NOTE 6 - RELATED PARTY TRANSACTIONS |
12 Months Ended | |||||||||||||||
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Apr. 30, 2022 | ||||||||||||||||
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| NOTE 6 - RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS
Related parties of the Company consist of the followings
-Mr. Weidong Chai, a legal representative of Qufu Natural Green; -Shandong Shengwang Pharmaceutical Co., Ltd. ("Pharmaceutical Corporation"), a Chinese limited liability company which Mr. Chai is the Chairman of Pharmaceutical Corporation; -Mr. Laiwang Zhang, former Chairman of the Board, resigned on September 7, 2021; and -Qufu Shengwang Import and Export Co., Ltd. ("Qufu Shengwang Import and Export"), a Chinese limited liability company, controlled by Mr. Laiwang Zhang. Due to recent changes in management personnel, Qufu Shengwang Import and Export is no longer considered a related party, and transactions with Qufu Shengwang Import and Export have been reclassified to third party transactions in fiscal 2022.
Accounts receivable - related party and revenue - related party
As of April 30, 2022 and 2021, $nil and $5,999,791 in accounts receivable - related party, respectively, were related to sales of products to Qufu Shengwang Import and Export. For the fiscal year ended April 30, 2022 we did not have revenue and cost of revenue from related party, but we recorded revenue - related party and cost of revenue – related party of $8,162,450 and $9,407,847 the fiscal year ended April 30, 2021, respectively, from Qufu Shengwang Import and Export.
F - 14
Due to related parties
The Company mainly finances its operations through proceeds borrowed from related parties. As of April 30, 2022 and 2021, due to related parties consisted the following:
On September 23, 2019, the Company borrowed a one-year loan of RMB1,221,000 (approximately $189,000) from Weidong Cai, bearing an annual interest rate of 10%. On September 23, 2021 and 2020, the parties extended the loan for another year, under the same terms and conditions, reclassified unpaid interest payable to the principal of this loan, resulting in an increase of principal from RMB1,221,000 (approximately $189,000) to RMB1,477,410 (approximately $224,000).
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