Annual report pursuant to Section 13 and 15(d)

SENIOR SECURED CONVERTIBLE NOTES

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SENIOR SECURED CONVERTIBLE NOTES
12 Months Ended
Apr. 30, 2015
Debt Disclosure [Abstract]  
SENIOR SECURED CONVERTIBLE NOTES
NOTE 6 – SENIOR SECURED CONVERTIBLE NOTES
 
As described in Note 1 (Basis of Presentation, Liquidity and Recent Developments) the September Exchange Agreement and the November Exchange Agreement, the 2012 Notes were exchanged for shares of Series F, F-1, G, and G-1 Preferred Stock (the “Exchange”). In addition, pursuant to the sale of BTX, $439,408 of convertible notes were returned to the Company (the “BTX Cancellation”).
 
Following the aforementioned Exchange and BTX Cancellation, the Notes consisted of the following as of April 30, 2015:
 
 
 
Notes
 
Debt Discount
 
Total
 
Beginning balance as of April 30, 2014 - Senior secured convertible notes, interest at 4% per annum to maturity June 5, 2014
 
$
898,338
 
$
(853,431)
 
$
44,907
 
Amortization of debt discount
 
 
-
 
 
853,431
 
 
853,431
 
Conversion of Senior secured convertible notes to preferred stock
 
 
(898,338)
 
 
-
 
 
(898,338)
 
 
 
$
-
 
$
-
 
$
-