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10. RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Apr. 30, 2014
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| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
As of April 30, 2013 the Company owed a shareholder $393,158. During May 2013, the Company received additional loans of $77,853 from that shareholder. In May 2013, the Company issued 26,000,000 shares of common stock in exchange for debt of $471,010 and accrued interest of $31,095. The shares were valued using the closing price of the common stock on the day of issuance for a total of $4,475,000 resulting in a loss on settlement of debt of $3,973,795.
As of April 30, 2013, the Company owed $227,569 to two of its officers. The loans accrue interest at 8% and are due on demand. During the year ended April 30, 2014 the Company repaid $27,317 of principle and interest to one of the officers satisfying that debt in full. As of April 30, 2014 the Company owed $140,143 of principle and $33,960 of accrued interest to the other officer.
As of April 30, 2014, the Company owed its CEO $3,717 for reimbursement of travel expenses. |