Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
6 Months Ended
Oct. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

Note 11. Subsequent Events

HEMG has failed to pay to the Company any portion of the $772,793 amount as of September 30, 2014, despite due demand for same (See Note 3). Consequently, on November 18, 2014 the Company filed a complaint vs. HEMG in the United States District Court for the District of New Jersey, to collect the full amount due to the Company.

On November 24, 2014, the Company entered into a three-year Employment Agreements with its Executive Vice President and Interim Chief Financial Officer and its Chief Operating Officer. Each of the officers will: (i) receive a base salary of $200,000 and (ii) be eligible for a cash and equity bonus (the “Target Bonus”) if certain milestones are met. In addition, the Executive Vice President – Finance and Interim Chief Financial Officer received a grant of 300,000 options at $0.234 per share which has a fair value of $21,000.

Also on November 24, 2014, the Company amended the Employment Agreements of its Chief Executive Officer and Chief Academic Officer, to provide them with the right to receive the Target Bonus.