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10. RELATED PARTY TRANSACTIONS
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6 Months Ended |
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Oct. 31, 2013
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| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
As of April 30, 2013 the Company owed a shareholder $393,158. During May 2013, the Company received additional loans of $77,853 from that shareholder. In May 2013, the Company issued 26,000,000 shares of Common Stock in exchange for debt of $471,010 and accrued interest of $31,095. The shares were valued using the closing price of the Common Stock on the day of issuance for a total of $4,475,000 resulting in a loss on settlement of debt of $3,973,795.
As of October 31, 2013 and April 30, 2013, the Company owed $204,990 and $227,569, respectively, to two officers and a director. The loans accrue interest at 8% and are due on demand. As of October 31, 2013 total accrued interest on these loans is $31,804. |