Related Party Transactions

3 Months Ended

Jul. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 4 – RELATED PARTY TRANSACTIONS

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 matured on December 31, 2015 and bore interest at 8% per annum with bi-monthly payments of $450 commencing on August 1, 2015. The notes and accrued interest were paid during the year ended April 30, 2016.

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.

On May 4, 2016, the Company entered into short term promissory note with the Company’s Chairman of the Board of Directors in the amount of $70,000. The note matures on December 31, 2016 and bears interest at 8% per annum.

For the three months ended July 31, 2016 and 2015, interest expense on the short term promissory notes in aggregate was $1,656 and $2,113 respectively.

At July 31 and April 30, 2016, accrued interest associated with these notes was $1,787 and $131, respectively, and is included in other accrued liabilities on the balance sheet.