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Annual report pursuant to Section 13 and 15(d)

Convertible Notes, Convertible Notes - Related Party and Debenture Payable (Tables)

v3.2.0.727
Convertible Notes, Convertible Notes - Related Party and Debenture Payable (Tables)
 12 Months Ended
Apr. 30, 2015
Convertible Notes, Convertible Notes - Related Party and Debenture Payable [Abstract]  
Schedule of Notes Payable

 

 

April 30,

 

 

 

2015

 

 

2014

 

Note payable - related party originating August 14, 2012; no monthly payments required; bearing interest at 5% [A] [D]

 

$

300,000

 

 

$

300,000

 

Note payable - related party originating March 13, 2012; no monthly payments required; bearing interest at 0.19% [A] [D]

 

 

300,000

 

 

 

300,000

 

Note payable - originating February 25, 2012; no monthly payments required [B]

 

 

—

 

 

 

75,000

 

Note payable - originating February 27, 2012; no monthly payments required [C]

 

 

—

 

 

 

50,000

 

Note payable - originating February 29, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 29, 2014

 

 

50,000

 

 

 

50,000

 

Loan Payable - related party originating February 25, 2012; no monthly payments required; bearing interest at 10% [D]

 

 

1,000,000

 

 

 

1,000,000

 

Debentures payable, net of OID

 

 

—

 

 

 

1,787,229

 

Total

 

 

1,650,000

 

 

 

3,562,229

 

 

 

 

 

 

 

 

 

 

Less: Current maturities (notes payable)

 

 

(50,000

)

 

 

(175,000

)

Less: Current maturities (Debentures Payable)

 

 

—

 

 

 

(1,787,229

)

Subtotal

 

 

1,600,000

 

 

 

1,600,000

 

Less: amount due after one year for notes payable

 

 

(1,000,000

)

 

 

(1,000,000

)

Amount due after one year for convertible notes payable

 

$

600,000

 

 

$

600,000

 

———————

[A] - Effective September 4, 2012, note amended to provide a maturity date of August 31, 2013. Effective December 17, 2012, note further amended to provide a maturity date of August 31, 2014. On September 25, 2013, maturity date had been extended to April 5, 2015. On July 16, 2014, the maturity date had been extended to January 1, 2016.

[B] - Effective February 28, 2014 a payment was made in the amount of $25,000 , reducing the principal to $75,000, the interest rate was raised to 3.25% from February 25, 2012, and the conversion price was reduced to $0.19 per share. Another principal payment of $25,000 was made on August 1, 2014. On December 1, 2014 the final $50,000 was converted to Common Stock.

[C] - Effective February 18, 2014 the maturity date was extended to December 1, 2014 and the conversion price reduced to $0.19 per share, and the interest rate has been amended to 3.25% from February 27, 2012. This note was converted to common shares on December 1, 2014.

[D] - Effective March 4, 2015, the note was amended to provide a maturity date of July 31, 2016.
Schedule of Future Maturities of Notes Payable

Year Ending April 30,

 

 

 

2016

 

$

50,000

 

2017

 

 

1,600,000

 

 

 

$

1,650,000