Notes Payable

9 Months Ended

Jan. 31, 2022

5.	Notes Payable

	Notes payable consist of the following at:

	January 31, 2022		April 30, 2021
Note payable, secured, 10% interest, due on demand	$	30,000	$	30,000
Note payable, secured, 10% interest, due on demand		500		500
Note payable, secured, 10% interest, due on demand		2,260		2,260
Note payable, secured, 10% interest, due on demand		7,500		7,500
Note payable, secured, 10% interest, due on demand		15,000		15,000
Note payable, secured, 10% interest, due on demand		16,000		16,000
Note payable, secured, 10% interest, due on demand		7,500		7,500
Note payable, secured, 10% interest, due on demand		4,500		-
Note payable, secured, 10% interest, due on demand		9,000		-
Note payable, secured, 10% interest, due on demand		4,000		-
Note payable, secured, 10% interest, due on demand		6,000		-
Note payable, secured, 10% interest, due on demand		5,000		-
Note payable, secured, 10% interest, due on demand		24,420		-
Note payable, secured, 10% interest, due on demand		20,600		-
Note payable, secured, 10% interest, due on demand		53,284		-
Total notes Payable	$	205,564	$	78,760

On June 2, 2021, the Company received $4,500 as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $4,500. Interest expense on the note was $698 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

On June 3, 2021, the Company received $ 9,000 as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $9,000. Interest expense on the note was $1,396 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

On July 8, 2021, the Company received $4,000as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $4,000. Interest expense on the note was $620 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

On July 9, 2021, the Company received $6,000 as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $6,000. Interest expense on the note was $930 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

On July 21, 2021, the Company received $5,000 as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $5,000. Interest expense on the note was $775 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

On October 31, 2021, the Company received $24,420 as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $24,420. Interest expense on the note was $616 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

On December 31, 2021, the Company received $20,600 as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $20,600. Interest expense on the note was $175 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

On January 31, 2022, the Company received $53,284 as a loan for payment of expenses from an unrelated party. The amount owing is unsecured carries and interest rate of 10% and is due within 10 days of demand. The note payable balance as of January 31, 2022 is $53,284. Interest expense on the note was $0 and $0 for the nine months ended January 31, 2022 and 2021, respectively.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

CGS INTERNATIONAL, INC. 10-Q