Related Party Transactions
|9 Months Ended|
Jan. 31, 2021
|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. On January 7, 2021, the Company entered into another one-year agreement with the director providing for an annual fee of $86,000 consisting of shares of the Company’s common stock with a value of $50,000 and cash payments of $36,000, paid $3,000 per month. The Company paid consulting fees to such director of $3,000 and $11,250 in cash during the three months ended January 31, 2021 and 2020, respectively. The Company paid consulting fees to such director of $6,750 and $33,750 in cash during the nine months ended January 31, 2021 and 2020, respectively. As of January 31, 2021, the Company recorded accrued expenses of $4,167 in connection with the January 7, 2021 consulting agreement and reflected in accounts payable and accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.
Accounts payable to related parties as of January 31, 2021 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).
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef