Accounts Receivable - Related Party

3 Months Ended

Jul. 31, 2016

Accounting Policies [Abstract]

Accounts Receivable - Related Party

As discussed in Note 1, on October 15, 2015, the Company entered into the Contribution Agreement with Fortis pursuant to which the Company and Fortis each agreed to assign certain assets to MegaWest in exchange for the MegaWest Shares.

Upon execution of the Contribution Agreement, Fortis transferred its interest in 30 condominium units and the right to any profits and proceeds therefrom. For the three months ended July 31, 2016, Fortis sold one condominium unit and MegaWest recorded a net gain on interest in real estate rights of $300,639. As of July 31, 2016, the Company had an accounts receivable – related party in the amount of $2,664,931 related to interest in real estate rights of condominium units sold.