FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Apr. 30, 2014

Line of Credit Facility [Line Items]

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	$	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 of period	$	-	$	-	$	-

Senior Secured Convertible Notes and Warrants [Member]

Line of Credit Facility [Line Items]

Fair Value, Liabilities Measured on Recurring Basis

The following table summarizes the financial liabilities measured at fair value on a recurring basis as of April 30, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Quoted Prices in									Total Increase (Reduction)
	Active Markets for		Significant Other		Significant				Level 3	in Fair Value
Balance Sheet	Identical Assets or		Observable Inputs		Unobservable		April 30, 2014		April 30, 2013	Recorded at
Location	Liabilities (Level 1)		(Level 2)		Inputs (Level 3)		Total		Total	April 30, 2014
Liabilities:
Derivative liability - secured convertible notes	$	-	$	-	$	-	$	-	3,088,756	$	1,598,536
Derivative liability - warrants	$	-	$	-	$	-	$	-	3,858,508	$	(764,786)

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details