Related Party Transactions |
9 Months Ended |
|---|---|
Jan. 31, 2020 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 7 – Related Party Transactions
The Company’s largest shareholder is also its principal lender. As of January 31, 2020 and April 30, 2019, the Company owed its largest shareholder, under a secured lending agreement, $1,000,000. Under the existing loan agreement, as amended, the maximum amount of the loan is $1,250,000, and the loan matures on October 31, 2020. The largest shareholder of the Company owns 271,371,454 shares of common stock, or 32.7% of the 830,956,712 shares issued and outstanding.
Compensation to officers in the nine-month periods ended January 31, 2020 and 2019 consisted of common stock valued at $145,684 and $77,750, respectively, and cash payments of $62,000 and $90,000, respectively. Compensation to officers in the three-month periods ended January 31, 2020 and 2019 consisted of common stock valued at $77,750 and $3,375 respectively, and cash payments of $0 and $30,000, respectively.
In the nine-month periods ended January 31, 2020 and 2019 the Company remitted cash payments to a related party consultant of $21,000 and $2,200, respectively, and cash payments of $4,800 and $1,200 for the three-month periods ended January 31, 2020 and 2019, respectively. Stock-based compensation to this consultant was recorded at $30,539 and $19,063 for the nine-and three-month period ended January 31, 2020 and $0 for the nine-and three-month periods ended January 31, 2019.
The Company owes related party debt of $71,800 and $76,100 as of January 31, 2020 and April 30, 2019, respectively. The related party debt consists of notes, with annual interest rates of 8%, payable to a company controlled by one of our directors, in the amounts of $56,800 and $61,100 as of January 31, 2020 and April 30, 2019, respectively, and a non-interest bearing note payable to a second director of $15,000 as of January 31, 2020 and April 30, 2019. The Company also owes the second director $16,680 as of January 31, 2020 and April 30, 2019, which is recorded as accounts payable.
Accrued interest payable on related party debt amounted to $36,285 and $24,102 at January 31, 2019 and April 30, 2019, respectively. |