneficial conversion feature of $296,384 and $105,029, respectively (NOTE D) | 2,019,879 | 2,004,475 |
Loans payable-related parties (NOTE E) | 385,853 | 393,260 |
Derivative liabilities | 601,000 | 378,802 |
Total liabilities from continuing operations | 4,266,100 | 4,109,724 |
LIABILITIES FROM DISCONTINUED OPERATIONS (NOTE C) | 130,421 | 189,720 |
Total liabilities | 4,396,521 | 4,299,444 |
Commitments and contingencies | ' | ' |
Deficit: | ' | ' |
Common stock, $0.001 par value; 750,000,000 shares authorized, 20,987,353 and 14,131,242 shares issued and outstanding, respectively | 20,987 | 14,131 |
Common stock to be issued, 283,777 and 625,340, respectively | 284 | 625 |
Preferred stock B to be issued, 72.48 and 56.80 shares, respectively | 72 | 57 |
Additional paid-in-capital | 41,738,613 | 38,483,198 |
Subscriptions receivable | -2,118,309 | -2,118,309 |
Accumulated deficit | -44,257,306 | -40,991,658 |
Total deficiency in stockholders' equity | -4,601,588 | -4,597,885 |
Noncontrolling interest | 669,424 | 723,191 |
Total Deficit | -3,932,164 | -3,874,694 |
Total Liabilities and Deficit | 464,357 | 424,750 |
Series A Preferred Stock [Member] | ' | ' |
Deficit: | ' | ' |
Preferred shares, value, issued | 12,500 | 12,500 |
Series B Preferred Stock [Member] | ' | ' |
Deficit: | ' | ' |
Preferred shares, value, issued | 1,570 | 1,570 |
Series C Preferred Stock [Member] | ' | ' |
Deficit: | ' | ' |
Preferred shares, value, issued | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Accumulated depreciation and amortization (in Dollars) | $199,367 | $194,795 |
Beneficial Conversion Feature (in Dollars) | 296,384 | 105,029 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares designated | 10,000,000 | 10,000,000 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 20,987,353 | 14,131,242 |
Common stock, shares outstanding | 20,987,353 | 14,131,242 |
Common stock to be issued | 283,777 | 625,340 |
Preferred Stock, Shares to be Issued | 72.48 | 56.8 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $100 | $100 |
Preferred stock, shares designated | 35,850 | 35,850 |
Preferred stock, shares issued | 125 | 125 |
Preferred stock, shares outstanding | 125 | 125 |
Series B Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares designated | 1,000 | 1,000 |
Preferred stock, shares issued | 157 | 157 |
Preferred stock, shares outstanding | 157 | 157 |
Preferred stock, redemption value (in Dollars) | 10,000 | 10,000 |
Preferred Stock, Shares to be Issued | 72.45 | 56.8 |
Series C Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares designated | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, redemption value (in Dollars) | $10 | $10 |
CONSOLIDATED_STATEMENTS_OF_LOS
CONSOLIDATED STATEMENTS OF LOSSES (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Revenue | ' | ' |
Information technology | $476,022 | $413,602 |
Cost of goods sold | 154,961 | 145,863 |
Gross profit | 321,061 | 267,739 |
Operating expenses: | ' | ' |
General and administrative | 2,240,154 | 1,692,403 |
Depreciation and amortization | 4,572 | 6,953 |
Total operating expenses | 2,244,726 | 1,699,356 |
Loss from operations | -1,923,665 | -1,431,617 |
Other (income) expense: | ' | ' |
Other income | -77,190 | -72,978 |
Interest expense and financing cost, net | 337,688 | 335,828 |
Non-cash financing costs | 113,260 | 240,522 |
Amortization of debt discount | 417,291 | 854,569 |
(Gain) loss in changes in fair value of derivative liability | 166,932 | -66,041 |
Total other (income) expense | 957,981 | 1,291,900 |
Net loss from continuing operations | -2,881,646 | -2,723,517 |
Net loss from discontinued operations | -280,441 | -880,210 |
Net Loss | -3,162,087 | -3,603,727 |
Net loss attributed to Noncontrolling interest | 53,767 | 34,962 |
Preferred dividend | -157,328 | -157,758 |
Net loss attributed to common stockholders | -3,265,648 | -3,726,523 |
Basic and diluted loss per share from continuing operations (in Dollars per share) | ($0.16) | ($0.24) |
Basic and diluted loss per share from discontinued operations (in Dollars per share) | ($0.02) | ($0.08) |
Basic and diluted loss per share attributed to common stockholders | ($0.19) | ($0.33) |
Weighted average shares outstanding (in Shares) | 17,637,942 | 11,139,632 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY (USD $) | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock to be Issued [Member] | Common Stock [Member] | Common Stock To Be Issued [Member] | Receivables from Stockholder [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Apr. 30, 2012 | $12,500 | $1,570 | ' | $8,668 | $1,125 | ($2,118,309) | $35,209,835 | ($37,265,135) | $703,154 | ($3,446,591) |
Balance (in Shares) at Apr. 30, 2012 | 125 | 157 | 42 | 8,668,123 | 1,125,099 | ' | ' | ' | ' | ' |
correction | ' | ' | ' | 5 | -1 | ' | -235 | ' | ' | -231 |
correction (in Shares) | ' | ' | ' | 5,000 | -1,000 | ' | ' | ' | ' | ' |
Preferred dividend to be issued | ' | ' | ' | ' | ' | ' | 156,985 | ' | ' | 157,042 |
Preferred dividend to be issued (in Shares) | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' |
Reclassification of Derivative and Warrant Liability | ' | ' | ' | ' | ' | ' | 852,853 | ' | ' | 852,853 |
Sale of common stock | ' | ' | ' | 2,420 | 22 | ' | 864,333 | ' | ' | 866,775 |
Sale of common stock (in Shares) | ' | ' | ' | 2,420,560 | 22,460 | ' | ' | ' | ' | ' |
Shares issued for financing cost | ' | ' | ' | 342 | -8 | ' | 234,918 | ' | ' | 235,252 |
Shares issued for financing cost (in Shares) | ' | ' | ' | 341,190 | -8,090 | ' | ' | ' | ' | ' |
Shares issued for conversion of notes & interest | ' | ' | ' | 2,037 | -504 | ' | 597,043 | ' | ' | 598,575 |
Shares issued for conversion of notes & interest (in Shares) | ' | ' | ' | 2,036,950 | -504,230 | ' | ' | ' | ' | ' |
Stock compensation | ' | ' | ' | 650 | ' | ' | 390,787 | ' | ' | 391,437 |
Stock compensation (in Shares) | ' | ' | ' | 650,520 | ' | ' | ' | ' | ' | ' |
Purchase of assets for stock | ' | ' | ' | 9 | -9 | ' | ' | ' | ' | ' |
Purchase of assets for stock (in Shares) | ' | ' | ' | 8,899 | -8,899 | ' | ' | ' | ' | 8,899 |
Employee options expense | ' | ' | ' | ' | ' | ' | 176,679 | ' | ' | 176,679 |
Sale of subsidiary's preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | 55,000 |
Net Loss | ' | ' | ' | ' | ' | ' | ' | -3,726,523 | -34,962 | -3,761,486 |
Balance at Apr. 30, 2013 | 12,500 | 1,570 | ' | 14,131 | 625 | -2,118,309 | 38,483,198 | -40,991,658 | 723,191 | -3,874,694 |
Balance (in Shares) at Apr. 30, 2013 | 125 | 157 | 57 | 14,131,242 | 625,340 | ' | ' | ' | ' | 14,131,242 |
correction | ' | ' | ' | ' | -87 | ' | 12 | ' | ' | -75 |
correction (in Shares) | ' | ' | ' | -40 | -85,826 | ' | ' | ' | ' | ' |
Preferred dividend to be issued | ' | ' | ' | ' | ' | ' | 156,554 | ' | ' | 156,569 |
Preferred dividend to be issued (in Shares) | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' |
Reclassification of Derivative and Warrant Liability | ' | ' | ' | ' | ' | ' | 518,379 | ' | ' | 518,379 |
Sale of common stock | ' | ' | ' | 3,884 | -72 | ' | 1,295,165 | ' | ' | 1,298,977 |
Sale of common stock (in Shares) | ' | ' | ' | 3,883,899 | -72,201 | ' | ' | ' | ' | 3,655,459 |
Shares issued for financing cost | ' | ' | ' | 158 | 17 | ' | 113,085 | ' | ' | 113,260 |
Shares issued for financing cost (in Shares) | ' | ' | ' | 158,766 | 16,677 | ' | ' | ' | ' | 158,766 |
Shares issued for conversion of notes & interest | ' | ' | ' | 1,887 | -205 | ' | 775,004 | ' | ' | 776,686 |
Shares issued for conversion of notes & interest (in Shares) | ' | ' | ' | 1,886,804 | -205,713 | ' | ' | ' | ' | 776,686 |
Stock compensation | ' | ' | ' | 927 | 6 | ' | 386,008 | ' | ' | 386,941 |
Stock compensation (in Shares) | ' | ' | ' | 926,682 | 5,500 | ' | ' | ' | ' | ' |
Employee options expense | ' | ' | ' | ' | ' | ' | 11,208 | ' | ' | 11,208 |
Net Loss | ' | ' | ' | ' | ' | ' | ' | -3,265,648 | -53,767 | -3,319,415 |
Balance at Apr. 30, 2014 | $12,500 | $1,570 | ' | $20,987 | $284 | ($2,118,309) | $41,738,613 | ($44,257,306) | $669,424 | ($3,932,164) |
Balance (in Shares) at Apr. 30, 2014 | 125 | 157 | 72 | 20,987,353 | 283,777 | ' | ' | ' | ' | 20,987,353 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Loss | ($3,265,648) | ($3,726,523) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Adjustments | -75 | -190 |
Dividend on preferred stock | 156,569 | 157,758 |
Loss allocable to non-controlling interest | -53,767 | -34,962 |
Depreciation and amortization | 4,572 | 6,953 |
Change in fair value of derivative liabilities | 166,932 | -66,041 |
Amortization of debt discount | 417,291 | 854,569 |
Shares issued for finance cost | 113,260 | 235,252 |
Shares issued upon conversion of interest | 0 | 4,448 |
Equity based compensation | 398,149 | 568,116 |
(Increase) decrease in operating assets: | ' | ' |
Accounts receivable | -28,496 | 0 |
Prepaid expenses and other assets | -3,084 | -31,376 |
Net cash used in operating activities | -1,876,605 | -1,754,262 |
Accounts payable and accrued expenses | 217,692 | 277,735 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Net cash provided by investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net proceeds from sale of subsidiary stock | 0 | 55,000 |
Net proceeds from sale of common stock | 1,298,977 | 866,775 |
Net proceeds from convertible notes | 966,433 | 698,910 |
Net payments on convertible notes | -309,500 | -27,125 |
Net proceeds from other notes | 65,000 | 6,500 |
Net payment on other notes | -65,000 | 0 |
Net payment on related notes | -7,407 | 0 |
Net cash provided by financing activities | 1,948,503 | 1,600,061 |
Cash flows from discontinued operations: | ' | ' |
Cash provided by (used in) operating activities of discontinued operations | -39,655 | 86,528 |
Cash provided by investing activities of discontinued operations | 0 | 384,474 |
Cash provided by (used in) financing activities of discontinued operations | 0 | -297,726 |
Net Cash flow from discontinued operation | -39,655 | 173,276 |
Net Increase in cash | 32,243 | 19,075 |
Unrestricted cash and cash equivalents, beginning of period | 38,213 | 19,138 |
Unrestricted cash and cash equivalents , end of period | 70,456 | 38,213 |
Cash paid for: | ' | ' |
Interest | 11,438 | 65,954 |
Income taxes | $5,600 | $5,340 |
NOTE_A_SUMMARY_OF_ACCOUNTING_P
NOTE A - SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended | |
Apr. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies [Text Block] | ' | |
NOTE A - SUMMARY OF ACCOUNTING POLICIES | ||
A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. | ||
Business and Basis of Presentation | ||
Since May 2010, the Company has concentrated its efforts on developing and marketing vehicle history reports, over the internet, and mobile apps for vehicle dealers and other market segments. Historically, the Company had been in the business as an originator and indirect lender for consumer retail installment loans and consumer lease financing for the purchase or lease of new and used motorcycles. These consumer financing products were discontinued during the fiscal year ending April 30, 2013 (see Discontinued Operations). The Company continues to offer a leasing program, on a pass through basis, for municipalities. | ||
Estimates | ||
The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | ||
Discontinued Operations | ||
As discussed in NOTE C, in the second quarter of fiscal 2013, the Company’s Board of Directors approved management’s recommendation to discontinue the Company’s consumer lease and loan lines of business and the sale of all of the Company’s portfolio of RISCs, and a portion of its portfolio of leases. The sale was consummated in that quarter. The assets and liabilities have been accounted for as discontinued operations in the Company’s consolidated balance sheets for all periods presented. The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of loss for all periods presented | ||
Revenue Recognition | ||
Revenues from history report and mobile app products are recognized on a cash basis. | ||
Revenues from RISCs and leases: | ||
The RISCs are secured by liens on the titles to the vehicles. The RISCs are accounted for as loans. Upon purchase, the RISCs appear on our balance sheet as RISC loans receivable current and long term. When the RISC is entered into our accounting system, based on the customer's APR (interest rate), an amortization schedule for the loan on a simple interest basis is created. Interest is computed by taking the principal balance times the APR rate then divided by 365 days to get your daily interest amount. The daily interest amount is multiplied by the number of days from the last payment to get the interest income portion of the payment being applied. The balance of the payment goes to reducing the loan principal balance. | ||
Our leases are accounted for as either operating leases or direct financing leases. At the inception of operating leases, no lease revenue is recognized and the leased motorcycles, together with the initial direct costs of originating the lease, which are capitalized, appear on the balance sheet as "motorcycles under operating leases-net". The capitalized cost of each motorcycle is depreciated over the lease term, on a straight-line basis, down to the original estimate of the projected value of the motorcycle at the end of the scheduled lease term (the "Residual"). Monthly lease payments are recognized as rental income. An acquisition fee classified as fee income on the financial statements is received and recognized in income at the inception of the lease. Direct financing leases are recorded at the gross amount of the lease receivable, and unearned income at lease inception is amortized over the lease term. | ||
We realize gains and losses as the result of the termination of leases, both at and prior to their scheduled termination, and the disposition of the related motorcycle. The disposal of motorcycles, which reach scheduled termination of a lease, results in a gain or loss equal to the difference between proceeds received from the disposition of the motorcycle and its net book value. Net book value represents the residual value at scheduled lease termination. Lease terminations that occur prior to scheduled maturity as a result of the lessee's voluntary request to purchase the vehicle have resulted in net gains, equal to the excess of the price received over the motorcycle's net book value. | ||
Early lease terminations also occur because of (i) a default by the lessee, (ii) the physical loss of the motorcycle, or (iii) the exercise of the lessee's early termination. In those instances, we receive the proceeds from either the resale or release of the repossessed motorcycle, or the payment by the lessee's insurer. We record a gain or loss for the difference between the proceeds received and the net book value of the motorcycle. We charge fees to manufacturers and other customers related to creating a private label version of our financing program including web access, processing credit applications, consumer contracts and other related documents and processes. Fees received are amortized and booked as income over the length of the contract. | ||
Website Development Costs | ||
The Company recognizes website development costs in accordance with ASC 350-50, "Accounting for Website Development Costs." As such, the Company expenses all costs incurred that relate to the planning and post implementation phases of development of its website. Direct costs incurred in the development phase are capitalized and recognized over the estimated useful life. Costs associated with repair or maintenance for the website are included in cost of net revenues in the current period expenses. | ||
Cash Equivalents | ||
For the purpose of the accompanying financial statements, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. | ||
Income Taxes | ||
Deferred income taxes are provided using the asset and liability method for financial reporting purposes in accordance with the provisions of ASC 740-10, "Accounting for Income Taxes" (“ASC 740-10”). Under this method, deferred tax assets and liabilities are recognized for temporary differences between the tax bases of assets and liabilities and their carrying values for financial reporting purposes and for operating loss and tax credit carry forwards. 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 removed 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. | ||
ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740also provides guidance on derecognition, classification, treatment of interest and penalties, and disclosure of such positions. As a result of implementing ASC 740, there has been no adjustment to the Company’s consolidated financial statements and the adoption of ASC 740 did not have a material effect on the Company’s consolidated financial statements for the year ending April 30, 2014. | ||
Fair Value Measurements | ||
The Company adopted ASC 820,” Fair Value Measurements” (“ASC 820”), establishes a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets the lowest priority to unobservable inputs to fair value measurements of certain assets and Liabilities. The three levels of the fair value hierarchy under ASC 820 are described below: | ||
· | Level 1 — Quoted prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain securities that are highly liquid and are actively traded in over-the-counter markets. | |
· | Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |
· | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurements. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based on significant unobservable inputs, as well as management judgments or estimates that are significant to valuation. | |
This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. For some products or in certain market conditions, observable inputs may not always be available. | ||
Impairment of Long-Lived Assets | ||
In accordance ASC 360-10, “Impairment or Disposal of Long-Lived Assets” (“ASC 360-10”), long-lived assets, such as property, equipment, motorcycles and other vehicles and purchased intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows or quoted market prices in active markets if available, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | ||
Segment Information | ||
The Company adopted ASC 280-10 “Disclosures about Segments of an Enterprise and Related Information” (“ASC 280-10”). ASC 280-10 establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in consolidated financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions how to allocate resources and assess performance. The information disclosed herein, materially represents all of the financial information related to the Company's principal operating segments. | ||
In the second quarter of fiscal 2013, the Company’s Board of Directors approved management’s recommendation to discontinue the Company’s consumer lease and loan lines of business and the sale of all of the Company’s portfolio of RISCs and a portion of its portfolio of leases. The sale was consummated in that quarter. The assets and liabilities have been accounted for as discontinued operations in the Company’s consolidated balance sheets for all periods presented. The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of loss for all periods presented. As these lines of business were discontinued during the fiscal year ending April 30, 2013, the Company has discontinued segment reporting. | ||
Stock Based Compensation | ||
The Company adopted ASC 718-10 “Accounting for Stock Compensation” (“ASC 718-10”) which records compensation expense on a straight-line basis, generally over the explicit service period of three to five years. | ||
ASC 718-10 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Consolidated Statement of Operations. The Company is using the Black-Scholes option-pricing model as its method of valuation for share-based awards. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and certain other market variables such as the risk free interest rate. | ||
Property and Equipment | ||
Property and equipment are recorded at cost. Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their estimated useful lives. Depreciation is calculated using the straight-line method over the estimated useful lives. Estimated useful lives of major depreciable assets are as follows: | ||
Leasehold improvements | 3 years | |
Furniture and fixtures | 7 years | |
Website costs | 3 years | |
Computer Equipment | 5 years | |
Advertising Costs | ||
The Company follows a policy of charging the costs of advertising to expenses incurred. During the years ended April 30, 2014 and 2013, the Company’s continuing operations incurred advertising costs of $39,519 and $4,196, respectively. | ||
Net Loss Per Share | ||
The Company uses ASC 260-10, “Earnings Per Share” for calculating the basic and diluted loss per share. The Company computes basic loss per share by dividing net loss and net loss attributable to common shareholders by the weighted average number of common shares outstanding. Common equivalent shares are excluded from the computation of net loss per share if their effect is anti-dilutive. | ||
Per share basic and diluted net loss attributable to common stockholders amounted to $0.19 and $0.33 for the years ended April 30, 2014 and 2013, respectively. At April 30, 2014 and 2013, 6,076,398 (including 283,777 shares to be issued included on the balance sheet) and 6,035,657 (including 625,340 shares to be issued included on the balance sheet) potential shares, respectively, were excluded from the shares used to calculate diluted earnings per share as their inclusion would reduce net loss per share. | ||
Reclassifications | ||
Certain reclassifications have been made to conform to prior periods' data to the current presentation. These reclassifications had no effect on reported losses. | ||
Derivative Liabilities | ||
The Company assessed the classification of its derivative financial instruments as of December 31, 2013, which consist of convertible instruments and rights to shares of the Company’s common stock, and determined that such derivatives meet the criteria for liability classification under ASC 815. | ||
ASC 815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument is deemed to be conventional, as described. | ||
Convertible Instruments | ||
The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards for “Accounting for Derivative Instruments and Hedging Activities”. | ||
Professional standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as “The Meaning of “Conventional Convertible Debt Instrument”. | ||
The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. | ||
ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a liability. | ||
Recent Accounting Pronouncements | ||
There are various updates recently issued, most of which represented technical corrections to the accounting literature or applications to specific industries and are not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | ||
NOTE_B_PROPERTY_AND_EQUIPMENT
NOTE B - PROPERTY AND EQUIPMENT | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE B - PROPERTY AND EQUIPMENT | |||||||||
Major classes of property and equipment at April 30, 2014 and 2013 consist of the followings: | |||||||||
2014 | 2013 | ||||||||
Computer equipment, software and furniture | $ | 209,341 | $ | 209,341 | |||||
Less: accumulated depreciation | (199,367 | ) | (194,795 | ) | |||||
Net property and equipment | $ | 9,974 | $ | 14,546 | |||||
Depreciation expense related to property and equipment was $4,572 and $6,953 for the years ended April 30, 2014 and 2013, respectively. | |||||||||
NOTE_C_DISCONTINUED_OPERATIONS
NOTE C - DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
NOTE C - DISCONTINUED OPERATIONS | |||||||||
In the second quarter of fiscal 2013, the Company’s Board of Directors approved management’s recommendation to discontinue the Company’s consumer lease and loan lines of business and the sale of all of the Company’s portfolio of RISCs and a portion of its portfolio of leases. The sale was consummated in that quarter. The assets and liabilities have been accounted for as discontinued operations in the Company’s consolidated balance sheets for all periods presented. The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of loss for all periods presented. The following table presents summarized operating results for those discontinued operations. | |||||||||
Fiscal Year Ended | |||||||||
April 30, | April 30, | ||||||||
2014 | 2013 | ||||||||
Revenues | $ | 122,373 | $ | 203,997 | |||||
Net loss | $ | (280,441 | ) | $ | (880,210 | ) | |||
As the Company sold all of its portfolio of RISCs, and a portion of its portfolio of leases with the remaining leases in final run-off mode, therefore no portfolio performance measures were calculated for the year ending April 30, 2014. | |||||||||
ASSETS INCLUDED IN DISCONTINUED OPERATIONS | |||||||||
MOTORCYCLES AND OTHER VEHICLES UNDER OPERATING LEASES | |||||||||
Motorcycles and other vehicles under operating leases at April 30, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Motorcycles and other vehicles | $ | 60,686 | $ | 152,157 | |||||
Less: accumulated depreciation | (5,016 | ) | (36,687 | ) | |||||
Motorcycles and other vehicles, net of accumulated depreciation | 55,670 | 115,470 | |||||||
Less: estimated reserve for residual values | (4,252 | ) | (8,880 | ) | |||||
Motorcycles and other vehicles under operating leases, net | $ | 51,418 | $ | 106,590 | |||||
At April 30, 2014, motorcycles and other vehicles are being depreciated to their estimated residual values over the lives of their lease contracts. Depreciation expense for vehicles for the years ended April 30, 2014 and 2013 was $29,411 and $53,191, respectively. All of the assets are pledged as collateral for the note described in SECURED NOTES PAYABLE in this Note These remaining leases are in a run-off mode. | |||||||||
The following is a schedule by years of minimum future rentals (excluding residual values of $35,795) on non-cancelable operating leases as of April 30, 2014: | |||||||||
Year ending April 30, | |||||||||
2015 | $ | 51,418 | |||||||
2016 | - | ||||||||
Total | $ | 51,418 | |||||||
RETAIL (RISC) LOAN RECEIVABLES | |||||||||
All of the Company’s RISC loan receivables were sold in August 2013. As of April 30, 2014 and 2013, the Company had RISC Loans receivables of $37,919 (representing refinancing of two loans which had previously been sold) and zero, respectively; Interest receivable of $2,180 and zero, respectively; and deficiency receivables of $0 and $6,156, respectively. At April 30, 2014 and 2013, the reserve for doubtful RISC loan receivables was $1,124 and $3,078, respectively. | |||||||||
As the Company sold all of its portfolio of RISCs, and a portion of its portfolio of leases with the remaining leases in final run-off mode, therefore no portfolio performance measures were calculated for the year endings April 30, 2013 and 2014. | |||||||||
LIABILITIES INCLUDED IN DISCONTINUED OPERATIONS | |||||||||
SECURED NOTES PAYABLE | |||||||||
2014 | 2013 | ||||||||
Secured, subordinated individual lender (a) | $ | 117,508 | $ | 181,258 | |||||
Secured, subordinated individual lender (b) | 12,912 | 14,337 | |||||||
Total | $ | 130,420 | $ | 195,595 | |||||
(a) | The Company had financed certain of its leases and RISCs through two third parties. The repayment terms are generally one year to five years and the notes are secured by the underlying assets. The weighted average interest rate at April 30, 2014 is 15.29%. | ||||||||
(b) | On October 31, 2008, the Company purchased certain loans secured by a portfolio of secured motorcycle leases (“Purchased Portfolio”) for a total purchase price of $100,000. The Company paid $80,000 at closing, $10,000 in April 2009 and agreed to pay the remaining $10,000 upon receipt of additional Purchase Portfolio documentation. As of April 30, 2014, no such documents have been received. Proceeds from the Purchased Portfolio started accruing to the Company beginning November 1, 2008. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 (“Senior Secured Note”) in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 (“Senior Secured Note”) in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. The Company was obligated to pay any remainder of the Senior Secured Note by November 1, 2009 which was extended to May 1, 2013, and has granted the note holder a security interest in the Purchased Portfolio. On January 31, 2013, the holder converted $50,000 of the outstanding balance of the Note into 60,606 shares of the Company’s restricted common stock. The note, which had an outstanding balance of $12,912 at April 30, 2014, has been extended to October 13, 2014. | ||||||||
At April 30, 2014, the notes payable mature as follows: | |||||||||
Year ended April 30, | Amount | ||||||||
2015 | $ | 130,420 | |||||||
2016 | - | ||||||||
Total Due | $ | 130,420 | |||||||
NOTE_D_NOTES_PAYABLE
NOTE D - NOTES PAYABLE | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
NOTE D - NOTES PAYABLE$ | |||||||||
Notes Payable | April 30, | April 30, | |||||||
2014 | 2013 | ||||||||
Notes convertible at holder’s option (a) | $ | 1,901,263 | $ | 1,694,504 | |||||
Notes with interest only convertible at Company’s option (b) | 390,000 | 360,000 | |||||||
Non-convertible notes payable (c) | 25,000 | 55,000 | |||||||
Subtotal | 2,316,263 | 2,109,504 | |||||||
Less, Debt discount | (296,384 | ) | (105,029 | ) | |||||
Total | $ | 2,019,879 | $ | 2,004,475 | |||||
(a) Notes convertible at holder’s option consists of: | |||||||||
(i) a $1,198,368, 8% note originally due April 30, 2013, but subsequently amended to such time as the law suit filed by the Company (see: PART II, ITEM 1 LEGAL PROCEEDINGS) is fully adjudicated, convertible at the holder’s option at $0.495 per share. In fiscal 2012,,the Company had recorded a $663,403 beneficial conversion discount for this note which was fully amortized during fiscal 2013; | |||||||||
(ii) a, $27,500, 8% note due September 30, 2014 and a $27,500, 8% note due November 20, 2014. The Company has recorded beneficial conversion discounts totaling $44,570 for the two notes. The discount is being fully amortized over the terms of the notes. The notes are convertible at the note holder’s option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the “Discount Conversion Rate”). The Company had reserved up to 550,000 shares of its common stock for conversion pursuant to the terms of the notes. In the event the notes are not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full; | |||||||||
(iii) a $25,000, 12% convertible note due May 27, 2014. The note is convertible at $0.59 per share. If the Company has not redeemed the outstanding principal and accrued interest of this Debenture in cash by the Maturity Date and the original Debenture between the Holder and the Company dated September 19, 2007 is no longer outstanding for every 30 day period past the Maturity Date of which the principal balance an any accrued interest of this Debenture remain outstanding, the Company shall issue the Holder the greater of (i) 1,333 shares of the Company’s restricted common stock or (ii) the number of shares of the Company’s restricted common stock equal to $2,000 determined on the basis of the volume weighted average closing price “VWACP” of the Company’s common stock for the five consecutive trading days immediately prior to the 19th of each month (for a day to be included in the calculation, there must have been at least 100 shares traded on that day). As long as the Company remains current on the payment of the shares under this Paragraph 12, the Debenture shall be considered past due but not in default. The Company issued the holder 5,000 shares of its restricted common stock as inducement for the loan and a $50,000, 12% note, due March 20, 2015, convertible at the holder’s option at $0.59 per share), the Company issued the holder 10,000 shares of its restricted common stock as inducement for the loan. In fiscal 2012, the Company has recorded a $50,000 beneficial conversion discount for this note. The discount is being fully amortized over the term of the note; | |||||||||
(iv) seven notes aggregating $118,250, all due October 30, 2013 with interest ranging from 15% to 20%, the Company is paying 667 monthly penalty shares until the note is paid in full on one $25,000 note which had been past due, all of the notes are convertible at the holder’s option at $0.375 per share. In fiscal 2012, the Company has recorded a $5,340 beneficial conversion discount for these notes. The discount is being fully amortized over the term of the notes; | |||||||||
(v) three notes aggregating $106,250, all due October 30, 2013 with interest ranging from 20% to 25%, all of the notes are convertible at the holder’s option at $0.375 per share. In fiscal 2012, the Company has recorded a $6,120 beneficial conversion discount for these notes. The discount is being fully amortized over the term of the notes; | |||||||||
(vi) a $55,000, 5% convertible note due February 20, 2015 and a $55,000, 5% convertible note due April 16, 2015. This lender has committed to lend up to $330,000 (three hundred thousand) in the form of two $165,000 notes. The Lender initially advanced $110,000 against one $165,000 note of which amount $55,000 was repaid via conversion. The Lender advanced an additional $55,000 against the other $165,000 note. The lender may lend additional consideration to the Company in such amounts and at such dates as Lender may choose in its sole discretion. The principal sum due to lender shall be prorated based on the consideration actually paid by lender (plus an approximate 10% original issue discount that is prorated based on the consideration actually paid by the lender as well as any other interest or fees) such that the borrower is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this note. The second note has been amended to include a 3% closing fee on the amount of each sum advanced plus a 5% due diligence fee on the amount of each sum advanced. The combined fees shall be added to the sum advanced for all purposes under the Note, including when calculating the amount of the interest charge. The maturity date is one year from the effective date of each payment and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable. The Conversion Price is the lesser of $1.20 or 70% of the average of the three lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company (In the case that conversion shares are not deliverable by DWAC an additional 5% discount will apply; and if the shares are chilled for deposit into the DTC system and only eligible for Xclearing deposit an additional 7.5% discount shall apply). Unless otherwise agreed in writing by both parties, at no time will the lender convert any amount of this note into common stock that would result in the lender owning more than 4.99% of the common stock outstanding. In fiscal 2014, the Company has recorded a $63,356 beneficial conversion discount for the two outstanding notes. The discount is being fully amortized over the initial term of the notes; | |||||||||
(vii) a $27,500, 5% convertible note due October 21, 2014, a $27,500, 5% convertible note due January 28, 2015 and a $27,500, 5% convertible note due April 29, 2015. This lender has committed to lend up to $165,000. The lender may lend additional consideration to the Company in such amounts and at such dates as Lender may choose in its sole discretion. The principal sum due to lender shall be prorated based on the consideration actually paid by lender (plus an approximate 10% original issue discount that is prorated based on the consideration actually paid by the lender as well as any other interest or fees) such that the borrower is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this note. The maturity date of each note is one year from the effective date of each payment and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable. The Conversion Price for the notes is the lesser of $0.60 or 70% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $10,000, and the conversion price shall be redefined to equal the lesser of (a) $0.60 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). Unless otherwise agreed in writing by both parties, at no time will the lender convert any amount of this note into common stock that would result in the lender owning more than 4.99% of the common stock outstanding. In fiscal 2014, the Company has recorded a $49,085 beneficial conversion discount for the notes. The discounts are being fully amortized over the terms of the notes, $500 outstanding balance on a $13,900, 10% convertible note due June 1, 2014. The Conversion Price for this note is the lesser of $0.50 or 70% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $15,000, and the conversion price shall be redefined to equal the lesser of (a) $0.005 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). In fiscal 2014, the Company has recorded a $11,158 beneficial conversion discount for the note. The discount is being fully amortized over the term of the note, and, $23,125 outstanding balance on a $60,000, 12% convertible note due March 20, 2015. The Conversion Price for this note is 65% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $15,000, and the conversion price shall be redefined to equal the lesser of (a) $0.005 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). In fiscal 2014, the Company has recorded a $32,309 beneficial conversion discount for the note. The discount is being fully amortized over the term of the note; | |||||||||
(viii) $5,000 5% convertible note due March 1, 2014. The Conversion Price is $0.3595. In fiscal 2014, the Company has recorded a $5,000 beneficial conversion discount for this note. The discount is being fully amortized over the initial term of the note; | |||||||||
(ix) $42,500, 8% note due January 11, 2015. In fiscal 2014, the Company has recorded a beneficial conversion discount of $28,985 for the note. The discount is being fully amortized over the term of the note. The note is convertible at the note holder’s option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the “Discount Conversion Rate”). The Company had reserved up to 215,000 shares of its common stock for conversion pursuant to the terms of the note. In the event the note is not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full; | |||||||||
(x) a $40,000, 6% note due April 3, 2015. In fiscal 2014, the Company has recorded a beneficial conversion discount of $20,085 for the note. The discount is being fully amortized over the term of the note. The note is convertible at the note holder’s option at the lesser of $1.20 or a variable conversion of 65% multiplied by the lowest VWAP in the five trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the “Discount Conversion Rate”). The Company had reserved up to 310,000 shares of its common stock for conversion pursuant to the terms of the note. In the event the note is not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full; and | |||||||||
(xi) a $44,770, 5% note due April 15, 2016. In fiscal 2014, the Company has recorded a beneficial conversion discount of $35,816 for the note. The discount is being fully amortized over the term of the note. The note is convertible at the note holder’s option at the rate of 1.5 shares of common stock for each dollar converted. In the event the note is not paid when due, the interest rate is increased to eighteen percent until the note is paid in full. | |||||||||
(b) Notes with interest only convertible at Company’s option consist of: (i) a 22% note in the amount of $10,000 due May 1, 2014, and a $25,000 note due May 1, 2011, which was extended to October 31, 2013. The Company is paying the note holder 3,333 shares per month until the note is paid or renegotiated. Interest is payable on all three notes at the Company’s option in cash or in shares at the rate of $1.50 per share; (ii) a $315,000, 12.462% note due April 30, 2014, but subsequently amended to such time as the law suit filed by the Company (see: PART II, ITEM 1 LEGAL PROCEEDINGS) is fully adjudicated. Interest is payable quarterly with a minimum or $600 in cash with the balance payable in cash or stock at the Company’s options calculated as the volume weighted average price of the Company’s common stock for the ten day trading period immediately preceding the last day of each three month period; (iii) a $25,000 8% note due November 1, 2013, the Company issued the note holder 5,000 shares of its common stock in connection with this loan Pursuant to the terms of this note, the Company is required to issue to the note holder 5,000 shares of its common stock for each month or portion thereof that the note remains unpaid. Interest is payable on all this note at the Company’s option in cash or in shares at the rate of $0.35 per share; and a $15,000 5% note due August 29, 2014, the Company agreed to issue the note holder 5,000 shares of its common stock in connection with this loan. | |||||||||
(c) Non-convertible notes consist of a $25,000 note due August 10, 2013 which bears no interest. Pursuant to the terms of this note, the Company is required to issue to the note holder 1,000 shares of its common stock for each month or portion thereof that the note remains unpaid | |||||||||
Amortization of Beneficial Conversion Feature for the fiscal years ended April 30, 2014 and 2013 was $417,291 and $854,569, respectively. | |||||||||
The Company's derivative financial instruments consist of embedded derivatives related to the outstanding short term Convertible Notes Payable. These embedded derivatives include certain conversion features indexed to the Company's common stock. The accounting treatment of derivative financial instruments requires that the Company record the derivatives and related items at their fair values as of the inception date of the Convertible Notes Payable and at fair value as of each subsequent balance sheet date. In addition, under the provisions of Accounting Standards Codification subtopic 815-40, Derivatives and Hedging; Contracts in Entity's Own Equity ("ASC 815-40"), as a result of entering into the Convertible Notes Payable, the Company is required to classify all other non-employee stock options and warrants as derivative liabilities and mark them to market at each reporting date. Any change in fair value inclusive of modifications of terms will be recorded as non-operating, non-cash income or expense at each reporting date. If the fair value of the derivatives is higher at the subsequent balance sheet date, the Company will record a non-operating, non-cash charge. If the fair value of the derivatives is lower at the subsequent balance sheet date, the Company will record non-operating, non-cash income. | |||||||||
The change in fair value of the derivative liabilities of warrants outstanding at April 30, 2014 was calculated with the following average assumptions, using a Black-Scholes option pricing model are as follows: | |||||||||
Significant Assumptions: | |||||||||
Risk free interest rate | Ranging from | 0.03% to 1.22% | |||||||
Expected stock price volatility | 98% | ||||||||
Expected dividend payout | 0 | ||||||||
Expected options life in years | Ranging from | 1.59 years to 3.7 years | |||||||
The change in fair value of the derivative liabilities of convertible notes outstanding at April 30, 2014 was calculated with the following average assumptions, using a Black-Scholes option pricing model are as follows: | |||||||||
Significant Assumptions: | |||||||||
Risk free interest rate | Ranging from | 0.04% to 0.05% | |||||||
Expected stock price volatility | 98% | ||||||||
Expected dividend payout | 0 | ||||||||
Expected options life in years | Ranging from | 0.4 years to 1 year | |||||||
The value of the derivative liability was re-assessed as of April 30, 2014 resulting in a loss to the consolidated statement of operations of $417,291 for the year ended April 30, 2014. | |||||||||
April 30, | |||||||||
2014 | |||||||||
Opening balance | $ | 378,802 | |||||||
Derivative liability reclassified to additional paid in capital | (518,379 | ) | |||||||
Derivative financial liability arising on the issue of convertible notes | 323,286 | ||||||||
Fair value adjustments | 417,291 | ||||||||
Closing balance | $ | 601,000 | |||||||
NOTE_E_LOANS_PAYABLE_TO_RELATE
NOTE E - LOANS PAYABLE TO RELATED PARTIES | 12 Months Ended |
Apr. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE E - LOANS PAYABLE TO RELATED PARTIES | |
The Company has outstanding, non-interest bearing notes totaling $372,093 to a Director and $13,760 to an officer and Director as of April 30, 2014. | |
NOTE_F_EQUITY_INSTRUMENTS
NOTE F - EQUITY INSTRUMENTS | 12 Months Ended | |
Apr. 30, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | |
NOTE F - EQUITY INSTRUMENTS | ||
On May 18th, 2012, the Company’s Board of Directors declared effective a one for seventy-five reverse common stock split. All per share amounts in these consolidated financial statements and accompanying notes have been retroactively adjusted to the earliest period presented for the effect of this reverse stock split. | ||
The Company is authorized to issue 10,000,000 shares of preferred stock with $0.001 par value per share, of which 35,850 shares have been designated as Series A convertible preferred stock with a $100 stated value per share, 1,000 shares have been designated as Series B Preferred Stock with a $10,000 per share liquidation value per share, and 200,000 shares have been designated as Series C Preferred Stock with a $10 per share liquidation value and 750,000,000 shares of common stock with $0.001 par value per share. The Company had 125 and 125 shares of Series A preferred stock issued and outstanding as of April 30, 2014 and 2013, respectively. The Company had 157 and 157 shares of Series B preferred stock issued and outstanding as of April 30, 2014 and 2013 and 72.45 and 56.8 shares to be issued in lieu of cash dividends on the Series B preferred stock shares, respectively. The Company had 0 and 0 shares of Series C preferred stock issued and outstanding as of April 30, 2014 and 2013, respectively. The Company had 20,987, 353 and 14,131,242 shares of common stock issued and outstanding and shares committed to be issued of 283,777 and 625,340 as of April 30, 2014 and 2013, respectively. | ||
Preferred Stock Series A. | ||
The Series A preferred stock has a stated value of $100 per share, carries a 6% annual cumulative dividend, payable semi-annually in arrears, and is convertible into shares of common stock at the rate of one preferred share into 8.55 shares of common stock. There were no transactions of the Series A Preferred Stock during the year ended April 30, 2014. | ||
Preferred Stock Series B | ||
On July 24, 2009, the Company designated 1,000 shares as Series B Preferred Stock. The Series B Preferred Stock, with respect to dividend rights and rights upon liquidation, winding-up or dissolution, rank senior to the Company’s common stock and any other class or series of preferred stock, and junior to all of the Company’s existing and future indebtedness. The Series B Preferred Stock accrues dividends at an annual rate of 10%. Accrued dividends are payable upon redemption of the Series B Preferred Stock. The Company’s common stock may not be redeemed while shares of Series B Preferred Stock are outstanding. The Series B Preferred Stock certificate of designations provides that, without the approval of a majority of the shares of Series B Preferred Stock, the Company cannot authorize or create any class of stock ranking as to distribution of assets upon a liquidation senior to or otherwise pari passu with the Series B Preferred Stock, liquidate, dissolve or wind-up the Company’s business and affairs, or effect certain fundamental corporate transactions, or otherwise alter or change adversely the powers, preferences or rights given to the Series B Preferred Stock. The Series B Preferred Stock have a liquidation preference per share equal to the original price per share thereof plus all accrued dividends thereon upon liquidation, including upon consummation of certain fundamental corporate transactions, dissolution, or winding up of the Company’s business. The shares of Series B Preferred Stock are redeemable at the Company’s option on or after the fifth anniversary of the date of its issuance. There were no transactions of the Series B Preferred Stock during the year ended April 30, 2014. As of April 30, 2014, the Company has accrued 72.45 shares of Series B Preferred Stock to be paid in lieu of a 10% cash dividend. | ||
Preferred Stock Series C | ||
In November 2009, the Company authorized a new series of 200,000 shares of preferred stock designated as Series C Convertible Preferred Stock, each share having a par value of $0.001 per share. The Series C Preferred Stock shall, upon liquidation, winding-up or dissolution, rank: (a) senior to the Company's common stock and any other class or series of preferred stock of the Company which by their terms are junior to the Series C Preferred Stock (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such Preferred Stock, the “Junior Shares”); (b) junior to all existing and future indebtedness of the Company; and (c) junior to the Company's Series A and Series B Preferred Stock. The Series C Preferred Stock is not entitled to receive any dividends, has a liquidation value of $10.00 per share, redeemable at the Company’s option at $10.00 per share, and is convertible at the option of the holder into shares of common stock as follows: the number of such shares of common stock to be received for each share of Series C Preferred Stock so converted shall be determined by (A) dividing the number of shares of Series C Preferred Stock to be converted by the weighted average closing price per share of the Company's common stock for the ten (10) trading days immediately preceding the date on which the Company agrees to issue shares of Series C Preferred Stock to such holder multiplied by (B) the Series C liquidation value. There were 0 and 0 shares issued and outstanding at April 30, 2014 and 2013, respectively. | ||
Common Stock | ||
During the fiscal years ended April 30, 2014 and 2013, the Company expensed $373,002 and $568,116, respectively, for non-cash charges related to stock and option compensation expense. | ||
During the fiscal year ended April 30, 2014, the Company: | ||
· | Sold 3,655,459 shares of common stock to 35 accredited investors for $1,298,977 of which 119,170 shares were classified as to be issued at April 30, 2014. | |
· | Issued 576,586 shares which were classified as to be issued at April 30, 2013. | |
· | Issued 926,682 shares, valued at $386,941 pursuant to consulting agreements. | |
· | Issued 158,766 shares of common stock, valued at $113,260 pursuant to terms of notes payable. | |
· | Issued 190,000 shares of common stock in payment of $111,483 in accounts payable, 20,000 shares were to be issued at April 30, 2014. | |
· | Issued 1,333 shares pursuant to an employment agreement and 21,476 shares in lieu of salary to an officer of the Company | |
· | Issued 1,347,325 shares upon conversion of $639,998 of notes and accrued interest thereon, 122,430 shares remain to be issued at April 30, 2014. | |
NOTE_G_NONCONTROLLING_INTEREST
NOTE G - NON-CONTROLLING INTEREST | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Noncontrolling Interest [Abstract] | ' | ||||
Noncontrolling Interest Disclosure [Text Block] | ' | ||||
NOTE G – NON-CONTROLLING INTEREST | |||||
For the fiscal years ended April 30, 2014 and 2013, the non-controlling interest is summarized as follows: | |||||
Amount | |||||
Balance at April 30, 2012 | $ | 703,154 | |||
Issuance of Series C Preferred Stock | 55,000 | ||||
Noncontrolling interest’s share of losses | (34,963 | ) | |||
Balance at April 30, 2013 | $ | 723,191 | |||
Noncontrolling interest’s share of losses | (53,767 | ) | |||
Balance at April 30, 2014 | $ | 669,424 | |||
NOTE_H_FAIR_VALUE_MEASUREMENTS
NOTE H - FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
NOTE H – FAIR VALUE MEASUREMENTS | |||||||||||||||||
The Company follows the guidance established pursuant to ASC 820 which established a framework for measuring fair value and expands disclosure about fair value measurements. ASC 820 defines fair value as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may be used: | |||||||||||||||||
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | |||||||||||||||||
Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data. | |||||||||||||||||
Level 3: Unobservable inputs when there is little or no market data available, thereby requiring an entity to develop its own assumptions. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |||||||||||||||||
The table below summarizes the fair values of our financial liabilities that are required to be carried on a recurring basis as of April 30, 2014: | |||||||||||||||||
Fair Value at | Fair Value Measurement Using | ||||||||||||||||
April 30, | |||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Derivative liability | $ | 601, 000 | - | - | $ | 601,000 | |||||||||||
Derivative liability | $ | 601,000 | - | - | $ | 601,000 | |||||||||||
The following is a description of the valuation methodologies used for these items: | |||||||||||||||||
Derivative liability — these instruments consist of certain variable conversion features related to notes payable obligations and certain outstanding warrants. These instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend rate and estimated life. | |||||||||||||||||
NOTE_I_INCOME_TAXES
NOTE I - INCOME TAXES | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE I - INCOME TAXES | |||||||||
At April 30, 2014 and 2013, the Company has available for federal income tax purposes a net operating loss carry forward of approximately $32,060,454 and $28,815,643, respectively, that may be used to offset future taxable income. The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is more likely than not that the benefits will not be realized. Also, due to change in the control after reverse acquisition of Sparta Commercial Services, Inc., the Company's past accumulated losses to be carried forward may be limited. | |||||||||
Components of deferred tax assets as of April 30, 2014 and 2013 are as follows: | |||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
Noncurrent: | |||||||||
Net operating loss carry forward | $ | 8,976,606 | $ | 8,068,092 | |||||
Valuation allowance | (8,976,606 | ) | (8,068,092 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
The valuation allowance and increased by $908,514 and $762,458 during the years ended April 30, 2014 and 2013, respectively. | |||||||||
NOTE_J_STOCK_OPTIONS_AND_WARRA
NOTE J - STOCK OPTIONS AND WARRANTS | 12 Months Ended | ||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||
NOTE J - STOCK OPTIONS AND WARRANTS | |||||||||||||||||||||||
Options: | |||||||||||||||||||||||
On April 29, 2005, the Company issued to the Chief Operating Officer non-qualified stock options to purchase 11,667 shares of the Company's common stock, subject to vesting conditions, at an exercise price of $45.375 per share. The options have a five year life from vesting. All of these options have expired. | |||||||||||||||||||||||
During the year ended April 30, 2007, the Company granted options to purchase an aggregate of 57,334 shares of common stock to one employee and one Director. 53,334 of the options are exercisable at a price of $14.355 per share and4, 000 are exercisable at $9.00 per share. At grant date, 13,334 options vested immediately. The vested and unvested options were initially valued at $636,433 using the Black-Scholes option pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 131%; (3) risk-free interest rate of 5.04% and 5.24%, vest over a 36 month period and expire if unexercised in five years. 41,334 of these options have expired. | |||||||||||||||||||||||
During the year ended April 30, 2008, the Company granted options to purchase an aggregate of 15,600 shares of common stock to thirteen employees exercisable at $7.50 per share. As a result of separation from employment, a total of 11,600 unexercised options were cancelled. The remaining vested and unvested options had an initial value of $23,019 using the Black-Scholes option pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 143%; (3) risk-free interest rate of 4.76%, vest over a 48 month period and expire if unexercised in ten years. | |||||||||||||||||||||||
During the year ended April 30, 2011, the Company issued stock options, exercisable at $1.875 per share until May 12, 2015, subject to vesting at the rate of 20% on the grant date, 40% on May 12, 2012, and 40% on May 12, 2013, to the following officers and directors: Anthony Havens, 88,967 options; Kristian Srb, 32,867 options; Richard Trotter, 53,550 options; Jeffrey Bean, 12,750 options; Anthony Adler, 53,267 options; and Sandra Ahman, 41,934 options. The vested and unvested options were initially valued at $409,790 using the Black-Scholes option pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 271; (3) risk-free interest rate of 0.89%, vest over a 36 month period and expire if unexercised in five years. $163,322 of the remaining initial value were charged to expense in fiscal year end 2013. | |||||||||||||||||||||||
During the year ended April 30, 2011, the Company issued to four employees under the Company’s 2005 Stock Incentive Compensation Plan options to purchase a total of 28,667 shares of common stock at $1.65 per share until December 1, 2018, subject to vesting at the rate of 40% on the grant date, 20% on December 1, 2011, 20% on December 1, 2013 and 20% on December 1, 2014. As of April 30, 2011, the vested and unvested options were initially valued at $42,961 using the Black-Scholes option pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 250; (3) risk-free interest rate of 2.33%, vest over a 48 month period and expire if unexercised in ten years. $6,444 and $8,592 of the initial value were charged to expense in fiscal year end 2014 and 2013, respectively. | |||||||||||||||||||||||
During the year ended April 30, 2013, the Company issued to two directors, 13,334, five year options each. The options are exercisable at $0.60 per share and have been valued at $5,955 each using the Black-Scholes option pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 227%; (3) risk-free interest rate of 0.41%, vest over a 36 month period and expire if unexercised in five years. The Company charged $4,764 and $4,170 to expenses for the fiscal years ended 2014 and 2013, respectively. | |||||||||||||||||||||||
No options were granted during the fiscal year ended April 30, 2014. | |||||||||||||||||||||||
The following table summarizes common stock options issued to officers, directors and employees outstanding and the related exercise price. | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Weighted Average | Weighted | Weighted | |||||||||||||||||||||
Number | Remaining Contractual | Average | Number | Average | |||||||||||||||||||
Outstanding | Life (Years) | Exercise | Exercisable | Exercise | |||||||||||||||||||
Price | Price | ||||||||||||||||||||||
360, 001 | 1.79 | $ | 2.41 | 360,001 | $ | 2.41 | |||||||||||||||||
Transactions involving stock options issued to officers, directors and employees are summarized as follows: | |||||||||||||||||||||||
Number | Weighted Average | ||||||||||||||||||||||
of Shares | Price | ||||||||||||||||||||||
Per Share | |||||||||||||||||||||||
Outstanding at April 30, 2012 | 394,000 | $ | 3.77 | ||||||||||||||||||||
Granted | - | ||||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Canceled or expired | (14,333 | ) | (18.91 | ) | |||||||||||||||||||
Outstanding at April 30, 2013 | 379,667 | $ | 3.2 | ||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Canceled or expired | (19,666 | ) | (20.05 | ) | |||||||||||||||||||
Outstanding at April 30, 2014 | 360,001 | $ | 2.41 | ||||||||||||||||||||
No options were granted during the fiscal year ended April 30, 2014 or 2013 | |||||||||||||||||||||||
Warrants: | |||||||||||||||||||||||
During the year ended April 30, 2013, the Company issued two warrants to purchase an aggregate of 40,000 shares of common stock to a consultant. The warrants have been valued at $33,801 using the Black-Sholes option pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility ranging from 184% to 194%, (3) risk-free interest rate of 0.70%, and (4) expected life of 5 years. The warrants have exercise prices of $0.60 and are fully vested. $44,214 was charged to expenses during fiscal 2014 which amount includes revaluation of the warrants. | |||||||||||||||||||||||
No warrants were granted during the year ended April 30, 2014. | |||||||||||||||||||||||
The Company adopted SFAS No. 123(R) during third quarter of Fiscal year 2006, which no longer permits the use of the intrinsic value method under APB No. 25. The Company uses the modified prospective method to adopt SFAS No. 123(R), which requires compensation expense to be recorded for all stock-based compensation granted on or after January 1, 2006, as well the unvested portion of previously granted options. The Company is recording the compensation expense on a straight-line basis, generally over the explicit service period of three years. The Company made no stock-based compensation grants prior to the adoption of Statement 123(R) and therefore has no unrecognized stock compensation related liabilities or expense unvested or vested prior to 2006. | |||||||||||||||||||||||
The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Company’s common stock issued to non-employees of the Company. | |||||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||
Prices | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||||
(Years) | |||||||||||||||||||||||
$ | 1.275 | 25,938 | 1.86 | $ | 1.275 | 25,938 | $ | 1.275 | |||||||||||||||
$ | 0.8475 | 290,267 | 1.99 | $ | 0.8475 | 290,267 | $ | 0.8475 | |||||||||||||||
$ | 0.8 | 20,000 | 3.67 | $ | 0.8 | 20,000 | $ | 0.8 | |||||||||||||||
$ | 0.75 | 21,680 | 2.3 | $ | 0.75 | 21,680 | $ | 0.75 | |||||||||||||||
$ | 0.6 | 40,000 | 3.16 | $ | 0.6 | 40,000 | $ | 0.6 | |||||||||||||||
397,885 | 2.13 | $ | 0.87 | 397,885 | $ | 0.87 | |||||||||||||||||
Transactions involving stock warrants issued to non-employees are summarized as follows: | |||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||
of | Average | ||||||||||||||||||||||
Shares | Exercise Price Per Share | ||||||||||||||||||||||
Outstanding at April 30, 2012 | 513,172 | $ | 5.25 | ||||||||||||||||||||
Granted | 330,268 | 0.82 | |||||||||||||||||||||
Exercised | |||||||||||||||||||||||
Canceled or expired | (404,244 | ) | (2.40 | ) | |||||||||||||||||||
Outstanding at April 30, 2013 | 439,196 | 1.27 | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Canceled or expired | (41,311 | ) | (5.40 | ) | |||||||||||||||||||
Outstanding at April 30, 2014 | 397,885 | $ | 1.99 | ||||||||||||||||||||
No non-employee warrants were granted during the year ended April 30, 2014.The weighted-average fair value of stock warrants granted to non-employees during the year ended April 30, 2013 was $0.98, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes option pricing model are as follows: | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Significant assumptions (weighted-average): | |||||||||||||||||||||||
Risk-free interest rate at grant date | - | 0.48 | % | ||||||||||||||||||||
Expected stock price volatility | - | 194 | % | ||||||||||||||||||||
Expected dividend payout | - | - | |||||||||||||||||||||
Expected option life-years | - | 3 years | |||||||||||||||||||||
The amount of the initial expenses charged to operations for compensatory warrants granted in exchange for services was $33,801 for the year ended April 30, 2013. | |||||||||||||||||||||||
The Company's derivative financial instruments consist of embedded derivatives related to the short term Convertible Notes Payable. These embedded derivatives include certain conversion features indexed to the Company's common stock. The accounting treatment of derivative financial instruments requires that the Company record the derivatives and related items at their fair values as of the inception date of the Convertible Notes Payable and at fair value as of each subsequent balance sheet date. In addition, under the provisions of Accounting Standards Codification subtopic 815-40, Derivatives and Hedging; Contracts in Entity's Own Equity ("ASC 815-40"), as a result of entering into the Convertible Notes Payable, the Company is required to classify all other non-employee stock options and warrants as derivative liabilities and mark them to market at each reporting date. Any change in fair value inclusive of modifications of terms will be recorded as non-operating, non-cash income or expense at each reporting date. If the fair value of the derivatives is higher at the subsequent balance sheet date, the Company will record a non-operating, non-cash charge. If the fair value of the derivatives is lower at the subsequent balance sheet date, the Company will record non-operating, non-cash income. | |||||||||||||||||||||||
NOTE_K_COMMITMENTS_AND_CONTING
NOTE K - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE K - COMMITMENTS AND CONTINGENCIES | |
Operating Lease Commitments | |
Our executive offices are located at 370 Lexington Avenue, Suite 1901, New York, NY 10017. | |
We have an agreement for use of office space at our current location under a sub-lease expiring on November 29, 2014. The office space contains approximately 3,500 square feet. For the year ended April 30, 2013, the combined rent was $246,632. For the year ending April 30, 2014 the rent is $151,164 and for the remaining seven months of the sub-lease ending November 29, 2014, the rent is $89,453. Additionally, during the term of the sub-lease the Company is required to pay $965 monthly for electricity. | |
Employment and Consulting Agreements | |
The Company does not have employment agreements with any of its non-executive employees. | |
The Company has consulting agreements with outside contractors to provide marketing and financial advisory services. The agreements are generally for a term of 12 months from inception and renewable automatically from year to year unless either the Company or consultant terminates such engagement by written notice. | |
The Company entered into an employment agreement, dated as of July 12, 2004, with Anthony L. Havens, our Chief Executive Officer. The employment is for a term of five years. The employment term is to be automatically extended for one five-year period, and additional one-year periods, unless written notice is given three months prior to the expiration of any such term that the term will not be extended. The agreement was automatically extended for one year on July 12, 2014. He is entitled to six weeks of paid vacation per year, and health insurance, short term and long term disability insurance, retirement benefits, fringe benefits, and other employee benefits on the same basis as is generally made available to other senior executives. He did not receive any equity compensation as part of this agreement. | |
Litigation | |
The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity. | |
On December 18, 2012, a suit was filed by the Company, as plaintiff, asserting claims against a former credit provider seeking substantial damages for the credit provider's alleged breaches of fiduciary duties it owed to the Company, among other causes of action the Company has alleged in a Complaint filed in the United States District Court for the Southern District of New York. There can be no assurance that the Company will prevail on any of its claims in this action. | |
NOTE_L_NONCASH_FINANCIAL_INFOR
NOTE L - NON-CASH FINANCIAL INFORMATION | 12 Months Ended | ||
Apr. 30, 2014 | |||
Disclosure Text Block Supplement [Abstract] | ' | ||
Additional Financial Information Disclosure [Text Block] | ' | ||
NOTE L - NON-CASH FINANCIAL INFORMATION | |||
During the year ended April 30, 2014, the Company: | |||
· | Issued 567,240 shares of common stock which were classified as to be issued at April 30, 2013. | ||
· | Issued 158,766 shares of common stock valued at $113, 260 pursuant to the terms of various notes. | ||
· | Derivative liability reclassification of $518,379. | ||
· | Shares issued for conversion of notes, interest, and accounts payable of $776,686. | ||
During the year ended April 30, 2013, the Company: | |||
· | issued two warrants to purchase an aggregate of 40,000 shares of common stock to a consultant valued at $33,801. | ||
· | issued 8,899 shares of common stock, which were classified as to be issued at April 30, 2013, for purchase of assets. | ||
· | issued pursuant to notes and penalty provisions of notes, 341,190 shares of unregistered common stock, valued at $235,252. | ||
· | issued 20,000 shares of common stock, valued at $6,200, to a note holder as inducement. | ||
NOTE_M_SUBSEQUENT_EVENTS
NOTE M - SUBSEQUENT EVENTS | 12 Months Ended | ||
Apr. 30, 2014 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events [Text Block] | ' | ||
NOTE M - SUBSEQUENT EVENTS | |||
Subsequent to April 30, 2014 the Company: | |||
· | Sold 884,181 shares of restricted common stock to eleven accredited investors for $262,671. Of these shares, 162,906 shares were unissued as of July 31, 2014. | ||
· | Issued 17,140 shares of restricted common stock valued at $10,000 to two note holders pursuant to the terms of their notes. | ||
· | Issued 96,300 shares of restricted common stock valued at $56,115 to two consultants 4,500 of which were classified as to be issued at April 30, 2014. | ||
· | Issued 260,992 shares restricted common stock which had been classified as to be issued at April 30, 2014. | ||
· | Issued 22,500 shares of common stock in partial settlement of $19,953 of accounts payable. | ||
· | Issued 51,400 shares of common stock to a note holder upon conversion of $22,500 of notes payable. | ||
· | Issued 31,780 shares of common stock to three employees valued at $14,301 in exchange for their outstanding stock options. | ||
· | Borrowed $60,000 from a current note holder and added that amount to the outstanding balance of his 8% convertible note (convertible at $0.495). | ||
· | Repaid a$27,500 convertible note. | ||
· | Borrowed a $42,500, 8% note due February 9, 2015 and a $37,500 8% note due April 2, 2015. Both notes are convertible at the note holder’s option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the “Discount Conversion Rate”). The Company had reserved up to 1,135,000 shares of its common stock for conversion pursuant to the terms of the notes. In the event the notes are not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full. | ||
· | Borrowed a $50,000, 8% convertible note due December 20, 2014. The Conversion Price is a 42% discount from the average of the three lowest closing prices during the ten trading days immediately previous to the day the conversion notice is delivered to the Company. The Company had reserved 340,000 shares of its common stock for conversion. | ||
NOTE_N_GOING_CONCERN_MATTERS
NOTE N - GOING CONCERN MATTERS | 12 Months Ended |
Apr. 30, 2014 | |
Going Concern Disclosure [Abstract] | ' |
Going Concern Disclosure [Text Block] | ' |
NOTE N - GOING CONCERN MATTERS | |
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements during the period October 1, 2001 (date of inception) through April 30, 2014, the Company has incurred a cumulative net loss of $44,257,306. During the year ended April 30, 2014, the Company incurred a net loss of $3,265,648. As of April 30, 2014, the Company’s had a deficit net worth of $3,932,164. These factors among others may indicate that the Company will be unable to continue as a going concern for a reasonable period of time. | |
The Company's existence is dependent upon management's ability to develop profitable operations. Management is devoting substantially all of its efforts to developing its business and raising capital and there can be no assurance that the Company's efforts will be successful. While, the planned principal operations have commenced, no assurance can be given that management's actions will result in profitable operations or the resolution of its liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern. | |
In order to improve the Company's liquidity, the Company's management is actively pursuing additional equity financing through discussions with investment bankers and private investors. There can be no assurance the Company will be successful in its effort to secure additional equity financing. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Apr. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Accounting, Policy [Policy Text Block] | ' | |
Business and Basis of Presentation | ||
Since May 2010, the Company has concentrated its efforts on developing and marketing vehicle history reports, over the internet, and mobile apps for vehicle dealers and other market segments. Historically, the Company had been in the business as an originator and indirect lender for consumer retail installment loans and consumer lease financing for the purchase or lease of new and used motorcycles. These consumer financing products were discontinued during the fiscal year ending April 30, 2013 (see Discontinued Operations). The Company continues to offer a leasing program, on a pass through basis, for municipalities. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Estimates | ||
The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | ||
Discontinued Operations, Policy [Policy Text Block] | ' | |
Discontinued Operations | ||
As discussed in NOTE C, in the second quarter of fiscal 2013, the Company’s Board of Directors approved management’s recommendation to discontinue the Company’s consumer lease and loan lines of business and the sale of all of the Company’s portfolio of RISCs, and a portion of its portfolio of leases. The sale was consummated in that quarter. The assets and liabilities have been accounted for as discontinued operations in the Company’s consolidated balance sheets for all periods presented. The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of loss for all periods presented | ||
Revenue Recognition, Policy [Policy Text Block] | ' | |
Revenue Recognition | ||
Revenues from history report and mobile app products are recognized on a cash basis. | ||
Revenues from RISCs and leases: | ||
The RISCs are secured by liens on the titles to the vehicles. The RISCs are accounted for as loans. Upon purchase, the RISCs appear on our balance sheet as RISC loans receivable current and long term. When the RISC is entered into our accounting system, based on the customer's APR (interest rate), an amortization schedule for the loan on a simple interest basis is created. Interest is computed by taking the principal balance times the APR rate then divided by 365 days to get your daily interest amount. The daily interest amount is multiplied by the number of days from the last payment to get the interest income portion of the payment being applied. The balance of the payment goes to reducing the loan principal balance. | ||
Our leases are accounted for as either operating leases or direct financing leases. At the inception of operating leases, no lease revenue is recognized and the leased motorcycles, together with the initial direct costs of originating the lease, which are capitalized, appear on the balance sheet as "motorcycles under operating leases-net". The capitalized cost of each motorcycle is depreciated over the lease term, on a straight-line basis, down to the original estimate of the projected value of the motorcycle at the end of the scheduled lease term (the "Residual"). Monthly lease payments are recognized as rental income. An acquisition fee classified as fee income on the financial statements is received and recognized in income at the inception of the lease. Direct financing leases are recorded at the gross amount of the lease receivable, and unearned income at lease inception is amortized over the lease term. | ||
We realize gains and losses as the result of the termination of leases, both at and prior to their scheduled termination, and the disposition of the related motorcycle. The disposal of motorcycles, which reach scheduled termination of a lease, results in a gain or loss equal to the difference between proceeds received from the disposition of the motorcycle and its net book value. Net book value represents the residual value at scheduled lease termination. Lease terminations that occur prior to scheduled maturity as a result of the lessee's voluntary request to purchase the vehicle have resulted in net gains, equal to the excess of the price received over the motorcycle's net book value. | ||
Early lease terminations also occur because of (i) a default by the lessee, (ii) the physical loss of the motorcycle, or (iii) the exercise of the lessee's early termination. In those instances, we receive the proceeds from either the resale or release of the repossessed motorcycle, or the payment by the lessee's insurer. We record a gain or loss for the difference between the proceeds received and the net book value of the motorcycle. We charge fees to manufacturers and other customers related to creating a private label version of our financing program including web access, processing credit applications, consumer contracts and other related documents and processes. Fees received are amortized and booked as income over the length of the contract. | ||
Website Development Costs [Policy Text Block] | ' | |
Website Development Costs | ||
The Company recognizes website development costs in accordance with ASC 350-50, "Accounting for Website Development Costs." As such, the Company expenses all costs incurred that relate to the planning and post implementation phases of development of its website. Direct costs incurred in the development phase are capitalized and recognized over the estimated useful life. Costs associated with repair or maintenance for the website are included in cost of net revenues in the current period expenses. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |
Cash Equivalents | ||
For the purpose of the accompanying financial statements, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. | ||
Income Tax, Policy [Policy Text Block] | ' | |
Income Taxes | ||
Deferred income taxes are provided using the asset and liability method for financial reporting purposes in accordance with the provisions of ASC 740-10, "Accounting for Income Taxes" (“ASC 740-10”). Under this method, deferred tax assets and liabilities are recognized for temporary differences between the tax bases of assets and liabilities and their carrying values for financial reporting purposes and for operating loss and tax credit carry forwards. 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 removed 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. | ||
ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740also provides guidance on derecognition, classification, treatment of interest and penalties, and disclosure of such positions. As a result of implementing ASC 740, there has been no adjustment to the Company’s consolidated financial statements and the adoption of ASC 740 did not have a material effect on the Company’s consolidated financial statements for the year ending April 30, 2014. | ||
Fair Value Measurement, Policy [Policy Text Block] | ' | |
Fair Value Measurements | ||
The Company adopted ASC 820,” Fair Value Measurements” (“ASC 820”), establishes a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets the lowest priority to unobservable inputs to fair value measurements of certain assets and Liabilities. The three levels of the fair value hierarchy under ASC 820 are described below: | ||
· | Level 1 — Quoted prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain securities that are highly liquid and are actively traded in over-the-counter markets. | |
· | Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |
· | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurements. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based on significant unobservable inputs, as well as management judgments or estimates that are significant to valuation. | |
This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. For some products or in certain market conditions, observable inputs may not always be available. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |
Impairment of Long-Lived Assets | ||
In accordance ASC 360-10, “Impairment or Disposal of Long-Lived Assets” (“ASC 360-10”), long-lived assets, such as property, equipment, motorcycles and other vehicles and purchased intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows or quoted market prices in active markets if available, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | ||
Segment Reporting, Policy [Policy Text Block] | ' | |
Segment Information | ||
The Company adopted ASC 280-10 “Disclosures about Segments of an Enterprise and Related Information” (“ASC 280-10”). ASC 280-10 establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in consolidated financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions how to allocate resources and assess performance. The information disclosed herein, materially represents all of the financial information related to the Company's principal operating segments. | ||
In the second quarter of fiscal 2013, the Company’s Board of Directors approved management’s recommendation to discontinue the Company’s consumer lease and loan lines of business and the sale of all of the Company’s portfolio of RISCs and a portion of its portfolio of leases. The sale was consummated in that quarter. The assets and liabilities have been accounted for as discontinued operations in the Company’s consolidated balance sheets for all periods presented. The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of loss for all periods presented. As these lines of business were discontinued during the fiscal year ending April 30, 2013, the Company has discontinued segment reporting. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |
Stock Based Compensation | ||
The Company adopted ASC 718-10 “Accounting for Stock Compensation” (“ASC 718-10”) which records compensation expense on a straight-line basis, generally over the explicit service period of three to five years. | ||
ASC 718-10 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Consolidated Statement of Operations. The Company is using the Black-Scholes option-pricing model as its method of valuation for share-based awards. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and certain other market variables such as the risk free interest rate. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |
Property and Equipment | ||
Property and equipment are recorded at cost. Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their estimated useful lives. Depreciation is calculated using the straight-line method over the estimated useful lives. Estimated useful lives of major depreciable assets are as follows: | ||
Leasehold improvements | 3 years | |
Furniture and fixtures | 7 years | |
Website costs | 3 years | |
Computer Equipment | 5 years | |
Advertising Costs, Policy [Policy Text Block] | ' | |
Advertising Costs | ||
The Company follows a policy of charging the costs of advertising to expenses incurred. During the years ended April 30, 2014 and 2013, the Company’s continuing operations incurred advertising costs of $39,519 and $4,196, respectively. | ||
Earnings Per Share, Policy [Policy Text Block] | ' | |
Net Loss Per Share | ||
The Company uses ASC 260-10, “Earnings Per Share” for calculating the basic and diluted loss per share. The Company computes basic loss per share by dividing net loss and net loss attributable to common shareholders by the weighted average number of common shares outstanding. Common equivalent shares are excluded from the computation of net loss per share if their effect is anti-dilutive. | ||
Per share basic and diluted net loss attributable to common stockholders amounted to $0.19 and $0.33 for the years ended April 30, 2014 and 2013, respectively. At April 30, 2014 and 2013, 6,076,398 (including 283,777 shares to be issued included on the balance sheet) and 6,035,657 (including 625,340 shares to be issued included on the balance sheet) potential shares, respectively, were excluded from the shares used to calculate diluted earnings per share as their inclusion would reduce net loss per share. | ||
Reclassification, Policy [Policy Text Block] | ' | |
Reclassifications | ||
Certain reclassifications have been made to conform to prior periods' data to the current presentation. These reclassifications had no effect on reported losses. | ||
Derivatives, Policy [Policy Text Block] | ' | |
Derivative Liabilities | ||
The Company assessed the classification of its derivative financial instruments as of December 31, 2013, which consist of convertible instruments and rights to shares of the Company’s common stock, and determined that such derivatives meet the criteria for liability classification under ASC 815. | ||
ASC 815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument is deemed to be conventional, as described. | ||
Debt, Policy [Policy Text Block] | ' | |
Convertible Instruments | ||
The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards for “Accounting for Derivative Instruments and Hedging Activities”. | ||
Professional standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as “The Meaning of “Conventional Convertible Debt Instrument”. | ||
The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. | ||
ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a liability. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
Recent Accounting Pronouncements | ||
There are various updates recently issued, most of which represented technical corrections to the accounting literature or applications to specific industries and are not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
NOTE_A_SUMMARY_OF_ACCOUNTING_P1
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Tables) (Estimated Useful Lives [Member]) | 12 Months Ended | |
Apr. 30, 2014 | ||
Estimated Useful Lives [Member] | ' | |
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Tables) [Line Items] | ' | |
Property, Plant and Equipment [Table Text Block] | 'Estimated useful lives of major depreciable assets are as follows: | |
Leasehold improvements | 3 years | |
Furniture and fixtures | 7 years | |
Website costs | 3 years | |
Computer Equipment | 5 years |
NOTE_B_PROPERTY_AND_EQUIPMENT_
NOTE B - PROPERTY AND EQUIPMENT (Tables) (Property, Plant and Equipment [Member]) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Property, Plant and Equipment [Member] | ' | ||||||||
NOTE B - PROPERTY AND EQUIPMENT (Tables) [Line Items] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | 'Major classes of property and equipment at April 30, 2014 and 2013 consist of the followings: | ||||||||
2014 | 2013 | ||||||||
Computer equipment, software and furniture | $ | 209,341 | $ | 209,341 | |||||
Less: accumulated depreciation | (199,367 | ) | (194,795 | ) | |||||
Net property and equipment | $ | 9,974 | $ | 14,546 |
NOTE_C_DISCONTINUED_OPERATIONS1
NOTE C - DISCONTINUED OPERATIONS (Tables) (Consumer Lease and Loan Lines of Business [Member]) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Consumer Lease and Loan Lines of Business [Member] | ' | ||||||||
NOTE C - DISCONTINUED OPERATIONS (Tables) [Line Items] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 'In the second quarter of fiscal 2013, the Company’s Board of Directors approved management’s recommendation to discontinue the Company’s consumer lease and loan lines of business and the sale of all of the Company’s portfolio of RISCs and a portion of its portfolio of leases. The sale was consummated in that quarter. The assets and liabilities have been accounted for as discontinued operations in the Company’s consolidated balance sheets for all periods presented. The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of loss for all periods presented. The following table presents summarized operating results for those discontinued operations. | ||||||||
Fiscal Year Ended | |||||||||
April 30, | April 30, | ||||||||
2014 | 2013 | ||||||||
Revenues | $ | 122,373 | $ | 203,997 | |||||
Net loss | $ | (280,441 | ) | $ | (880,210 | ) | |||
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | 'Motorcycles and other vehicles under operating leases at April 30, 2014 and 2013 consist of the following: | ||||||||
2014 | 2013 | ||||||||
Motorcycles and other vehicles | $ | 60,686 | $ | 152,157 | |||||
Less: accumulated depreciation | (5,016 | ) | (36,687 | ) | |||||
Motorcycles and other vehicles, net of accumulated depreciation | 55,670 | 115,470 | |||||||
Less: estimated reserve for residual values | (4,252 | ) | (8,880 | ) | |||||
Motorcycles and other vehicles under operating leases, net | $ | 51,418 | $ | 106,590 | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 'The following is a schedule by years of minimum future rentals (excluding residual values of $35,795) on non-cancelable operating leases as of April 30, 2014: | ||||||||
Year ending April 30, | |||||||||
2015 | $ | 51,418 | |||||||
2016 | - | ||||||||
Total | $ | 51,418 | |||||||
Schedule of Secured Senior Notes [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Secured, subordinated individual lender (a) | $ | 117,508 | $ | 181,258 | |||||
Secured, subordinated individual lender (b) | 12,912 | 14,337 | |||||||
Total | $ | 130,420 | $ | 195,595 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 'At April 30, 2014, the notes payable mature as follows: | ||||||||
Year ended April 30, | Amount | ||||||||
2015 | $ | 130,420 | |||||||
2016 | - | ||||||||
Total Due | $ | 130,420 |
NOTE_D_NOTES_PAYABLE_Tables
NOTE D - NOTES PAYABLE (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
NOTE D - NOTES PAYABLE (Tables) [Line Items] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
Notes Payable | April 30, | April 30, | |||||||
2014 | 2013 | ||||||||
Notes convertible at holder’s option (a) | $ | 1,901,263 | $ | 1,694,504 | |||||
Notes with interest only convertible at Company’s option (b) | 390,000 | 360,000 | |||||||
Non-convertible notes payable (c) | 25,000 | 55,000 | |||||||
Subtotal | 2,316,263 | 2,109,504 | |||||||
Less, Debt discount | (296,384 | ) | (105,029 | ) | |||||
Total | $ | 2,019,879 | $ | 2,004,475 | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | 'No non-employee warrants were granted during the year ended April 30, 2014.The weighted-average fair value of stock warrants granted to non-employees during the year ended April 30, 2013 was $0.98, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes option pricing model are as follows: | ||||||||
2014 | 2013 | ||||||||
Significant assumptions (weighted-average): | |||||||||
Risk-free interest rate at grant date | - | 0.48 | % | ||||||
Expected stock price volatility | - | 194 | % | ||||||
Expected dividend payout | - | - | |||||||
Expected option life-years | - | 3 years | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 'The value of the derivative liability was re-assessed as of April 30, 2014 resulting in a loss to the consolidated statement of operations of $417,291 for the year ended April 30, 2014. | ||||||||
April 30, | |||||||||
2014 | |||||||||
Opening balance | $ | 378,802 | |||||||
Derivative liability reclassified to additional paid in capital | (518,379 | ) | |||||||
Derivative financial liability arising on the issue of convertible notes | 323,286 | ||||||||
Fair value adjustments | 417,291 | ||||||||
Closing balance | $ | 601,000 | |||||||
Warrant [Member] | ' | ||||||||
NOTE D - NOTES PAYABLE (Tables) [Line Items] | ' | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 'The change in fair value of the derivative liabilities of warrants outstanding at April 30, 2014 was calculated with the following average assumptions, using a Black-Scholes option pricing model are as follows: | ||||||||
Significant Assumptions: | |||||||||
Risk free interest rate | Ranging from | 0.03% to 1.22% | |||||||
Expected stock price volatility | 98% | ||||||||
Expected dividend payout | 0 | ||||||||
Expected options life in years | Ranging from | 1.59 years to 3.7 years | |||||||
Debt [Member] | ' | ||||||||
NOTE D - NOTES PAYABLE (Tables) [Line Items] | ' | ||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | 'The change in fair value of the derivative liabilities of convertible notes outstanding at April 30, 2014 was calculated with the following average assumptions, using a Black-Scholes option pricing model are as follows: | ||||||||
Significant Assumptions: | |||||||||
Risk free interest rate | Ranging from | 0.04% to 0.05% | |||||||
Expected stock price volatility | 98% | ||||||||
Expected dividend payout | 0 | ||||||||
Expected options life in years | Ranging from | 0.4 years to 1 year |
NOTE_G_NONCONTROLLING_INTEREST1
NOTE G - NON-CONTROLLING INTEREST (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Noncontrolling Interest [Abstract] | ' | ||||
Schedule of Noncontrolling Interest [Table Text Block] | 'For the fiscal years ended April 30, 2014 and 2013, the non-controlling interest is summarized as follows: | ||||
Amount | |||||
Balance at April 30, 2012 | $ | 703,154 | |||
Issuance of Series C Preferred Stock | 55,000 | ||||
Noncontrolling interest’s share of losses | (34,963 | ) | |||
Balance at April 30, 2013 | $ | 723,191 | |||
Noncontrolling interest’s share of losses | (53,767 | ) | |||
Balance at April 30, 2014 | $ | 669,424 |
NOTE_H_FAIR_VALUE_MEASUREMENTS1
NOTE H - FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 'The table below summarizes the fair values of our financial liabilities that are required to be carried on a recurring basis as of April 30, 2014: | ||||||||||||||||
Fair Value at | Fair Value Measurement Using | ||||||||||||||||
April 30, | |||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Derivative liability | $ | 601, 000 | - | - | $ | 601,000 | |||||||||||
Derivative liability | $ | 601,000 | - | - | $ | 601,000 |
NOTE_I_INCOME_TAXES_Tables
NOTE I - INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 'Components of deferred tax assets as of April 30, 2014 and 2013 are as follows: | ||||||||
April 30, | |||||||||
2014 | 2013 | ||||||||
Noncurrent: | |||||||||
Net operating loss carry forward | $ | 8,976,606 | $ | 8,068,092 | |||||
Valuation allowance | (8,976,606 | ) | (8,068,092 | ) | |||||
Net deferred tax asset | $ | - | $ | - |
NOTE_J_STOCK_OPTIONS_AND_WARRA1
NOTE J - STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended | ||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'The following table summarizes common stock options issued to officers, directors and employees outstanding and the related exercise price. | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Weighted Average | Weighted | Weighted | |||||||||||||||||||||
Number | Remaining Contractual | Average | Number | Average | |||||||||||||||||||
Outstanding | Life (Years) | Exercise | Exercisable | Exercise | |||||||||||||||||||
Price | Price | ||||||||||||||||||||||
360, 001 | 1.79 | $ | 2.41 | 360,001 | $ | 2.41 | |||||||||||||||||
Schedule of Stock Options Roll Forward [Table Text Block] | 'Transactions involving stock options issued to officers, directors and employees are summarized as follows: | ||||||||||||||||||||||
Number | Weighted Average | ||||||||||||||||||||||
of Shares | Price | ||||||||||||||||||||||
Per Share | |||||||||||||||||||||||
Outstanding at April 30, 2012 | 394,000 | $ | 3.77 | ||||||||||||||||||||
Granted | - | ||||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Canceled or expired | (14,333 | ) | (18.91 | ) | |||||||||||||||||||
Outstanding at April 30, 2013 | 379,667 | $ | 3.2 | ||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Canceled or expired | (19,666 | ) | (20.05 | ) | |||||||||||||||||||
Outstanding at April 30, 2014 | 360,001 | $ | 2.41 | ||||||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | 'The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Company’s common stock issued to non-employees of the Company. | ||||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||||
Exercise | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||
Prices | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||||
(Years) | |||||||||||||||||||||||
$ | 1.275 | 25,938 | 1.86 | $ | 1.275 | 25,938 | $ | 1.275 | |||||||||||||||
$ | 0.8475 | 290,267 | 1.99 | $ | 0.8475 | 290,267 | $ | 0.8475 | |||||||||||||||
$ | 0.8 | 20,000 | 3.67 | $ | 0.8 | 20,000 | $ | 0.8 | |||||||||||||||
$ | 0.75 | 21,680 | 2.3 | $ | 0.75 | 21,680 | $ | 0.75 | |||||||||||||||
$ | 0.6 | 40,000 | 3.16 | $ | 0.6 | 40,000 | $ | 0.6 | |||||||||||||||
397,885 | 2.13 | $ | 0.87 | 397,885 | $ | 0.87 | |||||||||||||||||
Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range | 'Transactions involving stock warrants issued to non-employees are summarized as follows: | ||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||
of | Average | ||||||||||||||||||||||
Shares | Exercise Price Per Share | ||||||||||||||||||||||
Outstanding at April 30, 2012 | 513,172 | $ | 5.25 | ||||||||||||||||||||
Granted | 330,268 | 0.82 | |||||||||||||||||||||
Exercised | |||||||||||||||||||||||
Canceled or expired | (404,244 | ) | (2.40 | ) | |||||||||||||||||||
Outstanding at April 30, 2013 | 439,196 | 1.27 | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Canceled or expired | (41,311 | ) | (5.40 | ) | |||||||||||||||||||
Outstanding at April 30, 2014 | 397,885 | $ | 1.99 | ||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | 'No non-employee warrants were granted during the year ended April 30, 2014.The weighted-average fair value of stock warrants granted to non-employees during the year ended April 30, 2013 was $0.98, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes option pricing model are as follows: | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Significant assumptions (weighted-average): | |||||||||||||||||||||||
Risk-free interest rate at grant date | - | 0.48 | % | ||||||||||||||||||||
Expected stock price volatility | - | 194 | % | ||||||||||||||||||||
Expected dividend payout | - | - | |||||||||||||||||||||
Expected option life-years | - | 3 years |
NOTE_A_SUMMARY_OF_ACCOUNTING_P2
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Advertising Expense | $39,519 | $4,196 |
Basic and Diluted Loss Per Share Attributed to Common Stockholders | ($0.19) | ($0.33) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,076,398 | 6,035,657 |
Common Stock To Be Issued [Member] | ' | ' |
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 283,777 | 625,340 |
NOTE_A_SUMMARY_OF_ACCOUNTING_P3
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Details) - Schedule of Estimated Useful Lives of Property and Equipment | 12 Months Ended |
Apr. 30, 2013 | |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Lives | '3 years |
Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Lives | '7 years |
Website Costs [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Lives | '3 years |
Computer Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Lives | '5 years |
NOTE_B_PROPERTY_AND_EQUIPMENT_1
NOTE B - PROPERTY AND EQUIPMENT (Details) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation | $4,572 | $6,953 |
NOTE_B_PROPERTY_AND_EQUIPMENT_2
NOTE B - PROPERTY AND EQUIPMENT (Details) - Schedule of Property and Equipment (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Schedule of Property and Equipment [Abstract] | ' | ' |
Computer equipment, software and furniture | $209,341 | $209,341 |
Less: accumulated depreciation | -199,367 | -194,795 |
Net property and equipment | $9,974 | $14,546 |
NOTE_C_DISCONTINUED_OPERATIONS2
NOTE C - DISCONTINUED OPERATIONS (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2009 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2008 | Apr. 30, 2009 | ||||
Motorcycles and Other Vehicles [Member] | Motorcycles and Other Vehicles [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Asset-backed Securities, Securitized Loans and Receivables [Member] | Asset-backed Securities, Securitized Loans and Receivables [Member] | Asset-backed Securities, Securitized Loans and Receivables [Member] | Asset-backed Securities, Securitized Loans and Receivables [Member] | |||||||
Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | RISCs and Leases Financed Through Third Parties [Member] | RISCs and Leases Financed Through Third Parties [Member] | RISCs and Leases Financed Through Third Parties [Member] | RISCs and Leases Financed Through Third Parties [Member] | Senior Note to Purchase Portfolio [Member] | Senior Note to Purchase Portfolio [Member] | Senior Note to Purchase Portfolio [Member] | Senior Note to Purchase Portfolio [Member] | Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | |||||||||
Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | Minimum [Member] | Maximum [Member] | Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | |||||||||||||||
Consumer Lease and Loan Lines of Business [Member] | Consumer Lease and Loan Lines of Business [Member] | |||||||||||||||||||||
NOTE C - DISCONTINUED OPERATIONS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization, Discontinued Operations | ' | ' | $29,411 | $53,191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Property, Plant, and Equipment, Salvage Value | ' | ' | 35,795 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,919 | 0 | ' | ' | ||||
Number of Loans Refinanced Previously Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Accounts, Interest Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,180 | 0 | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Other Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,156 | ' | ' | ||||
Financing Receivable, Allowance for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,124 | 3,078 | ' | ' | ||||
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | '1 year | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | 15.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Purchase of Assets, Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ||||
Purchase of Assets, Payment Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company paid $80,000 at closing, $10,000 in April 2009 and agreed to pay the remaining $10,000 upon receipt of additional Purchase Portfolio documentation | ' | ||||
Payments for Purchase of Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | 10,000 | ||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Proceeds from Secured Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Payment Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 60,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Disposal Group, Including Discontinued Operation, Liabilities | $130,421 | $189,720 | ' | ' | $117,508 | [1] | $181,258 | [1] | ' | ' | ' | $12,912 | [2] | ' | $14,337 | [2] | $130,420 | $195,595 | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The Company had financed certain of its leases and RISCs through two third parties. The repayment terms are generally one year to five years and the notes are secured by the underlying assets. The weighted average interest rate at April 30, 2014 is 15.29%. | |||||||||||||||||||||
[2] | On October 31, 2008, the Company purchased certain loans secured by a portfolio of secured motorcycle leases ("Purchased Portfolio") for a total purchase price of $100,000. The Company paid $80,000 at closing, $10,000 in April 2009 and agreed to pay the remaining $10,000 upon receipt of additional Purchase Portfolio documentation. As of April 30, 2014, no such documents have been received. Proceeds from the Purchased Portfolio started accruing to the Company beginning November 1, 2008. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 ("Senior Secured Note") in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 ("Senior Secured Note") in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. The Company was obligated to pay any remainder of the Senior Secured Note by November 1, 2009 which was extended to May 1, 2013, and has granted the note holder a security interest in the Purchased Portfolio. On January 31, 2013, the holder converted $50,000 of the outstanding balance of the Note into 60,606 shares of the Company's restricted common stock. The note, which had an outstanding balance of $12,912 at April 30, 2014, has been extended to October 13, 2014. |
NOTE_C_DISCONTINUED_OPERATIONS3
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Net loss | ($280,441) | ($880,210) |
Consumer Lease and Loan Lines of Business [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Revenues | 122,373 | 203,997 |
Net loss | ($280,441) | ($880,210) |
NOTE_C_DISCONTINUED_OPERATIONS4
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Property Subject to or Available for Operating Lease (Consumer Lease and Loan Lines of Business [Member], USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Consumer Lease and Loan Lines of Business [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Motorcycles and other vehicles | $60,686 | $152,157 |
Less: accumulated depreciation | -5,016 | -36,687 |
Motorcycles and other vehicles, net of accumulated depreciation | 55,670 | 115,470 |
Less: estimated reserve for residual values | -4,252 | -8,880 |
Motorcycles and other vehicles under operating leases, net | $51,418 | $106,590 |
NOTE_C_DISCONTINUED_OPERATIONS5
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (Consumer Lease and Loan Lines of Business [Member], USD $) | Apr. 30, 2014 |
Consumer Lease and Loan Lines of Business [Member] | ' |
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Future Minimum Rental Payments for Operating Leases [Line Items] | ' |
2015 | $51,418 |
2016 | 0 |
Total | $51,418 |
NOTE_C_DISCONTINUED_OPERATIONS6
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Secured Senior Notes (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | ||
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Secured Senior Notes [Line Items] | ' | ' | ||
Senior subordinated notes | $130,421 | $189,720 | ||
RISCs and Leases Financed Through Third Parties [Member] | Secured Debt [Member] | Consumer Lease and Loan Lines of Business [Member] | ' | ' | ||
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Secured Senior Notes [Line Items] | ' | ' | ||
Senior subordinated notes | 117,508 | [1] | 181,258 | [1] |
Senior Note to Purchase Portfolio [Member] | Secured Debt [Member] | Consumer Lease and Loan Lines of Business [Member] | ' | ' | ||
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Secured Senior Notes [Line Items] | ' | ' | ||
Senior subordinated notes | 12,912 | [2] | 14,337 | [2] |
Secured Debt [Member] | Consumer Lease and Loan Lines of Business [Member] | ' | ' | ||
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Secured Senior Notes [Line Items] | ' | ' | ||
Senior subordinated notes | $130,420 | $195,595 | ||
[1] | The Company had financed certain of its leases and RISCs through two third parties. The repayment terms are generally one year to five years and the notes are secured by the underlying assets. The weighted average interest rate at April 30, 2014 is 15.29%. | |||
[2] | On October 31, 2008, the Company purchased certain loans secured by a portfolio of secured motorcycle leases ("Purchased Portfolio") for a total purchase price of $100,000. The Company paid $80,000 at closing, $10,000 in April 2009 and agreed to pay the remaining $10,000 upon receipt of additional Purchase Portfolio documentation. As of April 30, 2014, no such documents have been received. Proceeds from the Purchased Portfolio started accruing to the Company beginning November 1, 2008. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 ("Senior Secured Note") in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. To finance the purchase, the Company issued a $150,000 Senior Secured Note dated October 31, 2008 ("Senior Secured Note") in exchange for $100,000 from the holder. Terms of the Senior Secured Note require the Company to make semi-monthly payments in amounts equal to all net proceeds from Purchased Portfolio lease payments and motorcycle asset sales received until the Company has paid $150,000 to the holder. The Company was obligated to pay any remainder of the Senior Secured Note by November 1, 2009 which was extended to May 1, 2013, and has granted the note holder a security interest in the Purchased Portfolio. On January 31, 2013, the holder converted $50,000 of the outstanding balance of the Note into 60,606 shares of the Company's restricted common stock. The note, which had an outstanding balance of $12,912 at April 30, 2014, has been extended to October 13, 2014. |
NOTE_C_DISCONTINUED_OPERATIONS7
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Maturities of Long-term Debt (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Maturities of Long-term Debt [Line Items] | ' | ' |
Total Due | $2,019,879 | $2,004,475 |
Secured Debt [Member] | Consumer Lease and Loan Lines of Business [Member] | ' | ' |
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Maturities of Long-term Debt [Line Items] | ' | ' |
2015 | 130,420 | ' |
Total Due | $130,420 | ' |
NOTE_D_NOTES_PAYABLE_Details
NOTE D - NOTES PAYABLE (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | |
Convertible Note Due October 17, 2013 [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Loans Payable [Member] | |||
Convertible Debt [Member] | Note Convertible at Holder's Option #1 [Member] | Note Convertible at Holder's Option #1 [Member] | Note Convertible at Holder's Option #2 [Member] | Note Convertible at Holder's Option #3 [Member] | Notes Convertible at Holder's Option #2 and #3 [Member] | Note Convertible at Holder's Option #4 [Member] | Note Convertible at Holder's Option #4 [Member] | Note Convertible at Holder's Option #5 [Member] | Note Convertible at Holder's Option #5 [Member] | Notes Convertible at Holder's Option #6 [Member] | Notes Convertible at Holder's Option #6 [Member] | Notes Convertible at Holder's Option #7 [Member] | Notes Convertible at Holder's Option #7 [Member] | Notes Convertible at Holder's Option #8 [Member] | Note Convertible at Holder's Option #9 [Member] | Notes Convertible at Holder's Option #8 and #9 [Member] | Notes Convertible at Holder's Option #8 and #9 [Member] | Note Convertible at Holder's Option #10 [Member] | Note Convertible at Holder's Option #11 [Member] | Note Convertible at Holder's Option #12 [Member] | Notes Convertible at Holder's Option #10, #11 and #12 [Member] | Note Convertible at Holder's Option #13 [Member] | Note Convertible at Holder's Option #14 [Member] | Note Convertible at Holder's Option #15 [Member] | Note Convertible at Holder's Option #16 [Member] | Note Convertible at Holder's Option #17 [Member] | Note Convertible at Holder's Option #18 [Member] | Interest Only Notes Convertible at Company's Option #1 and #2 [Member] | Interest Only Note Convertible at Company's Option #1 [Member] | Interest Only Note Convertible at Company's Option #2 [Member] | Interest Only Note Convertible at Company's Option #3 [Member] | Interest Only Note Convertible at Company's Option #4 [Member] | Interest Only Note Convertible at Company's Option #4 [Member] | Interest Only Note Convertible at Company's Option #5 [Member] | ||||
Note Convertible at Holder's Option #3 [Member] | ||||||||||||||||||||||||||||||||||||||
NOTE D - NOTES PAYABLE (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | $1,198,368 | ' | $27,500 | $27,500 | ' | $25,000 | ' | $50,000 | ' | $118,250 | ' | $106,250 | ' | $55,000 | $55,000 | ' | ' | $27,500 | $27,500 | $27,500 | ' | $13,900 | $60,000 | $5,000 | $42,500 | $40,000 | $44,770 | ' | $10,000 | $25,000 | $315,000 | $25,000 | ' | $15,000 | $25,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 8.00% | 8.00% | ' | 8.00% | ' | ' | 12.00% | ' | 12.00% | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | 5.00% | 5.00% | 5.00% | ' | 10.00% | 12.00% | 5.00% | 8.00% | 6.00% | 5.00% | 22.00% | ' | ' | 12.46% | 8.00% | ' | 5.00% | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 30-Apr-13 | ' | 30-Sep-14 | 20-Nov-14 | ' | 27-May-14 | ' | 20-Mar-15 | ' | 30-Oct-13 | ' | 30-Oct-13 | ' | 20-Feb-15 | 16-Apr-15 | ' | ' | 21-Oct-14 | 28-Jan-15 | 29-Apr-15 | ' | 1-Jun-14 | 20-Mar-15 | 1-Mar-14 | 11-Jan-15 | 3-Apr-15 | 15-Apr-16 | ' | 1-May-14 | 31-Oct-13 | 30-Apr-14 | 1-Nov-13 | ' | 29-Aug-14 | 10-Aug-13 |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | $0.50 | ' | ' | ' | ' | $0.59 | ' | $0.59 | ' | $0.38 | ' | $0.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Beneficial Conversion Feature | ' | ' | ' | ' | 663,403 | ' | ' | 44,570 | ' | ' | ' | 50,000 | ' | 5,340 | ' | 6,120 | ' | ' | 63,356 | ' | ' | ' | ' | 49,085 | 11,158 | 32,309 | 5,000 | 28,985 | 20,085 | 35,816 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | ' | '58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Conversion Price is the lesser of $1.20 or 70% of the average of the three lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company (In the case that conversion shares are not deliverable by DWAC an additional 5% discount will apply; and if the shares are chilled for deposit into the DTC system and only eligible for Xclearing deposit an additional 7.5% discount shall apply). Unless otherwise agreed in writing by both parties, at no time will the lender convert any amount of this note into common stock that would result in the lender owning more than 4.99% of the common stock outstanding. | ' | ' | ' | ' | 'The Conversion Price for the notes is the lesser of $0.60 or 70% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $10,000, and the conversion price shall be redefined to equal the lesser of (a) $0.60 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). Unless otherwise agreed in writing by both parties, at no time will the lender convert any amount of this note into common stock that would result in the lender owning more than 4.99% of the common stock outstanding. | 'Conversion Price for this note is the lesser of $0.50 or 70% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $15,000, and the conversion price shall be redefined to equal the lesser of (a) $0.005 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). In fiscal 2014, the Company has recorded a $11,158 beneficial conversion discount for the note. The discount is being fully amortized over the term of the note, and, $23,125 outstanding balance on a $60,000, 12% convertible note due March 20, 2015. The Conversion Price for this note is 65% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $15,000, and the conversion price shall be redefined to equal the lesser of (a) $0.005 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). | 'The Conversion Price for this note is 65% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $15,000, and the conversion price shall be redefined to equal the lesser of (a) $0.005 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). | ' | 'The note is convertible at the note holder's option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the "Discount Conversion Rate"). | 'The note is convertible at the note holder's option at the lesser of $1.20 or a variable conversion of 65% multiplied by the lowest VWAP in the five trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the "Discount Conversion Rate"). | 'The note is convertible at the note holder's option at the rate of 1.5 shares of common stock for each dollar converted. | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | 550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,000 | 310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | 'In the event the notes are not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'In the event the note is not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full | 'In the event the note is not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full | 'In the event the note is not paid when due, the interest rate is increased to eighteen percent until the note is paid in full. | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description | ' | ' | ' | ' | ' | ' | ' | ' | 'If the Company has not redeemed the outstanding principal and accrued interest of this Debenture in cash by the Maturity Date and the original Debenture between the Holder and the Company dated September 19, 2007 is no longer outstanding for every 30 day period past the Maturity Date of which the principal balance an any accrued interest of this Debenture remain outstanding, the Company shall issue the Holder the greater of (i) 1,333 shares of the Company's restricted common stock or (ii) the number of shares of the Company's restricted common stock equal to $2,000 determined on the basis of the volume weighted average closing price "VWACP" of the Company's common stock for the five consecutive trading days immediately prior to the 19 th of each month (for a day to be included in the calculation, there must have been at least 100 shares traded on that day). As long as the Company remains current on the payment of the shares under this Paragraph 12, the Debenture shall be considered past due but not in default. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'This lender has committed to lend up to $330,000 (three hundred thousand) in the form of two $165,000 notes. The Lender initially advanced $110,000 against one $165,000 note of which amount $55,000 was repaid via conversion. The Lender advanced an additional $55,000 against the other $165,000 note. The lender may lend additional consideration to the Company in such amounts and at such dates as Lender may choose in its sole discretion. The principal sum due to lender shall be prorated based on the consideration actually paid by lender (plus an approximate 10% original issue discount that is prorated based on the consideration actually paid by the lender as well as any other interest or fees) such that the borrower is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this note. | ' | ' | ' | ' | 'This lender has committed to lend up to $165,000. The lender may lend additional consideration to the Company in such amounts and at such dates as Lender may choose in its sole discretion. The principal sum due to lender shall be prorated based on the consideration actually paid by lender (plus an approximate 10% original issue discount that is prorated based on the consideration actually paid by the lender as well as any other interest or fees) such that the borrower is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this note. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Payment Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Company is paying 667 monthly penalty shares until the note is paid in full on one $25,000 note which had been past due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The maturity date of each note is one year from the effective date of each payment and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable. | ' | ' | ' | ' | ' | ' | 'The Company is paying the note holder 3,333 shares per month until the note is paid or renegotiated. Interest is payable on all three notes at the Company's option in cash or in shares at the rate of $1.50 per share | ' | ' | 'Interest is payable quarterly with a minimum or $600 in cash with the balance payable in cash or stock at the Company's options calculated as the volume weighted average price of the Company's common stock for the ten day trading period immediately preceding the last day of each three month period | ' | 'Company is required to issue to the note holder 5,000 shares of its common stock for each month or portion thereof that the note remains unpaid. Interest is payable on all this note at the Company's option in cash or in shares at the rate of $0.35 per share | ' | 'Pursuant to the terms of this note, the Company is required to issue to the note holder 1,000 shares of its common stock for each month or portion thereof that the note remains unpaid |
Debt Instrument, Monthly Penalty Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Amendment Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The second note has been amended to include a 3% closing fee on the amount of each sum advanced plus a 5% due diligence fee on the amount of each sum advanced. The combined fees shall be added to the sum advanced for all purposes under the Note, including when calculating the amount of the interest charge. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The maturity date is one year from the effective date of each payment and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 23,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | 158,766 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | 5,000 | ' |
Amortization of Debt Discount (Premium) | 417,291 | 854,569 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | $417,291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NOTE_D_NOTES_PAYABLE_Details_S
NOTE D - NOTES PAYABLE (Details) - Schedule of Notes Payble (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | ||
NOTE D - NOTES PAYABLE (Details) - Schedule of Notes Payble [Line Items] | ' | ' | ||
Note payable, gross | $2,316,263 | $2,109,504 | ||
Less, Debt discount | -296,384 | -105,029 | ||
Total | 2,019,879 | 2,004,475 | ||
Notes Convertible at Holder's Option [Member] | Convertible Debt [Member] | ' | ' | ||
NOTE D - NOTES PAYABLE (Details) - Schedule of Notes Payble [Line Items] | ' | ' | ||
Note payable, gross | 1,901,263 | [1] | 1,694,504 | [1] |
Notes with Interest Only, Convertible at Company's Option [Member] | Convertible Debt [Member] | ' | ' | ||
NOTE D - NOTES PAYABLE (Details) - Schedule of Notes Payble [Line Items] | ' | ' | ||
Note payable, gross | 390,000 | [2] | 360,000 | [2] |
Loans Payable [Member] | ' | ' | ||
NOTE D - NOTES PAYABLE (Details) - Schedule of Notes Payble [Line Items] | ' | ' | ||
Note payable, gross | $25,000 | [3] | $55,000 | [3] |
[1] | (a) Notes convertible at holder's option consists of:(i) a $1,198,368, 8% note originally due April 30, 2013, but subsequently amended to such time as the law suit filed by the Company (see: PART II, ITEM 1 LEGAL PROCEEDINGS) is fully adjudicated, convertible at the holder's option at $0.495 per share. In fiscal 2012,,the Company had recorded a $663,403 beneficial conversion discount for this note which was fully amortized during fiscal 2013; (ii) a, $27,500, 8% note due September 30, 2014 and a $27,500, 8% note due November 20, 2014. The Company has recorded beneficial conversion discounts totaling $44,570 for the two notes. The discount is being fully amortized over the terms of the notes. The notes are convertible at the note holder's option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the "Discount Conversion Rate"). The Company had reserved up to 550,000 shares of its common stock for conversion pursuant to the terms of the notes. In the event the notes are not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full;(iii) a $25,000, 12% convertible note due May 27, 2014. The note is convertible at $0.59 per share. If the Company has not redeemed the outstanding principal and accrued interest of this Debenture in cash by the Maturity Date and the original Debenture between the Holder and the Company dated September 19, 2007 is no longer outstanding for every 30 day period past the Maturity Date of which the principal balance an any accrued interest of this Debenture remain outstanding, the Company shall issue the Holder the greater of (i) 1,333 shares of the Company's restricted common stock or (ii) the number of shares of the Company's restricted common stock equal to $2,000 determined on the basis of the volume weighted average closing price "VWACP" of the Company's common stock for the five consecutive trading days immediately prior to the 19th of each month (for a day to be included in the calculation, there must have been at least 100 shares traded on that day). As long as the Company remains current on the payment of the shares under this Paragraph 12, the Debenture shall be considered past due but not in default. The Company issued the holder 5,000 shares of its restricted common stock as inducement for the loan and a $50,000, 12% note, due March 20, 2015, convertible at the holder's option at $0.59 per share), the Company issued the holder 10,000 shares of its restricted common stock as inducement for the loan. In fiscal 2012, the Company has recorded a $50,000 beneficial conversion discount for this note. The discount is being fully amortized over the term of the note;(iv) seven notes aggregating $118,250, all due October 30, 2013 with interest ranging from 15% to 20%, the Company is paying 667 monthly penalty shares until the note is paid in full on one $25,000 note which had been past due, all of the notes are convertible at the holder's option at $0.375 per share. In fiscal 2012, the Company has recorded a $5,340 beneficial conversion discount for these notes. The discount is being fully amortized over the term of the notes; (v) three notes aggregating $106,250, all due October 30, 2013 with interest ranging from 20% to 25%, all of the notes are convertible at the holder's option at $0.375 per share. In fiscal 2012, the Company has recorded a $6,120 beneficial conversion discount for these notes. The discount is being fully amortized over the term of the notes; (vi) a $55,000, 5% convertible note due February 20, 2015 and a $55,000, 5% convertible note due April 16, 2015. This lender has committed to lend up to $330,000 (three hundred thousand) in the form of two $165,000 notes. The Lender initially advanced $110,000 against one $165,000 note of which amount $55,000 was repaid via conversion. The Lender advanced an additional $55,000 against the other $165,000 note. The lender may lend additional consideration to the Company in such amounts and at such dates as Lender may choose in its sole discretion. The principal sum due to lender shall be prorated based on the consideration actually paid by lender (plus an approximate 10% original issue discount that is prorated based on the consideration actually paid by the lender as well as any other interest or fees) such that the borrower is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this note. The second note has been amended to include a 3% closing fee on the amount of each sum advanced plus a 5% due diligence fee on the amount of each sum advanced. The combined fees shall be added to the sum advanced for all purposes under the Note, including when calculating the amount of the interest charge. The maturity date is one year from the effective date of each payment and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable. The Conversion Price is the lesser of $1.20 or 70% of the average of the three lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company (In the case that conversion shares are not deliverable by DWAC an additional 5% discount will apply; and if the shares are chilled for deposit into the DTC system and only eligible for Xclearing deposit an additional 7.5% discount shall apply). Unless otherwise agreed in writing by both parties, at no time will the lender convert any amount of this note into common stock that would result in the lender owning more than 4.99% of the common stock outstanding. In fiscal 2014, the Company has recorded a $63,356 beneficial conversion discount for the two outstanding notes. The discount is being fully amortized over the initial term of the notes;(vii) a $27,500, 5% convertible note due October 21, 2014, a $27,500, 5% convertible note due January 28, 2015 and a $27,500, 5% convertible note due April 29, 2015. This lender has committed to lend up to $165,000. The lender may lend additional consideration to the Company in such amounts and at such dates as Lender may choose in its sole discretion. The principal sum due to lender shall be prorated based on the consideration actually paid by lender (plus an approximate 10% original issue discount that is prorated based on the consideration actually paid by the lender as well as any other interest or fees) such that the borrower is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this note. The maturity date of each note is one year from the effective date of each payment and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable. The Conversion Price for the notes is the lesser of $0.60 or 70% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $10,000, and the conversion price shall be redefined to equal the lesser of (a) $0.60 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). Unless otherwise agreed in writing by both parties, at no time will the lender convert any amount of this note into common stock that would result in the lender owning more than 4.99% of the common stock outstanding. In fiscal 2014, the Company has recorded a $49,085 beneficial conversion discount for the notes. The discounts are being fully amortized over the terms of the notes, $500 outstanding balance on a $13,900, 10% convertible note due June 1, 2014. The Conversion Price for this note is the lesser of $0.50 or 70% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $15,000, and the conversion price shall be redefined to equal the lesser of (a) $0.005 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). In fiscal 2014, the Company has recorded a $11,158 beneficial conversion discount for the note. The discount is being fully amortized over the term of the note, and, $23,125 outstanding balance on a $60,000, 12% convertible note due March 20, 2015. The Conversion Price for this note is 65% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company. (In the case that conversion shares are not deliverable by DWAC, the principal amount of the note shall be increased by $15,000, and the conversion price shall be redefined to equal the lesser of (a) $0.005 or (b) 50% of the lowest closing prices during the 20 trading days immediately previous to the day the conversion notice is delivered to the Company). In fiscal 2014, the Company has recorded a $32,309 beneficial conversion discount for the note. The discount is being fully amortized over the term of the note;(viii) $5,000 5% convertible note due March 1, 2014. The Conversion Price is $0.3595. In fiscal 2014, the Company has recorded a $5,000 beneficial conversion discount for this note. The discount is being fully amortized over the initial term of the note; (ix) $42,500, 8% note due January 11, 2015. In fiscal 2014, the Company has recorded a beneficial conversion discount of $28,985 for the note. The discount is being fully amortized over the term of the note. The note is convertible at the note holder's option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the "Discount Conversion Rate"). The Company had reserved up to 215,000 shares of its common stock for conversion pursuant to the terms of the note. In the event the note is not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full;(x) a $40,000, 6% note due April 3, 2015. In fiscal 2014, the Company has recorded a beneficial conversion discount of $20,085 for the note. The discount is being fully amortized over the term of the note. The note is convertible at the note holder's option at the lesser of $1.20 or a variable conversion of 65% multiplied by the lowest VWAP in the five trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the "Discount Conversion Rate"). The Company had reserved up to 310,000 shares of its common stock for conversion pursuant to the terms of the note. In the event the note is not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full; and(xi) a $44,770, 5% note due April 15, 2016. In fiscal 2014, the Company has recorded a beneficial conversion discount of $35,816 for the note. The discount is being fully amortized over the term of the note. The note is convertible at the note holder's option at the rate of 1.5 shares of common stock for each dollar converted. In the event the note is not paid when due, the interest rate is increased to eighteen percent until the note is paid in full. | |||
[2] | Notes with interest only convertible at Company's option consist of: (i) a 22% note in the amount of $10,000 due May 1, 2014, and a $25,000 note due May 1, 2011, which was extended to October 31, 2013. The Company is paying the note holder 3,333 shares per month until the note is paid or renegotiated. Interest is payable on all three notes at the Company's option in cash or in shares at the rate of $1.50 per share; (ii) a $315,000, 12.462% note due April 30, 2014, but subsequently amended to such time as the law suit filed by the Company (see: PART II, ITEM 1 LEGAL PROCEEDINGS) is fully adjudicated. Interest is payable quarterly with a minimum or $600 in cash with the balance payable in cash or stock at the Company's options calculated as the volume weighted average price of the Company's common stock for the ten day trading period immediately preceding the last day of each three month period; (iii) a $25,000 8% note due November 1, 2013, the Company issued the note holder 5,000 shares of its common stock in connection with this loan Pursuant to the terms of this note, the Company is required to issue to the note holder 5,000 shares of its common stock for each month or portion thereof that the note remains unpaid. Interest is payable on all this note at the Company's option in cash or in shares at the rate of $0.35 per share; and a $15,000 5% note due August 29, 2014, the Company agreed to issue the note holder 5,000 shares of its common stock in connection with this loan | |||
[3] | Non-convertible notes consist of a $25,000 note due August 10, 2013 which bears no interest. Pursuant to the terms of this note, the Company is required to issue to the note holder 1,000 shares of its common stock for each month or portion thereof that the note remains unpaid |
NOTE_D_NOTES_PAYABLE_Details_S1
NOTE D - NOTES PAYABLE (Details) - Schedule of Fair Value Assumption of Warrants (Derivative Liability, Warrants [Member], USD $) | 12 Months Ended |
Apr. 30, 2014 | |
NOTE D - NOTES PAYABLE (Details) - Schedule of Fair Value Assumption of Warrants [Line Items] | ' |
Expected stock price volatility | 98.00% |
Expected dividend payout (in Dollars per share) | $0 |
Minimum [Member] | ' |
NOTE D - NOTES PAYABLE (Details) - Schedule of Fair Value Assumption of Warrants [Line Items] | ' |
Risk free interest rate | 0.03% |
Expected options life in years | '1 year 215 days |
Maximum [Member] | ' |
NOTE D - NOTES PAYABLE (Details) - Schedule of Fair Value Assumption of Warrants [Line Items] | ' |
Risk free interest rate | 1.22% |
Expected options life in years | '3 years 255 days |
NOTE_D_NOTES_PAYABLE_Details_S2
NOTE D - NOTES PAYABLE (Details) - Schedule of Fair Value of Convertible Notes (Derivative Liability, Convertible Notes [Member], USD $) | 12 Months Ended |
Apr. 30, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Expected stock price volatility | 98.00% |
Expected dividend payout (in Dollars per share) | $0 |
Minimum [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Risk free interest rate | 0.04% |
Expected options life in years | '146 days |
Maximum [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Risk free interest rate | 0.05% |
Expected options life in years | '1 year |
NOTE_D_NOTES_PAYABLE_Details_F
NOTE D - NOTES PAYABLE (Details) - Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Input Reconciliation (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ' | ' |
Opening balance | $378,802 | ' |
Derivative liability reclassified to additional paid in capital | -518,379 | -852,853 |
Derivative financial liability arising on the issue of convertible notes | 323,286 | ' |
Fair value adjustments | 417,291 | ' |
Closing balance | $601,000 | $378,802 |
NOTE_E_LOANS_PAYABLE_TO_RELATE1
NOTE E - LOANS PAYABLE TO RELATED PARTIES (Details) (USD $) | Apr. 30, 2014 |
Director [Member] | ' |
NOTE E - LOANS PAYABLE TO RELATED PARTIES (Details) [Line Items] | ' |
Notes Payable, Related Parties | $372,093 |
Officer and Director [Member] | ' |
NOTE E - LOANS PAYABLE TO RELATED PARTIES (Details) [Line Items] | ' |
Notes Payable, Related Parties | $13,760 |
NOTE_F_EQUITY_INSTRUMENTS_Deta
NOTE F - EQUITY INSTRUMENTS (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
18-May-12 | Apr. 30, 2014 | Apr. 30, 2013 | |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Stockholders' Equity, Reverse Stock Split | 'one for seventy-five | ' | ' |
Preferred Stock, Shares Authorized | ' | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.00 | $0.00 |
Common Stock, Shares Authorized | ' | 750,000,000 | 750,000,000 |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.00 | $0.00 |
Preferred stock, shares to be issued | ' | 72.48 | 56.8 |
Common Stock, Shares, Issued | ' | 20,987,353 | 14,131,242 |
Common Stock, Shares, Outstanding | ' | 20,987,353 | 14,131,242 |
Common stock to be issued, shares | ' | 283,777 | 625,340 |
Allocated Share-based Compensation Expense (in Dollars) | ' | $373,002 | $568,116 |
Stock Issued During Period, Shares, New Issues | ' | 3,655,459 | ' |
Number of Accredited Investors | ' | 35 | ' |
Stock Issued During Period, Value, New Issues (in Dollars) | ' | 1,298,977 | 866,775 |
Stock to be Issued | ' | 119,170 | ' |
Stock Issued During Period, Shares, Issued for Services | ' | 926,682 | ' |
Stock Issued During Period, Value, Issued for Services (in Dollars) | ' | 386,941 | ' |
Stock Issued During Period, Shares, Other | ' | 158,766 | ' |
Stock Issued During Period, Value, Other (in Dollars) | ' | 113,260 | 235,252 |
Shares Previously Classified to be Issued [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 576,586 | ' |
Shares Issued in Lieu of Payment of Accounts Payable [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Common stock to be issued, shares | ' | 20,000 | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | 190,000 | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | ' | 111,483 | ' |
Shares Issued Pursuant to Employment Agreement [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | 1,333 | ' |
Shares Issued in Lieu of Salary [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | 21,476 | ' |
Shares Issued for Conversion of Notes and Accrued Interest [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Common stock to be issued, shares | ' | 122,430 | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | 1,347,325 | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | ' | 639,998 | ' |
Series A Preferred Stock [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | 35,850 | 35,850 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $100 | $100 |
Preferred Stock, Shares Issued | ' | 125 | 125 |
Preferred Stock, Shares Outstanding | ' | 125 | 125 |
Preferred Stock, Dividend Rate, Percentage | ' | 6.00% | ' |
Convertible Preferred Stock, Terms of Conversion | ' | 'convertible into shares of common stock at the rate of one preferred share into 8.55 shares of common stock | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | 8.55 | ' |
Series B Preferred Stock [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | 1,000 | 1,000 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.00 | $0.00 |
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | ' | $10,000 | ' |
Preferred Stock, Shares Issued | ' | 157 | 157 |
Preferred Stock, Shares Outstanding | ' | 157 | 157 |
Preferred stock, shares to be issued | ' | 72.45 | 56.8 |
Preferred Stock, Dividend Rate, Percentage | ' | 10.00% | ' |
Preferred Stock, Redemption Terms | ' | 'redeemable at the Company's option on or after the fifth anniversary of the date of its issuance | ' |
Preferred Stock, Redemption Amount (in Dollars) | ' | 10,000 | 10,000 |
Series C Preferred Stock [Member] | ' | ' | ' |
NOTE F - EQUITY INSTRUMENTS (Details) [Line Items] | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | 200,000 | 200,000 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.00 | $0.00 |
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | ' | $10 | ' |
Preferred Stock, Shares Issued | ' | 0 | 0 |
Preferred Stock, Shares Outstanding | ' | 0 | 0 |
Convertible Preferred Stock, Terms of Conversion | ' | 'convertible at the option of the holder into shares of common stock as follows: the number of such shares of common stock to be received for each share of Series C Preferred Stock so converted shall be determined by (A) dividing the number of shares of Series C Preferred Stock to be converted by the weighted average closing price per share of the Company's common stock for the ten (10) trading days immediately preceding the date on which the Company agrees to issue shares of Series C Preferred Stock to such holder multiplied by (B) the Series C liquidation value | ' |
Preferred Stock, Redemption Amount (in Dollars) | ' | $10 | $10 |
NOTE_G_NONCONTROLLING_INTEREST2
NOTE G - NON-CONTROLLING INTEREST (Details) - Schedule of Noncontrolling Interest (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
NOTE G - NON-CONTROLLING INTEREST (Details) - Schedule of Noncontrolling Interest [Line Items] | ' | ' |
Balance | $723,191 | ' |
Issuance of Series C Preferred Stock | ' | 55,000 |
Noncontrolling interestbs share of losses | -53,767 | -34,962 |
Balance | 669,424 | 723,191 |
Specialty Reports Inc. [Member] | ' | ' |
NOTE G - NON-CONTROLLING INTEREST (Details) - Schedule of Noncontrolling Interest [Line Items] | ' | ' |
Balance | 723,191 | 703,154 |
Issuance of Series C Preferred Stock | ' | 55,000 |
Noncontrolling interestbs share of losses | -53,767 | -34,963 |
Balance | $669,424 | $723,191 |
NOTE_H_FAIR_VALUE_MEASUREMENTS2
NOTE H - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
NOTE H - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liability | $601,000 | $378,802 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
NOTE H - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liability | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
NOTE H - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liability | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
NOTE H - FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative liability | $601,000 | ' |
NOTE_I_INCOME_TAXES_Details
NOTE I - INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Operating Loss Carryforwards | $32,060,454 | $28,815,643 |
Valuation Allowances and Reserves, Period Increase (Decrease) | ($908,514) | $762,458 |
NOTE_I_INCOME_TAXES_Details_Sc
NOTE I - INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Noncurrent: | ' | ' |
Net operating loss carry forward | $8,976,606 | $8,068,092 |
Valuation allowance | -8,976,606 | -8,068,092 |
Net deferred tax asset | $0 | $0 |
NOTE_J_STOCK_OPTIONS_AND_WARRA2
NOTE J - STOCK OPTIONS AND WARRANTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2008 | Apr. 30, 2007 | Apr. 29, 2005 | Apr. 30, 2011 | Apr. 30, 2007 | Apr. 30, 2007 | Apr. 30, 2011 | Apr. 30, 2007 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2013 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2011 | |
Chief Operating Officer [Member] | Chief Operating Officer [Member] | Employee and Director [Member] | Employee and Director [Member] | Employee and Director [Member] | Employee and Director [Member] | Officer and Director [Member] | Officer and Director [Member] | Officer and Director [Member] | Officer and Director [Member] | Officer and Director [Member] | Anthony Havens [Member] | Kristian Srb [Member] | Richard Trotter [Member] | Jeffrey Bean [Member] | Anthony Adler [Member] | Sandra Ahman [Member] | Director [Member] | Director [Member] | Warrants issued to Consultant [Member] | Warrants issued to Consultant [Member] | Warrants issued to Consultant [Member] | Warrants issued to Consultant [Member] | Warrants issued to non-employees [Member] | Warrants issued to non-employees [Member] | Share-based Compensation Award, Tranche One [Member] | Share-based Compensation Award, Tranche Two [Member] | Share-based Compensation Award, Tranche Three [Member] | 2005 Stock Incentive Compensation Plan [Member] | 2005 Stock Incentive Compensation Plan [Member] | 2005 Stock Incentive Compensation Plan [Member] | |||||
Options exercisable at $14.355 [Member] | Options exercisable at $9.00 [Member] | Share-based Compensation Award, Tranche One [Member] | Share-based Compensation Award, Tranche Two [Member] | Share-based Compensation Award, Tranche Three [Member] | Minimum [Member] | Maximum [Member] | 2005 Stock Incentive Compensation Plan [Member] | 2005 Stock Incentive Compensation Plan [Member] | 2005 Stock Incentive Compensation Plan [Member] | ||||||||||||||||||||||||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | 15,600 | ' | 11,667 | ' | ' | ' | 57,334 | ' | ' | ' | ' | ' | ' | 88,967 | 32,867 | 53,550 | 12,750 | 53,267 | 41,934 | ' | 13,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,667 |
Share-based Compensation, Option Exercise Price (in Dollars per share) | ' | ' | $7.50 | ' | ' | $45.38 | $14.36 | $9 | ' | ' | ' | ' | ' | ' | $1.88 | ' | ' | ' | ' | ' | ' | ' | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | '10 years | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Number of employees | ' | ' | 13 | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Number of Directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 360,001 | ' | ' | ' | ' | ' | 53,334 | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount (in Dollars) | ' | ' | $23,019 | ' | ' | ' | ' | ' | ' | $636,433 | ' | ' | ' | ' | $409,790 | ' | ' | ' | ' | ' | ' | ' | $5,955 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,961 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | 143.00% | ' | ' | ' | ' | ' | ' | 131.00% | ' | ' | ' | ' | 271.00% | ' | ' | ' | ' | ' | ' | ' | 227.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.04% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '48 months | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '48 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period (in Shares) | ' | ' | ' | 41,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in Shares) | ' | ' | 11,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | 4.76% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.89% | ' | ' | ' | ' | ' | ' | ' | 0.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.33% |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12-May-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-18 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 20.00% | 20.00% | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | 373,002 | 568,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 163,322 | ' | ' | ' | ' | ' | ' | ' | 4,764 | 4,170 | 44,214 | ' | ' | ' | ' | 33,801 | ' | ' | ' | ' | ' | ' |
Share-based Compensation (in Dollars) | 398,149 | 568,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,444 | 8,592 | ' |
Number of Warrants Issuances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Rights, Granted (in Shares) | 0 | 330,268 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Warrants, Fair Value of Warrants, Granted (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184.00% | 194.00% | 0.00% | 194.00% | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | ' | ' | 0.00% | 0.48% | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '0 years | '3 years | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Rights, Weighted-Average Exercise Price of Warrants or Rights, Granted (in Dollars per share) | $0 | $0.82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.98 | ' | ' | ' | ' | ' | ' |
NOTE_J_STOCK_OPTIONS_AND_WARRA3
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Share-based Compensation, Stock Options, Activity (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Schedule of Share-based Compensation, Stock Options, Activity [Abstract] | ' | ' | ' |
360,001 | 379,667 | 394,000 | |
'1 year 288 days | ' | ' | |
$2.41 | $3.20 | $3.77 | |
360,001 | ' | ' | |
$2.41 | ' | ' |
NOTE_J_STOCK_OPTIONS_AND_WARRA4
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Stock Options Roll Forward (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2008 | |
Schedule of Stock Options Roll Forward [Abstract] | ' | ' | ' |
Number of Shares, Outstanding | 379,667 | 394,000 | ' |
Weighted Average Price Per Share, Outstanding | $3.20 | $3.77 | ' |
Number of Shares, Granted | 0 | 0 | 15,600 |
Weighted Average Price Per Share, Granted | $0 | $0 | ' |
Number of Shares, Exercised | 0 | 0 | ' |
Weighted Average Price Per Share, Exercised | $0 | $0 | ' |
Number of Shares, Canceled or expired | -19,666 | -14,333 | ' |
Weighted Average Price Per Share, Canceled or expired | ($20.05) | ($18.91) | ' |
Number of Shares, Outstanding | 360,001 | 379,667 | ' |
Weighted Average Price Per Share, Outstanding | $2.41 | $3.20 | ' |
NOTE_J_STOCK_OPTIONS_AND_WARRA5
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Warrants Outstanding - Number Outstanding (in Shares) | 397,885 | 439,196 | 513,172 |
Warrants Outstanding - Weighted Average Remaining Contractual Life | '2 years 47 days | ' | ' |
Weighted Average Exercise Price | $0.87 | ' | ' |
Warrants Exercisable - Number Exercisable (in Shares) | 397,885 | ' | ' |
Warrants Exercisable - Weighted Average Exercise Price | $0.87 | ' | ' |
Warrant exercises at $1.275 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise Prices | $1.27 | ' | ' |
Warrants Outstanding - Number Outstanding (in Shares) | 25,938 | ' | ' |
Warrants Outstanding - Weighted Average Remaining Contractual Life | '1 year 313 days | ' | ' |
Weighted Average Exercise Price | $1.27 | ' | ' |
Warrants Exercisable - Number Exercisable (in Shares) | 25,938 | ' | ' |
Warrants Exercisable - Weighted Average Exercise Price | $1.27 | ' | ' |
Warrant exercises at $0.8475 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise Prices | $0.85 | ' | ' |
Warrants Outstanding - Number Outstanding (in Shares) | 290,267 | ' | ' |
Warrants Outstanding - Weighted Average Remaining Contractual Life | '1 year 361 days | ' | ' |
Weighted Average Exercise Price | $0.85 | ' | ' |
Warrants Exercisable - Number Exercisable (in Shares) | 290,267 | ' | ' |
Warrants Exercisable - Weighted Average Exercise Price | $0.85 | ' | ' |
Warrant exercises at $0.80 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise Prices | $0.80 | ' | ' |
Warrants Outstanding - Number Outstanding (in Shares) | 20,000 | ' | ' |
Warrants Outstanding - Weighted Average Remaining Contractual Life | '3 years 244 days | ' | ' |
Weighted Average Exercise Price | $0.80 | ' | ' |
Warrants Exercisable - Number Exercisable (in Shares) | 20,000 | ' | ' |
Warrants Exercisable - Weighted Average Exercise Price | $0.80 | ' | ' |
Warrant exercises at $0.75 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise Prices | $0.75 | ' | ' |
Warrants Outstanding - Number Outstanding (in Shares) | 21,680 | ' | ' |
Warrants Outstanding - Weighted Average Remaining Contractual Life | '2 years 109 days | ' | ' |
Weighted Average Exercise Price | $0.75 | ' | ' |
Warrants Exercisable - Number Exercisable (in Shares) | 21,680 | ' | ' |
Warrants Exercisable - Weighted Average Exercise Price | $0.75 | ' | ' |
Warrant exercises at $0.60 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise Prices | $0.60 | ' | ' |
Warrants Outstanding - Number Outstanding (in Shares) | 40,000 | ' | ' |
Warrants Outstanding - Weighted Average Remaining Contractual Life | '3 years 58 days | ' | ' |
Weighted Average Exercise Price | $0.60 | ' | ' |
Warrants Exercisable - Number Exercisable (in Shares) | 40,000 | ' | ' |
Warrants Exercisable - Weighted Average Exercise Price | $0.60 | ' | ' |
NOTE_J_STOCK_OPTIONS_AND_WARRA6
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Class of Warrants or Rights Roll Forward (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Schedule of Class of Warrants or Rights Roll Forward [Abstract] | ' | ' |
Number of Shares Outstanding | 439,196 | 513,172 |
Weighted Average Exercise Price Per Share, Outstanding | $1.27 | $5.25 |
Number of Shares Granted | 0 | 330,268 |
Weighted Average Exercise Price Per Share, Granted | $0 | $0.82 |
Number of Shares Exercised | 0 | 0 |
Weighted Average Exercise Price Per Share, Exercised | $0 | $0 |
Number of Shares Canceled or Expired | -41,311 | -404,244 |
Weighted Average Exercise Price Per Share, Canceled or expired | ($5.40) | ($2.40) |
Number of Shares Outstanding | 397,885 | 439,196 |
Weighted Average Exercise Price Per Share, Outstanding | $1.99 | $1.27 |
NOTE_J_STOCK_OPTIONS_AND_WARRA7
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Warrants issued to non-employees [Member]) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Warrants issued to non-employees [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Risk-free interest rate at grant date | 0.00% | 0.48% |
Expected stock price volatility | 0.00% | 194.00% |
Expected dividend payout | 0.00% | 0.00% |
Expected option life-years | '0 years | '3 years |
NOTE_K_COMMITMENTS_AND_CONTING1
NOTE K - COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Jul. 12, 2004 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | |
Chief Executive Officer [Member] | Operating Lease, Office Space [Member] | Operating Lease, Office Space [Member] | Operating Lease, Monthly Electricity [Member] | Consulting Agreements with Outside Contractors [Member] | |
Employment Agreement [Member] | sqft | ||||
NOTE K - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' | ' | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | 3,500 | ' | ' | ' |
Operating Leases, Rent Expense | ' | $151,164 | $246,632 | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | ' | 89,453 | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | ' | ' | ' | $965 | ' |
Other Commitments, Description | 'The employment term is to be automatically extended for one five-year period, and additional one-year periods, unless written notice is given three months prior to the expiration of any such term that the term will not be extended. The agreement was automatically extended for one year on July 12, 2014. He is entitled to six weeks of paid vacation per year, and health insurance, short term and long term disability insurance, retirement benefits, fringe benefits, and other employee benefits on the same basis as is generally made available to other senior executives. He did not receive any equity compensation as part of this agreement. | ' | ' | ' | 'The agreements are generally for a term of 12 months from inception and renewable automatically from year to year unless either the Company or consultant terminates such engagement by written notice. |
Employment Agreement, Term of Contract | '5 years | ' | ' | ' | ' |
NOTE_L_NONCASH_FINANCIAL_INFOR1
NOTE L - NON-CASH FINANCIAL INFORMATION (Details) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
NOTE L - NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, Other | 158,766 | ' |
Stock Issued During Period, Value, Other (in Dollars) | $113,260 | $235,252 |
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity (in Dollars) | 518,379 | 852,853 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 776,686 | ' |
Class of Warrant or Rights, Granted | 0 | 330,268 |
Stock Issued During Period, Shares, Purchase of Assets | ' | 8,899 |
Shares Previously Classified to be Issued [Member] | ' | ' |
NOTE L - NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ' | ' |
Stock Issued (in Dollars) | 567,240 | ' |
Consulting Services [Member] | ' | ' |
NOTE L - NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ' | ' |
Class of Warrant or Rights, Granted | ' | 2 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | 40,000 |
Warrants, Fair Value of Warrants, Granted (in Dollars) | ' | 33,801 |
Notes and Penalty Provisions of Notes [Member] | ' | ' |
NOTE L - NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, Other | ' | 341,190 |
Stock Issued During Period, Value, Other (in Dollars) | ' | 235,252 |
Note Holder Inducement [Member] | ' | ' |
NOTE L - NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, Other | ' | 20,000 |
Stock Issued During Period, Value, Other (in Dollars) | ' | $6,200 |
NOTE_M_SUBSEQUENT_EVENTS_Detai
NOTE M - SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2008 | Aug. 13, 2014 | Aug. 13, 2014 | Apr. 30, 2014 | Aug. 13, 2014 | Apr. 30, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | Jul. 31, 2014 | |
Stock Issued to Note Holder Pursuant to Terms of Note [Member] | Stock Issued to Consultants [Member] | Stock Issued to Consultants [Member] | Shares Previously Classified to be Issued [Member] | Shares Previously Classified to be Issued [Member] | Stock Issued as Partial Settlement of Accounts Payable [Member] | Exchange for Outstanding Stock Options [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||||||||
Additional Borrowing From Current Note Holder [Member] | Note 1 [Member] | Note 2 [Member] | Notes 1 and 2 [Member] | Note 3 [Member] | |||||||||||||
NOTE M - SUBSEQUENT EVENTS (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 3,655,459 | ' | ' | ' | ' | ' | 260,992 | 576,586 | ' | ' | ' | ' | ' | ' | ' | 884,181 | ' |
Number of Accredited Investors | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' |
Stock Issued During Period, Value, New Issues | $1,298,977 | $866,775 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $262,671 | ' |
Common stock to be issued, shares | 283,777 | 625,340 | ' | ' | ' | 4,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,906 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | 17,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Gross | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Note Holders | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | 926,682 | ' | ' | ' | 96,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services | 386,941 | ' | ' | ' | 56,115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Consultants | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | 158,766 | ' | ' | ' | ' | ' | ' | ' | 22,500 | 31,780 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other | 113,260 | 235,252 | ' | ' | ' | ' | ' | ' | 19,953 | 14,301 | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,400 | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500 | ' |
Number of employees | ' | ' | 13 | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | 966,433 | 698,910 | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | 8.00% | ' | 8.00% | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' |
Repayments of Convertible Debt | 309,500 | 27,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,500 | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,500 | $37,500 | ' | $50,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Feb-15 | 2-Apr-15 | ' | 20-Dec-14 | ' | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Both notes are convertible at the note holder's option at a variable conversion prices such that during the period during which the notes are outstanding, with all notes convertible at 58% multiplied by the average of the three lowest closing bid prices for the common stock during the ten trading day period ending one trading day prior to the submission date of the conversion notice by the note holder to the Company (the "Discount Conversion Rate"). | 'Conversion Price is a 42% discount from the average of the three lowest closing prices during the ten trading days immediately previous to the day the conversion notice is delivered to the Company. | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,135,000 | 340,000 | ' | ' |
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'In the event the notes are not paid when due, the interest rate is increased to twenty-two percent until the note is paid in full. | ' | ' | ' |
NOTE_N_GOING_CONCERN_MATTERS_D
NOTE N - GOING CONCERN MATTERS (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Going Concern Disclosure [Abstract] | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | ($44,257,306) | ($40,991,658) | ' |
Net Income (Loss) Attributable to Parent | -3,265,648 | -3,726,523 | ' |
Stockholders' Equity Attributable to Parent | ($3,932,164) | ($3,874,694) | ($3,446,591) |