NOTE 6 - RELATED PARTY TRANSACTIONS
The Company owes $1,000 to Jinglan Dong, the former CEO.
The Company has entered into a loan from XS Capital, LLC. for a credit line of up to $150,000. The CEO was a minority member of XS Capital, LLC at the time of the transaction. As of April 30, 2019 and 2018, the balance owed on the line of credit is $53,947 and $53,947, respectively. As of January 31, 2020 there is $5,209 of accrued interest on this loan. The line of credit is currently past due.
As of January 31, 2020 and April 30, 2019, the Company owed iVest, Inc., a minority shareholder in the Company, $76,000 and $76,000, respectively. The loan is unsecured, accrues interest at 5% of the balance at the end of the fiscal year and matures January 31, 2019. As of January 31, 2020, there is $6,930 of accrued interest due on this loan. This loan is currently past due.
On February 5, 2019, the Company acquired a line of credit for up to $3,000,000 with Marjax Property Management. LLC. The line of credit is unsecured, bears interest at 3% over prime, compounded annually, and matures on January 31, 2024. As of January 31, 2020, there is $65,000 and $2,189, of principal and interest, respectively due on this loan.
Other current advances from related parties represent advances from a shareholder, advances from a Corporation with common management and advances from a party related to a shareholder. The advances are without interest and have no specified repayment terms. These advances totaled $100,919 and $95,932 on January 31, 2020 and April 30, 2019, respectively.
NOTE 7 - SUBSEQUENT EVENTS
In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the consolidated financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the following:
On February 13, 2020, the Company issued to each of its seven outside directors and Chief Financial Officer 250,000 restricted shares and options to purchase 250,000 shares at an exercise price of $0.03 vesting on February 13, 2021.
