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Quarterly report pursuant to Section 13 or 15(d)

Loan Payable Officer - Related Party

v2.4.1.9
Loan Payable Officer - Related Party
9 Months Ended
Jan. 31, 2015
Loan Payable Officer - Related Party [Abstract]  
Loan Payable Officer - Related Party

Note 6. Loan Payable Officer – Related Party

 

On June 28, 2013, the Company received $1,000,000 as a loan from the Chief Executive Officer. This loan was for a term of 6 months with an annual interest rate of 10%, payable monthly. On September 25, 2013, as a term of the convertible debenture issued as discussed in Note 7, the maturity of the debt to the CEO has been extended to April 2, 2015. On July 16, 2014, the maturity of the debt to the CEO was extended to January 1, 2016. Subsequently, in March 2015, the debt was extended to July 31, 2016.