Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.2.0.727
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Apr. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule Of Changes In Fair Value Of Level 3 Financial Liability Or Derivative Liability
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
 
$
-
 
$
-
 
$
-