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Subsequent Events
12 Months Ended
Apr. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 17 – SUBSEQUENT EVENTS

 

On March 1, 2016, the Company entered into a definitive Purchase and Sale Agreement to acquire 100% of the issued and outstanding shares of a coffee roasting and wholesale company located in the United States. Closing of the transaction is expected on or before August 1, 2016, which is defined as closing date in the agreement, subject to financing and receipt of 2015 audited financial statements and a number of conditions from the target company. The purchase price for the acquisition is $4,500,000, in cash at closing, or if the total amount is not paid in cash, $4,700,000 in cash and debt at closing. As of the filing date of this report, the Company has not been closed on the transaction.

 

In May 2016, the Company issued 2,591,664 shares of common stock of the Company for the conversion of $50,000 of the Note II as described in Note 14 above. Under Note II a total of $75,000 was converted into 3,633,331 common shares of the Company. The remaining balance of Note II of $184,275 including accrued interest was paid in cash on May 24, 2016.

 

On May 23, 2016, the Company entered into a loan agreement with Thomas Prasil Trust U/A/D November 26, 2003, in the principal amount of $185,000, due and payable in full on November 20, 2016. The loan bears an annual interest rate of 20%. The Company paid loan fee of 3,000,000 shares of common stock of the Company which was issued on May 25, 2016.

 

On September 21, 2016, the Company entered into a second loan agreement with Thomas Prasil Trust U/A/D November 26, 2003 in principal of $50,000, due and payable in full on December 31, 2016. The loan bears an annual interest rate of 20%. The Company agreed to pay a loan fee of 800,000 shares of common stock of the Company which was not issued as of the date of this Report.