Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2016 | Feb. 10, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | ValueSetters Inc. | |
Entity Central Index Key | 1,414,767 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 508,000,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2016 | Apr. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,195 | $ 5,237 |
Accounts receivable, net | 5,002 | |
Prepaid expenses | 152,992 | 202,992 |
Other current assets | 3,315 | 4,954 |
Total current assets | 157,502 | 218,185 |
Non-current prepaid expenses | 44,263 | 159,007 |
Equipment and software, net of accumulated depreciation | 635,097 | 920,892 |
Investments | 15,000 | 15,000 |
Total assets | 851,862 | 1,313,084 |
Current liabilities: | ||
Accounts payable - Trade | 291,597 | 185,795 |
Accounts payable - Related party | 31,680 | 31,680 |
Accrued expenses | 308,036 | 225,629 |
Deferred revenue | 2,760 | 17,160 |
Notes payable- related parties | 15,000 | 16,048 |
Loan payable - bank | 43,824 | 45,804 |
Demand note payable | 48,980 | 39,150 |
Total current liabilities | 741,877 | 561,266 |
Long-term related party note payable | 533,066 | 533,066 |
Long-term unsecured related party note payable | 20,000 | 20,000 |
Long-term secured note payable to related party | 1,156,863 | 1,146,860 |
Total Liabilities | 2,451,806 | 2,261,192 |
Stockholders' deficit: | ||
Common stock, $.001 par value; 900,000,000 shares authorized, 508,000,000 and 500,000,000 shares issued and outstanding, respectively | 508,000 | 500,000 |
Capital in excess of par value | 661,039 | 669,039 |
Accumulated deficit | (2,768,983) | (2,117,147) |
Total stockholders' deficit | (1,599,944) | (948,108) |
Total liabilities and stockholders' deficit | $ 851,862 | $ 1,313,084 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2016 | Apr. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ .001 | $ .001 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 508,000,000 | 500,000,000 |
Common stock, shares outstanding | 508,000,000 | 500,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 3,259 | $ 46,653 | $ 42,631 | $ 86,097 |
Costs and expenses: | ||||
Costs of services | 27,070 | 115,484 | 37,504 | |
Depreciation | 95,265 | 95,265 | 285,795 | 127,020 |
Selling, general and administrative | 45,438 | 226,021 | 207,513 | 518,632 |
Total costs and expenses | 140,703 | 348,356 | 608,792 | 683,156 |
Loss from operations | (137,444) | (301,703) | (566,161) | (597,059) |
Other income (expense): | ||||
Interest expense | (28,635) | (35,174) | (85,675) | (47,543) |
Gain (loss) on change in derivative liabilities | (120,359) | 456,294 | ||
Total other income (expense) | (28,635) | (155,533) | (85,675) | 408,751 |
Net loss | $ (166,079) | $ (457,236) | $ (651,836) | $ (188,308) |
Basic earnings (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted earnings (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding - Basic | 508,000,000 | 500,000,000 | 508,000,000 | 500,000,000 |
Weighted average number of shares outstanding - Diluted | 508,000,000 | 500,000,000 | 505,391,304 | 500,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Operating activities | ||
Net income (loss) | $ (651,836) | $ (188,308) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 164,744 | 349,252 |
Depreciation | 285,795 | 127,020 |
Non-cash revenue | (15,000) | |
Change in fair market value of derivatives | (456,294) | |
Amortization of debt discount | 3,300 | |
Changes in non-cash working capital balances | ||
Accounts receivable | 5,002 | (157) |
Prepaid expenses | 90,489 | |
Other assets | 1,639 | (469) |
Accounts payable | 105,802 | 6,183 |
Accounts payable – related party | 8,703 | |
Accrued expenses | 82,407 | 37,476 |
Deferred revenue | (14,400) | (19,450) |
Derivative liability | 10,000 | |
Cash used in operating activities | (12,144) | (55,958) |
Financing activities | ||
Payments on bank loan | (1,980) | (1,984) |
Payments on demand notes | (1,000) | |
Payments on related party notes | (1,048) | (2,202) |
Proceeds from demand note payable | 9,830 | 11,650 |
Proceeds from note payable- related party | 21,200 | |
Proceeds from note payable- secured related party | 1,300 | 31,500 |
Cash provided by financing activities | 8,102 | 59,164 |
Increase (decrease) in cash and cash equivalents during the period | (4,042) | 3,206 |
Cash and cash equivalents, beginning of the period | 5,237 | 1,623 |
Cash and cash equivalents, end of the period | 1,195 | 4,829 |
Cash paid for: Interest | 2,121 | 2,304 |
Cash paid for: Income taxes |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and three-month period ended January 31, 2016, are not necessarily indicative of the results that may be expected for the year ended April 30, 2016. For further information, refer to the audited financial statements and footnotes thereto in our Annual Report on Form 10-K for the year ended April 30, 2015. |
Note 2 - Going Concern Matters
Note 2 - Going Concern Matters and Realization of Assets | 9 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 2 - Going Concern Matters and Realization of Assets | Note 2 Going Concern Matters and Realization of Assets The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the ordinary course of business. However, the Company has sustained recurring losses from its continuing operations and as of January 31, 2016, had negative working capital of $584,375 and a stockholders deficit of $1,599,944. In addition, the Company is unable to meet its obligations as they become due and sustain its operations. The Company believes that its existing cash resources are not sufficient to fund its continuing operating losses, capital expenditures, lease and debt payments and working capital requirements. The Company may not be able to raise sufficient additional debt, equity or other cash on acceptable terms, if at all. Failure to generate sufficient revenues, achieve certain other business plan objectives or raise additional funds could have a material adverse effect on the Companys results of operations, cash flows and financial position, including its ability to continue as a going concern, and may require it to significantly reduce, reorganize, discontinue or shut down its operations. In view of the matters described above, 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 Companys ability to meet its financing requirements on a continuing basis, 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 in its existence. Managements plans include: 1. Seek to raise debt or equity for working capital purposes and to pay off existing debt balances. With sufficient additional cash available to the Company, it can begin to make marketing expenditures and hire people to generate more revenues, and consequently cut monthly operating losses. 2. Continue to look for software niches and other digital products that can be sold via an Internet-based store. Various acquisition opportunities may help us generate the revenues we are seeking and be a quicker path to profitability than organic growth. There can be no assurance that the Company will be able to achieve its business plan objectives or be able to achieve or maintain cash-flow-positive operating results. If the Company is unable to generate adequate funds from operations or raise sufficient additional funds, the Company may not be able to repay its existing debt, continue to operate its business network, respond to competitive pressures or fund its operations. As a result, the Company may be required to significantly reduce, reorganize, discontinue or shut down its operations. The financial statements do not include any adjustments that might result from this uncertainty. |
Note 3 - Income (Loss) Per Comm
Note 3 - Income (Loss) Per Common Share | 9 Months Ended |
Jan. 31, 2016 | |
Earnings Per Share [Abstract] | |
Note 3 - Income (Loss) Per Common Share | Note 3 Income (Loss) Per Common Share Income (loss) per common share data was computed as follows: Jan. 31, 2016 Jan. 31, 2015 Restated Net loss $ (651,836 ) $ (188,308 ) Weighted average common shares outstanding 508,000,000 500,000,000 Effect of dilutive securities Weighted average dilutive common shares outstanding 508,000,000 500,000,000 Income (Loss) per common share basic $ .00 $ (.00 ) Income (Loss) per common share diluted $ .00 $ (.00 ) As of January 31, 2015, the weighted average diluted common shares outstanding exceeds the number of authorized common shares of the Company. This excess has no effect on diluted net income per common share for the nine months ended January 31, 2015. The Company had sufficient authorized shares at January 31, 2016. |
Note 4 - Principal Financing Ag
Note 4 - Principal Financing Agreements | 9 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
4. Principal Financing Agreements | Note 4 Principal Financing Arrangements The following table summarizes components of debt as of January 31, 2016 and April 30, 2015: Jan.. 31, 2016 April 30, 2015 Interest Rate Secured lender $ 1,156,863 $ 1,146,860 8.0 % Related party notes 15,000 16,048 8.0 % Long-term notes payables 533,066 533,066 2.0% - 3.0% Log-term notes payable related parties 20,000 20,000 2.0% - 3.0% Other notes payable 48,980 39,150 0.0% - 10.0% Due to bank 43,824 45,804 5.5 % Total Debt $ 1,817,733 $ 1,800,928 As of January 31, 2016 and April 30, 2015, the Company owed its principal lender (Lender) $1,156,863 and $1,146,860, respectively, under a loan and security agreement (Loan) dated April 28, 2011, that was amended on July 26, 2014 to change the maturity date to June 30, 2017. The maximum amount of the Loan is $1,250,000. The Lender is also the largest shareholder of the Company, owning 227,173,207 shares of common stock, or 45% of the 508,000,000 shares issued and outstanding. In connection with the financing, the Company has agreed to certain restrictive covenants, including, among others, that the Company may not convey, sell lease, transfer or otherwise dispose of any part of its business or property, except as permitted in the agreement, dissolve, liquidate or merge with any other party unless, in the case of a merger, the Company is the surviving entity, incur any indebtedness except as defined in the agreement, create or allow an lien on any of its assets or collateral that has been pledge to the Lender, make any loans to any person, except for prepaid items or deposits incurred in the ordinary course of business, or make any material capital expenditures To secure the payment of all obligations to the lender, the Company granted to the lender a continuing security interest and first lien on all of the assets of the Company. As of January 31, 2016 and April 30, 2015, the Companys related-party unsecured notes payable totaled $15,000, which is payable to a board member. We also owe $20,000 to an entity that owns the majority of our largest shareholder. This note accrues interest at a rate of 8% per annum and is due in January 2018. It is classified as long-term debt. The Company owes JP Morgan Chase Bank $43,824 and $45,804 and as of January 31, 2016 and April 30, 2015, respectively. The Company pays approximately $220 a month in principal payments on the outstanding balance, plus the monthly interest expense, which is calculated at a rate of 5.5% per annum. Other notes payable totaled $48,980 and $39,150 at July 31, 2015 and April 30, 2015, respectively. The Company owes $533,066 at January 31, 2016 and April 30, 2015 to two individual note holders. A $200,000 note is due in September 2017 and accrues interest at an annual rate of 2%. The holder can convert the note into shares of common stock at a price of $0.01 per share. A second note for $333,066 accrues interest at 3% per annum and is due in June 2017. |
Note 5 - Investments
Note 5 - Investments | 9 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
Note 5. Investments | Note 5 Investments The Company acquires equity interests in early-stage companies in exchange for management advisory services. Such services and investments in early-stage companies are only recorded if the investment was made in a company that generates revenues before our financial reports are issued to the public. We recorded an investment of $15,000, which represent an interest of less than 5%, in a FINRA-regulated equity-based funding portal, NetCapital Systems LLC. The investment is recorded at the value of the services provided by the Company. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 9 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Note 6 - Income Taxes | Note 6 Income Taxes At January 31, 2016, the Company had net operating loss carryforwards for federal income tax purposes of approximately $1,180,000 that expire in the years 2016 through 2031. The Company has provided an allowance for the full value of the related deferred tax asset since it is more likely than not that none of such benefit will be realized. Utilization of the net operating losses may be subject to annual limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. Due to the loss for the nine and three-month period ended January 31, 2016 and 2015, the Company has recorded no income tax expense in either of these nine and three-periods. |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 9 Months Ended |
Jan. 31, 2016 | |
Related Party Transactions [Abstract] | |
Note 7 - Related Party Transactions | Note 7 Related Party Transactions The Companys largest shareholder is also its principal lender. As of January 31, 2016 and April 30, 2015, the Company owed its largest shareholder, under a secured lending agreement, $1,156,863 and $1,146,860, respectively. The maximum amount of the loan is $1,250,000, and the loan matures on June 30, 2017. The largest shareholder of the Company owns 227,173,207 shares of common stock, or 45% of the 500,000,000 shares issued and outstanding. The Company owes a director $31,680 as of January 31, 2016 and April 30, 2015. The Company owes a second director $15,000 as of January 31, 2016 and April 30, 2015. The Company owes a related party $20,000 as of January 31, 2016 and April 30, 2015 under a note payable with interest at 8% per annum, with a maturity date of November 18, 2017. The Company owes its Chief Executive Officer and Chairman of the board of directors $0 and $1,048 as of January 31, 2016 and April 30, 2015, respectively. |
Note 8 - Stockholders' Deficit
Note 8 - Stockholders' Deficit | 9 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Note 8 - Stockholders' Deficit | Note 8 Stockholders Deficit The Company is authorized to issue 900,000,000 shares of its common stock, par value $0.001. 508,000,000 and 500,000,000 shares were outstanding as of January 31, 2016 and April 30, 2015, respectively. On May 7, 2014, the Company granted 5-year stock options that fully vest over a three year period to three consultants. Each consultant was granted an option to purchase up to 6 million shares of the Companys common stock at a price of $0.03 per share. On July 24, 2014, the Company signed a three-year consulting agreement in exchange for 6,000,000 shares of common stock. Those shares were issued in the first quarter of fiscal 2016. In the second quarter of 2016, the Company issued 2,000,000 shares of restricted stock pursuant to a consulting agreement. |
Note 9 - Fair Value
Note 9 - Fair Value | 9 Months Ended |
Jan. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Note 9 - Fair Value | Note 9 Fair Value The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company has the ability to access at the measurement date. Level 2: inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: inputs are unobservable inputs for the asset or liability. Under the Fair Value Measurements Topic of the FASB Accounting Standards Codification, we base fair value on 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. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets and liabilities where there exists limited or no observable market data and, therefore, are based primarily upon managements own estimates, are often calculated based on current pricing policy, the economic and competitive environment, the characteristics of the asset or liability and other such factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows that could significantly affect the results of current or future value. |
Note 10 - Stock-Based Compensat
Note 10 - Stock-Based Compensation Plans | 9 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
Note 10 - Stock-Based Compensation Plans | Note 10 Stock-Based Compensation Plans The Company entered consulting agreements to issue common stock and options to purchase common stock, and recorded the applicable non-cash expense in accordance with the authoritative guidance of the Financial Accounting Standards Board. For the nine month periods ended January 31, 2016 and January 31, 2015, the Company recorded $164,744 and $349,252, respectively, in stock-based compensation expense. As of January 31, 2016, there was $197,255 of prepaid stock-based compensation expense, $152,992 of which is current and $4,263 of which is non-current. |
Note 11 - Restatement
Note 11 - Restatement | 9 Months Ended |
Jan. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
11 - Restatement | Note 11- Restatement The Company restated its financial statements for the nine months ended January 31, 2015, to correct certain accounting errors related to revenue recognition. The table below summarizes the impact of the restatement described above on financial information previously reported on the Companys Forms 10-Q for the period ended January 31, 2015: Original Adjustments As Restated Balance Sheet at January 31, 2015: Investments $ 475,000 $ (460,000 ) $ 15,000 Deferred revenue 309,375 (306,808 ) 2,567 Income Statement for Three Months Ended 1/31/15: Revenues 182,845 (133,192 ) 49,653 Net loss (321,044 ) (133,192 ) (454,236 ) Earnings per share 0.00 0.00 0.00 Earnings per share diluted 0.00 0.00 0.00 Income Statement for Nine Months Ended 1/31/15: Revenues 239,289 (153,192 ) 86,097 Net loss (35,116 ) (153,192 ) (188,308 ) Earnings per share 0.00 0.00 0.00 Earnings per share diluted 0.00 0.00 0.00 Cash Flow Statement for Nine Months Ended 1/31/16: Net loss (35,116 ) (153,192 ) (188,308 ) Non-cash revenue (183,333 ) 168,333 (15,000 ) Deferred revenue (4,309 ) (15,141 ) (19,450 ) |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Jan. 31, 2016 | |
Subsequent Events [Abstract] | |
Note 12 - Subsequent Events | Note 12 Subsequent Events The Company made additional investments in early-stage companies in exchange for consulting and advisory services. Agreements for non-exclusive advisory services and management consulting services were rendered for a 20% interest in Sportsclub LLC, a 20% interest in Reper LLC, a 30% interest in Cupcrew LLC, a 4% interest in Superstar Vape Inc., and a 20% interest in Dark.com LLC. Of these investments, Reper LLC is the only entity that has revenues. The Company also performed additional services for NetCapital Systems LLC, which generates revenues, under a new four-year arrangement that began in August 2016. |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Accounting Principles (Policies) | 9 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine and three-month period ended January 31, 2016, are not necessarily indicative of the results that may be expected for the year ended April 30, 2016. For further information, refer to the audited financial statements and footnotes thereto in our Annual Report on Form 10-K for the year ended April 30, 2015. |
Note 3 - Income (Loss) Per Co19
Note 3 - Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Jan. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | Jan. 31, 2016 Jan. 31, 2015 Restated Net loss $ (651,836 ) $ (188,308 ) Weighted average common shares outstanding 508,000,000 500,000,000 Effect of dilutive securities Weighted average dilutive common shares outstanding 508,000,000 500,000,000 Income (Loss) per common share basic $ .00 $ (.00 ) Income (Loss) per common share diluted $ .00 $ (.00 ) |
Note 4 - Principal Financing 20
Note 4 - Principal Financing Agreements (Tables) | 9 Months Ended |
Jan. 31, 2016 | |
Note 4 - Principal Financing Agreements Tables | |
Principal Financing Agreements | Jan.. 31, 2016 April 30, 2015 Interest Rate Secured lender $ 1,156,863 $ 1,146,860 8.0 % Related party notes 15,000 16,048 8.0 % Long-term notes payables 533,066 533,066 2.0% - 3.0% Log-term notes payable related parties 20,000 20,000 2.0% - 3.0% Other notes payable 48,980 39,150 0.0% - 10.0% Due to bank 43,824 45,804 5.5 % Total Debt $ 1,817,733 $ 1,800,928 |
Note 11 - Restatement (Tables)
Note 11 - Restatement (Tables) | 9 Months Ended |
Jan. 31, 2016 | |
Note 11 - Restatement Tables | |
Schedule of restatement | Original Adjustments As Restated Balance Sheet at January 31, 2015: Investments $ 475,000 $ (460,000 ) $ 15,000 Deferred revenue 309,375 (306,808 ) 2,567 Income Statement for Three Months Ended 1/31/15: Revenues 182,845 (133,192 ) 49,653 Net loss (321,044 ) (133,192 ) (454,236 ) Earnings per share 0.00 0.00 0.00 Earnings per share diluted 0.00 0.00 0.00 Income Statement for Nine Months Ended 1/31/15: Revenues 239,289 (153,192 ) 86,097 Net loss (35,116 ) (153,192 ) (188,308 ) Earnings per share 0.00 0.00 0.00 Earnings per share diluted 0.00 0.00 0.00 Cash Flow Statement for Nine Months Ended 1/31/16: Net loss (35,116 ) (153,192 ) (188,308 ) Non-cash revenue (183,333 ) 168,333 (15,000 ) Deferred revenue (4,309 ) (15,141 ) (19,450 ) |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Narrative) | Jan. 31, 2016USD ($) |
Note 2 - Going Concern Details | |
Working capital | $ (584,375) |
Stockholders' equity deficit | $ 1,599,944 |
Note 3 - Income (Loss) Per Co23
Note 3 - Income (Loss) Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Note 8 - Loss Per Common Share Details | ||||
Net income (loss) | $ (651,836) | $ (188,308) | ||
Weighted average common shares outstanding | 508,000,000 | 500,000,000 | 508,000,000 | 500,000,000 |
Effect of dilutive securities | ||||
Weighted average dilutive common shares outstanding | 508,000,000 | 500,000,000 | ||
Income (Loss) per common share – basic | $ 0 | $ 0 | $ 0 | $ 0 |
Income (Loss) per common share – diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Principal Financing Ar
Note 4 - Principal Financing Arrangements - Principal Financing Arrangements (Details) - USD ($) | Jan. 31, 2016 | Apr. 30, 2015 |
Total Debt | $ 1,817,733 | $ 1,800,928 |
Secured lender | ||
Total Debt | $ 1,156,863 | 1,146,860 |
Interest Rate, min | 8.00% | |
Related Party Notes | ||
Total Debt | $ 15,000 | 16,048 |
Interest Rate, min | 8.00% | |
Long term notes payables | ||
Total Debt | $ 533,066 | 533,066 |
Interest Rate, min | 2.00% | |
Interest Rate, max | 3.00% | |
Long term notes payable - related parties | ||
Total Debt | $ 20,000 | 20,000 |
Interest Rate, min | 2.00% | |
Interest Rate, max | 3.00% | |
Other Notes Payable [Member] | ||
Total Debt | $ 48,980 | 39,150 |
Interest Rate, min | 0.00% | |
Interest Rate, max | 1000.00% | |
Due to bank [Member] | ||
Total Debt | $ 43,824 | $ 45,804 |
Interest Rate, min | 5.50% |
Note 11 - Restatement (Details)
Note 11 - Restatement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Apr. 30, 2015 | |
Investments | $ 15,000 | $ 15,000 | $ 15,000 | ||
Deferred revenue | 2,760 | 2,760 | $ 17,160 | ||
Revenues | 3,259 | $ 46,653 | 42,631 | $ 86,097 | |
Net income | $ (166,079) | $ (457,236) | $ (651,836) | $ (188,308) | |
Earnings per share | $ 0 | $ 0 | $ 0 | $ 0 | |
Earnings per share - diluted | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred revenue | $ (14,400) | $ (19,450) | |||
Original | |||||
Investments | $ 475,000 | 475,000 | |||
Deferred revenue | 309,375 | 309,375 | |||
Revenues | 182,845 | 239,289 | |||
Net income | $ (321,044) | $ (35,116) | |||
Earnings per share | $ 0 | $ 0 | |||
Earnings per share - diluted | $ 0 | $ 0 | |||
Net loss | (35,116) | ||||
Non-cash revenue | (183,333) | ||||
Deferred revenue | (4,309) | ||||
Adjustments | |||||
Investments | $ (460,000) | $ (460,000) | |||
Deferred revenue | (306,808) | (306,808) | |||
Revenues | (133,192) | (153,192) | |||
Net income | $ (133,192) | $ (153,192) | |||
Earnings per share | $ 0 | $ 0 | |||
Earnings per share - diluted | $ 0 | $ 0 | |||
Net loss | (153,192) | ||||
Non-cash revenue | 168,333 | ||||
Deferred revenue | (15,141) | ||||
As Restated | |||||
Investments | $ 15,000 | $ 15,000 | |||
Deferred revenue | 2,567 | 2,567 | |||
Revenues | 49,653 | 86,097 | |||
Net income | $ (454,236) | $ (188,308) | |||
Earnings per share | $ 0 | $ 0 | |||
Earnings per share - diluted | $ 0 | $ 0 | |||
Net loss | (188,308) | ||||
Non-cash revenue | (15,000) | ||||
Deferred revenue | $ (19,450) |