9. EQUITY COMPENSATION PLANS

3 Months Ended

Jul. 31, 2011

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

9.  EQUITY COMPENSATION PLANS

Stock Incentive Plans

As of July 31, 2011, we had an aggregate of  8,820,611 shares of common stock reserved for issuance under all Stock Incentive Plans, of which, 6,006,051 shares were subject to outstanding options and 2,814,560 shares were available for future grants of share-based awards.

The following summarizes our stock option transaction activity for the three months ended July 31, 2011:

Stock Options	Shares			Weighted Average Exercisable Price
Outstanding, May 1, 2011		4,869,599		$	4.16
Granted		1,440,985		$	2.34
Exercised		-		$	-
Canceled or expired		(304,533	)	$	5.01
Outstanding, July 31, 2011		6,006,051		$	3.68

The following summarizes our restricted stock award transaction activity for the three months ended July 31, 2011:

Restricted Stock	Shares			Weighted Average Grant Date Fair Value
Unvested, May 1, 2011		68,250		$	2.98
Granted		-		$	-
Vested		-		$	-
Canceled or expired		(68,250	)	$	2.98
Unvested, July 31, 2011		-		$	-

Employee Stock Purchase Plan

We have reserved a total of 5,000,000 shares of common stock to be purchased under our 2010 Employee Stock Purchase Plan (the “2010 ESPP”), of which 4,895,156 shares of common stock remain available for purchase as of July 31, 2011.  Under the 2010 ESPP, we will sell shares to participants at a price equal to the lesser of 85% of the fair market value of stock at the (i) beginning of a six-month offering period or (ii) at the end of the six-month offering period.  The 2010 ESPP provides for two six-month offering periods each year; the first offering period will begin on the first trading day on or after each November 1; the second offering period will begin on the first trading day on or after each May 1.  No shares were purchased under the 2010 ESPP during the three months ended July 31, 2011.