4. DEBT	9 Months Ended
Jan. 31, 2015
Debt Disclosure [Abstract]
4. CONVERTIBLE DEBT	On May 23, 2014, the $25,000 convertible note issued November 19, 2013 to a non-related party was converted to 561,441 shares of common stock which resulted in the removal of the derivative liability related to this debt. A total of $1,521 of interest accrued to the note and $25,000 of interest related to the beneficial conversion feature had accreted over the 6-month period ending May 19, 2014. On July 17, 2014, the Company issued a convertible note with an un-related party for $50,000. Under the terms of the agreement the amount is unsecured with a stated interest rate of 8% per annum, and 150% of the principal is due on or before January 17, 2015 if repaid in cash. The note is convertible into common shares of the Company as of the issue date at a discounted conversion price of $0.033 per share. A total of $52,196 of interest has accreted for the period from date of issuance through January 31, 2015. As of January 31, 2015 the conversion price dropped below $0.06 per share resulting in a derivative liability in the amount of $20,168. On October 28, 2014, we entered into a promissory note in which we received $10,000 to be used for general corporate matters. The note carries an interest rate of 8% per annum and is due and payable on October 31, 2016 in full including principal and accrued interest. On December 23, 2014, the Company received a thirty day loan of $10,000 to be used for general corporate matters. The company issued 12,500 shares of common stock of the Company as a loan fee to the lender. During the quarter, we received short-term loans from related paties for $16,000 to be used for general corporate matters. The loans carry no interest rate.

4. DEBT

9 Months Ended

Jan. 31, 2015

On May 23, 2014, the $25,000 convertible note issued November 19, 2013 to a non-related party was converted to 561,441 shares of common stock which resulted in the removal of the derivative liability related to this debt. A total of $1,521 of interest accrued to the note and $25,000 of interest related to the beneficial conversion feature had accreted over the 6-month period ending May 19, 2014.

On July 17, 2014, the Company issued a convertible note with an un-related party for $50,000. Under the terms of the agreement the amount is unsecured with a stated interest rate of 8% per annum, and 150% of the principal is due on or before January 17, 2015 if repaid in cash. The note is convertible into common shares of the Company as of the issue date at a discounted conversion price of $0.033 per share. A total of $52,196 of interest has accreted for the period from date of issuance through January 31, 2015. As of January 31, 2015 the conversion price dropped below $0.06 per share resulting in a derivative liability in the amount of $20,168.

On October 28, 2014, we entered into a promissory note in which we received $10,000 to be used for general corporate matters. The note carries an interest rate of 8% per annum and is due and payable on October 31, 2016 in full including principal and accrued interest.

On December 23, 2014, the Company received a thirty day loan of $10,000 to be used for general corporate matters. The company issued 12,500 shares of common stock of the Company as a loan fee to the lender.

During the quarter, we received short-term loans from related paties for $16,000 to be used for general corporate matters. The loans carry no interest rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Cibolan Gold Corp 10-Q