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Share-Based Payments (unaudited)
 3 Months Ended
Jul. 31, 2011
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 4. Share-Based Payments

The Company has in place a 2010 Equity Incentive Plan, a 2008 Equity Incentive Plan and a Director Compensation Plan of 2010, all of which are described in more detail in the Company’s Annual Report on Form 10-K for the year ended April 30, 2011. In general, these plans provide for stock-based compensation in the form (i) Non-statutory Stock Options; (ii) Restricted Stock Awards; and (iii) Stock Appreciation Rights to the Company’s employees, directors and non-employees.  The plans also provide for limits on the aggregate number of shares that may be granted, the term of grants and the strike price of option awards.

Stock-based compensation in the amount of $1,014,000 and $170,000 was recognized for the three months ended July 31, 2011 and 2010, respectively.  Stock-based compensation expense was recognized as follows:

   
Three Months Ended July 31,
 
   
2011
   
2010
 
             
General and administrative
  $ 916,000     $ 140,000  
Sales and marketing
    74,000       8,000  
Research and development
    24,000       22,000  
                 
Total stock-based compensation expense
  $ 1,014,000     $ 170,000  

Stock Option Grants

Black-Scholes assumptions used to calculate the fair value of options granted during the three months ended July 31, 2011 and 2010 were as follows:

   
Three Months Ended July 31,
 
   
2011
   
2010
 
             
Expected term in years
    5.75       6.0  
Risk-free interest rates
    1.9% - 2.2 %     2.0 %
Volatility
    107.1% - 107.3 %     104 %
Dividend yield
    0 %     0 %

The weighted average fair value of stock options granted during the three months ended July 31, 2011 and 2010 was $0.74 and $0.75, respectively. The Company’s stock options activity for the three months ended July 31, 2011 is as follows:

                           
Weighted
       
                     
Weighted
   
Average
       
         
Directors
         
Average
   
Remaining
   
Aggregate
 
   
Non-
   
and
         
Exercise
   
Contractual
   
Intrinsic
 
   
Employees
   
Employees
   
Total
   
Price
   
Life (Years)
   
Value
 
                                     
Outstanding, May 1, 2011
    1,610,000       12,710,948       14,320,948     $ 0.88       8.44        
Granted
    -       245,000       245,000       0.92                
Exercised
    -       -       -                        
Forfeited
    -       (50,000 )     (50,000 )                      
Expired
    -       -       -                        
Change in employee status
    -       -       -                        
                                               
Outstanding, July 31, 2011
    1,610,000       12,905,948       14,515,948       0.88       8.13     $ 653,643  
                                                 
Vested and expected to vest as of July 31, 2011
    1,610,000       12,879,281       14,489,281       0.88       8.13       652,310  
                                                 
Exercisable as of July 31, 2011
    1,533,333       3,859,250       5,392,583       0.86       6.33       442,526  

Restricted Stock Grants

A summary of the activity related to restricted stock grants is as follows:

         
Weighted
 
         
Average
 
         
Grant
 
         
Date Fair
 
   
Total
   
Value Per
 
   
Shares
   
Share
 
             
Nonvested as of May 1, 2011
    100,000     $ 0.90  
Granted
    -          
Vested
    50,000       0.90  
Forfeited
    -          
                 
Nonvested as of July 31, 2011
    50,000       0.90  

The aggregate fair value of shares vested during the three months ended July 31, 2011 was $43,000.

Stock Purchase Warrants

As of July 31, 2011, the Company has warrants outstanding for the purchase of 1,897,019 shares of its common stock, all of which are exercisable.  Of these warrants, 1,266,667 were issued in connection with the April 2011 financing arrangement and are accounted for as liabilities as further discussed in Note 5. 15,000 warrants were exercised on July 11, 2011.  As of July 31, 2011, the weighted average exercise price of these warrants was $0.73 and the weighted average contractual life was 3.46 years.