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Note 17 - Subsequent Events
12 Months Ended
Apr. 30, 2015
Notes  
Note 17 - Subsequent Events

NOTE 17 – SUBSEQUENT EVENTS

 

On May 11, 2015, our board of directors authorized our 2015 Equity Compensation Plan (the "2015 Plan"). The purpose of the 2015 Plan is to enable us to offer to our employees, officers, directors and consultants, whose past, present and/or potential contributions to our company have been, are or will be important to our success, an opportunity to acquire a proprietary interest in our company. We have initially reserved 25,000,000 shares of our common stock for issuance upon awards to be made under the 2015 Plan. The maximum number of shares of common stock which may be subject to awards under the 2015 Plan made to individuals who are neither officers, directors nor employees of our company is limited to 2,500,000 shares. The 2015 Plan also contains an "evergreen formula" pursuant to which the number of shares of common stock available for issuance under the 2015 Plan will automatically increase on the first trading day of January each calendar year during the term of the 2015 Plan beginning with calendar year 2016 providing that we have sufficient authorized but unissued and unreserved shares of our common stock available, by an amount equal to 1.5% of the total number of shares of common stock outstanding on the last trading day in December of the immediately preceding calendar year, up to a maximum annual increase of 375,000 shares of common stock.

 

On May 5, 2015, we entered into a consulting agreement with Dr. Yuejian (James) Wang, pursuant to the terms of the consulting agreement; we issued one million shares of Company’s common stock valued at $0.24 per share to Dr. Wang, as his compensation for the services provided.

 

We have repaid the two advances of $821,693 (RMB5,000,000) and $1,314,708 (RMB 8,000,000) due to Pharmaceutical Corporation on May 8, 2015 and June 11, 2015, respectively. On May 22, 2015 and June 17, 2015, we received additional advances of $789,461 (RMB 4,800,000) and $1,311,949 (RMB 8,000,000) from the Pharmaceutical Corporation, at a lowered interest rate of 6.375 % per annum.