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5. DEBT
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9 Months Ended |
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Jan. 31, 2014
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| Debt Disclosure [Abstract] | |
| DEBT |
On November, 2013, the Company settled its obligation to pay $400,000 in licensing fees, for a licensing agreement terminated in 2009, with the issuance of 2,000,000 shares of common stock. The shares were valued $226,000 using the closing share price of the Common Stock on the day of issuance resulting in a gain on settlement of debt of $174,000.
As of January 31, 2014, the Company owes $20,000 plus $6,000 of accrued interest to a note holder. The note accrues interest at 8% per annum and is past due. The debt has been settled in full subsequent to January 31, 2014. |