• Filing Date: 2019-07-11
  • Form Type: 10-K
  • Description: Annual report
v3.19.2
Loan Payable
12 Months Ended
Apr. 30, 2019
Loan Payable [Text Block]
Note 9

Loan Payable

   

On October 10, 2018, the Company entered into a loan agreement (the “Loan Agreement”) with Wesley Clover International Corporation and KMB Trac Two Holdings Ltd for an aggregate principal amount of up to $3,000,000. Pursuant to the terms of the Loan Agreement, the loan is unsecured and will be made available in multiple advances at the discretion of the Company and will bear interest at a rate of 8% per year, payable monthly. The outstanding principal and any accrued interest may be prepaid without penalty and is to be fully repaid on the second anniversary of the first advance.

   

As of April 30, 2019, the principal balance of the loan payable was $3,000,000. This balance is to be repaid on or before October 11, 2020. During the year ended April 30, 2019, the Company recognized interest expense of $68,822 in the consolidated statement of operations. See Note 11 – Related Party Transactions and Note 17 – Subsequent Events for further detail.