Note 7 - Related Party Transactions |
12 Months Ended |
|---|---|
Apr. 30, 2026 | |
| Notes to Financial Statements | |
| Related Party Transactions Disclosure [Text Block] |
NOTE 7– RELATED PARTIES TRANSACTIONS
At April 30, 2025, the Company had Promissory notes, related parties of $185,500 in principal and $12,453 in accrued interest and Convertible promissory notes, related parties of $627,500 in principal and $108,054 in accrued interest. During the years ended April 30, 2026 and 2025, the Company borrowed $138,000 and $175,500. During the years ended April 30, 2026 and 2025, the Company paid $396,000 and on the notes. During the year ended April 30,2026, all outstanding notes and related accrued interest were settled resulting in no outstanding balances at April 30,2026.
On February 26, 2026, the Company converted $671,450 of existing promissory notes and convertible promissory note and accrued interest to 16,786,265 common stock units at a price of $0.04 per unit. Each unit consists of one share of common stock and -half warrant to purchase one share of common stock. The price per unit was determined by reference to the price of the most recent sale of identical units for cash (see Note 8), which the Company considers the best available evidence of the fair value of the instruments issued. The Company did not record any gain or loss on the extinguishment of the promissory notes and accrued interest as the fair value of the units issued for consideration was equal to the carrying amount.
For the years ended April 30, 2026 and 2025, the Company recognized interest expense, related parties of $50,100 and $53,553, respectively. At April 30, 2026 and April 30, 2025, the balance of accrued interest due to related parties is and $120,507, respectively.
During the year ended April 30, 2026, the Company incurred $40,666 in fees for the services of its Chief Financial Officer, Gerry Pascale, which were provided through SeatonHill Partners, LP, of which Mr. Pascale is a CFO Partner. These fees are included in management and administrative Fees in the statements of operations. As of April 30, 2026, $11,850 payable to SeatonHill Partners, LP remained outstanding and is included in accounts payable and accrued liabilities on the balance sheet. |