Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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

NOTE 3 – ACCRUED EXPENSES

 

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

           
    July 31, 2021     April 30, 2021  
Payroll related costs   $ 509,793     $ 490,904  
Director and Officer insurance     12,786       50,805  
Other     7,620       10,808  
Total   $ 530,199     $ 552,517  

 

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 July 31, 2021 and April 30, 2021 of $12,786 and $50,805, respectively, are included in accrued expenses.