Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS

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FAIR VALUE MEASUREMENTS
12 Months Ended
Apr. 30, 2015
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 7 - FAIR VALUE MEASUREMENTS
 
For the year ended April 30, 2015, the Company did not have any financial liabilities required to be measured at fair value.
 
The table below sets forth a summary of changes in the fair value of the Company’s Level 3 derivative liabilities related to the senior secured convertible notes and warrants prior to reclassification to an equity instrument as a result of the Amendment and Note Amendment.
 
 
 
Note Conversion Feature
 
Warrants
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year - April 30, 2013
 
$
3,088,756
 
$
3,858,508
 
$
6,947,264
 
Reduction in derivative instruments from Note conversion
 
 
(686,856)
 
 
-
 
 
(686,856)
 
Change in fair value of derivative liabilities
 
 
1,598,537
 
 
(764,787)
 
 
833,750
 
 
 
 
4,000,437
 
 
3,093,721
 
 
7,094,158
 
Reclassification of derivative liabilities to additional paid-in capital
 
 
(4,000,437)
 
 
(3,093,721)
 
 
(7,094,158)
 
Balance at end year - April 30, 2014
 
$
-
 
$
-
 
$
-
 
 
As of April 30, 2014 and 2015 the Company did not have any derivative liabilities.