FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Oct. 31, 2013

Schedule Of Changes In Fair Value Of Level 3 Financial 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 October 31, 2013, prior to reclassification to an equity instrument as a result of the Amendment and Note Amendment.

October 31, 2013

	Notes		Warrants
Balance at beginning of year	$	3,088,756	$	3,858,508
Reduction in derivative instruments from note exercise		(686,856)		-
Change in fair value of derivative liabilities		1,598,537		(764,786)
		4,000,437		3,093,722
Reclassification of derivative liabilities to additional paid-in capital		(4,000,437)		(3,093,722)
Balance at end of period	$	-	$	-

Senior Secured Convertible Notes and Warrants [Member]

Fair Value, Liabilities Measured on Recurring Basis

The following table summarizes the financial liabilities measured at fair value on a recurring basis as of October 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		October 31, 2013	April 30, 2013		Recorded at
Location		Liabilities (Level 1)		(Level 2)		Inputs (Level 3)		Total	Total		October 31, 2013
Liabilities:
Derivative liability - secured convertible notes	$	-	$	-	$	-	$	-	3,088,756	$	1,598,536
Derivative liability - warrants	$	-	$	-	$	-	$	-	3,858,508	$	(764,786)