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Note 10 - Loan Payable
12 Months Ended
Apr. 30, 2015
Notes  
Note 10 - Loan Payable

NOTE 10 – 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 and the principal balance with accrued interest was due on April 29, 2015. On April 29, 2015 the Company paid off this loan with the accrued interest. At April 30, 2015 and 2014, the balance of loan payable is $0 and $811,794, respectively.