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Note 11 - Loan Payable
6 Months Ended
Oct. 31, 2014
Note 11 - Loan Payable:  
Note 11 - Loan Payable

NOTE 11 - LOAN PAYABLE

 

On April 30, 2014, we borrowed a short-term loan of $811,794 (RMB5,000,000) from China Construction Bank. According to the terms of the agreement with China Construction Bank, the loan bears interest at the rate of 8.4% per annum, is unsecured, and the principal balance with accrued interest is due on April 29, 2015. At October 31, 2014, the balance of loan payable is $815,341.