|
ASSET PURCHASE
|
12 Months Ended |
|---|---|
|
Apr. 30, 2013
|
|
| Equity Method Investments and Joint Ventures [Abstract] | |
| ASSET PURCHASE |
ASSET PURCHASE
On June 21, 2012, Nuvilex, purchased 100% of the ASPL shares, from its parent company and the Company's partner SG Austria, in exchange for 100,000,000 restricted Nuvilex shares. The final Asset Purchase Agreement, dated May 26, 2011, was attached as Exhibit 2.1 on the Company’s 2012 Form 10-K. The Nuvilex and ASPL shares were held in escrow (see Note 9) until the two companies determined to change this Agreement.
Subsequent to the year ending April 30, 2013, on or about July 11, 2013, Nuvilex completed the purchase of BBB, a prior asset of SG Austria. The shares for both ASPL and Nuvilex held in escrow were returned to their respective original owners and the 100,000,000 restricted Nuvilex shares have now been returned to the Company Treasury and are therefore not reflected in the financial statements. BBB is now a wholly owned subsidiary of Nuvilex. Nuvilex, SG Austria, and ASPL are now partners working together on multiple fronts.
|