Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jul. 31, 2015shares | |
Document And Entity Information | |
Entity Registrant Name | MEDINA INTERNATIONAL HOLDINGS, INC. |
Entity Central Index Key | 1,093,248 |
Document Type | 10-Q |
Document Period End Date | Jul. 31, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --04-30 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 56,090,117 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
ASSETS | ||
Cash | $ 34,128 | $ 11,092 |
Inventory | 139,346 | 79,910 |
Receivables | 237,718 | 237,718 |
Reserve | $ (237,718) | $ (237,718) |
Total Receivables | ||
Total current assets | $ 173,474 | $ 91,002 |
Fixed Assets: | 745,742 | 745,640 |
Accumulated depreciation | (711,312) | (697,281) |
Total property & equipment | 34,430 | 48,359 |
Prepaid expenses & deposits | 8,589 | 8,589 |
TOTAL ASSETS | 216,493 | 147,950 |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Accounts payable | 386,661 | 658,792 |
Accrued liabilities | 1,520,465 | 1,465,792 |
Short term debt | 105,362 | 110,481 |
Customer Deposit | 451,538 | 306,025 |
Stock committed to be issued | 11,875 | 11,375 |
Notes payable | 475,525 | 219,500 |
Related Parties - short-term borrowings from shareholders | 488,292 | 471,112 |
Total current liabilities | 3,439,718 | 3,243,077 |
Common stock, $0.0001 par value, 500,000,000 shares authorized 56,090,117 shares issued and outstanding on July 31, 2015 & April 30, 2015 | 5,609 | 5,609 |
Additional paid-in capital | 4,907,950 | 4,907,950 |
Accumulated deficit | (8,496,784) | (8,368,686) |
Total stockholders' equity (deficit) | (3,223,225) | (3,095,127) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | 216,493 | 147,950 |
Series A Preferred Stock [Member] | ||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock value | $ 360,000 | $ 360,000 |
Series B Preferred Stock [Member] | ||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2015 | Apr. 30, 2015 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 56,090,117 | 56,090,117 |
Common stock, shares outstanding | 56,090,117 | 56,090,117 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50 | 50 |
Preferred stock, shares issued | 30 | 30 |
Preferred stock, shares outstanding | 30 | 30 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, shares issued | 20 | 20 |
Preferred stock, shares outstanding | 20 | 20 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Income Statement [Abstract] | ||
Sales, net | $ 27,645 | $ 57,491 |
Cost of Goods Sold | 53,653 | 65,522 |
Gross profit (loss) | (26,008) | (8,031) |
General and administrative expenses | 87,791 | 96,321 |
Selling and marketing expenses | $ 2,485 | $ 4,879 |
Write-off of assets | ||
Income (Loss) from operations | $ (116,284) | $ (109,231) |
Other income | 4,617 | |
Interest expense | 16,431 | $ 24,583 |
Net other Income (loss) | (11,814) | (24,583) |
Loss before income tax (expense) benefit | $ (128,098) | $ (133,814) |
Income tax (expense) benefit | ||
Net Gain (Loss) from operations | $ (128,098) | $ (133,814) |
Net loss per share: | ||
Basic | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding: | ||
Basic | 56,090,117 | 56,090,117 |
Diluted | 56,090,117 | 56,090,117 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (128,098) | $ (133,814) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock subscription payable | 500 | 1,999 |
Depreciation expenses | $ 16,929 | $ 24,558 |
Changes in operating assets and liabilities: | ||
Decrease (Increase) in accounts receivable | ||
Decrease (Increase) in other receivable | $ 10,060 | |
Decrease (Increase) in inventory | $ 59,436 | |
Increase (decrease) in accounts payable | (13,106) | $ 41,026 |
Increase (decrease) in accrued liabilities | 54,673 | $ 71,936 |
Increase (decrease) in customer deposits | $ 145,513 | |
(Increase) decrease in prepaid expenses | ||
Total adjustments | $ 142,073 | $ 129,459 |
Net cash (used) received in operating activities | $ 10,975 | $ (4,355) |
Cash flows from investing activities: | ||
Purchase of property and equipment | ||
Net cash used in investing activities | ||
Cash flows from financing activities: | ||
Bank overdraft | ||
Proceeds/(Payments) from notes payable | $ (5,119) | $ 4,797 |
Proceeds/(Payments) from related party note payable shareholders | $ 17,180 | 11,399 |
Net Proceeds/(Payments) on lines of credit & credit cards | (604) | |
Net cash provided (used) by financing activities | $ 12,061 | 15,592 |
Net increase (decrease) in cash and cash equivalents | 23,036 | 11,237 |
Cash and cash equivalents - beginning of period | 11,092 | 27 |
Cash and cash equivalents - end of period | 34,128 | 11,264 |
Supplemental disclosure of cash flow information: | ||
Interest Paid | $ 7,784 | $ 7,784 |
Taxes Paid | ||
Supplemental schedule of noncash investing and financing activities: | ||
Stock issued for services | $ 1,999 | $ 1,999 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Preferred Stock Series A [Member] | Preferred Stock Series B [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Apr. 30, 2013 | $ 5,589 | $ 360,000 | $ 20,000 | $ 4,880,270 | $ (7,673,338) | $ (2,407,479) |
Balance, shares at Apr. 30, 2013 | 55,890,117 | 30 | 20 | |||
Stock issued to Directors | $ 20 | 7,680 | 7,700 | |||
Stock issued to Directors, shares | 200,000 | |||||
Net gain 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, shares at Apr. 30, 2014 | 56,090,117 | 30 | 20 | |||
Net gain loss | (650,893) | (650,893) | ||||
Balance at Apr. 30, 2015 | $ 5,609 | $ 360,000 | $ 20,000 | 4,887,950 | (8,368,686) | (3,095,127) |
Balance, shares at Apr. 30, 2015 | 56,090,117 | 30 | 20 | |||
Net gain loss | (128,098) | (128,098) | ||||
Balance at Jul. 31, 2015 | $ 5,609 | $ 360,000 | $ 20,000 | $ 4,887,950 | $ (8,496,784) | $ (3,223,225) |
Balance, shares at Jul. 31, 2015 | 56,090,117 | 30 | 20 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | NOTE 1. BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 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 wholly owned Subsidiary, Harbor Guard Boats, Inc., plans to manufacture and sell recreational and commercial 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, 2009 changed its name to Harbor Guard Boats, Inc. Presentation of Interim Information In the opinion of the management of the Company, the accompanying unaudited financial statements include all normal adjustments considered necessary to present fairly the financial position and operating results of the Company for the periods presented. The financial statements and notes are presented as permitted by Form 10-Q, and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2015. It is management's opinion that when the interim financial statements are read in conjunction with the April 30, 2015 Annual Report on Form 10-K, the disclosures are adequate to make the information presented not misleading. Interim results are not necessarily indicative of results for a full year or any future period. The accompanying consolidated financial statements of Medina International Holdings, Inc. and its Subsidiary 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 Subsidiary, Harbor Guard Boats, Inc. All intercompany balances and transactions have been eliminated in consolidation. 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 July 31, 2015, the Company's current liabilities exceeded its current assets by $3,266,244. Also, the Company's operations generated $27,645 revenue during the three months ended July 31, 2015 and the Company's accumulated deficit at July 31, 2015 is $8,496,784. Management takes various steps to revise its operating and financial requirements, which we believe are sufficient to provide the Company with the ability to continue on in the subsequent year. Management devoted considerable effort during the period ended July 31, 2015 towards management of liabilities and improving our operations. Management 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 | 3 Months Ended |
Jul. 31, 2015 | |
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 Subsidiary 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 Subsidiary, Harbor Guard Boats, Inc., and Medina Marine, 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. ASC 650 "Revenue Recognition." 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 accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. Inventory We carry our inventories at the lower of its 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. Fixed assets consist of tools (molds), office equipment, fire extinguishers and manufacturing tools and are stated at cost. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. Long Lived Assets The Company adopted codification ASC 350 "Accounting for the Impairment or Disposal of Long-Lived Assets", 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. 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, 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 Disclosures about fair value of financial instruments, 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 Translation 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. The management does not currently hedge foreign currency exposure. Basic and Diluted Net Loss per Share 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 commercial and recreational boats. The Company's products were sold domestically and internationally. The Company does not separate sales activities into different operating segments. Recently issued accounting pronouncements There were accounting standards and interpretations issued during the three months ended July31, 2015, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
Inventory
Inventory | 3 Months Ended |
Jul. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 3. INVENTORY As of July 31, 2015, inventory consisted of the following: Item July 31, 2015 Work in progress $139,346 Total Inventory $139,346 |
Other Receivables
Other Receivables | 3 Months Ended |
Jul. 31, 2015 | |
Receivables [Abstract] | |
Other Receivables | NOTE 4. OTHER RECEIVABLES As of July 31, 2015, other receivables consisted of the following: Disposal of Subsidiary $ 237,718 Reserve (237,718) Total Receivables $ $0 At July 31, 2015, the Company has provided a reserve in the amount of $237,718 due to non availability of financial statements of Wintec Protective Systems, Inc. Wintec Protective Systems, Inc. has defaulted the payment of $237,718 on March 28, 2014 per agreement. Company has sent letter to Wintec Protective Systems, Inc. to pay the amount per settlement agreement 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") 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 shares of its common stock in exchange for 20,400,000 shares of Wintec. As a result of the agreements, Wintec had become the Company's 51% held subsidiary. 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 shares of Wintec in exchange for $1. Wintec transferred 3,000,000 shares of the Company's common stock issued in 2011, in exchange for $1. Wintec per agreement to pay to the Company $237,718 within two years of the date of the Settlement Agreement, which we have reserved at 100% of total receivable due to non availability of financial information of Wintec Protective Systems, Inc. |
Fixed Assets
Fixed Assets | 3 Months Ended |
Jul. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | NOTE 5. FIXED ASSETS As of July 31, 2015 Property and equipment consisted of the following: Property and Equipment July 31, 2014 Machinery and equipment, including molds & tools $ 722,514 Computers 13,535 Furniture and fixtures 3,611 Office equipment 5,480 Fire extinguisher 500 Total property and equipment $ 745,742 Less: Accumulated Depreciation (711,312) Total Property and equipment $ 34,430 |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 3 Months Ended |
Jul. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Assets | NOTE 6. PREPAID EXPENSES AND OTHER ASSETS As of July 31, 2015, prepaid expenses and other assets included prepaid operating expenses and vendor deposit in the amount of $8,589. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Jul. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | NOTE 7. ACCRUED LIABILITIES As of July 31, 2015 accrued liabilities consisted of the following: Accrued Liabilities July 31, 2015 Interest - shareholder loan $ 156,543 Interest - notes payable 82,405 Payroll and taxes 16,185 Payroll liabilities 1,198,532 Other accrued 40,800 Warranty liabilities 26,000 Total Accrued liabilities $ 1,520,465 |
Short-Term Debt
Short-Term Debt | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Debt | NOTE 8. SHORT-TERM DEBT As of July 31, 2015 short term debt consisted of the following: Short-Term Debt July 31, 2015 Line of credit - CITI $ 79,493 Credit cards 25,869 Total $ 105,362 As of July 31, 2015, the Company had a line of credit totaling $100,000, under which the Company may borrow on an unsecured basis. The outstanding balance as of July 31, 2015 was $79,492.80. 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 | 3 Months Ended |
Jul. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Risk Management Activities | NOTE 9. RISK MANAGEMENT ACTIVITIES Foreign Currency The majority of our business is denominated in U.S. dollars and fluctuations in the foreign currency markets will have a minimal effect on our business. Commodity Prices We are exposed to market risk from changes in commodity prices. The cost of our products could increase, if the prices of fiberglass and/or aluminum increases significantly, further decreasing our ability to attain profitable operations. We are not involved in any purchase commitments with any of our vendors. Insurance We are exposed to several risks, including fire, earthquakes, theft, and key person liabilities. We do not carry any insurance for these risks, other than general liability insurance, which will adversely affect our operations if any of these risks materialize. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jul. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 10. 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 royalty payment on every boat manufactured by the company except on boats manufactured where Mr. Albert Mardikian's patents are not used. |
Notes Payable
Notes Payable | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 11. NOTE PAYABLE As of July 31, 2015 notes payable consisted of the following: Notes Payable July 31, 2015 Mr. SriKrishna Mankal $50,000 Mr. Pavan Mankal 59,000 Mr. Seshadri Chengi 110,500 Mr. Mike Littman 256,025 Total notes payable $ 475,525 At April 30, 2015, the Company had an unsecured note payable to Mr. Srikrishna Mankal, non-affiliate, in the amount of $50,000, which bears an 8% interest per annum and currently due. Interest accrued to date on this note payable is $7,000. Due to negotiation with Mr. Srikrishna Mankal, the accrual for interest on the said loan was mutually agreed to cease from August 1, 2012. Note was amended on July 1, 2014 to include conversion feature to common stock with 25% discount on the closing market bid price or par value whichever is lower at the time of conversion to cover loan and interest. At April 30, 2015, the Company had an unsecured note payable to Mr. Pavan Mankal, non-affiliate, in the amount of $59,000, which bears an 8% interest per annum and currently due. Note was amended July 1, 2014 to include conversion feature to common stock with 25% discount on the closing market bid price or par value whichever is lower at the time of conversion to cover loan and interest. The convertible notes for $52,500 issued to Asher Enterprises, Inc. ("Asher") in June 24, 2011. This note carries interest of 8% per annum. $ 4,500 of the note principal was converted in to common shares. The remaining balance of $48,000 is payable on demand and has been transferred in the name of Mr. C.S Seshadri. This note is convertible at the election of Mr. Seshadri from time to time after the issuance date. In the event of non-payment the loan will be in default and principal and interest will become payable immediately at 150% of the outstanding balance. The note agreements contain covenants requiring Mr. Seshadri's written consent for certain activities not in existence or not committed to by the Company on the issue date of the notes, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets and certain advances and loans in excess of $100,000. Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Mr. Seshadri after the issuance date into an equivalent of the Company's common stock determined by 60% of the average of the three lowest closing bid prices of the Company's common stock during the ten trading days prior to the date the conversion notice is sent by Mr. Seshadri. We have provided $35,000 as interest expense loss on the above transaction. The note contains a BCF amount of $35,000 which is amortized over the term of the loan. The convertible notes for $42,500 issued to Asher in August 1, 2011. This note carries interest of 8% per annum This note has been transferred in the name of Mr. C.S Seshadri and is payable on demand. This note is convertible at the election of Mr. Seshadri from time to time after the issuance date. In the event of default, the amount of principal and interest not paid and the notes become immediately due and payable. Should that occur, the Company is liable to pay Mr. Seshadri 150% of the then outstanding principal and interest. The note agreements contain covenants requiring Mr. Seshadri's written consent for certain activities not in existence or not committed to by the Company on the issue date of the notes, as follows: dividend distributions in cash or shares, stock repurchases, borrowings, sale of assets and certain advances and loans in excess of $100,000. Outstanding note principal and interest accrued thereon can be converted in whole, or in part, at any time by Mr. Seshadri after the issuance date into an equivalent of the Company's common stock determined by 60% of the average of the three lowest closing bid prices of the Company's common stock during the ten trading days prior to the date the conversion notice is sent by Mr. Seshadri. We have provided $28,333 as interest expense loss on the above transaction. The note contains a BCF amount of $28,333 which is being amortized over the term of the loan. Above notes bears 8-22% interest per annum and currently due. Interest accrued to date on this note payable is $55,494.55. The Company has another Note payable for $20,000 which is payable on demand. At July 31, 2015, the Company had an unsecured note payable to Mr. Mike Littman, non-affiliate, in the amount of $256,025, which bears an 1% interest per annum and currently due. Note dated June 18, 2015 shall be converted at the Holders option, to Common Stock, in whole or part at 60% of the volume weighted average price for 5 days prior to conversion so long as the conversion does not cause the Holder to become an affiliate, 10% or greater shareholder. |
Shareholders' Loans
Shareholders' Loans | 3 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Loans | NOTE 12. SHAREHOLDERS' LOANS As of July 31, 2015 shareholders loans consisted of the following: Shareholders' Loans July 31, 2015 Daniel Medina, President & Director $ 296,446 Madhava Rao Mankal, Chief Financial Officer & Director 191,845 Total Shareholders' Loans $ 488,292 Shareholder's loan from shareholder of the Company, unsecured, accrued at 10% interest per annum and due on demand. |
Contingent Liability
Contingent Liability | 3 Months Ended |
Jul. 31, 2015 | |
Contingent Liability | |
Contingent Liability | NOTE 13. CONTINGENT LIABILITY On February 10, 2012, Medina International Holdings, Inc. ("the Company"), its Subsidiary, 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 starting January 1, 2012, as a contingency payment. The contingency payment is based on the collective sale of the boats manufactured per calendar year using the 24' and 26' mold provided by Mr. Albert Mardikian. If 4 or less boats are manufactured the Company does not have to pay the contingency payment. If 5 or more boats are manufactured using the 24' and 26' mold provided by Mr. Albert Mardikian, the Company shall make payments towards the contingency payment as set forth in the Settlement Agreement. NO boat was sold during this quarter. 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 and the payments are to be made as set forth in the Settlement Agreement. Pursuant to the Settlement Agreement, once the contingency payments made by the Company and Harbor Guard Boats total $250,000 and the credit line has been paid in full, the Mardikian Parties will return to the Company 5,500,000 shares of the Company's common stock held by the Mardikian Parties. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 14. STOCKHOLDERS' EQUITY 50,000 common shares committed to be issued during the three months period to three independent members of the board of directors for services valued at $500 at $.01 market share price |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 15. COMMITMENTS AND CONTINGENCIES Rental Leases As of July 31, 2015, we did not own any properties. We moved our Company's activities, including all Subsidiary, from Corona, California to Ontario, California in April 2013. Our management signed a three-year lease for a 13,045 sq. ft. building in the city of Ontario, California, effective May 1, 2013. The address for this location is 191 Kettering Dr., Corona, CA, 91761. This building is owned by unrelated parties. The lease to the Corona facility expires on June 30, 2016, and calls for monthly payments, initially of $5,610 per month plus $495 costs, escalating over the term of the lease to $5,950 per month plus costs. The Company has various license agreements with a related party allowing its technology to be utilized in the manufacture of its boats. The license agreements typical provide for $1,500 royalty payment on every boat manufactured by the company except on boats manufactured where Mr. Albert Mardikian's patents are not used. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jul. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 16. SUBSEQUENT EVENT Acquisition Agreement - April 20, 2016 On April 20, 2016, Medina International Holdings, Inc. (the "Company") entered into an Acquisition and Purchase Agreement with Medical Innovation Holdings, a Joint Venture ("MedHold") whereby all of the assets of MedHold would be acquired by the Company from MedHold. Medical Innovation Holdings, a Joint Venture, is establishing a nationwide, state by state, multi-disciplinary medical specialist provider/practice network, staffed by 16 types of Physician Specialists who serve the rural patient population via a seamless, comprehensive, sophisticated telemedicine program. Pursuant to the Asset Acquisition Agreement, the closing of the Acquisition was effective April 20, 2016 although completed later. Per the Acquisition and Purchase Agreement, the following items occurred: 1. The Company approved the issuance of 351,000,000 shares of the Company's restricted common stock to MedHold's designees; 2. 30 shares of Class A Preferred Convertible Stock (Super Majority Voting) of Medina International Holdings, Inc. from Madhava Rao Mankal and Daniel Medina shall be conveyed for $100 to MedHold; 3. A total of 35,000,000 common shares owned by Madhava Rao Mankal, Daniel Medina and Albert Mardikian, and MGS Grand Sports, Inc. shall be conveyed under separate Share Purchase Agreements to retire to treasury for $100 each; 4. The outstanding notes for legal fees for a total of $256,025, approximately, plus accrued interest thereon, were assumed and agreed to be paid in accordance with the terms thereof, without defenses or disagreements thereto at the time of closing. The outstanding balances due to the auditor (approximately $20,000, including current quarter review fees) and transfer agent (approximately $1,600) shall be paid as the earnest money; and 5. Assignment of the Assets were issued in the form of a Bill of Sale duly executed. Settlement Agreement and Release Medina International Holdings, Inc. (the "Company") entered into a Settlement Agreement and Release with Chenji Srinivasan Seshadri ("Debtholder") and Harbor Guard Boats, Inc., a California Corporation ("Harbor Guard"). The Agreement compromises, settles and otherwise resolves all claims for common shares, subscriptions, or Notes, or debts, relating to the Company and Debtholder as to any and all claims or causes of action whatsoever against the Company by Debtholder for any matter, action, or representation as the Company, any debt or Note, the subscription, by the subscriber, and other potential claims and causes of action arising from any relationship, agreement, subscription, debt, or Note, or actions of the Company or its management which may be claimed by Debtholder up to the date hereof. The Agreement requires payment of the sum of $60,000 to effectuate the release. Divestiture of Harbor Guard Boats, Inc. On April 20, 2016, the Company entered into an Acquisition Agreement with Daniel Medina and Rao Mankal, whereby they acquired the Harbor Guard Boats, Inc. stock from Medina, by assuming the debt related to Harbor Guard, totaling$1,819,091, and providing releases of liability for all of such debt, and retiring a total of 35 million shares of common stock of Medina to the treasury. The Board made a determination that the assets were totally impaired, (which assets were fully impaired on the books) as no significant revenue was generated for over two years from the assets, and the assets had no net value exceeding even a portion of the debt relieved, and the company had no capital for recommencing business and had no sales. Further the debt relief to the company, was significant to allow the company to recapitalize. Mr. Mankal and Mr. Medina were affiliates and officers and directors and have concurrently tendered their resignations as officers and directors effective with the closing. Two new directors are appointed and the four disinterested directors have approved the divestiture as being in the best interests of the Company, and its shareholders, in conjunction with the new business of the Company in the health care field. This subsequent event has to be read in conjunction with the 8K filed concurrently here with. |
Litigation
Litigation | 3 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | NOTE 17. LITIGATION NONE |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
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 Subsidiary 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 Subsidiary, Harbor Guard Boats, Inc., and Medina Marine, 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. ASC 650 "Revenue Recognition." 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 accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. |
Inventory | Inventory We carry our inventories at the lower of its 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. Fixed assets consist of tools (molds), office equipment, fire extinguishers and manufacturing tools and are stated at cost. Depreciation of fixed assets is provided using the straight-line method over the estimated useful lives (3-7 years) of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. |
Long Lived Assets | Long Lived Assets The Company adopted codification ASC 350 "Accounting for the Impairment or Disposal of Long-Lived Assets", 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 | 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. |
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, 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 Disclosures about fair value of financial instruments, 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 Translation and Hedging | Foreign Currency Translation 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. The management does not currently hedge foreign currency exposure. |
Basic and Diluted Net Loss Per Share | Basic and Diluted Net Loss per Share 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 commercial and recreational boats. The Company's products were sold domestically and internationally. The Company does not separate sales activities into different operating segments. |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements There were accounting standards and interpretations issued during the three months ended July31, 2015, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of July 31, 2015, inventory consisted of the following: Item July 31, 2015 Work in progress $139,346 Total Inventory $139,346 |
Other Receivables (Tables)
Other Receivables (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Other Receivables | As of July 31, 2015, other receivables consisted of the following: Disposal of Subsidiary $ 237,718 Reserve (237,718) Total Receivables $ $0 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | As of July 31, 2015 Property and equipment consisted of the following: Property and Equipment July 31, 2014 Machinery and equipment, including molds & tools $ 722,514 Computers 13,535 Furniture and fixtures 3,611 Office equipment 5,480 Fire extinguisher 500 Total property and equipment $ 745,742 Less: Accumulated Depreciation (711,312) Total Property and equipment $ 34,430 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | As of July 31, 2015 accrued liabilities consisted of the following: Accrued Liabilities July 31, 2015 Interest - shareholder loan $ 156,543 Interest - notes payable 82,405 Payroll and taxes 16,185 Payroll liabilities 1,198,532 Other accrued 40,800 Warranty liabilities 26,000 Total Accrued liabilities $ 1,520,465 |
Short-Term Debt (Tables)
Short-Term Debt (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | As of July 31, 2015 short term debt consisted of the following: Short-Term Debt July 31, 2015 Line of credit - CITI $ 79,493 Credit cards 25,869 Total $ 105,362 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | As of July 31, 2015 notes payable consisted of the following: Notes Payable July 31, 2015 Mr. SriKrishna Mankal $50,000 Mr. Pavan Mankal 59,000 Mr. Seshadri Chengi 110,500 Mr. Mike Littman 256,025 Total notes payable $ 475,525 |
Shareholders' Loans (Tables)
Shareholders' Loans (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Schedule of Shareholders' Loans | As of July 31, 2015 shareholders loans consisted of the following: Shareholders' Loans July 31, 2015 Daniel Medina, President & Director $ 296,446 Madhava Rao Mankal, Chief Financial Officer & Director 191,845 Total Shareholders' Loans $ 488,292 |
Business, Basis of Presentati32
Business, Basis of Presentation and Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2015 | |
Accounting Policies [Abstract] | |||
Working capital | $ 3,266,244 | ||
Revenue | 27,645 | $ 57,491 | |
Accumulated deficit | $ 8,496,784 | $ 8,368,686 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Jul. 31, 2015 | |
Minimum [Member] | |
Fixed assets estimated useful life | 3 years |
Maximum [Member] | |
Fixed assets estimated useful life | 7 years |
Inventory - Schedule of Invento
Inventory - Schedule of Inventories (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Inventory Disclosure [Abstract] | ||
Work in progress | $ 139,346 | |
Total Inventory | $ 139,346 | $ 79,910 |
Other Receivables (Details Narr
Other Receivables (Details Narrative) - USD ($) | Mar. 28, 2014 | Mar. 28, 2012 | Dec. 31, 2011 | Jul. 31, 2015 |
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 | exchange for 20,400,000 shares of Wintec. | |||
Business acquisition, percentage of voting interests acquired | 51.00% | |||
Wintec [Member] | ||||
Payment of related party bebt amount | $ 237,718 | $ 237,718 | ||
Sale of stock, number of shares issued in transaction | 20,400,000 | |||
Sale of stock, consideration received on transaction | $ 1 | |||
Allowance for doubtful accounts receivable | $ 237,718 | |||
Percentage of reserved receivable due to non-availability of financial | 100.00% | |||
Medina International Holdings [Member] | ||||
Sale of stock, number of shares issued in transaction | 3,000,000 | |||
Sale of stock, consideration received on transaction | $ 1 | |||
Wintec Protective Systems [Member] | ||||
Reserves | $ 237,718 |
Other Receivables - Schedule of
Other Receivables - Schedule of Other Receivables (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Apr. 30, 2015 | |
Receivables [Abstract] | ||
Disposal of Subsidiary | $ 237,718 | |
Reserve | 237,718 | $ 237,718 |
Total Receivables | $ 0 |
Fixed Assets - Schedule of Prop
Fixed Assets - Schedule of Property and Equipment (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Total property and equipment | $ 745,742 | $ 745,640 |
Less: Accumulated Depreciation | (711,312) | (697,281) |
Total Property and equipment | 34,430 | $ 48,359 |
Machinery and Equipment, Including Molds & Tools [Member] | ||
Total property and equipment | 722,514 | |
Computers [Member] | ||
Total property and equipment | 13,535 | |
Furniture And Fixtures [Member] | ||
Total property and equipment | 3,611 | |
Office Equipment [Member] | ||
Total property and equipment | 5,480 | |
Fire Extinguisher [Member] | ||
Total property and equipment | $ 500 |
Prepaid Expenses and Other As38
Prepaid Expenses and Other Assets (Details Narrative) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid operating expenses and vendor deposit amount | $ 8,589 | $ 8,589 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Payroll and taxes | $ 16,185 | |
Payroll liabilities | 1,198,532 | |
Other accrued | 40,800 | |
Warranty liabilities | 26,000 | |
Total Accrued liabilities | 1,520,465 | $ 1,465,792 |
Shareholder Loan [Member] | ||
Interest | 156,543 | |
Notes Payable [Member] | ||
Interest | $ 82,405 |
Short-Term Debt (Details Narrat
Short-Term Debt (Details Narrative) | Jul. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Line of credit | $ 100,000 |
Outstanding balance | $ 79,492 |
Short-Term Debt - Schedule of S
Short-Term Debt - Schedule of Short-term Debt (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Short-Term Debt | $ 105,362 | $ 110,481 |
Line of credit - CITI [Member] | ||
Short-Term Debt | 79,493 | |
Credit Cards [Member] | ||
Short-Term Debt | $ 25,869 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 3 Months Ended |
Jul. 31, 2015USD ($) | |
Related Party License Agreement [Member] | |
Related party transaction, amounts of transaction for royalty payment | $ 1,500 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Aug. 01, 2011 | Jun. 24, 2011 | Jul. 31, 2015 | Apr. 30, 2015 |
Debt instrument, interest rate percentage | 10.00% | |||
Remaining balance of payable on demand | $ 475,525 | |||
Asher Enterprises, Inc [Member] | ||||
Debt instrument, interest rate percentage | 8.00% | |||
Interest accrued to date on this note payable | ||||
Convertible notes | $ 42,500 | |||
Remaining balance of payable on demand | $ 20,000 | |||
Asher Enterprises, Inc [Member] | ||||
Debt instrument, interest rate percentage | 8.00% | |||
Convertible notes | $ 52,500 | |||
Debt instrument, face amount | 4,500 | |||
Mr. Srikrishna Mankal [Member] | ||||
Unsecured note payable | $ 50,000 | |||
Debt instrument, interest rate percentage | 8.00% | |||
Interest accrued to date on this note payable | $ 7,000 | |||
Percentage of conversion feature to common stock discount on closing market | 25.00% | |||
Percentage of discount on market bid price | 25.00% | |||
Mr. Pavan Mankal [Member] | ||||
Unsecured note payable | $ 59,000 | |||
Debt instrument, interest rate percentage | 8.00% | |||
Percentage of conversion feature to common stock discount on closing market | 25.00% | |||
Mr.Sheshadri [Member] | Asher Enterprises, Inc [Member] | ||||
Remaining balance of payable on demand | $ 48,000 | |||
Debt instrument, percentage of principal payment due to issuer in case of non-payment | 150.00% | 150.00% | ||
Threshold for financial transactions under note agreement covenant | $ 100,000 | $ 100,000 | ||
Debt instrument, convertible, conversion ratio | 60 | 60 | ||
Interest expense, debt | $ 28,333 | $ 35,000 | ||
Notes contains BCF amount | $ 28,333 | $ 35,000 | ||
CS Seshadri [Member] | Asher Enterprises, Inc [Member] | ||||
Remaining balance of payable on demand | $ 55,494 | |||
Debt instrument, percentage of principal payment due to issuer in case of non-payment | 8.00% | |||
CS Seshadri [Member] | Asher Enterprises, Inc [Member] | Minimum [Member] | ||||
Debt instrument, interest rate percentage | 8.00% | |||
CS Seshadri [Member] | Asher Enterprises, Inc [Member] | Maximum [Member] | ||||
Debt instrument, interest rate percentage | 22.00% | |||
Mr. Mike Littman [Member] | ||||
Unsecured note payable | $ 256,025 | |||
Debt instrument, interest rate percentage | 1.00% | |||
Converted holders option description | bears an 1% interest per annum and currently due. Note dated June 18, 2015 shall be converted at the Holders option, to Common Stock, in whole or part at 60% of the volume weighted average price for 5 days prior to conversion so long as the conversion does not cause the Holder to become an affiliate, 10% or greater shareholder. |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) | Jul. 31, 2015USD ($) |
Notes Payable | $ 475,525 |
Srikrishna Mankal [Member] | |
Notes Payable | 50,000 |
Pavan Mankal [Member] | |
Notes Payable | 59,000 |
CS Seshadri [Member] | |
Notes Payable | 110,500 |
Mike Littman [Member] | |
Notes Payable | $ 256,025 |
Shareholders' Loans (Details Na
Shareholders' Loans (Details Narrative) | Jul. 31, 2015 |
Equity [Abstract] | |
Percentage of unsecured, accrued interest per annum | 10.00% |
Shareholders' Loans - Schedule
Shareholders' Loans - Schedule of Shareholders' Loans (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Total Shareholders' Loans | $ 488,292 | $ 471,112 |
Daniel Medina, President & Director [Member] | ||
Total Shareholders' Loans | 296,446 | |
Madhava Rao Mankal, Chief Financial Officer & Director [Member] | ||
Total Shareholders' Loans | $ 191,845 |
Contingent Liability (Details N
Contingent Liability (Details Narrative) - USD ($) | Feb. 10, 2012 | Jul. 31, 2015 | Jan. 01, 2012 |
Credit line paid | $ 100,000 | ||
Mr. Mardikian [Member] | Settlement Agreement [Member] | |||
Contingency payment | $ 250,000 | ||
Credit line | $ 94,932 | ||
Credit line paid | $ 250,000 | ||
Number of common stock held by related parties | 5,500,000 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) | 3 Months Ended |
Jul. 31, 2015USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of stock issued for services, shraes | shares | 50,000 |
Number of stock issued for services | $ | $ 500 |
Market share price | $ / shares | $ .01 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 3 Months Ended |
Jul. 31, 2015USD ($)ft² | |
Area of real estate property | ft² | 13,045 |
Operating leases period | 3 years |
Related Party License Agreement [Member] | |
Related party transaction, amounts of transaction for royalty payment | $ 1,500 |
June 30, 2016 [Member] | |
Payments for leasing costs, commissions, and tenant improvements | 495 |
June 30, 2016 [Member] | Minimum [Member] | |
Operating leases, rent expense | 5,610 |
June 30, 2016 [Member] | Maximum [Member] | |
Operating leases, rent expense | $ 5,950 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - USD ($) | Apr. 20, 2016 | Apr. 20, 2016 | Jul. 31, 2015 |
Outstanding notes payble | $ 475,525 | ||
Subsequent Event [Member] | Harbor Guard Boats, Inc [Member] | |||
Assuming debt related cost | $ 1,819,091 | ||
Number of shares providing release of liability for debt and retiring shares of common stock | 35,000,000 | ||
Acquisition Agreement [Member] | Subsequent Event [Member] | |||
Number of restricted shares issued | 351,000,000 | ||
Number of shares owned | 35,000,000 | ||
Purchase price to retire to treasury | $ 100 | $ 100 | |
Outstanding notes for legal fees | 256,025 | ||
Outstanding notes payble | 20,000 | $ 20,000 | |
Debt repayed by earnest money | 1,600 | ||
Agreement requires payments effectuate release | $ 60,000 | ||
Acquisition Agreement [Member] | Subsequent Event [Member] | Madhava Rao Mankal Daniel Medina And AlbertMardikian And MGS Grand Sports Inc [Member] | |||
Preferred stock voting rights descripton | 30 shares of Class A Preferred Convertible Stock (Super Majority Voting) of Medina International Holdings, Inc. from Madhava Rao Mankal and Daniel Medina shall be conveyed for $100 to MedHold; |