NOTE 13 - STOCK OPTION PLANS

In September 2006, the Company adopted the 2007 Incentive Stock Plan, under which officers, directors, key employees or consultants may be granted options. Under the 2007 Incentive Stock Plan, 57,142 shares of common stock were reserved for issuance upon the exercise of stock options, stock awards or restricted stock. These shares were registered under Form S-8. Under the terms of the 2007 Incentive Stock Plan, stock options are granted at exercise prices equal to the fair market value of the common stock at the date of grant, and become exercisable and expire in accordance with the terms of the stock option agreement between the optionee and the Company at the date of grant. These options generally vest based on between one to three years of continuous service and have five-year contractual terms. At April 30, 2013, options to purchase 53,929 shares were outstanding at exercise prices ranging from $2.73 to $21.98. At April 30, 2013, there were 1,428 options available for grant under the 2007 Incentive Stock Plan.

In September 2005, the Company adopted the 2006 Incentive Stock Plan, under which officers, directors, key employees or consultants may be granted options. Under the 2006 Incentive Stock Plan, 57,142 shares of common stock were reserved for issuance upon the exercise of stock options, stock awards or restricted stock. These shares were registered under Form S-8. Under the terms of the 2006 Incentive Stock Plan, stock options are granted at exercise prices equal to the fair market value of the common stock at the date of grant, and become exercisable and expire in accordance with the terms of the stock option agreement between the optionee and the Company at the date of grant. These options generally vest based on between one to three years of continuous service and have five-year contractual terms. At April 30, 2013, options to purchase 46,571 shares were outstanding at exercise prices ranging from $2.52 to $4.20. At April 30, 2013, there were 346 options available for grant under the 2006 Incentive Stock Plan.

In March 2003, the Company established a stock option plan pursuant to which options to acquire a maximum of 59,523 shares of the Company's common stock were reserved for grant (the "2002 Plan"). These shares were registered under Form S-8. Under the terms of the 2002 Plan, the options are exercisable at prices equal to the fair market value of the stock at the date of the grant and become exercisable in accordance with terms established at the time of the grant. These options generally vest based on between one to three years of continuous service and have five-year contractual terms. At April 30, 2013, options to purchase 15,779 shares were outstanding at exercise prices ranging from $4.20 to $39.90. At April 30, 2013, there were no further shares available for grant under the 2002 Plan as the ten-year term of the 2002 Plan had been reached.

The following is a summary of information with respect to stock options granted under the 2002 Plan, 2006 Incentive Stock Plan and 2007 Incentive Stock Plan at April 30, 2013 and 2012:

	Options Outstanding at April 30, 2013				Options Exercisable at April 30, 2013
Exercise prices	Shares under option	Weighted- average remaining life in years		Weighted- average Exercise Price	Shares under option		Weighted-average Exercise Price

$2.52 - $5.88	97,143	4.43	$	4.09	88,571	$	4.13
$16.59 - $39.90	19,136	1.07	$	19.94	18,945	$	19.93

Total	116,279	3.88	$	6.70	107,516	$	6.92

	Options Outstanding at April 30, 2012				Options Exercisable at April 30, 2012
Exercise prices	Shares under option	Weighted- average remaining life in years		Weighted- average Exercise Price	Shares under option		Weighted-average Exercise Price

$16.59 - $24.71	22,942	2.07	$	19.71	18,386	$	19.18
$39.9 - $44.31	9,948	0.91	$	43.67	9,947	$	43.67
$71.75 - $84.70	929	0.14	$	80.32	929	$	80.32

Total	33,819	1.67	$	28.42	29,262	$	29.45

The following table summarizes stock option activity for the year ended April 30, 2013, during which there were no options exercised under the Company’s stock option plans:

	2002 Plan
	Number of Shares		Weighted-average Exercise Price		Weighted- average Remaining Contractual Term		Aggregate Intrinsic Value

Outstanding, May 1, 2012		5,991	$	29.54

Granted		12,857		4.50
Exercised		-		-
Forfeited/Expired		(3,069)		37.54

Outstanding, April 30, 2013		15,779	$	7.58		3.8	$	-

Vested and expected to vest, April 30, 2013		14,952	$	7.64		3.8	$	-

Exercisable, April 30, 2013		12,731	$	7.83		3.7	$	-

	2006 Plan
	Number of Shares	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term	Aggregate Intrinsic Value

Outstanding, May 1, 2012	757	$	77.08

Granted	46,571		4.19
Exercised	-		-
Forfeited/Expired	(757)		77.08

Outstanding, April 30, 2013	46,571	$	4.19	4.4	$	-

Vested and expected to vest, April 30, 2013	46,571	$	4.19	4.4	$	-

Exercisable, April 30, 2013	46,571	$	4.19	4.4	$	-

	2007 Plan
	Number of Shares	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term	Aggregate Intrinsic Value

Outstanding, May 1, 2012	27,071	$	26.81

Granted	37,714		3.82
Exercised	-		-
Forfeited/Expired	(10,856)		37.40

Outstanding, April 30, 2013	53,929	$	8.60	3.5	$	-

Vested and expected to vest, April 30, 2013	52,379	$	8.78	3.4	$	-

Exercisable, April 30, 2013	48,214	$	9.30	3.3	$	-