Loan Payable Officer - Related Party
|3 Months Ended|
Jul. 31, 2016
|Loans Payable, by Type, Current and Noncurrent [Abstract]|
|Loan Payable Officer, Related Party||
Note 6. Loan Payable Officer Related Party
On June 28, 2013, the Company received $1,000,000 as a loan from the Companys Chief Executive Officer. This loan was for a term of 6 months with an annual interest rate of 10%, payable monthly. Through various note extensions, the debt was extended to May 5, 2018. There was no accounting effect for these extensions.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
No definition available.