Accrued and Other Current Liabilities

6 Months Ended

Oct. 31, 2018

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

NOTE 9 - ACCRUED AND OTHER CURRENT LIABILITIES

Accrued and other current liabilities consist of the following as of October 31, 2018 and April 30, 2018:

	October 31, 2018		April 30, 2018
Accrued sales commissions	$	3,452,615	$	2,091,081
Deferred sales revenues		2,116,474		1,096,180
Accrued expenses		275,703		252,259
Accrued interest payable		79,640		34,644
Notes payable		71,000		35,000
Accrued investments payable		69,907		45,000
Other accrued liabilities		596,019		65,444
	$	6,661,358	$	3,619,608

Accrued sales commissions consist of commissions and certain bonuses earned by the Company’s independent sales representatives of the Company in accordance with the Company’s compensation plan.

Deferred sales revenues are comprised of product sales billed but not shipped the balance sheet date, the unearned portion of various annual memberships and other products sold on an annual basis, and amount associated with unsettled performance obligations arising from contracts with customers.

In May 2018, the Company entered into an agreement with Global Payroll Gateway (“GPG”) pursuant to which GPG provides certain wholesale merchant services to Sharing Services and its subsidiaries. In connection with the agreement, in May 2018, GPG granted Sharing Services an interest-free loan in the amount of $500,000 and, in August 2018, GPG granted Sharing Services an interest-free loan in the amount of $500,000. As of October 31, 2018, the aggregate remaining unpaid balance on the loans is $71,000.