Notes Receivable – Related Party

12 Months Ended

Apr. 30, 2016

Notes Receivable Related Party

Notes Receivable – Related Party

During November and December 2015 and March 2016, the Company entered into six promissory note agreements with Fortis, with total principal amounts of $17,848,000. The notes receivable bear interest at an annual interest rate of 3% and mature on December 31, 2017. For the year ended April 30, 2016, the Company recorded $170,653 of interest on the notes receivable. As of April 30, 2016, the outstanding balance of the notes receivable was $17,848,000.