FAIR VALUE MEASUREMENTS

12 Months Ended

Apr. 30, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 7 - FAIR VALUE MEASUREMENTS

For the year ended April 30, 2015, the Company did not have any financial liabilities required to be measured at fair value.

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 prior to reclassification to an equity instrument as a result of the Amendment and Note Amendment.

	Note Conversion Feature		Warrants		Total
Balance at beginning of year - April 30, 2013	$	3,088,756	$	3,858,508	$	6,947,264
Reduction in derivative instruments from Note conversion		(686,856)		-		(686,856)
Change in fair value of derivative liabilities		1,598,537		(764,787)		833,750
		4,000,437		3,093,721		7,094,158
Reclassification of derivative liabilities to additional paid-in capital		(4,000,437)		(3,093,721)		(7,094,158)
Balance at end year - April 30, 2014	$	-	$	-	$	-

As of April 30, 2014 and 2015 the Company did not have any derivative liabilities.