Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2018 | Mar. 19, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | ValueSetters Inc. | |
Entity Central Index Key | 1,414,767 | |
Trading Symbol | VSTR | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 708,049,380 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 20,869 | $ 3,324 |
Accounts receivable | 14,950 | |
Prepaid expenses | 35,000 | 16,424 |
Total current assets | 70,819 | 19,748 |
Deposits | 6,300 | |
Prepaid expenses | 34,233 | |
Digital marketing database | 2,450 | |
Investments | 23,000 | |
Total assets | 136,802 | 19,748 |
Current liabilities: | ||
Accounts payable - Trade | 286,490 | 285,219 |
Accounts payable - Related party | 16,680 | 31,680 |
Accrued expenses | 152,261 | 434,229 |
Deferred revenue | 16,103 | 1,533 |
Notes payable - related parties | 75,800 | 35,100 |
Secured note payable to related party | 1,199,327 | |
Term notes payable | 200,000 | 533,066 |
Loan payable - bank | 38,127 | 40,107 |
Demand notes payable | 23,300 | 50,190 |
Total current liabilities | 808,761 | 2,610,451 |
Long-term secured note payable – related party | 1,000,000 | |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Common stock, $.001 par value; 900,000,000 shares authorized, 708,049,380 and 530,000,000 shares issued and outstanding, respectively, at January 31, 2018 and April 30, 2017 | 708,049 | 530,000 |
Capital in excess of par value | 1,329,289 | 660,439 |
Accumulated deficit | (3,709,297) | (3,781,142) |
Total stockholders' deficit | (1,671,959) | (2,590,703) |
Total liabilities and stockholders' deficit | $ 136,802 | $ 19,748 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jan. 31, 2018 | Apr. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ .001 |
Common stock, authorized | 900,000,000 | 900,000,000 |
Common stock, issued | 708,049,380 | 530,000,000 |
Common stock, outstanding | 708,049,380 | 530,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Statement [Abstract] | ||||
Revenues | $ 44,068 | $ 736 | $ 70,120 | $ 10,409 |
Cost of revenues | 14,910 | 14,910 | ||
Gross profit | 29,158 | 736 | 55,210 | 10,409 |
Cost and expenses: | ||||
Depreciation | 95,265 | 285,795 | ||
Stock-based compensation | 26,387 | 38,248 | 112,699 | 114,744 |
Selling, general and administrative | 24,820 | 5,020 | 105,921 | 13,704 |
Total costs and expenses | 51,207 | 138,533 | 218,620 | 414,243 |
Loss from operations | (22,049) | (137,797) | (163,410) | (403,834) |
Other income (expense) | ||||
Interest expense | (6,163) | (28,541) | (62,209) | (86,734) |
Gain (loss) on debt settlement | (6,300) | 293,664 | ||
Other income | 2,850 | 3,800 | ||
Total other income (expense) | (9,613) | (28,541) | 235,255 | (86,734) |
Net income (loss) | $ (31,662) | $ (166,338) | $ 71,845 | $ (490,568) |
Basic earnings (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted earnings (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding: Basic | 702,066,771 | 509,521,739 | 607,249,652 | 508,507,246 |
Weighted average number of common shares outstanding: Diluted | 702,066,771 | 509,521,739 | 607,249,652 | 508,507,246 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Operating activities | ||
Net income (loss) | $ 71,845 | $ (490,568) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 112,699 | 114,744 |
Depreciation | 285,795 | |
Non-cash consulting expense | 1,000 | |
Gain on debt settlement | (293,664) | |
Changes in non-cash working capital balances | ||
Accounts receivable | (14,950) | |
Deposits and other assets | (6,300) | 2,017 |
Accounts payable | (13,729) | (3,839) |
Accrued expenses | 97,747 | 87,306 |
Deferred revenue | 14,570 | |
Cash used in operating activities | (31,782) | (3,545) |
Financing activities | ||
Payments on bank loan | (1,980) | (1,980) |
Payment on related party note | (100) | |
Proceeds from notes payable | 21,700 | |
Proceeds from related party note | 15,600 | |
Proceeds from note payable - secured related party | 14,107 | 5,000 |
Cash provided by financing activities | 49,327 | 3,020 |
Increase (decrease) in cash and cash equivalents during the period | 17,545 | (525) |
Cash and cash equivalents, beginning of the period | 3,324 | 843 |
Cash and cash equivalents, end of the period | 20,869 | 318 |
Cash paid for: | ||
Interest | 1,286 | 2,073 |
Income taxes | ||
Non-cash financing activities: | ||
Common stock issued for debt settlement | 263,752 | |
Common stock issued for digital marketing database | 2,450 | |
Common stock issued for prepaid consulting | 70,000 | |
Common stock issued for investment | $ 23,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2018 | |
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 periods ended January 31, 2018, are not necessarily indicative of the results that may be expected for the year ended April 30, 2018. 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, 2017. |
Going Concern Matters and Reali
Going Concern Matters and Realization of Assets | 9 Months Ended |
Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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, 2018, had negative working capital of $737,942 and a stockholders’ deficit of $1,671,959. 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 Company’s 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 Company’s 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. Management’s 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. 3. Continue to provide advisory services to early-stage companies and assist them with capital raises. Beginning in fiscal 2018, the Company has a Chief Executive Officer, Chief Financial Officer and a Vice President, Business Development, all of whom are active in seeking to generate revenue from new advisory opportunities. 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. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 9 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Common Share | Note 3 – Income (Loss) Per Common Share Income (Loss) per common share data was computed as follows: Nine Months Ended January 31, 2018 Nine Months Ended January 31, 2017 Three Months Ended January 31, 2018 Three Months Ended January 31, 2017 Net income (loss) attributable to common stockholders – basic $ 71,845 $ (490,568 ) $ (31,662 ) $ (166,338 ) Adjustments to net income (loss) — — — — Net income (loss) attributable to common stockholders – diluted $ 71,845 $ (490,568 ) $ (31,662 ) $ (166,338 ) Weighted average common shares outstanding - basic 607,249,652 508,507,246 702,066,771 509,521, 739 Effect of dilutive securities — — — — Weighted average common shares outstanding – diluted 607,249,652 508,507,246 702,066,771 509,521,739 Earnings (loss) per common share - basic $ 0.00 $ (0.00 ) $ (0.00 ) $ (0.00 ) Earnings (loss) per common share - diluted $ 0.00 $ (0.00 ) $ (0.00 ) $ (0.00 ) For the nine and three-month periods ended January 31, 2018 and 2017, the Company excluded 38,000,000 and 38,733,333 shares, respectively, of common stock issuable upon the exercise of outstanding stock options and fixed-rate convertible debt from the calculation of net loss per share because the effect would be anti-dilutive. |
Principal Financing Agreements
Principal Financing Agreements | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Principal Financing Agreements | Note 4 – Principal Financing Arrangements The following table summarizes components of debt as of January 31, 2018 and April 30, 2017: Jan. 31, 2018 April 30, 2017 Interest Rate Secured lender $ 1,000,000 $ 1,199,327 1.25 % Related party notes 75,800 35,100 0.0% - 8.0% Term notes payable 200,000 533,066 2.0% - 3.0% Other notes payable 23,300 50,190 0.0% - 10.0% Due to bank 38,127 40,107 5.5 % Total Debt $ 1,337,227 $ 1,857,790 As of January 31, 2018 and April 30, 2017, the Company owed its principal lender (“Lender”) $1,000,000 and $1,199,327, respectively, under a loan and security agreement (“Loan”) dated April 28, 2011, that was amended on October 31, 2017 to change the maturity date to October 31, 2020, reduce the interest rate from 8% to 1.25% per annum, and reduce the default interest rate from 15% to 8% per annum (the “Amendments”). In conjunction with the Amendments, the Lender also agreed to reduce the total debt and accrued interest payable to $1,000,000, in exchange for the Company issuing to the Lender 44,198,246 shares of its common stock. The Lender is also the largest shareholder of the Company, owning 271,371,454 shares of common stock, or 38.3% of the 708,049,380 shares issued and outstanding. The Amendment decreased the Loan balance by $453,031. Consequently, upon issuance of the 44,198,246 shares to the Lender, who is a related party, the Company recorded the debt decrease as a capital transaction, resulting in an increase of $44,198 in common stock and $408,833 in capital in excess of par value. Under the provisions of the Loan, 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 a lien on any of its assets or collateral that has been pledged 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, 2018 and April 30, 2017, the Company’s related-party unsecured notes payable totaled $75,800 and $35,100, respectively. At January 31, 2018, $15,000 is payable to a board member at a zero percent interest rate and $60,800 is payable to an entity that owns the majority of our largest shareholder. One related-party note totals $20,000 and accrues interest at a rate of 8% per annum and was due in January 2018. The remaining related-party debt payable of $40,800 is payable immediately and accrues interest at a rate of 8% per annum. The Company owes JP Morgan Chase Bank $38,127 and $40,107 and as of January 31, 2018 and April 30, 2017, 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 $23,300 and $50,190 at January 31, 2018 and April 30, 2017, respectively. The notes are payable on demand. The Company owes $200,000 and $533,066 at January 31, 2018 and April 30, 2017, respectively, to two individual note holders. A $200,000 note was 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 (the “Second Note”), accrued interest at 3% per annum was due in June 2017. This note plus accrued interest was converted into shares of common stock on October 5, 2017. See Note 7. The Second Note was settled by issuing a total number of shares of 52,301,100, which were valued at $130,753, for the settlement of obligations of $443,011, resulting in a gain on debt settlement of $312,259 in the three-month period ended October 31, 2017. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes At January 31, 2018, the Company had net operating loss carryforwards for federal income tax purposes of approximately $2,100,000 that expire in the years 2018 through 2033. 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 periods ended January 31, 2018 and 2017, the Company has recorded no income tax expense in any of these nine- and three-month periods. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jan. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions The Company’s largest shareholder is also its principal lender. As of January 31, 2018 and April 30, 2017, the Company owed its largest shareholder, under a secured lending agreement, $1,000,000 and $1,199,327 respectively. The maximum amount of the loan is $1,250,000, and the loan is due on October 31, 2020. The largest shareholder of the Company owns 271,371,454 shares of common stock, or 38.3% of the 708,049,380 shares issued and outstanding. The Company owes a director $31,680 as of January 31, 2018 and April 30, 2017, which is recorded as accounts payable. The Company owes $15,000 to a former director, who resigned on August 7, 2017. At April 30, 2017, the obligation was recorded as a related-party payable, and as a payable to a non-related party at January 31, 2018. The Company owes a related party $20,000 as of January 31, 2018 and April 30, 2017 under a note payable with interest at 8% per annum, with a maturity date of November 18, 2017, and as of January 31, 2018, an additional $40,800 payable on demand. Our Chief Executive Officer and our Chief Financial Officer each received stock grants of 20,000,000 shares. For each officer, 10,000,000 shares were vested immediately and 10,000,000 shares vest on a quarterly basis over a two-year period. See Note 7. The Company owes its former Chief Executive Officer $0 and $100 as of January 31, 2018 and April 30, 2017, respectively. |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Jan. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Deficit | Note 7 – Stockholders’ Deficit The Company is authorized to issue 900,000,000 shares of its common stock, par value $0.001. 708,049,380 and 530,000,000 shares were outstanding as of January 31, 2018 and April 30, 2017, respectively. In the first quarter of fiscal 2018, the Company issued 10,000,000 shares of restricted common stock to its Chief Executive Officer and 24,590,000 to a creditor to settle $24,590 in debt. In the second quarter of fiscal 2018, the Company issued an aggregate of 12,875,000 shares of restricted common stock as compensation expense. 11,125,000 shares were issued to our Chief Financial Officer and 1,125,000 to our Chief Executive Officer. The Company also issued 10,000,000 shares of restricted common stock to AthenaSoft Corp., to purchase a 20% ownership. The Company can exert no influence on AthenaSoft Corp., considers its ownership a passive investment and has no access to the financial records of AthenaSoft Corp. Consequently, the investment is recorded using the cost method. In conjunction with the acquisition, the Company incorporated a new wholly-owned subsidiary, AthenaSoft Inc., a Delaware corporation, for the purpose of being a U.S. marketing arm for programming projects that AthenaSoft Corp. completes with its labor force in India. Additionally, the Company issued 96,499,346 shares of restricted common stock to settle debt obligations, including accrued interest payable, of $896,042 In the third quarter of fiscal 2018, the Company received conversion notices to convert debt and accrued interest payable totaling $26,973 into 8,755,867 shares of common stock. At the time of the conversion, the stock was valued at $33,273, and the Company recorded a loss on debt conversion of $6,300. In the third quarter of fiscal 2018, the Company issued an aggregate of 2,979,167 shares of restricted common stock as compensation expense, 2,250,000 of which were issued as compensation to the Company’s Chief Executive and Chief Financial Officers. The Company also issued 2,000,000 shares of restricted common stock for funds previously received in a private placement agreement of $2,000, which were formerly recorded in accrued expenses, 10,000,000 shares of restricted common stock for a two-year marketing agreement, and 350,000 shares of restricted common stock to acquire a digital marketing database. |
Fair Value
Fair Value | 9 Months Ended |
Jan. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 8 – 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 management’s 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Stock-Based Compensation Plans | Note 9 – Stock-Based Compensation Plans The Company issued 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- and three-month periods ended January 31, 2018, the Company recorded $112,699 and $26,387, respectively, in stock-based compensation expense. For the nine- and three-month periods ended January 31, 2017, the Company recorded $114,744 and $38,248, respectively, in stock-based compensation expense. On January 23, 2018, the company issued 10,000,000 shares of common stock, valued at $0.007 per share, or $70,000 in the aggregate, for a two-year consulting agreement. In conjunction with this agreement, $767 was included in stock-based compensation for the nine- and three-month periods ended January 31, 2018. The remaining balance of $69,233 is recorded as a prepaid expense at January 31, 2018, $35,000 of which is recorded as a current asset and $34,233 as a non-current asset. The $69,233 will be recognized on a straight-line basis as non-cash stock-compensation expense over the remainder of the two years. |
Deposits
Deposits | 9 Months Ended |
Jan. 31, 2018 | |
Deposits [Abstract] | |
Deposits | Note 10 – Deposits The company utilizes office space in Boston, Massachusetts, under a month-to-month lease agreement that allows to company to end its lease by providing 30-day written notice. The lease agreement includes a deposit of $6,300. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 – Subsequent Events The Company evaluated subsequent events through March 19, 2018 the date these financial statements were available to be issued. There were no material subsequent events that required recognition or additional disclosure in these financial statements. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of income (loss) per common share | Nine Months Ended January 31, 2018 Nine Months Ended January 31, 2017 Three Months Ended January 31, 2018 Three Months Ended January 31, 2017 Net income (loss) attributable to common stockholders – basic $ 71,845 $ (490,568 ) $ (31,662 ) $ (166,338 ) Adjustments to net income (loss) — — — — Net income (loss) attributable to common stockholders – diluted $ 71,845 $ (490,568 ) $ (31,662 ) $ (166,338 ) Weighted average common shares outstanding - basic 607,249,652 508,507,246 702,066,771 509,521, 739 Effect of dilutive securities — — — — Weighted average common shares outstanding – diluted 607,249,652 508,507,246 702,066,771 509,521,739 Earnings (loss) per common share - basic $ 0.00 $ (0.00 ) $ (0.00 ) $ (0.00 ) Earnings (loss) per common share - diluted $ 0.00 $ (0.00 ) $ (0.00 ) $ (0.00 ) |
Principal Financing Agreements
Principal Financing Agreements (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Note 4 - Principal Financing Agreements Tables | |
Schedule of debt | Jan. 31, 2018 April 30, 2017 Interest Rate Secured lender $ 1,000,000 $ 1,199,327 1.25 % Related party notes 75,800 35,100 0.0% - 8.0% Term notes payable 200,000 533,066 2.0% - 3.0% Other notes payable 23,300 50,190 0.0% - 10.0% Due to bank 38,127 40,107 5.5 % Total Debt $ 1,337,227 $ 1,857,790 |
Going Concern Matters and Rea19
Going Concern Matters and Realization of Assets (Details Narrative) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Going Concern Matters And Realization Of Assets Details Narrative | ||
Working capital | $ (737,942) | |
Stockholders' equity deficit | $ (1,671,959) | $ (2,590,703) |
Income (Loss) Per Common Shar20
Income (Loss) Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Note 8 - Loss Per Common Share Details | ||||
Net income (loss) attributable to common stockholders – basic | $ (31,662) | $ (166,338) | $ 71,845 | $ (490,568) |
Adjustments to net income (loss) | ||||
Net income (loss) attributable to common stockholders – diluted | $ (31,662) | $ (166,338) | $ 71,845 | $ (490,568) |
Weighted average common shares outstanding - basic | 702,066,771 | 509,521,739 | 607,249,652 | 508,507,246 |
Effect of dilutive securities | ||||
Weighted average common shares outstanding – diluted | 702,066,771 | 509,521,739 | 607,249,652 | 508,507,246 |
Earnings (loss) per common share - basic | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings (loss) per common share - diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Principal Financing Arrangement
Principal Financing Arrangements (Details) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Total Debt | $ 1,337,227 | $ 1,857,790 |
Secured Lender [Member] | ||
Total Debt | $ 1,000,000 | 1,199,327 |
Interest Rate | 1.25% | |
Related Party Notes [Member] | ||
Total Debt | 35,100 | |
Related Party Notes [Member] | Minimum [Member] | ||
Interest Rate | 0.00% | |
Related Party Notes [Member] | Maximum [Member] | ||
Total Debt | $ 75,800 | |
Interest Rate | 8.00% | |
Term Notes Payable Minimum [Member] | ||
Total Debt | 533,066 | |
Interest Rate | 2.00% | |
Term Notes Payable Maximum [Member] | ||
Total Debt | $ 200,000 | |
Interest Rate | 3.00% | |
Other Notes Payable [Member] | ||
Total Debt | 50,190 | |
Other Notes Payable [Member] | Minimum [Member] | ||
Interest Rate | 0.00% | |
Other Notes Payable [Member] | Maximum [Member] | ||
Total Debt | $ 23,300 | |
Interest Rate | 10.00% | |
Due To Bank [Member] | ||
Total Debt | $ 38,127 | 40,107 |
Interest Rate | 5.50% | |
NotesPayableOtherPayables1Member | ||
Total Debt | $ 200,000 |