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Bank Loan
6 Months Ended
Oct. 31, 2025
Debt Disclosure [Abstract]  
Bank Loan

14. Bank Loan

 

On August 19, 2025, Lee Lee and AZLL closed a Business Loan Agreement with Royal Business Bank (“RBB”) which provided secured financing in the principal amount of $5,250,000. The loan from RBB is further documented by a Promissory Note. The Note bears interest at a rate of 7.5% per year and requires monthly payments of principal and interest in the amount of $91,040, with a final ballon payment in the amount of $1,139,917 due at maturity on September 5, 2030. Under the terms of the loan, the facility is also required to make additional principal curtailments of $150,000 each in November, December, January, and February of every year, totaling $600,000 annually, or $3,000,000 over the full loan term. The Note is secured by a substantially all assets of Lee Lee under the terms of a Commercial Security Agreement and is personally guaranteed by the Company’s CEO, John Xu, and his spouse, Grace Xu. In addition, Mr. Xu has pledged certain real property as collateral security for his guaranty of the loan. For the three and six months ended October 31, 2025, the Company recorded and paid $62,985 interest expense for this loan. For the three and six months ended October 31, 2025, the Company repaid $280,009 for this loan. As of October 31, 2025, $1,692,480 was recorded as current liabilities.