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LEGAL PROCEEDINGS
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12 Months Ended |
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Apr. 30, 2013
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| Commitments and Contingencies Disclosure [Abstract] | |
| LEGAL PROCEEDINGS |
LEGAL PROCEEDINGS
The Registrant has now carried out and otherwise completed the Settlement Agreement with Cornerstone Bank, entered into on or about May 7, 2012 and as previously reported on April 30, 2012 in the Company's public filings. As of April 30, 2013 the building mortgaged by Cornerstone Bank, or “Settlement Obligation Asset” and the corresponding liability "Settlement obligation liabilities" are fully recognized on the Company's balance sheet. Subsequent to April 30, 2013, the settlement agreement with Cornerstone Bank was fully satisfied with cash proceeds of $702,061 received by Cornerstone Bank through the issuance of a portion of the stock collateral that was held by them. Excess stock collateral of 8,230,637 has been returned to the Company and all Obligations to Cornerstone have” been satisfied. No further liability to Cornerstone exists.
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