MMEX Resources (MMEX) 10-Q/A 29 Mar 17 2017 Q3 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2017	Mar. 28, 2017
Document And Entity Information
Entity Registrant Name	MMEX Resources Corp
Entity Central Index Key	1,440,799
Document Type	10-Q
Document Period End Date	Jan. 31, 2017
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	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,479,282,834
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Current assets:
Cash	$ 82	$ 1,030
Total current assets	82	1,030
Property and equipment, net		386
Total assets	82	1,416
Current liabilities:
Accounts payable	659,640	651,188
Accounts payable - related party	9,010
Accrued expenses	877,801	984,387
Accrued expenses - related party	69,108	64,420
Notes payable, currently in default	375,000	375,000
Convertible notes payable, currently in default, net of discount of $2,594 and $0 at January 31, 2017 and April 30, 2016, respectively	221,089	195,001
Convertible preferred stock, currently in default	137,500	137,500
Derivative liabilities	48,062	395,619
Total current liabilities	2,397,210	2,803,115
Commitments and contingencies
Stockholders' deficit:
Common stock; $0.001 par value, 3,000,000,000 shares authorized, 911,923,522 and 180,432,013 shares issued and outstanding at January 31, 2017 and April 30, 2016, respectively	911,924	180,434
Common stock payable	291,668	3,395,483
Additional paid-in capital	26,830,796	24,154,130
Non-controlling interest	(377,989)	(376,619)
Accumulated (deficit)	(30,053,527)	(30,155,127)
Total stockholders' deficit	(2,397,128)	(2,801,699)
Total liabilities and stockholders' deficit	$ 82	$ 1,416

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Current liabilities:
Convertible notes, net of discount currently in default	$ 2,594	$ 0
Stockholders' deficit:
Common stock, par value	$ 0.001	$ 0.001
Common stock, Authorized	3,000,000,000	3,000,000,000
Common stock, Issued	911,923,522	180,432,013
Common stock, outstanding	911,923,522	180,432,013

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Condensed Consolidated Statements Of Operations
Revenues
Operating Expenses:
General and administrative expenses	21,759	60,525	148,000	194,612
Depreciation and amortization		363	386	1,624
Total operating expenses	21,759	60,888	148,386	196,236
Loss from operations	(21,759)	(60,888)	(148,386)	(196,236)
Other income (expense):
Interest expense	(97,436)	(36,169)	(214,375)	(493,166)
Gain (loss) on derivative liabilities	222,080	1,026,919	255,188	(247,849)
Gain (loss) on extinguishment of liabilities	207,803		207,803	(1,365,521)
Total other income (expense)	332,447	990,750	248,616	(2,106,536)
Income (loss) before income taxes	310,688	929,862	100,230	(2,302,772)
Provision for income taxes
Net income (loss)	310,688	929,862	100,230	(2,302,772)
Non-controlling interest in loss of consolidated subsidiaries	455	460	1,370	1,384
Net income (loss) attributable to the Company	$ 311,143	$ 930,322	$ 101,600	$ (2,301,388)
Weighted average number of common shares outstanding
Basic	579,136,120	167,031,611	442,361,280	93,789,412
Diluted	636,500,120	167,051,758	449,531,780	93,789,412
Net income (loss) per common share - basic and diluted	$ 0	$ 0.01	$ 0	$ (0.02)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Cash flows from operating activities
Net income (loss) attributable to the Company	$ 101,600	$ (2,301,388)
Non-controlling interest in loss of consolidated subsidiaries	(1,370)	(1,384)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	386	1,624
Stock-based compensation	47,254
(Gain) loss on derivative liabilities	(255,188)	247,849
(Gain) loss on extinguishment of liabilities	(207,803)	1,365,521
Amortization of debt discount	61,320	375,617
Amortization of deferred loan costs		8,822
Increase (decrease) in liabilities:
Accounts payable	23,187	2,515
Accrued expenses	106,321	229,279
Net cash used in operating activities	(124,293)	(71,545)
Cash flows from investing activities
Decrease in deposits		10,000
Net cash provided by investing activities		10,000
Cash flows from financing activities
Proceeds from common stock payable	37,563	65,000
Proceeds from issuance of common stock	1,000
Proceeds from convertible notes payable	84,782
Net cash provided by financing activities	123,345	65,000
Net increase (decrease) in cash	(948)	3,455
Cash at the beginning of the period	1,030	141
Cash at the end of the period	82	3,596
Supplemental disclosures:
Interest paid
Income taxes paid
Common stock for common stock payable	236,783
Additional paid-in capital for common stock payable	2,827,549
Notes payable converted to common stock	56,100
Derivative liabilities converted to common stock	156,283
Common stock payable contributed to capital	90,000
Derivative liabilities for debt discount	63,914
Common stock for accounts payable	5,725
Common stock for accrued expenses	208,219
Adjustment to common stock and additional paid-in capital		(39)
Accrued expenses contributed to capital		2,063,468
Preferred stock and accrued dividends converted to common stock payable		(1,410,685)
Notes payable converted to common stock payable		1,950,000
Notes payable – related party contributed to capital		$ 149,253

BACKGROUND, ORGANIZATION AND BA

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 1 - BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION	MMEX Resources Corporation (the “Company” or “MMEX”) was formed in the State of Nevada on May 19, 2005 as Inkie Entertainment Group, Inc. Subsequently, the Company amended its articles of incorporation to change its name to MMEX Resources Corporation and to authorize the Company to issue up to 3,000,000,000 common shares and 10,000,000 preferred shares. The changes in the number of authorized shares of the Company have been given retroactive effect in the accompanying consolidated financial statements. The Board of Directors of the Company has decided to focus efforts on the oil, gas, refining and electric power business in the United States and Latin America. The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership: Name of Entity % Form of Entity State of Incorporation Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent MCC Merger, Inc. (“MCCM”) 100 % Corporation Delaware Holding Subsidiary Maple Carpenter Creek Holdings, Inc. (“MCCH”) 100 % Corporation Delaware Subsidiary Maple Carpenter Creek, LLC (“MCC”) 80 % LLC Nevada Subsidiary Carpenter Creek, LLC (“CC”) 95 % LLC Delaware Subsidiary Armadillo Holdings Group Corp. (“AHGC”) 100 % Corporation British Virgin Isles Subsidiary Armadillo Mining Corp. (“AMC”) 98.6 % Corporation British Virgin Isles Subsidiary As of April 13, 2016, the Company assigned AMC to an irrevocable trust (the “Trust”), whose beneficiaries are the existing shareholders of MMEX. The accounts of AMC are included in the consolidated financial statements due to the common ownership. AMC through the Trust controls the Hunza coal interest previously owned by the Company. On September 1, 2016, the Company entered into a stock assignment agreement with LatAm Services, LLC (“LatAm”) pursuant to which it assigned MCCH to LatAm. With the assignment of MCCH to LatAm, the Company has exited the Hunza coal project to focus on energy related projects under its new business plan. All significant inter-company transactions have been eliminated in the preparation of the consolidated financial statements. These financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for a fair presentation of the information contained therein. The Company has adopted a fiscal year end of April 30.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Our significant accounting policies are described in our Annual Report on Form 10-K for the year ended April 30, 2016 filed with the SEC on January 13, 2017. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Derivative liabilities In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives. We have also identified the conversion feature of one of our convertible notes payable as a derivative. We estimate the fair value of the derivatives using the Black-Scholes option pricing model and multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. Fair value of financial instruments Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, Financial Instruments, An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value using a hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy prioritized the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in markets that are not active. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows: January 31, 2017 Total Level 1 Level 2 Level 3 Derivative liabilities $ 48,062 $ - $ - $ 48,062 April 30, 2016 Total Level 1 Level 2 Level 3 Derivative liabilities $ 395,619 $ - $ - $ 395,619 Basic and diluted loss per share Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the three months ended January 31, 2017 and 2016 and the nine months ended January 31, 2017, potential dilutive securities included 57,364,000, 20,147 and 7,170,500 shares issuable for in-the-money warrants and shares issuable for convertible debt, respectively, using the treasury stock method. For the nine months ended January 31, and 2016, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share; therefore, basic net loss per share is the same as diluted net loss per share. Issuance of shares for non-cash consideration The Company accounts for the issuance of equity instruments to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The Company's accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor's performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Reclassifications Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation. Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-4, “Intangibles – Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment.” This update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity should apply the amendments in this update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. A public business entity that is an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. In January 2017, the FASB issued ASU No. 2017-1, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments of this ASU are effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The amendments in this Update are to be applied prospectively on or after the effective date. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. In October 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties That are Under Common Control.” This update amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 3 - GOING CONCERN	Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. We have incurred continuous losses from operations, have an accumulated deficit of $30,053,527 and a total stockholders’ deficit of $2,397,128 at January 31, 2017, and have reported negative cash flows from operations since inception. In addition, we do not currently have the cash resources to meet our operating commitments for the next twelve months, and we expect to have ongoing requirements for capital investment to implement our business plan. Finally, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered by entrance into established markets and the competitive environment in which we operate. Since inception, our operations have primarily been funded through private debt and equity financing, as well as capital contributions by our subsidiaries' partners, and we expect to continue to seek additional funding through private or public equity and debt financing. Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital and/or that our cash generated by our operations will be adequate to meet our needs. These factors, among others, indicate that we may be unable to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company's ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	During the past few years, Tydus Richards, the former Chairman of our board of directors and shareholder, made certain payments on behalf of the Company. The Company has partially reimbursed Mr. Richards for these advances. As of January 31, 2017 and April 30, 2016, a remaining balance payable of $31,633 is included in accrued expenses – related party. On October 9, 2014, convertible notes payable in default to an accredited investor of $1,650,000, $120,000 and $180,000 were assigned to The Maple Gas Corporation, a related party owned by Mr. Jack W. Hanks, a director and officer of the Company. On May 8, 2015, The Maple Gas Corporation converted the notes into 194,999,999 common shares of the Company at $0.01 per share, which resulted in a loss on extinguishment of debt of $975,000. The issuance of the common shares to Maple Structure Holdings was approved by the Company’s Board of Directors Resolution dated May 18, 2015, and the shares were issued on May 2, 2016. At April 30, 2016, common stock payable included an obligation of $2,925,000 for the issuance of the shares. Accounts payable to related parties, comprised of amounts payable to The Maple Gas Corporation, totaled $9,010 and $0 at January 31, 2017 and April 30, 2016, respectively. Accrued expenses (see Note 6) to related parties totaled $69,108 and $64,420 as of January 31, 2017 and April 30, 2016, respectively.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 5 - PROPERTY AND EQUIPMENT	Property and equipment consisted of the following at: January 31, 2017 April 30, 2016 Computer software and hardware $ 25,023 $ 25,023 Less accumulated depreciation and amortization (25,023 ) (24,637 ) $ - $ 386 Depreciation and amortization expense totaled $0 and $363 for the three months ended January 31, 2017 and 2016, respectively, and $386 and $1,624 for the nine months ended January 31, 2017 and 2016, respectively.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 6 - ACCRUED EXPENSES	Accrued expenses consisted of the following at: January 31, 2017 April 30, 2016 Accrued payroll $ 30,090 $ 240,309 Accrued consulting 75,633 75,633 Accrued interest 778,645 670,324 Other 62,541 62,541 $ 946,909 $ 1,048,807

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 7 - NOTES PAYABLE	Notes payable, currently in default, consist of the following at: January 31, 2017 April 30, 2016 Note payable to an unrelated party, maturing July 15, 2010, with interest at 10% $ 300,000 $ 300,000 Note payable to an unrelated party, maturing December 31, 2010, with interest at 10% 25,000 25,000 Note payable to an unrelated party, maturing January 27, 2012, with interest at 25% 50,000 50,000 $ 375,000 $ 375,000 Accrued interest payable on notes payable, currently in default, totaled $307,415 and $276,477 at January 31, 2017 and April 30, 2016, respectively. Convertible notes payable, currently in default, consist of the following at: January 31, 2017 April 30, 2016 Note payable to an accredited investor, maturing March 1, 2013, with interest at 1.87% per month, $ 120,000 $ 120,000 Note payable to an unrelated party, maturing March 18, 2014, with interest at 10% 75,001 75,001 Note payable pursuant to Settlement Agreement, non- interest bearing, repaid in March 2017 (Note 13), net of discount of $2,594 26,088 - Total $ 221,089 $ 195,001 Accrued interest payable on convertible notes payable, currently in default, totaled $137,879 and $112,058 at January 31, 2017 and April 30, 2016, respectively. On January 2, 2013, the Company closed a note purchase agreement with an accredited investor pursuant to which the Company sold a $120,000 note in a private placement transaction. The note was due and payable on March 1, 2013, is currently in default and carries a monthly interest rate of 1.87%. The note purchase agreement included the issuance of 300,000 shares of the Company’s common stock. The note is secured with 900,000 shares of the Company’s common stock owned by Jack W. Hanks, the Company’s President and CEO. The 300,000 shares were valued at $0.10 per share, the closing price of the Company’s common stock on January 2, 2013, and recorded as a $30,000 increase to debt discount and an increase to common stock payable. The Company allocated the proceeds from the issuance of the notes to the warrants when applicable and to the notes based on their estimated fair market values at the date of issuance using the Black-Scholes option pricing model. The debt discount resulting from interest and the value of warrants computed at the inception of the notes payable was amortized as additional interest expense over the term of the notes. On October 28, 2016, the Company entered into a Settlement Agreement and Stipulation (the “Settlement Agreement”) with Rockwell Capital Partners, Inc. (“RCP”). Pursuant to the Settlement Agreement, as amended, RCP has purchased certain outstanding payables between the Company and designated vendors totaling $84,782 (the “Payables” or “Claims”) and will exchange the portion of such Payables assigned for a Settlement Amount payable in common shares of the Company. In settlement of the Claims, the Company shall issue and deliver to RCP, in one or more tranches as necessary, shares of the Company’s common stock (“Common Stock”), subject to adjustment and ownership limitations as set forth in the Settlement Agreement, sufficient to satisfy the Claims amount at a 50% discount to market based on the market price during the valuation period as defined in the Settlement Agreement. We identified this conversion feature as a derivative and have estimated the fair value of the derivative using the Black-Scholes option pricing model. The Company also issued 7,000,000 shares of Common Stock as a settlement fee on October 31, 2016. On October 28, 2016, a circuit court in Florida issued an order confirming the fairness of the terms of the Settlement Agreement within the meaning of exemption from registration provided by Section 3(a) (10) of the Securities Act of 1933. The Company’s creditors received a total of $84,782 pursuant to the Settlement Agreement, and through January 31, 2017, the Company issued to RCP a total of 452,000,000 shares of the Company’s common stock in conversion of $56,100 note principal. Subsequent to January 31, 2017, the Settlement Agreement was terminated (see Note 13).

CONVERTIBLE PREFERRED STOCK

CONVERTIBLE PREFERRED STOCK	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 8 - CONVERTIBLE PREFERRED STOCK	Convertible Preferred Stock, Currently in Default On June 30, 2011, the Company issued 360,000 shares of Armadillo Mining Corporation Preferred Stock to five unrelated parties in exchange for an investment of $360,000. The Preferred Stock carry a 25% cumulative dividend and have a mandatory redemption feature on December 31, 2011 at a price of $1.25 per share. In addition, the Company issued 360,000 warrants to purchase shares of the Company’s common stock at an exercise price of $0.60 per share on or before three years from the repayment or conversion date. On January 6, 2012, three unrelated parties converted their Preferred Stock and accrued dividends of $312,500 into 2,983,293 shares of the Company’s common stock at a price of $.10475 per share. As the conversion took place at below the market price and not within the terms of the agreement on the date of conversion, a loss of $75,328 was recorded. As of January 31, 2017 and April 30, 2016, the remaining face value of the Preferred Stock was $137,500. Accrued dividends on the Preferred Stock totaled $333,351 and $281,789 as of January 31, 2017 and April 30, 2016, respectively. The Company recorded interest expense, which included amortization of debt discount on certain debt in prior years, totaling $36,118 and $36,169 for the three months ended January 31, 2017, respectively, and $153,055 and $493,166 for the nine months ended January 31, 2017 and 2016, respectively.

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 9 - DERIVATIVE LIABILITIES	In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives. We have also identified the variable conversion price feature of our convertible note payable issued in the Settlement Agreement as a derivative. During the nine months ended January 31, 2017, we had the following activity in our derivative liabilities: Balance, April 30, 2016 $ 395,619 Derivative liabilities recorded as debt discount 63,914 Debt conversions (156,283 ) Change in fair value of derivative liabilities (255,188 ) Balance, January 31, 2017 $ 48,062 The Company calculated the fair value of the derivatives associated with warrants using a multinomial lattice model simulation. The model is based on a probability weighted discounted cash flow model using projections of the various potential outcomes. Key inputs and assumptions used in valuing the Company’s derivative liabilities are as follows for issuances of warrants: · Stock prices on all measurement dates were based on the fair market value · Risk-free interest rates ranging from 1.49% – 1.54% · The probability of future financing was estimated at 100% · Computed volatility ranging from 104% to 109% We calculated the fair value of the derivatives associated with the Settlement Agreement using the Black-Scholes option pricing model. Key inputs and assumptions in valuing the Company’s derivative liabilities are as follows for convertible note payable: · Stock prices on all measurement dates were based on the fair market value · Risk-free interest rates ranging from 0.35% – 0.53% · Computed volatility ranging from 172% – 396% · Dividend yield was assumed at 0% · Years to maturity ranging from .10 – .35 years · Conversion price of debt ranging from $0.00005 – $0.00245 per share These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

STOCKHOLDERS DEFICIT

STOCKHOLDERS DEFICIT	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 10 - STOCKHOLDERS DEFICIT	Authorized Shares As of April 6, 2016, the Company amended its articles of incorporation to increase its authorized shares to 1,000,000,000 common shares and 10,000,000 preferred shares, and as of November 29, 2016, increased its authorized common shares to 3,000,000,000 shares. The increase in authorized shares has been given retroactive effect in the accompanying condensed consolidated financial statements for all periods presented. Stock Issuances During the nine months ended January 31, 2017, the Company issued a total of 731,491,509 shares of its common stock: 194,999,999 shares in conversion of notes payable in default of $2,925,000; 41,784,320 shares in a private placement for $118,230 cash and $60,000 in services; 7,000,000 shares as a fee valued at $34,300 and 452,000,000 shares in conversion of $56,100 note principal pursuant to the Settlement Agreement (Note 7) and $156,283 in associated derivative liabilities; 5,000,000 shares for cash of $1,000, 2,082,190 shares in settlement of accrued expenses of $208,219 and 28,625,000 shares in payment of accounts payable for services of $5,725. On May 2, 2016, the Company issued 194,999,999 shares of its common stock to a related party pursuant to the conversion of notes payable in default (see Note 4), reducing stock subscriptions payable by $2,925,000. The Company initiated in fiscal year 2016 a private placement to qualified investors for cash and services. A total of $118,230 cash and $60,000 in services was received, including $49,200 cash from related parties, for a total of 41,784,320 common shares of the Company and a total of 43,025,313 warrants. The warrants entitle the investors to purchase common shares at exercise prices of $0.0001 and $0.01 per share through March 1, 2022. Of the common shares issued, 1,096,397 shares were issued in July 2016, 27,740,423 shares were issued in December 2016 and 12,947,500 shares were issued in January 2017. On October 31, 2016, the Company issued 7,000,000 shares of its common stock as a fee valued at $34,300 to an institution lender pursuant to a Settlement Agreement (see Note 7). During November 2016 through January 31, 2017, the Company issued the lender a total of 452,000,000 shares of the Company’s common stock in conversion of $56,100 note principal. On January 19, 2017, the Company issued 5,000,000 shares of its common stock to an investor for $1,000 cash. On January 24, 2017, the Company entered into an agreement with a former employee to issue 2,082,190 shares of the Company’s common stock in settlement of accrued salaries of $208,219, and recognized a gain on extinguishment of liabilities of $207,803. On January 24, 2017, the Company issued 28,625,000 shares of its common stock to a consultant in payment of services valued at $5,725. Stock Options On March 7, 2012, the Company issued a total of 2,000,000 stock options exercisable at $0.35 per share for a period of ten years from the date of grant. The Company did not grant any stock options during the nine months ended January 31, 2017. A summary of stock option activity during the nine months ended January 31, 2017 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2016 2,000,000 $ 0.35 5.85 Granted - - Canceled / Expired - - Exercised - - Outstanding, January 31, 2017 2,000,000 $ 0.35 5.10 The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options, which value is amortized to stock-based compensation expense over the vesting period of the options. No stock-based compensation expense was recorded during the three months and nine months ended January 31, 2017 and 2016 related to stock option grants. There was no unrecognized stock option expense at January 31, 2017. Warrants The Company has issued warrants to qualified investors in a private placement, for debt discounts or other stock-based compensation. These warrants generally vest upon grant and are valued using the Black-Scholes option pricing model or multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes. A summary of warrant activity during the nine months ended January 31, 2017 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2016 11,522,170 $ 0.01 5.84 Granted 65,138,143 $ 0.01 Canceled / Expired - - Exercised - - Outstanding, January 31, 2017 76,660,313 $ 0.01 5.04 Common Stock Reserved At January 31, 2017, 76,660,313 shares of the Company’s common stock were reserved for issuance of outstanding warrants.

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 11 - NON-CONTROLLING INTERESTS	On September 23, 2010, the Company, through a reverse merger, acquired 100% of the outstanding shares of Maple Carpenter Creek Holdings, Inc., ("MCCH"), a holding Company, with an 80% interest in Maple Carpenter Creek, LLC ("MCC"), which in turn owned a 95% interest in the subsidiary, Carpenter Creek, LLC ("CC"), and a 98.12% interest in Armadillo Holdings Group Corp. ("AHGC"), which in turn owned an 80% interest in Armadillo Mining Corp. ("AMC"). The non-controlling interest of 1.88% in AHGC was acquired by MCCH on December 21, 2010 in exchange for 31,334 shares of the Company’s common stock resulting in 100% ownership of AHGC. On March 22, 2011, AHGC acquired 14.6% of AMC and on April 30, 2012, an additional 4% interest for a total of 98.6% based upon agreement with the minority interest holder to reduce their interest based upon proportionate share of additional capital contributed to AMC. As of April 13, 2016, the Company assigned AMC to an irrevocable trust (the "Trust"), whose beneficiaries are the existing shareholders of MMEX. AMC through the Trust controls the Hunza coal interest previously owned by the Company. On September 1, 2016, the Company entered into a stock assignment agreement with LatAm Services, LLC (“LatAm”), a related party, pursuant to which it assigned MCCH to LatAm. With the assignment of MCCH to LatAm, the Company has exited the Hunza coal project to focus on energy related projects under its new business plan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 12 - COMMITMENTS AND CONTINGENCIES	Legal There were no legal proceedings against the Company. Operating Lease Commitments The Company acquired the Bolzer Lease pursuant to a September 23, 2010 merger. Subsequently, notice of termination on this lease effective April 26, 2010 was provided by previous management. The Company has recorded an accrued expense for the minimum lease payment of $62,541 for the January 2010 payment.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2017
Notes to Financial Statements
NOTE 13 - SUBSEQUENT EVENTS	In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below. Refinery Transaction On March 4, 2017, MMEX Resources Corporation (the “Company”) entered into an agreement with Maple Resources Corporation (“Maple”), a related party, to acquire all of Maple’s right, title and interest (the “Rights”) in plans to build a $450 million, 50,000 barrels per day capacity crude oil refinery in Pecos County, Texas (the “Refinery Transaction” or the “Project”). Pursuant to the Refinery Transaction, the Company agreed to acquire the Rights in exchange for the issuance of 7,000,000,000 new common shares (the “Purchased Shares”). The Refinery Transaction provides for the Company to issue the Purchased Shares in two tranches, of which the First Tranche of 1,500,000,000 shares was issued on March 4, 2017. The Second Tranche of 5,500,000,000 shares is to be issued once the Company’s Articles of Incorporation are amended to increase the number of authorized shares of common stock, as more particularly described below. In addition, the Second Tranche amount of shares will be adjusted (up or down) subject to valuation of the Refinery Transaction by a third party outside consultant. Completion of the Project is subject to the receipt of required governmental permits and completion of required debt and equity financing. Amendment of Articles of Incorporation On March 7, 2017, the holders of more than 50.1% of the outstanding shares of common stock of the Company executed their written consent in lieu of special meeting approving an amendment and restatement of the articles of incorporation to provide for an increase in the authorized shares of common stock from 3,000,000,000 to 10,000,000,000 shares. In addition, the articles of incorporation will be amended to provide for two classes of common shares: (i) Class A Shares, having one vote per share, and (ii) Class B Shares, with 10 votes per share. All of the currently outstanding shares of common stock will be reclassified as Class A Shares, except that all of the Purchased Shares issued or to be issued in the Refinery transaction will be Class B Shares. Other than the provisions of the voting rights, the two classes of shares of common stock will have equal terms and conditions. As of the date of filing of this report, the amendment to the articles of incorporation creating two classes of common shares has not been filed. Settlement Agreement As discussed in Note 7, on October 28, 2016, the Company entered into a Settlement Agreement with RCP. Pursuant to the Settlement Agreement, as amended, RCP purchased a total of $84,782 outstanding payables from the Company for shares of common stock of the Company. During November 2016 through January 2017, we have issued a cumulative total of 452,000,000 common shares pursuant to the Settlement Agreement and, as of March 9, 2017, we issued an additional 37,000,000 common shares and have terminated any further obligation to issue shares. Our creditors will not receive further funding from the Settlement Agreement. Other Common Shares Issued Subsequent to January 31, 2017, the Company issued a total of 27,727,733 shares of its common stock to investors for cash of $15,500 and 2,631,579 shares of its common stock to a consultant for services valued at $9,737.

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING (POLICIES)	9 Months Ended
	Jan. 31, 2017
Summary Of Significant Accounting Policies Policies
Use of estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Derivative liabilities	In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives. We have also identified the conversion feature of one of our convertible notes payable as a derivative. We estimate the fair value of the derivatives using the Black-Scholes option pricing model and multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.
Fair value of financial instruments	Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, Financial Instruments, An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value using a hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy prioritized the inputs into three levels that may be used to measure fair value: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in markets that are not active. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows: January 31, 2017 Total Level 1 Level 2 Level 3 Derivative liabilities $ 48,062 $ - $ - $ 48,062 April 30, 2016 Total Level 1 Level 2 Level 3 Derivative liabilities $ 395,619 $ - $ - $ 395,619
Basic and diluted loss per share	Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the three months ended January 31, 2017 and 2016 and the nine months ended January 31, 2017, potential dilutive securities included 57,364,000, 20,147 and 7,170,500 shares issuable for in-the-money warrants and shares issuable for convertible debt, respectively, using the treasury stock method. For the nine months ended January 31, and 2016, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share; therefore, basic net loss per share is the same as diluted net loss per share.
Issuance of shares for non-cash consideration	The Company accounts for the issuance of equity instruments to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The Company's accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor's performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.
Reclassifications	Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation.
Recently issued accounting pronouncements	In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-4, “Intangibles – Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment.” This update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity should apply the amendments in this update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. A public business entity that is an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. In January 2017, the FASB issued ASU No. 2017-1, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments of this ASU are effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The amendments in this Update are to be applied prospectively on or after the effective date. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. In October 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties That are Under Common Control.” This update amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.

BACKGROUND, ORGANIZATION AND 20

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Tables)	9 Months Ended
	Jan. 31, 2017
Background Organization And Basis Of Presentation Tables
Entity operational details	The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership: Name of Entity % Form of Entity State of Incorporation Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent MCC Merger, Inc. (“MCCM”) 100 % Corporation Delaware Holding Subsidiary Maple Carpenter Creek Holdings, Inc. (“MCCH”) 100 % Corporation Delaware Subsidiary Maple Carpenter Creek, LLC (“MCC”) 80 % LLC Nevada Subsidiary Carpenter Creek, LLC (“CC”) 95 % LLC Delaware Subsidiary Armadillo Holdings Group Corp. (“AHGC”) 100 % Corporation British Virgin Isles Subsidiary Armadillo Mining Corp. (“AMC”) 98.6 % Corporation British Virgin Isles Subsidiary

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Jan. 31, 2017
Summary Of Significant Accounting Policies Tables
Summary of derivative liabilities	Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows: January 31, 2017 Total Level 1 Level 2 Level 3 Derivative liabilities $ 48,062 $ - $ - $ 48,062 April 30, 2016 Total Level 1 Level 2 Level 3 Derivative liabilities $ 395,619 $ - $ - $ 395,619

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Jan. 31, 2017
Property And Equipment Tables
Property and Equipment	Property and equipment consisted of the following at: January 31, 2017 April 30, 2016 Computer software and hardware $ 25,023 $ 25,023 Less accumulated depreciation and amortization (25,023 ) (24,637 ) $ - $ 386

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Jan. 31, 2017
Accrued Expenses Tables
Accrued expenses	Accrued expenses consisted of the following at: January 31, 2017 April 30, 2016 Accrued payroll $ 30,090 $ 240,309 Accrued consulting 75,633 75,633 Accrued interest 778,645 670,324 Other 62,541 62,541 $ 946,909 $ 1,048,807

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Jan. 31, 2017
Income Taxes Tables
Notes payable, currently in default	Notes payable, currently in default, consist of the following at: January 31, 2017 April 30, 2016 Note payable to an unrelated party, maturing July 15, 2010, with interest at 10% $ 300,000 $ 300,000 Note payable to an unrelated party, maturing December 31, 2010, with interest at 10% 25,000 25,000 Note payable to an unrelated party, maturing January 27, 2012, with interest at 25% 50,000 50,000 $ 375,000 $ 375,000
Convertible notes payable, currently in default	Convertible notes payable, currently in default, consist of the following at: January 31, 2017 April 30, 2016 Note payable to an accredited investor, maturing March 1, 2013, with interest at 1.87% per month, $ 120,000 $ 120,000 Note payable to an unrelated party, maturing March 18, 2014, with interest at 10% 75,001 75,001 Note payable pursuant to Settlement Agreement, non- interest bearing, repaid in March 2017 (Note 13), net of discount of $2,594 26,088 - Total $ 221,089 $ 195,001

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	9 Months Ended
	Jan. 31, 2017
Derivative Liabilities Tables
Derivative liabilities	During the nine months ended January 31, 2017, we had the following activity in our derivative liabilities: Balance, April 30, 2016 $ 395,619 Derivative liabilities recorded as debt discount 63,914 Debt conversions (156,283 ) Change in fair value of derivative liabilities (255,188 ) Balance, January 31, 2017 $ 48,062

STOCKHOLDERS DEFICIT (Tables)

STOCKHOLDERS DEFICIT (Tables)	9 Months Ended
	Jan. 31, 2017
Changes In Stockholders Equity Deficit Tables
Summary of stock option activity	A summary of stock option activity during the nine months ended January 31, 2017 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2016 2,000,000 $ 0.35 5.85 Granted - - Canceled / Expired - - Exercised - - Outstanding, January 31, 2017 2,000,000 $ 0.35 5.10
Summary of warrant activity	A summary of warrant activity during the nine months ended January 31, 2017 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2016 11,522,170 $ 0.01 5.84 Granted 65,138,143 $ 0.01 Canceled / Expired - - Exercised - - Outstanding, January 31, 2017 76,660,313 $ 0.01 5.04

BACKGROUND, ORGANIZATION AND 27

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Jan. 31, 2017
State of Incorporation	Nevada
Mmex Resources Corporation [Member]
Ownership Percentage	-
Form of Entity	Corporation
State of Incorporation	Nevada
Relationship	Parent
Mcc Merger Inc [Member]
Ownership Percentage	100%
Form of Entity	Corporation
State of Incorporation	Delaware
Relationship	Holding Subsidiary
Maple Carpenter Creek Holdings Inc [Member]
Ownership Percentage	100%
Form of Entity	Corporation
State of Incorporation	Delaware
Relationship	Subsidiary
Maple Carpenter Creek Llc [Member]
Ownership Percentage	80%
Form of Entity	LLC
State of Incorporation	Nevada
Relationship	Subsidiary
Carpenter Creek Llc [Member]
Ownership Percentage	95%
Form of Entity	LLC
State of Incorporation	Delaware
Relationship	Subsidiary
Armadillo Holdings Group Corp [Member]
Ownership Percentage	100%
Form of Entity	Corporation
State of Incorporation	British Virgin Isles
Relationship	Subsidiary
Armadillo Mining Corp [Member]
Ownership Percentage	98.6%
Form of Entity	Corporation
State of Incorporation	British Virgin Isles
Relationship	Subsidiary

BACKGROUND, ORGANIZATION AND 28

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)	9 Months Ended
	Jan. 31, 2017
Background Organization And Basis Of Presentation Details Narrative
State of Incorporation	Nevada
Date of incorporation	May 19, 2005
Description of stock issued	Company to issue up to 3,000,000,000 common shares and 10,000,000 preferred shares.

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Derivative liability	$ 48,062	$ 395,619
Level 1 [Member]
Derivative liability
Level 2 [Member]
Derivative liability
Level 3 [Member]
Derivative liability	$ 48,062	$ 395,619

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017
Summary Of Significant Accounting Policies Details Narrative
Potential dilutive securities	57,364,000	20,147	7,170,500

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Going Concern Details Narrative
Accumulated deficit	$ (30,053,527)	$ (30,155,127)
Total Stockholders' Deficit	$ (2,397,128)	$ (2,801,699)

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	May 08, 2015	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016	Oct. 09, 2014
Reimbursed amount outstanding		$ 31,633		$ 31,633		$ 31,633
Loss on extinguishment of debt		207,803		207,803	$ (1,365,521)
Accounts payable - related party		9,010		9,010
Accrued expenses - related party		$ 69,108		$ 69,108		64,420
Maple Gas Corporation [Member]
Convertible notes payable assigned							$ 1,650,000
Converted note common shares	194,999,999
Convertible note per share	$ 0.01
Loss on extinguishment of debt	$ 975,000
Stock payable obligation						$ 2,925,000
Maple Gas Corporation One [Member]
Convertible notes payable assigned							120,000
Maple Gas Corporation Two [Member]
Convertible notes payable assigned							$ 180,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Property And Equipment Details
Computer software and hardware	$ 25,023	$ 25,023
Less accumulated depreciation and amortization	(25,023)	(24,637)
Property and equipment, net		$ 386

Property and Equipment (Detai34

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Property And Equipment Details Narrative
Depreciation and amortization expense		$ 363	$ 386	$ 1,624

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Total Accrued Expenses	$ 946,909	$ 1,048,807
Accrued Payroll [Member]
Total Accrued Expenses	30,090	240,309
Accrued Consulting [Member]
Total Accrued Expenses	75,633	75,633
Accrued Interest [Member]
Total Accrued Expenses	778,645	670,324
Other [Member]
Total Accrued Expenses	$ 62,541	$ 62,541

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Notes payable	$ 375,000	$ 375,000
Note Payable [Member]
Notes payable	300,000	300,000
Note payable One [Member]
Notes payable	25,000	25,000
Note payable Two [Member]
Notes payable	$ 50,000	$ 50,000

NOTES PAYABLE (Details 1)

NOTES PAYABLE (Details 1) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Convertible notes payable	$ 221,089	$ 195,001
Convertible Notes Payable [Member]
Convertible notes payable	120,000	120,000
Convertible Notes Payable One [Member]
Convertible notes payable	75,001	75,001
Convertible Notes Payable Two [Member]
Convertible notes payable	$ 26,088

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Oct. 31, 2016	Apr. 30, 2016	Jan. 02, 2013
Accrued interest	$ 307,415			$ 276,477
Accrued interest payable on convertible notes payable	$ 137,879			$ 112,058
Common stock, par value	$ 0.001			$ 0.001
Proceeds from convertible notes payable	$ 84,782
Common stock issued for settlement, Shares			7,000,000
Discount in settlement for claims	50.00%
Common stock issued for RCP	452,000,000
Conversion of principal amount	$ 56,100
Convertible Notes Payable [Member]
New notes issued					120,000
Note interest rate, monthly					1.87%
Increase to debt discount					$ 30,000
Issue of shares					300,000
Note secured by common stock					900,000
Closing price per share of common stock					$ 0.10

CONVERTIBLE PREFERRED STOCK (De

CONVERTIBLE PREFERRED STOCK (Details Narrative) - USD ($)	Jan. 06, 2012	Jun. 30, 2011	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016
Loss on extinguishment of debt			$ 207,803		$ 207,803	$ (1,365,521)
Convertible preferred stock, currently in default			137,500		137,500		$ 137,500
Interest expense			97,436	36,169	214,375	493,166
Convertible Preferred Stock [Member]
Share issued, Shares		360,000
Shares issued, Amount		$ 360,000
Conversion price per share	$ 0.10475	$ 1.25
Preferred Stock dividend rate		25.00%
Accrued dividends	$ 312,500		333,351		333,351		281,789
Preferred stock and accrued dividends converted into common stock	2,983,293
Loss on extinguishment of debt	$ 75,328
Warrant issued		360,000
Common stock exercise price per share		$ 0.60
Convertible preferred stock, currently in default			137,500		137,500		$ 137,500
Interest expense			$ 36,118	$ 36,169	$ 153,055	$ 493,166

DERIVATIVE LIABILITIES (Details

DERIVATIVE LIABILITIES (Details)	9 Months Ended
	Jan. 31, 2017USD ($)
Notes to Financial Statements
Derivative liabilities	$ 395,619
Derivative liabilities recorded as debt discount	63,914
Debt conversions	(156,283)
Change in fair value of derivative liabilities	(255,188)
Derivative liabilities	$ 48,062

DERIVATIVE LIABILITIES (Detai41

DERIVATIVE LIABILITIES (Details Narrative)	9 Months Ended
	Jan. 31, 2017$ / shares
Convertible Notes Payable [Member]
Dividend yield	0.00%
Warrants [Member]
Probability of future financing	100.00%
Minimum [Member] | Convertible Notes Payable [Member]
Risk-free interest rates	0.35%
Volatility	172.00%
Years to maturity	1 month 6 days
Conversion price of debt	$ 0.00005
Minimum [Member] | Warrants [Member]
Risk-free interest rates	1.49%
Volatility	104.00%
Maximum [Member] | Convertible Notes Payable [Member]
Risk-free interest rates	0.53%
Volatility	396.00%
Years to maturity	4 months 6 days
Conversion price of debt	$ 0.00245
Maximum [Member] | Warrants [Member]
Risk-free interest rates	1.54%
Volatility	109.00%

STOCKHOLDERS_ DEFICIT (Details)

STOCKHOLDERS’ DEFICIT (Details)	9 Months Ended
	Jan. 31, 2017$ / sharesshares
Number of options
Beginning Balance | shares	2,000,000
Granted | shares
Canceled / Expired | shares
Exercised | shares
Weighted Average Exercise Price Per share
Beginning Balance | $ / shares	$ 0.35
Granted | $ / shares
Canceled / Expired | $ / shares
Exercised | $ / shares
Weighted Average Remaining Contractual Life (in years) Beginning	5 years 10 months 6 days
Weighted Average Remaining Contractual Life (in years) Outstanding Ending	5 years 1 month 6 days

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details 1)	9 Months Ended
	Jan. 31, 2017$ / sharesshares
Number of warrants
Beginning Balance | shares	2,000,000
Granted | shares
Canceled / Expired | shares
Exercised | shares
Weighted Average Exercise Price Per Share
Beginning Balance	$ 0.35
Granted
Canceled / Expired
Exercised
Weighted Average Remaining Contractual Life (in years) Beginning	5 years 10 months 6 days
Weighted Average Remaining Contractual Life (in years) Outstanding Ending	5 years 1 month 6 days
Warrants [Member]
Number of warrants
Beginning Balance | shares	11,522,170
Granted | shares	65,138,143
Canceled / Expired | shares
Exercised | shares
Weighted Average Exercise Price Per Share
Beginning Balance	$ 0.01
Granted	0.01
Canceled / Expired
Exercised
Ending Balance	$ 0.01
Weighted Average Remaining Contractual Life (in years) Beginning	5 years 10 months 2 days
Weighted Average Remaining Contractual Life (in years) Outstanding Ending	5 years 15 days

STOCKHOLDERS_ DEFICIT (Detail44

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)	May 02, 2016	Mar. 07, 2012	Jan. 24, 2017	Jan. 19, 2017	Dec. 31, 2016	Oct. 31, 2016	Jul. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Nov. 29, 2016	Jul. 12, 2016	Apr. 30, 2016	Apr. 06, 2016
Number of options														2,000,000
Stock options exercisable														$ 0.35
Accrued salaries								$ 877,801		$ 877,801
Debt conversion converted amount										(156,283)
Proceeds from issuance of stock										1,000
Gain on extinguishment of debt								$ 207,803		$ 207,803	$ (1,365,521)
Stock Issuances [Member]
Common stock subscriptions payable	$ 2,925,000												$ 10,000
Common stock shares issued										731,491,509
Common stock shares issued during period				5,000,000
Proceeds from issuance of stock				$ 10,000
Stock Issuances [Member] | Accounts Payable [Member]
Common stock shares issued										28,625,000
Debt conversion converted amount										$ 5,725
Stock Issuances [Member] | Cash [Member]
Common stock shares issued										5,000,000
Debt conversion converted amount										$ 1,000
Stock Issuances [Member] | Accrued expenses [Member]
Common stock shares issued										2,082,190
Debt conversion converted amount										$ 208,219
Stock Issuances [Member] | Private Placement [Member]
Common stock shares issued					27,740,423		1,096,397			41,784,320
Debt conversion converted amount										$ 118,230
Debt conversion converted amout of services rendered										$ 60,000
Class of warrant or rights issued								43,025,313		43,025,313
Maturity date										Mar. 1, 2022
Stock Issuances [Member] | Private Placement [Member] | Minimum [Member]
Exercise price								$ 0.0001		$ 0.0001
Stock Issuances [Member] | Private Placement [Member] | Maximum [Member]
Exercise price								0.01		$ 0.01
Stock Issuances [Member] | Private Placement [Member] | Cash [Member]
Common stock shares issued										12,947,500
Proceeds from private placement										$ 118,230
Stock Issuances [Member] | Fee [Member]
Common stock shares issued										7,000,000
Debt conversion converted amount										$ 34,300
Stock Issuances [Member] | Convertible Notes Payable [Member]
Common stock subscriptions payable	$ 2,925,000
Common stock shares issued	194,999,999									194,999,999
Debt conversion converted amount										$ 2,925,000
Stock Issuances [Member] | Convertible Notes Payable [Member] | Settlement Agreement [Member]
Common stock shares issued										452,000,000
Debt conversion converted amount										$ 56,100
Debt conversion converted amout of derivative liability										156,283
Stock Issuances [Member] | Convertible Notes Payable [Member] | Settlement Agreement [Member] | Fee [Member]
Common stock shares issued						7,000,000
Debt conversion converted amount						$ 34,300
Stock Issuances [Member] | Consultant [Member]
Common stock shares issued during period			28,625,000
Amount of services rendered			$ 5,725
Stock Issuances [Member] | Former employee [Member]
Common stock reserved			2,082,190
Accrued salaries			$ 208,219
Gain on extinguishment of debt			$ 207,803
Stock Issuances [Member] | Related Parties [Member] | Private Placement [Member]
Proceeds from private placement										49,200
Stock Issuances [Member] | Services [Member] | Private Placement [Member]
Proceeds from private placement										$ 60,000
Authorized Shares [Member]
Increase authorized common share												3,000,000,000			1,000,000,000
Increase authorized preferred share															10,000,000
Stock Options [Member]
Number of options		2,000,000
Stock options exercisable		$ 0.35
Stock option expiration period		10 years
Warrants [Member]
Number of options														11,522,170
Stock options exercisable								$ 0.01		$ 0.01				$ 0.01
Common stock reserved								76,660,313		76,660,313

NON-CONTROLLING INTERESTS (Deta

NON-CONTROLLING INTERESTS (Details Narrative) - shares	Apr. 30, 2012	Mar. 22, 2011	Dec. 21, 2010	Sep. 23, 2010
MCCH [Member]
Controling interest				100.00%
MCC [Member]
Controling interest				80.00%
CC [Member]
Controling interest				95.00%
AHGC [Member]
Controling interest			100.00%	98.12%
Non-controlling interest			1.88%
Exchange shares			31,334
Acquired of AMC		14.60%
Additional interest	4.00%
Total interest	98.60%
AMC [Member]
Controling interest				80.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Apr. 26, 2010USD ($)
Commitments And Contingencies Details Narrative
Minimum lease payment	$ 62,541

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Mar. 07, 2017Votesshares	Mar. 04, 2017USD ($)Barrelsshares	Mar. 09, 2017USD ($)shares	Jan. 31, 2017USD ($)shares	Apr. 30, 2016USD ($)shares
Common stock, Authorized				3,000,000,000	3,000,000,000
Common stock issued for cash, value | $				$ 911,924	$ 180,434
Subsequent Event [Member] | Settlement Agreement and Stipulation [Member]
Company’s creditors received | $			$ 84,782
Common stock issued to RCP			452,000,000
Additional common shares issued			37,000,000
Subsequent Event [Member] | Amendment of Articles of Incorporation [Member]
Outstanding shares percentage for writen consent	more than 50.1%
Number of votes per share | Votes	10
Subsequent Event [Member] | Amendment of Articles of Incorporation [Member] | Minimum [Member]
Common stock, Authorized	3,000,000,000
Subsequent Event [Member] | Amendment of Articles of Incorporation [Member] | Maximum [Member]
Common stock, Authorized	10,000,000,000
Subsequent Event [Member] | Consultant [Member]
Commons stock issued for services, value | $				$ 9,737
Common shares				2,631,579
Subsequent Event [Member] | Investor [Member]
Common stock issued for cash, value | $				$ 15,500
Common shares				27,727,733
Subsequent Event [Member] | Maple [Member]
Related party transaction | $		$ 450,000,000
Crude oil refines per day | Barrels		50,000
Exchange of new common shares		7,000,000,000
Company to issue the purchase shares		two tranches
First tranche shares issued		1,500,000,000
Second tranche shares issued		5,500,000,000