12. SUBSEQUENT EVENTS
|12 Months Ended|
Apr. 30, 2019
|Subsequent Events [Abstract]|
NOTE 12 – SUBSEQUENT EVENTS
On May 29, 2019, the Company entered into a twelve-month office lease extension commencing on September 1, 2019. The lease extension is for the office where the Company is currently located in Laguna Hills, California. The term of the new lease expires on August 31, 2020 and requires monthly lease payments of approximately $2,400.
From May 1, 2019 through August 12, 2019, the Company sold 136,666,667 shares of common stock using the Second S-3 structured as a Block Trade. The issuance of these shares resulted in gross proceeds to the Company of approximately $950,000. Pursuant to the Aeon Agreement, the Company is required to pay Aeon a fee of 7%, $66,500 and provide warrant coverage of 5% of the number of shares of commons stock sold in the Block Trade with a five-year term for approximately 6,833,333 warrant shares.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef