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RELATED PARTY TRANSACTIONS
3 Months Ended
Jul. 31, 2019
RELATED PARTY TRANSACTIONS  
NOTE 6. RELATED PARTY TRANSACTIONS

The Company has previously accrued $740,000 for unpaid former officer compensation and accrued $37,111 for the employers share of payroll taxes related to the unpaid former officer compensation in the accompanying unaudited Balance Sheet at July 31, 2019. The accrued compensation is related to two former officers and the Company believes that because of the termination of all officers, there is no employment agreement or compensation due to the former officers.

 

At July 31, 2019, the Company has a $2,300 remaining unpaid balance on a promissory note due to a former officer that originally was $15,300 for working capital requirements. There is no formal agreement and no interest is being accrued by the Company with the principal due on demand. The Company classified the promissory note as Notes Payable – Related Parties in the accompanying unaudited Balance Sheet at July 31, 2019. See Note 3 – Debt.

 

At July 31, 2019, the Company has recorded $45,707 of accounts payable – related parties for Company related expenses. This includes $32,500 to the contract President and CEO on behalf of the Company, which includes $25,000 of expenses related to a consulting agreement with the Company and $7,500 of expenses related to an office in home. Additionally, the balance at July 31, 2019 included $11,768 paid by the Director of Services and Procurement on behalf of the Company, $1,815 paid by the Company’s former authorized house counsel on behalf of the Company and $125 paid by a former officer of the Company on behalf of the Company.

 

On July 15, 2019, an investor purchased 2,500,000 shares of the Company’s $0.001 par value common stock at a purchase price of $0.02 per share – See Note 4 - Stock. At July 31, 2019, the investor owns 28,500,000 shares or approximately 29% of the Company’s issued shares of common stock and as a result, is deemed to be a related party.