Convertible Notes Payable (Tables)

2 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2014

Jan. 31, 2014

Schedule of Long-term Debt Instruments

The Company’s long-term debt consisted of the following at March 31, 2014 and January 31, 2014:

	March 31,		January 31,
	2014		2014
9% Senior Subordinated Convertible Notes due February 15, 2016, net of debt discount of $137,393 (March 31, 2014) and $186,897 (January 31, 2014)	$	962,978	$	950,522
8% Senior Subordinated Convertible Notes due February 1, 2015		-		150,000
Total Convertible Notes		962,978		1,100,522
Less: Current Portion		-		-
Long Term Portion	$	962,978	$	1,100,522

Convertible notes payable consist of the following: 

	December 31,		March 31,
	2014		2014
9% Senior Subordinated Convertible Notes due February 15, 2016, net of debt discount of $81,263 (December 31, 2014) and $137,393 (March 31, 2014)	$	1,019,106	$	962,978
8% Senior Subordinated Convertible Note Payable to NNA due March 28, 2019, net of debt discount of $1,016,799		983,201		-
	$	2,002,307	$	962,978

The Company’s long-term debt consisted of the following at January 31:

	January 31,		January 31,
	2014		2013
10% Senior Subordinated Convertible Notes redeemed in fiscal year 2014	$	-	$	1,066,611
9% Senior Subordinated Convertible Notes due February 15, 2016, net of debt discount of $149,478 (January 31, 2014) and $186,897 (January 31, 2013)		950,522		693,103
8% Senior Subordinated Convertible Notes due February 1, 2015		150,000		150,000
Total Convertible Notes		1,100,522		1,909,714
Less: Current Portion		-		-
Long Term Portion	$	1,100,522	$	1,909,714

Schedule Of Debt Instruments Interest Expense

Interest expense associated with the convertible notes payable consisted of the following:

	Two months ended March 31,
	2014		2013
Interest expense	$	19,680	$	36,033
Amortization of loan fees and discount		23,380		41,460
	$	43,060	$	77,493

Interest expense associated with the convertible notes payable consisted of the following:

	Three months ended				Nine months ended
	December 31,				December 31,
	2014		2013		2014		2013
Interest expense	$	66,188	$	17,546	$	144,069	$	203,165
Amortization of loan fees and discount		67,532		84,210		164,854		164,976
	$	133,720	$	101,757	$	308,923	$	368,141

Interest expense associated with the convertible notes payable consisted of the following for the year ended January 31:

	2014		2013
Interest expense	$	218,403	$	137,000
Amortization of loan fees		96,454		5,831
Amortization of debt discount		134,601		676,055
	$	449,458	$	818,886

Schedule of total expense recognized for warrants for debt

stock dividends and reverse stock splits as follows:

Fees and expenses	$	101,179
Fair value of placement agent warrants	$	54,468

Schedule of Maturities of Long-term Debt [Table Text Block]

Convertible notes maturing after one year consists of the following:

Year ending January 31,
2016	$	150,000
2017	$	950,522

Warrant [Member]

Schedule Of Class Of Right Or Warrant Fair Value Assumption

The fair value of the warrants issued during the year ended January 31, 2014 was $50,937 based on the Company’s closing stock price at the transaction dates and weighted-average inputs to the Black-Scholes option pricing model as follows:

Exercise Price	$	4.20
Expected Term (in years)		5.00
Volatility		48.0	%
Dividend rate		0.0	%
Interest rate		0.7	%

Note Warrant [Member]

Schedule Of Class Of Right Or Warrant Fair Value Assumption

The fair value of the 9% Notes warrants was based on the Company’s closing stock price at the transaction date and inputs to the Black-Scholes option pricing model as follows:

Fair value of 9% Notes warrants	$	186,897
Exercise price	$	4.50
Expected life (years)		5.00
Volatility		36.70	%
Risk-free interest rate		0.70	%
Dividends		0.00	%

Placement Agent Warrants [Member]

Schedule Of Class Of Right Or Warrant Fair Value Assumption

The fair value of the placement agent warrants was based on the Company’s closing stock price at the transaction date and inputs to the Black-Scholes option pricing model as follows:

Exercise price	$	4.00
Expected life (years)		5.00
Volatility		36.70	%
Risk-free interest rate		0.70	%
Dividends		0.00	%