Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
6 Months Ended
Oct. 31, 2013
Related Party Transactions  
RELATED PARTY TRANSACTIONS
NOTE 8 - RELATED PARTY TRANSACTIONS
 
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 the Pride Group (QLD) Pty Ltd. are the members. For each of the six month periods ended October 31, 2013 and 2012, the rents paid for this lease were $50,169 and $58,915, respectively. 
 
The China Operations revenue earned from TGG and subsidiaries was $0 for each of the six months ended October 31, 2013 and 2012. The China Operations accounts receivable due from TGG and subsidiaries was $0 and $221,474 as of October 31, 2013 and 2012, respectively. In addition, during the three months ended October 31, 2013, the Company received dividends from the China Operations of $367,981 that had been declared and accrued by TAGS in prior fiscal years.
 
As further described in Note 11, “Discontinued Operations”, the Company entered into a Securities Purchase Agreement to sell 100% of the shares of Pride for $1,400,000 to Turquino Equity LLC, whose managing member is Andrew Hidalgo, former Chairman and Chief Executive Officer of the Company.