RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Oct. 31, 2023 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 7 – RELATED PARTY TRANSACTIONS
The Company had the following related party transactions during the three and six months ended October 31, 2023 and 2022, respectively.
The Company owns 14.3% of the equity in SG Austria and is reported on the cost method of accounting. SG Austria has two subsidiaries: (i) Austrianova; and (ii) Austrianova Thailand. The Company purchased products and services from these subsidiaries in the approximate amounts of $0 and $4,700 in the three months ended October 31, 2023 and 2022, respectively, and $0 and $64,000 for the six months ended October 31, 2023 and 2022, respectively.
In April 2014, the Company entered the Vin-de-Bona Consulting Agreement pursuant to which it agreed to provide professional consulting services to the Company. Vin-de-Bona is owned by Prof. Günzburg and Dr. Salmons, both of whom are involved in numerous aspects of the Company’s scientific endeavors relating to cancer and diabetes (Prof. Günzburg 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 and is 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. To date, the agreement has been automatically renewed annually. The amounts incurred for the three months ended October 31, 2023 and 2022, were approximately $2,600 and $2,400, respectively, and approximately $2,700 and $47,500 for the six months ended October 31, 2023 and 2022, respectively.
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