Note 11 -loan Payable

6 Months Ended

Oct. 31, 2016

Notes

Note 11 -loan Payable

NOTE 11 -LOAN PAYABLE

Loans payable consisted of short-term loans obtained from various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. At October 31, 2016 and April 30, 2016, short-term loans consisted of the following:

	October 31, 2016 (unaudited)	April 30, 2016
Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2016 with annual interest rate of 10% at October 6, 2015, which renewed for original RMB150,000 ($22,141) and the Company borrowed an additional RMB50,000 ($7,381) from Min Wu under the same terms on October 6, 2016 with new due date on October 5, 2017.	$         29,522	$         23,175
Loan from Weidong Cai, an employee of Qufu Shengren, due on September 21, 2016 with annual interest rate of 10% at September 22, 2015, which renewed for original RMB840,000 ($123,991) and the Company borrowed an additional RMB84,000 ($12,399) from Weidong Cai under the same terms on September 22, 2016 with new due date on September 21, 2017.	136,390	129,778
Loan from Jianjun Yan, non-related individual, due on October 6, 2015 with annual interest rate of 10% at October 7, 2014, which renewed on October 7, 2015 and October 7, 2016 with new due date on October 6, 2017.	959,452	1,004,232
Multiple loans from Jianjun Yan, non-related individual, due from October 5, 2016 through April 9, 2017, with annual interest rate of 10%, which were obtained during October 6, 2015 through April 10, 2016. RMB780,000 ($115,134) of the loan originally due on October 5, 2016 has been renewed for on the maturity date of October 6, 2016 with new due date on October 5, 2017.	853,174	892,995
Multiple loans from Jianjun Yan, non-related individual, due from June 19, 2017 through July 11, 2017, with annual interest rate of 10%, which were obtained during June 20, 2016 through July 12, 2016.	59,043	0
Loan from Jianjun Yan, non-related individual, on October 31, 2016 with non-interest bearing and due on demand.	118,086	0
Loan from Junzhen Zhang, non-related individual, due on October 5, 2016, with annual interest rate of 10% at October 6, 2015, which renewed on October 6, 2016 with new due date on October 5, 2016.	22,141	23,175
Loan from Jian Chen, non-related individual, due on January 26, 2017, with annual interest rate of 10% at January 27, 2016.	107,754	112,783
Loan from Qing Kong, non-related individual, due on March 6, 2017, with annual interest rate of 10% at March 7, 2016.	59,043	61,799
Loan from Guihai Chen, non-related individual, due on March 10, 2017, with annual interest rate of 10% at March 11, 2016.	14,761	15,450
Total	$   2,359,366	$   2,263,387

For the three and six months ended October 31, 2016 and 2015, interest expense related to short-term loans amounted to $56,288 and $54,078, and $112,245 and $91,457, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.