OTHER DEBT

9 Months Ended

Jan. 31, 2013

Other Long-Term Debt [Abstract]

OTHER DEBT

NOTE 5 – OTHER DEBT

Lines of Credit

On January 27, 2012, the Company and its subsidiaries entered into the Credit Agreement with Sovereign, which was amended May 3, 2012, and again on August 31, 2012. The Credit Agreement, as amended, provided for a revolving line of credit in an amount not to exceed $2,000,000 and letters of credit in an amount not to exceed $200,000. On December 5, 2012, the outstanding borrowings under the Credit Agreement were repaid and the Credit Agreement terminated in connection with the Purchase Agreement described above.

Short-term Term Loan

On August 2, 2012, the China Operations entered into a loan with the Bank of China (the Short-Term Loan). The Short-Term Loan provides for a loan in the amount of $2,410,755. The proceeds from the Short-Term Loan were used to repay outstanding unsecured loans of $2,404,545 due to its joint venture partner, Taian Gas Group (TGG). The Short-Term Loan has an interest rate of 8.24%, and interest is due on a quarterly basis. The Short-Term Loan matures on August 3, 2013, and is guaranteed by TGG.

Due Joint Venture Partner

As of January 31, 2013, the China Operations had outstanding unsecured loans due the joint venture partner, TGG, totaling $959,864 due on demand and represents interest accrued and working capital loans from TGG to the China Operations in the normal course of business.

Loans Payable

The Company’s long-term debt also consists of notes issued by the Company or assumed in acquisitions related to working capital funding and the purchase of property and equipment in the ordinary course of business. At January 31, 2013, loans payable and capital lease obligations totaled $132,862 with interest rates ranging from 0% to 12.7%.