Note 7. Note receivable - rental property
On August 21, 2012 the Company sold one property with a sales price of $60,000 of which $10,000 was financed by the Company which is recorded as a note receivable with a balance of $9,233 as of October 31, 2012. The note is due in August 21, 2014 with monthly payments of $457, including interest at 9.00% per annum.
The Company sold one property on land contract in the year ended April 30, 2011. The remaining balance of the note receivable was $0 as of October 31, 2012 down from approximately $75,600 as of April 30, 2012.