Annual report pursuant to Section 13 and 15(d)

3. ACCRUED EXPENSES

v3.20.2
3. ACCRUED EXPENSES
 12 Months Ended
Apr. 30, 2020
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

NOTE 3 – ACCRUED EXPENSES

 

Accrued expenses at April 30, 2020 and 2019 are summarized below:

 

    2020     2019  
Payroll related costs   $ 435,577     $ 358,616  
Share issuance compensation     –       240,015  
Director and Officer insurance financing     113,245       –  
Other     267,816       22,335  
Total   $ 816,638     $ 620,966  

 

The Company financed the Director and Officer insurance policy. The term of the policy is from March 8, 2020 through March 8, 2021. The financing agreement has an interest rate of 4.25% per annum and requires eight monthly payments of $12,806. The unpaid balances as of April 30, 2020 of $113,245 is included in accrued expenses.