Annual report pursuant to Section 13 and 15(d)

8. WARRANTS (Tables)

8. WARRANTS (Tables)

12 Months Ended

Apr. 30, 2014

Warrants and Rights Note Disclosure [Abstract]

	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

Warrants by range of exercise price

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

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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