Common Stock

12 Months Ended

Apr. 30, 2016

Equity [Abstract]

Common Stock

NOTE 10 – COMMON STOCK

At April 30, 2016, the Company’s authorized capital was 75,000,000 shares of common stock with a par value of $0.001 and 52,336,499 shares were issued and outstanding.

In June 2015, the Company issued 2,500,000 restricted shares of common stock at a price of $0.02 per share for cash proceeds of $50,000.

In August, 2015, the Company issued 4,000,000 restricted shares of common stock to the Chief Executive Officer of the Company at a fair market price of $0.06 per share as payment for management fees. Total value of the services, valued using the closing stock price on the issuance date, was $240,000. For the year ended April 30, 2016, $240,000 was expensed.

In August, 2015, the Company issued 1,100,000 restricted shares of common stock to Alex Liang, its former Chairman and director (1,000,000) and to two employees (50,000 each) at a price of $0.06 per share as payment for engagement bonus remuneration fees. Total value of the services, valued using the closing stock price on the issuance date, was $66,000. For the year ended April 30, 2016, $66,000 was expensed.

In August, 2015, the Company in lieu of cash payment issued 3,542,857 shares of the Company’s common stock as payment in full for the outstanding debts of $248,000 owed to the former director and the former Chief Executive Officer. The shares were issued at the price of $0.07 per share, being the closing stock price at August 28, 2015.

In September, 2015, the Company issued 500,000 restricted shares of common stock of the Company to its financial controller at $0.085 per share or $42,500. For the year ended April 30, 2016, $42,500 was expensed.

In September, 2015, the Company issued 1,000,000 shares of common stock Company to a consultant at price of $0.125 per share as payment for consulting fees. Total value of the services, valued at the fair market price on the issuance date, was $125,000. For the year ended April 30, 2016, $125,000 was expensed as consulting fees.

In September, 2015, the Company issued 1,000,000 shares of common stock to the Company’s attorney at price of $0.125 per share as payment for legal fees. Total value of the services, valued at the fair market price on the issuance date, was $125,000. For the year ended April 30, 2016, $125,000 was expensed as legal fees.

In September 2015, the Company issued 230,769, 260,417 and 316,456 restricted shares of common stock of the Company for the conversion of $12,000, $15,000 and $20,000 of the Note I described in Note 14, respectively.

On October 5, 2015, the Company issued 152,667 restricted shares of common stock of the Company for the conversion of the remaining principal of $7,000 and the accrued interest in the amount of $2,160 of Note I described in Note 14.

On October 1, 2015, the Company entered into an agreement with Carter, Terry & Company acting as the Company’s exclusive Financial Advisory Investment Bank and Placement Agent for an initial period of 60 days, and then reverting to a non-exclusive advisor for the next twelve consecutive (12) months. The Company agreed to issue 200,000 restricted shares of common stocks of the Company upon the execution of the agreement. Within two years period, the Company agreed on cash compensation fees subject to: a). 10 % of the amount up to $1,000,000; b). 8% up to 5,000,000 and c). 6% over 5,000,000 for any equity or hybrid equity capital raised and also agreed to pay restricted shares equal to 4% of capital raised by the closing price of the stock on the date of close. In October 2015, the Company issued 200,000 restricted shares of common stocks to Carter, Terry & Company at price of $0.11 per shareas payment for consulting fees. Total value of the services, valued at the fair market price on the issuance date, was $22,000. For the year ended April 30, 2016, $22,000 was expensed as consulting fees.

In March 2016, the Company issued 500,000 share of common stock to a consultant at price of $0.145 per share for consulting fees. Total value of the services, valued at the fair market price on the issuance date, was $72,500. For the year ended April 30, 2016, $72,500 was expensed as consulting fees.

In April 2016, the Company issued 1,200,000 shares of common stock to Alex Liang, the Company’s former Chairman and director at price of $0.042 per share for previous service provided to the Company before his resignation.. Total value of the services, valued at the fair market price on the issuance date, was $50,400. For the year ended April 30, 2016, $50,400 was expensed as consulting fee.

In April 2016, the Company issued 1,041,667 restricted shares of common stock of the Company for the conversion of $25,000 of the Note II described in Note 14.