Quarterly report pursuant to Section 13 or 15(d)

OTHER DEBT

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OTHER DEBT
6 Months Ended
Oct. 31, 2013
Other Long-Term Debt [Abstract]  
OTHER DEBT
NOTE 5 – OTHER DEBT
 
Short-Term Bank Loan
 
Effective August 1, 2013, the China Operations entered into a loan with the Bank of China (the Short-Term Bank Loan). The Short-Term Bank Loan provides for a loan in the amount of $3,283,860. The proceeds from the Short-Term Bank Loan were used to repay outstanding unsecured loans of $2,404,545 due to the Company’s joint venture partner, Taian Gas Group (TGG). The Short-Term Bank Loan has an interest rate of 7.38%, and interest is due on a quarterly basis. The Short-Term Bank Loan matures on August 1, 2014, and is guaranteed by TGG.
 
Loans Payable
 
The Company’s long-term debt also consists of notes issued by the Company or assumed in acquisitions related to working capital funding and the purchase of property and equipment in the ordinary course of business. At October 31, 2013, loans payable obligations totaled $193,995 with interest rates ranging from 4.24% to 8.99%.