COMMON STOCK

3 Months Ended

Jul. 31, 2011

COMMON STOCK [Abstract]

COMMON STOCK

7.    COMMON STOCK

On May 1, 2011, we issued 60,000 shares of restricted common stock to a consultant for a six month service contract.  The shares were valued at $61,200 based on the fair value of shares on the date of the agreement.  The stock-based expense for these shares included in operating expenses for the three months ended July 31, 2011 was $30,600 with the remaining $30,600 to be amortized over the remaining life of the contract.

On May 20, 2011, we issued 1,149,425 shares of restricted common stock in connection with our purchase of intangible assets pursuant to the PbNation Purchase Agreement valued at $1,000,000.

Also, on May 20, 2011, we issued 117,647 shares of restricted common stock in connection with our purchase of intangible assets of Pocketables.com valued at $100,000.

On May 26, 2011, we issued 22,989 shares of restricted common stock in connection with the PbNation Purchase Agreement valued at $19,541.

On June 24, 2011, we issued 37,500 shares of restricted common stock in connection with our purchase of intangible assets of Writers.net valued at $30,000.

On July 21, 2011, we issued 178,724 shares of restricted common stock to a consultant for a twelve month service contract.  The shares were valued at $84,000 based on the fair value of shares on the date of the agreement.  The stock-based expense for these shares included in operating expenses for the three months ended July 31, 2011 was $2,333 with the remaining $81,667 to be amortized over the remaining life of the contract.

On July 23, 2011, we issued 482,029 shares of restricted common stock in connection with certain service agreements of our Lefora acquisition in the prior year that was previously accrued and recorded as a common stock issuance obligation.  The shares have a total value of $300,000.