Quarterly report pursuant to Section 13 or 15(d)

8. WARRANTS

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8. WARRANTS
 9 Months Ended
Jan. 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 January 31, 2014 and April 30, 2013 and changes during the periods is presented below:

 

      Warrants     Weighted
Average
Price		     Weighted
Average
Fair Value		  
Outstanding, April 30, 2013       59,433,600     $ 0.125     $ 0.064  
Issued       –       –       –  
Outstanding, January 31, 2014       59,433,600       0.125       0.064  
Exercisable, January 31, 2014       59,433,600     $ 0.125     $ 0.064  
                             

   

Range of
Exercise
Prices		   Number Outstanding at 1/31/14     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price  
$0.075, $0.12, and $0.18     59,433,600       3.9     $ 0.125  

 

On January 21, 2014, the Company began the implementation of its “Warrant Conversion Program”. The program consists of having every PPM investor convert his or her Class A warrants (with a conversion price of $0.075 per share) into shares of common stock and an equal number of new Class D warrants (with a conversion price of $0.25 per share). As of January 31, 2014, 400,000 Class A warrants were converted for total cash proceeds of $30,000.