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LEGAL PROCEEDINGS
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3 Months Ended |
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Jul. 31, 2013
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| Commitments and Contingencies Disclosure [Abstract] | |
| LEGAL PROCEEDINGS |
LEGAL PROCEEDINGS
The Registrant does not currently have any material pending legal proceedings as of this filing.
The prior material legal proceeding that has now been concluded is 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. During the quarter ended July 31, 2013, the settlement agreement with Cornerstone Bank was fully satisfied by the payment of $702,061 to Cornerstone Bank. Collateral held by Cornerstone in the form of 8,230,637 shares of the Company's common stock was returned to the Company and all obligations to Cornerstone have been satisfied. No further liability to Cornerstone exists and the associated prior legal proceedings concluded. As a result of writing off the liability due to Cornerstone totaling $2,341,106 and the building asset and the accumulated depreciation totaling $1,028,778, the Company has recognized a gain on settlement of debt of $1,312,328.
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