RELATED PARTY TRANSACTIONS
|6 Months Ended|
Oct. 31, 2021
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
NOTE 8 – RELATED PARTY TRANSACTIONS
The Company had the following related party transactions during the three and six months ended October 31, 2021, and 2020.
The Company owns 14.5% of the equity in SG Austria Pte. Ltd. (“SG Austria”) and is reported on the cost method of accounting. SG Austria has two subsidiaries: (i) Austrianova Singapore Pte. Ltd. (“Austrianova”); and (ii) Austrianova Thailand Co., Ltd. The Company purchased products and services from these companies in the approximate amounts of $53,000 and $111,000 in the three and six months ended October 31, 2021, respectively, and $10,000 and $74,000 in the three and six months ended October 31, 2020, respectively.
In April 2014, the Company entered a Consulting Agreement with Vin-de-Bona Trading Company, Pte. Ltd. (“Vin-de Bona”) pursuant to which it agreed to provide professional consulting services to the Company. Vin-de-Bona is owned by Prof. Walter H. Günzburg (“Prof. Günzburg”) and Dr. Brian Salmons (“Dr. Salmons”), both of whom are involved in numerous aspects of the Company’s scientific endeavors relating to cancer and diabetes (Prof. Gunzburg is the Chairman of Austrianova, and Dr. Salmons is the Chief Executive Officer and President of Austrianova). The term of the agreement is for 12 months, automatically renewable for successive 12-month terms. After the initial term, either party can terminate the agreement by giving the other party 30 days’ written notice before the effective date of termination. The agreement has been automatically renewed annually. The amounts incurred for the three and six months ended October 31, 2021, were approximately $18,000 and $50,000, respectively, and $21,000 and $44,000 for the three and six months ended October 31, 2020, respectively. In addition, during the six months ended October 31, 2021, and 2020 the Company issued and shares of common stock, respectively, to Dr. Salmons. The Company recorded a noncash consulting expense of approximately $ and $ relating to these share issuances for the six months ended October 31, 2021, and 2020, respectively.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef