Annual report pursuant to Section 13 and 15(d)

3. ACCRUED EXPENSES

v3.21.2
3. ACCRUED EXPENSES
 12 Months Ended
Apr. 30, 2021
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

NOTE 3 – ACCRUED EXPENSES

 

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

 

  2021   2020  
Payroll related costs $ 490,904   $ 435,577  
Director and Officer insurance financing   50,805     113,245  
Other   10,808     267,816  
Total $ 552,517   $ 816,638  

 

The Company financed the Director and Officer insurance policy. The term of the policy is from March 8, 2021 through September 8, 2021. The financing agreement has an interest rate of 4.85% per annum and requires eight monthly payments of $12,829. The unpaid balances as of April 30, 2021 and 2020 of $50,805 and $113,245, respectively, are included in accrued expenses.