XML 19 R10.htm IDEA: XBRL DOCUMENT

Related Party Transactions	9 Months Ended
Jan. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 - RELATED PARTY TRANSACTIONS On or about June 30, 2015, the Company entered into a Lease Termination Agreement with Marlin Properties Management, LLC an entity owned by the spouse of the Company’s Chairman of the Board of Directors. The Termination Agreement was effective as of June 1, 2015 and relieves the Company of all obligations under the terms of the lease after that date. For the three months ended January 31, 2016 and 2015, $Nil and $8,558, respectively, was paid to the related entity inclusive of the Company’s pro-rata share of common area expenses. For the nine months ended January 31, 2016 and 2015, $Nil and $25,630, respectively was paid to the related entity inclusive of the Company’s pro-rata share of common area expenses. During the year ended April 30, 2015 and the nine months ended January 31, 2016, the Company entered into short term promissory notes with the Company’s Chairman of the Board of Directors in the amounts of $101,916 and $40,000, respectively. The notes mature on December 31, 2015 and bear interest at 8% per annum with bi-monthly payments of $150 commencing on August 1, 2015. The Company satisfied principal payments on the promissory notes totaling $129,579 during the nine months ended January 31, 2016. Interest expense recognized on the notes was $2,113 and $0 for the three months ended January 31, 2016 and 2015, respectively. Interest expense recognized on the notes was $2,113 and $Nil for the nine months ended January 31, 2016 and 2015, respectively.

Related Party Transactions

9 Months Ended

Jan. 31, 2016

NOTE 5 - RELATED PARTY TRANSACTIONS

On or about June 30, 2015, the Company entered into a Lease Termination Agreement with Marlin Properties Management, LLC an entity owned by the spouse of the Company’s Chairman of the Board of Directors. The Termination Agreement was effective as of June 1, 2015 and relieves the Company of all obligations under the terms of the lease after that date. For the three months ended January 31, 2016 and 2015, $Nil and $8,558, respectively, was paid to the related entity inclusive of the Company’s pro-rata share of common area expenses. For the nine months ended January 31, 2016 and 2015, $Nil and $25,630, respectively was paid to the related entity inclusive of the Company’s pro-rata share of common area expenses.

During the year ended April 30, 2015 and the nine months ended January 31, 2016, the Company entered into short term promissory notes with the Company’s Chairman of the Board of Directors in the amounts of $101,916 and $40,000, respectively. The notes mature on December 31, 2015 and bear interest at 8% per annum with bi-monthly payments of $150 commencing on August 1, 2015. The Company satisfied principal payments on the promissory notes totaling $129,579 during the nine months ended January 31, 2016.

Interest expense recognized on the notes was $2,113 and $0 for the three months ended January 31, 2016 and 2015, respectively. Interest expense recognized on the notes was $2,113 and $Nil for the nine months ended January 31, 2016 and 2015, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details