Subsequent Events

9 Months Ended

Jan. 31, 2015

Subsequent Events

12. Subsequent Events

i. On February 6, 2015, the Company received a letter from a state sales tax agency exempting certain enterprise service offerings from state sales tax. The Company believes the accrual recorded as of January 31, 2015 will be sufficient to cover any liability due to the state sales tax agency related to service offerings that were not exempted (See Note 11).

ii. The Company’s security deposit for its corporate leased headquarters was in the form of a letter of credit of $1.6 million which expired on December 31, 2014 (See Note 9). As per the provisions of the lease, the Company is required to maintain this security deposit until December 31, 2015, the end of the contractual term of the lease. The Company is currently in the process of renewing this letter of credit.

iii. As of January 31, 2015, the Company was not compliant with a non-financial covenant of the Credit Facility (See Note 9). On February 27, 2015, the Company received a waiver from Comerica Bank and expects to be compliant in subsequent periods. The non-compliance had no impact on the Company’s condensed consolidated financial statements.