NOTE 5 - OTHER CURRENT ASSETS

6 Months Ended

Oct. 31, 2020

Other Assets [Abstract]

OTHER CURRENT ASSETS

On December 31, 2016, the Company entered into an Option and Lease of Water Rights with Stone Cabin Company, LLC (the “Stone Cabin Water Rights Agreement”). In exchange for a one-time payment of $20,000, the Stone Cabin Water Rights Agreement granted the Company a three-year option to commence a ten-year lease of certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet Project. Lease payments for the water rights do not commence unless the Company exercises the option to lease. The Stone Cabin Water Rights Agreement also granted the Company the ability to extend, upon additional annual payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for an additional ten-year period. The initial $20,000 payment was deferred and was being amortized on a straight-line basis over the three-year option period ending December 31, 2019.

On December 31, 2019, the Company exercised its first option to extend the Stone Cabin Water Rights agreement for an additional twelve months and made a $20,000 payment. The $20,000 payment was deferred as “Other Currents Assets” and is being amortized on a straight-line basis over the subsequent one-year option period. The Company retains the right to exercise two additional options to extend the Stone Cabin Water Rights Agreement, upon annual payments of $20,000 each.

As of October 31, 2020, the unamortized portion of the Stone Cabin Water Rights Agreement is $3,342.

On August 21, 2017, the Company entered into an Option and Lease of Water Rights, with High Test Hay, LLC (the “High Test Water Rights Agreement”).  In exchange for a one-time payment of $25,000, the High Test Water Rights Agreement grants the Company a three-year option to commence a ten-year lease on certain water rights in Nevada. The water rights are for use in conjunction with the Company’s Longstreet Project. Lease payments for the water rights do not commence unless and until the Company exercises the option to lease.  The High Test Water Rights Agreement also grants the Company the ability to extend, upon additional option payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for up to an additional twenty years.  The initial $25,000 payment has been deferred and is being amortized on a straight-line basis over the three-year option period. As of October 31, 2020, the unamortized portion of the High Test Water Rights Agreement is $20,137

On August 21, 2020, the Company exercised its first option to extend the High Test Hay Water Rights agreement for an additional twelve months and made a $25,000 payment.

The following is a summary of the Company’s Other Assets at October 31 and April 30, 2020.

	October 31, 2020		April 30, 2020
Option on water rights lease agreements, net	$	23,479	$	15,927
Prepaid insurance and other expenses		2,290		2,488
Other receivables		-		1,916
TOTAL OTHER CURRENT ASSETS	$	25,769	$	20,331