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SUBSEQUENT EVENTS
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12 Months Ended |
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Apr. 30, 2013
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| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
The Company has performed an evaluation of subsequent events in accordance with ASC Topic 855, noting no additional subsequent events other than those noted below.
Subsequent to the year ended April 30, 2013, the Company authorized the issuance of 2,150,000 shares of common stock for officer compensation . The shares were valued using the closing stock price on the day of issuance for a total expense of $260,638.
Subsequent to the year ended April 30, 2013, the Company authorized the issuance of 175,000 shares of common stock for services . The shares were valued using the closing stock price on the day of issuance for a total expense of $20,850.
Subsequent to the year ended April 30, 2013, 500,000 shares of common stock were issued for $10,000 cash.
Subsequent to the year ended April 30, 2013, the Company converted shareholder debt of $368,058 into 21,000,000 shares of common stock and 3,500 shares of preferred stock into 4,000,000 shares of common stock.
Subsequent to April 30, 2013, the settlement agreement with Cornerstone Bank was fully satisfied with cash proceeds of $702,061 received by Cornerstone Bank through the issuance of a portion of the stock collateral that was held by them. The remaining stock collateral of 8,230,637will be returned to the Company.
Subsequent to the year ended April 30, 2013, on or about July 10, 2013, the Company completed the purchase of Bio Blue Bird AG for $1.5 million. The negotiated Third Addendum set the purchase arrangements based on industry standards and enables the Company to move encapsulated cells forward for use in oncology-based applications. The 100,000,000 shares of restricted common stock, previously held in escrow for SG Austria as part of the Company's acquisition plans, were returned to the Company Treasury. In conjunction with the purchase the Company has been released from its obligation of pay the $60,000 monthly maintenance fee to SG Austria and additional expenditures for salaries, locations, and G&A.
Subsequent to the year ended April 30, 2013, on or about July 12, 2013, in order that Dr. Robert Ryan would be able to focus more on fully implementing the business plan and operating the Company, the Company appointed Patricia Gruden, the Chairman of the Board of Directors, as the Interim Chief Financial Officer.
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