Document and Entity Information
Document and Entity Information | 12 Months Ended |
Apr. 30, 2014USD ($)shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | MEDINA INTERNATIONAL HOLDINGS, INC. |
Document Type | 10-K |
Current Fiscal Year End Date | --04-30 |
Entity Common Stock, Shares Outstanding | shares | 56,090,117 |
Entity Public Float | $ 375,742 |
Amendment Flag | false |
Entity Central Index Key | 1,093,248 |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Filer Category | Smaller Reporting Company |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Apr. 30, 2014 |
Document Fiscal Year Focus | 2,014 |
Document Fiscal Period Focus | FY |
Trading Symbol | MIHI |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
Series A Preferred Stock [Member] | ||
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||
Preferred Stock | $ 360,000 | $ 360,000 |
Series B Preferred Stock [Member] | ||
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||
Preferred Stock | 20,000 | 20,000 |
Cash | 27 | 2,635 |
Inventory | 93,949 | 193,748 |
Other receivables | 237,718 | 247,718 |
Reserve | $ (237,718) | (237,718) |
Total other receivables | 10,000 | |
Total current assets | $ 93,976 | 206,383 |
Fixed Assets: | 836,140 | 768,957 |
Accumulated depreciation | (628,094) | (526,435) |
Total property & equipment | 208,046 | 242,522 |
Prepaid expenses & deposits | 8,589 | 18,674 |
TOTAL ASSETS | 310,611 | 467,579 |
Accounts payable | 700,902 | 656,903 |
Accrued liabilities | 1,219,784 | 930,981 |
Short term debt | $ 127,041 | 128,842 |
Bank overdraft | 9,428 | |
Customer Deposit | $ 2,000 | 538,583 |
Stock committed to be issued | 7,876 | 7,700 |
Notes payable | 216,650 | 160,500 |
Related Parties - short-term borrowings from shareholders | 480,592 | 442,121 |
Total current liabilities | 2,754,845 | 2,875,058 |
Preferred Stock | 380,000 | 380,000 |
Common stock, $0.0001 par value, 500,000,000 shares authorized 56,090,117 and 55,890,117 shares issued and outstanding on April 30, 2014 and April 30, 2013 | 5,609 | 5,589 |
Additional paid-in capital | 4,887,950 | 4,880,270 |
Accumulated deficit | (7,717,793) | (7,673,338) |
Total stockholders' deficit | (2,444,234) | (2,407,479) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 310,611 | $ 467,579 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Apr. 30, 2014 | Apr. 30, 2013 |
Series A Preferred Stock [Member] | ||
Shares Authorized | 30 | 30 |
Par Value (in Dollars per share) | $ 0.01 | $ 0.01 |
Shares Issued | 30 | 30 |
Shares Outstanding | 30 | 30 |
Series B Preferred Stock [Member] | ||
Shares Authorized | 100 | 100 |
Par Value (in Dollars per share) | $ 0.001 | $ 0.001 |
Shares Issued | 20 | 20 |
Shares Outstanding | 20 | 20 |
Shares Authorized | 10,000,000 | 10,000,000 |
Par Value (in Dollars per share) | $ 0.01 | |
Par Value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Shares Authorized | 500,000,000 | 500,000,000 |
Shares Issued | 56,090,117 | 55,890,117 |
Shares Outstanding | 56,090,117 | 55,890,117 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Sales, net | $ 2,124,657 | $ 1,355,179 |
Cost of Goods Sold | 1,404,767 | 1,073,101 |
Gross profit | 719,890 | 282,078 |
General and administrative expenses | 580,604 | 562,147 |
Selling and marketing expenses | 150,094 | 99,259 |
Income (loss) from operations | (10,808) | (379,328) |
Other income - Gain on debt relief | 41,252 | 26,805 |
Interest expense | (74,899) | (64,753) |
Net other Income (expense) | (33,647) | (37,948) |
Income (Loss) before income tax (expense) benefit | $ (44,455) | $ (417,276) |
Income tax (expense) benefit | ||
Net Income (Loss) from operations | $ (44,455) | $ (417,276) |
Net Income (loss) per share: | ||
Basic (in Dollars per share) | $ 0 | $ (0.01) |
Diluted (in Dollars per share) | $ 0 | $ (0.01) |
Weighted average number of shares outstanding: | ||
Basic (in Shares) | 56,055,502 | 55,890,117 |
Diluted (in Shares) | 56,055,502 | 55,890,117 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Preferred Stock [Member]Preferred Class A [Member] | Preferred Stock [Member]Preferred Class B [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Apr. 30, 2012 | $ 5,589 | $ 360,000 | $ 20,000 | $ 4,880,270 | $ (7,256,062) | $ (1,990,203) |
Balance (in Shares) at Apr. 30, 2012 | 55,890,117 | 30 | 20 | |||
Net loss | (417,276) | (417,276) | ||||
Balance at Apr. 30, 2013 | $ 5,589 | $ 360,000 | $ 20,000 | 4,880,270 | (7,673,338) | (2,407,479) |
Balance (in Shares) at Apr. 30, 2013 | 55,890,117 | 30 | 20 | |||
Stock issued to Directors | $ 20 | 7,680 | $ 7,700 | |||
Stock issued to Directors (in Shares) | 200,000 | 200,000 | ||||
Net loss | (44,455) | $ (44,455) | ||||
Balance at Apr. 30, 2014 | $ 5,609 | $ 360,000 | $ 20,000 | $ 4,887,950 | $ (7,717,793) | $ (2,444,234) |
Balance (in Shares) at Apr. 30, 2014 | 56,090,117 | 30 | 20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Cash flows from operating activities: | ||
Net Income (loss) | $ (44,455) | $ (417,276) |
Adjustments to reconcile net Income (loss) to net cash used in operating activities: | ||
Common stock for services | 7,876 | 7,700 |
Depreciation expenses | $ 101,659 | 91,680 |
Gain on debt relief | 24,874 | |
Loss on sale of asset | $ 224 | |
Changes in operating assets and liabilities: | ||
Decrease (Increase) in other receivable | $ 10,000 | |
Decrease (Increase) in inventory | 99,799 | $ 30,818 |
Increase (decrease) in accounts payable | 44,000 | (52,648) |
Increase (decrease) in accrued liabilities | 288,802 | 251,034 |
Increase (decrease) in customer deposits | (536,583) | 109,692 |
(Increase) decrease in prepaid expenses | 10,085 | (9,206) |
Total adjustments | 25,638 | 454,168 |
Net cash (used in) provided by operating activities | (18,817) | 36,892 |
Cash flows from investing activities: | ||
Purchase of property and equipment | $ (67,183) | (37,301) |
Sale of asset | 5,000 | |
Net cash used in investing activities | $ (67,183) | (32,301) |
Cash flows from financing activities: | ||
Bank overdraft | (9,428) | 9,236 |
Proceeds from notes payable | 500 | 20,000 |
Proceeds/(Payments) from related party note payable | 55,650 | (7,500) |
Net Proceeds/(Payments) from related party note payable shareholders | 38,471 | (19,920) |
Net Proceeds/(Payments) on lines of credit & credit cards | (1,801) | (3,772) |
Net cash provided by (used in) financing activities | 83,392 | (1,956) |
Net increase (decrease) in cash and equivalents | (2,608) | $ 2,635 |
Cash and equivalents - beginning of period | 2,635 | |
Cash equivalents - end of period | 27 | $ 2,635 |
Supplemental disclosure of cash flow information: | ||
Interest Paid | $ 17,909 | $ 16,812 |
Income Taxes Paid | ||
Supplemental schedule of noncash investing and financing activities: | ||
Stock issued for services | $ 7,876 | $ 7,700 |
GENERAL
GENERAL | 12 Months Ended |
Apr. 30, 2014 | |
GENERAL [Abstract] | |
GENERAL | NOTE 1. GENERAL Medina International Holdings, Inc. ("Company," "Medina," "we," "us," "our") was incorporated in 1998 as Colorado Community Broadcasting, Inc. The Company intended to purchase low power television licenses or stations and planned to broadcast local programming mixed with appropriate national programming. The Company changed the name of the business in 2005 to Medina International Holdings, Inc. The Company, under its two wholly owned subsidiaries, Harbor Guard Boats, Inc. and Medina Marine, Inc., plans to manufacture and sell recreational and commercial boats. The Company formed Medina Marine, Inc., as a wholly owned subsidiary of the Company, on May 22, 2006 to manufacture and sell fire rescue, rescue and recreational boats. The Company acquired Modena Sports Design, LLC, as a wholly owned subsidiary of the Company on June 18, 2008. Modena Sports Design, LLC was formed in the State of California in 2003 to produce fire rescue, rescue and recreational boats. Modena Sports Design, LLC reorganized as a California corporation on January 7, 2011 and changed its name to Harbor Guard Boats, Inc. Going Concern Recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to raise additional capital, obtain financing and to succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplates continuation of the Company as a going concern. On April 30, 2014, the Company's current liabilities exceeded its current assets by $ 2,660,870 2,124,657 7,717,793 Management devoted considerable effort during the period ended April 30, 2014 towards management of liabilities and improving operations. Management has taken various steps to revise its operating and financial requirements, and it believes that the above actions will allow the Company to continue its operations through the next fiscal year. The future success of the Company is likely dependent on its ability to attain additional capital to develop its proposed products and ultimately, upon its ability to attain future profitable operations. There can be no assurance that the Company will be successful in obtaining such financing, or that it will obtain positive cash flow. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Consolidation The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the assets, liabilities, revenues, and expenses of our two wholly owned subsidiaries, Medina Marine, Inc. and Harbor Guard Boats, Inc. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 periods. Significant estimates and assumptions are used for, but are not limited to; 1) Revenue recognition; 2) Allowance for doubtful accounts; 3) Inventory costs; 4) Asset impairments; 5) Depreciable lives of assets; 6) Income tax reserves and valuation allowances; 7) Fair value of stock options; 8) Allocation of direct and indirect cost of sales; 9) Contingent liabilities; and 10) Warranty liabilities. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require exercise of judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates. Revenue Recognition Revenue Recognition is recognized when earned. The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue. Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts. Accounts Receivable The Company reviews its accounts receivables accounts periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. Advertising costs Advertising costs are expensed as incurred. The Company recorded no advertisement costs in 2014 2013 Inventory We carry our inventories at the lower of their cost or market value. Cost is determined using first-in, first-out ("FIFO") method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value. Fixed Assets Capital assets are stated at cost. Equipment consisting of molds is estimated at the date of acquisition of Harbor Guard Boats. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives ( 3 7 Property and Equipment No. of Years Molds 7 Manufacturing Tools 5 Computers 3 Furniture 3 Manufacturing tool HGB -Used 3 Office Equipment 3 Office Phone 3 Long Lived Assets Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), now codified in ASC 350,which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of," and the accounting and reporting provisions of APB Opinion No. 30, "Reporting the Results of Operations for a Disposal of a Segment of a Business." The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced. Income Taxes 2014 2013 Net operating Loss $ 7,717,793 $ 7,673,338 Deferred tax asset $ 2,701,227 $ 2,685,668 Valuation Allowance $ 2,701,227 $ 2,685,668 Change in valuation allowance $ 15,559 $ 831,127 Deferred income tax assets and liabilities are computed annually for differences between the financial statements and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income (loss). Valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. At April 30, 2014 and 2013 the Company had net operating loss carry forwards of approximately $ 7,717,793 7,673,338 2034 2,701,227 2,685,668 100 15,559 837,127 Comprehensive Loss Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. Issuance of Shares for Service The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. Fair Value of Financial Instruments FASB ASC 825 requires that the Company disclose estimated fair values of financial instruments. The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying, as financial instruments are a reasonable estimate of fair value. Foreign Currency Translations and Hedging The Company is exposed to foreign currency fluctuations due to international trade. The management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. Management does not currently hedge foreign currency exposure. Basic and Diluted Net Loss per Share Net loss per share is calculated in accordance with FASB ASC 105. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Products and Services, Geographic Areas and Major Customers The Company earns revenue from the sale of recreational and commercial boats. The Company sells its products within United States and abroad. The Company does not separate sales activities into different operating segments and/or geographic areas. Recently issued accounting pronouncements In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principles" (formerly Statement of Financial Accounting Standards ("SFAS") No. 168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles"). ASC 105 establishes the FASB ASC as the single source of authoritative nongovernmental U.S. GAAP. The standard is effective for interim and annual periods ending after September 15, 2011. We adopted the provisions of the standard on September 30, 2011, which did not have a material impact on our financial statements. There were various other accounting standards and interpretations issued in 2011, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
RELATED PARTY TRANSACTIONS (a)
RELATED PARTY TRANSACTIONS (a) | 12 Months Ended |
Apr. 30, 2014 | |
Related Party Transaction [Line Items] | |
RELATED PARTY TRANSACTIONS | NOTE 13. RELATED PARTY TRANSACTIONS The Company has various license agreements with a shareholder allowing its technology to be utilized in the manufacture of its boats. The license agreements typical provide for $ 1,500 The Company has entered into employment agreements for a five st 10,000 Due to the lack of revenues and availability of cash, executive officers have received some of their compensation in the form of C |
Related Party License Agreement [Member] | |
Related Party Transaction [Line Items] | |
RELATED PARTY TRANSACTIONS | NOTE 3. RELATED PARTY TRANSACTIONS The Company has various license agreements with a shareholder allowing its technology to be utilized in the manufacture of its boats. The license agreements typical provide for $ 1,500 From time to time, shareholders are involved in funding operations. These funds are provided and collected on as needed basis. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Apr. 30, 2014 | |
Trade Accounts Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
RECEIVABLES | NOTE 4. TRADE RECEIVABLES As of April 30, 2014 and 2013, we had no trade receivables: |
INVENTORY
INVENTORY | 12 Months Ended |
Apr. 30, 2014 | |
INVENTORY [Abstract] | |
INVENTORY | NOTE 5. INVENTORY As of April 30, 2014 and 2013, inventory consisted of the following: Inventory For the years ended April 30, 2014 2013 Work in progress 93,949 193,748 Finished goods - - Total inventory $ 93,949 $ 193,748 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Apr. 30, 2014 | |
Other Receivables [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
RECEIVABLES | NOTE 6. OTHER RECEIVABLES Other Receivables For the years ended April 30, 2014 2013 Disposal of Subsidiary $ 237,718 $ 237,718 Reserve (237,718) (237,718) Sale of Spray booth 10,000 Total Receivables $ 0 $ 10,000 At April 30, 2014 and 2013, the Company has provided a reserve in the amount of $ 237,718 237,718 Entry in Settlement Agreement - Disposition of Subsidiary On March 28, 2012, ROK Global, PLC ("ROK") entered into a Settlement Agreement and Mutual Release ("the Settlement Agreement") with Medina International Holdings, Inc. ("the Company"), Wintec Protective Systems, Inc. ("Wintec"), Mr. Daniel Medina, and Mr. Madhava Mankal Rao. Mr. Medina and Mankal are officers and directors of the Company. In 2011, the Company, Wintec and ROK entered into agreements that provided for the Company to provide funding to Wintec and to contribute 3,000,000 20,400,000 51 The Settlement Agreement provides for the agreements entered into in 2011 to be terminated and cancelled, effective immediately. All parties agree to the termination of the agreements without remedy and resolve each party of any claims or liabilities arising out of such agreements. As a result of the termination, Wintec is no longer a subsidiary of the Company. The Company transferred back to Wintec the 20,400,000 1 3,000,000 1 Wintec per agreement to pay to the Company $ 237,718 two 100 |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Apr. 30, 2014 | |
FIXED ASSETS [Abstract] | |
FIXED ASSETS | NOTE 7. FIXED ASSETS At April 30, 2014 and 2013, fixed assets consisted of the following: Fixed Assets For the years ended April 30, 2014 2013 Machinery and equipment; including molds & tools $ 722,514 $ 657,345 Computers 13,535 13,535 Furniture 3,611 2,537 Office equipment 5,480 4,540 Fire Extinguisher Intangible 500 500 Assets - Drawings 90,500 90,500 20' Fire Rescue WIP 0 0 Total property and equipment 836,140 768,957 Less accumulated depreciation (628,094) (526,435) Fixed Assets, net $ 208,046 $ 242,522 |
PREPAID EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Apr. 30, 2014 | |
PREPAID EXPENSES [Abstract] | |
PREPAID EXPENSES | NOTE 8. PREPAID EXPENSES As of April 30, 2014 and April 30, 2013, prepaid expenses included operating expenses and a vendor deposit in the amount of $ 8,589 18,674 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Apr. 30, 2014 | |
ACCRUED LIABILITIES [Abstract] | |
ACCRUED LIABILITIES | NOTE 9. ACCRUED LIABILITIES Our accrued liabilities for the years ended April 30, 2014 and 2013 were as follows: Accrued Liabilities For the years ended April 30, 2014 2013 Taxes $ 23,414 $ 2,528 Interest - shareholders' loan 121,677 94,093 Interest - related party 7,000 8,113 Interest - note payable 50,517 28,668 Accrued payroll 991,176 769,676 Warranty liabilities 26,000 27,903 Total accrued liabilities $ 1,219,784 $ 930,981 |
SHORT-TERM DEBT
SHORT-TERM DEBT | 12 Months Ended |
Apr. 30, 2014 | |
Short-term Debt [Abstract] | |
SHORT-TERM DEBT | NOTE 10. SHORT-TERM DEBT Short-term debt For the years ended April 30, 2014 2013 Loan - Financial Institution $ 94,887 $ 94,887 Credit card 32,154 33,955 Total short-term debt $ 127,041 $ 128,842 The Company has a loan from a financial institution, under which the Company may borrow up to $ 100,000 8.75 94,887 94,887 The Company's remaining credit cards carry various interest rates and require monthly payments, and are substantially held in the name of or guaranteed by related parties. |
RISK MANAGEMENT ACTIVITIES
RISK MANAGEMENT ACTIVITIES | 12 Months Ended |
Apr. 30, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 11. RISK MANAGEMENT ACTIVITIES Foreign Currency The majority of the Company's business is denominated in U.S. dollars and fluctuations in the foreign currency markets will have a minimal effect on the Company's business activities. Commodity Prices The Company is exposed to market risk from changes in commodity prices. The cost of the Company's products could increase if the prices of fiberglass and/or aluminum increase significantly, further decreasing the Company's ability to attain profitable operations. The Company is not involved in any purchase commitments with any of our vendors. Insurance The Company is exposed to several risks, including fire, earthquakes, theft, and key person liabilities. The Company does not carry any insurance for these risks, other than general liability insurance, which will adversely affect the Company's operations if any of these risks materialize. |
CUSTOMER DEPOSIT
CUSTOMER DEPOSIT | 12 Months Ended |
Apr. 30, 2014 | |
CUSTOMER DEPOSIT [Abstract] | |
CUSTOMER DEPOSIT | NOTE 12. CUSTOMER DEPOSIT Deposits from customers consisted of the following for the years ended April 30, 2014 and April 30, 2013: Customer Deposit For the years ended April 30, 2014 2013 Deposit for commercial boats $ 0 $ 518,083 Deposit for boat recreation $ 2,000 20,500 Total customer deposit $ 2,000 $ 538,583 |
RELATED PARTY TRANSACTIONS (b)
RELATED PARTY TRANSACTIONS (b) | 12 Months Ended |
Apr. 30, 2014 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13. RELATED PARTY TRANSACTIONS The Company has various license agreements with a shareholder allowing its technology to be utilized in the manufacture of its boats. The license agreements typical provide for $ 1,500 The Company has entered into employment agreements for a five st 10,000 Due to the lack of revenues and availability of cash, executive officers have received some of their compensation in the form of C |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2014 | |
NOTES PAYABLE [Abstract] | |
NOTES PAYABLE | NOTE 14. NOTES PAYABLE Notes Payable consisted of the following for the years ended April 30, 2014 and April 30, 2013: Notes Payable For the years ended April 30, 2014 2013 Srikrishna Mankal $ 50,650 $ 50,000 Pavan Mankal 55,000 Seshadri 110,500 110,500 Others 500 Total notes payable $ 216,650 $ 160,500 At April 30, 2014, the Company had an unsecured note payable to Mr. Srikrishna Mankal, non affiliate , in the amount of $ 50,650 8 7,000 th 2014 At April 30, 2014, the Company had an unsecured note payable to Mr. Pavan Mankal, non affiliate , in the amount of $ 55,000 8 The convertible notes for $ 52,500 8 4,500 48,000 150 100,000 60 three ten The convertible notes for $ 42,500 8 150 100,000 60 three ten Above notes payable to C S Seshadri bears 8 50,517 The Company has another Note payable for $ 20,000 The Company has a right to issue additional common stocks without further shareholders' approval. Our authorized and unissued shares can be used by management to oppose a hostile takeover attempt, delay or prevent changes of control, or changes in or removal of management. |
SHAREHOLDER LOANS
SHAREHOLDER LOANS | 12 Months Ended |
Apr. 30, 2014 | |
Related Party Transaction [Line Items] | |
RELATED PARTY TRANSACTIONS | NOTE 13. RELATED PARTY TRANSACTIONS The Company has various license agreements with a shareholder allowing its technology to be utilized in the manufacture of its boats. The license agreements typical provide for $ 1,500 The Company has entered into employment agreements for a five st 10,000 Due to the lack of revenues and availability of cash, executive officers have received some of their compensation in the form of C |
Borrowings [Member] | |
Related Party Transaction [Line Items] | |
RELATED PARTY TRANSACTIONS | NOTE 15. SHAREHOLDER LOANS At April 30, 2014, Shareholder loans consisted of the following for the years ended April 30, 2014 and April 30, 2013: Shareholders' Loans For the years ended April 30, 2014 2013 Daniel Medina, President $ 285,768 $ 242,143 Madhava Rao Mankal, CFO 194,824 199,978 Total shareholders' loan $ 480,592 $ 442,121 Shareholder loans are unsecured, bear interest at 10 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Apr. 30, 2014 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 16. STOCKHOLDERS' EQUITY Common Stock The Company has been authorized to issue, 500,000,000 0.0001 56,090,117 During the year period ended April 30, 2014, the Company issued 200,000 7,700 Preferred Stock The Company has been authorized to issue 10,000,000 .01 50 12,000 1 12,000 150 The Company issued 10 5 Series B Convertible, Redeemable Preferred Stock; 100 1,000 0.20 1,000 150 20 Stock Subscriptions Payable None |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Apr. 30, 2014 | |
COMMITMENTS, LITIGATION and CONTINGENT LIABILITY [Abstract] | |
COMMITMENTS | NOTE 17. COMMITMENTS Operating Leases As of April 30, 2014, we did not own any properties. Our management signed a three 13,045 5,610 495 5,950 Our consolidated contractual obligations as of April 30, 2014, are as follows: Operating Lease Obligation Amount April 30, 2015 67,320 April 30, 2016 67,320 May 2016 - June 2016 11,220 Total operating lease obligation $ 145,860 The Company has license agreements with a Mr. Albert Mardikian, related party allowing his technology to be utilized in the manufacture of its boats, along with $ 1,500 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Apr. 30, 2014 | |
SUBSEQUENT EVENT [Abstract] | |
SUBSEQUENT EVENT | NOTE 18. SUBSEQUENT EVENT The Company has filed Preliminary Proxy Statement to approve the following which is not approved: 1) To amend the Company's articles of incorporation to increase the authorized common shares of the Company from 500,000,000 0.0001 12,000,000,000 0.00001 2. (a) TO AMEND THE COMPANY'S ARTICLES OF INCORPORATION TO issue new class of preferred Series C shares. Corporation has defined the terms of new class of Super Preferred Series C stock. (b) TO AMEND THE COMPANY'S ARTICLES OF INCORPORATION TO issue new class of preferred Series D shares. Corporation has defined the terms of new class of Super Preferred Series D stock. 3. Mr. Erick Wolf resigned from board of Directors on September 8, 2014 for personal reasons. |
LITIGATION
LITIGATION | 12 Months Ended |
Apr. 30, 2014 | |
COMMITMENTS, LITIGATION and CONTINGENT LIABILITY [Abstract] | |
LITIGATION | NOTE 19. LITIGATION None |
CONTINGENT LIABILITY
CONTINGENT LIABILITY | 12 Months Ended |
Apr. 30, 2014 | |
COMMITMENTS, LITIGATION and CONTINGENT LIABILITY [Abstract] | |
CONTINGENT LIABILITY | NOTE 20. CONTINGENT LIABILITY On February 10, 2012, Medina International Holdings, Inc. ("the Company"), its subsidiaries, Modena Sports Design, LLC, Harbor Guard Boats, Inc., its officers and directors, Madhava Rao Mankal and Daniel Medina, entered into a Settlement Agreement and Mutual Release ("the Settlement Agreement") with Albert Mardikian, MGS Grand Sport, Inc., and Mardikian Design and Associates ("the Mardikian Parties"). The Settlement Agreement provides for a the Company and Harbor Guard Boats to pay the Mardikian Parties up to $ 250,000 4 5 Further, the Settlement Agreement provides for the Company and Harbor Guard Boats to pay off a credit line that Mr. Mardikian is a signatory on totaling $ 94,932 Pursuant to the Settlement Agreement, once the contingency payments made by the Company and Harbor Guard Boats total $ 250,000 5,500,000 |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying consolidated financial statements of Medina International Holdings, Inc. and its subsidiaries were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the assets, liabilities, revenues, and expenses of our two wholly owned subsidiaries, Medina Marine, Inc. and Harbor Guard Boats, Inc. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 periods. Significant estimates and assumptions are used for, but are not limited to; 1) Revenue recognition; 2) Allowance for doubtful accounts; 3) Inventory costs; 4) Asset impairments; 5) Depreciable lives of assets; 6) Income tax reserves and valuation allowances; 7) Fair value of stock options; 8) Allocation of direct and indirect cost of sales; 9) Contingent liabilities; and 10) Warranty liabilities. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require exercise of judgment. We base our estimates on historical experience, available market information, appropriate valuation methodologies, and on various other assumptions that we believe to be reasonable. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluation, when necessary. Actual results could differ materially from these estimates. |
Revenue Recognition | Revenue Recognition Revenue Recognition is recognized when earned. The Company's revenue recognition policies are in compliance with Staff Accounting Bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied, are recorded as unearned revenue. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company maintains its cash in bank deposit accounts that may exceed federally insured limits. The Company has not experienced any losses in such accounts. |
Accounts Receivable | Accounts Receivable The Company reviews its accounts receivables accounts periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. |
Advertising costs | Advertising costs Advertising costs are expensed as incurred. The Company recorded no advertisement costs in 2014 2013 |
Inventory | Inventory We carry our inventories at the lower of their cost or market value. Cost is determined using first-in, first-out ("FIFO") method. Market is determined based on net realizable value. We also provide due consideration to obsolescence, excess quantities, and other factors in evaluating net realizable value. |
Fixed Assets | Fixed Assets Capital assets are stated at cost. Equipment consisting of molds is estimated at the date of acquisition of Harbor Guard Boats. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives ( 3 7 Property and Equipment No. of Years Molds 7 Manufacturing Tools 5 Computers 3 Furniture 3 Manufacturing tool HGB -Used 3 Office Equipment 3 Office Phone 3 |
Long Lived Assets | Long Lived Assets Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), now codified in ASC 350,which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of," and the accounting and reporting provisions of APB Opinion No. 30, "Reporting the Results of Operations for a Disposal of a Segment of a Business." The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 350. ASC 350 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced. |
Income Taxes | Income Taxes 2014 2013 Net operating Loss $ 7,717,793 $ 7,673,338 Deferred tax asset $ 2,701,227 $ 2,685,668 Valuation Allowance $ 2,701,227 $ 2,685,668 Change in valuation allowance $ 15,559 $ 831,127 Deferred income tax assets and liabilities are computed annually for differences between the financial statements and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income (loss). Valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. At April 30, 2014 and 2013 the Company had net operating loss carry forwards of approximately $ 7,717,793 7,673,338 2034 2,701,227 2,685,668 100 15,559 837,127 |
Comprehensive Loss | Comprehensive Loss Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. |
Issuance of Shares for Service | Issuance of Shares for Service The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825 requires that the Company disclose estimated fair values of financial instruments. The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying, as financial instruments are a reasonable estimate of fair value. |
Foreign Currency Translations and Hedging | Foreign Currency Translations and Hedging The Company is exposed to foreign currency fluctuations due to international trade. The management does not intend to enter into forward exchange contracts or any derivative financial investments for trading purposes. Management does not currently hedge foreign currency exposure. |
Basic and Diluted Net Loss per Share | Basic and Diluted Net Loss per Share Net loss per share is calculated in accordance with FASB ASC 105. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. |
Products and Services, Geographic Areas and Major Customers | Products and Services, Geographic Areas and Major Customers The Company earns revenue from the sale of recreational and commercial boats. The Company sells its products within United States and abroad. The Company does not separate sales activities into different operating segments and/or geographic areas. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification ("ASC") 105, "Generally Accepted Accounting Principles" (formerly Statement of Financial Accounting Standards ("SFAS") No. 168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles"). ASC 105 establishes the FASB ASC as the single source of authoritative nongovernmental U.S. GAAP. The standard is effective for interim and annual periods ending after September 15, 2011. We adopted the provisions of the standard on September 30, 2011, which did not have a material impact on our financial statements. There were various other accounting standards and interpretations issued in 2011, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Property, Plant and Equipment Useful Lives | Property and Equipment No. of Years Molds 7 Manufacturing Tools 5 Computers 3 Furniture 3 Manufacturing tool HGB -Used 3 Office Equipment 3 Office Phone 3 |
Schedule of Income Tax Information | 2014 2013 Net operating Loss $ 7,717,793 $ 7,673,338 Deferred tax asset $ 2,701,227 $ 2,685,668 Valuation Allowance $ 2,701,227 $ 2,685,668 Change in valuation allowance $ 15,559 $ 831,127 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
INVENTORY [Abstract] | |
Schedule of Inventory | Inventory For the years ended April 30, 2014 2013 Work in progress 93,949 193,748 Finished goods - - Total inventory $ 93,949 $ 193,748 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
RECEIVABLES [Abstract] | |
Schedule of Other Receivables | Other Receivables For the years ended April 30, 2014 2013 Disposal of Subsidiary $ 237,718 $ 237,718 Reserve (237,718) (237,718) Sale of Spray booth 10,000 Total Receivables $ 0 $ 10,000 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
FIXED ASSETS [Abstract] | |
Schedule of Fixed Assets | Fixed Assets For the years ended April 30, 2014 2013 Machinery and equipment; including molds & tools $ 722,514 $ 657,345 Computers 13,535 13,535 Furniture 3,611 2,537 Office equipment 5,480 4,540 Fire Extinguisher Intangible 500 500 Assets - Drawings 90,500 90,500 20' Fire Rescue WIP 0 0 Total property and equipment 836,140 768,957 Less accumulated depreciation (628,094) (526,435) Fixed Assets, net $ 208,046 $ 242,522 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
ACCRUED LIABILITIES [Abstract] | |
Schedule of Accrued Liabilities | Accrued Liabilities For the years ended April 30, 2014 2013 Taxes $ 23,414 $ 2,528 Interest - shareholders' loan 121,677 94,093 Interest - related party 7,000 8,113 Interest - note payable 50,517 28,668 Accrued payroll 991,176 769,676 Warranty liabilities 26,000 27,903 Total accrued liabilities $ 1,219,784 $ 930,981 |
SHORT-TERM DEBT (Tables)
SHORT-TERM DEBT (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
Short-term Debt [Abstract] | |
Schedule of Short-term Debt | Short-term debt For the years ended April 30, 2014 2013 Loan - Financial Institution $ 94,887 $ 94,887 Credit card 32,154 33,955 Total short-term debt $ 127,041 $ 128,842 |
CUSTOMER DEPOSIT (Tables)
CUSTOMER DEPOSIT (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
CUSTOMER DEPOSIT [Abstract] | |
Schedule of Customer Deposit | Customer Deposit For the years ended April 30, 2014 2013 Deposit for commercial boats $ 0 $ 518,083 Deposit for boat recreation $ 2,000 20,500 Total customer deposit $ 2,000 $ 538,583 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
NOTES PAYABLE [Abstract] | |
Schedule of Notes Payable | Notes Payable For the years ended April 30, 2014 2013 Srikrishna Mankal $ 50,650 $ 50,000 Pavan Mankal 55,000 Seshadri 110,500 110,500 Others 500 Total notes payable $ 216,650 $ 160,500 |
SHAREHOLDER LOANS (Tables)
SHAREHOLDER LOANS (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
Schedule of Related Party Loans | Shareholders' Loans For the years ended April 30, 2014 2013 Daniel Medina, President $ 285,768 $ 242,143 Madhava Rao Mankal, CFO 194,824 199,978 Total shareholders' loan $ 480,592 $ 442,121 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Apr. 30, 2014 | |
COMMITMENTS, LITIGATION and CONTINGENT LIABILITY [Abstract] | |
Schedule of Operating Lease Payments | Operating Lease Obligation Amount April 30, 2015 67,320 April 30, 2016 67,320 May 2016 - June 2016 11,220 Total operating lease obligation $ 145,860 |
GENERAL (Details)
GENERAL (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
GENERAL [Abstract] | ||
Excess Current Liabilities Over Current Assets | $ 2,660,870 | |
Sales, net | 2,124,657 | $ 1,355,179 |
Retained Earnings (Accumulated Deficit) | $ (7,717,793) | $ (7,673,338) |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Advertising Costs: | ||
Advertising costs | ||
Income Taxes: | ||
Net operating Loss | $ 7,717,793 | $ 7,673,338 |
Deferred tax asset | 2,701,227 | 2,685,668 |
Valuation Allowance | 2,701,227 | 2,685,668 |
Change in valuation allowance | $ 15,559 | $ 831,127 |
Molds [Member] | ||
Fixed Assets: | ||
Estimated useful life | 7 years | |
Manufacturing Tools | ||
Fixed Assets: | ||
Estimated useful life | 5 years | |
Computers [Member] | ||
Fixed Assets: | ||
Estimated useful life | 3 years | |
Furniture [Member] | ||
Fixed Assets: | ||
Estimated useful life | 3 years | |
Manufacturing Tool HGB -Used [Member] | ||
Fixed Assets: | ||
Estimated useful life | 3 years | |
Office Equipment [Member] | ||
Fixed Assets: | ||
Estimated useful life | 3 years | |
Office Phone [Member] | ||
Fixed Assets: | ||
Estimated useful life | 3 years | |
Minimum [Member] | ||
Fixed Assets: | ||
Estimated useful life | 3 years | |
Maximum [Member] | ||
Fixed Assets: | ||
Estimated useful life | 7 years |
RELATED PARTY TRANSACTIONS (a)
RELATED PARTY TRANSACTIONS (a) (Details) | 12 Months Ended |
Apr. 30, 2014USD ($) | |
Related Party License Agreement [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 1,500 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
INVENTORY [Abstract] | ||
Work in progress | $ 93,949 | $ 193,748 |
Finished goods | ||
Total inventory | $ 93,949 | $ 193,748 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 28, 2012 | Dec. 31, 2011 | Apr. 30, 2014 | Apr. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | $ 237,718 | $ 247,718 | ||
Reserve | $ (237,718) | (237,718) | ||
Total other receivables | 10,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 3,000,000 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Fair Value Method | 20,400,000 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | |||
Wintec [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 20,400,000 | |||
Sale of Stock, Consideration Received on Transaction | $ 1 | |||
Medina International Holdings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 3,000,000 | |||
Sale of Stock, Consideration Received on Transaction | $ 1 | |||
Disposal of Wintec [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | $ 237,718 | 237,718 | ||
Reserve | $ (237,718) | (237,718) | ||
Sale of Spray Booth [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other Receivables | $ 10,000 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 836,140 | $ 768,957 |
Less accumulated depreciation | (628,094) | (526,435) |
Total property & equipment | 208,046 | 242,522 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 722,514 | 657,345 |
Computers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 13,535 | 13,535 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 3,611 | 2,537 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,480 | 4,540 |
Fire Extinguisher Intangible [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 500 | 500 |
Assets - Drawings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 90,500 | 90,500 |
20' Fire Rescue WIP [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 0 | $ 0 |
PREPAID EXPENSES (Details)
PREPAID EXPENSES (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
PREPAID EXPENSES [Abstract] | ||
Prepaid expenses & deposits | $ 8,589 | $ 18,674 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
Note 7 - Accrued Liabilities (Details) - Accrued Liabilities [Line Items] | ||
Taxes | $ 23,414 | $ 2,528 |
Accrued payroll | 991,176 | 769,676 |
Warranty liabilities | 26,000 | 27,903 |
Total accrued liabilities | 1,219,784 | 930,981 |
Affiliated Entity [Member] | ||
Note 7 - Accrued Liabilities (Details) - Accrued Liabilities [Line Items] | ||
Interest | 7,000 | 8,113 |
Loans Payable [Member] | ||
Note 7 - Accrued Liabilities (Details) - Accrued Liabilities [Line Items] | ||
Interest | 121,677 | 94,093 |
Notes Payable, Other Payables [Member] | ||
Note 7 - Accrued Liabilities (Details) - Accrued Liabilities [Line Items] | ||
Interest | $ 50,517 | $ 28,668 |
SHORT-TERM DEBT (Details)
SHORT-TERM DEBT (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
Short-term Debt [Line Items] | ||
Short-Term Debt | $ 127,041 | $ 128,842 |
Line of credit | 94,932 | |
Citi Bank [Member] | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 94,887 | 94,887 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Line of Credit Facility, Interest Rate at Period End | 8.75% | |
Line of credit | $ 94,887 | 94,887 |
Credit Card Debt [Member] | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | $ 32,154 | $ 33,955 |
CUSTOMER DEPOSIT (Details)
CUSTOMER DEPOSIT (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
Deferred Revenue Arrangement [Line Items] | ||
Customer deposits | $ 2,000 | $ 538,583 |
Commercial Boats [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer deposits | 0 | 518,083 |
Recreational Boats [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer deposits | $ 2,000 | $ 20,500 |
RELATED PARTY TRANSACTIONS (b)
RELATED PARTY TRANSACTIONS (b) (Details) | 12 Months Ended |
Apr. 30, 2014USD ($) | |
Related Party License Agreement [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 1,500 |
Salary Agreements [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 10,000 |
Related Party Transaction, Term | 5 years |
NOTES PAYABLE (Schedule of Note
NOTES PAYABLE (Schedule of Notes Payable) (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2013 |
Debt Instrument [Line Items] | ||
Notes Payable | $ 216,650 | $ 160,500 |
Note Payable to Srikrishna Mankal [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | 50,650 | 50,000 |
Note Payable to Pavan Mankal [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | 55,000 | |
Note Payable to Seshadri [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | 110,500 | $ 110,500 |
Other Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 500 |
NOTES PAYABLE (Narrative) (Deta
NOTES PAYABLE (Narrative) (Details) - USD ($) | Aug. 02, 2011 | Jun. 24, 2011 | Apr. 30, 2014 |
No Interest and Payable on Demand [Member] | |||
Debt Instrument [Line Items] | |||
Other Notes Payable | $ 20,000 | ||
Note Payable to Srikrishna Mankal [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 50,650 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
Interest Payable | $ 7,000 | ||
Note Payable to Pavan Mankal [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 55,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
Note Payable to Seshadri [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
Interest Payable | $ 50,517 | ||
Asher Enterprises [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 52,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
Debt Conversion, Original Debt, Amount | $ 4,500 | ||
Debt Instrument, Percentage of Principal Payment Due to Issuer In Case of Non-Payment | 150.00% | ||
Threshold For Financial Transactions Under Note Agreement Convenant | $ 100,000 | ||
Debt Instrument, Convertible, Conversion Ratio | 0.6 | ||
Asher Enterprises [Member] | Payable on Demand [Member] | |||
Debt Instrument [Line Items] | |||
Convertible Notes Payable, Current | $ 48,000 | ||
Asher Enterprises Note 2 [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 42,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
Debt Instrument, Percentage of Principal Payment Due to Issuer In Case of Non-Payment | 150.00% | ||
Threshold For Financial Transactions Under Note Agreement Convenant | $ 100,000 | ||
Debt Instrument, Convertible, Conversion Ratio | 0.6 |
SHAREHOLDER LOANS (Details)
SHAREHOLDER LOANS (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Related Party Transaction [Line Items] | ||
Related Parties - short-term borrowings from shareholders | $ 480,592 | $ 442,121 |
Related Party Transaction, Rate | 10.00% | |
President [Member] | ||
Related Party Transaction [Line Items] | ||
Related Parties - short-term borrowings from shareholders | $ 285,768 | 242,143 |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Related Parties - short-term borrowings from shareholders | $ 194,824 | $ 199,978 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | Apr. 04, 2012 | Jan. 14, 2010 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Class of Stock [Line Items] | |||||
Value of stock issued for services | $ 7,700 | ||||
Shares of stock issued for services | 200,000 | ||||
Preferred Stock: | |||||
Shares Authorized | 10,000,000 | 10,000,000 | |||
Par Value (in Dollars per share) | $ 0.01 | ||||
Common Stock: | |||||
Par Value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Shares Authorized | 500,000,000 | 500,000,000 | |||
Shares Issued | 56,090,117 | 55,890,117 | |||
Shares Outstanding | 56,090,117 | 55,890,117 | |||
Series A Preferred Stock [Member] | |||||
Preferred Stock: | |||||
Shares Authorized | 30 | 30 | |||
Par Value (in Dollars per share) | $ 0.01 | $ 0.01 | |||
Stated value per share | $ 12,000 | ||||
Conversion basis | 1% | ||||
Redemption terms | 150% | ||||
Redemption price per share | $ 12,000 | ||||
Series A Preferred Stock [Member] | President [Member] | |||||
Class of Stock [Line Items] | |||||
Shares of stock issued for services | 5 | 10 | |||
Series A Preferred Stock [Member] | Chief Financial Officer [Member] | |||||
Class of Stock [Line Items] | |||||
Shares of stock issued for services | 5 | 10 | |||
Series B Preferred Stock [Member] | |||||
Preferred Stock: | |||||
Shares Authorized | 100 | 100 | |||
Par Value (in Dollars per share) | $ 0.001 | $ 0.001 | |||
Stated value per share | $ 1,000 | ||||
Conversion basis | 0.20% | ||||
Redemption terms | 150% | ||||
Redemption price per share | $ 1,000 | ||||
Number of shares cancelled during period | 20 |
COMMITMENTS (Details)
COMMITMENTS (Details) | 12 Months Ended |
Apr. 30, 2014USD ($)ft² | |
Operating Leased Assets [Line Items] | |
Area of Real Estate Property (in Square Feet) | ft² | 13,045 |
Payments for Leasing Costs, Commissions, and Tenant Improvements | $ 495 |
Length of Lease | 3 years |
April 30, 2015 | $ 67,320 |
April 30, 2016 | 67,320 |
May 2016 - June 2016 | 11,220 |
Total operating lease obligation | 145,860 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, Rent Expense | 5,610 |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, Rent Expense | 5,950 |
Related Party License Agreement [Member] | |
Operating Leased Assets [Line Items] | |
Related Party Transaction, Amounts of Transaction | 1,500 |
Salary Agreements [Member] | |
Operating Leased Assets [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 10,000 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - $ / shares | May. 01, 2014 | Apr. 30, 2014 | Apr. 30, 2013 |
Subsequent Event [Line Items] | |||
Par Value (in Dollars per share) | $ 0.0001 | $ 0.0001 | |
Shares Authorized | 500,000,000 | 500,000,000 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Par Value (in Dollars per share) | $ 0.00001 | ||
Shares Authorized | 12,000,000,000 |
CONTINGENT LIABILITY (Details)
CONTINGENT LIABILITY (Details) | Apr. 30, 2014USD ($)itemshares | Apr. 30, 2013shares |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Line of credit | $ | $ 94,932 | |
Shares Outstanding | 56,090,117 | 55,890,117 |
Mardikian Parties [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Shares Outstanding | 5,500,000 | |
Contingent Payments [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Maximum liability | $ | $ 250,000 | |
Minimum number of boats | item | 4 | |
Maximum number of boats | item | 5 |