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Note 11 – Due to Related Party | 3 Months Ended
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Jul. 31, 2022
Note 11 Due To Related Party |
Note 11 – Due to Related Party | Note 11 – Due to Related Party
| A. | Founder of Fat Shark
In connection with the acquisition of Fat Shark in November 2020, the Company issued a secured promissory note for $1,753,000 to the seller. The note accrued interest at 3% annually and matured in full in November 2023. In May 2021, the Company made an initial payment of $132,200 by directing a refund from a vendor based in China to the noteholder who is also based in China. The remaining balance of $1,620,800 plus accrued interest totaling $45,129 was paid in September 2021.
| B. | BRIT, LLC
In January 2020, in connection with the acquisition of Rotor Riot, the Company issued a promissory note for $175,000 to the seller, BRIT, LLC. The note accrued interest at 4.75% annually. The entire outstanding balance of $85,172 plus accrued interest totaling $12,942 was paid in October 2021. The Company also assumed a line of credit obligation totaling $47,853 which bears interest at 6.67% annually. The outstanding balance totaled $37,196 and $40,057 at July 31, 2022 and April 30, 2022, respectively.
| C. | Aerocarve
In 2020, the Company received advances totaling $79,000 from Aerocarve, which is controlled by the Company's Chief Executive Officer. The parties agreed that the funds would bear interest at 5% annually until repaid. The balance was repaid in full in May 2021.

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