Related Party Transactions
|12 Months Ended|
Apr. 30, 2019
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 8 — RELATED PARTY TRANSACTIONS
Accounts payable to related party as of April 30, 2019 and 2018 was $42,539 and $2,431, respectively, and was reflected as accounts payable – related party in the accompanying consolidated balance sheets. The related parties are the former Vice President-Head of Exploration who was owed $12,500 payable in shares of common stock and the Chief Financial Officer who was owed a total of $30,039 (includes $14,403 payable in shares of common stock) at April 30, 2019. The related party during the year ended April 30, 2018 was the managing partner of Copper King LLC who was a principal stockholder of Gold King.
A director provided consulting services to the Company and were paid total consulting fees in the amount of $0 and $1,800 during the years ended April 30, 2019 and 2018, respectively.
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 shall be paid $3,750 per month in cash and shares of the Company’s common stock with a value of $45,000. In April 2019, the Company issued 45,923 shares of the Company’s common stock in connection with this consulting agreement (see Note 9).
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://fasb.org/us-gaap/role/ref/legacyRef