• Filing Date: 2012-12-13
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.6
Derivative Instruments and Fair Value Measurement (Tables)
6 Months Ended
Oct. 31, 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   (927,703 )
  Warrants exercised during the period   (129,790 )
  Fair value of warrant liability at October 31, 2012 $   969,451  
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block]
    As at As at the date of issuance
    October 31, 2012 June 14, 2011
  Risk-free interest rate 0.18% 1.60%
  Expected volatility 70% 70%
  Expected term 0.12 years to 0.62 years 1.5 years to 2 years
  Dividend yield 0% 0%
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]
  As at October 31, 2012   Fair Value     Level 1     Level 2     Level 3  
  Derivative warrant liability $   (969,451 ) $   -   $   -   $   (969,451 )
  Forward exchange contracts   65,461     65,461     -     -  
  Total Liabilities $   (903,990 ) $   65,461   $   -   $   (969,451 )
                           
                           
  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 )