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Annual report pursuant to Section 13 and 15(d)

Convertible Notes, Convertible Notes - Related Party and Debenture Payable (Tables)

v3.7.0.1
Convertible Notes, Convertible Notes - Related Party and Debenture Payable (Tables)
 12 Months Ended
Apr. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Convertible Notes Payable

Convertible notes payable and loan payable consisted of the following at April 30, 2017 and 2016:


 

 

April 30,

 

 

 

2017

 

 

2016

 

Convertible note payable - related party originating August 14, 2012; no monthly payments required; bearing interest at 5%

 

$

—

 

 

$

300,000

 

 

 

 

 

 

 

 

 

 

Convertible note payable - originating February 29, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 29, 2014

 

 

50,000

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

Loan Payable - related party originating February 25, 2012; no monthly payments required; bearing interest at 10%

 

 

—

 

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

Total

 

 

50,000

 

 

 

1,350,000

 

Less: Current maturities (notes payable)

 

 

(50,000

)

 

 

(50,000

)

Subtotal

 

 

—

 

 

 

1,300,000

 

Less: amount due after one year for notes payable

 

 

—

 

 

 

(1,000,000

)

Amount due after one year for convertible notes payable

 

$

—

 

 

$

300,000

 
Schedule of Future Maturities of Notes Payable

Future maturities of notes payable as of April 30, 2017 are as follows:


Year ending April 30,

 

 

 

2018

 

$

50,000

 

2019

 

 

—

 

 

 

$

50,000