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Related Party Transactions
 12 Months Ended
Apr. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 7: RELATED PARTY TRANSACTIONS

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

 

As of April 30, 2019, the Company had $10,114 of outstanding borrowings from the previous majority shareholder and sole officer and director of the Company. The borrowings were non-interest bearing and due on demand. In connection with the Stock Purchase Agreement (see Note 1), the outstanding balances were forgiven. As of April 30, 2020, amounts due to related parties were $377,106 which represented unpaid salaries and reimbursable expenses due to officers of the Company.

 

The Company has outstanding notes payable of $2,100,000 and accrued interest of $138,967 due to a related party as of April 30, 2020 (see Note 4).