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CONVERTIBLE NOTES PAYABLE
3 Months Ended
Jul. 31, 2012
Notes to Financial Statements  
Note 3. CONVERTIBLE NOTES PAYABLE

As of July 31, 2012 the Company owes $68,000 to multiple convertible promissory note holders for proceeds received during fiscal year April 30, 2012. These notes bear interest at 0%, are due two years from issuance and are unsecured. The notes are convertible at $0.005 into the Company’s common stock.

 

The Company analyzed the conversion option for derivative accounting and beneficial conversion features consideration under ASC 815-15 “Derivatives and Hedging” and ASC 470-20 “Convertible Securities with Beneficial Conversion Features” and noted none.