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Related Party Transactions
12 Months Ended
Apr. 30, 2016
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6– RELATED PARTY TRANSACTIONS

 

On September 1, 2011, the Company moved its offices to Coeur d’Alene, Idaho and leased office space for $2,500 per month plus a proportionate share of utilities and insurance from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company’s then President and current Chairman of the Board. For the years ended April 30, 2016 and 2015, $2,855 and $34,293, respectively, was paid to this related entity inclusive of the Company’s pro-rata share of common expenses. On or about June 30, 2015, the Company entered into a Lease Termination Agreement with Marlin. The Termination Agreement was effective as of June 1, 2015 and relieved the Company of all obligations under the terms of the lease after that date.

 

On March 16, April 10 and April 14, 2015, the Company entered into short term promissory notes with the Company’s Chairman of the Board of Directors in the aggregate amount of $101,916. The notes mature on December 31, 2015 and bore interest at 8% per annum with bi-monthly payments of $450 commencing on August 1, 2015. For the year ended April 30, 2015, interest expense on the short term promissory note was $583. The notes and accrued interest were paid during the year ended April 30, 2016.

 

On May 27, 2015, the Company entered into a short term promissory note with the Company’s Chairman of the Board of Directors in the amount of $40,000. The note matured on December 31, 2015 and bore interest at 8% per annum with bi-monthly payments of $450 commencing on August 1, 2015. The note was paid in full on or about June 30, 2015.

 

On March 20, 2016, the Company entered into short term promissory note with the Company’s Chairman of the Board of Directors in the amount of $15,000. The note matures on December 31, 2016 and bears interest at 8% per annum.

 

For the year ended April 30, 2016 and 2015, interest expense on the short term promissory notes in aggregate was $2,451 and $583, respectively.

 

At April 30, 2016 and 2015, accrued interest associated with these notes was $131 and $583, respectively, and is included in other accrued liabilities on the balance sheet.