Note 9 - Related Party Transactions

9 Months Ended

Jan. 31, 2014

Notes

Note 9 - Related Party Transactions

NOTE 9 - RELATED PARTY TRANSACTIONS

Accounts receivable – related party

At January 31, 2014 and April 30, 2013, we reported $644,448 and $1,239,222 in accounts receivable – related party, respectively.  Accounts receivable – related party reflected amounts due from Qufu Shengwang Import and Export Corporation, a Chinese entity owned by our Chairman, Mr. Laiwang Zhang, for merchandise that has been delivered. For the three months ended January 31, 2014 and 2013, related party revenues were $833,657and $171,547, respectively. For the nine months ended January 31, 2014 and 2013, related party revenues were $2,567,648 and $1,576,463, respectively.

Due to (from) related parties

From time to time, we received advances from related parties and advanced funds to related parties for working capital purposes. The advances bear no interest and are payable on demand.  For the nine months ended January 31, 2014, due to (from) related party activities consisted of the following: 

	Pharmaceutical Corporation	Qufu Shengwang Import and Export	Total
Balance due to related parties, April 30, 2013	$     110,018	«3ZJJUFA0|Tag=fil:DueToQufuShengwang|Type=credit|Period=instant|Label=Due to Qufu Shengwang|Time=2013-04-30»$        64,386	$     174,404
Working capital advances from related parties	305,509	249,220	554,729
Repayments	(195,624)	(313,606)	(509,230)
Effect of foreign currency exchange	980	0	980
Balance due from related parties, January 31, 2014	$     220,883	$ 0	$     220,883