FAIR VALUE MEASUREMENTS (Table)

9 Months Ended

Jan. 31, 2013

Fair Value, Liabilities Measured on Recurring Basis

The following table summarizes the financial liabilities measured at fair value on a recurring basis as of January 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Quoted Prices in								Total Increase (Reduction)
	Active Markets for		Significant Other		Significant				in Fair Value
Balance Sheet	Identical Assets or		Observable Inputs		Unobservable		January 31, 2013		Recorded at
Location	Liabilities (Level 1)		(Level 2)		Inputs (Level 3)		Total		January 31, 2013
Liabilities:
Derivative liability - Notes	$	-	$	-	$	3,001,306	$	3,001,306	$	385,445
Derivative liability - Warrants	$	-	$	-	$	1,945,284	$	1,945,284	$	317,129

Senior Secured Convertible Notes and Warrants [Member]

Schedule Of Changes In Fair Value Of Level 3 Ffinancial Liability Or Derivative Liability

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 derivative liabilities related to the senior secured convertible notes and warrants for the period ended January 31, 2013.

	Notes		Warrants
Balance at beginning of year	$	-	$	-
Additions to derivative instruments		2,615,861		1,628,155
Change in fair value of derivative liabilities		385,445		317,129
Balance at end of period	$	3,001,306	$	1,945,284