Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.20.4
Related Party Transactions
6 Months Ended
Oct. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 7 — RELATED PARTY TRANSACTIONS

 

On April 16, 2019, the Company entered into a one-year consulting agreement with a director of the Company for providing services related to investor and strategic introduction to potential industry partners. In consideration for the services, the consultant was paid $3,750 per month in cash, and total shares of the Company’s common stock with a value of $45,000. In April 2019, the Company issued 4,592 shares of the Company’s common stock, valued at $45,000 at the market price on the dates of grant, in connection with this consulting agreement. This agreement was not renewed. The Company paid consulting fees to such director of $0 and $11,250 in cash during the three months ended October 31, 2020 and 2019, respectively. The Company paid consulting fees to such director of $3,750 and $22,500 in cash during the six months ended October 31, 2020 and 2019, respectively.

 

Accounts payable to related parties as of October 31, 2020 and April 30, 2020 was $0 and $3,459, respectively, and was reflected as accounts payable – related party in the accompanying condensed consolidated balance sheets. The related party to which accounts were payable as of April 30, 2020 was the former Chief Financial Officer, who was owed a total of $3,459 (including $2,700 payable in shares of common stock).