14. SUBSEQUENT EVENTS

3 Months Ended

Jul. 31, 2011

Subsequent Events [Text Block]

14.  SUBSEQUENT EVENTS

On September 2, 2011, we entered into a placement agency agreement with Roth Capital Partners, LLC (the “Placement Agent”), pursuant to which the Placement Agent agreed to arrange for the sale of up to 6,252,252 shares of our common stock in a registered direct public offering (the “Offering”).

In addition, on September 2, 2011, we entered into separate subscription agreements with three institutional investors in connection with the Offering, pursuant to which we agreed to sell an aggregate of 6,252,252 shares of our common stock at a purchase price of $1.11 per share for aggregate gross proceeds, before deducting fees to the Placement Agent and other estimated offering expenses payable by the Company, of approximately $6,940,000.  The net proceeds received under the Offering, which closed on September 8, 2011, were approximately $6.5 million.