Note 5 - Related Party Transactions

6 Months Ended

Oct. 31, 2014

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

(5) Related Party Transactions

	Three Months Ended October 31,
	2014		2013
Related party consulting expense	$	151,875	$	―

	Six Months Ended October 31,
	2014		2013
Related party consulting expense	$	265,688	$	―

In April 2014, the Company entered into an Executive Transition Agreement with George W. Taylor

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who was formerly employed by the Company as Executive Vice Chairman and served on the Company’s Board of Directors prior to that date. Under this agreement, Dr. Taylor will receive up to fifteen months of consulting fees at a monthly rate of $20,000. For the three and six months ended October 31, 2014, the Company recorded $60,000 and $120,000 respectively in expense relating to this agreement.

In June 2014, the Company entered into an agreement with David L. Keller, who has served as a non-executive director of the Company since October 2013. Under this agreement, Mr. Keller serves as Interim Chief Executive Officer effective with the June 9, 2014 termination of the Company’s former Chief Executive Officer, Charles F. Dunleavy. Mr. Keller will continue in this position while the Company searches for a permanent replacement and will receive a consulting fee of $1,500 per day of services provided. For the three and six months ended October 31, 2014, the Company recorded $91,875 and $145,688 respectively in expense relating to this agreement.