• Filing Date: 2012-09-13
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.6
Derivative Instruments and Fair Value Measurement (Tables)
3 Months Ended 12 Months Ended
Jul. 31, 2012
Apr. 30, 2012
Schedule of Warrant Liabilities at Fair Value [Table Text Block]
      Fair Value  
  Fair value of warrant liability, at issuance $   1,311,141  
  Change in fair value of warrant liability for the period   715,803  
  Fair value of warrant liability at April 30, 2012   2,026,944  
  Change in fair value of warrant liability for the period   (727,429 )
  Warrants exercised during the period   (54,639 )
  Fair value of warrant liability at July 31, 2012 $   1,244,876  
 
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block]
    As at   As at the date of issuance
    July 31, 2012   June 14, 2011
  Risk-free interest rate 0.17%   1.60%
  Expected volatility 70%   70%
  Expected term 0.87 years to 0.37 years   1.5 years to 2 years
  Dividend yield 0%   0%
 
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]
  As at July 31, 2012     Fair Value     Level 1     Level 2     Level 3  
  Derivate Warrant Liability   $   (1,244,876 ) $ -   $   -   $   (1,244,876 )
  Forward exchange contracts     57,700   $ 57,700     -     -  
  Total Liabilities   $   (1,187,176 ) $ 57,700   $   -   $   (1244,876 )
  As at April 30, 2012     Fair Value     Level 1     Level 2     Level 3  
  Derivative Warrant Liability   $   (2,026,944 ) $   -   $   -   $   (2,026,944 )
  Forward exchange contracts     -     -     -     -  
  Total Liabilities   $   (2,026,944 ) $   -   $   -   $   (2,026,944 )