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Preferred Stock
12 Months Ended
Apr. 30, 2015
Preferred Stock [Abstract]  
Preferred Stock

 

Note 8. Preferred Stock 

 

In June 2011, we issued, through a private placement, 1,666,667 shares of preferred stock to a group of related party institutional investors at a price of $2.40 per share for a total of $4.0 million.  These shares were automatically converted on a 1-for-1 basis into shares of common stock on June 30, 2013.  The preferred stock included an annual dividend of $0.24 per share payable in cash or stock at our option.  In August 2013, we paid a final dividend of $66,000 on this preferred stock ($0.04 per preferred share).