Convertible Notes Payable (Tables)

9 Months Ended

Oct. 31, 2013

Convertible Notes [Line Items]

Schedule of long-term debt instruments

	October 31,		January 31,
	2013		2013
10% Senior Subordinated Convertible Notes due January 31, 2016, net of debt discount of $133,277 (October 31, 2013) and $183,389 (January 31, 2013)	$	1,116,724	$	1,066,611
9% Senior Subordinated Convertible Notes due February 15, 2016, net of debt discount of $168,162 (October 31, 2013) and $186,897 (January 31, 2013)		931,837		693,103
8% Senior Subordinated Convertible Notes due February 1, 2015		150,000		150,000
Total Convertible Notes		2,198,561		1,909,714
Less: Current Portion		-		-
Long Term Portion	$	2,198,561	$	1,909,714

Schedule Of Debt Instruments Interest Expense

Interest expense associated with the convertible notes payable consisted of the following:

	Three months ended October 31,				Nine months ended October 31,
	2013		2012		2013		2012
Interest expense	$	59,030	$	34,250	$	170,830	$	102,750
Amortization of loan fees		17,711		9,375		73,752		28,125
Amortization of debt discount		35,390		163,458		106,167		490,374
	$	112,131	$	207,083	$	350,749	$	621,249

Placement agent warrants

Convertible Notes [Line Items]

Schedule of total expense recognized for warrants for debt

The fair value of the warrants issued during the nine months ended October 31, 2013 was $50,937 based on the Company’s closing stock price at the transaction dates and weighted-average inputs to the Black-Scholes option pricing model as follows:

Exercise Price	$	0.42
Expected Term (in years)		5.00
Volatility		48.0	%
Dividend rate		0.0	%
Interest rate		0.7	%