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Related Parties
3 Months Ended
Jul. 31, 2013
Related Party Transactions [Abstract]  
Related Parties

NOTE 3. RELATED PARTIES

 

Amounts due to and from related parties are unsecured, non-interest bearing and due on demand except for the $24,000 promissory note described below. Related parties consist of companies controlled or significantly influenced by the President of REGI. As of July 31, 2013, there was no balance due from related parties and an aggregate of $1,477,688 due to related parties. As of April 30, 2013, there was no balance due from related parties and $1,499,300 due to related parties.

 

During the year ended April 30, 2012 the Company issued a promissory note of $24,000 for amounts previously accrued and owed to a company with common director with the Company. The promissory note bears interest rate of 6% per annum, is unsecured and due on demand. During the three months ended July 31, 2013, interest expense of $360 was recorded on the promissory note. The principal balance of the note is included as due to related parties in the consolidated balance sheet.

 

During the three month period ended July 31, 2013, the President, CEO and director of REGI provided consulting services to REGI valued at $22,500, which were accounted for as donated capital and charged to expense during the period. The same amount was recorded in the three month period ended July 31, 2012.

 

During the three month period ended July 31, 2013, the CFO, COO and director of REGI provided consulting services to REGI valued at $7,500, which were accounted for as donated capital and charged to expense during the period. The same amount was recorded in the three month period ended July 31, 2012.

 

During each of three month periods ended July 31, 2013 and 2012, management fees of $7,500 were accrued to a company having a common director.

 

REGI currently utilizes office space in a commercial business park building located in Richmond, British Columbia, Canada, a suburb of Vancouver, shared by several companies related by common officers and directors.