• Filing Date: 2012-09-13
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.6
Common Stock (Tables)
3 Months Ended
Jul. 31, 2012
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
      Three Months Ended  
      July 31, 2012     July 31, 2011  
  Risk-free interest rate   0.62%     n/a  
  Expected volatility   74.47%     n/a  
  Expected term   3.7 years     n/a  
  Dividend yield   0%     n/a  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
            Weighted Average  
      Number of     Exercise Price  
      Options     per Share  
  Outstanding at April 30, 2012   3,925,979   $ 1.15  
  Granted   305,000   $ 2.90  
  Exercised   (80,874 ) $ 0.85  
  Forfeited/Cancelled   (175,875 ) $ 1.69  
  Outstanding at July 31, 2012   3,974,230   $ 1.27  
               
  Exercisable at July 31, 2012   2,286,993   $ 0.90  
  Exercisable at April 30, 2012   2,087,742   $ 0.85  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
    Number of     Aggregate       Number of     Aggregate  
Exercise   Options     Intrinsic       Options     Intrinsic  
Price   Outstanding     Value   Expiry Date   Exercisable     Value  
$0.44   387,258   $   778,389   December 15, 2013   344,119   $   691,679  
$0.47   411,389     814,550   October 12, 2012 to September 26, 2016   411,389     814,550  
$0.60   425,708     787,560   December 14, 2014   279,088     516,313  
$0.62   850,000     1,555,500   April 17, 2014   690,625     1,263,844  
$1.70   800,000     600,000   December 17, 2014   116,667     87,500  
$1.90   421,875     232,031   December 14, 2015   165,104     90,807  
$2.00   6,000     2,700   October 1, 2012   6,000     2,700  
$2.15   240,000     72,000   September 7, 2016   240,000     72,000  
$2.27   102,000     18,360   March 10, 2016   34,001     6,120  
$2.55   25,000       March 8, 2017        
$2.90   305,000       July 19, 2017        
July 31, 2012   3,974,230   $   4,861,090       2,286,993   $   3,545,513  
                           
April 30, 2012   3,925,979   $   6,751,493       2,087,742   $   4,213,032  
Schedule of Nonvested Performance-based Units Activity [Table Text Block]
        Weighted Average
    Number of Options   Grant Date Fair Value
  Non-vested options at April 30, 2012 1,838,237   $0.82
  Granted 305,000   $1.54
  Vested (280,125)   $0.71
  Cancelled/Forfeited (175,875)   $0.90
  Non-vested options at July 31, 2012 1,687,237   $0.96
Schedule of Employee and Non-Employee Service Share-based Compensation Allocation of Recognized Period Costs [Table Text Block]
      Three Months Ended  
      July 31,  
      2012     2011  
  Cost of sales $   8,839   $   9,044  
  Sales and marketing   53,935     8,966  
  Research and development   10,716     10,050  
  General and administrative   55,943     30,878  
  Total stock-based compensation $   129,433   $   58,938  
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block]
      Number of     Weighted Average    
      Warrants     Exercise Price   Expiry Dates
  Warrants at April 30, 2012   2,793,105     $1.94   July 30, 2012 to June 14, 2013
  Granted   732,500     $3.25   June 19, 2014
  Exercised   (57,000 )   $2.25   June 14, 2013
  Expired   (1,000,000 )   $1.50   July 30, 2012
  Warrants at July 31, 2012   2,468,605     $2.50   December 14, 2012 to June 19, 2014
Schedule of Stockholders Equity Deferred Share Unit Plan [Table Text Block]
        Weighted Average
        Grant Date Fair
    Number of DSU’s   Value Per Unit
  DSU’s outstanding at April 30, 2012 1,588,064   $0.83
  Granted 133,443   $2.90
  Conversions  
  DSU’s outstanding at July 31, 2012 1,721,507   $1.01
Schedule of Stockholders Equity Non Vested Deferred Share Units [Table Text Block]
        Weighted Average
        Grant Date Fair
    Number of DSU’s   Value Per Unit
  Non-vested DSU’s at April 30, 2012 334,337   $1.33
  Granted 133,443   $2.90
  Vested (165,007)   $1.52
  Non-vested DSU’s at July 31, 2012 302,773   $1.63
Schedule of Allocation of Share Based Compensation Costs for Deferred Share Units [Table Text Block]
      Three Months Ended  
      July 31,  
      2012     2011  
  Sales and marketing $   4,167   $   –  
  Research and development   272      
  General and administrative   262,898     185,323  
  Total deferred share unit-based compensation $   267,337   $   185,323