Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 30, 2021 | Jul. 29, 2021 | Oct. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | MMEX Resources Corp | ||
Entity Central Index Key | 0001440799 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Apr. 30, 2021 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Common Stock Shares Outstanding | 3,701,209 | ||
Entity Public Float | $ 626,000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Current assets: | ||
Cash | $ 330,449 | $ 66,830 |
Prepaid expenses and other current assets | 37,893 | 23,145 |
Total current assets | 368,342 | 89,975 |
Property and equipment, net | 472,169 | 507,044 |
Deposit | 900 | 900 |
Total assets | 841,411 | 597,919 |
Current liabilities: | ||
Accounts payable | 802,640 | 798,945 |
Accrued expenses | 807,349 | 551,080 |
Accounts payable and accrued expenses - related parties | 272,834 | 170,881 |
Notes payable | 775,000 | 0 |
Note payable, currently in default | 75,001 | 75,001 |
Convertible notes payable, currently in default, net of discount of $0 and $0 at April 30, 2021 and 2020, respectively | 235,775 | 338,778 |
Convertible notes payable, net of discount of $133,944 and $140,941 at April 30, 2021 and 2020, respectively | 398,056 | 1,587,239 |
Convertible notes payable - related parties, net of discount of $235 and $1,377 at April 30, 2021 and 2020, respectively | 74,755 | 25,623 |
PPP loan payable | 150,000 | 167,900 |
SBA express bridge loan | 10,000 | 0 |
Derivative liabilities | 3,010,042 | 2,607,433 |
Total current liabilities | 6,611,452 | 6,322,880 |
Long-term liabilities | 0 | 0 |
Total liabilities | 6,611,452 | 6,322,880 |
Commitments and contingencies | 0 | 0 |
Stockholders' deficit: | ||
Common stock; $0.001 par value; 10,000,000 shares authorized, 3,251,641 and 1,335,283 shares issued and outstanding at April 30, 2021 and 2020, respectively | 3,252 | 1,335 |
Series A preferred stock; $0.001 par value; 1,000,000 shares authorized, 1,000 Series A shares issued and outstanding | 1 | 1 |
Additional paid-in capital | 62,201,528 | 37,721,639 |
Non-controlling interest | 9,871 | 9,871 |
Accumulated (deficit) | (67,984,693) | (43,457,807) |
Total stockholders' deficit | (5,770,041) | (5,724,961) |
Total liabilities and stockholders' deficit | $ 841,411 | $ 597,919 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Convertible notes, net of discount currently in default | $ 0 | $ 0 |
Convertible notes payable, net of discount | 133,944 | 140,941 |
Convertible notes payable - related party, net of discount | $ 235 | $ 1,377 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 10,000,000 | 10,000,000 |
Common stock, Issued | 3,251,641 | 1,335,283 |
Common stock, outstanding | 3,251,641 | 1,335,283 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 1,000,000 | 1,000,000 |
Preferred stock, Issued | 1,000 | 1,000 |
Preferred stock, outstanding | 1,000 | 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Consolidated Statements of Operations | ||
Revenues | $ 0 | $ 0 |
Operating expenses: | ||
General and administrative expenses | 867,471 | 904,306 |
Refinery start-up costs | 179,133 | 214,439 |
Depreciation and amortization | 34,875 | 34,663 |
Total operating expenses | 1,081,479 | 1,153,408 |
Loss from operations | (1,081,479) | (1,153,408) |
Other income (expense): | ||
Interest expense | (1,143,495) | (1,846,603) |
Loss on derivative liabilities | (22,906,922) | (1,402,233) |
Gain on extinguishment of liabilities | 605,010 | 8,555 |
Loss on conversion of debt | 0 | 0 |
Total other income (expense) | (23,445,407) | (3,240,281) |
Loss before income taxes | (24,526,886) | (4,393,689) |
Provision for income taxes | 0 | 0 |
Net loss | $ (24,526,886) | $ (4,393,689) |
Net loss per common share - basic and diluted | $ (14.23) | $ (6.57) |
Weighted average number of common shares outstanding - basic and diluted | 1,723,476 | 669,210 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Deficit - USD ($) | Total | Class A Common Stock | Class A Preferred Stock | Additional Paid-In Capital | Non-Controlling Interest | Accumulated Deficit |
Balance, shares at Apr. 30, 2019 | 6,818 | |||||
Balance, amount at Apr. 30, 2019 | $ (3,363,675) | $ 6 | $ 0 | $ 35,690,566 | $ 9,871 | $ (39,064,118) |
Common shares issued for: Services, shares | 3 | |||||
Common shares issued for: Services, amount | 84 | $ 0 | $ 0 | 84 | 0 | 0 |
Accrued expenses, shares | 16,991 | |||||
Accrued expenses, amount | 28,387 | $ 17 | $ 0 | 28,370 | 0 | 0 |
Conversion of convertible notes payable, shares | 667,835 | |||||
Conversion of convertible notes payable, amount | 811,676 | $ 668 | $ 0 | 811,008 | 0 | 0 |
Conversion of convertible notes payable - related parties, shares | 643,636 | |||||
Conversion of convertible notes payable - related parties, amount | 355,460 | $ 644 | $ 0 | 354,816 | 0 | 0 |
Preferred shares issued for services to related party, shares | 1,000 | |||||
Preferred shares issued for services to related party, amount | 23,900 | $ 0 | $ 1 | 23,899 | 0 | 0 |
Settlement of derivative liabilities | 812,896 | 0 | 0 | 812,896 | 0 | 0 |
Net loss | (4,393,689) | $ 0 | $ 0 | 0 | 0 | (4,393,689) |
Balance, shares at Apr. 30, 2020 | 1,335,283 | 1,000 | ||||
Balance, amount at Apr. 30, 2020 | (5,724,961) | $ 1,335 | $ 1 | 37,721,639 | 9,871 | (43,457,807) |
Common shares issued for: Services, shares | 2,000 | |||||
Common shares issued for: Services, amount | 34,000 | $ 2 | $ 0 | 33,998 | 0 | 0 |
Conversion of convertible notes payable, shares | 1,525,583 | |||||
Conversion of convertible notes payable, amount | 1,932,365 | $ 1,526 | $ 0 | 1,930,839 | 0 | 0 |
Conversion of convertible notes payable - related parties, shares | 388,775 | |||||
Conversion of convertible notes payable - related parties, amount | 4,277 | $ 389 | $ 0 | 3,888 | 0 | 0 |
Settlement of derivative liabilities | 22,511,164 | 0 | 0 | 22,511,164 | 0 | 0 |
Net loss | (24,526,886) | $ 0 | $ 0 | 0 | 0 | (24,526,886) |
Balance, shares at Apr. 30, 2021 | 3,251,641 | 1,000 | ||||
Balance, amount at Apr. 30, 2021 | $ (5,770,041) | $ 3,252 | $ 1 | $ 62,201,528 | $ 9,871 | $ (67,984,693) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (24,526,886) | $ (4,393,689) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 34,875 | 34,663 |
Stock-based compensation | 34,000 | 84 |
Preferred shares issued to related party for services | 0 | 23,900 |
Loan fees and penalties added to convertible note principal | 208,055 | 335,700 |
Loss on derivative liabilities | 22,906,922 | 1,402,233 |
Gain on extinguishment of liabilities | (605,010) | (8,555) |
Amortization of debt discount | 218,354 | 1,223,919 |
(Increase) decrease in prepaid expenses and other current assets | (14,748) | 15,804 |
Increase (decrease) in liabilities: | ||
Accounts payable | 3,695 | 58,753 |
Accrued expenses | 756,839 | 375,732 |
Accounts payable and accrued expenses - related parties | 178,221 | 196,938 |
Net cash used in operating activities | (805,683) | (734,518) |
Cash flows from investing activities: | ||
Purchase of property and equipment | 0 | (10,540) |
Net cash used in investing activities | 0 | (10,540) |
Cash flows from financing activities: | ||
Proceeds from notes payable | 775,000 | 0 |
Proceeds from convertible notes payable | 163,500 | 365,300 |
Proceeds from convertible notes payable - related parties | 10,000 | 323,500 |
Proceeds from PPP loan payable | 150,000 | 167,900 |
Proceeds from SBA express bridge loan payable | 10,000 | 0 |
Repayments of convertible notes payable | (39,198) | (100,000) |
Net cash provided by financing activities | 1,069,302 | 756,700 |
Net increase (decrease) in cash | 263,619 | 11,642 |
Cash at the beginning of the period | 66,830 | 55,188 |
Cash at the end of the period | 330,449 | 66,830 |
Supplemental disclosure: | ||
Interest paid | 14,784 | 10,402 |
Income taxes paid | 0 | 0 |
Non-cash investing and financing activities: | ||
Common stock issued in conversion of debt | 1,932,365 | 811,676 |
Common stock issued in conversion of related party debt | 4,277 | 355,460 |
Common stock issued for accrued expenses | 0 | 46,945 |
Settlement of derivative liabilities | 22,511,164 | 812,896 |
Derivative liabilities for debt discount | 200,859 | 192,500 |
Convertible notes payable for accrued expenses | 34,000 | 10,000 |
Convertible notes payable - related parties for accrued expenses | $ 42,268 | $ 74,000 |
BACKGROUND, ORGANIZATION AND BA
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Apr. 30, 2021 | |
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | |
NOTE 1 - BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | MMEX was formed as a Nevada corporation in 2005. The current management team led an acquisition of the Company (then named Management Energy, Inc.) through a reverse merger completed on September 23, 2010 and changed the Company’s name to MMEX Mining Corporation on February 11, 2011 and to MMEX Resources Corporation on April 6, 2016. The Company is a development-stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, recently announcing it intends to develop solar energy to power multiple planned projects producing hydrogen and ultra-low sulfur fuels combined with carbon dioxide (CO2) capture in Texas. The accompanying consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership or through common ownership: Name of Entity Form State of MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Refining & Transport, LLC (“PRT”) 100 % LLC Texas Subsidiary Armadillo Holdings Group Corp. 100 % Corporation British Virgin Isles Subsidiary Armadillo Mining Corp. (“AMC”) 98.6 % Corporation British Virgin Isles Subsidiary MMEX Solar Resources, LLC 100 % LLC Texas Subsidiary Texas Gulf Refining & Trading, LLC 100 % LLC Texas Subsidiary Louisiana Gulf Refining & Trading, LLC 100 % LLC Louisiana Subsidiary Rolling Stock Marine, LLC 100 % LLC Texas Subsidiary PRT was formed in June 2017 with the Company as its sole member. PRT owns the land on which the Company’s planned hydrogen projects are to be developed. The Company’s other subsidiaries are currently inactive. 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 MMEX. All significant inter-company transactions have been eliminated in the preparation of the consolidated financial statements. The Company has adopted a fiscal year end of April 30. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Consolidation The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations. 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. Property and equipment Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated or amortized using the straight-line method over the estimated useful life or legal life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Land improvement 15 years Land easements 10 years The land easements owned by the Company have a legal life of 10 years. Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management. Derivative liabilities In a series of subscription agreements, the Company issued warrants in prior years that contain certain anti-dilution provisions that have been identified as derivatives. In addition, the Company identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. As of April 30, 2021, the number of warrants or common shares to be issued under these agreements is indeterminate; therefore, the Company concluded that the equity environment is tainted and all additional warrants, stock options and convertible debt are included in the value of the derivative. We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities 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 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. 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 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: April 30, 2021 Total Level 1 Level 2 Level 3 Derivative liabilities $ 3,010,042 $ - $ - $ 3,010,042 April 30, 2020 Total Level 1 Level 2 Level 3 Derivative liabilities $ 2,607,433 $ - $ - $ 2,607,433 Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers Refinery start-up costs Costs incurred prior to opening the Company’s then proposed crude oil refinery in Pecos County, Texas, including acquisition of refinery rights, planning, design and permitting, are recorded as start-up costs and expensed as incurred. Advertising and promotion All costs associated with advertising and promoting products are expensed as incurred. For the year ended April 30, 2021 and 2020, $10,000 and $0 were recorded, respectively. Income taxes The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. Uncertain tax positions The Company has adopted FASB standards for accounting for uncertainty in income taxes. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Various taxing authorities periodically audit the Company's income tax returns. These audits include questions regarding the Company's tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities and has not identified any uncertain tax positions requiring recognition in its consolidated financial statements. The assessment of the Company's tax position relies on the judgment of management to estimate the exposures associated with the Company's various filing positions. Basic and diluted income (loss) per share Basic net income or loss per common 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 years ended April 30, 2021 and 2020, 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 common share is the same as diluted net loss per share. Employee Stock-based compensation Pursuant to FASB ASC 718, all share-based payments to employees, including grants of employee stock options, are recognized in the statement of operations based on their fair values. For the years ended April 30, 2021 and 2020, the Company recorded share-based compensation to employees of $0 and $0, respectively. 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 the prior year have been reclassified to conform with the current year presentation. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Under current GAAP, there are five accounting models for convertible debt instruments. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adopting the ASU’s guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. Additionally, for convertible debt instruments with substantial premiums accounted for as paid-in capital, the FASB decided to add disclosures about (1) the fair value amount and the level of fair value hierarchy of the entire instrument for public business entities and (2) the premium amount recorded as paid-in capital. ASU 2020-06 will be effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of this accounting pronouncement to its financial statements. 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 | 12 Months Ended |
Apr. 30, 2021 | |
GOING CONCERN | |
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 $67,984,693 and a total stockholders’ deficit of $5,770,041 at April 30, 2021, and have reported negative cash flows from operations since inception. In addition, as of April 30, 2021 we did not have the cash resources to meet our operating commitments for the next twelve months. We require capital investments to implement our business plan, including the development of our planned hydrogen projects. On July 15, 2021, we entered into a Securities Purchase Agreement (“SPA”) which closed on July 20, 2021, pursuant to which we issued and sold to an institutional investor in a registered direct offering 170,000 shares of our common stock, 2,575,000 warrants, and 3,580,000 pre-funded warrants. We received proceeds of $2,650,850 after deducting placement agent fees and related offering expenses, see Note 14. We have subsequently utilized approximately $560,000 of the proceeds to reduce indebtedness and intent to utilize the remaining amount for working capital purposes. Nevertheless, 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. In addition to the SPA, 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, raise substantial doubt that we will be able 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 | 12 Months Ended |
Apr. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | Accounts Payable and Accrued Expenses – Related Parties Accounts payable and accrued expenses to related parties, consisting primarily of consulting fees and expense reimbursements payable, totaled $272,834 and $170,881 as of April 30, 2021 and 2020, respectively. Effective July 1, 2019, we entered into a consulting agreement with Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, that provides for payment of consulting fees and expense reimbursement related to business development, financing and other corporate activities. Effective January 1, 2020, the Maple Resources consulting agreement was amended to provide for monthly consulting fees of $17,897 and effective March 1, 2021 the Maple Resources consulting agreement was amended to provide for monthly consulting fees of $20,000. During the years ended April 30, 2021 and 2020, we incurred consulting fees and expense reimbursement to Maple Resources totaling $218,970 and $275,713, respectively. In addition, the consulting agreement provides for the issuance to Maple Resources of shares of our common stock each month with a value of $5,000, with the number of shares issued based on the average closing price of the stock during the prior month. In November 2019, 7,628 shares of our common stock (76,282,091 shares pre-split) were issued to Maple Resources in payment of $20,000 of consulting fees for July through October 2019. No shares were issued to Maple Resources in payment of consulting fees for November 2019 through April 2020 or during the year ended April 30, 2021 under the consulting agreement. Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $118,540 and $101,012 as of April 30, 2021 and 2020, respectively, which was inclusive of accrued interest due under the convertible notes described below. Effective October 1, 2018, we entered into a consulting agreement with Leslie Doheny-Hanks, the wife of our President and CEO, to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. The related party consultant provides certain administrative and accounting services and is reimbursed for expenses paid on behalf of the Company. During the year ended April 30, 2020, we issued a total of 3,876 common shares (38,761,580 shares pre-split) valued at $15,009 to the related party, with the shares valued at the market price on the date of issuance, in payment of accrued consulting fees totaling $17,500. A gain on extinguishment of debt of $2,491 related to this compensation arrangement was recorded as a contribution to capital. As of April 30, 2020, consulting fees of $15,000 were payable in stock, and the related party had also advanced the Company $18,179, for a total of $33,179 included in accounts payable and accrued expenses – related parties. As of April 30, 2021, consulting fees of $45,000 were payable in stock, and the related party was due $18,058 for compensation and reimbursable expenses. Effective February 1, 2021 the Company entered into consulting agreements with three children of our President and CEO. The consulting agreements can be terminated 15 days after written notice of termination by either party subject to the agreement or December 31, 2021, whichever occurs first. During the year ended April 30, 2021 we paid $25,500 in consulting fees due under the agreements. As of April 30, 2021, no amounts were due or owing under the three consulting agreements, however, the Company had an accounts payable balance of $90,500 due to one of the children as a result of consulting fees and expense reimbursements payable that were incurred prior to the execution of the February 1, 2021 consulting agreement. Series A Preferred Stock Effective August 1, 2019, the Company issued 1,000 shares of Series A preferred stock to Maple Resources for services rendered. The shares were valued by an independent valuation firm at $23,900. See Note 12. Convertible Notes Payable – Related Parties Convertible notes payable – related parties consist of the following at April 30: 2021 2020 Convertible note payable with Maple Resources Corporation, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [1] $ 7,033 $ 11,000 Convertible note payable with BNL Family Trust, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [2] 10,691 11,000 Convertible note payable with Maple Resources Corporation, matured February 12, 2021, with interest at 5%, convertible into common shares of the Company [3] 5,000 5,000 Convertible note payable with Maple Resources Corporation, matured March 2, 2021, with interest at 5%, convertible into common shares of the Company [4] 800 - Convertible note payable with Maple Resources Corporation, matured May 12, 2021, with interest at 5%, convertible into common shares of the Company [5] 41,466 - Convertible note payable with Maple Resources Corporation, matured July 31, 2021, with interest at 5%, convertible into common shares of the Company [6] 10,000 - 74,990 27,000 Less discount (235 ) (1,377 ) Total $ 74,755 $ 25,623 [1] This convertible note was entered into on 12/27/19 in exchange for cash of $5,500 and financing fees of $5,500 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 1,000,000 shares of the Company’s common stock (10,000,000,000 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore 360,682 common shares (1,579,982,678 pre-split shares) were issued to extinguish $3,967 of the principal balance. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request and recorded interest expense of $171 during the year ended April 30, 2021. As of April 30, 2021 and 2020 accrued interest on the convertible note was $718 and $547, respectively. [2] This convertible note was entered into on 12/27/19 in exchange for cash of $11,000 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 1,000,000 shares of the Company’s common stock (10,000,000,000 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore 28,094 common shares (280,936,972 pre-split shares) were issued to extinguish $309 of the principal balance. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request and recorded interest expense of $190 during the year ended April 30, 2021. As of April 30, 2021 and 2020 accrued interest on the convertible note was $737 and $547, respectively. [3] This convertible note was entered into on 2/12/20 in exchange for cash of $5,000 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 454,545 shares of the Company’s common stock (4,545,454,545 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request and recorded interest expense of $20 during the year ended April 30, 2021. As of April 30, 2021 and 2020 accrued interest on the convertible note was $303 and $283, respectively. [4] This convertible note was entered into on 3/2/20 in exchange for cash of $800 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 72,727 shares of the Company’s common stock (727,272,727 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request and recorded interest expense of $40 during the year ended April 30, 2021. As of April 30, 2021 and 2020 accrued interest on the convertible note was $40 and $0, respectively. [5] This convertible note was entered into on 5/12/20 in exchange for accrued consulting fees worth $41,466 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 3,769,636 shares of the Company’s common stock (37,696,363,636 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request and recorded interest expense of $2,005 during the year ended April 30, 2021. As of April 30, 2021 and 2020 accrued interest on the convertible note was $2,005 and $0, respectively. [6] This convertible note was entered into on 7/31/20 in exchange for cash of $10,000 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 909,091 shares of the Company’s common stock (9,090,909,091 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request and recorded interest expense of $374 during the year ended April 30, 2021. As of April 30, 2021 and 2020 accrued interest on the convertible note was $374 and $0, respectively. Other Contractual Agreements Maple Resources granted BNL Family Trust (“BNL”), a related party to Mr. Lemons, an option to purchase 1,000,000 shares of common stock from Maple Resources at a price of $0.20 per share. The option expires in March 2022. Beneficial ownership of Messrs. Hanks and. Lemons give effect to the exercise of such option. As a condition for entering into an October 9, 2018 convertible debenture, the lender required Maple Resources and BNL, affiliates of Jack W. Hanks and Bruce Lemons, respectively, our directors (the “Affiliates”), to pledge their shares of Class B Common Stock (constituting 100% of the outstanding shares of Class B Common Stock) to the lender to secure the repayment of the debenture by the Company. The pledge agreement was later amended to substitute 1,000 shares of Series A preferred stock (constituting 100% of the outstanding shares of Series A Preferred stock) for the Class B Common Stock. As consideration to the Affiliates for entering into the pledge agreement, the Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 2,000,000 shares of the Company’s common stock at $0.08 per share. Effective November 30, 2020, the option agreement was amended to cancel the 2,000,000 options, see Note 11. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Apr. 30, 2021 | |
PROPERTY AND EQUIPMENT | |
NOTE 5 - PROPERTY AND EQUIPMENT | Property and equipment consisted of the following at April 30: 2021 2020 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 10,962 10,962 Land 67,088 67,088 Land improvements 452,005 452,005 Land easements 37,015 37,015 580,934 580,934 Less accumulated depreciation and amortization (108,765 ) (73,890 ) $ 472,169 $ 507,044 Depreciation and amortization expense totaled $34,875 and $34,663 for the years ended April 30, 2021 and 2020, respectively. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Apr. 30, 2021 | |
ACCRUED EXPENSES | |
NOTE 6 - ACCRUED EXPENSES | Accrued expenses consisted of the following at April 30: 2021 2020 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 60,000 24,000 Accrued interest and penalties 623,085 402,816 Other 94,174 94,174 $ 807,349 $ 551,080 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2021 | |
NOTES PAYABLE | |
NOTE 7 - NOTES PAYABLE | Notes Payable Notes payable consist of the following at April 30: 2021 2020 Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% $250,000 draw on March 5, 2021 $ 250,000 $ - $200,000 draw on March 26, 2021 [1] 200,000 - Note payable to an unrelated party with an issue date of March 8, 2021 with interest at 10% [2] 75,000 - Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [3] 250,000 - Total $ 775,000 $ - [1] Effective February 22, 2021 the Company entered into a promissory note with GS Capital Partners, LLC, with a principal amount of $1,000,000, which is subject to drawdown requests by the Company. The maturity date of the note is the earlier of (i) December 31, 2021 or (ii) the consummation by the Company of an equity or equity-based financing providing net proceeds to the Company sufficient to retire the outstanding indebtedness under the note. The note has an interest rate of ten percent per annum from the date of each drawdown. [2] Effective March 8, 2021 the Company entered into a promissory note with JSJ Investments, Inc with a principal amount of $75,000. The maturity date of the note is March 8, 2022 and the note has an interest rate of 10% per annum from the date of funding. [3] Effective March 11, 2021 the Company entered into a promissory note with Vista Capital Investments, Inc with a principal amount of $250,000. The maturity date of the note is March 11, 2022 and the note has an interest rate of 10% per annum from the date of funding. Note Payable, Currently in Default Note payable, currently in default, consists of the following at April 30: 2021 2020 Note payable to an unrelated party, maturing March 18, 2014, with interest at 10% $ 75,001 $ 75,001 $ 75,001 $ 75,001 Convertible Notes Payable, Currently in Default Convertible notes payable, currently in default, consist of the following at April 30: 2021 2020 Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company [1] $ 50,000 $ 50,000 Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company [2] 25,000 25,000 Note payable to an accredited investor, matured January 11, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [3] - 59,400 Note payable to an accredited investor, matured January 17, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price [4] - 53,028 Note payable to an accredited investor, matured January 24, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5] - 42,365 Note payable to an accredited investor, maturing January 31, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [6] 91,331 91,331 Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [7] - 2,009 Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [8]** 10,000 10,000 Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [9] 9,719 10,000 Note payable to an individual, maturing January 22, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [10]** 6,500 6,500 Note payable to an individual, maturing May 14, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [11] 34,000 - Note payable to an individual, maturing September 9, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [12] 9,225 - 235,775 323,133 Less discount - - Total $ 235,775 $ 323,133 ** Balance as of April 30, 2020 were previously presented as related party notes but reclassified to conform with current year presentation. [1] On March 8, 2010, the Company closed a note purchase agreement with an accredited investor pursuant to which the Company sold a $50,000 convertible note in a private placement transaction. In the transaction, the Company received proceeds of $35,000 and the investor also paid $15,000 of consulting expense on behalf of the Company. The convertible note was due and payable on December 31, 2010 with an interest rate of 10% per annum. The note is convertible at the option of the holder into our common stock at a fixed conversion price of $3.70, subject to adjustment for stock splits and combinations. [2] On January 28, 2011 and February 1, 2011, the Company closed a Convertible Note Agreement totaling $514,900 in principal amount of 25% Convertible Note (the "Notes") due on the first anniversary of the date of the Note, to a group of institutional and high net worth investors. The Notes are convertible into the Company's common stock at the holders' option at $1.00 per common share. All but $25,000 of the promissory notes plus interest were paid in full on March 23, 2011. [3] Effective January 11, 2019, the Company issued and delivered to One44 Capital LLC (“One44”) a 10% convertible note in the principal amount of $120,000. The Company received net proceeds of $114,000 after payment of $6,000 of the fees and expenses of the lender and its counsel. One44, at any time at its option, could convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company, with a floor of $0.03 per share. The note matured on January 11, 2020 and was in default as of April 30, 2020. The Company could redeem the note at redemption prices ranging from 130% to 140% during the first 180 days after issuance. The Company could not redeem the note after 180 days from the issuance date. The note had a principal balance of $120,000 as of April 30, 2019. During the year ended April 30, 2020, One44 converted principal of $60,600 and accrued interest of $3,720 into common shares of the Company, resulting in a principal balance of $59,400 as of April 30, 2020. During the year ended April 30, 2021, One44 converted principal of $54,400 and accrued interest of $11,601 into common shares of the Company which paid the note in full and resulted in a gain on settlement of debt being recorded for $6,170. [4] Effective January 17, 2019, the Company issued and delivered to JSJ Investments, Inc. (“JSJ”) a 12% convertible note in the principal amount of $125,000. The Company received net proceeds of $122,000 after payment of $3,000 of the fees and expenses of the lender and its counsel. JSJ, at any time at its option, could convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at $0.03 per share or, upon the occurrence of certain defined defaults, at a 42% discount to the lowest trading price during the 20 days prior to the date the notice of conversion is received by the Company. The note matured on January 17, 2020 and was in default as of April 30, 2020. The Company could redeem the note at redemption prices ranging from 135% to 150% during the first 180 days after issuance. The note had a principal balance of $125,000 as of April 30, 2019. During the year ended April 30, 2020, JSJ converted principal of $82,672 into common shares of the Company and the principal was increased by $10,700 for a penalty, resulting in a principal balance of $53,028 as of April 30, 2020. During the year ended April 30, 2021, JSJ converted principal of $53,028 and accrued interest of $20,658 into common shares of the Company to pay the obligation in full. [5] Effective April 24, 2019, the Company issued and delivered to EMA Financial, LLC (“EMA”) a 10% convertible note in the principal amount of $55,000. The note was issued at a discount and the Company received net proceeds of $50,000 after payment of $3,750 of the fees and expenses of the lender and its counsel. EMA, at any time at its option, could convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to the day the notice of conversion is received by the Company. The note matured on January 24, 2020 and was in default as of April 30, 2020. During the first 180 days the Note was in effect, the Company could redeem the note at redemption prices ranging from 120% to $140%. The Company could not redeem the note after 180 days from the issuance date. The note had a principal balance of $55,000 as of April 30, 2019. In November 2019, a penalty of $25,000 was added to the principal of the note. During the year ended April 30, 2020, EMA converted principal of $37,635 into common shares of the Company, resulting in a principal balance of $42,365 as of April 30, 2020. In February 2021, a penalty of $93,055 was added to the principal of the note. During the year ended April 30, 2021, EMA converted principal of $131,958 into common shares of the Company and paid cash of $3,462 which paid the note in full and resulted in a gain on settlement of debt being recorded for $15,076. [6] Effective January 31, 2019, the Company issued and delivered to Auctus Fund, LLC (“Auctus”) a 10% convertible note in the principal amount of $125,000. The Company received net proceeds $112,250 after payment of $12,750 of the fees and expenses of the lender and its counsel. Auctus, on or following the 180th calendar day after the issuance date of the note, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock a 40% discount to the lowest trading price during the 20 days prior to the date the notice of conversion is received by the Company. The note matured on January 31, 2020 and was in default as of April 30, 2020. The Company could redeem the note at redemption prices ranging from 120% to 135% during the first 180 days after issuance. The Company could not redeem the note after 180 days from the issuance date. The note had a principal balance of $125,000 as of April 30, 2019. During year ended April 30, 2020, Auctus converted principal of $33,669 into common shares of the Company, resulting in a principal balance of $91,331 as of April 30, 2020. During the year ended April 30, 2021 there was no activity on the note so the balance remained unchanged. Subsequent to April 30, 2021 this note was paid in full, see Note 14. [7] Effective February 27, 2019, the Company issued and delivered to Coventry Enterprises, LLC (“Coventry”) a 10% convertible note in the principal amount of $55,000. The Company received net proceeds of $52,500 after payment of $2,500 of the fees and expenses of the lender and its counsel. Coventry, at any time at its option, could convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company. The note matured on February 27, 2020 and was in default as of April 30, 2020. During the first 150 days the Note is in effect, the Company could redeem the note at a redemption price of 135%. The note had a principal balance of $55,000 as of April 30, 2019. During the year ended April 30, 2020, Coventry converted principal of $52,991 and accrued interest of $3,669 into common shares of the Company, resulting in a principal balance of $2,009 as of April 30, 2020. During the year ended April 30, 2021, Coventry converted principal of $2,009 and accrued interest of $717 into common shares of the Company which paid off the note in full. [8] Effective December 27, 2019 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $10,000 in payment of accrued fees of $10,000 that was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request. [9] Effective December 27, 2019 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $10,000 in payment of accrued fees of $10,000 that was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore common shares were issued to extinguish $281 of the principal balance. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request. [10] Effective January 22, 2020 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $6,500 in exchange for cash. The note was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request. [11] Effective May 14, 2020 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $34,000 in payment of accrued fees of $34,000 that was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request. [12] Effective September 9, 2020 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $10,000 in exchange for cash. The note was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore common shares were issued to extinguish $775 of the principal balance. The Company continues to accrue interest on the convertible note until they can issue all shares to satisfy the conversion request. Current Convertible Notes Payable Current convertible notes payable consisted of the following at April 30: 2021 2020 Note payable to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [1] $ - $ 24,700 Note payable to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [2] - 70,000 Original issue discount convertible debenture to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3] - 600,000 Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [4] 200,000 200,000 Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [5] 90,000 90,000 Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price (long-term at April 30, 2020) [6] - 35,900 Note payable to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [7] - 110,000 Note payable to an accredited investor, maturing May 7, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [8] - 100,000 Note payable to an accredited investor, maturing June 19, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [11] - 250,000 Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price (long-term at April 30, 2019) [9] - 56,500 Note payable to an accredited investor, maturing September 4, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price [10] - 56,500 Note payable to an accredited investor, maturing two years from each advance, with an original issue discount equal to 10% and a one-time interest charge of 12% added to principal, convertible into common shares of the Company at a defined variable exercise price [12]: Advance dated September 13, 2018, maturing September 13, 2020 - 1,380 Advance dated October 16, 2018, maturing October 16, 2020 - 123,200 Note payable to an accredited investor, maturing December 31, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [13] 80,000 - Note payable to an accredited investor issued for extension fees, maturing August 31, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [14] 80,000 - Note payable to an accredited investor issued for extension fees, maturing March 26, 2022 with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [15] 82,000 - Total 532,000 1,728,180 Less discount (133,944 ) (140,941 ) Net $ 398,056 $ 1,587,239 [1] Effective September 13, 2018, the Company issued and delivered to GS Capital Partners, LLC (“GS”) a 10% convertible note in the principal amount of $110,000. The note was issued at a discount, resulting in the Company’s receipt of $100,000 after an original issue discount of $4,500 and payment of $5,500 of the fees and expenses of the lender and its counsel. GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock (i) during the first 180 days, at a price of $3.00 per share of common stock and (ii) thereafter at a 40% discount from the lowest trading price during the 20 days prior to conversion. The maturity date of the note has been extended to December 31, 2021 and the interest rate increased to 18%. The Company may redeem the note at redemption prices ranging from 115% to 135% during the first 180 days after issuance. The note had a principal balance of $110,000 as of April 30, 2019. During the year ended April 30, 2020, GS converted principal of $85,300 and $7,226 of accrued interest into common shares of the Company, resulting in a principal balance of $24,700 as of April 30, 2020. During the year ended April 30, 2021, GS converted principal of $24,700 and $5,788 of accrued interest into common shares of the Company to pay off the debt in full. [2] Effective September 18, 2018, the Company issued and delivered to GS a 10% convertible note in the principal amount of $70,000. The note was issued at a discount and the Company received no net proceeds. GS paid $56,589 on behalf of the Company to a prior lender in settlement of a dispute and $9,101 was paid for fees and expenses of GS and its counsel. GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion (with a floor of $3.00 per share during the first six months after issuance.) The maturity date of the note has been extended to December 31, 2021 and the interest rate raised to 18%. The Company may redeem the note at redemption prices ranging from 130% to 145% during the first 180 days after issuance. The note had a principal balance of $70,000 as of April 30, 2020. During the year ended April 30, 2021, GS converted principal of $70,000 and $17,797 of accrued interest into common shares of the Company which paid the note in full and resulted in a gain on settlement of debt being recorded for $6,379. [3] Effective October 9, 2018, the Company issued and delivered to GS a 10% convertible debenture in the principal amount of $600,000. The debenture was issued with an original issue discount of $50,000, resulting in the Company’s receipt of $550,000 of net proceeds. The debenture was issued pursuant to a securities purchase agreement, which allows for the issuance of additional debentures to one or more holders on substantially identical terms. GS, at its option on and after the six-month anniversary of the date of issuance, may convert the unpaid principal balance of, and accrued interest on, the debentures into shares of common stock thereafter at a 40% discount from the average of the three lowest trading price during the 25 days prior to conversion. The maturity date of the debenture has been extended to December 31, 2021 and the interest rate raised to 18%. The Company may redeem the debenture at redemption prices ranging from 112% to 137% during the first 180 days after issuance. Affiliates of Jack W. Hanks and Bruce Lemons, our directors, pledged their shares of Series A preferred stock (constituting 100% of the outstanding shares of Series A preferred stock) to GS to secure the repayment of the debenture by the Company. The debenture had a principal balance of $600,000 as of April 30, 2020. During the year ended April 30, 2021, GS converted principal of $600,000 and $144,782 of accrued interest into common shares of the Company which paid the note in full and resulted in a gain on settlement of debt being recorded for $52,211. [4] Effective March 31, 2020, the Company issued and delivered to GS an 18% convertible note in the principal amount of $200,000. The note was issued to GS in consideration for GS extending the maturity date of other convertible notes payable to GS to November 30, 2020. The extension fee is payable in cash at the earlier of (1) in connection with, and at the time of repayment of the Notes, or (2) on November 20, 2020. GS, at its option, may convert the unpaid principal balance and accrued interest into shares of common stock at the same terms as the September GS convertible notes payable. The note had a principal balance of $200,000 as of April 30, 2020 and 2021. [5] Effective February 4, 2020, the Company issued and delivered to GS an 18% convertible note in the principal amount of $90,000. The note was issued to GS in consideration for GS extending the maturity date of other convertible notes payable to GS to February 4, 2020. The extension fee is payable in cash at the earlier of (1) in connection with, and at the time of repayment of the Notes, or (2) on November 20, 2020. GS, at its option, may convert the unpaid principal balance and accrued interest into shares of common stock at the same terms as the September GS convertible notes payable. The note had a principal balance of $90,000 as of April 30, 2020 and 2021. [6] Effective February 7, 2019, the Company issued and delivered to Geneva Roth Remark Holdings, Inc. (“Geneva”) a 12% convertible note in the principal amount of $56,500. The note was issued at a discount, resulting in the Company’s receipt of $50,000 after payment of $3,000 of the fees and expenses of the lender and its counsel and an original issue discount of $3,500. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matures on May 7, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The note had a principal balance of $56,500 as of April 30, 2019. During the year ended April 30, 2020, Geneva converted principal of $20,600 into common shares of the Company, resulting in a principal balance of $35,900 as of April 30, 2020. During the year ended April 30, 2021, Geneva converted principal of $35,900 and $3,180 of accrued interest into common shares of the Company to pay off the debt in full. [7] Effective February 20, 2019, the Company issued and delivered to GS a 10% convertible note in the principal amount of $110,000. The note was issued at a discount and the Company received net proceeds of $100,000 after an original issue discount of $4,500 and payment of $5,500 of the fees and expenses of the lender and its counsel. During the first 180 days, GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.08 per share and thereafter at 40% discount from the lowest trading price during the 20 days prior to conversion. The maturity date of the note has been extended to December 31, 2021 and the interest rate increased to 18%. The Company may redeem the note at redemption prices ranging from 115% to 135% during the first 180 days after issuance. The note had a principal balance of $110,000 as of April 30, 2020. During the year ended April 30, 2021, GS converted principal of $110,000 and $24,019 of accrued interest into common shares of the Company which paid the note in full and resulted in a gain on settlement of debt being recorded for $5,774. [8] Effective May 7, 2019, the Company issued and delivered to Odyssey Capital Funding LLC (“Odyssey”) a 10% convertible note in the principal amount of $100,000. The Company received $95,000 after payment of $5,000 of fees and expenses of the lender and its counsel. Odyssey, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the conversion date (with a floor of $0.03 per share for the six months following the date of the note). The note matures on May 7, 2020. The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 120 days after issuance. The Company may not redeem the note after the first 120 days after issuance. The note had a principal balance of $100,000 as of April 30, 2020. During the year ended April 30, 2021, Odyssey converted principal of $97,100 and $17,574 of accrued interest into common shares of the Company which paid the note in full and resulted in a gain on settlement of debt being recorded for $26,851. [9] Effective March 25, 2019, the Company issued and delivered to Geneva a 9% convertible note in the principal amount of $56,500. The note was issued at a discount, resulting in the Company’s receipt of $50,000 after payment of $3,000 of the fees and expenses of the lender and its counsel and an original issue discount of $3,500. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matures on June 25, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The note had a principal balance of $56,500 as of April 30, 2020. During the year ended April 30, 2021, Geneva converted principal of $56,287 into common shares of the Company which paid the note in full and resulted in a gain on settlement of debt being recorded for $11,372. [10] Effective June 4, 2019, the Company issued and delivered to Geneva a 9% convertible note in the principal amount of $56,500. The note was issued at a discount and the Company received $50,000 after an original issue discount of $3,500 and payment of $3,000 of fees and expenses of the lender and its counsel. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matures on September 4, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The Company may not redeem the note after the first 180 days after issuance. The note had a principal balance of $56,500 as of April 30, 2020. During the year ended April 30, 2021, Geneva converted principal of $55,015 into common shares of the Company which paid the note in full and resulted in a gain on settlement of debt being recorded for $12,097. [11] Effective June 19, 2019, the Company issued and delivered to Odyssey a 10% convertible note in the principal amount of $250,000. Of the note proceeds, $144,296 was paid to One44 to redeem its February 27, 2019 convertible note and the Company received $80,704 after payment of $25,000 of legal and brokerage fees. Odyssey, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the date of conversion (with a floor of $0.03 per share for the six months following the date of the note). The note matures on June 19, 2020. The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 120 days after issuance. The Company may not redeem the note after the first 120 days after issuance. The note had a principal balance of $250,000 as of April 30, 2020. During the year ended April 30, 2021, Geneva converted principal of $220,500 and accrued interest of $37,454 into common shares of the Company and the Company paid $35,736 in cash to pay the note in full, which resulted in a gain on settlement of debt being recorded for $ |
PPP LOANS PAYABLE
PPP LOANS PAYABLE | 12 Months Ended |
Apr. 30, 2021 | |
PPP LOANS PAYABLE | |
NOTE 8 - PPP LOANS PAYABLE | With an effective date of April 20, 2020, a loan to the Company was approved under the terms and conditions of the Paycheck Protection Program of the United States Small Business Administration (“SBA”) and the CARES Act (2020) (H.R. 748) (15 U.S.C. 636 et seq.) in the amount of $167,900 and was funded on April 21, 2020. Effective April 20, 2021 the Company was notified that the loan had been forgiven and paid in full. With an effective date of January 25, 2021, a second loan to the Company was approved under the terms and conditions of the Paycheck Protection Program of the SBA and the CARES Act (2020) (H.R. 748) (15 U.S.C. 636 et seq.) (“the Act”) in the amount of $150,000 and was funded on January 26, 2020. The Company has applied for loan forgiveness pursuant to the provisions of the Act. |
SBA BRIDGE LOAN PAYABLE
SBA BRIDGE LOAN PAYABLE | 12 Months Ended |
Apr. 30, 2021 | |
SBA BRIDGE LOAN PAYABLE | |
NOTE 9 - SBA BRIDGE LOAN PAYABLE | On July 14, 2020, the Company received $10,000 pursuant to the SBA’s Express Bridge Loan Pilot Program. This program allows small businesses who have a business relationship with an SBA Express Lender to access up to $25,000 quickly. The funds were advanced to the Company since it has applied for an Economic Injury Disaster Loan (“EIDL”). The loan had a balance of $10,000 as of January 31, 2021 and is to be repaid in full by proceeds from the EIDL. |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Apr. 30, 2021 | |
DERIVATIVE LIABILITIES | |
NOTE 10 - DERIVATIVE LIABILITIES | In a series of subscription agreements, the Company issued warrants in prior years that contain certain anti-dilution provisions that have been identified as derivatives. In addition, the Company identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. As of April 30, 2021 and 2020, the number of warrants or common shares to be issued under these agreements is indeterminate; therefore, the Company concluded that the equity environment is tainted and all additional warrants, stock options and convertible debt are included in the value of the derivative. The Company estimates the fair value of the derivative liabilities at the issuance date and at each subsequent reporting date, 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. During the years ended April 30, 2021 and 2020, we had the following activity in our derivative liabilities: Options and Convertible Warrants Notes Total Balance, April 30, 2019 $ 18,063 $ 1,807,533 $ 1,825,596 New issuances of debt - 192,500 192,500 Debt conversions and repayments - (812,896 ) (812,896 ) Change in fair value of derivative liabilities (18,048 ) 1,420,281 1,402,233 Balance, April 30, 2020 15 2,607,418 2,607,433 New issuances of options, warrants and debt - 200,859 200,859 Debt conversions and repayments - (22,705,172 ) (22,705,172 ) Change in fair value of derivative liabilities 235,887 22,671,035 22,906,922 Balance, April 30, 2021 $ 235,902 $ 2,774,140 $ 3,010,042 Key inputs and assumptions used in valuing the Company’s derivative liabilities as of April 30, 2021 are as follows: · Stock prices on all measurement dates were based on the fair market value · Risk-free interest rate of 0.03% to 0.70% · The probability of future financing was estimated at 100% · Computed volatility ranging from 412.7% to 1556.1% 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 | 12 Months Ended |
Apr. 30, 2021 | |
STOCKHOLDERS DEFICIT | |
NOTE 11 - STOCKHOLDERS' DEFICIT | Authorized Shares As of April 30, 2021, the Company had authorized 11,000,000 shares consisting of 10,000,000 shares of common stock and 1,000,000 shares of preferred stock. Effective February 16, 2021, the Company amended its Articles of Incorporation to increase the number of its authorized shares from 25,010,000,000 to 37,010,000,000 shares, comprised of 37,000,000,000 common shares and 10,000,000 preferred shares. Effective July 1, 2021, the Company amended its Articles of Incorporation to decrease the number of its authorized shares from 37,010,000,000 to 11,000,000 shares, comprised of 10,000,000 common shares and 1,000,000 preferred shares. Effective July 1, 2021, the Company amended its articles of incorporation to provide for a 1 for 10,000 reverse stock split of our common shares. Shareholders owning in excess of 50.1% of the outstanding shares of voting common stock of the Company executed a written consent approving such amendment. The amendment was also approved by the Company’s Board of Directors. The Company has given retroactive effect to the reverse stock split for all periods presented. See Note 14. Common Stock Issuances During the year ended April 30, 2021, the Company issued a total of 1,916,358 shares of its common stock: 2,000 shares for consulting services valued at $34,000; 1,525,583 shares valued at $1,932,365 in conversion of convertible notes principal of $1,618,394, accrued interest payable of $301,943 and payment of fees of $12,028; and 388,775 shares valued at $4,277 in conversion of convertible notes payable – related party principal of $4,277. Settlement of derivative liabilities in debt conversions and repayments totaled $22,511,164. During the year ended April 30, 2020, the Company issued a total of 1,328,465 shares of its common stock: 3 shares for consulting services valued at $84; 16,991 shares valued at $28,387 in payment of accrued expenses of $36,942 resulting in a gain on extinguishment of debt of $8,555; 667,835 shares valued at $811,676 in conversion of convertible notes principal of $769,255, accrued interest payable of $33,671 and payment of fees of $8,750; and 643,636 shares valued at $355,460 in conversion of convertible notes payable – related party principal of $354,000 and accrued interest payable of $1,460. Settlement of derivative liabilities in debt conversions and repayments totaled $812,896. Series A Preferred Stock The Series A preferred stock has no redemption, conversion or dividend rights; however, the holders of the Series A preferred stock, voting separately as a class, has the right to vote on all shareholder matters equal to 51% of the total vote. During the year ended April 30, 2021 no preferred shares were issued. Effective August 1, 2019, the Company issued 1,000 shares of Series A preferred stock to Maple Resources for services rendered. The shares were valued at $23,900 by an independent valuation firm. Warrants The Company has issued warrants in prior years to investors in a series of subscription agreements in equity financings or for other stock-based compensation. Certain of the warrants contain anti-dilution provisions that the Company has identified as derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes and considering the existence of a tainted equity environment (see Note 10). A summary of warrant activity during the years ended April 30, 2021 and 2020 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 1,789,291 $ 1.00 2.91 Granted 444,248,462 $ 1.00 Canceled / Expired - Exercised - Outstanding, April 30, 2020 446,037,753 $ 1.00 1.91 Granted 633,880,117 $ 1.00 Canceled / Expired (8,000 ) $ 0.58 Exercised - Outstanding, April 30, 2021 1,079,909,872 $ 1.00 0.91 The warrant shares granted during the years ended April 30, 2021 and 2020 are comprised of warrant shares issued to warrant holders pursuant to anti-dilution provisions. Stock Options As a condition for entering into the October 5, 2018 GS convertible debenture (see Note 7), GS required affiliates of Jack W. Hanks and Bruce Lemons, our directors (the “Affiliates”), to pledge their shares of Class B Common Stock (constituting 100% of the then outstanding shares of Class B Common Stock) to GS to secure the repayment of the debenture by the Company. As consideration to the Affiliates for entering into the GS pledge agreement, the Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 2,000,000 common shares of the Company at $0.08 per share. Effective November 30, 2020, the option agreement was amended to cancel the 2,000,000 options. A summary of stock option activity during the years ended April 30, 2021 and 2020 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 2,000,000 $ 0.08 Granted - Canceled / Expired - Exercised - Outstanding, April 30, 2020 2,000,000 $ 0.08 8.62 Granted - Canceled / Expired (2,000,000 ) Exercised - Outstanding, April 30, 2021 - $ - - Common Stock Reserved Combined with the 3,251,641 common shares outstanding at April 30, 2021, all authorized common shares have been issued or reserved for issuance of outstanding warrants, stock options, and convertible notes payable and no common shares are available for share issuances other than those shares included in the reserves. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2021 | |
INCOME TAXES | |
NOTE 12 - INCOME TAXES | The Company accounts for income taxes in accordance with standards of disclosure propounded by the FASB, and any related interpretations of those standards sanctioned by the FASB. Accordingly, deferred tax assets and liabilities are determined based on differences between the financial statement and tax bases of assets and liabilities, as well as a consideration of net operating loss and credit carry forwards, using enacted tax rates in effect for the period in which the differences are expected to impact taxable income. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. No provision for income taxes has been recorded due to the net operating loss carryforwards totaling approximately $16,274,000 as of April 30, 2021 that will be available to offset future taxable income. The available net operating loss carry forwards expire in various years through 2041. No tax benefit has been reported in the financial statements because the Company believes there is a 50% or greater chance the carry forwards will expire unused. There were no uncertain tax positions taken by the Company. The deferred tax asset and valuation account is as follows at April 30: 2021 2020 Deferred tax asset: Net operating loss carryforward $ 3,417,552 $ 3,026,640 Valuation allowance (3,417,552 ) (3,026,640 ) Total $ - $ - The components of income tax expense are as follows for the years ended April 30: 2021 2020 Change in net operating loss benefit $ 390,912 $ 327,930 Change in valuation allowance (390,912 ) (327,930 ) Total $ - $ - On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cut and Jobs Act (the “Tax Act”). The Tax Act established new tax laws that affect 2018 and future years, including a reduction in the U.S. federal corporate income tax rate to 21%, effective January 1, 2018. The reduction in the federal corporate income tax rate is reflected in the above tables. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 13 - COMMITMENTS AND CONTINGENCIES | Legal On July 14, 2020, a consultant for rail services to the Company filed a complaint against the Company and its CEO Jack W Hanks, an individual, for payment of $100,000 of consulting fees. The Court Action is filed as CRU Trading Co, (“CRU”) Plaintiff, v. MMEX Resources Corp and Jack W. Hanks in the District Court of Harris, County Texas Cause No. 2020-41853/Court;165. The Company, based on consultation with legal counsel, believed the complaint was without merit and filed a verified denial and a motion to dismiss the litigation. In April of 2021 the parties agreed to settle the matter, therefore in exchange for a nonsuit of certain claims and a stay of litigation the Company agreed to pay $60,000 over a 6-month period. After paying the amount in full all parties will fully release each other from any claims related to the matter and CRU will dismiss the lawsuit. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 14 - SUBSEQUENT EVENTS | In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below. On May 20, 2021, we entered into a Purchase and Sale Agreement to acquire 323.841 acres of land in, or near, Pecos County, Texas, in exchange for $242,881. Per the terms of the agreement, we remitted a non-refundable earnest money payment of $10,000 and committed to close on or before the thirtieth day after the title company issued a title commitment, or on a date mutually agreed upon. On July 8, 2021 we entered into the first amendment to the Purchase and Sale Agreement which provided for an extension of the closing date, which was to occur on or before September 15, 2021. In exchange for the extension, we remitted a non-refundable extension payment of $10,000 which is applicable to the purchase price at closing. We closed on this land purchase on July 27, 2021. On June 22, 2021, the Company issued and delivered to GS Capital Partners, LLC (“GS”) a 10% convertible note in the principal amount of $82,000. The note was issued at a discount and the Company received net proceeds of $78,500 after payment of $3,500 of fees and expenses of the lender and its counsel. During the first 180 days, GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.015 per share and thereafter at 34% discount from the average of the two lowest trading prices of the Company’s common stock during the 15 prior trading days including the day upon which a notice of conversion is received by the Company. The Company may redeem the note at redemption prices ranging from 110% to 118% during the first 180 days after issuance. On June 22, 2021 the Company executed a drawdown request of $200,000 in accordance with the terms of the February 22, 2021 promissory note with GS Capital Partners, LLC. The maturity date of the note is the earlier of (i) December 31, 2021 or (ii) the consummation by the Company of an equity or equity-based financing providing net proceeds to the Company sufficient to retire the outstanding indebtedness under the note. The note has an interest rate of ten percent per annum from the date of the drawdown. Effective July 1, 2021, the Company amended its articles of incorporation to provide for a 1 for 10,000 reverse stock split of our common shares. As a result of the stock split the Company issued an additional 17,754 shares of common stock to account for rounding issues. The Company has given retroactive effect to the reverse stock split for all periods presented. See Note 14. On July 15, 2021, we entered into a Securities Purchase Agreement (“SPA”) with an institutional investor, pursuant to which we agreed to issue and sell, in a registered direct offering 170,000 shares of our common stock and warrants exercisable for an aggregate of 2,575,000 shares of our common stock at a combined offering price of $0.80 per share. The warrants have an exercise price of $0.80 per share. Each warrant is immediately exercisable and will expire on the fifth anniversary from the issuance date. We also offered and sold to the institutional investor pre-funded warrants to purchase an aggregate of 3,580,000 shares of common stock, in lieu of shares of common stock. Each pre-funded warrant is exercisable for one share of our common stock. The purchase price of each pre-funded warrant is equal to $0.80 per share price at which common stock is sold in the offering, minus $0.0001, and the exercise price of each pre-funded warrant is $0.0001 per share. Subject to certain ownership limits, the pre-funded warrants are immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full. As a result of the SPA, the Company received proceeds of $2,650,850 after deducting placement agent fees and related offering expenses. Subsequent to April 30, 2021, the Company made a payment to its lender to extinguish a January 31, 2019 convertible notes payable with a principal balance of $91,331 that had been in default, see Note 7. The Company also made a payment to another lender to extinguish a March 26, 2021 convertible note payable with a principal balance of $82,000, see Note 7, and to extinguish a June 22, 2021 convertible note payable with a principal balance of $82,000, see above, and to repay the June 22, 2021 drawdown of $200,000 on a February 22, 2021 promissory note, see above. Subsequent to April 30, 2021, the Company issued 11,814 common shares to lenders in the conversion of debt principal of $40,000, accrued interest payable of $2,027 and conversion fees of $504. The Company also issued 250,000 shares for the exercise of the pre-funded warrants granted in conjunction with the July 15, 2021 SPA. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Consolidation | The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations. |
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. |
Property and equipment | Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated or amortized using the straight-line method over the estimated useful life or legal life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Land improvement 15 years Land easements 10 years The land easements owned by the Company have a legal life of 10 years. Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management. |
Derivative liabilities | In a series of subscription agreements, the Company issued warrants in prior years that contain certain anti-dilution provisions that have been identified as derivatives. In addition, the Company identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. As of April 30, 2021, the number of warrants or common shares to be issued under these agreements is indeterminate; therefore, the Company concluded that the equity environment is tainted and all additional warrants, stock options and convertible debt are included in the value of the derivative. We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities 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 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. 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 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: April 30, 2021 Total Level 1 Level 2 Level 3 Derivative liabilities $ 3,010,042 $ - $ - $ 3,010,042 April 30, 2020 Total Level 1 Level 2 Level 3 Derivative liabilities $ 2,607,433 $ - $ - $ 2,607,433 |
Revenue Recognition | The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers |
Refinery start-up costs | Costs incurred prior to opening the Company’s then proposed crude oil refinery in Pecos County, Texas, including acquisition of refinery rights, planning, design and permitting, are recorded as start-up costs and expensed as incurred. |
Advertising and promotion | All costs associated with advertising and promoting products are expensed as incurred. For the year ended April 30, 2021 and 2020, $10,000 and $0 were recorded, respectively. |
Income taxes | The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. |
Uncertain tax positions | The Company has adopted FASB standards for accounting for uncertainty in income taxes. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Various taxing authorities periodically audit the Company's income tax returns. These audits include questions regarding the Company's tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities and has not identified any uncertain tax positions requiring recognition in its consolidated financial statements. The assessment of the Company's tax position relies on the judgment of management to estimate the exposures associated with the Company's various filing positions. |
Basic and diluted income (loss) per share | Basic net income or loss per common 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 years ended April 30, 2021 and 2020, 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 common share is the same as diluted net loss per share. |
Employee Stock-based compensation | Pursuant to FASB ASC 718, all share-based payments to employees, including grants of employee stock options, are recognized in the statement of operations based on their fair values. For the years ended April 30, 2021 and 2020, the Company recorded share-based compensation to employees of $0 and $0, respectively. |
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 the prior year have been reclassified to conform with the current year presentation. |
Recently issued accounting pronouncements | In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Under current GAAP, there are five accounting models for convertible debt instruments. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adopting the ASU’s guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. Additionally, for convertible debt instruments with substantial premiums accounted for as paid-in capital, the FASB decided to add disclosures about (1) the fair value amount and the level of fair value hierarchy of the entire instrument for public business entities and (2) the premium amount recorded as paid-in capital. ASU 2020-06 will be effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of the adoption of this accounting pronouncement to its financial statements. 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 BAS
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | |
Schedule of Entity operational details | Name of Entity Form State of MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Refining & Transport, LLC (“PRT”) 100 % LLC Texas Subsidiary Armadillo Holdings Group Corp. 100 % Corporation British Virgin Isles Subsidiary Armadillo Mining Corp. (“AMC”) 98.6 % Corporation British Virgin Isles Subsidiary MMEX Solar Resources, LLC 100 % LLC Texas Subsidiary Texas Gulf Refining & Trading, LLC 100 % LLC Texas Subsidiary Louisiana Gulf Refining & Trading, LLC 100 % LLC Louisiana Subsidiary Rolling Stock Marine, LLC 100 % LLC Texas Subsidiary |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Summary of Estimated useful life of the related asset | Office furniture and equipment 10 years Computer equipment and software 5 years Land improvement 15 years Land easements 10 years |
Summary of derivative liabilities | April 30, 2021 Total Level 1 Level 2 Level 3 Derivative liabilities $ 3,010,042 $ - $ - $ 3,010,042 April 30, 2020 Total Level 1 Level 2 Level 3 Derivative liabilities $ 2,607,433 $ - $ - $ 2,607,433 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
Schedule of convertible notes payable | 2021 2020 Convertible note payable with Maple Resources Corporation, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [1] $ 7,033 $ 11,000 Convertible note payable with BNL Family Trust, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [2] 10,691 11,000 Convertible note payable with Maple Resources Corporation, matured February 12, 2021, with interest at 5%, convertible into common shares of the Company [3] 5,000 5,000 Convertible note payable with Maple Resources Corporation, matured March 2, 2021, with interest at 5%, convertible into common shares of the Company [4] 800 - Convertible note payable with Maple Resources Corporation, matured May 12, 2021, with interest at 5%, convertible into common shares of the Company [5] 41,466 - Convertible note payable with Maple Resources Corporation, matured July 31, 2021, with interest at 5%, convertible into common shares of the Company [6] 10,000 - 74,990 27,000 Less discount (235 ) (1,377 ) Total $ 74,755 $ 25,623 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and Equipment | 2021 2020 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 10,962 10,962 Land 67,088 67,088 Land improvements 452,005 452,005 Land easements 37,015 37,015 580,934 580,934 Less accumulated depreciation and amortization (108,765 ) (73,890 ) $ 472,169 $ 507,044 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
ACCRUED EXPENSES | |
Schedule of Accrued expenses | 2021 2020 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 60,000 24,000 Accrued interest and penalties 623,085 402,816 Other 94,174 94,174 $ 807,349 $ 551,080 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
NOTES PAYABLE (Tables) | |
Schedule of notes payable | 2021 2020 Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% $250,000 draw on March 5, 2021 $ 250,000 $ - $200,000 draw on March 26, 2021 [1] 200,000 - Note payable to an unrelated party with an issue date of March 8, 2021 with interest at 10% [2] 75,000 - Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [3] 250,000 - Total $ 775,000 $ - |
Schedule of Notes payable, currently in default | 2021 2020 Note payable to an unrelated party, maturing March 18, 2014, with interest at 10% $ 75,001 $ 75,001 $ 75,001 $ 75,001 |
Schedule of Convertible Notes Payable, Currently in Default | 2021 2020 Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company [1] $ 50,000 $ 50,000 Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company [2] 25,000 25,000 Note payable to an accredited investor, matured January 11, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [3] - 59,400 Note payable to an accredited investor, matured January 17, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price [4] - 53,028 Note payable to an accredited investor, matured January 24, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5] - 42,365 Note payable to an accredited investor, maturing January 31, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [6] 91,331 91,331 Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [7] - 2,009 Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [8]** 10,000 10,000 Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [9] 9,719 10,000 Note payable to an individual, maturing January 22, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [10]** 6,500 6,500 Note payable to an individual, maturing May 14, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [11] 34,000 - Note payable to an individual, maturing September 9, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [12] 9,225 - 235,775 323,133 Less discount - - Total $ 235,775 $ 323,133 |
Schedule of Current Convertible Notes Payable | 2021 2020 Note payable to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [1] $ - $ 24,700 Note payable to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [2] - 70,000 Original issue discount convertible debenture to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3] - 600,000 Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [4] 200,000 200,000 Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [5] 90,000 90,000 Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price (long-term at April 30, 2020) [6] - 35,900 Note payable to an accredited investor, maturing December 31, 2021 (as amended), with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [7] - 110,000 Note payable to an accredited investor, maturing May 7, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [8] - 100,000 Note payable to an accredited investor, maturing June 19, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [11] - 250,000 Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price (long-term at April 30, 2019) [9] - 56,500 Note payable to an accredited investor, maturing September 4, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price [10] - 56,500 Note payable to an accredited investor, maturing two years from each advance, with an original issue discount equal to 10% and a one-time interest charge of 12% added to principal, convertible into common shares of the Company at a defined variable exercise price [12]: Advance dated September 13, 2018, maturing September 13, 2020 - 1,380 Advance dated October 16, 2018, maturing October 16, 2020 - 123,200 Note payable to an accredited investor, maturing December 31, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [13] 80,000 - Note payable to an accredited investor issued for extension fees, maturing August 31, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [14] 80,000 - Note payable to an accredited investor issued for extension fees, maturing March 26, 2022 with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [15] 82,000 - Total 532,000 1,728,180 Less discount (133,944 ) (140,941 ) Net $ 398,056 $ 1,587,239 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
DERIVATIVE LIABILITIES | |
Schedule of derivative liabilities | Options and Convertible Warrants Notes Total Balance, April 30, 2019 $ 18,063 $ 1,807,533 $ 1,825,596 New issuances of debt - 192,500 192,500 Debt conversions and repayments - (812,896 ) (812,896 ) Change in fair value of derivative liabilities (18,048 ) 1,420,281 1,402,233 Balance, April 30, 2020 15 2,607,418 2,607,433 New issuances of options, warrants and debt - 200,859 200,859 Debt conversions and repayments - (22,705,172 ) (22,705,172 ) Change in fair value of derivative liabilities 235,887 22,671,035 22,906,922 Balance, April 30, 2021 $ 235,902 $ 2,774,140 $ 3,010,042 |
STOCKHOLDERS DEFICIT (Tables)
STOCKHOLDERS DEFICIT (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
STOCKHOLDERS DEFICIT | |
Summary of warrant activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 1,789,291 $ 1.00 2.91 Granted 444,248,462 $ 1.00 Canceled / Expired - Exercised - Outstanding, April 30, 2020 446,037,753 $ 1.00 1.91 Granted 633,880,117 $ 1.00 Canceled / Expired (8,000 ) $ 0.58 Exercised - Outstanding, April 30, 2021 1,079,909,872 $ 1.00 0.91 |
Summary of stock option activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 2,000,000 $ 0.08 Granted - Canceled / Expired - Exercised - Outstanding, April 30, 2020 2,000,000 $ 0.08 8.62 Granted - Canceled / Expired (2,000,000 ) Exercised - Outstanding, April 30, 2021 - $ - - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
STOCKHOLDERS DEFICIT | |
Schedule of deferred tax asset and valuation account | 2021 2020 Deferred tax asset: Net operating loss carryforward $ 3,417,552 $ 3,026,640 Valuation allowance (3,417,552 ) (3,026,640 ) Total $ - $ - |
Schedule of income tax expense | 2021 2020 Change in net operating loss benefit $ 390,912 $ 327,930 Change in valuation allowance (390,912 ) (327,930 ) Total $ - $ - |
BACKGROUND ORGANIZATION AND B_2
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Details) | 12 Months Ended | |
Apr. 30, 2021 | Jan. 31, 2021 | |
MMEX Resources Corporation [Member] | ||
State of Incorporation | Nevada | |
Form of Entity | Corporation | |
Relationship | Parent | |
Pecos Refining & Transport, LLC [Member] | ||
State of Incorporation | Texas | |
Form of Entity | Corporation | |
Relationship | Subsidiary | |
Ownership Percentage | 100.00% | |
Armadillo Mining Corp [Member] | ||
State of Incorporation | British Virgin Isles | |
Form of Entity | Corporation | |
Relationship | Subsidiary | |
Ownership Percentage | 98.60% | |
Armadillo Holdings Group Corp. [Member] | ||
State of Incorporation | British Virgin Isles | |
Form of Entity | Corporation | |
Relationship | Subsidiary | |
Ownership Percentage | 100.00% | |
MMEX Solar Resources LLC [Member] | ||
State of Incorporation | Texas | |
Form of Entity | LLC | |
Relationship | Subsidiary | |
Ownership Percentage | 100.00% | |
Texas Gulf Refining & Trading LLC [Member] | ||
State of Incorporation | Texas | |
Form of Entity | LLC | |
Relationship | Subsidiary | |
Ownership Percentage | 100.00% | |
Louisiana Gulf Refining & Trading LLC [Member] | ||
State of Incorporation | Louisiana | |
Form of Entity | LLC | |
Ownership Percentage | 100.00% | |
Relationship | Subsidiary | |
Rolling Stock Marine LLC [Member] | ||
Form of Entity | LLC | |
Relationship | Subsidiary | |
Ownership Percentage | 100.00% | |
State of Incorporation | Texas |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Office furniture and equipment [Member] | |
Property plant and equipment estimated useful life | 10 years |
Computer equipment and software [Member] | |
Property plant and equipment estimated useful life | 5 years |
Land Improvements [Member] | |
Property plant and equipment estimated useful life | 15 years |
Land easements [Member] | |
Property plant and equipment estimated useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Derivative liabilities | $ 3,010,042 | $ 2,607,433 |
Level 1 [Member] | ||
Derivative liabilities | 0 | 0 |
Level 2 [Member] | ||
Derivative liabilities | 0 | 0 |
Level 3 [Member] | ||
Derivative liabilities | $ 3,010,042 | $ 2,607,433 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Employee Share based compensation | $ 0 | $ 0 |
Land easements [Member] | ||
Property plant and equipment estimated useful life | 10 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Accumulated deficit | $ (67,984,693) | $ (43,457,807) | |
Stockholders' deficit | $ (5,770,041) | $ (5,724,961) | $ (3,363,675) |
Securities Purchase Agreement [Member] | |||
Share issued, shares | 170,000 | ||
Maturity date | Jul. 21, 2021 | ||
Warrant issued | 2,575,000 | ||
Pre funded warrants | 3,580,000 | ||
Proceeds from exercise of warrants after deducting placement agent fees and related offering expenses | $ 2,650,850 | ||
Amount utilized to reduce indebtedness | $ 560,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Gros | $ 74,990 | $ 27,000 |
Less discount | (235) | (1,377) |
Total | 74,755 | 25,623 |
Maple Resources Corporation One [Member] | ||
Gross | 5,000 | 5,000 |
Maple Resources Corporation Two [Member] | ||
Gross | 800 | 0 |
Maple Resources Corporation Three [Member] | ||
Gross | 41,466 | 0 |
Maple Resources Corporation Four [Member] | ||
Gross | 10,000 | 0 |
BNL Family Trust ("BNL") [Member] | ||
Gross | 10,691 | 11,000 |
Maple Resources Corporation [Member] | ||
Gross | $ 7,033 | $ 11,000 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Oct. 09, 2018 | Apr. 30, 2021 | Apr. 30, 2021 | Apr. 30, 2020 |
Substitute shares | 1,000 | |||
Consulting fees | $ 25,500 | |||
Conversion of Stock, description | The pledge agreement was later amended to substitute 1,000 shares of Series A preferred stock (constituting 100% of the outstanding shares of Series A Preferred stock) for the Class B Common Stock. As consideration to the Affiliates for entering into the pledge agreement, the Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 2,000,000 shares of the Company’s common stock at $0.08 per share | |||
Accounts payable and accrued expenses - related party | $ 272,834 | 272,834 | $ 170,881 | |
Principal amont | 139,766 | $ 139,766 | $ 43,500 | |
Common stock shares issue upon conversation | 11,814 | |||
February 1, 2021 [Member] | ||||
Accounts payable | $ 90,500 | $ 90,500 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock shares issued | 1,000 | 1,000 | 1,000 | |
Common Stocks [Member] | October 1, 2018 [Member] | Related Party [Member] | ||||
Consulting fees | $ 45,000 | $ 15,000 | $ 15,000 | |
Accounts payable and accrued expenses - related party | 33,179 | |||
Accrued consulting fees | 17,500 | |||
Shares issued value related party each month | 2,500 | |||
Advance to company | 37,610 | 37,610 | 18,179 | |
Gain on extinguishment of debt | 2,491 | |||
Compensation and reimbursable expenses | $ 18,058 | |||
Common stock issued during period, shares, reverse stock splits | 3,876 | |||
Convertible Note Five [Member] | ||||
Conversion of Stock, description | the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, | |||
Convertible note principal amount | $ 10,000 | |||
Common stock shares issue upon conversation | 909,091 | |||
Interest expense | $ 374 | |||
Accrued interest payable | 374 | $ 374 | 0 | |
Convertible Note Four [Member] | ||||
Conversion of Stock, description | the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days | |||
Convertible note principal amount | $ 41,466 | |||
Common stock shares issue upon conversation | 3,769,636 | |||
Interest expense | $ 2,005 | |||
Accrued interest payable | 2,005 | $ 2,005 | 0 | |
Convertible Note Three [Member] | ||||
Conversion of Stock, description | the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, | |||
Convertible note principal amount | $ 800 | |||
Common stock shares issue upon conversation | 72,727 | |||
Interest expense | $ 40 | |||
Accrued interest payable | 40 | $ 40 | 0 | |
Convertible Note Two[Member] | ||||
Conversion of Stock, description | the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days | |||
Convertible note principal amount | $ 5,000 | |||
Common stock shares issue upon conversation | 454,545 | |||
Interest expense | $ 20 | |||
Accrued interest payable | 303 | $ 303 | 283 | |
Convertible Note One [Member] | ||||
Conversion of Stock, description | the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, | |||
Principal amont | 309 | $ 309 | ||
Convertible note principal amount | $ 11,000 | |||
Common stock shares issue upon conversation | 1,000,000 | |||
Interest expense | $ 190 | |||
Accrued interest payable | 737 | $ 737 | 547 | |
Partial conversation shares | 28,904 | |||
Convertible Note [Member] | ||||
Conversion of Stock, description | the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days | |||
Principal amont | 3,967 | $ 3,967 | ||
Convertible note principal amount | $ 5,500 | |||
Common stock shares issue upon conversation | 1,000,000 | |||
Interest expense | $ 171 | |||
Accrued interest payable | 718 | $ 718 | $ 547 | |
Partial conversation shares | 360,682 | |||
Financing fees | $ 5,500 | |||
Maple Resources Corporation [Member] | ||||
Common stock shares purchase option | 1,000,000 | |||
Option expiration period | Mar. 31, 2022 | |||
Purchase price per share | $ 0.20 | |||
Maple Resources Corporation [Member] | Consultants [Member] | ||||
Consulting fees and expense | $ 218,970 | $ 275,713 | ||
Maple Resources Corporation [Member] | President and CEO [Member] | ||||
Accrued interest payable | 5,534 | 5,534 | 690 | |
Consulting fees and expense | 252,128 | |||
Consulting fees (Monthly) | 17,897 | |||
Maple Resources Corporation [Member] | Former Officer [Member] | ||||
Accounts payable and accrued expenses - related party | $ 118,540 | 118,540 | 101,012 | |
Consulting fees and expense | 31,633 | $ 31,633 | ||
Maple Resources Corporation [Member] | July through October 2019 [Member] | Consultants [Member] | ||||
Consulting fees and expense | $ 20,000 | |||
Maple Resources Corporation [Member] | Series A Preferred Stock [Member] | ||||
Preferred stock shares issued | 1,000 | 1,000 | ||
Independent valuation cost | $ 23,900 | |||
Maple Resources Corporation [Member] | Common Stocks [Member] | ||||
Shares issued value related party each month | $ 5,000 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Property and equipment, gross | $ 580,934 | $ 580,934 |
Less accumulated depreciation and amortization | (108,765) | (73,890) |
Property and equipment, net | 472,169 | 507,044 |
Land [Member] | ||
Property and equipment, gross | 67,088 | 67,088 |
Office furniture and equipment [Member] | ||
Property and equipment, gross | 13,864 | 13,864 |
Computer equipment and software [Member] | ||
Property and equipment, gross | 10,962 | 10,962 |
Land Improvements [Member] | ||
Property and equipment, gross | 452,005 | 452,005 |
Land easements [Member] | ||
Property and equipment, gross | $ 37,015 | $ 37,015 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
PROPERTY AND EQUIPMENT | ||
Depreciation and amortization expense | $ 34,875 | $ 34,663 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Total Accrued Expenses | $ 807,349 | $ 551,080 |
Accrued Payroll [Member] | ||
Total Accrued Expenses | 30,090 | 30,090 |
Accrued Consulting [Member] | ||
Total Accrued Expenses | 60,000 | 24,000 |
Accrued Interest And Penalties [Member] | ||
Total Accrued Expenses | 623,085 | 402,816 |
Other [Member] | ||
Total Accrued Expenses | $ 94,174 | $ 94,174 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Notes payable | $ 775,000 | $ 0 |
Note Payable [Member] | ||
Notes payable | 250,000 | 0 |
Notes Payable One [Member] | ||
Notes payable | 200,000 | 0 |
Notes Payable Two [Member] | ||
Notes payable | 75,000 | 0 |
Notes Payable Three [Member] | ||
Notes payable | $ 250,000 | $ 0 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Notes payable, currently in default | $ 75,001 | $ 75,001 |
Note Payable [Member] | ||
Notes payable, currently in default | $ 75,001 | $ 75,001 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Convertible notes payable, currently in default, gross | $ 235,775 | $ 323,133 |
Less discount | 0 | 0 |
Convertible notes payable, currently in default, net of discount | 235,775 | 323,133 |
Note Payable [Member] | ||
Convertible notes payable, currently in default, gross | 50,000 | 50,000 |
Notes Payable One [Member] | ||
Convertible notes payable, currently in default, gross | 25,000 | 25,000 |
Notes Payable Two [Member] | ||
Convertible notes payable, currently in default, gross | 0 | 59,400 |
Notes Payable Three [Member] | ||
Convertible notes payable, currently in default, gross | 0 | 53,028 |
Notes Payable Four [Member] | ||
Convertible notes payable, currently in default, gross | 0 | 42,365 |
Notes Payable Five [Member] | ||
Convertible notes payable, currently in default, gross | 91,331 | 91,331 |
Notes Payable Six [Member] | ||
Convertible notes payable, currently in default, gross | 0 | 2,009 |
Notes Payable Seven [Member] | ||
Convertible notes payable, currently in default, gross | 10,000 | 10,000 |
Notes Payable Eight [Member] | ||
Convertible notes payable, currently in default, gross | 235,775 | 10,000 |
Notes Payable Nine [Member] | ||
Convertible notes payable, currently in default, gross | 6,500 | 6,500 |
Notes Payable Ten [Member] | ||
Convertible notes payable, currently in default, gross | 34,000 | 0 |
Notes Payable Eleven [Member] | ||
Convertible notes payable, currently in default, gross | $ 9,225 | $ 0 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Convertible notes payable, net of discount, gross | $ 532,000 | $ 1,728,180 |
Less discount | (133,944) | (140,941) |
Convertible notes payable, net of discount | 398,056 | 1,587,239 |
Convertible Notes Payable [Member] | Accredited investor [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 24,700 |
Convertible Notes Payable [Member] | Accredited investor fourteen [Member] | ||
Convertible notes payable, net of discount, gross | 82,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor Thirteen [Member] | ||
Convertible notes payable, net of discount, gross | 80,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor twelve [Member] | ||
Convertible notes payable, net of discount, gross | 80,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor eleven [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 123,200 |
Convertible Notes Payable [Member] | Accredited investor ten [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 1,380 |
Convertible Notes Payable [Member] | Accredited investor nine [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 56,500 |
Convertible Notes Payable [Member] | Accredited investor eight [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 2,500,000 |
Convertible Notes Payable [Member] | Accredited investor seven [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 100,000 |
Convertible Notes Payable [Member] | Accredited investor six [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 110,000 |
Convertible Notes Payable [Member] | Accredited investor five [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 35,900 |
Convertible Notes Payable [Member] | Accredited investor four [Member] | ||
Convertible notes payable, net of discount, gross | 90,000 | 90,000 |
Convertible Notes Payable [Member] | Accredited investor three [Member] | ||
Convertible notes payable, net of discount, gross | 200,000 | 200,000 |
Convertible Notes Payable [Member] | Accredited investor two [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 600,000 |
Convertible Notes Payable [Member] | Accredited investor one [Member] | ||
Convertible notes payable, net of discount, gross | $ 0 | $ 70,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Mar. 11, 2021 | Mar. 08, 2021 | Feb. 02, 2021 | Dec. 15, 2020 | Feb. 04, 2020 | Jun. 04, 2019 | May 07, 2019 | Feb. 07, 2019 | Jan. 11, 2019 | Oct. 09, 2018 | Sep. 13, 2018 | Mar. 08, 2010 | Feb. 28, 2021 | Mar. 31, 2020 | Nov. 30, 2019 | Jun. 19, 2019 | Apr. 24, 2019 | Mar. 25, 2019 | Feb. 27, 2019 | Feb. 20, 2019 | Jan. 17, 2019 | Oct. 16, 2018 | Sep. 18, 2018 | Mar. 23, 2011 | Mar. 26, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | Dec. 31, 2020 | May 14, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Jan. 28, 2011 |
Debt instrument converted principal amount | $ 40,000 | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 163,500 | $ 365,300 | ||||||||||||||||||||||||||||||
Common stock shares issued | 3,251,641 | 1,335,283 | ||||||||||||||||||||||||||||||
Debt issue discount | $ 235 | $ 1,377 | ||||||||||||||||||||||||||||||
Geneva Roth Remark Holdings, Inc. [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 56,287 | |||||||||||||||||||||||||||||||
Gain on settlement of debt | 11,372 | |||||||||||||||||||||||||||||||
Auctus Fund, LLC [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 33,669 | |||||||||||||||||||||||||||||||
Principal amount | 91,331 | $ 125,000 | $ 125,000 | |||||||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||||||||
Geneva Roth Remark Holdings, Inc. One [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 55,015 | |||||||||||||||||||||||||||||||
Gain on settlement of debt | 12,097 | |||||||||||||||||||||||||||||||
Fourth amendment [Member] | ||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 75,000 | |||||||||||||||||||||||||||||||
Principal amount | $ 80,000 | $ 56,500 | 80,000 | |||||||||||||||||||||||||||||
Amendment description | Effective December 15, 2020, the Company entered into a fourth amendment to certain convertible notes with GS ($110,000 note dated September 13, 2018 – see notation [1], $70,000 note dated September 18, 2018 – see notation [2], $$600,000 note dated October 5, 2018 – see notation [3], and $110,000 note dated February 20, 2019 – see notation [7]) to extend the notes due dates from December 20, 2020 to December 31, 2020. | |||||||||||||||||||||||||||||||
Interest rate | 18.00% | |||||||||||||||||||||||||||||||
Debt issue discount | $ 5,000 | |||||||||||||||||||||||||||||||
Fifth amendment [Member] | ||||||||||||||||||||||||||||||||
Increased principal amount | $ 80,000 | |||||||||||||||||||||||||||||||
Vista [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 106,440 | |||||||||||||||||||||||||||||||
Gain on settlement of debt | 16,760 | |||||||||||||||||||||||||||||||
GS Capital [Member] | ||||||||||||||||||||||||||||||||
Principal amount | 82,000 | |||||||||||||||||||||||||||||||
December 27, 2019 [Member] | ||||||||||||||||||||||||||||||||
Accrued fees | 10,000 | |||||||||||||||||||||||||||||||
December 27, 2019 One [Member] | ||||||||||||||||||||||||||||||||
Accrued fees | 10,000 | |||||||||||||||||||||||||||||||
January 22, 2020 [Member] | ||||||||||||||||||||||||||||||||
Principal amount | 6,500 | |||||||||||||||||||||||||||||||
May 14, 2020 [Member] | ||||||||||||||||||||||||||||||||
Accrued fees | 34,000 | |||||||||||||||||||||||||||||||
Principal amount | 34,000 | |||||||||||||||||||||||||||||||
September 9, 2020 [Member] | ||||||||||||||||||||||||||||||||
Principal amount | $ 10,000 | |||||||||||||||||||||||||||||||
Common stock shares issued | 775 | |||||||||||||||||||||||||||||||
Convertible Notes Payable [Member] | Accredited investor [Member] | ||||||||||||||||||||||||||||||||
Consulting expense | $ 15,000 | |||||||||||||||||||||||||||||||
Issuance of convertible note | $ 514,900 | 50,000 | ||||||||||||||||||||||||||||||
Conversion price of debt | $ 1 | |||||||||||||||||||||||||||||||
Repayment of debt | $ 25,000 | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 35,000 | |||||||||||||||||||||||||||||||
Convertible Note [Member] | Geneva Roth Remark Holdings, Inc. [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | $ 3,180 | |||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 3,500 | 35,900 | 20,600 | |||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 50,000 | 50,000 | ||||||||||||||||||||||||||||||
Principal amount | 56,500 | $ 56,500 | $ 56,500 | 35,900 | 56,500 | |||||||||||||||||||||||||||
Interest rate | 10.00% | 9.00% | ||||||||||||||||||||||||||||||
Debt issue discount | $ 3,500 | |||||||||||||||||||||||||||||||
Terms of conversion feature | Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matured on September 4, 2020, with the interest rate increasing to 22%, and was in default as of January 31, 2021. | Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the lowest trading price during the 20 days prior to conversion. | Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matured on June 25, 2020, with the interest rate increasing to 22%, and was in default as of January 31,2021 | |||||||||||||||||||||||||||||
Fees and expenses | $ 3,000 | $ 3,000 | ||||||||||||||||||||||||||||||
Maturity date | May 7, 2020 | Jun. 25, 2020 | ||||||||||||||||||||||||||||||
Convertible Note [Member] | GS Capital Partners, LLC [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | 5,788 | 7,226 | ||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 24,700 | 85,300 | ||||||||||||||||||||||||||||||
Gain on settlement of debt | 6,379 | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 550,000 | $ 100,000 | $ 100,000 | $ 56,589 | $ 78,500 | |||||||||||||||||||||||||||
Principal amount | $ 90,000 | $ 600,000 | $ 110,000 | $ 200,000 | 110,000 | $ 70,000 | $ 82,000 | 200,000 | 24,700 | 110,000 | ||||||||||||||||||||||
Terms of conversion feature | GS, at its option on and after the six-month anniversary of the date of issuance, may convert the unpaid principal balance of, and accrued interest on, the debentures into shares of common stock thereafter at a 40% discount from the average of the three lowest trading prices during the 25 days prior to conversion. Affiliates of Jack W. Hanks and Bruce Lemons, our directors, pledged their shares of Series A preferred stock (constituting 100% of the outstanding shares of Series A preferred stock) to GS to secure the repayment of the debenture by the Company. | The note into shares of common stock (i) during the first 180 days, at a price of $3.00 per share of common stock and (ii) thereafter at a 40% discount from the lowest trading price during the 20 days prior to conversion. | The note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion (with a floor of $3.00 per share during the first six months after issuance.) | kk | ||||||||||||||||||||||||||||
Fees and expenses | $ 5,500 | $ 5,500 | $ 3,500 | |||||||||||||||||||||||||||||
Maturity date | Feb. 20, 2020 | Dec. 20, 2020 | Nov. 20, 2020 | Nov. 20, 2020 | ||||||||||||||||||||||||||||
Discount on issuance of debt | $ 50,000 | 4,500 | $ 4,500 | |||||||||||||||||||||||||||||
Convertible note payable interest rate | 18.00% | 10.00% | 18.00% | |||||||||||||||||||||||||||||
Convertible Note [Member] | EMA Financial, LLC [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 131,958 | 37,635 | ||||||||||||||||||||||||||||||
Gain on settlement of debt | 15,076 | |||||||||||||||||||||||||||||||
Payment in cash | 3,462 | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 50,000 | |||||||||||||||||||||||||||||||
Principal amount | $ 55,000 | 42,365 | 55,000 | |||||||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||||||||
Terms of conversion feature | the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to the day the notice of conversion is received by the Company. The note matured on January 24, 2020, with the interest rate increasing to 24%, and was in default as of January 31, 2021. | |||||||||||||||||||||||||||||||
Fees and expenses | $ 3,750 | |||||||||||||||||||||||||||||||
Maturity date | Jan. 24, 2020 | |||||||||||||||||||||||||||||||
Penalty | $ 93,055 | $ 25,000 | ||||||||||||||||||||||||||||||
Convertible Note [Member] | JSJ Investments, Inc [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | 20,658 | |||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 53,028 | 82,672 | ||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 122,000 | |||||||||||||||||||||||||||||||
Principal amount | $ 75,000 | $ 125,000 | 53,028 | |||||||||||||||||||||||||||||
Terms of conversion feature | JSJ, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at $0.03 per share or, upon the occurrence of certain defined defaults, at a 42% discount to the lowest trading price during the 20 days prior to the date the notice of conversion is received by the Company. The note matured on January 17, 2020, with the interest rate increasing to 18%, and was in default as of January 31, 2021. | |||||||||||||||||||||||||||||||
Fees and expenses | $ 3,000 | |||||||||||||||||||||||||||||||
Maturity date | Mar. 8, 2022 | Feb. 27, 2020 | Jan. 17, 2020 | |||||||||||||||||||||||||||||
Convertible note payable interest rate | 10.00% | 12.00% | ||||||||||||||||||||||||||||||
Convertible Note [Member] | Vista [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 79,320 | |||||||||||||||||||||||||||||||
Gain on settlement of debt | 1,380 | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 200,000 | |||||||||||||||||||||||||||||||
Principal amount | $ 250,000 | 550,000 | 246,400 | 1,380 | 1,380 | $ 123,200 | 80,700 | |||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||||||||
Debt issue discount | $ 10,000 | $ 20,000 | ||||||||||||||||||||||||||||||
Maturity date | Mar. 11, 2022 | |||||||||||||||||||||||||||||||
Original issue discount description | An original issue discount equal to 10% of each advance will be added to principal. | |||||||||||||||||||||||||||||||
Initial advance amount | $ 100,000 | |||||||||||||||||||||||||||||||
Interest charges, amount | $ 13,200 | |||||||||||||||||||||||||||||||
Interest charge, percentage charges | 12.00% | |||||||||||||||||||||||||||||||
Convertible Note [Member] | January 11, 2019 [Member] | One44 Capital LLC [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | 11,601 | 3,720 | ||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 54,400 | 60,600 | ||||||||||||||||||||||||||||||
Gain on settlement of debt | 6,170 | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 114,000 | |||||||||||||||||||||||||||||||
Principal amount | $ 120,000 | 59,400 | ||||||||||||||||||||||||||||||
Terms of conversion feature | One44, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company, with a floor of $0.03 per share | |||||||||||||||||||||||||||||||
Fees and expenses | $ 6,000 | |||||||||||||||||||||||||||||||
Maturity date | Jan. 11, 2020 | |||||||||||||||||||||||||||||||
Convertible note payable interest rate | 10.00% | |||||||||||||||||||||||||||||||
Convertible Notes [Member] | Coventry Enterprises, LLC [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | 717 | 3,669 | ||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 2,009 | 52,991 | ||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 52,500 | |||||||||||||||||||||||||||||||
Principal amount | 2,009 | $ 55,000 | ||||||||||||||||||||||||||||||
Amendment description | Coventry, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company. | |||||||||||||||||||||||||||||||
Fees and expenses | $ 2,500 | |||||||||||||||||||||||||||||||
Maturity date | Feb. 27, 2020 | |||||||||||||||||||||||||||||||
Convertible note payable interest rate | 10.00% | |||||||||||||||||||||||||||||||
Convertible Notes [Member] | GS One [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | 24,019 | |||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 110,000 | |||||||||||||||||||||||||||||||
Gain on settlement of debt | 5,774 | |||||||||||||||||||||||||||||||
Odyssey Capital Funding LLC One [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | 37,454 | |||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 220,500 | |||||||||||||||||||||||||||||||
Gain on settlement of debt | 53,129 | |||||||||||||||||||||||||||||||
Payment in cash | 35,736 | |||||||||||||||||||||||||||||||
Odyssey Capital Funding LLC [Member] | ||||||||||||||||||||||||||||||||
Debt instrument converted interest amount | 17,574 | |||||||||||||||||||||||||||||||
Debt instrument converted principal amount | 97,100 | |||||||||||||||||||||||||||||||
Gain on settlement of debt | $ 26,581 | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 95,000 | |||||||||||||||||||||||||||||||
Principal amount | $ 100,000 | $ 250,000 | $ 100,000 | |||||||||||||||||||||||||||||
Interest rate | 10.00% | 10.00% | ||||||||||||||||||||||||||||||
Fees and expenses | $ 5,000 | $ 25,000 | ||||||||||||||||||||||||||||||
Maturity date | May 7, 2020 | Jun. 19, 2020 | ||||||||||||||||||||||||||||||
Original issue discount description | Odyssey, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the conversion date (with a floor of $0.03 per share for the six months following the date of the note). The note matured on May 7, 2020, with the interest rate increasing to 24%, and was in default as of January 31, 2021. | Odyssey, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the date of conversion (with a floor of $0.03 per share for the six months following the date of the note). The note matured on June 19, 2020, with the interest rate increasing to 24%, and was in default as of January 31, 2020. |
PPP LOAN PAYABLE (Details Narra
PPP LOAN PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 21, 2020 | Jan. 26, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Proceeds from other loan | $ 150,000 | $ 167,900 | ||
Paycheck Protection Program [Member] | ||||
Proceeds from other loan | $ 167,900 | $ 150,000 |
SBA BRIDGE LOAN PAYABLE (Detail
SBA BRIDGE LOAN PAYABLE (Details Narrative) - USD ($) | Jul. 14, 2020 | Jan. 31, 2021 | Apr. 30, 2021 | Apr. 30, 2020 |
Proceeds from loan | $ 150,000 | $ 167,900 | ||
Econimic Injury Disaster Loan [Member] | ||||
Proceeds from loan | $ 10,000 | |||
Express Bridge Loan Pilot Program [Member] | ||||
Loan received | $ 10,000 | |||
Lender description | This program allows small businesses who have a business relationship with an SBA Express Lender to access up to $25,000 quickly |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Beginning Balance | $ 2,607,433 | $ 1,825,596 |
New issuances of options, warrants and debt | 200,859 | 192,500 |
Decrease due to conversion | (22,705,172) | (812,896) |
Change in fair value of derivative liabilities | 22,906,922 | 1,420,281 |
Ending Balance | 3,010,042 | 2,607,433 |
Options and Warrants [Member] | ||
New issuances of options, warrants and debt | 0 | |
Decrease due to conversion | 0 | |
Change in fair value of derivative liabilities | 235,887 | (18,048) |
Options and Warrants, Beginning Balance | 15 | 18,063 |
Options and Warrants, Ending Balance | 235,902 | 15 |
Convertible Notes Payable [Member] | ||
Beginning Balance | 2,607,418 | 1,807,533 |
New issuances of options, warrants and debt | 200,859 | 192,500 |
Decrease due to conversion | (22,705,172) | (812,896) |
Change in fair value of derivative liabilities | 22,671,035 | 1,420,281 |
Convertible Notes, Ending Balance | $ 2,774,140 | $ 2,607,418 |
DERIVATIVE LIABILITIES (Detai_2
DERIVATIVE LIABILITIES (Details Narrative) | 12 Months Ended |
Apr. 30, 2021 | |
Probability of future financing | 100.00% |
Minimum [Member] | |
Risk-free interest rates | 0.03% |
Volatility | 412.70% |
Maximum [Member] | |
Risk-free interest rates | 0.70% |
Volatility | 1556.10% |
STOCKHOLDERS DEFICIT (Details)
STOCKHOLDERS DEFICIT (Details) - Warrants [Member] - $ / shares | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Weighted Average Remaining Contractual Life (Years) | ||
Shares, outstanding, beginning balance | 446,037,753 | 1,789,291 |
Shares, Granted | 633,880,117 | 444,248,462 |
Shares, Canceled/Expired | (8,000) | |
Shares, outstanding, ending balance | 1,079,909,872 | 446,037,753 |
Weghted Average Exercise Price, beginning balance | $ 1 | $ 1 |
Weghted Average Exercise Price, Granted | 1 | 1 |
Weghted Average Exercise Price, cancel and expired | 0.58 | |
Weghted Average Exercise Price, ending Balance | $ 1 | $ 1 |
Weighted Average Remaining Contractual Life, Beginning | 1 year 10 months 28 days | 2 years 10 months 28 days |
Weighted Average Remaining Contractual Life, Ending | 10 months 28 days | 1 year 10 months 28 days |
STOCKHOLDERS DEFICIT (Details 1
STOCKHOLDERS DEFICIT (Details 1) - Options [Member] | 12 Months Ended |
Apr. 30, 2021$ / sharesshares | |
Shares, outstanding, beginning balance | 2,000,000 |
Shares, outstanding, canceled | (2,000,000) |
Shares, outstanding, ending balance | 0 |
Weghted Average Exercise Price, beginning balance | $ / shares | $ 0.08 |
Weghted Average Exercise Price, ending Balance | $ / shares | $ 0 |
Weighted Average Remaining Contractual Life (Years) | 8 years 7 months 13 days |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 16, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | |
Common stock, Authorized | 10,000,000 | 10,000,000 | |
Consisting shares of common stock | 10,000,000 | 10,000,000 | |
Stock authorized | 25,010,000,000 | ||
Reserved for issuance outstanding | 3,251,641 | ||
Authorized shares, descriptions | The Company amended its Articles of Incorporation to increase the number of its authorized shares from 25,010,000,000 to 37,010,000,000 shares, comprised of 37,000,000,000 common shares and 10,000,000 preferred shares. Effective July 1, 2021, the Company amended its Articles of Incorporation to decrease the number of its authorized shares from 37,010,000,000 to 11,000,000 shares, comprised of 10,000,000 common shares and 1,000,000 preferred shares | The Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 2,000,000 common shares of the Company at $0.08 per share. | |
Stock options exercisable | $ 0.08 | ||
Accrued interest payable | $ 2,027 | $ 1,460 | |
Number of options | 2,000,000 | ||
Debt conversion converted amount | $ 0 | $ 0 | |
Common stock, shares issued | 3,251,641 | 1,335,283 | |
Consultant 1 [Member] | |||
Common stock, shares issued | 1,328,465 | ||
Stock Issuances [Member] | Accrued expenses [Member] | |||
Accrued interest payable | $ 301,943 | $ 33,671 | |
Shares issued for accrued expenses, shares | 1,916,358 | 1,328,465 | |
Common stock issuance description | The Company issued a total of 1,916,358 shares of its common stock: 2,000 shares for consulting services valued at $34,000; 1,525,583 shares valued at $1,932,365 in conversion of convertible notes principal of $1,618,394 | The Company issued a total of 1,328,465 shares of its common stock: 3 shares for consulting services valued at $84; 16,991 shares valued at $28,387 in payment of accrued expenses of $36,942 resulting in a gain on extinguishment of debt of $8,555; 667,835 shares valued at $811,676 in conversion of convertible notes principal of $769,255 | |
Convertible note payable - related party | $ 4,277 | $ 354,000 | |
Common stock shares issued for consulting service, shares | 2,000 | 3 | |
Common stock shares issued for consulting service, value | $ 34,000 | $ 84 | |
Common stock shares issued for conversion of convertible note, shares | 1,525,583 | 667,835 | |
Common stock shares issued for conversion of convertible note, value | $ 1,932,365 | $ 811,676 | |
Debt conversion converted amount | 1,618,394 | 769,255 | |
Gain (loss) on extinguishment of debt | 8,555 | ||
Payment for accrued expenses | 36,942 | ||
Settlement of derivative liability | 22,511,164 | 812,896 | |
Common stock shares issued upon conversion of debt, value | 4,277 | 355,460 | |
Payment for fees | $ 12,028 | 8,750 | |
Accrued interest payable of related party | $ 1,460 | ||
Common stock shares issued upon conversion of debt, shares | 388,775 | 643,636 | |
Series A Preferred Stock [Member] | |||
Common stock, voting rights, Description | Shareholders owning in excess of 50.1% of the outstanding shares of voting common stock | ||
Preferred stock shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock shares | 1,000 | 1,000 | |
Series A Preferred Stock [Member] | Maple Resources Corporation [Member] | August 1, 2019 [Member] | |||
Preferred stock shares | 1,000 | ||
Preferred stock par value | $ 23,900 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Deferred tax asset: | ||
Net operating loss carryforward | $ 3,417,552 | $ 3,026,640 |
Valuation allowance | (3,417,552) | (3,026,640) |
Total | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Change in net operating loss benefit | $ 390,912 | $ 327,930 |
Change in valuation allowance | (390,912) | (327,930) |
Total | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Apr. 30, 2021USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Income tax rate | 21.00% |
Net operating loss carryforwards | $ 16,274,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Jul. 14, 2020 | Apr. 30, 2021 |
Consulting fees | $ 25,500 | |
CEO Jack W Hanks, [Member] | ||
Litigation settlement description | In April of 2021 the parties agreed to settle the matter, therefore in exchange for a nonsuit of certain claims and a stay of litigation the Company agreed to pay $60,000 over a 6-month period. | |
Consulting fees | $ 100,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 01, 2021 | Jun. 22, 2021 | May 20, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | Jul. 15, 2021 | Jul. 08, 2021 | Mar. 26, 2021 |
Convertible notes payable principal balance | $ 91,331 | $ 398,056 | $ 1,587,239 | |||||
Convertible notes payable principal balance24 | $ 82,000 | |||||||
Accrued interest payable | $ 2,027 | $ 1,460 | ||||||
Debt conversion, converted instrument, shares | 11,814 | |||||||
Consulting fees | $ 25,500 | |||||||
Exercise of warrants | 250,000 | |||||||
Debt conversion, converted instrument, amount | $ 40,000 | |||||||
Common stock, shares issued | 3,251,641 | 1,335,283 | ||||||
Proceeds from conversion of note payable | $ 775,000 | $ 0 | ||||||
Securities Purchase Agreement [Member] | ||||||||
Proceeds from exercise of warrants after deducting placement agent fees and related offering expenses | $ 2,650,850 | |||||||
Maturity date | Jul. 21, 2021 | |||||||
Subsequent Event [Member] | GS Capital [Member] | ||||||||
Conversion of principal amount | 82,000 | |||||||
Proceeds from conversion of note payable | 78,500 | |||||||
Consulting fees | $ 3,500 | |||||||
Debt conversion, description | The note into shares of common stock at a price of $0.015 per share and thereafter at 34% discount from the average of the two lowest trading prices of the Company’s common stock during the 15 prior trading days including the day upon which a notice of conversion is received by the Company. | |||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 110% to 118% during the first 180 days after issuance. | |||||||
Common stock price per share | $ 0.015 | |||||||
Promissory note | $ 200,000 | |||||||
Maturity date | Dec. 31, 2021 | |||||||
Interest rate | 10.00% | |||||||
Subsequent Event [Member] | GS Capital [Member] | Minimmum [Member] | ||||||||
Note payable redemption price percentage | 110.00% | |||||||
Subsequent Event [Member] | GS Capital [Member] | Maximum [Member] | ||||||||
Note payable redemption price percentage | 118.00% | |||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | ||||||||
Proceeds from exercise of warrants after deducting placement agent fees and related offering expenses | $ 2,650,850 | |||||||
Common stock, shares issued | 170,000 | |||||||
Warrant to purchase of common stock shares | 2,575,000 | |||||||
Warrants exercise price | $ 0.80 | |||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Pre-funded Warrants [Member] | ||||||||
Warrant to purchase of common stock shares | 3,580,000 | |||||||
Warrants exercise price | $ 0.80 | |||||||
Exercise price of each pre-funded warrant | $ 0.0001 | |||||||
Subsequent Event [Member] | Purchase and Sale Agreement [Member] | ||||||||
Reverse stock split of common shares | The Company amended its articles of incorporation to provide for a 1 for 10,000 reverse stock split of our common shares. | |||||||
Additional shares issued for common stock | 17,754 | |||||||
Subsequent Event [Member] | Purchase and Sale Agreement [Member] | Pecos County, Texas [Member] | ||||||||
Puchase price of land | $ 242,881 | |||||||
Non-refundable earnest money payment | $ 10,000 | |||||||
Non-refundable extension payment for agreement | $ 10,000 |