Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Aug. 18, 2016 | Oct. 26, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2016 | ||
Trading Symbol | jigd | ||
Entity Registrant Name | JOYMAIN INTERNATIONAL DEVELOPMENT GROUP INC. | ||
Entity Central Index Key | 1,520,007 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 1,120,343,373 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 576,346,385 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
CURRENT ASSETS: | ||
Cash | $ 1,116,966 | $ 878,839 |
Advance to suppliers | 62,736 | 1,293,030 |
Marketable securities | 255,824 | 359,857 |
TOTAL CURRENT ASSETS | 1,435,526 | 2,531,726 |
PROPERTY AND EQUIPMENT - Net | 1,155 | 1,555 |
TOTAL ASSETS | 1,436,681 | 2,533,281 |
CURRENT LIABILITIES: | ||
Accounts payable | 5,299 | 24,726 |
Due to related parties | 235 | 3,529 |
Advance from customer | 428,781 | 1,423,031 |
Other payables | 51,817 | 23,749 |
TOTAL CURRENT LIABILITIES | 486,132 | 1,475,035 |
STOCKHOLDERS' EQUITY: | ||
Common stock,1,500,000,000 shares authorized, par value $0.001, 1,120,343,373 shares issued and outstanding at April 30, 2016 and 2015, respectively | 1,120,343 | 1,120,343 |
Additional paid-in capital | 14,436,858 | 14,436,858 |
Accumulated deficit | (14,606,652) | (14,498,955) |
TOTAL STOCKHOLDERS' EQUITY | 950,549 | 1,058,246 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,436,681 | $ 2,533,281 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 10, 2013 | Apr. 09, 2013 | Mar. 28, 2013 | Mar. 27, 2013 |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 | 904,500,000 | 3,015,000 | 1,500,000,000 | 75,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common Stock, Shares, Issued | 1,120,343,373 | 1,120,343,373 | ||||
Common Stock, Shares, Outstanding | 1,120,343,373 | 1,120,343,373 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |||
REVENUE | $ 2,765,801 | $ 1,506,516 | $ 0 | ||
COST OF REVENUE | 2,548,037 | 1,377,855 | 0 | ||
GROSS PROFIT | 217,764 | 128,661 | 0 | ||
OPERATING EXPENSES | |||||
General and administrative | (326,572) | (418,221) | (167,465) | ||
Business development expenses | 0 | (13,118,270) | 0 | ||
Total Operating Expenses | (326,572) | (13,536,491) | (167,465) | ||
LOSS FROM OPERATIONS | (108,808) | (13,407,830) | (167,465) | ||
OTHER INCOME | |||||
Interest income | 955 | 1,532 | 1,806 | ||
Other income | 156 | 12,364 | 0 | ||
Total other income | 1,111 | 13,896 | 1,806 | ||
LOSS BEFORE PROVISION FOR INCOME TAXES | (107,697) | (13,393,934) | (165,659) | ||
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | ||
NET LOSS | $ (107,697) | $ (13,393,934) | $ (165,659) | ||
BASIC AND DILUTED: | |||||
Loss per common share | [1] | $ (0.01) | [1] | ||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES | 1,120,343,373 | 996,609,101 | 954,720,959 | ||
[1] | Less than $0.01 or ($0.01) per share |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Apr. 30, 2013 | $ 904,500 | $ 3,785 | $ (939,362) | $ (31,077) |
Beginning Balance (Shares) at Apr. 30, 2013 | 904,500,000 | |||
Common shares sold at $0.03 per share | $ 49,330 | 1,430,570 | 1,479,900 | |
Common shares sold at $0.03 per share (Shares) | 49,330,000 | |||
Payments of common stock offering costs | (31,104) | (31,104) | ||
Net loss | (165,659) | (165,659) | ||
Ending Balance at Apr. 30, 2014 | $ 953,830 | 1,403,251 | (1,105,021) | 1,252,060 |
Ending Balance (Shares) at Apr. 30, 2014 | 953,830,000 | |||
Payments of common stock offering costs | 0 | |||
Shares issued for consulting expenses at $0.03 per share | $ 2,390 | 69,310 | 71,700 | |
Shares issued for consulting expenses at $0.03 per share (Shares) | 2,390,000 | |||
Common shares sold at $0.07 per share | $ 145 | 10,005 | 10,150 | |
Common shares sold at $0.07 per share (Shares) | 145,000 | |||
Shares issued for business development expenses at $0.08 per share | $ 163,978 | 12,954,292 | 13,118,270 | |
Shares issued for business development expenses at $0.08 per share (Shares) | 163,978,373 | |||
Net loss | (13,393,934) | (13,393,934) | ||
Ending Balance at Apr. 30, 2015 | $ 1,120,343 | 14,436,858 | (14,498,955) | 1,058,246 |
Ending Balance (Shares) at Apr. 30, 2015 | 1,120,343,373 | |||
Payments of common stock offering costs | 0 | |||
Net loss | (107,697) | (107,697) | ||
Ending Balance at Apr. 30, 2016 | $ 1,120,343 | $ 14,436,858 | $ (14,606,652) | $ 950,549 |
Ending Balance (Shares) at Apr. 30, 2016 | 1,120,343,373 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
OPERATING ACTIVITIES: | |||
Net loss | $ (107,697) | $ (13,393,934) | $ (165,659) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 400 | 400 | 97 |
Stock issued for consulting fees | 0 | 71,700 | 0 |
Stock issued for business development expenses | 0 | 13,118,270 | 0 |
Expenses paid directly by related parties | 0 | 8,290 | 0 |
Unrealized loss (gain) on marketable securities, net of investment management fees | 3,624 | (9,857) | 0 |
Changes in operating assets and liabilities | |||
Prepaid expenses | 0 | 900 | 1,045 |
Advance to suppliers | 1,230,294 | (1,293,030) | 0 |
Accounts payable | (19,427) | 12,038 | 6,779 |
Advance from customers | (994,250) | 1,423,031 | 0 |
Other payable | 28,068 | 23,749 | 0 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 141,012 | (38,443) | (157,738) |
INVESTING ACTIVITIES: | |||
Purchase of property and equipment | 0 | 0 | (2,052) |
Purchase of marketable securities | 0 | (350,000) | 0 |
Proceed from sell of marketable securities | 100,409 | 0 | 0 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 100,409 | (350,000) | (2,052) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock | 0 | 10,150 | 1,479,900 |
Payments of common stock offering costs | 0 | 0 | (31,104) |
Repayments to related parties | (3,294) | (44,676) | (48,040) |
Proceeds from related parties | 0 | 60 | 60,782 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (3,294) | (34,466) | 1,461,538 |
Net Increase (Decrease) in Cash | 238,127 | (422,909) | 1,301,748 |
Cash, Beginning of Period | 878,839 | 1,301,748 | 0 |
CASH, END OF PERIOD | 1,116,966 | 878,839 | 1,301,748 |
Cash paid during the period for: | |||
Interest | 0 | 0 | 0 |
Income Taxes | $ 0 | $ 0 | $ 0 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 12 Months Ended |
Apr. 30, 2016 | |
ORGANIZATION AND BUSINESS OPERATIONS [Text Block] | NOTE 1. ORGANIZATION AND BUSINESS OPERATIONS Joymain International Development Group Inc. (f/k/a Advento, Inc.) (“the Company”, “we", “ us”, “our”) was incorporated under the laws of the State of Nevada, U.S. on August 4, 2010 under the name Advento, Inc. The Company develops, sources, markets and distributes healthcare related consumer products in the global market On March 12, 2013, Mr. Xijian Zhou acquired an aggregate of 750,000,000 shares of the Company’ s common stock, representing 82.92% of our issued and outstanding shares as of March 12, 2013. Effective March 12, 2013, (a) Mr. Liang Wei Wang resigned as the Company’ s president, secretary, treasurer, and director of the Company; (b) Mr. Suqun Lin, was appointed as the Company’ s sole director, president, secretary and treasurer. Effective March 28, 2013, the Nevada Secretary of State accepted for filing of a Certificate of Amendment to the Company’ s Articles of Incorporation to change the Company’ s name from Advento, Inc. to Joymain International Development Group Inc. and to increase its authorized capital from 75,000,000 to 1,500,000,000 shares of common stock, par value of $0.001. These amendments became effective on April 10, 2013 upon approval from the Financial Industry Regulatory Authority (“FINRA”). Also effective April 10, 2013, pursuant to a 300 new for one (1) old forward split, the Company’ s issued and outstanding shares of common stock increased from 3,015,000 to 904,500,000 shares, par value of $0.001. Information regarding shares of common stock (except par value per share), discount on stock issued, and net (loss) income per common share for all periods presented reflects the three hundred-for-one forward split of the Company’ s common stock. In connection with the change of control, the Company changed its business operation plan to develop, source, market and distribute healthcare related consumer products in the global market and possibly acquire an existing target company or business in the related field which operates in the United States. In May 2014, The Company acquired a HK trading company, Dao Sheng Trading Limited (“Dao Sheng”) for HK$10,000. Dao Sheng was incorporated in December 2013 and had no assets or liabilities at the time of the acquisition. The Company also set up Joymain International Intellectual Property Limited in Hong Kong in May 2014. The Company considers Hong Kong as an ideal location to connect to all Asian markets and it provides a comprehensive and advanced legal system for trading and intellectual property protection. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s consolidated financial statements included the financial statements of its wholly-owned subsidiaries, Dao Sheng and Joymain International Intellectual Property Limited. All significant intercompany accounts and transactions have been eliminated in consolidation. Going Concern The consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $14,606,652 as of April 30, 2016 and further losses are anticipated in the development of its business, which raise substantial doubt about the Company’ s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or sale of common stock. The Company expects to depend on outside capital for its future business developments. Such outside capital will include proceeds from the issuance of equity securities and may include commercial borrowing. There can be no assurance that capital will be available as necessary to meet these development costs or, if the capital is available, that it will be on terms acceptable to the Company. The Company has a registration statement on Form S-1, effective on August 1, 2014, pursuant to which the Company planned to raise up to $12 million in equity. The registration statement expired on November 28, 2014 and the Company raised $10,150 in the offering. The issuances of additional equity securities by the Company may result in a significant dilution in the equity interests of its current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company's liabilities and future cash commitments. However, there can be no assurance that these arrangements will be sufficient to fund its ongoing capital expenditures, working capital, and other cash requirements. The outcome of these matters cannot be predicted at this time. There can be no assurance that any additional financings will be available to the Company on satisfactory terms and conditions, if at all. In the event we are unable to continue as a going concern, we may elect or be required to seek protection from our creditors by filing a voluntary petition in bankruptcy or may be subject to an involuntary petition in bankruptcy. To date, management has not considered this alternative, nor does management view it as a likely occurrence. The accompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company maintains cash and cash equivalents with a financial institution in the U.S. Cash and cash equivalents consisted of cash and money market accounts at April 30, 2016. Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of April 30, 2016 and 2015, the Company had approximately $867,000 and $629,000 in excess of the federally-insured limits, respectively. The Company has not experienced losses on these accounts as of the date of this report. Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the useful life of property and equipment, valuation of deferred tax assets, and the value of stock-based compensation. Actual results could differ from those estimates. Inventories Inventories, consisting of the Company’ s Yoluxey products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company works with its vendor and customer to arrange the drop shipments for its inventories and the inventories are shipped directly to the ports designated by the Company’ s customer from the manufacture factory without going through the Company’ s warehouse to conserve shipping costs. As of April 30, 2016 and 2015, the Company did not have inventories on hand and there is no reserve for obsolete or slow-moving inventories necessary. Advance to Suppliers The Company periodically makes advances to vendors for purchases of products for resale, and records these purchases as advance to suppliers. Fair Value of Financial Instruments The Company adopted ASC 820, Fair Value Measurements and Disclosure (“ASC 820”) for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’ s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities The following table sets forth by level within the fair value hierarchy of the Company’ s financial assets that were accounted for at fair value on a recurring basis as of April 30, 2016 and 2015: April 30, 2016 April 30, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable securities $ 255,824 $ — $ — $ 255,824 $ 359,857 $ — $ — $ 359,857 Total assets at fair value $ 255,824 $ — $ — $ 255,824 $ 359,857 $ — $ — $ 359,857 The carrying values of prepaid expenses, advance to suppliers, accounts payables, due to related parties, advance from customer and other payables approximate their fair values due to the short maturities of these instruments. Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third-parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date. To date, the Company has not adopted a stock option plan and has not granted any stock options. Income Taxes The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized. We apply the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’ s liability for income taxes. Any such adjustment could be material to the Company’ s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of April 30, 2016, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. Basic and Diluted Loss Per Share The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal. Fiscal Periods The Company's fiscal year end is April 30. Related Parties Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions shall be recorded at fair value of the goods or services exchanged. Property purchased from a related party is recorded at the cost to the related party and any payment to or on behalf of the related party in excess of the cost is reflected as a distribution to related party. Revenue Recognition Pursuant to the guidance of ASC Topic 605, the Company recognizes revenue from product sales to its customers when: (1) title and risk of loss are transferred (in general, these conditions occur at either point of shipment or point of destination, depending on the terms of sale); (2) persuasive evidence of an arrangement exists; (3) the Company has no continuing obligations to the customer; and (4) collection of the related accounts receivable is reasonably assured. Advance from Customers The Company requires its customer to make payments prior to the products are shipped. Any payments received prior to the products are shipped to the customer’ s point of destination and such advance received are recorded as advance from customers. Foreign Currency Translation. The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company’ s subsidiaries is the Hong Kong Dollar. For the subsidiaries, whose functional currencies are the Hong Kong Dollar, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. During the year ended April 30, 2016, 2015, and 2014, the Company’ s subsidiaries have no assets or liabilities and they did not have any business activities. There was no cumulative translation adjustment and no effect of exchange rate changes on cash for the year ended April 30, 2015 and 2016. Comprehensive Loss Comprehensive loss is comprised of net loss and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. The Company did not have any other comprehensive gain (loss) for fiscal years 2016, 2015 and 2014. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and marketable securities. We place our cash with high credit quality financial institutions in the United States. The Company has not experienced any losses in such accounts through April 30, 2016. All of the Company’ s sales are to one customer whose ability to pay is dependent upon the industry economics prevailing in these areas; however, the Company believes that the concentration of credit risk with respect to sales is limited due to the requirements for the customer to make payments prior to shipments. The Company also perform ongoing credit evaluations of its customer to help further reduce potential credit risk. However, if the Company is not able to increase the number of customers and loses its sole customer, there will be significant risks for the Company to continue to generate revenue. Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In July 2015, The FASB has issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. In November 2015, the FASB issued new accounting guidance regarding the balance sheet classification of deferred income taxes. The primary objective of this accounting guidance is to classify all deferred income tax assets and liabilities as noncurrent in a classified statement of financial position. There was no material impact to results of operations as the result of adoption of the accounting pronouncement. There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Apr. 30, 2016 | |
MARKETABLE SECURITIES [Text Block] | NOTE 3. MARKETABLE SECURITIES. Marketable securities consist of certificate of deposits and mutual funds for which fair values were based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The following table is a summary of marketable securities recorded in the Company’s Consolidated Balance Sheets: April 30, 2016 April 30, 2015 Certificate of deposits $ - $ 100,409 Mutual funds 255,824 259,448 Total $ 255,824 $ 359,857 The Company sold the certificate of deposits upon its maturity and transferred the proceed / fund to its operating bank account for working capital purposes during fiscal 2016. |
ADVANCE TO SUPPLIERS AND ADVANC
ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS | 12 Months Ended |
Apr. 30, 2016 | |
ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS [Text Block] | NOTE 4. ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS The Company makes advance payments to suppliers for goods ordered but yet to be delivered to our customer as it has a drop ship arrangement between its suppliers and customer. The Company receives advance payments from customers for goods ordered but yet to be shipped and/or shipped to its customers’ point of destination. Advanced payments to suppliers as of April 30, 2016 and 2015 were $62,736 and $1,293,030, respectively. Advanced payments from customers as of April 30, 2016 and 2015 were $428,781 and $1,423,031, respectively. On June 25, 2014, the Company entered into a distribution agreement with Right Fortune International Limited (“Right Fortune”) to obtain the exclusive distribution right of Yolexury and Yolexury Travel Pack, a health juice product which increases energy and stamina, helps to maintain healthy cardio vascular function and promotes healthy digestive system. The term of exclusivity will be automatically renewed annually if the Company meets the annual Yolexury Minimum Order Quantities (the “Minimum Order”). The annual Minimum Order for calendar year 2015 is 400,000 bottles of 750ml Yolexury, which the Company has fulfilled as of December 31, 2015. The Company works with its vendor and customer to arrange the drop shipments for its inventories and the inventories are shipped directly to the ports designated by the Company’ s customer from the manufacture factory without going through the Company’ s warehouse to conserve shipping costs. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2016 | |
RELATED PARTY TRANSACTIONS [Text Block] | NOTE 5. RELATED PARTY TRANSACTIONS For the years ended April 30, 2016, 2015 and 2014, the Company’ s majority shareholder advanced the Company for its working capital of $0, $60 and $60,782, respectively. For the years ended April 30, 2016, the Company repaid its major shareholder of $3,294, $44,676 and $48,040, respectively. In addition, the Company’s majority shareholder paid certain payroll expense and other general expenses on behalf of the Company for total amount of $0, $8,290 and $0 for the years ended April 30, 2016, 2015 and 2014, respectively. The advances are non-interest bearing, due upon demand and unsecured. At April 30, 2016 and 2015, the Company’s due to related parties amounted to $235 and $3,529, respectively. |
OTHER PAYABLES
OTHER PAYABLES | 12 Months Ended |
Apr. 30, 2016 | |
OTHER PAYABLES [Text Block] | N OTE 6. OTHER PAYABLES Other payables consist of accrued salary and related accrued expenses. The amounts are expected to be repaid in the form of cash. At April 30, 2016 and 2015, the Company’s other payable amounted to $51,817 and $23,749, respectively. |
STOCKHOLDERS EQUITY (DEFICIT)
STOCKHOLDERS EQUITY (DEFICIT) | 12 Months Ended |
Apr. 30, 2016 | |
STOCKHOLDERS EQUITY (DEFICIT) [Text Block] | NOTE 7. STOCKHOLDERS’ EQUITY (DEFICIT) The Company has authorized 1,500,000,000 shares of common stock, par value $0.001 per share. On April 28, 2011, the Company issued 750,000,000 shares of common stock at a price of $0.000003 per share for total cash proceeds of $2,500. In March and April, 2012, the Company issued 154,500,000 shares of common stock at a price of $0.00016 per share for total cash proceeds of $25,750. On July 30, 2014, the Company issued a total of 2,390,000 shares of common stock to a consultant. The shares were valued at $0.03 per share, the fair market value on the date of issuance. During the year ended April 30, 2015, the Company recorded stock-based compensation of $71,700. In August 2014, the Company sold a total of 110,000 shares of common stock at a price of $0.07 per share to two investors. The shares were sold pursuant to the Company’ s registration statement on Form S-1, file number 333 - 197508, effective on August 1, 2014. The Company did not engage a placement agent with respect to the sale. The net proceeds received by the Company from the sale of the shares were $7,700. In September 2014, the Company sold a total of 35,000 shares of common stock at a price of $0.07 per share to two investors. The shares were sold pursuant to the Company’ s registration statement on Form S-1, file number 333 - 197508, effective on August 1, 2014. The Company did not engage a placement agent with respect to the sale. The net proceeds received by the Company from the sale of the shares were $2,450. The Form S-1, file number 333 - 197508, expired on November 28, 2014. In January, 2015, the Company issued a total of 163,978,373 shares of common stock to its 34 distribution and development partners. The shares were valued at $0.08 per share, the fair market value on the date of issuance. The Company recorded stock-based business development expenses of $13,118,270 for the year ended April 30, 2015. On February 11, 2015, the Company filed a registration statement on Form S-1 (the “Form S-1”) related to the resale of up to 51,720,000 shares of the Company’ s common stock (the “Common Stock”) including 49,330,000 shares of Common Stock issued at a price of $0.03 per share for a total gross cash proceeds of $1,479,900 in a private placement transaction closed on July 19, 2014 and 2,390,000 shares of Common Stock issued pursuant to a consulting agreement date May 10, 2014 between the Company and LP Funding LLC. The selling stockholders may sell common stock from time to time in the principal market on which the stock is traded at the prevailing market price, at prices related to such prevailing market price, in negotiated transactions or a combination of such methods of sale. We will not receive any proceeds from the sales by the selling stockholders. The Form S-1 was declared effective on April 24, 2015. On June 15, 2015, trading in our Common Stock was temporarily suspended by the Securities and Exchange Commission (the “Commission”) due to recent unexplained market activity. As a result, trading in our Common Stock was suspended for the period from 9:30 am EDT on June 15, 2015, through 11:50 pm EDT on June 26, 2015. On June 16, 2015, our Board of Directors engaged Hunter Taubman Fischer LLC to commence an internal investigation (the “Internal Investigation”) with regard to the recent rise in the trading price of our common stock and market activity during a period from April 1, 2015 to June 16, 2015 (the “Period in Question”). The Internal Investigation was completed on August 11, 2015. See “Temporary suspension of trading and Internal Investigation” in Item 1. Business. We had 1,120,343,373 shares of common stock issued and outstanding as of April 30, 2016 and 2015. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2016 | |
INCOME TAXES [Text Block] | NOTE 8. INCOME TAXES We account for income taxes under ASC 740, “ Expenses - Income Taxes The income tax provision (benefit) for the years ended April 30, 2016, 2015 and 2014 consists of the following: For the Years Ended April 30, 2016 2015 2014 Expected income tax expense (benefit) $ (37,000 ) $ (4,454,000 ) $ (57,000 ) Tax effect of expenses (benefit) - - - Change in valuation allowance 37,000 4,454,000 57,000 Provision for income taxes $ - $ - $ - The Company has a net operating loss (“NOL”) carryforward for U.S. income tax purposes aggregating approximately $13,714,000 at April 30, 2016 expiring through the year 2035, subject to the Internal Revenue Code Section 382, which places a limitation on the amount of taxable income that can be offset by net operating losses after a change in ownership. The Company has no Hong Kong NOL for its inactive subsidiaries in Hong Kong as of April 30, 2016. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Included in the deferred tax asset is the aforementioned NOL and the tax benefit associated with the issuance of stock-based compensation. The realization of the deferred tax assets is dependent on future taxable income, in addition to the exercise of stock options; we are not able to predict if such future taxable income will be more likely than not sufficient to utilize the benefit. As such, we do not believe the benefit is more likely than not to be realized and we recognize a full valuation allowance for those deferred tax assets. Our deferred tax assets as of April 30, 2016 and 2015 are as follows: As of April 30, 2016 2015 Deferred income tax asset: Net operating loss carryforwards $ 4,663,000 $ 4,626,000 Valuation allowance (4,663,000 ) (4,626,000 ) Deferred income taxes $ - $ - The increases in the valuation allowance at April 30, 2016 and 2015 from their immediate prior year-end was $37,000 and $4,454,000, respectively. The Company has filed its U.S. tax returns through April 30, 2015. Our subsidiaries in Hong Kong have no business activities since inception and are governed by the Income Tax Law of the Hong Kong Special Administrative Region (“HK SAR”) and local income tax laws (the HK SAR Income Tax Law”). Pursuant to the HK SAR Income Tax Law, our Hong Kong subsidiaries are subject to tax at a maximum statutory rate of 17% (inclusive of state and local income taxes) if in operations. The provisions of ASC 740 require companies to recognize in their financial statements the impact of a tax position if that position is more likely than not to be sustained upon audit, based upon the technical merits of the position. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. Management does not believe that the Company has any material uncertain tax positions requiring recognition or measurement in accordance with the provisions of ASC 740. Accordingly, the adoption of these provisions of ASC 740 did not have a material effect on the Company’s financial statements. The Company’s policy is to record interest and penalties on uncertain tax positions, if any, as income tax expense. All tax years for the Company remain subject to future examinations by the applicable taxing authorities. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2016 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 9. COMMITMENTS AND CONTINGENCIES In May 2016, the Company received certain informal inquiry from the Commission regarding trading activity in our common stock and the Company is currently in the process of responding to such inquiry. The inquiry requires that the Company provide certain categories of documents to the Commission. The Commission indicated in its inquiry that it should not be construed as an indication that any violation of any federal securities laws has occurred or as a reflection upon the merits of any person, company, or securities involved. The inquiry is a confidential non-public fact finding request. It is not possible at this time to predict the outcome of the inquiries, including whether or when any proceedings might be initiated, when these matters may be resolved or what, if any, penalties or other remedies may be imposed. The Company has been, and intend to continue, voluntarily cooperating fully with the SEC. The scope and outcome of this matter cannot be determined at this time. The Company has expended significant resources to the Internal Investigation (see NOTE 7) and responding to the Commission’s inquiry. Failure to resolve such matters favorably could harm tradability of our common stock and our reputation significantly and could result in a loss of your investment in our stock. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Apr. 30, 2016 | |
SUBSEQUENT EVENT [Text Block] | NOTE 10. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of the consolidated financial statements were issued and up to the time of filing of the consolidated financial statements with the Securities and Exchange Commission. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
Basis of Presentation [Policy Text Block] | Basis of Presentation. The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s consolidated financial statements included the financial statements of its wholly-owned subsidiaries, Dao Sheng and Joymain International Intellectual Property Limited. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Going Concern [Policy Text Block] | Going Concern The consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $14,606,652 as of April 30, 2016 and further losses are anticipated in the development of its business, which raise substantial doubt about the Company’ s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or sale of common stock. The Company expects to depend on outside capital for its future business developments. Such outside capital will include proceeds from the issuance of equity securities and may include commercial borrowing. There can be no assurance that capital will be available as necessary to meet these development costs or, if the capital is available, that it will be on terms acceptable to the Company. The Company has a registration statement on Form S-1, effective on August 1, 2014, pursuant to which the Company planned to raise up to $12 million in equity. The registration statement expired on November 28, 2014 and the Company raised $10,150 in the offering. The issuances of additional equity securities by the Company may result in a significant dilution in the equity interests of its current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company's liabilities and future cash commitments. However, there can be no assurance that these arrangements will be sufficient to fund its ongoing capital expenditures, working capital, and other cash requirements. The outcome of these matters cannot be predicted at this time. There can be no assurance that any additional financings will be available to the Company on satisfactory terms and conditions, if at all. In the event we are unable to continue as a going concern, we may elect or be required to seek protection from our creditors by filing a voluntary petition in bankruptcy or may be subject to an involuntary petition in bankruptcy. To date, management has not considered this alternative, nor does management view it as a likely occurrence. The accompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company maintains cash and cash equivalents with a financial institution in the U.S. Cash and cash equivalents consisted of cash and money market accounts at April 30, 2016. Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of April 30, 2016 and 2015, the Company had approximately $867,000 and $629,000 in excess of the federally-insured limits, respectively. The Company has not experienced losses on these accounts as of the date of this report. |
Use of Estimates and Assumptions [Policy Text Block] | Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the useful life of property and equipment, valuation of deferred tax assets, and the value of stock-based compensation. Actual results could differ from those estimates. |
Inventories [Policy Text Block] | Inventories Inventories, consisting of the Company’ s Yoluxey products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company works with its vendor and customer to arrange the drop shipments for its inventories and the inventories are shipped directly to the ports designated by the Company’ s customer from the manufacture factory without going through the Company’ s warehouse to conserve shipping costs. As of April 30, 2016 and 2015, the Company did not have inventories on hand and there is no reserve for obsolete or slow-moving inventories necessary. |
Advance to Suppliers [Policy Text Block] | Advance to Suppliers The Company periodically makes advances to vendors for purchases of products for resale, and records these purchases as advance to suppliers. |
Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments The Company adopted ASC 820, Fair Value Measurements and Disclosure (“ASC 820”) for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’ s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities The following table sets forth by level within the fair value hierarchy of the Company’ s financial assets that were accounted for at fair value on a recurring basis as of April 30, 2016 and 2015: April 30, 2016 April 30, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable securities $ 255,824 $ — $ — $ 255,824 $ 359,857 $ — $ — $ 359,857 Total assets at fair value $ 255,824 $ — $ — $ 255,824 $ 359,857 $ — $ — $ 359,857 The carrying values of prepaid expenses, advance to suppliers, accounts payables, due to related parties, advance from customer and other payables approximate their fair values due to the short maturities of these instruments. |
Stock-based Compensation [Policy Text Block] | Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third-parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Income Taxes [Policy Text Block] | Income Taxes The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized. We apply the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’ s liability for income taxes. Any such adjustment could be material to the Company’ s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of April 30, 2016, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. |
Basic and Diluted Loss Per Share [Policy Text Block] | Basic and Diluted Loss Per Share The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal. |
Fiscal Periods [Policy Text Block] | Fiscal Periods The Company's fiscal year end is April 30. |
Related Parties [Policy Text Block] | Related Parties Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions shall be recorded at fair value of the goods or services exchanged. Property purchased from a related party is recorded at the cost to the related party and any payment to or on behalf of the related party in excess of the cost is reflected as a distribution to related party. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Pursuant to the guidance of ASC Topic 605, the Company recognizes revenue from product sales to its customers when: (1) title and risk of loss are transferred (in general, these conditions occur at either point of shipment or point of destination, depending on the terms of sale); (2) persuasive evidence of an arrangement exists; (3) the Company has no continuing obligations to the customer; and (4) collection of the related accounts receivable is reasonably assured. |
Advance from Customers [Policy Text Block] | Advance from Customers The Company requires its customer to make payments prior to the products are shipped. Any payments received prior to the products are shipped to the customer’ s point of destination and such advance received are recorded as advance from customers. |
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation. The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company’ s subsidiaries is the Hong Kong Dollar. For the subsidiaries, whose functional currencies are the Hong Kong Dollar, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. During the year ended April 30, 2016, 2015, and 2014, the Company’ s subsidiaries have no assets or liabilities and they did not have any business activities. There was no cumulative translation adjustment and no effect of exchange rate changes on cash for the year ended April 30, 2015 and 2016. |
Comprehensive Loss [Policy Text Block] | Comprehensive Loss Comprehensive loss is comprised of net loss and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. The Company did not have any other comprehensive gain (loss) for fiscal years 2016, 2015 and 2014. |
Concentration of Credit Risk [Policy Text Block] | Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and marketable securities. We place our cash with high credit quality financial institutions in the United States. The Company has not experienced any losses in such accounts through April 30, 2016. All of the Company’ s sales are to one customer whose ability to pay is dependent upon the industry economics prevailing in these areas; however, the Company believes that the concentration of credit risk with respect to sales is limited due to the requirements for the customer to make payments prior to shipments. The Company also perform ongoing credit evaluations of its customer to help further reduce potential credit risk. However, if the Company is not able to increase the number of customers and loses its sole customer, there will be significant risks for the Company to continue to generate revenue. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In July 2015, The FASB has issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. In November 2015, the FASB issued new accounting guidance regarding the balance sheet classification of deferred income taxes. The primary objective of this accounting guidance is to classify all deferred income tax assets and liabilities as noncurrent in a classified statement of financial position. There was no material impact to results of operations as the result of adoption of the accounting pronouncement. There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Schedule of Fair Value of Financial Instruments [Table Text Block] | April 30, 2016 April 30, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable securities $ 255,824 $ — $ — $ 255,824 $ 359,857 $ — $ — $ 359,857 Total assets at fair value $ 255,824 $ — $ — $ 255,824 $ 359,857 $ — $ — $ 359,857 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Schedule of Marketable Securities [Table Text Block] | April 30, 2016 April 30, 2015 Certificate of deposits $ - $ 100,409 Mutual funds 255,824 259,448 Total $ 255,824 $ 359,857 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Schedule of Provision for Income Taxes [Table Text Block] | For the Years Ended April 30, 2016 2015 2014 Expected income tax expense (benefit) $ (37,000 ) $ (4,454,000 ) $ (57,000 ) Tax effect of expenses (benefit) - - - Change in valuation allowance 37,000 4,454,000 57,000 Provision for income taxes $ - $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of April 30, 2016 2015 Deferred income tax asset: Net operating loss carryforwards $ 4,663,000 $ 4,626,000 Valuation allowance (4,663,000 ) (4,626,000 ) Deferred income taxes $ - $ - |
ORGANIZATION AND BUSINESS OPE21
ORGANIZATION AND BUSINESS OPERATIONS (Narrative) (Details) | Apr. 10, 2013$ / sharesshares | Mar. 12, 2013shares | May 31, 2014USD ($) | Apr. 30, 2016$ / sharesshares | Apr. 30, 2015$ / sharesshares | Apr. 09, 2013shares | Mar. 28, 2013$ / sharesshares | Mar. 27, 2013shares |
Common Stock, Shares Authorized | 904,500,000 | 1,500,000,000 | 1,500,000,000 | 3,015,000 | 1,500,000,000 | 75,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Forward stock split | 300 | |||||||
Payment for business acquisition | $ | $ 10,000 | |||||||
Majority Shareholder [Member] | ||||||||
Aggregate number of common shares owned | 750,000,000 | |||||||
Ownership percentage | 82.92% |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2014 | Aug. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Accumulated Deficit | $ 14,606,652 | $ 14,498,955 | |||
Operating loss carryforward | 13,714,000 | ||||
Planned Issuances of Additional Equity Securities | $ 12,000,000 | ||||
Actual proceeds from issuance of common stock | $ 10,150 | 0 | 10,150 | $ 1,479,900 | |
Cash, FDIC Insured Amount | 250,000 | ||||
Approximate [Member] | |||||
Cash, in excess of federally-insured limits | $ 867,000 | $ 629,000 |
ADVANCE TO SUPPLIERS AND ADVA23
ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS (Narrative) (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Advance to suppliers | $ 62,736 | $ 1,293,030 |
Advance from customers | $ 428,781 | $ 1,423,031 |
Annual Minimum Order Quantity | 400,000 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Due to related parties | $ 235 | $ 3,529 | |
Repayment of related party debt | 3,294 | 44,676 | $ 48,040 |
Majority Shareholder [Member] | |||
Repayment of related party debt | 3,294 | 44,676 | 48,040 |
Payroll expense and other general expenses [Member] | Majority Shareholder [Member] | |||
Related party transactions, amount of transactions | 0 | 8,290 | 0 |
General expenses and professional fees [Member] | Majority Shareholder [Member] | |||
Related party transactions, amount of transactions | $ 0 | $ 60 | $ 60,782 |
OTHER PAYABLES (Narrative) (Det
OTHER PAYABLES (Narrative) (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Other payables | $ 51,817 | $ 23,749 |
STOCKHOLDERS EQUITY (DEFICIT) (
STOCKHOLDERS EQUITY (DEFICIT) (Narrative) (Details) - USD ($) | Feb. 11, 2015 | Jan. 31, 2015 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 30, 2014 | Apr. 30, 2012 | Apr. 28, 2011 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 10, 2013 | Apr. 09, 2013 | Mar. 28, 2013 | Mar. 27, 2013 |
Common stock, resale shares | 51,720,000 | |||||||||||||
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 | 904,500,000 | 3,015,000 | 1,500,000,000 | 75,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Equity Issuance, Per Share Amount | $ 0.03 | $ 0.08 | $ 0.03 | |||||||||||
Stock issued during the period | 49,330,000 | 163,978,373 | ||||||||||||
Proceeds from Issuance of Private Placement | $ 1,479,900 | $ 2,450 | ||||||||||||
Payments of Stock Issuance Costs | $ 0 | $ 0 | $ 31,104 | |||||||||||
Stock issued for services, shares | 2,390,000 | |||||||||||||
Stock issued for business development expenses | $ 0 | $ 13,118,270 | $ 0 | |||||||||||
Common Stock, Shares, Issued | 1,120,343,373 | 1,120,343,373 | ||||||||||||
Common Stock, Shares, Outstanding | 1,120,343,373 | 1,120,343,373 | ||||||||||||
Private Placement [Member] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Cash | 154,500,000 | |||||||||||||
Equity Issuance, Per Share Amount | $ 0.07 | $ 0.07 | $ 0.00016 | $ 0.000003 | ||||||||||
Stock Issued During Period, Value, Issued for Cash | $ 25,750 | $ 2,500 | ||||||||||||
Stock issued during the period | 35,000 | 110,000 | 750,000,000 | |||||||||||
Proceeds from Issuance of Private Placement | $ 7,700 | |||||||||||||
Stock-based compensation | $ 71,700 | |||||||||||||
Common Stock issued pursuant to a consulting agreement [Member] | ||||||||||||||
Stock issued during the period | 2,390,000 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Operating loss carryforward | $ 13,714,000 | ||
Increase in valuation allowance | $ 37,000 | $ 4,454,000 | $ 57,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | ||
Maximum [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 17.00% |
Schedule of Fair Value of Finan
Schedule of Fair Value of Financial Instruments (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Marketable securities | $ 255,824 | $ 359,857 |
Total assets at fair value | 255,824 | 359,857 |
Level 1 [Member] | ||
Marketable securities | 255,824 | 359,857 |
Total assets at fair value | 255,824 | 359,857 |
Level 2 [Member] | ||
Marketable securities | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 [Member] | ||
Marketable securities | 0 | 0 |
Total assets at fair value | $ 0 | $ 0 |
Schedule of Marketable Securiti
Schedule of Marketable Securities (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Marketable Securities | $ 255,824 | $ 359,857 |
Certificates of Deposit [Member] | ||
Marketable Securities | 0 | 100,409 |
Mutual Funds [Member] | ||
Marketable Securities | $ 255,824 | $ 259,448 |
Schedule of Provision for Incom
Schedule of Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Statutory income tax rate | 34.00% | ||
Expected income tax expense (benefit) at the statutory rate of 34% | $ (37,000) | $ (4,454,000) | $ (57,000) |
Tax effect of expenses (benefit) that are not deductible for income tax purposes (net of other amounts deductible for tax purposes) | 0 | 0 | |
Change in valuation allowance | 37,000 | 4,454,000 | 57,000 |
Provision for income taxes | $ 0 | $ 0 | $ 0 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Deferred income tax asset: | ||
Net operating loss carryforwards | $ 4,663,000 | $ 4,626,000 |
Valuation allowance | (4,663,000) | (4,626,000) |
Deferred income taxes | $ 0 | $ 0 |