RELATED PARTY TRANSACTIONS

12 Months Ended

Apr. 30, 2013

Related Party Transactions

RELATED PARTY TRANSACTIONS

NOTE 10 - RELATED PARTY TRANSACTIONS

In connection with the acquisition of the Trenton Operations, the Company previously leased its Trenton, New Jersey location from Voacolo Properties LLC, of which the former shareholders of the Trenton Operations are the members. This lease was terminated as of June 30, 2012. For the years ended April 30, 2013 and 2012, the rents paid for this lease were $12,600 and $69,600, respectively.

In connection with the acquisition of Pride, the Company leases its Woombye, Queensland, Australia location from Pride Property Trust, of which the former shareholders of Pride are the members. For the years ended April 30, 2013 and 2012, the rents paid for this lease were $64,333 and $62,181, respectively.

The China Operations revenue earned from TGG and subsidiaries was $1,345,524 and $1,274,774 for the years ended April 30, 2013 and 2012, respectively. In connection with revenue earned from TGG of $647,518 for the year ended April 30, 2013, certain accounts receivable was settled by the receipt of real estate from TGG of which the fair value approximates the recorded amount of accounts receivable. Since the transaction was between related parties, the net book value of the real estate of $449,660 was determined based on the transfer value of the real estate. The difference between the fair value and transfer value, or $200,766, was booked to noncontrolling interest. The China Operations accounts receivable due from TGG and subsidiaries was $117,751 and $625,919 as of April 30, 2013 and 2012, respectively.