Note 8 - Loan Receivable

9 Months Ended

Jan. 31, 2014

Notes

Note 8 - Loan Receivable

NOTE 8 - LOAN RECEIVABLE

On December 22, 2010, we loaned $500,000 to CDI China, Inc., a subsidiary of CD International Enterprises, Inc., and an affiliate of CDI our corporate management services provider. The loan bears interest at the rate of 3% per annum and the principal balance and accrued interest were due March 30, 2011. Principal balance of $305,459 was repaid and part of accrued interest of $171,720 was repaid to us by CDI China, Inc. during fiscal 2012 and 2013. As of January 31, 2014, CDI China, Inc. repaid all remaining principal balances and accrued interest.