Annual report pursuant to Section 13 and 15(d)

8. WARRANTS

v2.4.0.8
8. WARRANTS
 12 Months Ended
Apr. 30, 2014
Warrants and Rights Note Disclosure [Abstract]  
WARRANTS

A summary of the status of the Company's outstanding warrants for common stock as of April 30, 2014 and 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  
  Exercised       (1,768,000 )     –       –  
  Issued       –       –       –  
  Outstanding, April 30, 2014       57,665,600       0.18       0.065  
  Exercisable, April 30, 2014       57,665,600     $ 0.18     $ 0.065  
                             
                             

  

Range of
Exercise
Prices 		  Number Outstanding at 4/30/14     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price  
$0.075, $0.12, $0.18 and $0.25     57,665,600       3.6     $ 0.18  

 

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 (“Class A Warrants”), into shares of common stock and receive an equal number of new Class D warrants, with a conversion price of $0.25 per Warrant Share. As of April 30, 2014, 18,755,200 Class A Warrants were converted for total cash proceeds of $1,380,720 and conversion of $25,920 of debt to an officer. The Company has also begun to convert its Class B warrants, with a conversion price of $0.12 per share, into shares of common stock. As of April 30, 2014, 1,768,000 Class B warrants (“Class B Warrants”) were converted for total cash proceeds of $212,160.