Quarterly report pursuant to Section 13 or 15(d)

8. WARRANTS

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8. WARRANTS
 3 Months Ended
Jul. 31, 2014
Warrants and Rights Note Disclosure [Abstract]  
WARRANTS

A summary of the status of the Company's outstanding warrants for common stock as of July 31, 2014 and April 30, 2014 and changes during the periods is presented below:

 

      Warrants     Weighted
Average
Price 		    Weighted
Average
Fair Value 		 
Outstanding, April 30, 2014       57,665,600     $ 0.18     $ 0.065  
Exercised       (550,000)       0       0  
Issued       0       0       0  
Outstanding, July 31, 2014       57,115,600       0.18       0.065  
Exercisable, July 31, 2014       57,115,600     $ 0.18     $ 0.065  

 

Range of
Exercise
Prices		   Number Outstanding at 7/31/14     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price  
$0.075, $0.12, and $0.18     57,115,600       3.4     $ 0.18  
                         

 

On January 21, 2014, the Company began the implementation of its “Warrant Conversion Program.” The program consists of having every warrant holder of a Class A warrant convert his or her Class A warrants (with a conversion price of $0.075 per share) into shares of common stock and receive an equal number of new Class D warrants (with a conversion price of $0.25 per share). As of July 31, 2014, 18,755,200 Class A warrants and 2,318,000 Class B warrants were converted for total cash proceeds of $1,658,880.