Subsequent Events

12 Months Ended

Apr. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Note 15.  Subsequent Events

In May 2015, the Company made an elective debt payment of $1.5 million, in conjunction with an amendment Credit Agreement entered into as of April 30, 2015.

In June 2015, we announced the continued integration of our eDiscovery technology into our broader information governance platform, including de-emphasizing the eDiscovery services component of our business.  This will entail a reduction in force with those employees who primarily service the Company’s legal clients. The cost reduction will impact approximately 25 employees or 17% of the workforce and the Company will incur one-time costs of approximately $300,000 and is expected to save $1.6 million in cost for fiscal 2016 and $1.8 to $2.0 million on an annual basis.

Effective July 31, 2015, the Company entered into an amendment to the Credit Agreement.  This amendment modified certain financial covenants, waived the one time excess cash flow payment due in respect of fiscal year end April 30, 2015 and provides that the lenders under the Credit Agreement, subject to no other defaults occurring and other conditions, to forbear from exercising their rights and remedies under the Credit Agreement through November 30, 2015 as it relates to breaches of certain financial covenants for the period ended July 31, 2015.