Commitments

9 Months Ended

Jan. 31, 2015

Commitments [Text Block]

Note 7 Commitments

a)	On November 27, 2013, the Company entered into an extension of an existing lease agreement, which commenced on October 1, 2014 and expires on September 30, 2019. The monthly lease payment under the extension agreement is $20,366 plus $19,144 in operating costs.
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 $5,368 (CDN$6,009). On November 4, 2013, the Company entered into an extension of this lease agreement, which commenced on January 1, 2014 and expires on April 30, 2019. The monthly lease payment under the extension agreement is $3,520 plus $3,279 in operating costs. This lease expense is a related party transaction as it was incurred with a company with a director in common with the Company.
c)	From March 2013 to April 2014, the Company entered into various lease agreements with commencement dates between April 2013 and May 2014 and that expire between May 2016 and May 2017. The combined monthly lease payments are $7,149 plus $495 in operating expenses.

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
2015	$	20,397	$	141,462	$	161,859
2016		81,590		566,385		647,975
2017		81,590		514,429		596,019
2018		81,590		492,046		573,636
2019		81,590		493,673		575,263
2020		-		205,697		205,697
	$	346,757	$	2,413,692	$	2,760,449