9. WARRANTS

12 Months Ended

Apr. 30, 2012

Derivatives and Fair Value [Text Block]

9. WARRANTS

As of April 30, 2012, we had warrants outstanding to purchase up to 219,967 shares of our common stock at an exercise price of $1.48 per share and an expiration date of December 19, 2013. These warrants were issued during fiscal year 2009 in connection with the term loan we entered into on December 9, 2008, as further discussed in Note 4. There were no warrants granted during fiscal years 2012, 2011 and 2010.

During fiscal year 2011, 118,443 warrants were exercised on a cashless basis in exchange for 74,802 shares of our common stock. There were no warrants exercised during fiscal years 2012 and 2010.