8. WARRANTS

12 Months Ended

Apr. 30, 2013

Warrants and Rights Note Disclosure [Abstract]

8. WARRANTS

8. WARRANTS

As of April 30, 2013, the following warrants to purchase an aggregate of 374,803 shares of our common stock were outstanding:

Date Issued	Warrants Outstanding		Exercise Price Per Share		Expiration Date
December 19, 2008 (Note 3)		101,523	$	1.4775	December 19, 2013
August 30, 2012 (Note 3)		273,280	$	2.4700	August 30, 2018
Total Warrants Outstanding		374,803

During fiscal years 2013 and 2011, 118,444 and 118,443 warrants were exercised on a cashless basis, respectively, in exchange for 46,427 and 74,802 shares of our common stock, respectively. These warrants were issued in December 2008 in connection with a three-year term loan we entered into during fiscal year 2009, which was paid in full during December 2011 (Note 3). There were no warrants exercised during fiscal year 2012.