Note 8 - Related Party Transactions

12 Months Ended

Apr. 30, 2014

Notes

Note 8 - Related Party Transactions

NOTE 8 - RELATED PARTY TRANSACTIONS

Accounts receivable – related party and revenue – related party

     For fiscal 2014 and 2013, we recorded revenue – related party of $3,705,504 and $2,503,147, respectively, related to sales of products to Qufu Shengwang Import and Export Corporation, a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. On April 30, 2014 and 2013, we had $953,400 and $1,239,222 in accounts receivable – related party, respectively, from Qufu Shengwang Import and Export Corporation.

Due to (from) related parties

From time to time, we received advances from related parties and advance funds to related parties for working capital purposes. In fiscal 2014, we paid interest $34,550 to Pharmaceutical Corporation related to reimburse of interest expense Pharmaceutical Corporation incurred in order to advances working capital to the Company.  The advances and any accrued interest are due on demand. Generally, advances bear no interest and are payable on demand.  For fiscal year 2014 and 2013, 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, 2012	$           79,351	$                  0	$           79,351
Working capital advances from related parties	1,539,749	64,386	1,604,135
Repayments	(1,509,082)	0	(1,509,082)
Balance due to related parties, April 30, 2013	$        110,018	$        64,386	$        174,404
Working capital advances from related parties	1,784,431	670,441	2,454,872
Repayments	(1,719,826)	(628,519)	(2,348,345)
Effect of foreign currency exchange	74,250	0	74,250
Balance due to related parties, April 30, 2014	$        248,873	$      106,308	$        355,181