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Credit Facility
12 Months Ended
Apr. 30, 2013
Credit Facility [Abstract]  
Credit Facility

Note 6. Credit Facility

 

On June 30, 2011, the Company entered into a revolving credit note agreement with Wells Fargo. Under the terms of the agreement, the Company is entitled to borrow up to $8.0 million. The total amount that can be borrowed under the revolver is based on a multiplier factor of the trailing twelve months of maintenance revenue. As of April 30, 2013, the Company was eligible to borrow the entire $8.0 million. Interest expense is recorded on funds borrowed at the prevailing LIBOR rate plus 5.00% per annum with a minimum rate of 6.50% (6.50% as of April 30, 2013) and the agreement has a maturity date of June 30, 2015. As of April 30, 2013, there was $5.5 million outstanding on the revolver.