Document and Entity Information
Document and Entity Information - Jul. 31, 2015 - shares | Total |
Document and Entity Information | |
Entity Registrant Name | BIOSHAFT WATER TECHNOLOGY, INC. |
Document Type | 10-Q |
Document Period End Date | Jul. 31, 2015 |
Amendment Flag | false |
Entity Central Index Key | 1,365,784 |
Current Fiscal Year End Date | --04-30 |
Entity Common Stock, Shares Outstanding | 117,611,170 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | bshf |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Current assets: | ||
Cash | $ 80 | $ 20,975 |
Accounts receivable, net | 84,590 | 58,955 |
Other current assets | 697 | 957 |
Deferred costs of goods sold | 715,189 | 711,489 |
Total Current Assets | 800,556 | 792,376 |
Deposits | 1,000 | 1,000 |
Total Assets | 801,556 | 793,376 |
Current liabilities: | ||
Accounts payable and accrued expenses | 465,347 | 569,664 |
Accounts payable and accrued expenses - related party | 911,873 | 831,583 |
Deferred revenue | 402,041 | 370,419 |
Deferred revenue - related party | 599,121 | 497,713 |
Accrued interest, net | 88,265 | 65,230 |
Notes payable | 1,197,390 | 1,147,390 |
Related party notes payable | 69,800 | 69,800 |
Total Current Liabilities | 3,733,837 | 3,551,799 |
Total Liabilities | $ 3,733,837 | $ 3,551,799 |
Stockholders' deficit: | ||
Preferred stock value | ||
Common stock value | $ 117,611 | $ 117,611 |
Additional paid-in capital | 20,285,598 | 20,285,598 |
Accumulated deficit | (23,335,490) | (23,161,632) |
Total Stockholders' Deficit | (2,932,281) | (2,758,423) |
Total Liabilities and Stockholders' Deficit | $ 801,556 | $ 793,376 |
BALANCE SHEET (PARENTHETICAL)
BALANCE SHEET (PARENTHETICAL) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Balance Sheets | ||
Allowance for doubtful accounts | $ 193,630 | $ 182,030 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 117,611,170 | 117,611,170 |
Common stock, shares outstanding | 117,611,170 | 117,611,170 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
REVENUES | ||
Net revenue from projects | $ 13,764 | $ 117,380 |
TOTAL REVENUES | 13,764 | 117,380 |
COST OF REVENUES | 131,382 | |
GROSS PROFIT (LOSS) | 13,764 | (14,002) |
OPERATING EXPENSES | ||
Selling, general and administrative | 51,697 | 45,879 |
Advertising, marketing and promotions | 218 | 177 |
Consulting fees | 108,400 | 123,900 |
Depreciation expense | 279 | |
TOTAL OPERATING EXPENSES | 160,315 | 170,235 |
INCOME (LOSS) FROM OPERATIONS | (146,551) | (184,237) |
OTHER INCOME (EXPENSE) | ||
Interest income (expense), net | (27,307) | (20,684) |
TOTAL OTHER INCOME (EXPENSE) | (27,307) | (20,684) |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | $ (173,585) | $ (204,921) |
PROVISION FOR INCOME TAXES | ||
NET INCOME (LOSS) | $ (173,858) | $ (204,921) |
NET INCOME LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 117,611,170 | 109,302,474 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
NET INCOME (LOSS) | $ (173,858) | $ (204,921) |
Adjustments To Reconcile Net Income (loss) To Net Cash Used In Operating Activities | ||
Depreciation expense | 279 | |
Bad debt expense | 11,600 | |
Change in operating assets & liabilities | ||
Accounts receivable | (37,235) | 43,216 |
Deferred costs of goods sold | (3,700) | (246,250) |
Other assets | 260 | |
Accounts payable and accrued expenses | (992) | (98,286) |
Deferred revenues | 133,030 | 247,051 |
Net Cash Provided by (Used in) Operating Activities | (70,895) | (258,911) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes payable | 50,000 | 60,000 |
Proceeds from related party notes payable | 65,000 | |
Proceeds from issuance of stock | 105,000 | |
Net Cash Provided by Financing Activities | 50,000 | 230,000 |
Net Increase (Decrease) in Cash | (20,895) | (28,911) |
Cash - beginning of the period | 20,975 | 37,338 |
Cash - end of the period | 80 | $ 8,427 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | $ 4,272 | |
Cash paid for income taxes |
General Organization and Busine
General Organization and Business | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
General Organization and Business | NOTE 1 - GENERAL ORGANIZATION AND BUSINESS Bioshaft Water Technology, Inc. (the Company) was originally incorporated under the laws of the state of Nevada on March 8, 2006. The Company owns worldwide patented technology and is in the business of designing, manufacturing and installing wastewater (sewage) treatment plants using its technology. The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of the Company as a going concern. The Company has used cash flows from operations and incurred net losses of approximately $23,335,490 since inception. The Company currently has limited liquidity, and does not yet have sufficient revenues to cover operating costs over an extended period of time. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors cause significant doubt regarding the Company to continue as a going concern. Management anticipates that the Company will be dependent, for the foreseeable future, on additional investment capital through notes payable or sales of common stock to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Practices | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Summary of Significant Accounting Practices | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES Basis of Presentation The accounting policies of the Company are in accordance with the accounting principles generally accepted in the United States of America and are presented in United States dollars (USD). Outlined below are those policies considered particularly significant. The accompanying unaudited financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of July 31, 2015, and the results of its operations and cash flows for the three months ended July 31, 2015. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission. The Company believes that the disclosures in the unaudited financial statements are adequate to make the information presented not misleading. The operating results of the Company on a quarterly basis may not be indicative of operating results for the full year. For further information, refer to the financial statements and notes included in the Companys Form 10-K for the year ended April 30, 2015. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company follows accounting guidance issued by the Financial Accounting Standards Board (FASB) on Fair Value Measurements for assets and liabilities measured at fair value on a recurring basis. The FASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, the FASB requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. The Company discloses the estimated fair value for all financial instruments for which it is practicable to estimate fair value. As of July 31, 2015 and April 30, 2015, the fair value of short-term financial instruments including cash, accounts receivable, accounts payable and accrued expenses, costs in excess of billings on uncompleted projects, billings in excess of costs and estimated earnings on uncompleted projects, and accrued interest approximates book value due to their short-term maturity. The fair value of property and equipment is estimated to approximate its net book value. The fair value of debt obligations approximates their face values due to their short-term maturities and/or the rates of interest associated with the underlying obligation. Basic Loss per Common Share Basic loss per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Under the treasury stock method, the exercise price of an award, if any, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the estimated tax benefits that would be recorded in paid-in capital, if any, when an award is settled are assumed to be used to repurchase shares in the current period. The Company excluded 36,100,000 and 6,100,000 common stock equivalents outstanding for the three months ended July 31, 2015 and 2014, respectively, as their exercise prices were in excess of the average closing market price of the Companys common stock, causing their effects to be anti-dilutive using the treasury stock method. Revenue Recognition For contracts in which the Company can reasonably estimate the costs, the percent complete and are responsible for the overall project administration, the Company recognizes revenues based on the percentage-of-completion method, measured by the percentage of cost incurred to date to estimated total cost for each contract. That method is used because management considers total cost to be the best available measure of progress on contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change within the near term. For contracts in which the Company cannot reasonably estimate the costs and the percent complete, the Company recognizes revenues using the completed contract method. Typically, these contracts are isolated to international contracts whereby the Company is providing equipment and limited installation. Under the completed contract basis, contract costs are recorded to a deferred asset account and billings and/or cash received are recorded to a deferred revenue liability account during the periods of construction. All revenues, costs, and profits are recognized in operations upon completion of the contract. A contract is considered completed when all costs except insignificant items have been incurred and the equipment is accepted by the end user. Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs, and depreciation. Selling, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability may result in revisions to costs and income, which are recognized in the period in which the revisions are determined. Changes in estimated job profitability resulting from job performance, job conditions, contract penalty provisions, claims, change orders, and settlements, are accounted for as changes in estimates in the current period. No profit is recognized on change orders until they have been approved by the customer. The asset, deferred costs of goods sold, represents costs incurred on current projects which have not been allocated to the particular project or the contract has not been completed and typically relate to deposits paid or incurred to third party vendors in which the services and or equipment has not been provided. The liability, deferred revenue, represents billings in excess of revenues recognized or amounts in which the Company has received in connection with contracts being recognized under the completed contract method. Contract retentions are included in accounts receivable. As of April 30, 2015, $22,302 was included within deferred revenues in which related to contracts being accounted for under the percent completion method. This amount was recognized during the three months ended July 31, 2015. New Accounting Pronouncements The FASB issues Accounting Standard Updates (ASUs) to amend the authoritative literature in the Accounting Standards Codification (ASC). There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date, other than noted below, either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, "Presentation of Financial Statements - Going Concern", which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. Management is still in the process of assessing the impact of ASU 2014-15 on the Companys consolidated financial statements. |
Loans Payable Disclosure
Loans Payable Disclosure | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Loans Payable Disclosure | NOTE 3 - LOANS PAYABLE $1,047,390 Note Payable On August 21, 2014, the Company was notified that the $60,000 advance, $500,000 convertible note payable and $25,000 secured note payable and accrued interest of $487,799 on such was sold by the holder to a related entity of the holder. On August 21, 2014, the Company entered into a note agreement for $1,047,390. Under the terms of the agreement, the note incurs interest at 7.5% per annum, the holder received 5,000,000 bonus shares of common stock and is due July 7, 2015. In addition, if the Company does not raise $5.0 million in equity capital by July 7, 2015, which was not the case, the holder will receive 30,000,000 warrants to purchase shares of the Company's common stock at $0.025 per share. In connection with the new agreement, the $500,000 convertible note and accrued interest on such is no longer convertible into common stock and warrants to purchase 10,000,000 shares of common stock held by the current holder, which were received in connection with a previous transaction, were cancelled. The Company accounted for the transaction as an extinguishment due to the significant change in the future expected cash flows, which was in excess of 10%, due to the change in interest rate, removal of the conversion feature, cancelation of warrants and issuance of 5,000,000 shares of common stock. The total loss recorded in connection with this extinguishment was $474,142. In determining the loss on extinguishment the Company determined the fair market value of the beneficial conversion feature, warrants and shares of common stock on August 21, 2014. Although, the issuance of the 30,000,000 million warrants was contingent upon a future event, the value was taken into consideration in the loss calculation as the holder didn't have a performance commitment to receive such shares and the Company viewed the raising of capital as a market condition to receiving such. As of July 31, 2015, accrued interest on the note payable was approximately $80,706. $100,000 Note Payable On December 24, 2014, the Company secured a $100,000 note payable, accruing interest at 7.5% per annum being due December 24, 2015. The proceeds were used for operating purposes. The loan payable is with the same party as the $1,047,390 note payable disclosed above. $50,000 Note Payable On June 9, 2015, the Company secured a $50,000 note payable, accruing interest at 7.5% per annum being due June 9, 2016. The proceeds were used for operating purposes. The loan payable is with the same party as the $1,047,390 note payable disclosed above. |
Stockholders' Deficit Disclosur
Stockholders' Deficit Disclosure | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Stockholders' Deficit Disclosure | NOTE 4 - STOCKHOLDERS DEFICIT Stock Issued for Cash In July 2014, the Company sold 1,500,000 shares of common stock at $0.07 per share resulting in proceeds of $105,000. In August 2014, the Company sold 2,200,000 shares of common stock to a member of the board of directors at $0.068 per share resulting in proceeds of $150,000. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Related Party Transactions | NOTE 5 - RELATED PARTY TRANSACTIONS Consulting Contracts As of July 31, 2015, the Company has consulting contracts with three related parties for total annual compensation of $393,600. Total amounts due to these related parties, including reimbursable expenses, as of July 31, 2015 and April 30, 2015 were $533,904 and $453,617, respectively. The amounts are included in accounts payable and accrued expenses - related parties on the accompanying balance sheets. As of July 31, 2015 and April 30, 2015, a former officer and current shareholder of the Company is due $206,000 for prior consulting services performed which is included in accounts payable and accrued expenses - related parties on the accompanying balance sheets. There were no payments made on this obligation during the three months ended July 31, 2015. As of July 31, 2015 and April 30, 2015, another consultant, shareholder and officer of the Company is due a net $171,966 which is included within accounts payable and accrued expenses - related parties on the accompanying balance sheets. There were no payments made on this obligation during the nine months ended July 31, 2015. Revenues From time to time, the Company enters into contracts with an entity controlled by a board member to provide waste water plants. These contracts are typically for waste water plants located in the middle east in which the board member's company has operations. Under these contracts, the Company supplies completed waste water treatment units and the customer performs the installation. As of July 31, 2015 and April 30, 2015, the Company capitalized costs of $482,514 and $478,814, respectively, related to these contracts in which expenditures had been made but the equipment had not been delivered or accepted by the end customer. As of July 31, 2015 and April 30, 2015, the Company has recorded within deferred revenues - related party $599,121 and $497,713, respectively. These amount represents amounts in which have been received from the related party but the revenue has not been recognized as the equipment has not been delivered or accepted. As of July 31, 2015 and April 30, 2015, the Company had $0 and $11,600, respectively, due from the related party recorded in accounts receivable. The Company typically records revenues and expenses in connection with these contracts using the completed contract method as their services primarily relate to the sale of equipment to the related party. The related party is typically responsible for the installation and management of the project. The Company recognizes revenues and costs when acceptance of the waste water plants are received. Loans Payable In July 2014, the Company entered into a promissory note for $65,000 with an entity controlled by a significant shareholder and a member of the board of directors. The promissory note incurs interest at 15% per annum, compounding monthly, with principal and interest due July 25, 2015. Subsequent to this agreement, an additional $4,800 was provided to the Company, bringing the total due to the related party as of July 31, 2015 and April 30, 2015 to $69,800. The proceeds were used to fund operations. Sales of Common Stock See Note 4 for discussion regarding sales of common stock to a related party. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to July 31, 2015 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Summary of Significant Accoun12
Summary of Significant Accounting Practices: Basis of Presentation (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Basis of Presentation | Basis of Presentation The accounting policies of the Company are in accordance with the accounting principles generally accepted in the United States of America and are presented in United States dollars (USD). Outlined below are those policies considered particularly significant. The accompanying unaudited financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of July 31, 2015, and the results of its operations and cash flows for the three months ended July 31, 2015. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission. The Company believes that the disclosures in the unaudited financial statements are adequate to make the information presented not misleading. The operating results of the Company on a quarterly basis may not be indicative of operating results for the full year. For further information, refer to the financial statements and notes included in the Companys Form 10-K for the year ended April 30, 2015. |
Summary of Significant Accoun13
Summary of Significant Accounting Practices: Use of Estimates (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accoun14
Summary of Significant Accounting Practices: Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows accounting guidance issued by the Financial Accounting Standards Board (FASB) on Fair Value Measurements for assets and liabilities measured at fair value on a recurring basis. The FASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, the FASB requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. The Company discloses the estimated fair value for all financial instruments for which it is practicable to estimate fair value. As of July 31, 2015 and April 30, 2015, the fair value of short-term financial instruments including cash, accounts receivable, accounts payable and accrued expenses, costs in excess of billings on uncompleted projects, billings in excess of costs and estimated earnings on uncompleted projects, and accrued interest approximates book value due to their short-term maturity. The fair value of property and equipment is estimated to approximate its net book value. The fair value of debt obligations approximates their face values due to their short-term maturities and/or the rates of interest associated with the underlying obligation. |
Summary of Significant Accoun15
Summary of Significant Accounting Practices: Basic Income (Loss) Per Common Share Policy (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Basic Income (Loss) Per Common Share Policy | Basic Loss per Common Share Basic loss per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Under the treasury stock method, the exercise price of an award, if any, the amount of compensation cost, if any, for future service that the Company has not yet recognized, and the estimated tax benefits that would be recorded in paid-in capital, if any, when an award is settled are assumed to be used to repurchase shares in the current period. The Company excluded 36,100,000 and 6,100,000 common stock equivalents outstanding for the three months ended July 31, 2015 and 2014, respectively, as their exercise prices were in excess of the average closing market price of the Companys common stock, causing their effects to be anti-dilutive using the treasury stock method. |
Summary of Significant Accoun16
Summary of Significant Accounting Practices: Revenue Recognition Policy (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Revenue Recognition Policy | Revenue Recognition For contracts in which the Company can reasonably estimate the costs, the percent complete and are responsible for the overall project administration, the Company recognizes revenues based on the percentage-of-completion method, measured by the percentage of cost incurred to date to estimated total cost for each contract. That method is used because management considers total cost to be the best available measure of progress on contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change within the near term. For contracts in which the Company cannot reasonably estimate the costs and the percent complete, the Company recognizes revenues using the completed contract method. Typically, these contracts are isolated to international contracts whereby the Company is providing equipment and limited installation. Under the completed contract basis, contract costs are recorded to a deferred asset account and billings and/or cash received are recorded to a deferred revenue liability account during the periods of construction. All revenues, costs, and profits are recognized in operations upon completion of the contract. A contract is considered completed when all costs except insignificant items have been incurred and the equipment is accepted by the end user. Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs, and depreciation. Selling, general, and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability may result in revisions to costs and income, which are recognized in the period in which the revisions are determined. Changes in estimated job profitability resulting from job performance, job conditions, contract penalty provisions, claims, change orders, and settlements, are accounted for as changes in estimates in the current period. No profit is recognized on change orders until they have been approved by the customer. The asset, deferred costs of goods sold, represents costs incurred on current projects which have not been allocated to the particular project or the contract has not been completed and typically relate to deposits paid or incurred to third party vendors in which the services and or equipment has not been provided. The liability, deferred revenue, represents billings in excess of revenues recognized or amounts in which the Company has received in connection with contracts being recognized under the completed contract method. Contract retentions are included in accounts receivable. As of April 30, 2015, $22,302 was included within deferred revenues in which related to contracts being accounted for under the percent completion method. This amount was recognized during the three months ended July 31, 2015. |
General Organization and Busi17
General Organization and Business (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Details | ||
Net losses since inception | $ 23,335,490 | $ 23,161,632 |
Summary of Significant Accoun18
Summary of Significant Accounting Practices: Basic Income (Loss) Per Common Share Policy (Details) - shares | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Details | ||
Common stock excluded, anti-dilutive | 36,100,000 | 6,100,000 |
Summary of Significant Accoun19
Summary of Significant Accounting Practices: Revenue Recognition Policy (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Deferred revenue | $ 402,041 | $ 370,419 |
Overruns on a project | ||
Deferred revenue | $ 22,302 |
Loans Payable Disclosure (Detai
Loans Payable Disclosure (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 21, 2014 | Apr. 30, 2015 | Jul. 31, 2015 | Jun. 09, 2015 | Dec. 24, 2014 | |
Accrued interest | $ 65,230 | $ 88,265 | |||
$1,047,390 Note Payable | |||||
Transfer of Debt | On August 21, 2014, the Company was notified that the $60,000 advance, $500,000 convertible note payable and $25,000 secured note payable and accrued interest of $487,799 on such was sold by the holder to a related entity of the holder. | ||||
Loan payable | $ 1,047,390 | ||||
Interest rate on loan payable | 7.50% | ||||
Shares of common stock issued for debt | 5,000,000 | ||||
Loss on extinguishment | $ 474,142 | ||||
Accrued interest | $ 80,706 | ||||
$100,000 Note Payable | |||||
Loan payable | $ 100,000 | ||||
$25,000 Loan Payable | |||||
Interest rate on loan payable | 7.50% | ||||
$50,000 Note Payable | |||||
Loan payable | $ 50,000 | ||||
Interest rate on loan payable | 7.50% |
Stockholders' Deficit Disclos21
Stockholders' Deficit Disclosure (Details) - Apr. 30, 2015 - USD ($) | Total |
Issued for cash - July 2014 | |
Common stock issued | 1,500,000 |
Price per share sold | $ 0.07 |
Proceeds from issuance of common stock | $ 105,000 |
Issued for cash - August 2014 | |
Common stock issued | 2,200,000 |
Price per share sold | $ 0.068 |
Proceeds from issuance of common stock | $ 150,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Apr. 30, 2015 | |
Deferred revenue - related party | $ 599,121 | $ 497,713 |
Loan payable related party | 69,800 | 69,800 |
Consulting Contracts | ||
Related party compensation | 393,600 | |
Due to related parties | 533,904 | 453,617 |
Former officer and current shareholder | ||
Due to related party, other | 206,000 | |
Consultant, shareholder and officer | ||
Payable due to related party | 171,966 | |
Entity controlled by a board of director | ||
Deferred revenue - related party | 599,121 | 497,713 |
Accounts receivable recorded | 0 | $ 11,600 |
Entity controlled by a significant shareholder and a member of the board of directors | ||
Loan payable related party | $ 69,800 |