NOTE 8 - RELATED PARTY TRANSACTIONS

6 Months Ended

Oct. 31, 2022

Notes

NOTE 8 - RELATED PARTY TRANSACTIONS

NOTE 8 - RELATED PARTY TRANSACTIONS

Related parties of the Company consist of the following:

-Mr. Weidong Chai, a legal representative of Qufu Natural Green; 

-Shandong Shengwang Pharmaceutical Co., Ltd. ("Pharmaceutical Corporation"), a Chinese limited liability company of which Mr. Chai is the Chairman; 

-Mr. Laiwang Zhang, former Chairman of the Board of the Company, who resigned on September 7, 2021; and 

-Qufu Shengwang Import and Export Co., Ltd. ("Qufu Shengwang Import and Export"), a Chinese limited liability company, controlled by Mr. Laiwang Zhang. Due to recent changes in management personnel, Qufu Shengwang Import and Export is no longer considered a related party, and transactions with Qufu Shengwang Import and Export have been reclassified to third party transactions in fiscal 2022. 

Due to related parties

The Company mainly finances its operations through proceeds borrowed from related parties. As of October 31, 2022 and April 30, 2022, due to related parties consisted the following:

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	October 31, 2022	April 30, 2022
Pharmaceutical Corporation	$4,191,000	$4,646,092
Weidong Chai	225,504	236,070
Total	$4,416,504	$4,882,162

On September 23, 2019, the Company borrowed a one-year loan of RMB1,221,000 (approximately $167,000) from Weidong Chai, bearing an annual interest rate of 10%. On September 23, 2022, 2021 and 2020, the parties extended the loan for another year, under the same terms and conditions, reclassified unpaid interest payable to the principal of this loan, resulting in an increase of principal from RMB1,221,000 (approximately $167,000) to RMB1,625,150 (approximately $223,000).