7. Business Combinations

6 Months Ended

Oct. 31, 2014

Business Combinations [Abstract]

7. Business Combinations

On July 18, 2014, the Company entered into a Merger Agreement with Select-TV Solutions (USA), Inc. (“STVU”), a Florida corporation. Pursuant to the terms of the Agreement, the Company issued 1.25 shares of its common stock for each share of STVU, or 49,678,443 shares.

The following table summarizes the consideration given for the net assets of STVU and the fair values of the assets acquired and liabilities assumed recognized at the merger date. Management is in the process of valuing any identifiable tangible and intangible assets. Until the valuation is complete and values are assigned to tangible or intangible assets, if any, the entire amount of the excess of the consideration given over the net liabilities acquired is allocated to goodwill.

Consideration Given:
49,678,443 shares of common stock	$	2,980,707
Fair value of identifiable assets acquired and liabilities assumed:
Cash		912
Accounts receivable		2,272
Sales tax receivable		57,755
Deposits on inventory		265,145
Prepaid expenses		100,000
Equipment, net		25,537
Licenses, net		83,283
Accounts payable		(133,780	)
Accrued liabilities		(11,443	)
Loans payable - current		(136,335	)
Amounts due to Select TV Solutions, Inc.		(717,400	)
Accumulated other comprehensive loss		(1,734	)
Identified intangible assets		–
Total identifiable net assets (liabilities)		(465,788	)
Goodwill and unidentified intangible assets		3,446,495
	$	2,980,707