Loan Payable

3 Months Ended

Jul. 31, 2019

Loan Payable [Text Block]

Note 7	Loan Payable
	On October 10, 2018, the Company entered into a loan agreement (the “Loan Agreement”) with Wesley Clover International Corporation and KMB Trac Two Holdings Ltd (collectively, the “Lenders”) for an aggregate principal amount of up to $3,000,000. Pursuant to the terms of the Loan Agreement, the loan is unsecured and will be made available in multiple advances at the discretion of the Company and will bear interest at a rate of 8% per year, payable monthly.
	On July 10, 2019, the Company entered into an amended loan agreement (the “Amendment Agreement”) with the Lenders, pursuant to which to Lenders have agreed to amend the Loan Agreement, together with the Amendment Agreement, to increase the maximum amount of the loan from $3,000,000 to $5,000,000 and to extend the term of the loan such that all outstanding principal and accrued interest is due on April 11, 2021.
	As of July 31, 2019, the principal balance of the loan payable was $3,000,000. During the three months ended July 31, 2019, the Company recognized $60,493 in interest expense in the consolidated statement of operations. No interest expense was recorded during the three months ended July 31, 2018. See Note 9 – Related Party Transactions.