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Convertible Notes Payable (Tables)
 12 Months Ended
Jan. 31, 2013
Convertible Notes [Line Items]  
Schedule of long-term debt instruments

The Company’s long-term debt consists of the following at January 31:

 

  January 31,
2013		  January 31,
2012		 
       
10% Senior Subordinated Convertible Notes due January 31, 2016 $1,250,000  $1,250,000 
9% Senior Subordinated Convertible Notes due February 15, 2016  880,000   - 
8% Senior Subordinated Convertible Notes due February 1, 2015  150,000   150,000 
Less: debt discount  (370,286)  (653,826)
Total Convertible Notes  1,909,714   746,366 
Less: Current Portion  -   596,366 
Long Term Portion $1,909,714  $150,000
Schedule of total expenes recognized for warrants for debt

stock dividends and reverse stock splits as follows:

 

Fees and expenses $101,179 
     
Fair value of placement agent warrants $54,468
Schedule of debt instruments interest expense

Interest expense on the Convertible Notes, including amortization of related debt discount and financing costs for the years ended January 31 was as follows:

 

  2013  2012 
         
Interest expense $856,839  $304,034
Schedule of maturities of long-term debt

Convertible notes maturing after one year consists of the following:

 

Year ending January 31,      
2015   $ -  
2016   $ 1,400,000  
2017   $ 880,000  
2018   $ -
Note warrant
  
Convertible Notes [Line Items]  
Schedule of class of right or warrant fair value assumption

The fair value of the 9% Notes warrants was based on the Company’s closing stock price at the transaction date and inputs to the Black-Scholes option pricing model as follows:

 

Fair value of 9% Notes warrants $186,897 
     
Exercise price $0.45 
Expected life (years)  5.00 
Volatility  36.70%
Risk-free interest rate  0.70%
Dividends  0.00%
Placement agent warrants
  
Convertible Notes [Line Items]  
Schedule of total expenes recognized for warrants for debt

The fair value of the placement agent warrants was based on the Company’s closing stock price at the transaction date and inputs to the Black-Scholes option pricing model as follows:

 

Exercise price $0.40 
Expected life (years)  5.00 
Volatility  36.70%
Risk-free interest rate  0.70%
Dividends  0.00%