Related Party Transactions

12 Months Ended

Apr. 30, 2013

Related Party Transactions [Abstract]

Note 8 - Related Party Transactions

Note 8 – Related Party Transactions

During the three month period ended July 31, 2012, the Company received invoices from Mr. Durward, a former director and officer of the Company and a shareholder of the Company, totaling the amount of $9,455 (2011- $12,700) for costs related to video production, equipment, advances for the payment of Company invoices and general administration expenses paid by Mr. Durward on behalf of the Company. The Company made cash payments in the amount of $8,259 to Mr. Durward, leaving the amount of $6,253 due and owing, however, on September 27, 2012, the Company received notification of the assignment of debt from Mr. Durward to Able Star Capital Investment Ltd. (“Able Star”) therefore as at April 30, 2013 the debt to Mr. Durward was retired in full and assigned to a related party as Able Star is a shareholder of the Company.

Both Mr. Durward who is a former director and officer and the majority stockholder of the Company and Mr. Rix, a former director and officer of the Company hold gross overriding royalties on all revenues generated by the Company’s Properties. Please refer to Note 3 - Acquisition of Media Rights for further details.

On October 14, 2011, the Company and its then President, James Durward, entered into a Royalty Agreement whereby the Company has acquired all rights (“Rights”) to the intellectual property known as “All the Wrong Reasons” as registered with the Writer’s Guild of America Registration Number 1533357 (now “Inevitable”) (the “Production”). Mr. Durward will receive a 20% gross overriding royalty on any and all worldwide revenues generated by, or derived from, the Production. Please refer to Note 3 - Acquisition of Media Rights for further details.

During the three month period ended July 31, 2012, the Company received funds in the amount of $5,987 (CAD$6,000) from a shareholder of the Company. The Company received notification that as of September 27, 2012, the loan had been assigned to Able Star, a shareholder of the Company.  During the year ended April 30, 2013, Able Star paid the amount of $29,290 (including CAD$5,000) due and owing to creditors of the Company.  The Company repaid $4,835 during the period ended April 30, 2013 and therefore the total amount of the debt owing to Able Star as at April 30, 2013 was $37,482 which is reflected as loan payable – related party.

The amounts owing to Able Star are unsecured, bear interest at 8% per annum, and are due on demand. During the period ended April 30, 2013, an accrued interest expense in the amount of $1,659 was reflected in the balance sheets as accounts payable and accrued expenses – related party.

During the fiscal year ended April 30, 2013, the Company received invoices from John Demoleas, a former director of the Company for director’s fees totaling $5,000, of which $2,500 was paid during the year.   $2,500 due and payable at year end was remitted in full on May 23, 2013.

On April 26, 2013, Mr. Malcolm Albery resigned as President, Secretary, Treasurer Chief Executive Officer and Chief Financial Officer of the Company.   Mr. Albery currently remains a Director of On May 9, 2013, Mr. Malcolm Albery resigned as a director of the Company.

On April 26, 2013, Mr. Robert Thayer was elected as President, Secretary, Treasurer Chief Executive Officer and Chief Financial Officer and a director of the Company.