Quarterly report pursuant to Section 13 or 15(d)

3. ACCRUED EXPENSES

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3. ACCRUED EXPENSES
 9 Months Ended
Jan. 31, 2021
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

NOTE 3 – ACCRUED EXPENSES

 

Accrued expenses at January 31, 2021 and April 30, 2020 are summarized below:

 

    January 31, 2021     April 30, 2020  
Payroll related costs   $ 484,462     $ 435,577  
Director and Officer insurance financing     –       113,245  
Other     9,879       267,816  
Total   $ 494,341     $ 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 ten monthly payments of $12,806. The unpaid balances as of January 31, 2021 and April 30, 2020 are $0 and $113,245, respectively, which are included in accrued expenses.