Annual report pursuant to Section 13 and 15(d)

Loans Payable - Related Party

v2.4.0.8
Loans Payable - Related Party
12 Months Ended
Apr. 30, 2014
Loans Payable - Related Party [Abstract]  
Loans Payable - Related Party

Note 8. Loans Payable - Related Party


On June 28, 2013, the Company received $1,000,000 as a loan from the Chief Executive Officer. This loan was for a term of 6 months with an annual interest rate of 10%, payable monthly. On September 25, 2013, as a term of the convertible debenture issued as discussed in Note 9, the maturity of the $1,600,000 owed to the CEO was extended to April 2, 2015. On July 16, 2014, the maturity of the debt to the CEO was extended to January 1, 2016.