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SUBSEQUENT EVENTS-EXECUTIVE MANAGEMENT CHANGES
12 Months Ended
Apr. 30, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 18 - SUBSEQUENT EVENTS-EXECUTIVE MANAGEMENT CHANGES
 
Andrew Hidalgo Separation
 
On July 24, 2013, the Company entered into a separation agreement (the Separation Agreement) with Andrew Hidalgo (Hidalgo), the Company’s President, Chief Executive Officer and a member of the board of directors. Pursuant to the Separation Agreement, Hidalgo will resign effective at the close of business on July 30, 2013 (the Termination Date), as the President, Chief Executive Officer and a member of the board of directors of the Company and from all officer and director positions with all of the Company’s subsidiaries.
 
Pursuant to the Separation Agreement, Hidalgo intends to submit an offer to the Company to acquire the Company’s subsidiaries located in Trenton, New Jersey and Australia (the Proposed Acquisitions). Between the Termination Date and the earlier of (1) October 1, 2013 or (2) the date of closing of the Proposed Acquisitions by Hidalgo (the Severance Period), the Company shall continue to pay Hidalgo his current base salary of $325,000 per year through the Company’s normal payroll process. At the end of the Severance Period, Hidalgo shall be entitled to receive a severance payment equal to Hidalgo’s salary from the Termination Date through the end of the term of his employment agreement (January 31, 2018) minus any payments made to Hidalgo during the Severance Period (the Severance Payment).
 
Hidalgo shall be entitled to apply the Severance Payment towards the purchase price of the Proposed Acquisitions, if successful. In the event that the Proposed Acquisitions are not completed by October 1, 2013, the Company and Hidalgo shall negotiate the payment terms of the Severance Payment.
 
Sebastian Giordano Appointment
 
Effective August 1, 2013, Sebastian Giordano (Giordano), a member of the Company’s board of directors, will be appointed as the Company’s Interim Chief Executive Officer.
 
Effective August 1, 2013, the Company will enter into a letter agreement (the Giordano Agreement) with Giordano to serve as Interim Chief Executive Officer on a part-time basis until a permanent chief executive officer is appointed. The Giordano Agreement can be terminated by either party upon 30 days prior notice. Pursuant to the Giordano Agreement, Giordano shall receive a monthly consulting fee of $10,833. In addition, upon the Company approving a new stock incentive plan, Giordano shall receive a grant of 30,000 shares of the Company’s common stock and Giordano shall be entitled to receive a discretionary bonus upon successful achievement of a merger or acquisition of the Company by another entity. The Company will also reimburse Giordano for all reasonable expenses in connection with his services to the Company.