Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Jul. 31, 2016 | Oct. 31, 2015 | |
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 | 483,665,125 | ||
Entity Public Float | $ 996,341 | ||
Amendment Flag | false | ||
Entity Central Index Key | 318,299 | ||
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 | Apr. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 33,697 | $ 14,034 |
Accounts receivable | 7,649 | 10 |
Other current assets | 0 | 5,706 |
Total Current Assets | 41,346 | 19,750 |
Property and equipment, net of accumulated depreciation and amortization of $206,362 and $203,215, respectively | 6,900 | 10,047 |
Goodwill | 0 | 10,000 |
Other assets | 9,628 | 9,628 |
Deposits | 79,776 | 79,776 |
Total Long Term Assets | 96,304 | 109,451 |
Total assets from continuing operations | 137,650 | 129,201 |
ASSETS FROM DISCONTINUED OPERATIONS | 13,955 | |
Total assets | 137,650 | 143,156 |
Current Liabilities | ||
Accounts payable and accrued expenses | 2,132,093 | 1,382,598 |
Current portion notes payable net of beneficial conversion feature of $347,072 and $762,426, respectively | 3,394,033 | 1,374,786 |
Deferred revenue | 23,000 | |
Derivative liabilities | 2,170,976 | 1,605,535 |
Total Current Liabilities | 7,720,102 | 4,362,919 |
Long term portion notes payable net of beneficial conversion features of $209,813 and $0, respectively | 96,687 | 1,263,369 |
Loans payable-related parties | 395,853 | 385,853 |
Total Long Term Liabilities | 492,540 | 1,649,222 |
Total liabilities from continuing operations | 8,212,642 | 6,012,141 |
LIABILITIES FROM DISCONTINUED OPERATIONS | 14,670 | 70,117 |
Total liabilities | 8,227,312 | 6,082,258 |
Sparta Commercial Services, Inc. Stockholders’ Deficit: | ||
Common stock, $0.001 par value; 750,000,000 shares authorized, 419,912,451 and 43,238,320 shares issued and outstanding, respectively | 419,912 | 43,238 |
Common stock to be issued 9,605,000 and 2,356,598, respectively | 9,605 | 2,356 |
Additional paid-in-capital | 45,473,029 | 42,528,909 |
Accumulated deficit | (54,758,294) | (49,178,453) |
Total Sparta Commercial Services, Inc. Stockholders’ Deficit | (8,843,248) | (6,591,450) |
Non-controlling interest | 753,586 | 652,348 |
Total Deficit | (8,089,662) | (5,939,102) |
Total Liabilities and Deficit | 137,650 | 143,156 |
Series A Preferred Stock [Member] | ||
Sparta Commercial Services, Inc. Stockholders’ Deficit: | ||
Preferred shares, value, issued | 12,500 | 12,500 |
Series B Preferred Stock [Member] | ||
Sparta Commercial Services, Inc. Stockholders’ Deficit: | ||
Preferred shares, value, issued | 0 | 0 |
Series C Preferred Stock [Member] | ||
Sparta Commercial Services, Inc. Stockholders’ Deficit: | ||
Preferred shares, value, issued | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Accumulated depreciation and amortization (in Dollars) | $ 206,362 | $ 203,215 |
Beneficial Conversion Feature (in Dollars) | $ 556,885 | $ 762,426 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares designated | 10,000,000 | 10,000,000 |
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 419,912,451 | 43,238,320 |
Common stock, shares outstanding | 419,912,451 | 43,238,320 |
Common stock to be issued | 9,605,000 | 2,356,598 |
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) | $ 0.001 | $ 0.001 |
Preferred stock, shares designated | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, redemption value (in Dollars) | $ 10,000 | $ 10,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
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 |
Current Portion [Member] | ||
Beneficial Conversion Feature (in Dollars) | 347,072 | 762,426 |
Lont Term Portion [Member] | ||
Beneficial Conversion Feature (in Dollars) | $ 209,813 | $ 0 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Revenue | ||
Information technology | $ 635,909 | $ 604,842 |
Cost of revenue | 111,186 | 192,112 |
Gross profit | 524,723 | 412,730 |
Operating expenses: | ||
General and administrative | 2,678,214 | 3,108,073 |
Depreciation and amortization | 3,147 | 3,848 |
Total operating expenses | 2,681,361 | 3,111,921 |
Loss from operations | (2,156,638) | (2,699,191) |
Other (income) expense: | ||
Other income | (22,297) | (22,182) |
Financing cost | 1,702,199 | 681,612 |
Amortization of debt discount | 1,606,591 | 1,013,934 |
Loss from changes in fair value of derivative liabilities | 85,684 | 318,372 |
Total other expense | 3,372,177 | 1,991,736 |
Loss from continuing operations | (5,528,815) | (4,690,927) |
Loss from discontinued operations | (29,024) | (246,537) |
Net Loss | (5,557,839) | (4,937,464) |
Net (gain) loss attributed to non-controlling interest | (21,238) | 17,076 |
Preferred dividend | (764) | (760) |
Net loss attributed to common stockholders | $ (5,579,841) | $ (4,921,148) |
Basic and diluted loss per share: | ||
Loss from continuing operations attributable to Sparta Commercial Services, Inc. common stockholders (in Dollars per share) | $ (0.03) | $ (0.18) |
Loss from discontinued operations attributable to Sparta Commercial Services, Inc. common stockholders (in Dollars per share) | 0 | (0.01) |
Net loss attributable to Sparta Commercial Services, Inc. common stockholders (in Dollars per share) | $ (0.03) | $ (0.19) |
Weighted average shares outstanding (in Shares) | 170,096,483 | 26,440,126 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) - USD ($) | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | 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] |
Balance at Apr. 30, 2014 | $ (3,932,163) | $ 12,500 | $ 1,570 | $ 0 | $ 0 | $ 20,987 | $ 284 | $ (2,118,309) | $ 41,738,613 | $ (44,257,305) | $ 669,424 |
Balance (in Shares) at Apr. 30, 2014 | 125 | 157 | 0 | 72 | 20,987,353 | 283,777 | |||||
Correcting | (1) | $ (1) | |||||||||
Correcting (in Shares) | 345 | (430) | |||||||||
Redemption of preferred B stock | (193,011) | $ (1,570) | 2,118,309 | (2,309,678) | |||||||
Redemption of preferred B stock (in Shares) | (157) | (72) | |||||||||
Derivative liability reclassification | 768,174 | 768,174 | |||||||||
Sale of common stock | 978,866 | $ 9,656 | $ 65 | 969,145 | |||||||
Sale of common stock (in Shares) | 9,655,415 | 65,249 | |||||||||
Shares issued for financing cost | 181,912 | $ 1,303 | $ 27 | 180,582 | |||||||
Shares issued for financing cost (in Shares) | 1,302,830 | 27,069 | |||||||||
Shares issued for conversion of notes, interest and accounts payable | 764,942 | $ 10,025 | $ 1,921 | 752,996 | |||||||
Shares issued for conversion of notes, interest and accounts payable (in Shares) | 10,025,638 | 1,920,933 | |||||||||
Stock compensation | 352,942 | $ 1,235 | $ 60 | 351,647 | |||||||
Stock compensation (in Shares) | 1,234,959 | 60,000 | |||||||||
Employee stock & options expense | 77,460 | $ 32 | 77,428 | ||||||||
Employee stock & options expense (in Shares) | 31,780 | ||||||||||
Preferred dividend | (760) | (760) | |||||||||
Net loss | (4,937,464) | (4,920,388) | (17,076) | ||||||||
Balance at Apr. 30, 2015 | (5,939,102) | $ 12,500 | $ 0 | $ 0 | $ 0 | $ 43,238 | $ 2,356 | 0 | 42,528,909 | (49,178,453) | 652,348 |
Balance (in Shares) at Apr. 30, 2015 | 125 | 0 | 0 | 0 | 43,238,320 | 2,356,598 | |||||
Correcting (in Shares) | (60) | ||||||||||
Rounding | 333 | $ 1 | 332 | ||||||||
Sale of subsidiary preferred stock | 80,000 | 80,000 | |||||||||
Derivative liability reclassification | 1,383,617 | 1,383,617 | |||||||||
Sale of common stock | 20,000 | $ 760 | 19,240 | ||||||||
Sale of common stock (in Shares) | 760,456 | ||||||||||
Shares issued for financing cost | $ 139,877 | $ 13,346 | $ 7,762 | 118,769 | |||||||
Shares issued for financing cost (in Shares) | 2,356,598 | 13,346,868 | 7,762,500 | ||||||||
Shares issued for conversion of notes, interest and accounts payable | $ 1,557,057 | $ 321,956 | $ (513) | 1,235,614 | |||||||
Shares issued for conversion of notes, interest and accounts payable (in Shares) | 321,955,811 | (514,098) | |||||||||
Stock compensation | $ 227,095 | $ 40,576 | 186,519 | ||||||||
Stock compensation (in Shares) | 35,056 | 40,576,000 | |||||||||
Employee stock & options expense | $ 64 | $ 35 | 29 | ||||||||
Employee stock & options expense (in Shares) | 35,056 | ||||||||||
Preferred dividend | (764) | (764) | |||||||||
Net loss | (5,557,839) | (5,579,077) | 21,238 | ||||||||
Balance at Apr. 30, 2016 | $ (8,089,662) | $ 12,500 | $ 0 | $ 0 | $ 0 | $ 419,912 | $ 9,605 | $ 0 | $ 45,473,029 | $ (54,758,294) | $ 753,586 |
Balance (in Shares) at Apr. 30, 2016 | 125 | 0 | 0 | 0 | 419,912,451 | 9,605,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (5,557,839) | $ (4,937,464) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Adjustments | 331 | 0 |
Depreciation and amortization | 3,147 | 3,848 |
Impairment loss | 10,000 | 0 |
Loss from change in fair value of derivative liabilities | 85,684 | 318,372 |
Amortization of debt discount | 1,606,591 | 1,013,934 |
Equity based finance cost | 104,039 | 181,912 |
Non-cash financing cost | 958,647 | 0 |
Equity based compensation | 227,159 | 430,402 |
Changes in operating assets and liabilities | ||
Accounts receivable | (7,639) | (10,678) |
Other assets | 5,706 | 6,450 |
Accounts payable and accrued expenses | 858,956 | 330,321 |
Deferred revenue | 23,000 | 0 |
Net cash used in operating activities | (1,682,218) | (2,662,903) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | 0 | (3,921) |
Net cash used in investing activities | 0 | (3,921) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 20,000 | 978,866 |
Proceeds from sale of subsidiary preferred stock | 80,000 | 0 |
Proceeds from convertible notes | 2,327,870 | 2,298,770 |
Payments on convertible notes | (774,498) | (778,000) |
Proceeds from subsidiary notes | 80,000 | 0 |
Proceeds from related party notes | 10,000 | 95,000 |
Net cash provided by financing activities | 1,743,372 | 2,594,636 |
Cash flows from discontinued operations: | ||
Cash (used in) provided by operating activities of discontinued operations | (41,491) | 15,766 |
Cash (used in) financing activities of discontinued operations | 0 | 0 |
Net Cash flow from discontinued operation | (41,491) | 15,766 |
Net increase (decrease) in cash | 19,663 | (56,422) |
Cash and cash equivalents, beginning of period | 14,034 | 70,456 |
Cash and cash equivalents, end of period | 33,697 | 14,034 |
Cash paid for: | ||
Interest | 44,275 | 109,654 |
Income taxes | $ 0 | $ 0 |
NOTE A - SUMMARY OF ACCOUNTING
NOTE A - SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2016 | |
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 financial statements follows. Business Sparta Commercial Services, Inc. (“Sparta,” “we,” “us,” or the “Company”) is a Nevada corporation serving three markets. Sparta is a technology company that develops, markets and manages business mobile application (mobile apps) for smartphones and tablets. The Company also owns and manages websites which sell on-demand motorcycle, recreational vehicle, power-sport vehicle and truck title history reports for consumers, retail dealers, auction houses, insurance companies and banks/finance companies. Notwithstanding our discontinuance of consumer financing, we continue to offer, on a pass through basis, an equipment-leasing product for local and state agencies throughout the country seeking a better and more economical way to finance their essential equipment needs, including police motorcycles and cruisers, buses and EMS equipment. Our roots are in the Powersports industry and our original focus was providing consumer and municipal financing to the powersports, recreational vehicle, and automobile industries (see Discontinued Operations). Presently, through our subsidiary, iMobile Solutions, Inc. (“IMS”), we offer mobile application development, sales, marketing and support, and Vehicle Title History Reports. Our mobile application (mobile app) offerings have broadened our base beyond vehicle dealers to a wide range of businesses including, but not limited to, racetracks, private clubs, country clubs, restaurants and grocery stores. We also offer a private label version of our mobile app framework to enable other businesses to offer custom apps to their customers. Our vehicle history reports include Cyclechex (Motorcycle History Reports at www.cyclechex.com www.rvchecks.com www.carvinreport.com www.truckchex.com Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority owned subsidiary. All material intercompany transactions and balances have been eliminated in consolidation. The third party ownership of the Company’s subsidiary is accounted for as noncontrolling interest in the consolidated financial statements. Changes in the noncontrolling interest are reported in the statement of stockholders’ deficit. Estimates The preparation of the 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 the Company’s entire portfolio of performing 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 operations for all periods presented. Revenue Recognition The Company recognizes revenue when the following criteria have been met: persuasive evidence of an arrangement exists, no significant Company obligations remain, collection of the related receivable is reasonably assured, and the fees are fixed or determinable. The Company acts as a principal in its revenue transactions as the Company is the primary obligor in the transactions. Revenues from mobile app products are generally recognized upon delivery. Revenues from History Reports are generally recognized upon delivery / download. Prepayments received from customers before delivery (if any) are recognized as deferred revenue and recognized upon delivery. 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. Website Development Costs The Company recognizes website development costs in accordance with ASC 350-50, “Accounting for Website Development Costs.” Fair Value Measurements The Company adopted ASC 820, “Fair Value Measurements .” · Level 1 — · Level 2 — · Level 3 — 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. Income Taxes We utilize ASC 740 “Income Taxes” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at year-end based on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The Company recognizes the impact of a tax position in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Stock Based Compensation We account for our stock based compensation under ASC 718 “Compensation – Stock Compensation” using the fair value based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions in which an entity exchanges it equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. We use the fair value method for equity instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The stock based fair value compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement date) and is recognized over the vesting periods. 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 Concentrations of Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash equivalents and receivables. The Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit. Net Loss Per Share The Company uses ASC 260-10, “ Earnings Per Share, ” At April 30, 2016 and 2016, 1,534,522,006 potential shares (including 9,605,000 shares to be issued included on the balance sheet) and 20,081,014 potential shares (including 2,356,598 shares to be issued included on the balance sheet), respectively, were excluded from the shares used to calculate diluted earnings per share as their inclusion would reduce net loss per share. Derivative Liabilities The Company assessed the classification of its derivative financial instruments as of April 30, 2016 and 2015, 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 freestanding 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”. 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. Reclassifications Certain reclassifications have been made to conform to prior periods’ data to the current presentation. These reclassifications had no effect on reported losses. Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application for all periods presented. Early adoption is permitted. The Company will adopt this standard in the interim period beginning on May 1, 2016. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09). This ASU makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation, and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Topic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”). This amendment prescribes that an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The amendments will become effective for the Company’s annual and interim reporting periods beginning May 1, 2017. The Company will begin evaluating going concern disclosures based on this guidance upon adoption. The FASB issued the following accounting standard updates related to Topic 606, Revenue Contracts with Customers: • ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) in May 2014. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations. • ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08") in March 2016. ASU 2016-08 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on principal versus agent considerations. • ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10") in April 2016. ASU 2016-10 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. • ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update) ("ASU 2016-11") in May 2016. ASU 2016-11 rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016 EITF meeting. The SEC Staff is rescinding SEC Staff Observer comments that are codified in Topic 605 and Topic 932, effective upon adoption of Topic 606. • ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients in May 2016. ASU 2016-12 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on a few narrow areas and adds some practical expedients to the guidance. These ASUs will become effective for the Company beginning interim period May, 2018. The Company is currently evaluating the impact of ASC 606, but at the current time does not know what impact the new standard will have on revenue recognized and other accounting decisions in future periods, if any, nor what method of adoption will be selected if the impact is material. A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements. |
NOTE B _ GOING CONCERN MATTERS
NOTE B – GOING CONCERN MATTERS | 12 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | NOTE B – 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, the Company has incurred recurring losses and generated negative cash flows from operating activities since inception. As of April 30, 2016, the Company had an accumulated deficit of $54,758,294 and a working capital deficit (total current liabilities exceeded total current assets) of $7,678,756. The Company’s cash balance and revenues generated are not currently sufficient and cannot be projected to cover its operating expenses for the next twelve months from the filing date of this report. These factors among others raise substantial doubt about the Company’s ability 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. No assurance can be given that management’s actions will result in profitable operations or the resolution of its liquidity problems. The accompanying consolidated financial 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 that the Company will be successful in its effort to secure additional equity financing. |
NOTE C - DISCONTINUED OPERATION
NOTE C - DISCONTINUED OPERATIONS | 12 Months Ended |
Apr. 30, 2016 | |
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 performing 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 operations for all periods presented. The following table presents summarized operating results for the discontinued operations. Years Ended April 30, April 30, 2016 2015 Revenues $ 39,295 $ 41,714 Net loss $ (29,024 ) $ (246,537 ) As the Company sold its entire portfolio of performing 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 years ended April 30, 2016 and 2015. ASSETS INCLUDED IN DISCONTINUED OPERATIONS MOTORCYCLES AND OTHER VEHICLES UNDER OPERATING LEASES Motorcycles and other vehicles under operating leases at April 30, 2016 and 2015: April 30, April 30, 2016 2015 Motorcycles and other vehicles $ 11,040 $ 22,086 Less: accumulated depreciation (11,040 ) (13,456 ) Motorcycles and other vehicles, net of accumulated depreciation - 8,630 Less: estimated reserve for residual values - (2,436 ) Motorcycles and other vehicles under operating leases, net $ - $ 6,194 At April 30, 2015, 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, 2016 and 2015 was $5,207 and $28,736, respectively. All of the assets are pledged as collateral for outstanding notes payable. RETAIL (RISC) LOAN RECEIVABLES All of the Company’s RISC performing loan receivables were sold in August 2013. As of April 30, 2016 and 2015 the Company had RISC loans net of reserves of $0 and $7,761, 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 years ending April 30, 2016 and 2015. LIABILITIES INCLUDED IN DISCONTINUED OPERATIONS Included in liabilities from discontinued operations are the following: SECURED NOTES PAYABLE April 30, April 30, 2016 2015 Secured, subordinated individual lender $ 2,590 $ 58,037 Secured, subordinated individual lender 12,080 12,080 Total $ 14,670 $ 70,117 At April 30, 2016, the notes have maturities due within one year. We make payments on the notes as we collect on the underlying leases and loans. |
NOTE D _ NOTES PAYABLE AND DERI
NOTE D – NOTES PAYABLE AND DERIVATIVES | 12 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE D – NOTES PAYABLE AND DERIVATIVES The Company has outstanding numerous notes payable to various parties. The notes bear interest at rates of 5% - 20% per year and are summarized as follows: Notes Payable April 30, 2016 April 30, 2015 Notes convertible at holder’s option $ 2,625,105 $ 2,707,080 Notes convertible at Company’s option 225,000 300,000 Non-convertible notes payable 1,197,500 393,500 Subtotal 4,047,605 3,400,580 Less debt discount (556,885 ) (762,426 ) Total $ 3,490,720 $ 2,638,154 At April 30, 2016, notes payable due after one year mature as follows: Year ending April 30, Amount 2018 $ 306,500 Certain of the notes payable contain variable conversion rates and the conversion features are classified as derivative liabilities. The conversion prices are based on the market price of the Company’s common stock, at discounts of 30% - 48% to market value. At April 30, 2016 the Company has reserved 330,087,549 shares of its common stock for issuance upon the conversion of debentures. Amortization of debt discount for the years ended April 30, 2016 and 2015 was $1,606,591 and $ 1,013,934 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 at April 30, 2016 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 0.25 % to 0.75 % Expected stock price volatility 281% to 434 % Expected dividend payout 0 % Expected options life in years Ranging from 0.25 year to 1.83 years The change in fair value of the derivative liabilities of convertible notes outstanding at April 30, 2015 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 0.001% to 0.24 % Expected stock price volatility 230 % Expected dividend payout 0 Expected options life in years Ranging from 0. years to 1 year During the years ended April 30, 2016 and 2015, the Company recorded expense of $85,684 and $ 318,372 Changes in derivative liability during the years ended April 30, 2016 and 2015 were: April 30, 2016 2015 Balance, beginning of year $ 1,605,535 $ 601,000 Derivative liability reclassified to additional paid in capital (1,383,617 ) (768,174 ) Derivative financial liability arising on the issue of convertible notes 1,863,374 1,454,337 Fair value adjustments 85,684 318,372 Balance, end of year $ 2,170,976 $ 1,605,535 |
NOTE E _ LOANS PAYABLE TO RELAT
NOTE E – LOANS PAYABLE TO RELATED PARTIES | 12 Months Ended |
Apr. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE E – LOANS PAYABLE TO RELATED PARTIES As of April 30, 2016 and 2015, aggregated loans payable, without demand and with no interest, to officers and directors were $395,853 and $385,853, respectively. |
NOTE F _ EQUITY TRANSACTIONS
NOTE F – EQUITY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE F EQUITY TRANSACTIONS On May 18, 2014, the Company’s Board of Directors declared effective a one for seventy-five reverse common stock split. All per share amounts in these unaudited condensed 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, 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 shares of Series A preferred stock issued and outstanding as of April 30, 2016 and 2015. The Company had no shares of Series B preferred stock issued and outstanding as of April 30, 2016 and 2015. The Company had no shares of Series C preferred stock issued and outstanding as of April 30, 2016 and 2015. The Company had 419,912,451 and 43,238,320 shares of common stock issued and outstanding as of April 30, 2016 and 2015, 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 years ended April 30, 2016 and 2015. Accrued dividends payable on the Series A Preferred were $8,326 and $7,562 at April 30, 2016 and 2015, respectively. At the Company’s option, these dividends may be paid in shares of the Company’s Common Stock. 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. During the year ended April 30, 2015, pursuant to the terms of the Series B Preferred Stock, the Company redeemed and returned to treasury all shares of Series B Preferred Stock and all shares of to be issued Series B Preferred Stock by exchanging the shares for $2,118,309 of note subscription receivables and $193,011 of interest receivable thereon. Subsequent to this redemption, there were no shares of Series B Preferred Stock outstanding and there were no shares of Series B Preferred Stock payable. 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 no transactions of the Series A Preferred Stock during the years ended April 30, 2016 and 2015 and no shares issued and outstanding at April 30, 2016 and 2015. Common Stock During the year ended April 30, 2016, the Company expensed $227,159 for non-cash charges related to stock and option compensation expense. During the year ended April 30, 2016, the Company: · · · · · · During the fiscal year ended April 30, 2015, the Company: · · · · · · |
NOTE G _ FAIR VALUE MEASUREMENT
NOTE G – FAIR VALUE MEASUREMENTS | 12 Months Ended |
Apr. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE G – 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 financial liabilities as of April 30, 2016: Fair Value Measurement Using Fair Value at April 30, 2016 Level 1 Level 2 Level 3 Derivative liabilities $ 2,170,976 - - $ 2,170,976 Fair values of financial liabilities as of April 30, 2015 are as follows: Fair Value Measurement Using Fair Value at April 30, 2015 Level 1 Level 2 Level 3 Derivative liabilities $ 1,605,535 - - $ 1,605,535 The following is a description of the valuation methodologies used for these items: Derivative liabilities The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with ASC Topic 825 “The Fair Value Option for Financial Issuances”. |
NOTE H _ NON-CASH FINANCIAL INF
NOTE H – NON-CASH FINANCIAL INFORMATION | 12 Months Ended |
Apr. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Additional Financial Information Disclosure [Text Block] | NOTE H – NON-CASH FINANCIAL INFORMATION During the year ended April 30, 2016, the Company: ● Issued 13,346,868 shares of common stock and accrued 7,762,500 shares of common stock valued at $139,877 pursuant to the terms of various notes ● Issued 321,955,811 shares of common stock and accrued 1,842,500 shares of common stock for the conversion of $1,557,057 of note principal and accrued interest ● Issued 35,056 shares of common stock to three employees pursuant to vesting schedules of prior stock awards ● Issued 2,356,598 shares of common stock which had been recorded as to be issued at April 30, 2015 During the year ended April 30, 2015, the Company: ● Issued 167,260 shares of common stock that were classified as to be issued at April 30, 2014. ● Issued 1,353,830 shares of common stock (of which, 51,000 shares remained to be issued at April 30, 2015) valued at $181,912 pursuant to the terms of various notes. ● Derivative liability reclassification of $768,174. ● Issued 9,883,187 shares of common stock (of which 2,063,350 shares remained to be issued at April 30, 2015) for conversion of notes, interest, and accounts payable of $764,942. |
NOTE I - PROPERTY AND EQUIPMENT
NOTE I - PROPERTY AND EQUIPMENT | 12 Months Ended |
Apr. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE I - PROPERTY AND EQUIPMENT Major classes of property and equipment at April 30, 2016 and 2015 consist of the followings: 2016 2015 Computer equipment, software and furniture $ 213,262 $ 213,262 Less: accumulated depreciation (206,362 ) (203,215 ) Net property and equipment $ 6,900 $ 10,047 Depreciation expense related to property and equipment was $3,147, and $3,848 for the years ended April 30, 2016 and 2015, respectively. |
NOTE J - STOCK OPTIONS AND WARR
NOTE J - STOCK OPTIONS AND WARRANTS | 12 Months Ended |
Apr. 30, 2016 | |
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: During the fiscal year ended April 30, 2015, four employees agreed to exchange 3,999 options exercisable at $7.50 per share and 28,667 options exercisable at $ 1.65 per share for 113,338 shares of the Company’s common stock, valued at $77,460. The shares will vest as follows: 37,780 shares on June 30, 2014; 37,777 shares on June 30, 2015; and 37,777 shares on June 30, 2016. Only 31,780 shares of the initial 37,780 shares were issued during the year ended April 30, 2015. The shares were authorized/issued from the 2005 Stock Incentive Compensation Plan. Pursuant to resolutions of the Company’s Board of Directors in August 2014, the exercise price on the 327,335 options held by the Company’ s officers and directors was reduced to $0.50 per share from exercise prices ranging from $0.60 to $14.355, and the expiration dates were extended by two years. The $63,149 valuation of this action was fully expensed during the year. No options were granted during the fiscal years ended April 30, 2016 and 2015. The following table summarizes common stock options issued to officers, directors and employees outstanding and the related exercise price. Options Outstanding Options Exercisable Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price 327,335 1.12 $ 0.50 327,335 $ 0.50 Transactions involving stock options issued to officers, directors and employees are summarized as follows: Number of Shares Weighted Average Price Per Share Outstanding at April 30, 2014 360,001 $ 2.41 Granted - - Exercised (32,666 ) 2.37 Canceled or expired - - Outstanding at April 30, 2015 327,335 $ 0.50 Granted - - Exercised - - Canceled or expired - - Outstanding at April 30, 2016 327,335 $ 0.50 Warrants: During the year ended April 30, 2015, the Company issued two warrants to purchase an aggregate of 190,000 shares of common stock to a consultant. The warrant to purchase 150,000 shares were initially valued at $30,918 using the Black-Sholes option-pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 140%, (3) risk-free interest rate of 0.95%, and (4) expected life of 3 years. The warrant to purchase 40,000 shares were initially valued at $7, 707 using the Black-Sholes option-pricing model with the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 140%, (3) risk-free interest rate of 1.62%, and (4) expected life of 5 years. The warrants have exercise prices of $0.40 and $0.80 respectively, and are fully vested. 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 Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 1.275 1,961 .08 $ 1.275 1,961 $ 1.275 $ 0.8475 69,199 0.40 $ 0.8475 69,199 $ 0.8475 $ 0.80 20,000 1 $ 0.80 20,000 $ 0.80 $ 0.75 21,680 0.33 $ 0.75 21,680 $ 0.75 $ 0.65 40,000 3.51 $ 0.65 40,000 $ 0.65 $ 0.60 40,000 1.15 $ 0.60 40,000 $ 0.60 $ 0.40 150,000 1.49 $ 0.40 150,000 $ 0.40 342,840 1. 39 $ 0. 59 342,840 $ 0. 59 Transactions involving stock warrants issued to non-employees are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding at April 30, 2014 397,885 $ 1.99 Granted 190,000 0.45 Exercised (167,122 ) 0.85 Canceled or expired - - Outstanding at April 30, 2015 420,763 0.66 Granted - - Exercised - - Canceled or expired (77,923 ) 0.98 Outstanding at April 30, 2016 342,840 $ 0.59 The weighted-average fair value of stock warrants granted to non-employees during the year ended April 30, 2015 was $0.20, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes option-pricing model are as follows: 2015 Significant assumptions (weighted-average): Risk-free interest rate at grant date 1.09 % Expected stock price volatility 140 % Expected dividend payout - Expected option life-years 3.42 The amount of the initial expenses charged to operations for compensatory warrants granted in exchange for services was $38,625 for the year ended April 30, 2015. |
NOTE K - INCOME TAXES
NOTE K - INCOME TAXES | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE K - INCOME TAXES At April 30, 2016 and 2015, the Company has available for federal income tax purposes a net operating loss carry forward of approximately $43,739,529 and $41,099,796, respectively, that may be used to offset future taxable income and expiring through the tax year 2035, subject to certain limitation pursuant to Internal Revenue Code Section 382. 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. A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: Years Ended December 31, 2015 2014 Federal statutory income tax rate (34.0 )% (34.0 )% State income taxes, net of federal benefit (11.0 ) (11.0 ) Permanent differences 23.6 14.7 Change in valuation allowance 21.4 30.3 Provision for income taxes 0.0 % 0.0 % Components of deferred tax assets as of April 30, 2016 and 2015 are as follows: April 30, 2016 2015 Noncurrent: Net operating loss carry forward $ 19,682,788 $ 1 8,494,908 Valuation allowance ( 19,682,788 ) ( 18,494,908 ) Net deferred tax asset $ - $ - The valuation allowance increased by $1,187,880 and $1,497,397 during the years ended April 30, 2016 and 2015, respectively. |
NOTE L - COMMITMENTS AND CONTIN
NOTE L - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE L - COMMITMENTS AND CONTINGENCIES Operating Lease Commitments Our executive offices are located in New York, NY. We have an agreement for use of office space at this location under a lease expiring on July 30, 2017. The monthly base rent is $8,750. Rent expense was $244,298 and $185,213 for the years ended April 30, 2016 and 2015, respectively. 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, 2015. 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. Sparta can make no representations about the potential outcome of such proceedings. As of April 30, 2016, we were not a party to any material pending legal proceeding except as stated below. From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. The Company was involved in three litigation matters in the Supreme Court of the State of New York wherein the Company had alleged that the respective lenders have charged the Company excessive and improper fees and penalties on its loans. These matters have since been discontinued. On December 18, 2012, the Company filed suit in the United States District Court for the Southern District Court of New York against a former credit provider. The suit sought damages arising out of the credit provider’s termination of the Company’s credit line in 2009. The defendant counterclaimed for recovery of legal fees of $2 million under an indemnification clause contained in one of the loan documents. The matter proceeded to trial in May 2015, and the Court thereafter issued decisions dismissing the Company’s claims and the defendant’s counterclaim. On January 15, 2016 the complaint, the amended complaint and the defendant’s counterclaim were dismissed. On February 12, 2016, the Company filed a Notice of Appeal to the United States Court of Appeals for the Second Circuit from the judgment dismissing the complaint and amended complaint. On February 18, 2016 the defendant filed a Notice of Cross-Appeal of the dismissal of its counterclaim. Sparta can make no representations about the potential outcome of the appeal or cross-appeal, but believes that the decision of the lower court dismissing the defendant’s counterclaim was properly decided in holding that the indemnification clause did not apply to defendant’s claim. The Company has received notice from two lenders claiming defaults relating to conversion requests of $8,365 principal and $643 interest and $5,000 principal, with regard to notes in the total amounts of $55,125 and $27,500, respectively, which the company has refused to process and believes it has defenses in that regard. There can be no assurance that the Company would prevail should litigation with regard to any of these requests occur. These liabilities have been recorded in the consolidated financial statements. |
NOTE M - SUBSEQUENT EVENTS
NOTE M - SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE M – SUBSEQUENT EVENTS Subsequent to April 30, 2016 the Company: Issued 63,752,674 shares of common stock upon the conversion of $66,016 of note principal and accrued interest. Entered into new notes payable aggregating $172,000. Sold shares of subsidiary preferred stock for proceeds of $40,000. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Business Sparta Commercial Services, Inc. (“Sparta,” “we,” “us,” or the “Company”) is a Nevada corporation serving three markets. Sparta is a technology company that develops, markets and manages business mobile application (mobile apps) for smartphones and tablets. The Company also owns and manages websites which sell on-demand motorcycle, recreational vehicle, power-sport vehicle and truck title history reports for consumers, retail dealers, auction houses, insurance companies and banks/finance companies. Notwithstanding our discontinuance of consumer financing, we continue to offer, on a pass through basis, an equipment-leasing product for local and state agencies throughout the country seeking a better and more economical way to finance their essential equipment needs, including police motorcycles and cruisers, buses and EMS equipment. Our roots are in the Powersports industry and our original focus was providing consumer and municipal financing to the powersports, recreational vehicle, and automobile industries (see Discontinued Operations). Presently, through our subsidiary, iMobile Solutions, Inc. (“IMS”), we offer mobile application development, sales, marketing and support, and Vehicle Title History Reports. Our mobile application (mobile app) offerings have broadened our base beyond vehicle dealers to a wide range of businesses including, but not limited to, racetracks, private clubs, country clubs, restaurants and grocery stores. We also offer a private label version of our mobile app framework to enable other businesses to offer custom apps to their customers. Our vehicle history reports include Cyclechex (Motorcycle History Reports at www.cyclechex.com www.rvchecks.com www.carvinreport.com www.truckchex.com |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority owned subsidiary. All material intercompany transactions and balances have been eliminated in consolidation. The third party ownership of the Company’s subsidiary is accounted for as noncontrolling interest in the consolidated financial statements. Changes in the noncontrolling interest are reported in the statement of stockholders’ deficit. |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of the 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 the Company’s entire portfolio of performing 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 operations for all periods presented. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue when the following criteria have been met: persuasive evidence of an arrangement exists, no significant Company obligations remain, collection of the related receivable is reasonably assured, and the fees are fixed or determinable. The Company acts as a principal in its revenue transactions as the Company is the primary obligor in the transactions. Revenues from mobile app products are generally recognized upon delivery. Revenues from History Reports are generally recognized upon delivery / download. Prepayments received from customers before delivery (if any) are recognized as deferred revenue and recognized upon delivery. |
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. |
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.” |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company adopted ASC 820, “Fair Value Measurements .” · Level 1 — · Level 2 — · Level 3 — 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. |
Income Tax, Policy [Policy Text Block] | Income Taxes We utilize ASC 740 “Income Taxes” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at year-end based on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. The Company recognizes the impact of a tax position in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation We account for our stock based compensation under ASC 718 “Compensation – Stock Compensation” using the fair value based method. Under this method, compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. This guidance establishes standards for the accounting for transactions in which an entity exchanges it equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. We use the fair value method for equity instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The stock based fair value compensation is determined as of the date of the grant or the date at which the performance of the services is completed (measurement date) and is recognized over the vesting periods. |
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 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash equivalents and receivables. The Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share The Company uses ASC 260-10, “ Earnings Per Share, ” At April 30, 2016 and 2016, 1,534,522,006 potential shares (including 9,605,000 shares to be issued included on the balance sheet) and 20,081,014 potential shares (including 2,356,598 shares to be issued included on the balance sheet), respectively, were excluded from the shares used to calculate diluted earnings per share as their inclusion would reduce net loss per share. |
Derivatives, Policy [Policy Text Block] | Derivative Liabilities The Company assessed the classification of its derivative financial instruments as of April 30, 2016 and 2015, 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 freestanding 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”. 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. |
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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application for all periods presented. Early adoption is permitted. The Company will adopt this standard in the interim period beginning on May 1, 2016. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09). This ASU makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation, and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Topic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (“ASU 2014-15”). This amendment prescribes that an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The amendments will become effective for the Company’s annual and interim reporting periods beginning May 1, 2017. The Company will begin evaluating going concern disclosures based on this guidance upon adoption. The FASB issued the following accounting standard updates related to Topic 606, Revenue Contracts with Customers: • ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) in May 2014. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations. • ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08") in March 2016. ASU 2016-08 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on principal versus agent considerations. • ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10") in April 2016. ASU 2016-10 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. • ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update) ("ASU 2016-11") in May 2016. ASU 2016-11 rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016 EITF meeting. The SEC Staff is rescinding SEC Staff Observer comments that are codified in Topic 605 and Topic 932, effective upon adoption of Topic 606. • ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients in May 2016. ASU 2016-12 does not change the core principle of revenue recognition in Topic 606 but clarifies the implementation guidance on a few narrow areas and adds some practical expedients to the guidance. These ASUs will become effective for the Company beginning interim period May, 2018. The Company is currently evaluating the impact of ASC 606, but at the current time does not know what impact the new standard will have on revenue recognized and other accounting decisions in future periods, if any, nor what method of adoption will be selected if the impact is material. A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements. |
NOTE A - SUMMARY OF ACCOUNTIN21
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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 C - DISCONTINUED OPERATI22
NOTE C - DISCONTINUED OPERATIONS (Tables) - Consumer Lease and Loan Lines of Business [Member] | 12 Months Ended |
Apr. 30, 2016 | |
NOTE C - DISCONTINUED OPERATIONS (Tables) [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The operating results related to these lines of business have been included in discontinued operations in the Company’s consolidated statements of operations for all periods presented. The following table presents summarized operating results for the discontinued operations. Years Ended April 30, April 30, 2016 2015 Revenues $ 39,295 $ 41,714 Net loss $ (29,024 ) $ (246,537 ) |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | Motorcycles and other vehicles under operating leases at April 30, 2016 and 2015: April 30, April 30, 2016 2015 Motorcycles and other vehicles $ 11,040 $ 22,086 Less: accumulated depreciation (11,040 ) (13,456 ) Motorcycles and other vehicles, net of accumulated depreciation - 8,630 Less: estimated reserve for residual values - (2,436 ) Motorcycles and other vehicles under operating leases, net $ - $ 6,194 |
Schedule of Short-term Debt [Table Text Block] | April 30, April 30, 2016 2015 Secured, subordinated individual lender $ 2,590 $ 58,037 Secured, subordinated individual lender 12,080 12,080 Total $ 14,670 $ 70,117 |
NOTE D _ NOTES PAYABLE AND DE23
NOTE D – NOTES PAYABLE AND DERIVATIVES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
NOTE D – NOTES PAYABLE AND DERIVATIVES (Tables) [Line Items] | |
Schedule of Debt [Table Text Block] | Notes Payable April 30, 2016 April 30, 2015 Notes convertible at holder’s option $ 2,625,105 $ 2,707,080 Notes convertible at Company’s option 225,000 300,000 Non-convertible notes payable 1,197,500 393,500 Subtotal 4,047,605 3,400,580 Less debt discount (556,885 ) (762,426 ) Total $ 3,490,720 $ 2,638,154 |
Schedule of Maturities of Long-term Debt [Table Text Block] | At April 30, 2016, notes payable due after one year mature as follows: Year ending April 30, Amount 2018 $ 306,500 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in derivative liability during the years ended April 30, 2016 and 2015 were: April 30, 2016 2015 Balance, beginning of year $ 1,605,535 $ 601,000 Derivative liability reclassified to additional paid in capital (1,383,617 ) (768,174 ) Derivative financial liability arising on the issue of convertible notes 1,863,374 1,454,337 Fair value adjustments 85,684 318,372 Balance, end of year $ 2,170,976 $ 1,605,535 |
Debt [Member] | |
NOTE D – NOTES PAYABLE AND DERIVATIVES (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, 2015 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 0.25 % to 0.75 % Expected stock price volatility 281% to 434 % Expected dividend payout 0 % Expected options life in years Ranging from 0.25 year to 1.83 years Significant Assumptions: Risk free interest rate Ranging from 0.001% to 0.24 % Expected stock price volatility 230 % Expected dividend payout 0 Expected options life in years Ranging from 0. years to 1 year |
NOTE G _ FAIR VALUE MEASUREME24
NOTE G – FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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 financial liabilities as of April 30, 2016: Fair Value Measurement Using Fair Value at April 30, 2016 Level 1 Level 2 Level 3 Derivative liabilities $ 2,170,976 - - $ 2,170,976 Fair Value Measurement Using Fair Value at April 30, 2015 Level 1 Level 2 Level 3 Derivative liabilities $ 1,605,535 - - $ 1,605,535 |
NOTE I - PROPERTY AND EQUIPME25
NOTE I - PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Property and Equipment [Member] | |
NOTE I - PROPERTY AND EQUIPMENT (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Major classes of property and equipment at April 30, 2016 and 2015 consist of the followings: 2016 2015 Computer equipment, software and furniture $ 213,262 $ 213,262 Less: accumulated depreciation (206,362 ) (203,215 ) Net property and equipment $ 6,900 $ 10,047 |
NOTE J - STOCK OPTIONS AND WA26
NOTE J - STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
NOTE J - STOCK OPTIONS AND WARRANTS (Tables) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [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 Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price 327,335 1.12 $ 0.50 327,335 $ 0.50 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Transactions involving stock options issued to officers, directors and employees are summarized as follows: Number of Shares Weighted Average Price Per Share Outstanding at April 30, 2014 360,001 $ 2.41 Granted - - Exercised (32,666 ) 2.37 Canceled or expired - - Outstanding at April 30, 2015 327,335 $ 0.50 Granted - - Exercised - - Canceled or expired - - Outstanding at April 30, 2016 327,335 $ 0.50 |
Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [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 Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 1.275 1,961 .08 $ 1.275 1,961 $ 1.275 $ 0.8475 69,199 0.40 $ 0.8475 69,199 $ 0.8475 $ 0.80 20,000 1 $ 0.80 20,000 $ 0.80 $ 0.75 21,680 0.33 $ 0.75 21,680 $ 0.75 $ 0.65 40,000 3.51 $ 0.65 40,000 $ 0.65 $ 0.60 40,000 1.15 $ 0.60 40,000 $ 0.60 $ 0.40 150,000 1.49 $ 0.40 150,000 $ 0.40 342,840 1. 39 $ 0. 59 342,840 $ 0. 59 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Transactions involving stock warrants issued to non-employees are summarized as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding at April 30, 2014 397,885 $ 1.99 Granted 190,000 0.45 Exercised (167,122 ) 0.85 Canceled or expired - - Outstanding at April 30, 2015 420,763 0.66 Granted - - Exercised - - Canceled or expired (77,923 ) 0.98 Outstanding at April 30, 2016 342,840 $ 0.59 |
Warrant [Member] | |
NOTE J - STOCK OPTIONS AND WARRANTS (Tables) [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The weighted-average fair value of stock warrants granted to non-employees during the year ended April 30, 2015 was $0.20, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes option-pricing model are as follows: 2015 Significant assumptions (weighted-average): Risk-free interest rate at grant date 1.09 % Expected stock price volatility 140 % Expected dividend payout - Expected option life-years 3.42 |
NOTE K - INCOME TAXES (Tables)
NOTE K - INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: Years Ended December 31, 2015 2014 Federal statutory income tax rate (34.0 )% (34.0 )% State income taxes, net of federal benefit (11.0 ) (11.0 ) Permanent differences 23.6 14.7 Change in valuation allowance 21.4 30.3 Provision for income taxes 0.0 % 0.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Components of deferred tax assets as of April 30, 2016 and 2015 are as follows: April 30, 2016 2015 Noncurrent: Net operating loss carry forward $ 19,682,788 $ 1 8,494,908 Valuation allowance ( 19,682,788 ) ( 18,494,908 ) Net deferred tax asset $ - $ - |
NOTE A - SUMMARY OF ACCOUNTIN28
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Details) - shares | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,534,522,006 | 20,081,014 |
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 | 9,605,000 | 2,356,598 |
NOTE A - SUMMARY OF ACCOUNTIN29
NOTE A - SUMMARY OF ACCOUNTING POLICIES (Details) - Schedule of Estimated Useful Lives of Property and Equipment | 12 Months Ended |
Apr. 30, 2016 | |
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 _ GOING CONCERN MATTERS
NOTE B – GOING CONCERN MATTERS (Details) - USD ($) | 12 Months Ended | 175 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net Income (Loss) Attributable to Parent | $ (5,579,841) | $ (4,921,148) | $ (54,758,294) |
Working Capital Deficit | $ 7,678,756 |
NOTE C - DISCONTINUED OPERATI31
NOTE C - DISCONTINUED OPERATIONS (Details) - Consumer Lease and Loan Lines of Business [Member] - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | ||
NOTE C - DISCONTINUED OPERATIONS (Details) [Line Items] | ||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 0 | $ 7,761 |
Vehicles [Member] | ||
NOTE C - DISCONTINUED OPERATIONS (Details) [Line Items] | ||
Depreciation and Amortization, Discontinued Operations | $ 5,207 | $ 28,736 |
NOTE C - DISCONTINUED OPERATI32
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, 2016 | Apr. 30, 2015 | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Abstract] | ||
Revenues | $ 39,295 | $ 41,714 |
Net loss | $ (29,024) | $ (246,537) |
NOTE C - DISCONTINUED OPERATI33
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, 2016 | Apr. 30, 2015 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Motorcycles and other vehicles | $ 11,040 | $ 22,086 |
Less: accumulated depreciation | (11,040) | (13,456) |
Motorcycles and other vehicles, net of accumulated depreciation | 0 | 8,630 |
Less: estimated reserve for residual values | 0 | (2,436) |
Motorcycles and other vehicles under operating leases, net | $ 0 | $ 6,194 |
NOTE C - DISCONTINUED OPERATI34
NOTE C - DISCONTINUED OPERATIONS (Details) - Schedule of Short-term Debt - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Short-term Debt [Line Items] | ||
Senior subordinated notes | $ 14,670 | $ 70,117 |
Consumer Lease and Loan Lines of Business [Member] | Secured Debt [Member] | ||
Short-term Debt [Line Items] | ||
Senior subordinated notes | 14,670 | 70,117 |
RISCs and Leases Financed Through Third Parties [Member] | Consumer Lease and Loan Lines of Business [Member] | Secured Debt [Member] | ||
Short-term Debt [Line Items] | ||
Senior subordinated notes | 2,590 | 58,037 |
Senior Note to Purchase Portfolio [Member] | Consumer Lease and Loan Lines of Business [Member] | Secured Debt [Member] | ||
Short-term Debt [Line Items] | ||
Senior subordinated notes | $ 12,080 | $ 12,080 |
NOTE D _ NOTES PAYABLE AND DE35
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) [Line Items] | ||
Amortization of Debt Discount (Premium) | $ 1,606,591 | $ 1,013,934 |
Derivative, Gain (Loss) on Derivative, Net | $ (85,684) | $ (318,372) |
Convertible Debt [Member] | ||
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) [Line Items] | ||
Debt Instrument, Convertible, Terms of Conversion Feature | The conversion prices are based on the market price of the Company’s common stock, at discounts of 30% - 48% to market value. | |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 330,087,549 | |
Minimum [Member] | ||
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Maximum [Member] | ||
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 20.00% |
NOTE D _ NOTES PAYABLE AND DE36
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Schedule of Notes Payble - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Schedule of Notes Payble [Line Items] | ||
Note payable, gross | $ 4,047,605 | $ 3,400,580 |
Less debt discount | (556,885) | (762,426) |
Total | 3,490,720 | 2,638,154 |
Loans Payable [Member] | ||
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Schedule of Notes Payble [Line Items] | ||
Note payable, gross | 1,197,500 | 393,500 |
Note Convertible at Holder's Option [Member] | Convertible Debt [Member] | ||
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Schedule of Notes Payble [Line Items] | ||
Note payable, gross | 2,625,105 | 2,707,080 |
Convertible at Company's Option [Member] | Convertible Debt [Member] | ||
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Schedule of Notes Payble [Line Items] | ||
Note payable, gross | $ 225,000 | $ 300,000 |
NOTE D _ NOTES PAYABLE AND DE37
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Schedule of Maturities of Long Term Debt | Apr. 30, 2016USD ($) |
Schedule of Maturities of Long Term Debt [Abstract] | |
2,018 | $ 306,500 |
NOTE D _ NOTES PAYABLE AND DE38
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques - Debt [Member] | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Expected stock price volatility | 230.00% | |
Expected dividend payout | 0.00% | 0.00% |
Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Risk free interest rate | 0.25% | 0.001% |
Expected stock price volatility | 281.00% | |
Expected options life in years | 3 months | 0 years |
Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Risk free interest rate | 0.75% | 0.24% |
Expected stock price volatility | 434.00% | |
Expected options life in years | 1 year 302 days | 1 year |
NOTE D _ NOTES PAYABLE AND DE39
NOTE D – NOTES PAYABLE AND DERIVATIVES (Details) - Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Input Reconciliation - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ||
Derivative Liability | $ 1,605,535 | $ 601,000 |
Derivative liability reclassified to additional paid in capital | (1,383,617) | (768,174) |
Derivative financial liability arising on the issue of convertible notes | 1,863,374 | 1,454,337 |
Fair value adjustments | 85,684 | 318,372 |
Derivative Liability | $ 2,170,976 | $ 1,605,535 |
NOTE E _ LOANS PAYABLE TO REL40
NOTE E – LOANS PAYABLE TO RELATED PARTIES (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Director [Member] | ||
NOTE E – LOANS PAYABLE TO RELATED PARTIES (Details) [Line Items] | ||
Due to Related Parties, Noncurrent | $ 395,853 | |
Officer [Member] | ||
NOTE E – LOANS PAYABLE TO RELATED PARTIES (Details) [Line Items] | ||
Due to Related Parties, Noncurrent | $ 385,853 |
NOTE F _ EQUITY TRANSACTIONS (D
NOTE F – EQUITY TRANSACTIONS (Details) | May 18, 2014 | Apr. 30, 2016USD ($)$ / sharesshares | Apr. 30, 2015USD ($)$ / sharesshares | Apr. 30, 2014shares |
NOTE F – EQUITY TRANSACTIONS (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) | $ / shares | $ 0.001 | $ 0.001 | ||
Common Stock, Shares Authorized | 750,000,000 | 750,000,000 | ||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Common Stock, Shares, Issued | 419,912,451 | 43,238,320 | ||
Common Stock, Shares, Outstanding | 419,912,451 | 43,238,320 | ||
Share-based Compensation (in Dollars) | $ | $ 227,159 | $ 430,402 | ||
Stock Issued During Period, Shares, Other | 2,356,598 | |||
Proceeds from Issuance of Common Stock (in Dollars) | $ | $ 20,000 | 978,866 | ||
Debt Conversion, Converted Instrument, Shares Issued | 13,346,868 | |||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 139,877 | |||
Stock Issued During Period, Value, Other (in Dollars) | $ | $ 139,877 | 181,912 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 35,056 | |||
Number of employees | 3 | |||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | $ | $ 227,095 | $ 352,942 | ||
Common stock to be issued, shares | 7,762,500 | |||
Common Stock, Shares Subscribed but Unissued | 9,605,000 | 2,356,598 | ||
Accredited Investor [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 760,456 | 9,655,415 | ||
Proceeds from Issuance of Common Stock (in Dollars) | $ | $ 20,000 | |||
Number of Accredited Investors | 18 | |||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ | $ 978,866 | |||
Pursuant to Terms of Various Notes [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Other | 13,346,868 | |||
Debt Conversion, Converted Instrument, Shares Issued | 9,487,478 | |||
Stock to be Issued | 7,762,500 | |||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 684,788 | |||
Stock Issued During Period, Value, Other (in Dollars) | $ | $ 139,877 | $ 181,912 | ||
Common Stock, Shares Subscribed but Unissued | 24,809 | |||
Stock Issued to Consultants [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 40,576,000 | 1,234,959 | ||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ | $ 227,095 | $ 352,942 | ||
Common stock to be issued, shares | 60,000 | |||
Vested Employee Stock Awards [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 35,056 | 31,780 | ||
Number of employees | 3 | 3 | ||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | $ | $ 64 | $ 77,460 | ||
Series A Preferred Stock [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized | 35,850 | 35,850 | ||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 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 | |||
Dividends Payable (in Dollars) | $ | $ 8,326 | $ 7,562 | ||
Series B Preferred Stock [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized | 1,000 | 1,000 | ||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ / shares | $ 10,000 | |||
Preferred Stock, Shares Issued | 0 | 0 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Preferred Stock, Dividend Rate, Percentage | 10.00% | |||
Series C Preferred Stock [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Preferred Stock, Shares Authorized | 200,000 | 200,000 | ||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ / shares | $ 10 | |||
Preferred Stock, Shares Issued | 0 | 0 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ / shares | $ 10 | |||
Preferred Stock, Dividend Payment Terms | 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 | |||
Redemption of Preferred Shares for Note Subscription Receivable [Member] | Series B Preferred Stock [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Redeemed or Called During Period, Value (in Dollars) | $ | $ 2,118,309 | |||
Redemption of Preferred Shares for Interest Receivable [Member] | Series B Preferred Stock [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Redeemed or Called During Period, Value (in Dollars) | $ | $ 193,011 | |||
Conversion of Principal, Accrued Interest and Accounts Payable [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Other | 2,356,598 | |||
Debt Conversion, Converted Instrument, Shares Issued | 321,955,811 | |||
Stock to be Issued | 1,842,500 | |||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 1,557,057 | |||
Common stock to be issued, shares | 1,963,350 | |||
Conversion of Principal, Accrued Interest and Accounts Payable [Member] | Pursuant to Terms of Various Notes [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Other | 1,353,830 | |||
Common Stock, Shares Subscribed but Unissued | 51,000 | |||
Conversion of Principal and Accrued Interest [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Common stock to be issued, shares | 122,451 | |||
Conversion of Accounts Payable [Member] | ||||
NOTE F – EQUITY TRANSACTIONS (Details) [Line Items] | ||||
Debt Conversion, Converted Instrument, Shares Issued | 538,160 | |||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 80,154 | |||
Common stock to be issued, shares | 100,000 | 20,000 |
NOTE G _ FAIR VALUE MEASUREME42
NOTE G – FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 |
NOTE G – FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liability | $ 2,170,976 | $ 1,605,535 | $ 601,000 |
Fair Value, Inputs, Level 1 [Member] | |||
NOTE G – FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liability | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
NOTE G – FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liability | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
NOTE G – FAIR VALUE MEASUREMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liability | $ 2,170,976 | $ 1,605,535 |
NOTE H _ NON-CASH FINANCIAL I43
NOTE H – NON-CASH FINANCIAL INFORMATION (Details) | 12 Months Ended | |
Apr. 30, 2016USD ($)shares | Apr. 30, 2015USD ($)shares | |
NOTE H – NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ||
Debt Conversion, Converted Instrument, Shares Issued | 13,346,868 | |
Common stock to be issued, shares | 7,762,500 | |
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 139,877 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 35,056 | |
Number of employees | 3 | |
Stock Issued During Period, Shares, Other | 2,356,598 | |
Stock Issued (in Dollars) | $ | $ 167,260 | |
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity (in Dollars) | $ | $ 1,383,617 | $ 768,174 |
Conversion of Convertible Notes and Accrued Interest [Member] | ||
NOTE H – NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ||
Debt Conversion, Converted Instrument, Shares Issued | 321,955,811 | 9,883,187 |
Common stock to be issued, shares | 1,842,500 | 2,063,350 |
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 1,557,057 | $ 764,942 |
Stock Issued to Note Holder Pursuant to Terms of Note [Member] | ||
NOTE H – NON-CASH FINANCIAL INFORMATION (Details) [Line Items] | ||
Debt Conversion, Converted Instrument, Shares Issued | 1,353,830 | |
Common stock to be issued, shares | 51,000 | |
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 181,912 |
NOTE I - PROPERTY AND EQUIPME44
NOTE I - PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation, Depletion and Amortization | $ 3,147 | $ 3,848 |
NOTE I - PROPERTY AND EQUIPME45
NOTE I - PROPERTY AND EQUIPMENT (Details) - Schedule of Property and Equipment - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Schedule of Property and Equipment [Abstract] | ||
Computer equipment, software and furniture | $ 213,262 | $ 213,262 |
Less: accumulated depreciation | (206,362) | (203,215) |
Net property and equipment | $ 6,900 | $ 10,047 |
NOTE J - STOCK OPTIONS AND WA46
NOTE J - STOCK OPTIONS AND WARRANTS (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2014USD ($)$ / sharesshares | Apr. 30, 2016USD ($)$ / sharesshares | Apr. 30, 2015USD ($)$ / sharesshares | Apr. 30, 2014shares | |
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Number of employees | 3 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 35,056 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 327,335 | 327,335 | 360,001 | |
Share-based Compensation (in Dollars) | $ | $ 227,159 | $ 430,402 | ||
Class of Warrant or Rights, Granted | 0 | 190,000 | ||
Class of Warrant or Rights, Weighted-Average Exercise Price of Warrants or Rights, Granted (in Dollars per share) | $ / shares | $ 0 | $ 0.45 | ||
Issuance of Stock and Warrants for Services or Claims (in Dollars) | $ | $ 38,625 | |||
Exchange of Options for Stock [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 113,338 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | $ | $ 77,460 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | shares will vest as follows: 37,780 shares on June 30, 2014; 37,777 shares on June 30, 2015; and 37,777 shares on June 30, 2016 | |||
Vested Employee Stock Awards [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Number of employees | 3 | 3 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 35,056 | 31,780 | ||
Warrants Issued to Consultant [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Class of Warrant or Rights, Granted | 2 | |||
Class of Warrants, Number of Shares Issued Upon Conversion of Warrants | 190,000 | |||
Class of Warrant or Rights, Weighted-Average Exercise Price of Warrants or Rights, Granted (in Dollars per share) | $ / shares | $ 0.20 | |||
Warrant Issued to Consultant #1 [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Class of Warrants, Number of Shares Issued Upon Conversion of Warrants | 150,000 | |||
Warrants, Fair Value of Warrants, Granted (in Dollars) | $ | $ 30,918 | |||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Fair Value Assumptions, Risk Free Interest Rate | 0.95% | |||
Fair Value Assumptions, Expected Term | 3 years | |||
Warrant Issued to Consultant #2 [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Class of Warrants, Number of Shares Issued Upon Conversion of Warrants | 40,000 | |||
Warrants, Fair Value of Warrants, Granted (in Dollars) | $ | $ 7,707 | |||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Fair Value Assumptions, Expected Volatility Rate | 140.00% | |||
Fair Value Assumptions, Risk Free Interest Rate | 1.62% | |||
Fair Value Assumptions, Expected Term | 5 years | |||
Employee Stock Option [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Number of employees | 4 | |||
Employee Stock Option [Member] | Officers and Directors [Member] | Amendment of Option Terms [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Share-based Compensation Arranagement by Share-based Payment Award, Options, Exercise Price (in Dollars per share) | $ / shares | $ 0.50 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 327,335 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Extension of Expiration Date | 2 years | |||
Share-based Compensation (in Dollars) | $ | $ 63,149 | |||
Options at $7.50 [Member] | Employee Stock Option [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exchanged in Period | 3,999 | |||
Share-based Compensation Arranagement by Share-based Payment Award, Options, Exercise Price (in Dollars per share) | $ / shares | $ 7.50 | |||
Options at $1.65 [Member] | Employee Stock Option [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exchanged in Period | 28,667 | |||
Share-based Compensation Arranagement by Share-based Payment Award, Options, Exercise Price (in Dollars per share) | $ / shares | $ 1.65 | |||
Minimum [Member] | Warrants Issued to Consultant [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | 0.40 | |||
Minimum [Member] | Employee Stock Option [Member] | Officers and Directors [Member] | Original Option Terms [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Share-based Compensation Arranagement by Share-based Payment Award, Options, Exercise Price (in Dollars per share) | $ / shares | $ 0.60 | |||
Maximum [Member] | Warrants Issued to Consultant [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.80 | |||
Maximum [Member] | Warrant Issued to Consultant #1 [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Fair Value Assumptions, Expected Volatility Rate | 140.00% | |||
Maximum [Member] | Employee Stock Option [Member] | Officers and Directors [Member] | Original Option Terms [Member] | ||||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) [Line Items] | ||||
Share-based Compensation Arranagement by Share-based Payment Award, Options, Exercise Price (in Dollars per share) | $ / shares | $ 14.355 |
NOTE J - STOCK OPTIONS AND WA47
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable - $ / shares | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Abstract] | |||
327,335 | 327,335 | 360,001 | |
1 year 43 days | |||
$ 0.50 | $ 0.50 | $ 2.41 | |
327,335 | |||
$ 0.50 |
NOTE J - STOCK OPTIONS AND WA48
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Share-based Compensation, Stock Options, Activity - $ / shares | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Schedule of Share-based Compensation, Stock Options, Activity [Abstract] | ||
Number of Shares, Options Outstanding | 327,335 | 360,001 |
Weighted Average Price per Share, Options Outstanding | $ 0.50 | $ 2.41 |
Number of Shares, Options Granted | 0 | 0 |
Weighted Average Price per Share, Options Granted | $ 0 | $ 0 |
Number of Shares, Options Exercised | 0 | (32,666) |
Weighted Average Price per Share, Options Exercised | $ 0 | $ 2.37 |
Number of Shares, Options Canceled or Expired | 0 | 0 |
Weighted Average Price per Share, Options Canceled or Expired | $ 0 | $ 0 |
Number of Shares, Options Outstanding | 327,335 | 327,335 |
Weighted Average Price per Share, Options Outstanding | $ 0.50 | $ 0.50 |
NOTE J - STOCK OPTIONS AND WA49
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range - $ / shares | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Number Outstanding (in Shares) | 342,840 | 420,763 | 397,885 |
Warrants Oustanding, Weighted Average Remaining Contractual Life | 1 year 142 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 0.59 | $ 0.66 | $ 1.99 |
Warrants Exercisable, Number Exercisable (in Shares) | 342,840 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 0.59 | ||
Warrants at $1.275 [Member] | |||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Exercise Prices | $ 1.275 | ||
Warrants Oustanding, Number Outstanding (in Shares) | 1,961 | ||
Warrants Oustanding, Weighted Average Remaining Contractual Life | 29 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 1.275 | ||
Warrants Exercisable, Number Exercisable (in Shares) | 1,961 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 1.275 | ||
Warrants at $0.8475 [Member] | |||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Exercise Prices | $ 0.8475 | ||
Warrants Oustanding, Number Outstanding (in Shares) | 69,199 | ||
Warrants Oustanding, Weighted Average Remaining Contractual Life | 146 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 0.8475 | ||
Warrants Exercisable, Number Exercisable (in Shares) | 69,199 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 0.8475 | ||
Warrants at $0.80 [Member] | |||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Exercise Prices | $ 0.80 | ||
Warrants Oustanding, Number Outstanding (in Shares) | 20,000 | ||
Warrants Oustanding, Weighted Average Remaining Contractual Life | 1 year 244 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 0.80 | ||
Warrants Exercisable, Number Exercisable (in Shares) | 20,000 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 0.80 | ||
Warrants at $0.75 [Member] | |||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Exercise Prices | $ 0.75 | ||
Warrants Oustanding, Number Outstanding (in Shares) | 21,680 | ||
Warrants Oustanding, Weighted Average Remaining Contractual Life | 120 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 0.75 | ||
Warrants Exercisable, Number Exercisable (in Shares) | 21,680 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 0.75 | ||
Warrants at $0.65 [Member] | |||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Exercise Prices | $ 0.65 | ||
Warrants Oustanding, Number Outstanding (in Shares) | 40,000 | ||
Warrants Oustanding, Weighted Average Remaining Contractual Life | 3 years 186 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 0.65 | ||
Warrants Exercisable, Number Exercisable (in Shares) | 40,000 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 0.65 | ||
Warrants at $0.60 [Member] | |||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Exercise Prices | $ 0.60 | ||
Warrants Oustanding, Number Outstanding (in Shares) | 40,000 | ||
Warrants Oustanding, Weighted Average Remaining Contractual Life | 1 year 54 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 0.60 | ||
Warrants Exercisable, Number Exercisable (in Shares) | 40,000 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 0.60 | ||
Warrants at $0.40 [Member] | |||
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Line Items] | |||
Warrants Oustanding, Exercise Prices | $ 0.40 | ||
Warrants Oustanding, Number Outstanding (in Shares) | 150,000 | ||
Warrants Oustanding, Weighted Average Remaining Contractual Life | 1 year 178 days | ||
Warrants Outstanding, Weighted Average Exercise Price | $ 0.40 | ||
Warrants Exercisable, Number Exercisable (in Shares) | 150,000 | ||
Warrants Exercisable, Weighted Average Exercise Price | $ 0.40 |
NOTE J - STOCK OPTIONS AND WA50
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights - $ / shares | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Abstract] | ||
Number of Shares, Warrants Outstanding | 420,763 | 397,885 |
Weighted Average Exercise Price per Share, Warrants Outstanding | $ 0.66 | $ 1.99 |
Number of Shares, Warrants Granted | 0 | 190,000 |
Weighted Average Exercise Price per Share, Warrants Granted | $ 0 | $ 0.45 |
Number of Shares, Warrants Exercised | 0 | (167,122) |
Weighted Average Exercise Price per Share, Warrants Exercised | $ 0 | $ 0.85 |
Number of Shares, Warrants Canceled or Expired | (77,923) | 0 |
Weighted Average Exercise Price per Share, Warrants Canceled or Expired | $ 0.98 | $ 0 |
Number of Shares, Warrants Outstanding | 342,840 | 420,763 |
Weighted Average Exercise Price per Share, Warrants Outstanding | $ 0.59 | $ 0.66 |
NOTE J - STOCK OPTIONS AND WA51
NOTE J - STOCK OPTIONS AND WARRANTS (Details) - Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques - Warrant [Member] | 12 Months Ended |
Apr. 30, 2015 | |
Significant assumptions (weighted-average): | |
Risk-free interest rate at grant date | 1.09% |
Expected stock price volatility | 140.00% |
Expected dividend payout | 0.00% |
Expected option life-years | 3 years 153 days |
NOTE K - INCOME TAXES (Details)
NOTE K - INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | $ 43,739,529 | $ 41,099,796 |
Operating Loss Carryforwards, Expiration Year | 2,035 | |
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 1,187,880 | $ 1,497,397 |
NOTE K - INCOME TAXES (Detail53
NOTE K - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ||
Federal statutory income tax rate | (34.00%) | (34.00%) |
State income taxes, net of federal benefit | (11.00%) | (11.00%) |
Permanent differences | 23.60% | 14.70% |
Change in valuation allowance | 21.40% | 30.30% |
Provision for income taxes | 0.00% | 0.00% |
NOTE K - INCOME TAXES (Detail54
NOTE K - INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Noncurrent: | ||
Net operating loss carry forward | $ 19,682,788 | $ 18,494,908 |
Valuation allowance | (19,682,788) | (18,494,908) |
Net deferred tax asset | $ 0 | $ 0 |
NOTE L - COMMITMENTS AND CONT55
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) | Dec. 18, 2012USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) |
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Other Commitments, Description | 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. | ||
Consulting Agreement, Term of Agreement | 12 months | ||
Loss Contingency, Damages Sought, Value | $ 2,000,000 | ||
Number of Lenders | 2 | ||
Debt Conversion, Original Debt, Amount | $ 139,877 | ||
Lender #1 [Member] | |||
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Debt Conversion, Original Debt, Amount | 55,125 | ||
Lender #2 [Member] | |||
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Debt Conversion, Original Debt, Amount | $ 27,500 | ||
Chief Executive Officer [Member] | Employment Agreement [Member] | |||
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
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, 2015. 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. | ||
Consulting Agreement, Term of Agreement | 5 years | ||
Building [Member] | |||
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Lease Expiration Date | Jul. 30, 2017 | ||
Operating Leases, Rent Expense, Minimum Rentals | $ 8,750 | ||
Operating Leases, Rent Expense | 244,298 | $ 185,213 | |
Principal [Member] | Lender #1 [Member] | |||
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Debt Conversion, Original Debt, Amount | 8,365 | ||
Principal [Member] | Lender #2 [Member] | |||
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Debt Conversion, Original Debt, Amount | 5,000 | ||
Interest [Member] | Lender #1 [Member] | |||
NOTE L - COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | |||
Debt Conversion, Original Debt, Amount | $ 643 |
NOTE M - SUBSEQUENT EVENTS (Det
NOTE M - SUBSEQUENT EVENTS (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Aug. 12, 2016 | Apr. 30, 2016 | |
NOTE M - SUBSEQUENT EVENTS (Details) [Line Items] | ||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 13,346,868 | |
Debt Conversion, Original Debt, Amount | $ 139,877 | |
Subsequent Event [Member] | ||
NOTE M - SUBSEQUENT EVENTS (Details) [Line Items] | ||
Debt Instrument, Convertible, Terms of Conversion Feature | Issued 63,752,674 shares of common stock upon the conversion of $66,016 of note principal and accrued interest. | |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 63,752,674 | |
Debt Conversion, Original Debt, Amount | $ 66,016 | |
Convertible Debt [Member] | Subsequent Event [Member] | ||
NOTE M - SUBSEQUENT EVENTS (Details) [Line Items] | ||
Debt Instrument, Face Amount | 172,000 | |
Convertible Note #7 [Member] | Convertible Debt [Member] | Subsequent Event [Member] | ||
NOTE M - SUBSEQUENT EVENTS (Details) [Line Items] | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 40,000 |