Commitments

6 Months Ended

Oct. 31, 2013

Commitments [Text Block]

Note 7 Commitments

a)	On January 11, 2011, the Company entered into a lease agreement, which commenced on October 1, 2011, and expires September 30, 2014 for which a deposit of $47,780 was made. The monthly lease payment under the agreement is $22,673 plus $20,321 in operating costs. Management believes that this office space is adequate for the operations of the Company for the foreseeable future.
b)	On December 9, 2011, the Company signed a fifth amendment to an existing lease agreement to extend the lease for the period May 1, 2012 to April 30, 2014. The monthly lease payment under the lease extension is $5,742 (CDN$6,009). This lease expense is a related party transaction as it was incurred with a company with a director in common with the Company.
c)	On March 22, 2013, the Company entered into an extension of an existing operating lease agreement which commenced on April 1, 2013 and expires on May 31, 2016. The monthly lease payment under the extension agreement is $5,000 plus $295 in operating expenses.
d)	On October 21, 2013, the Company entered into an extension of an existing operating lease agreement which commenced on December 1, 2013 and expires on February 28, 2013. The monthly lease payment under the extension agreement is $2,630.

Total payable over the term of the agreements for the years ended April 30 are as follows:

		Office Leases –		Office Leases –		Total Office
		Related Party		Unrelated Party		Leases
2014	$	34,453	$	257,535	$	291,988
2015		-		267,776		267,776
2016		-		63,540		63,540
2017		-		5,295		5,295
	$	34,453	$	594,146	$	628,599