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Related Party Transactions
 9 Months Ended
Jan. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Note 3: related party transactions

 

Accounts payable - related parties includes the following expense reimbursements due to related parties at January 31, 2015 and April 30, 2014. Amounts due include reimbursements for travel, legal and cash advances for payment of other administrative expenses. Amounts owed as of April 30, 2014 were transferred into convertible notes payable on July 1, 2014, Note 4.

 

    January 31, 2015     April 30, 2014  
             
Clinton W. Coldren, Chief Executive Officer   $ 12,158     $ 7,155  
Alan G. Massara, Director and former Chief Financial Officer     -       22,888  
    $ 12,158     $ 30,043  

 

Effective June 15, 2011, the Board of Directors approved compensation to begin accruing at the rate of $10,000 per month for each of the two listed executive officers. At October 31, 2011, accrued expenses included $90,000 accrued for compensation. Beginning effective November 1, 2011, the compensation rate for Mr. Coldren increased to $20,833 per month and for Mr. Massara increased to $18,750 per month. Both agreed to discontinue accruing their salary effective January 31, 2012 until conditions improve.

 

Accrued expenses include the following:

 

    January 31, 2015     April 30, 2014  
Accrued compensation due officers   $ 208,750     $ 208,750  
Accrued interest due related parties     105,790       86,616  
Amount due related parties     314,540       295,366  
Accrued interest - other     6,691       5,119  
Asset retirement obligation     547       508  
    $ 321,778     $ 300,993  

 

See convertible notes payable, Note 4, for convertible notes payable due related parties.