Subsequent Events

12 Months Ended

Apr. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Note 19. Subsequent Events

On May 22, 2013, the Company sold certain assets and liabilities including existing tangible and intangible assets which comprised the Composer Mainframe product line to Composer Solutions, LLP (“Composer Solutions”) for consideration of $0.4 million.  Composer Solutions is owned by former employees of the Company, including the Company’s former CEO.

As of April 30, 2013, the sale of the Composer Mainframe product line had not been fully executed.  However, as the sale was probable and the value of assets and liabilities had been identified, the Composer Mainframe product line is reflected on our balance sheet as assets and liabilities held for sale at April 30, 2013.  Additionally, as the sale price is known, we have recorded a $0.1 million loss on the sale of Composer Mainframe that is recorded in the consolidated statement of operations for the year ended April 30, 2013.  Total assets held for sale of $0.9 million (net of the $0.1 million loss) and total liabilities held for sale of $0.5 million are reported on the April 30, 2013 consolidated balance sheet. 

On June 30, 2013, all outstanding preferred shares (see Note 11) were automatically converted on a 1-for-1 basis to 1,666,667 shares of common stock.