Quarterly report pursuant to Section 13 or 15(d)

3. ACCRUED EXPENSES

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3. ACCRUED EXPENSES
 3 Months Ended
Jul. 31, 2020
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

NOTE 3 – ACCRUED EXPENSES

 

Accrued expenses at July 31, 2020 and April 30, 2020 are summarized below:

 

    July 31, 2020     April 30, 2020  
Payroll related costs   $ 443,906     $ 435,577  
Director and Officer insurance financing     75,908       113,245  
Other     207,004       267,816  
Total   $ 726,818     $ 816,638  

 

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 July 31, 2020 and April 30, 2020 are $75,908 and $113,245, respectively, are included in accrued expenses.