LOANS PAYABLE AND ACCRUED INTEREST RELATED PARTY

12 Months Ended

Apr. 30, 2014

LOANS PAYABLE AND ACCRUED INTEREST RELATED PARTY [Text Block]

8. LOANS PAYABLE AND ACCRUED INTEREST – RELATED PARTIES

As of April 30, 2014 and April 30, 2013, loans payable – related parties of $258,000 and $797,877, respectively, mainly consists of borrowings, directly and indirectly, from one director of the Company. The balances bear 10% interest, are unsecured and are due on demand. On November 18, 2013, $540,000 of loans payable – related parties was converted into common stock and warrants of the Company (see Note 11 - Stockholders Equity).

As of April 30, 2014 and April 30, 2013, accrued interest – related party was $113,863 and $63,394 respectively.