RELATED PARTY TRANSACTIONS

12 Months Ended

Apr. 30, 2014

NOTE 12 - RELATED PARTY TRANSACTIONS

The China Operations earned revenue for contracting services provided to TGG (noncontrolling interest in China Operations) and subsidiaries of $274,348 and $1,345,524 for the years ended April 30, 2014 and 2013, respectively. The China Operations accounts receivable due from TGG and subsidiaries was $0 and $117,751 as of April 30, 2014 and 2013, respectively. During the fiscal year ended April 30, 2013, accounts receivable of $647,518 was settled by the receipt of real estate from TGG which fair value approximates the recorded amount of accounts receivable. Since the transaction was between related parties, the net book value of the real estate of $449,660 was determined as the transfer value of the real estate. The difference between the fair value and transfer value, or $200,766, was booked as a loss to noncontrolling interest as of April 30, 2013.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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