Related Party Transactions

3 Months Ended

Jul. 31, 2015

Note 4. Related Party Transactions

Related party transactions include transactions between the Company and its shareholders, management, or affiliates. The following transactions were in the normal course of operations and were measured and recorded at the exchange amount, which is the amount of consideration established and agreed to by the parties.

Consulting Services

During the three months ended July 31, 2015 and 2014, the Company paid a member of its Board of Directors $18,000 and $37,500, respectively, for consulting services unrelated to his duties as a board member. During the three months ended July 31, 2015 and 2014, the Company paid a board member’s company $5,900 and nil, respectively, for consulting services. All of the amounts paid to these related parties have been recognized and expensed in the period the services were performed.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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