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NOTE 10 - LOAN PAYABLE
 9 Months Ended
Jan. 31, 2019
Notes  
NOTE 10 - LOAN PAYABLE

NOTE 10 - LOAN PAYABLE

 

Short-term loans are 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. As of January 31, 2020 and April 30, 2019, short-term loans totaled in the amounts of $10,874,551 and $6,079,983, respectively.

 

Long-term loans are obtained from various individual lenders that are due more than one year for working capital purpose. These loans are unsecured and can be renewed with one month advance notice prior to maturity date. As of January 31, 2020 and April 30, 2019, long-term loans totaled in the amounts of $1,556,936 and $9,845,706, respectively.

 

As of January 31, 2020 and April 30, 2019, loan payable, including short-term loans and long-term loans consisted of the following:

 

   

January 31,

2020

(unaudited)

April 30,

2019

 

 

Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2020, with an annual interest rate of 10%, renewed at October 6, 2019.

$         31,715

$         32,671

Loans from Jianjun Yan, non-related individual, due on October 6, 2020, with an annual interest rate of 10%, renewed at October 7, 2019 and accrued interest converted into debt principal of RMB849,500 ($123,434).

       1,276,904

       1,189,207

Loan from Jianjun Yan, non-related individual, due on March 31, 2020, with annual interest rate of 4%, renewed at April 1, 2019.

       1,175,429

       1,210,829

Loan from Junzhen Zhang, non-related individual, due on October 5, 2020, with an annual interest rate of 10%, renewed at October 6, 2019.

             23,066

             23,760

Loan from Jian Chen, non-related individual, due on January 27, 2021 and April 11, 2020, bearing an annual interest rate of 10%, with the principal amount of RMB770,000 ($111,004) and RMB330,000 ($47,573), renewed on January 28, 2020 and April 11, 2019, respectively.

           158,577

           163,353

Loan from Qing Kong, non-related individual, due on March 6, 2020, with an annual interest rate of 10%, renewed on March 7, 2019.

             76,751

             79,063

Loan from Qing Kong, non-related individual, due on January 8, 2021, with an annual interest rate of 10%, renewed on January 9, 2020.

             34,887

             32,671

Loan from Guihai Chen, non-related individual, due on March 9, 2020, with an annual interest rate of 10%, renewed on March 10, 2019.

             19,029

             19,602

Loan from Guihai Chen, non-related individual, due on September 20, 2020, with an annual interest rate of 10%, renewed at September 21, 2019 and accrued interest converted into debt principal of RMB20,000 ($2,906).

             31,715

             29,700

Loan Weifeng Kong, non-related individual, due on November 28, 2020, with an annual interest rate of 10%, renewed on November 29, 2019.

             28,832

             29,700

Loan Shidong Wang, non-related individual, due on March 8, 2020, with an annual interest rate of 4%, renewed on March 9, 2019.

       1,559,244

       1,606,200

Loan from Huagui Yong, non-related individual, due on April 8, 2020, with an annual interest rate of 6.3% at April 9, 2019.

             72,080

             74,251

Loan from Xuxu Gu, non-related individual, due on September 27, 2019, with an annual interest rate of 4% at September 28, 2017.

                       0

       1,588,976

Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017, extended another two years on March 9, 2019.

                       0

       1,603,825

Loan Xuxu Gu, non-related individual, due on August 15, 2020, with an annual interest rate of 4% at August 16, 2018.

                       0

           504,908

Loan Xuxu Gu, non-related individual, due on July 13, 2020, with an annual interest rate of 4% at July 14, 2018.

           418,066

           430,657

Loan Yuehu Zhou, non-related individual, due on June 12, 2020, with an annual interest rate of 4% at June 13, 2018.

       1,297,447

       1,336,521

Loan Mingbang Ma, non-related individual, due on May 22, 2020, with an annual interest rate of 4% at May 23, 2018.

           288,322

           297,005

Loan Weiwei Lian, non-related individual, due on May 29, 2020, with an annual interest rate of 4% at May 30, 2018.

       1,441,608

       1,485,024

Loan Guanghua Xia, non-related individual, due on June 8, 2020, with an annual interest rate of 4% at June 9, 2018.

       1,297,447

       1,336,521

Loan Guanghua Xia, non-related individual, due on December 31, 2020, with an annual interest rate of 4% at January 1, 2019.

           403,650

           415,807

Loan Guanghua Xia, non-related individual, due on January 10, 2021, with an annual interest rate of 4% at January 11, 2019.

           807,300

           831,613

Loan from Dadong Mei, non-related individual, due on March 8, 2021, with an annual interest rate of 4%, renewed on March 9, 2019.

       1,556,936

       1,603,825

Loan Lufeng Li, non-related individual, due on October 20, 2020, with an annual interest rate of 4% at October 21, 2019.

           432,482

                       0

Total

$ 12,431,487

$ 15,925,689

 

For the three and nine months ended January 31, 2020 and 2019, interest expense related to short-term loans and long-term loans amounted to $208,942 and $171,705, and $446,288 and $488,641, respectively, which were included in interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.