NOTE9 - LOAN PAYABLE

12 Months Ended

Apr. 30, 2020

Notes

NOTE9 - LOAN PAYABLE

NOTE 9 - 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 April 30, 2020 and 2019, short-term loans totaled in the amounts of $3,378,380 and $6,079,983, respectively.

As of April 30, 2020 and 2019, short-term loans consisted of the following:

	April 30, 2020	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.	$31,210	$32,671
Loans from Jianjun Yan, non-related individual, due on October 6, 2020, with an annual interest rate of 10% at October 7, 2017, renewed at on October 7, 2019.	1,256,562	1,189,207
Loan from Jianjun Yan, non-related individual, due on March 31, 2021, with annual interest rate of 4%, renewed at April 1, 2020.	1,202,965	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.	22,698	23,760
Loan from Jian Chen, non-related individual, due on January 26, 2021 and April 10, 2021, bearing an annual interest rate of 10%, with the principal amount of RMB770,000 ($114,347) and RMB330,000 ($49,006) at January 27, 2019 and April 11, 2019, respectively, accrued interest added to the original principal, terms were not changed. Extended another one-year term at January 27, 2020 and April 11, 2020, respectively.	171,656	163,353
Loan from Qing Kong, non-related individual, due on March 6, 2021 and January 8, 2021, bearing an annual interest rate of 10%, with the principal amount of RMB532,400 ($79,063) and RMB220,000 ($32,671) at March 7, 2019 and January 8, 2019, respectively, accrued interest added to the original principal, terms were not changed. Extended another one-year term at March 7, 2020 and January 8, 2020, respectively.	116,612	111,734
Loan from Guihai Chen, non-related individual, due on March 9, 2021 and September 20, 2020, bearing an annual interest rate of 10%, with the principal amount of RMB132,000 ($19,602) and RMB200,000 ($29,700) at March 10, 2019 and September 20, 2018, accrued interest added to the original principal, terms were not changed. Extended another one-year term at March 10, 2020 and September 20, 2019, respectively.	51,780	49,302
Loan Weifeng Kong, non-related individual, due on November 28, 2020, with an annual interest rate of 10% at November 29, 2018, extended another one year on November 29, 2019.	28,373	29,700
Loan Shidong Wang, non-related individual, due on March 7, 2020, with an annual interest rate of 4% at March 8, 2019. *	0	1,606,200
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 Huagui Yong, non-related individual, due on April 8, 2021, with an annual interest rate of 6.3%, renewed on April 9, 2020.	70,932	74,251
Loan from Guohui Zhang, non-related individual, due on January 16, 2021, with an annual interest rate of 4% at January 17, 2020.	425,592	0
Total	$3,378,380	$6,079,983

Long-term loan payable

Long-term loans payable 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 April 30, 2020 and 2019, long-term loans consisted of the following:

	April 30, 2020	April 30, 2019
Loan from Xuxu Gu, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017.	$0	$1,603,825
Loan Xuxu Gu, non-related individual, due on July 13, 2020, with an annual interest rate of 4% at July 14, 2018.	0	430,657
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 from Dadong Mei, non-related individual, due on March 8, 2019, with an annual interest rate of 4% at March 9, 2017. Renewed on March 9, 2019, accrued interest added to the original principal, terms were not changed, with new due date on March 8, 2021. *	0	1,603,825
Loan Mingbang Ma, non-related individual, due on May 22, 2020, with an annual interest rate of 4% at May 23, 2018. *	0	297,005
Loan Weiwei Lian, non-related individual, due on May 29, 2020, with an annual interest rate of 4% at May 30, 2018. *	0	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. *	0	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. *	0	415,807
Loan Guanghua Xia, non-related individual, due on January 10, 2021, with an annual interest rate of 4% at January 11, 2019. *	0	831,613
Loan Yuehu Zhou, non-related individual, due on June 12, 2020, with an annual interest rate of 4% at June 13, 2018. *	0	1,336,521
Total:	$0	$9,845,706

*  On April 30, 2020, seven individual creditors, an individual investor and Qufu Shengren entered into a series of debt transfer and conversion agreements, the individual creditors agreed to transfer the full amount of their receivable, including principal and interest due from Qufu Shengren, at full value, to the investor. (see Note 11)

For the fiscal years ended April 30, 2020 and 2019, interest expense related to short-term loans and long-term loans amounted to $638,835 and $667,146 respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.