Stockholders’ Equity

3 Months Ended

Jul. 31, 2021

Equity [Abstract]

Stockholders’ Equity

Note 5 – Stockholders’ Equity

Series E Preferred Stock

On April 12, 2021 (the “Redemption Date”), we redeemed all then current outstanding shares of our 10.50% Series E Convertible Preferred Stock (the “Series E Preferred Stock”) at a per share price equal to the $25.00 liquidation amount plus accrued and unpaid dividends up to, but excluding, the Redemption Date. In connection with the completed redemption, we incurred a charge of $3.4 million during the quarter ended April 30, 2021 related to the excess of the redemption value paid upon redemption over the carrying value of our Series E Preferred Stock. As a result of the completed redemption, our Series E Preferred Stock is no longer issued and outstanding.

Holders of our Series E Preferred Stock were entitled to receive cumulative dividends at the rate of 10.50% per annum based on the liquidation preference of $25.00 per share, or $2.625 per annum per share, and were payable quarterly in cash, on or about the first day of each January, April, July and October. For the three months ended July 31, 2020, we paid aggregate cash dividends of $1.1 million for issued and outstanding shares of our Series E Preferred Stock. No amounts were paid for the three months ended July 31, 2021.