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NOTE 6 - RELATED PARTY TRANSACTIONS
9 Months Ended
Jan. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

The Company rented office space from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company’s former President and current Chairman of the Board of Directors. The lease was on a month-to-month basis as financial resources were available. The Company terminated the lease effective November 1, 2018. For the three and nine months ended January 31, 2019, office rent was $Nil and $1,500, respectively. No rent was incurred under this agreement in the three and nine months ended January 31, 2020.

 

During the three and nine months ended January 31, 2020, the Company paid a member of the Company’s Board of Directors (the “Board”) for consulting and investor relation services in the amount of $Nil and $8,000, respectively. There was no payment for services during the three and nine months ended January 31, 2019.

 

Effective September 1, 2019, the Board authorized the Company to enter into separate consulting agreements for a monthly total of $18,000 with the Chairman of the Board, two respective members of the Board, and the Company’s Chief Financial Officer to reward, compensate and incentivize. Under the agreements, in the event of a change of control or sale of substantially all of the Company’s assets, these individuals shall collectively be granted bonuses equal to an aggregate two per cent (2%) of the value of the change of control or sale. During the three and nine months ended January 31, 2020, the Company incurred management and administrative expenses of $54,000 and $90,000, respectively, associated with these agreements. These individuals have agreed to defer payment of the balance due until sufficient cash is available.