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Notes Receivable
3 Months Ended
Jul. 31, 2019
Receivables [Abstract]  
Notes Receivable

NOTE 5 – NOTES RECEIVABLE

 

In March and April 2018, the Company entered into certain investment agreements with a third party pursuant to which the Company loaned an aggregate of $275,000 to the third party. The related promissory notes accrued interest at the rate of 12% per annum. In June 2019, the Company and the third party entered into a loan exchange agreement pursuant to which the Company received a promissory note for $309,309 in settlement of all amounts owed to the Company under the March and April 2018 loans, including loan principal of $275,000 and accrued interest of $34,309. Loans under the June 2019 promissory note bear interest at the rate of 8% per annum and are due, together with accrued interest, in November 2019, subject to certain acceleration and prepayment provisions. For the three months ended July 31, 2019 and 2018, interest income earned in connection with the Company’s notes receivable was $7,044 and $36,559, respectively.