Cover
Cover - shares | 6 Months Ended | |
Oct. 31, 2023 | Dec. 14, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | MMEX RESOURCES CORPORATION | |
Entity Central Index Key | 0001440799 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Oct. 31, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock Shares Outstanding | 8,002,267,824 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55831 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 26-1749145 | |
Entity Address Address Line 1 | 3600 Dickinson | |
Entity Address City Or Town | Fort Stockton | |
Entity Address State Or Province | TX | |
Entity Address Postal Zip Code | 79735 | |
City Area Code | 855 | |
Local Phone Number | 880-0400 | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Current assets: | ||
Cash | $ 395 | $ 10,363 |
Prepaid expenses and other current assets | 5,500 | 24,000 |
Total current assets | 5,895 | 34,363 |
Property and equipment, net | 1,059,606 | 1,077,803 |
Total assets | 1,065,501 | 1,112,166 |
Current liabilities: | ||
Accounts payable | 772,072 | 733,857 |
Accrued expenses | 1,045,038 | 985,751 |
Accounts payable and accrued expenses - related parties | 636,562 | 465,703 |
Note payable, currently in default | 211,953 | 711,953 |
Note payable | 690,290 | 105,710 |
Note payable - related parties | 21,446 | 0 |
Convertible notes payable, currently in default, net of discount of $0 at October 31, 2023 and April 30, 2023, respectively | 175,000 | 333,840 |
Convertible notes payable, net of discount of $3,162 and $15,200 at October 31, 2023 and April 30, 2023, respectively | 633,793 | 620,675 |
Convertible notes payable - related parties, net of discount of $0 at October 31, 2023 and April 30, 2023, respectively | 50,000 | 20,000 |
Total current liabilities | 4,236,154 | 3,977,489 |
Long-term liabilities | 0 | 0 |
Total liabilities | 4,236,154 | 3,977,489 |
Stockholders' deficit: | ||
Common stock; $0.001 par value; 25,000,000,000 shares authorized, 7,632,822,824 and 769,618,295 shares issued and outstanding at October 31, 2023 and April 30, 2023, respectively | 7,632,822 | 769,618 |
Additional paid-in capital | 63,534,089 | 69,082,490 |
Non-controlling interest | 9,871 | 9,871 |
Accumulated deficit | (74,347,438) | (72,727,305) |
Total stockholders' deficit | (3,170,653) | (2,865,323) |
Total liabilities and stockholders' deficit | 1,065,501 | 1,112,166 |
Series A preferred stock | ||
Stockholders' deficit: | ||
preferred stock value | 1 | 1 |
Series B preferred stock | ||
Stockholders' deficit: | ||
preferred stock value | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Discount on convertible note in default | $ 0 | $ 0 |
Discount on convertible note | 3,162 | 15,200 |
Discount on convertible note related parties | $ 0 | $ 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 25,000,000,000 | 25,000,000,000 |
Common stock, Issued | 7,632,822,824 | 769,618,295 |
Common stock, outstanding | 7,632,822,824 | 769,618,295 |
Preferred stock, Par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 1,000,000 | 1,000,000 |
Series A preferred stock | ||
Preferred stock, Issued | 1,000 | 1,000 |
Preferred stock, outstanding | 1,000 | 1,000 |
Series B preferred stock | ||
Preferred stock, Issued | 1,090 | 1,144 |
Preferred stock, outstanding | 1,090 | 1,144 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Condensed Consolidated Statements of Operations (Unaudited) | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
General and administrative expenses | 312,175 | 364,343 | 636,213 | 1,168,201 |
Project costs | 5,482 | 71,683 | 5,482 | 76,040 |
Depreciation and amortization | 9,100 | 9,100 | 18,197 | 18,197 |
Total operating expenses | 326,757 | 445,126 | 659,892 | 1,262,438 |
Loss from operations | (326,757) | (445,126) | (659,892) | (1,262,438) |
Other income (expense): | ||||
Interest expense | (108,952) | (63,125) | (208,091) | (126,013) |
Gain (loss) on extinguishment of liabilities | 1,148 | 0 | (752,150) | 16,540 |
Total other income (expense) | (107,804) | (63,125) | (960,241) | (109,473) |
Income (loss) before income taxes | (434,561) | (508,251) | (1,620,133) | (1,371,911) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (434,561) | (508,251) | (1,620,133) | (1,371,911) |
Deemed dividend | 0 | 0 | 0 | 2,534,402 |
Net income (loss) attributable to the common shareholders | $ (434,561) | $ (508,251) | $ (1,620,133) | $ (3,906,313) |
Net income (loss) per common share - basic and diluted | $ 0 | $ (0.02) | $ 0 | $ (0.16) |
Weighted average number of common shares outstanding - basic and diluted | 6,957,495,841 | 26,504,972 | 5,628,915,833 | 24,532,667 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders Deficit (Unaudited) - USD ($) | Total | Common Stock | Preferred Stock Series A Member | Preferred Stock Series B Member | Additional Paid-In Capital | Noncontrolling Interest | Retained Earnings (Accumulated Deficit) |
Balance, shares at Apr. 30, 2022 | 21,204,682 | 1,000 | 1,500 | ||||
Balance, amount at Apr. 30, 2022 | $ (1,755,980) | $ 21,205 | $ 1 | $ 2 | $ 66,426,364 | $ 9,871 | $ (68,213,423) |
Shares issued for conversion of convertible notes payable and accrued interest, shares | 710,802 | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, amount | 109,677 | $ 711 | 0 | 0 | 108,966 | 0 | 0 |
Warrants issued as stock-based compensation | 495,000 | $ 0 | 0 | 0 | 495,000 | 0 | 0 |
Shares issued for the exercise of warrants, shares | 2,494,318 | ||||||
Shares issued for the exercise of warrants, amount | 184 | $ 2,494 | 0 | 0 | (2,310) | 0 | 0 |
Deemed dividend | 0 | 0 | 0 | 0 | 2,534,402 | 0 | (2,534,402) |
Net income | (863,660) | $ 0 | $ 0 | $ 0 | 0 | 0 | (863,660) |
Balance, shares at Jul. 31, 2022 | 24,409,802 | 1,000 | 1,500 | ||||
Balance, amount at Jul. 31, 2022 | (2,014,779) | $ 24,410 | $ 1 | $ 2 | 69,562,422 | 9,871 | (71,611,485) |
Balance, shares at Apr. 30, 2022 | 21,204,682 | 1,000 | 1,500 | ||||
Balance, amount at Apr. 30, 2022 | (1,755,980) | $ 21,205 | $ 1 | $ 2 | 66,426,364 | 9,871 | (68,213,423) |
Shares issued for conversion of convertible notes payable and accrued interest, amount | 109,677 | ||||||
Deemed dividend | 2,534,402 | ||||||
Net income | (1,371,911) | ||||||
Balance, shares at Oct. 31, 2022 | 28,566,561 | 1,000 | 1,500 | ||||
Balance, amount at Oct. 31, 2022 | (2,516,644) | $ 28,566 | $ 1 | $ 2 | 69,564,652 | 9,871 | (72,119,736) |
Balance, shares at Jul. 31, 2022 | 24,409,802 | 1,000 | 1,500 | ||||
Balance, amount at Jul. 31, 2022 | (2,014,779) | $ 24,410 | $ 1 | $ 2 | 69,562,422 | 9,871 | (71,611,485) |
Shares issued for the exercise of warrants, shares | 3,965,345 | ||||||
Shares issued for the exercise of warrants, amount | 0 | $ 3,965 | 0 | 0 | (3,965) | 0 | 0 |
Net income | (508,251) | $ 0 | 0 | 0 | 0 | 0 | (508,251) |
Shares issued for accrued liability - related party, shares | 91,414 | ||||||
Shares issued for accrued liability - related party, amount | 1,006 | $ 91 | 0 | 0 | 915 | 0 | 0 |
Shares issued for debt discount, shares | 100,000 | ||||||
Shares issued for debt discount, amount | 5,380 | $ 100 | $ 0 | $ 0 | 5,280 | 0 | 0 |
Balance, shares at Oct. 31, 2022 | 28,566,561 | 1,000 | 1,500 | ||||
Balance, amount at Oct. 31, 2022 | (2,516,644) | $ 28,566 | $ 1 | $ 2 | 69,564,652 | 9,871 | (72,119,736) |
Balance, shares at Apr. 30, 2023 | 769,618,295 | 1,000 | 1,144 | ||||
Balance, amount at Apr. 30, 2023 | (2,865,323) | $ 769,618 | $ 1 | $ 2 | 69,082,490 | 9,871 | (72,727,305) |
Shares issued for conversion of convertible notes payable and accrued interest, shares | 356,708,619 | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, amount | 29,389 | $ 356,709 | 0 | 0 | (327,320) | 0 | 0 |
Warrants issued as stock-based compensation | 28,200 | 0 | 0 | 0 | 28,200 | 0 | 0 |
Net income | (1,185,572) | $ 0 | 0 | 0 | 0 | 0 | (1,185,572) |
Shares issued for accrued liabilities, shares | 279,120,377 | ||||||
Shares issued for accrued liabilities, amount | 83,736 | $ 279,120 | 0 | 0 | (195,384) | 0 | 0 |
Shares issued for accrued liabilities - related parties, shares | 3,174,187,995 | ||||||
Shares issued for accrued liabilities - related parties, amount | 892,133 | $ 3,174,188 | 0 | 0 | (2,282,055) | 0 | 0 |
Consideration with debt | 44,367 | 0 | 0 | 0 | 44,367 | 0 | 0 |
Consideration with debt - related parties | 20,323 | $ 0 | 0 | $ 0 | 20,323 | 0 | 0 |
Shares of preferred stock converted into common stock, shares | 301,724,139 | (35) | |||||
Shares of preferred stock converted into common stock, amount | 0 | $ 301,724 | $ 0 | $ 0 | (301,724) | 0 | 0 |
Balance, shares at Jul. 31, 2023 | 4,881,359,425 | 1,000 | 1,109 | ||||
Balance, amount at Jul. 31, 2023 | (2,952,747) | $ 4,881,359 | $ 1 | $ 2 | 66,068,897 | 9,871 | (73,912,877) |
Balance, shares at Apr. 30, 2023 | 769,618,295 | 1,000 | 1,144 | ||||
Balance, amount at Apr. 30, 2023 | (2,865,323) | $ 769,618 | $ 1 | $ 2 | 69,082,490 | 9,871 | (72,727,305) |
Shares issued for conversion of convertible notes payable and accrued interest, amount | 204,001 | ||||||
Deemed dividend | 0 | ||||||
Net income | (1,620,133) | ||||||
Balance, shares at Oct. 31, 2023 | 7,632,822,824 | 1,000 | 1,090 | ||||
Balance, amount at Oct. 31, 2023 | (3,170,653) | $ 7,632,822 | $ 1 | $ 2 | 63,534,089 | 9,871 | (74,347,438) |
Balance, shares at Jul. 31, 2023 | 4,881,359,425 | 1,000 | 1,109 | ||||
Balance, amount at Jul. 31, 2023 | (2,952,747) | $ 4,881,359 | $ 1 | $ 2 | 66,068,897 | 9,871 | (73,912,877) |
Shares issued for conversion of convertible notes payable and accrued interest, shares | 2,400,554,308 | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, amount | 174,612 | $ 2,400,554 | 0 | 0 | (2,225,942) | 0 | 0 |
Net income | (434,561) | 0 | 0 | 0 | 0 | 0 | (434,561) |
Consideration with debt | 42,043 | $ 0 | 0 | $ 0 | 42,043 | 0 | 0 |
Shares of preferred stock converted into common stock, shares | 350,909,091 | (19) | |||||
Shares of preferred stock converted into common stock, amount | 0 | $ 350,909 | $ 0 | $ 0 | (350,909) | 0 | 0 |
Balance, shares at Oct. 31, 2023 | 7,632,822,824 | 1,000 | 1,090 | ||||
Balance, amount at Oct. 31, 2023 | $ (3,170,653) | $ 7,632,822 | $ 1 | $ 2 | $ 63,534,089 | $ 9,871 | $ (74,347,438) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,620,133) | $ (1,371,911) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization expense | 18,197 | 18,197 |
Amortization of debt discount | 63,011 | 20,748 |
Warrants issued as stock-based compensation | 28,200 | 495,000 |
Note recorded for loan penalties and financing costs | 25,000 | 16,500 |
(Gain) loss on extinguishment of liabilities | 752,150 | (16,540) |
(Increase) decrease in prepaid expenses and other current assets | 18,500 | (12,000) |
Increase (decrease) in liabilities: | ||
Accounts payable | 38,215 | 74,061 |
Accrued expenses | 89,074 | 106,765 |
Accounts payable and accrued expenses - related party | 375,622 | 79,813 |
Net cash used in operating activities | (212,164) | (589,367) |
Cash flows from investing activities: | ||
Purchase of property and equipment | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from notes payable | 100,000 | 0 |
Proceeds from convertible notes payable | 50,000 | 452,500 |
Repayments of notes payable | (8,614) | 0 |
Repayments of convertible notes payable | (19,590) | 0 |
Proceeds from convertible notes payable - related parties | 50,000 | 0 |
Proceeds from notes payable - related parties | 30,400 | 0 |
Net cash provided by financing activities | 202,196 | 452,500 |
Net increase (decrease) in cash | (9,968) | (136,867) |
Cash at the beginning of the period | 10,363 | 136,867 |
Cash at the end of the period | 395 | 0 |
Supplemental disclosure: | ||
Interest paid | 20,945 | 0 |
Income taxes paid | 0 | 0 |
Non-cash investing and financing activities: | ||
Common stock issued in conversion of debt | 204,001 | 109,677 |
Common stock issued for accrued liability | 17,808 | 0 |
Exercise of warrants for an accrued liability | 0 | 184 |
Related party convertible note for note payable | 20,000 | 0 |
Exercise of prefunded warrants | 0 | 2,494 |
Cashless exercise of warrants | 0 | 3,965 |
Deemed dividend | 0 | 2,534,402 |
Common stock issued for accrued liability - related party | 204,763 | 1,006 |
Shares issued for debt discount | 0 | 5,380 |
Warrants issued for debt discount - related party | 20,323 | 0 |
Warrants issued for debt discount - related party | 86,410 | 0 |
Preferred stock converted into common stock | $ 652,633 | $ 0 |
BACKGROUND ORGANIZATION AND BAS
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Oct. 31, 2023 | |
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION | |
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 – BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION MMEX Resources Corporation (the “Company” or “MMEX”) was formed as a Nevada corporation in 2005. The current management team lead 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. Since 2021 MMEX has expanded its focus to the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy. 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 of Entity State of Incorporation Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Clean Fuels & Transport (formerly Pecos Refining & Transport, LLC 100 % LLC Texas Subsidiary MMEX Solar Resources, LLC 100 % LLC Texas Subsidiary Rolling Stock Marine, LLC 100 % LLC Texas Subsidiary Hydrogen Global, LLC 100 % LLC Texas Subsidiary Clean Energy Global, LLC (formerly Hydrogen Ultra, LLC) 100 % LLC Texas Subsidiary 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 | 6 Months Ended |
Oct. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are described in our Annual Report on Form 10-K for the year ended April 30, 2023 filed with the SEC on July 17, 2023. 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 using the straight-line method over the estimated useful life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Land improvements 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 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. Revenue Recognition The Company has adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our consolidated financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. Project Costs All project costs incurred, including acquisition of refinery rights, planning, design and permitting, have been recorded as project costs and expensed as incurred. Basic and Diluted Income (Loss) per Share Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the six months ended October 31, 2023 and October 31, 2022 all potentially dilutive securities had an anti-dilutive effect and basic net loss per common share is the same as diluted net loss per share. Stock-based Compensation Pursuant to FASB ASC 718, the Company accounts for the issuance of equity instruments, including grants of stock options and warrants, 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 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 is reached or (ii) the date at which the performance is complete. In the case of equity instruments issued for services to be performed over time, the fair value of the equity instrument is recognized over the service period. For the six months ended October 31, 2023 and 2022, the Company recorded stock-based compensation of $28,200 and $495,000, respectively. Recently Issued Accounting Pronouncements The Company has reviewed all new accounting pronouncements issued or proposed by the FASB and does not believe any of the accounting pronouncements has had, or will have, a material impact on its consolidated financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Oct. 31, 2023 | |
GOING CONCERN | |
GOING CONCERN | NOTE 3 – GOING CONCERN Our consolidated 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, and have reported negative cash flows from operations since inception. Additionally, we have a working capital deficit, therefore there is a question of whether or not we have the cash resources to meet our operating commitments for the next twelve months and have, or will obtain, sufficient capital investments to implement our business plan. 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 and emerging markets and the competitive environment in which we operate. Since inception, our operations have primarily been funded through private debt and equity financing, and we expect to continue to seek additional funding through private or public equity and debt financing. Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital or that amounts 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 consolidated 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 consolidated 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 | 6 Months Ended |
Oct. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
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 $636,562 and $465,703 as of October 31, 2023 and April 30, 2023, respectively. Effective April 30, 2023, the Company amended the July 1, 2019 and March 1, 2021 consulting agreement with Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, that provides for a monthly payment of consulting fees of $20,000 and expense reimbursement related to business development, financing, other corporate activities, medical, automobile, and travel expenses. During the six months ended October 31, 2023, we incurred consulting fees and expense reimbursement to Maple Resources totaling $137,647 and we made payments to Maple Resources of $68,145 and converted $58,119 of accrued liabilities into 910,958,934 shares of common stock, which were valued at $273,288 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $215,169 was recognized. 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. During the six months ended October 31, 2023 we recorded $30,000 for accrued consulting fees and we issued no shares for payment. During the six months ended October 31, 2023, Maple Resources made advances of $4,580 to assist the Company with cash flow challenges, resulting in $8,490 still owed as of October 31, 2023. Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $230,687 ($110,000 payable in stock) and $184,776 ($45,000 payable in stock) as of October 31, 2023 and April 30, 2023, respectively. During the six months ended October 31, 2023 and year ended April 30, 2023, Jack Hanks, our President and CEO, made advances of $0 and $2,190 to assist the Company with cash flows challenges, therefore the amount was included in accounts payable and accrued expenses – related parties as October 31, 2023 and April 30, 2023. 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 six months ended October 31, 2023 we recorded $15,000 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $31,078. During the six months ended October 31, 2023 we made repayments of $12,000 to Mrs. Hanks for reimbursable expenses. During the six months ended October 31, 2023 Mrs. Hanks converted $40,614 of accrued liabilities into 636,588,339 shares of common stock, which were valued at $190,976 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $150,362 was recognized. Amounts included in accounts payable and accrued expenses – related parties due to Mrs. Hanks totaled $102,520 ($55,000 payable in stock) and $128,246 ($30,000 payable in stock) as of October 31, 2023 and April 30, 2023, respectively. Effective February 1, 2021 the Company entered into consulting agreements with three children of our President and CEO, which were amended as of December 31, 2021 to continue on a month-to-month basis. During the six months ended October 31, 2023 we incurred $49,647 for fees and expense reimbursements to the children, we made repayments of $3,000 and converted $30,709 of accrued liabilities into 446,063,449 shares of common stock, which were valued at $119,712 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $89,003 was recognized. Amounts included in accounts payable and accrued expenses – related parties due to the children totaled $61,335 and $45,397 as of October 31, 2023 and April 30, 2023, respectively. Effective September 1, 2021, we entered into a consulting agreement with BNL Family Trust, a related party to Bruce Lemons, Director, 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. During the six months ended October 31, 2023 we recorded $15,000 for the amount payable in stock under the consulting agreement and made no payments. Amounts included in accounts payable and accrued expenses – related parties due to BNL Family Trust totaled $55,000 (all payable in stock) and $40,000 (all payable in stock) as of October 31, 2023 and April 30, 2023, respectively. Effective November 1, 2020, we entered into a consulting agreement with Nabil Katabi, a shareholder of more than ten percent, to provide for monthly consulting fees of $10,000 and to issue shares of our common stock each month with a value of $2,000, with the number of shares issues based on the average closing price of the stock during the prior month. Effective April 30, 2023 the consulting agreement was amended to provide for monthly consulting fees of $20,000 and to issue shares of our common stock each month with a value of $5,000, with the number of shares issues based on the average closing price of the stock during the prior month. During the six months ended October 31, 2023 we recorded $156,160 ($30,000 payable in stock), we made repayments of $12,294 and converted $75,321 of accrual liabilities into 1,180,577,273 shares of common stock, which were valued at $308,157 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $232,836 was recognized. Amounts included in accounts payable and accrued expenses - related parties due to Nabil Katabi totaled $184,828 and $97,885 as of October 31, 2023 and April 30, 2023, respectively. Convertible Notes Payable – Related Parties Convertible notes payable - related parties consist of the following: October 31, 2023 April 30, 2023 Convertible note payable with Maple Resources Corporation, matures on February 25, 2024, with interest at 5%, convertible into common shares of the Company [1] $ - $ 20,000 Convertible note payable with Maple Resources Corporation, matures on October 13, 2024, with interest at 5%, convertible into common shares of the Company [2] 50,000 - Less discount - - Total $ 50,000 $ 20,000 [1] This convertible note was entered into on February 25, 2023 in exchange for cash of $20,000 and is 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. During the three months ended July 31, 2023 the Company transferred the loan to a non-related party. As of October 31, 2023 and April 30, 2023 accrued interest on the convertible note was $0 and $175, respectively. [2] This convertible note was entered into on October 13, 2023 in exchange for cash of $50,000 and is 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. As of October 31, 2023 and April 30, 2023 accrued interest on the convertible note was $123 and $0, respectively. Notes Payable – Related Parties Notes payable – related parties consist of the following at: October 31, 2023 April 30, 2023 Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1] $ 11,800 $ - Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2] 4,720 - Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3] 7,552 - Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4] 5,900 - Note payable to an unrelated party with an issue date of July 3, 2023 with interest at 18% [5] 5,900 - Total 35,872 - Less discount (14,426 ) - Net $ 21,446 $ - [1] Effective May 7, 2023, the Company entered into a promissory note with Lake of Silver, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $10,000 and a maturity date of May 7, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [2] Effective May 16, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $4,000 and a maturity date of May 16, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $720 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [3] Effective May 31, 2023, the Company entered into a promissory note with BNL Family Trust, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $6,400 and a maturity date of May 31, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,152 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [4] Effective June 6, 2023, the Company entered into a promissory note with Nabil Katabi, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $5,000 and a maturity date of June 6, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [5] Effective July 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with $5,000 consulting fee under a subscription agreement. Equity Activity – Related Parties During the six months ended October 31, 2023, Maple Resources, Nabil Katabi and BNL Family Trust terminated 3,000,000 warrants each and the Company issued with 50,000,000 warrants to each entity as a replacement award. The Company accounted for this transaction as a cancellation of the previous award and issuance of a new award and recorded $28,200 worth of stock-based compensation to capture the difference in fair market value. In addition, and as specified above, the Company converted $204,763 of accrued liabilities into 3,174,187,995 shares of common stock valued at $892,133 and issued 398,119,123 warrants in consideration of debt; therefore, a $687,370 loss on extinguishment of debt was recognized and $20,323 of note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8). |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Oct. 31, 2023 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following at: October 31, 2023 April 30, 2023 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 6,555 6,555 Refinery land 721,828 721,828 Refinery land improvements 468,615 468,615 Refinery land easements 37,015 37,015 1,247,877 1,247,877 Less accumulated depreciation and amortization (188,271 ) (170,074 ) $ 1,059,606 $ 1,077,803 Depreciation and amortization expense totaled $18,197 for the six months ended October 31, 2023 and 2022, respectively. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Oct. 31, 2023 | |
ACCRUED EXPENSES | |
ACCRUED EXPENSES | NOTE 6 – ACCRUED EXPENSES Accrued expenses consisted of the following at: October 31, 2023 April 30, 2023 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 19,000 48,000 Accrued interest and penalties 901,774 813,487 Other 94,174 94,174 $ 1,045,038 $ 985,751 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Oct. 31, 2023 | |
NOTES PAYABLE | |
NOTES PAYABLE | NOTE 7 – NOTES PAYABLE Note Payable, Currently in Default Note payable, currently in default, consists of the following at: October 31, 2023 April 30, 2023 Note payable to an unrelated party, matured March 18, 2014, with interest at 10% $ 75,001 $ 75,001 Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [1] 136,952 136,952 Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [2] $250,000 draw on March 5, 2021 - 250,000 $200,000 draw on March 26, 2021 - 200,000 $50,000 draw on April 13, 2022 - 50,000 Total $ 211,953 $ 711,953 [1] 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 was March 11, 2022 which was amended on February 23, 2021 to extend the due date to December 31, 2022. The note has an interest rate of 10% per annum from the date of funding. On February 23, 2022 the Company made a payment of $113,048 to pay down the note principal and effective January 1, 2023 the note went into default as the due date had passed with no extension. [2] 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 original maturity date of the note was 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. On December 30, 2021 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2022 and on April 12, 2022 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2023. The note has an interest rate of 10% per annum from the date of each drawdown. On April 1, 2023 the note went into default as the due date had passed with no extension. Notes Payable Notes payable consist of the following at: October 31, 2023 April 30, 2023 Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [1] $ 93,885 $ 102,500 Note payable to an unrelated party with an issue date of April 25, 2023 with interest at 18% [2] 17,700 17,700 Note payable to an unrelated party with an issue date of June 2, 2023 with interest at 18% [3] 23,600 - Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [4] 66,300 - Note payable to an unrelated party with an issue date of August 15, 2023 with interest at 18% [5] 38,350 - Note payable to an unrelated party with an issue date of September 14, 2023 with interest at 18% [6] 38,350 - Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [7] $250,000 draw on March 5, 2021 250,000 - $200,000 draw on March 26, 2021 200,000 - $50,000 draw on April 13, 2022 50,000 - Total 778,185 120,200 Less Discount (87,895 ) (14,490 ) Net $ 690,290 $ 105,710 [1] Effective February 28, 2022 the Company entered into a promissory note with Oscar and Ilda Gonzales with a principal amount of $102,500. The maturity date of the note is February 28, 2026 and repayments on the note are to begin on March 1, 2023 in the amount of $3,309 per month. The note has an interest rate of 10% per annum. [2] Effective April 25, 2023, the Company entered into a promissory note with Poppy, LLC through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $15,000 and a maturity date of April 25, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $2,700 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 235,109,718 warrants, thus $11,991 of the $15,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [3] Effective June 2, 2023, the Maple Resources Corporation, the Company’s wholly owned subsidiary entered into an exchange agreement with Seeta Zieger Trust and a subscription agreement through the Company’s wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. Seeta Zieger Trust acquired, through the exchange agreement, the rights to the “Maple Note” (a convertible note was entered into on February 25, 2023 in exchange for cash of $20,000 and is 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). The note has a principal amount of $20,000 and a maturity date of June 2, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $3,600 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 313,479,624 warrants, thus $15,988 of the $20,000 in the note converted were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [4] Effective July 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $60,000 and a maturity date of July 14, 2024. The Company received $35,000 cash with an additional $25,000 financing fees. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $6,300 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 300,000,000 warrants, thus $28,379 of the $35,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [5] Effective August 15, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of August 15, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 325,000,000 warrants, thus $16,250 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [6] Effective September 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of September 14, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 625,000,000 warrants, thus $25,794 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. [7] 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 original maturity date of the note was 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. On December 30, 2021 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2022 and on April 12, 2022 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2023. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. The note has an interest rate of 10% per annum from the date of each drawdown. Convertible Note Payable, Currently in Default Convertible notes payable, currently in default, consist of the following at: October 31, 2023 April 30, 2023 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 Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3] - 158,790 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [4] - 100,050 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [5] 100,000 - Total 175,000 333,840 Less discount - - Net $ 175,000 $ 333,840 [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 March 31, 2020, the Company entered into a second amendment to certain convertible notes with GS Capital Partners, LLC (“GS”) ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, $600,000 note dated October 5, 2018, and $110,000 note dated February 20, 2019) to extend the notes due dates to November 30, 2020. In consideration of the extension of the maturity dates of the notes the Company was to pay an extension fee of $200,000, which was added to the principal amount owed and would incur interest at 18% per annum. 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, which was extended to March 31, 2023. 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.) During the year ended April 30, 2023 and the six months ended October 31, 2023, the Company made repayments of $41,210 and $19,590 on the note principal, respectively and on April 1, 2023 the note went into default as the due date had passed with no extension. [4] Effective April 12, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $165,000. The note was issued at a discount and the Company received net proceeds of $155,000 after payment of $10,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.10 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. During the six months ended October 31, 2023 the Company converted $41,250 into 823,771,549 shares of common stock in accordance with the terms of the agreement and based on the variable conversion prices in effect on the date of the conversions, therefore no gain or loss was recorded. On April 13, 2023 the note went into default as the due date had passed with no extension. [5] Effective September 15, 2022, the Company entered into a convertible promissory note with a principal amount of $100,000 with Boot Capital, LLC. The Company received $91,250 after payment of $8,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of September 15, 2023. The note can be converted into shares of common stock at a 42% discount from the lowest trading price during the 10 days prior to conversion. On September 15, 2023 the note went into default as the due date had passed with no extension. Convertible Notes Payable Current convertible notes payable consisted of the following at: October 31, 2023 April 30, 2023 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [1] $ - $ 200,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [2] - 100,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [3] - 54,750 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4] - 54,250 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5] 183,955 226,875 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [6] 55,000 - Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [7] 139,200 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [8] 58,800 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [9] 200,000 - Total 636,955 635,875 Less discount (3,162 ) (15,200 ) Net $ 633,793 $ 620,675 [1] Effective July 26, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $200,000, which was not funded until August 1, 2022. The note was issued at a discount and the Company received net proceeds of $185,000 after payment of $5,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.055 per share, subject to adjustment if there are future financings with more favorable rates. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. [2] Effective September 15, 2022, the Company entered into a convertible promissory note with a principal amount of $100,000 with Boot Capital, LLC. The Company received $91,250 after payment of $8,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of September 15, 2023. The note can be converted into shares of common stock at a 42% discount from the lowest trading price during the 10 days prior to conversion. [3] Effective January 22, 2023, the Company entered into a convertible promissory note with a principal amount of $54,750 with 1800 Diagonal Lending, LLC. The Company received $50,000 after payment of $4,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of January 18, 2024. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion. During the six months ended October 31, 2023 the Company converted $54,750 into 581,379,310 shares of common stock in accordance with the terms of the agreement and based on the variable conversion prices in effect on the date of the conversions, therefore no gain or loss was recorded. [4] Effective March 7, 2023, the Company entered into a convertible promissory note with a principal amount of $54,250 with 1800 Diagonal Lending, LLC. The Company received $50,000 after payment of $4,250 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of March 7, 2024. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion. During the six months ended October 31, 2023 the Company converted $54,250 into 982,112,068 shares of common stock in accordance with the terms of the agreement and based on the variable conversion prices in effect on the date of the conversions, therefore no gain or loss was recorded. [5] Effective February 28, 2023, the Company entered into a convertible promissory note with a principal amount of $226,875 with Sabby Volatility Warrant Master Fund, Ltd. This note was in exchange for a prior promissory note dated March 3, 2022 with principal due of $181,500 and accrued interest of $8,749, wherein the Company also incurred $36,626 worth of financing fees for the exchange. The note has an interest rate of 10% per annum and a maturity date of May 1, 2024. The note can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion. [6] Effective August 24, 2023 the Company issued and delivered to GS 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 $2,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.00007 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. [7] Effective March 31, 2020, the Company entered into a second amendment to certain convertible notes with GS Capital Partners, LLC (“GS”) ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, $600,000 note dated October 5, 2018, and $110,000 note dated February 20, 2019) to extend the notes due dates to November 30, 2020. In consideration of the extension of the maturity dates of the notes the Company was to pay an extension fee of $200,000, which was added to the principal amount owed and would incur interest at 18% per annum. 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, which was extended to December 31, 2024. 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.) During the year ended April 30, 2023 and the six months ended October 31, 2023, the Company made repayments of $41,210 and $19,590 on the note principal, respectively. [8] Effective April 12, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $165,000. The note was issued at a discount and the Company received net proceeds of $155,000 after payment of $10,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.10 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. During the six months ended October 31, 2023 the Company converted $41,250 into 823,771,549 shares of common stock in accordance with the terms of the agreement and based on the variable conversion prices in effect on the date of the conversions, therefore no gain or loss was recorded. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. [9] Effective July 26, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $200,000, which was not funded until August 1, 2022. The note was issued at a discount and the Company received net proceeds of $185,000 after payment of $5,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.055 per share, subject to adjustment if there are future financings with more favorable rates. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 6 Months Ended |
Oct. 31, 2023 | |
STOCKHOLDERS DEFICIT | |
STOCKHOLDERS' DEFICIT | NOTE 8 – STOCKHOLDERS’ DEFICIT Authorized Shares As of October 31, 2023, the Company has authorized 25,001,000,000 shares of capital stock, consisting of 25,000,000,000 shares of common stock and 1,000,000 shares of preferred stock. Common Stock Issuances During the six months ended October 31, 2023, the Company issued a total of 6,863,204,529 shares of its common stock: 652,633,230 shares converted from Series B preferred stock; 2,757,262,927 shares valued at $204,001 in conversion of convertible notes principal of $193,170, accrued interest payable of $9,751, gain on settlement of $1,148 and conversion fees of $1,080; 279,120,377 shares for accrued liabilities of $17,808 which were valued at $83,736 based on the closing market price of the Company’s stock on the day of conversions and therefore a loss of $65,928 was recognized; and 3,174,187,995 shares for accrued liabilities – related parties of $204,763 which were valued at $892,133 based on the closing market price of the Company’s stock on the day of conversion and therefore a loss of $687,370 was recognized (see Note 4). During the six months ended October 31, 2022, the Company issued a total of 7,361,879 shares of its common stock: 710,802 shares valued at $109,677 in conversion of convertible notes principal of $90,000, accrued interest payable of $19,677; 6,459,663 shares issued for the exercise of warrants; 91,414 shares issued for an accrued liability with a related party of $1,006 (see Note 4); and 100,000 shares issued for a debt discount valued at $5,380. 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, have the right to vote on all shareholder matters equal to 51% of the total vote. During the six months ended October 31, 2023 and 2022 the Company did not issue any shares of its Series A preferred stock. Series B Preferred Stock The Series B preferred stock has a stated value equal to $1,000, has no redemption or voting rights, and are entitled to receive dividends on preferred stock equal, on an as-of-converted-to-common-stock basis, to and in the same form as the dividends paid on shares of the common stock. The Series B preferred stock is convertible, at the option of the holder, into the number of shares of common stock determined by dividing the stated value of such share of Preferred Stock by the initial fixed Conversion Price of $0.10, which was adjusted to a fixed conversion price of $0.05 per share effective June 7, 2022. The conversion price is to be further adjusted to any lower price that the Company sells, or grants any option to purchase, or sells or grants any right to reprice, or otherwise disposes of or issues, any shares of the Company’s common stock. As of October 31, 2023, the conversion price was reset to $0.000058 per share. During the six months ended October 31, 2023 and 2022 the Company did not issue any shares of its Series B preferred stock. During the six months ended October 31, 2023, 54 shares of Series B preferred stock were converted into 652,633,230 shares of common stock in accordance with the terms set forth in the certificate of designation, therefore no gain or loss was recorded. Warrants A summary of warrant activity during the six months ended October 31, 2023 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2023 264,058,999 $ 0.01 5.03 Granted 2,111,598,747 $ 0.00014 Cancelled / Expired (9,000,000 ) $ 0.20 Outstanding, October 31, 2023 2,366,657,746 $ 0.000271 4.99 During the six months ended October 31, 2023 the Company terminated 3,000,000 warrants each to three entities affiliated with the Company’s two board members and shareholder (consultant) of more than ten percent (see Note 4). The Company accounted for this modification as a cancellation of the previous award and issuance of a new award in its place (50,000,000 warrants each or 150,000,000 total), and recorded $28,200 worth of stock-based compensation to capture the difference in fair market value. During the six months ended October 31, 2023 the Company issued warrants with debt arrangements that were recorded as debt discounts: 398,119,123 warrants to related parties valued at $20,323 (see Note 4) and 1,563,479,624 warrants to third parties valued at $98,403 (see Note 7). Common Stock Reserved Combined with the 7,632,822,824 common shares outstanding as of October 31, 2023, all authorized common shares had been issued or reserved for issuance of outstanding warrants, stock options, and convertible notes payable and no common shares were available for share issuances other than those shares included in the reserves. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Oct. 31, 2023 | |
Commitments and contingencies | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES Legal In the ordinary course of business, we may be, or have been, involved in legal proceedings from time to time. Sabby Volatility Warrant Master Fund, Ltd. (“Sabby”) commenced litigation against us in a New York State Court, alleging the Company’s breach of contract, fraud, and failure to maintain and deliver shares under the convertible note previously issued by the Company to Sabby. Sabby also holds the Company’s Series B Preferred Stock and substantial warrants to purchase shares of our Common Stock. During September 2023, the court granted Sabby’s request for an order (i) granting specific performance of Sabby’s past and future requests for conversion, (ii) enjoining the Company from issuing shares of its Common Stock until it has complied with the order and (iii) directing the Company’s transfer agent to take all actions necessary to enforce the order, including reserving shares issuable upon Sabby’s conversion of its outstanding note payable. Sabby subsequently sought and obtained a default order of contempt, entered on October 20, 2023, which among other matters cited the Company’s failure to transfer shares without restriction and to reserve a sufficient number of shares of Common Stock to honor Sabby’s potential conversions of its convertible note, Series B Preferred Stock and warrants. Upon the Company’s motion to vacate the contempt order, the court vacated the contempt order on December 5, 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Oct. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below. On November 3, 2023 the Company entered into a promissory note with a principal amount of $7,000 with a related party. On November 6, 2023 the Company approved the conversion of $18,300 from a convertible note payable, issued on April 12, 2022, into 369,445,000 shares of common stock. During November 2023, we sought the appeal and reconsideration of the contempt order described in Note 9 above. On December 5, 2023, the court vacated the contempt order. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Oct. 31, 2023 | |
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 using the straight-line method over the estimated useful life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Land improvements 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 | 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. |
Revenue Recognition | The Company has adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our consolidated financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. |
Project costs | All project costs incurred, including acquisition of refinery rights, planning, design and permitting, have been recorded as project costs and expensed as incurred. |
Basic and diluted income (loss) per share | Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the six months ended October 31, 2023 and October 31, 2022 all potentially dilutive securities had an anti-dilutive effect and basic net loss per common share is the same as diluted net loss per share. |
Stock-based compensation | Pursuant to FASB ASC 718, the Company accounts for the issuance of equity instruments, including grants of stock options and warrants, 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 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 is reached or (ii) the date at which the performance is complete. In the case of equity instruments issued for services to be performed over time, the fair value of the equity instrument is recognized over the service period. For the six months ended October 31, 2023 and 2022, the Company recorded stock-based compensation of $28,200 and $495,000, respectively. |
Recently issued accounting pronouncements | The Company has reviewed all new accounting pronouncements issued or proposed by the FASB and does not believe any of the accounting pronouncements has had, or will have, a material impact on its consolidated financial position or results of operations. |
BACKGROUND ORGANIZATION AND B_2
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION | |
Summary of companies subsidiaries | Name of Entity % Form of Entity State of Incorporation Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Clean Fuels & Transport (formerly Pecos Refining & Transport, LLC 100 % LLC Texas Subsidiary MMEX Solar Resources, LLC 100 % LLC Texas Subsidiary Rolling Stock Marine, LLC 100 % LLC Texas Subsidiary Hydrogen Global, LLC 100 % LLC Texas Subsidiary Clean Energy Global, LLC (formerly Hydrogen Ultra, LLC) 100 % LLC Texas Subsidiary |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Summary of Estimated useful life of asset | Office furniture and equipment 10 years Computer equipment and software 5 years Land improvements 15 years Land easements 10 years |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
Schedule of convertible notes payable related parties | October 31, 2023 April 30, 2023 Convertible note payable with Maple Resources Corporation, matures on February 25, 2024, with interest at 5%, convertible into common shares of the Company [1] $ - $ 20,000 Convertible note payable with Maple Resources Corporation, matures on October 13, 2024, with interest at 5%, convertible into common shares of the Company [2] 50,000 - Less discount - - Total $ 50,000 $ 20,000 |
Schedule of notes payable related parties | October 31, 2023 April 30, 2023 Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1] $ 11,800 $ - Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2] 4,720 - Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3] 7,552 - Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4] 5,900 - Note payable to an unrelated party with an issue date of July 3, 2023 with interest at 18% [5] 5,900 - Total 35,872 - Less discount (14,426 ) - Net $ 21,446 $ - |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and Equipment | October 31, 2023 April 30, 2023 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 6,555 6,555 Refinery land 721,828 721,828 Refinery land improvements 468,615 468,615 Refinery land easements 37,015 37,015 1,247,877 1,247,877 Less accumulated depreciation and amortization (188,271 ) (170,074 ) $ 1,059,606 $ 1,077,803 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
ACCRUED EXPENSES | |
Schedule of Accrued expenses | October 31, 2023 April 30, 2023 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 19,000 48,000 Accrued interest and penalties 901,774 813,487 Other 94,174 94,174 $ 1,045,038 $ 985,751 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
NOTES PAYABLE | |
Schedule of Notes payable, currently in default | October 31, 2023 April 30, 2023 Note payable to an unrelated party, matured March 18, 2014, with interest at 10% $ 75,001 $ 75,001 Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [1] 136,952 136,952 Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [2] $250,000 draw on March 5, 2021 - 250,000 $200,000 draw on March 26, 2021 - 200,000 $50,000 draw on April 13, 2022 - 50,000 Total $ 211,953 $ 711,953 |
Schedule of notes payable | October 31, 2023 April 30, 2023 Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [1] $ 93,885 $ 102,500 Note payable to an unrelated party with an issue date of April 25, 2023 with interest at 18% [2] 17,700 17,700 Note payable to an unrelated party with an issue date of June 2, 2023 with interest at 18% [3] 23,600 - Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [4] 66,300 - Note payable to an unrelated party with an issue date of August 15, 2023 with interest at 18% [5] 38,350 - Note payable to an unrelated party with an issue date of September 14, 2023 with interest at 18% [6] 38,350 - Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [7] $250,000 draw on March 5, 2021 250,000 - $200,000 draw on March 26, 2021 200,000 - $50,000 draw on April 13, 2022 50,000 - Total 778,185 120,200 Less Discount (87,895 ) (14,490 ) Net $ 690,290 $ 105,710 |
Schedule of Convertible Notes Payable, Currently in Default | October 31, 2023 April 30, 2023 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 Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3] - 158,790 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [4] - 100,050 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [5] 100,000 - Total 175,000 333,840 Less discount - - Net $ 175,000 $ 333,840 |
Schedule of Current Convertible Notes Payable | October 31, 2023 April 30, 2023 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [1] $ - $ 200,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [2] - 100,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [3] - 54,750 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4] - 54,250 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5] 183,955 226,875 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [6] 55,000 - Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [7] 139,200 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [8] 58,800 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [9] 200,000 - Total 636,955 635,875 Less discount (3,162 ) (15,200 ) Net $ 633,793 $ 620,675 |
STOCKHOLDERS DEFICIT (Tables)
STOCKHOLDERS DEFICIT (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
STOCKHOLDERS DEFICIT | |
Summary of warrant activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2023 264,058,999 $ 0.01 5.03 Granted 2,111,598,747 $ 0.00014 Cancelled / Expired (9,000,000 ) $ 0.20 Outstanding, October 31, 2023 2,366,657,746 $ 0.000271 4.99 |
BACKGROUND ORGANIZATION AND B_3
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Details) | 6 Months Ended |
Oct. 31, 2023 | |
Pecos Refining & Transport, LLC [Member] | |
State of Incorporation | Texas |
Ownership percentage | 100% |
Relationship | Subsidiary |
MMEX Solar Resources LLC [Member] | |
State of Incorporation | Texas |
Ownership percentage | 100% |
Relationship | Subsidiary |
Rolling Stock Marine LLC [Member] | |
State of Incorporation | Texas |
Ownership percentage | 100% |
Relationship | Subsidiary |
Hydrogen Global, LLC [Member] | |
State of Incorporation | Texas |
Ownership percentage | 100% |
Relationship | Subsidiary |
Clean Energy Global, LLC [Member] | |
State of Incorporation | Texas |
Ownership percentage | 100% |
Relationship | Subsidiary |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended |
Oct. 31, 2023 | |
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 Narrative) - USD ($) | 6 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Stock based compensation | $ 28,200 | $ 495,000 |
Gain on derivative liabilities | $ 0 | |
Land easements [Member] | ||
Property plant and equipment estimated useful life | 10 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Less discount | $ 0 | $ 0 |
Total | 50,000 | 20,000 |
Maple Resources Corporation [Member] | ||
Gross | 0 | (20,000) |
Gross | 0 | 20,000 |
Maple Resources Corporation One [Member] | ||
Gross | (50,000) | 0 |
Gross | $ 50,000 | $ 0 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Notes payble related parties | $ 35,872 | $ 0 |
Less discount | (14,426) | 0 |
Notes payble related parties net | 21,446 | 0 |
Notes payble related parties one [Member] | ||
Notes payble related parties | 11,800 | 0 |
Notes payble related parties two [Member] | ||
Notes payble related parties | 4,720 | 0 |
Notes payble related parties three [Member] | ||
Notes payble related parties | 7,552 | 0 |
Notes payble related parties four [Member] | ||
Notes payble related parties | 5,900 | 0 |
Notes payble related parties five [Member] | ||
Notes payble related parties | $ 5,900 | $ 0 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Oct. 13, 2023 | Jul. 03, 2023 | Jun. 06, 2023 | May 07, 2023 | May 31, 2023 | May 16, 2023 | Feb. 25, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | |
Consulting fees | $ 20,000 | |||||||||
Accounts payable and acccured expenses to related party | 636,562 | $ 465,703 | ||||||||
Convertible notes converted into common shares | $ 50,000 | $ 20,000 | ||||||||
Convertible notes converted into common shares, percentage | 110% | 110% | ||||||||
Accrued interest on convertible notes | 0 | 175 | ||||||||
Accrued liabilities | 1,045,038 | $ 91,414 | 985,751 | |||||||
Debt discount | 63,011 | 20,748 | ||||||||
Stock-based compensation | 28,200 | $ 495,000 | ||||||||
Common stock value | 7,632,822 | 769,618 | ||||||||
CEO [Member] | ||||||||||
Accounts payable | 0 | 2,190 | ||||||||
Nabil Katabi [Member] | ||||||||||
Promissory note principal Amount | $ 5,000 | |||||||||
Maturity date | Jun. 06, 2024 | |||||||||
Interest rate of pricipal amount | 18% | |||||||||
Debt discount | $ 900 | |||||||||
Discription of promissory note issued | the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants | |||||||||
BNL Family Trust [Member] | ||||||||||
Promissory note principal Amount | $ 6,400 | |||||||||
Maturity date | May 31, 2024 | |||||||||
Interest rate of pricipal amount | 18% | |||||||||
Debt discount | $ 1,152 | |||||||||
Discription of promissory note issued | the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants | |||||||||
Lake of Silver, LLC [Member] | ||||||||||
Promissory note principal Amount | $ 10,000 | |||||||||
Maturity date | May 07, 2024 | |||||||||
Interest rate of pricipal amount | 18% | |||||||||
Debt discount | $ 1,800 | |||||||||
Discription of promissory note issued | the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants | |||||||||
Alpenglow Consulting, LLC [Member] | ||||||||||
Promissory note principal Amount | $ 4,000 | |||||||||
Maturity date | May 16, 2024 | |||||||||
Interest rate of pricipal amount | 18% | |||||||||
Debt discount | $ 720 | |||||||||
Discription of promissory note issued | the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants | |||||||||
Alpenglow Consulting, LLC One [Member] | ||||||||||
Promissory note principal Amount | $ 5,000 | |||||||||
Maturity date | Jul. 03, 2024 | |||||||||
Interest rate of pricipal amount | 18% | |||||||||
Debt discount | $ 900 | |||||||||
Discription of promissory note issued | the note was issued with $5,000 consulting fee under a subscription agreement | |||||||||
Nabil Katabi and BNL Family Trust [Member] | Common Stocks [Member] | ||||||||||
Warrants issued value related party each month | 50,000,000 | |||||||||
Stock-based compensation | 28,200 | |||||||||
Accrued liabilities | $ 204,763 | |||||||||
Share issued for repayment | 3,174,187,995 | |||||||||
Common stock value | $ 892,133 | |||||||||
Discription of warrants issued | issued 398,119,123 warrants in consideration of debt; therefore, a $687,370 loss on extinguishment of debt was recognized and $20,323 of note proceeds were allocated to the warrants | |||||||||
Related Party Transactions [Member] | ||||||||||
Accrued interest on convertible notes | $ 123 | 0 | ||||||||
November 1, 2020 [Member] | Nabil Katabi [Member] | Common Stocks [Member] | ||||||||||
Consulting fees | 10,000 | 20,000 | ||||||||
Accounts payable and accrued expenses - related party | 184,828 | 97,885 | ||||||||
Accounts payable and acccured expenses to related party | 156,160 | |||||||||
Accrued liabilities | $ 75,321 | |||||||||
Conversion of accrued liabilities into common stock, shares | 1,180,577,273 | |||||||||
Conversion of accrued liabilities into common stock, value | $ 308,157 | |||||||||
Loss recognized | 232,836 | |||||||||
Payable in stock | 30,000 | |||||||||
Shares issued value related party each month | 2,000 | 5,000 | ||||||||
October 1, 2018 [Member] | Common Stocks [Member] | Leslie Doheny Hanks [Member] | ||||||||||
Accounts payable and accrued expenses - related party | 102,520 | 128,246 | ||||||||
Payable in stock | 55,000 | 30,000 | ||||||||
Loss recognized | 150,362 | |||||||||
Owed to related party | 12,000 | |||||||||
Shares issued value related party each month | 2,500 | |||||||||
Conversion of accrued liabilities into common stock, value | $ 190,976 | |||||||||
Conversion of accrued liabilities into common stock, shares | 636,588,339 | |||||||||
February 1, 2021 [Member] | ||||||||||
Accounts payable and accrued expenses - related party | $ 61,335 | 45,397 | ||||||||
Accrued liabilities | 30,709 | |||||||||
Conversion of accrued liabilities into common stock, value | 119,712 | |||||||||
Loss recognized | $ 89,003 | |||||||||
Conversion of accrued liabilities into common stock, shares | 446,063,449 | |||||||||
Fees and expenses reimbursements | $ 49,647 | |||||||||
September 1, 2021 [Member] | BNL Family Trust [Member] | Common Stocks [Member] | ||||||||||
Accounts payable and accrued expenses - related party | 55,000 | 40,000 | ||||||||
Amount payable in stock under consulting agreement | 15,000 | |||||||||
Shares issued value related party each month | 2,500 | |||||||||
July 1, 2019 [Member] | ||||||||||
Reimbursements Expenses | 68,145 | |||||||||
Accrued liabilities | $ 58,119 | |||||||||
Conversion of accrued liabilities into common stock, shares | 910,958,934 | |||||||||
Conversion of accrued liabilities into common stock, value | $ 273,288 | |||||||||
Loss recognized | 215,169 | |||||||||
Maple Resources Corporation [Member] | ||||||||||
Consulting fees | 30,000 | |||||||||
Accounts payable and accrued expenses - related party | 230,687 | 184,776 | ||||||||
Owed to related party | 8,490 | |||||||||
Payable in stock | 110,000 | $ 45,000 | ||||||||
Advance payment | $ 4,580 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Property and equipment, gross | $ 1,247,877 | $ 1,247,877 |
Less accumulated depreciation and amortization | (188,271) | (170,074) |
Property and equipment, net | 1,059,606 | 1,077,803 |
Land [Member] | ||
Property and equipment, gross | 721,828 | 721,828 |
Office furniture and equipment [Member] | ||
Property and equipment, gross | 13,864 | 13,864 |
Computer equipment and software [Member] | ||
Property and equipment, gross | 6,555 | 6,555 |
Land improvements [Member] | ||
Property and equipment, gross | 468,615 | 468,615 |
Land easements [Member] | ||
Property and equipment, gross | $ 37,015 | $ 37,015 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
PROPERTY AND EQUIPMENT | ||||
Depreciation and amortization expense | $ 9,100 | $ 9,100 | $ 18,197 | $ 18,197 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 | Oct. 31, 2022 |
Total Accrued Expenses | $ 1,045,038 | $ 985,751 | $ 91,414 |
Accrued Payroll [Member] | |||
Total Accrued Expenses | 30,090 | 30,090 | |
Accrued Consulting [Member] | |||
Total Accrued Expenses | 19,000 | 48,000 | |
Accrued Interest And Penalties [Member] | |||
Total Accrued Expenses | 901,774 | 813,487 | |
Other [Member] | |||
Total Accrued Expenses | $ 94,174 | $ 94,174 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Notes payable, currently in default | $ 211,953 | $ 711,953 |
Notes Payables [Member] | ||
Notes payable, currently in default | 75,001 | 75,001 |
Note Payable [Member] | ||
Notes payable, currently in default with unrelated party | 136,952 | 136,952 |
Notes payable, currently in default | 211,953 | 711,953 |
Notes payable | 0 | 250,000 |
Note Payable One [Member] | ||
Notes payable | 0 | 200,000 |
Note Payable Two [Member] | ||
Notes payable | $ 0 | $ 50,000 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Convertible notes payable, currently in default, gross | $ 778,185 | $ 120,200 |
Less discount | (87,895) | (14,490) |
Convertible notes payable, currently in default, net of discount | 690,290 | 105,710 |
Notes Payable [Member] | ||
Notes payable | 93,885 | 102,500 |
Notes Payable One [Member] | ||
Notes payable | 17,700 | 17,700 |
Notes Payable Two [Member] | ||
Notes payable | 23,600 | 0 |
Notes Payable Three [Member] | ||
Notes payable | 66,300 | 0 |
Notes Payable Four [Member] | ||
Notes payable | 38,350 | 0 |
Notes Payable Five [Member] | ||
Notes payable | 38,350 | 0 |
Notes Payable Six [Member] | ||
Notes payable | 250,000 | 0 |
Notes Payable Seven [Member] | ||
Notes payable | 200,000 | 0 |
Notes Payable Eight [Member] | ||
Notes payable | $ 50,000 | $ 0 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Convertible notes payable, currently in default, gross | $ 175,000 | $ 333,840 |
Less discount | 0 | 0 |
Convertible notes payable, currently in default, net of discount | 175,000 | 333,840 |
Notes Payable Unrelated Party | 633,793 | 620,675 |
Notes Payable [Member] | ||
Notes Payable Unrelated Party | 50,000 | 50,000 |
Notes Payable One [Member] | ||
Notes Payable Unrelated Party | 25,000 | 25,000 |
Notes Payable Two [Member] | ||
Notes Payable Unrelated Party | 0 | 158,790 |
Notes Payable Three [Member] | ||
Notes Payable Unrelated Party | 0 | 100,050 |
Notes Payable Four [Member] | ||
Notes Payable Unrelated Party | $ 100,000 | $ 0 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 |
Convertible notes payable,Total | $ 636,955 | $ 635,875 |
Less discount | (3,162) | (15,200) |
Convertible notes payable, net of discount | 633,793 | 620,675 |
Accredited investor one [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 200,000 |
Accredited investor two [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 100,000 |
Accredited Investor Three [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 54,750 |
Accredited investor Four [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 54,250 |
Accredited investor Five [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 183,955 | 226,875 |
Accredited investor Six [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 55,000 | 0 |
Accredited investor Seven [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 139,200 | 0 |
Accredited investor Eight [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 58,800 | 0 |
Accredited investor Nine [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | $ 200,000 | $ 0 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
Sep. 14, 2023 | Aug. 15, 2023 | Jul. 14, 2023 | Jun. 02, 2023 | Mar. 07, 2023 | Apr. 12, 2022 | Mar. 11, 2021 | Feb. 01, 2011 | Mar. 08, 2010 | Aug. 24, 2023 | Apr. 25, 2023 | Feb. 28, 2023 | Jan. 22, 2023 | Sep. 15, 2022 | Jul. 26, 2022 | Feb. 28, 2022 | Feb. 22, 2021 | Mar. 31, 2020 | Mar. 23, 2011 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Mar. 03, 2022 | Feb. 23, 2022 | Feb. 20, 2019 | Oct. 05, 2018 | Sep. 18, 2018 | Sep. 13, 2018 | |
Proceeds from issuance of debt | $ 155,000 | $ 50,000 | $ 452,500 | |||||||||||||||||||||||||
Principal amount | 165,000 | |||||||||||||||||||||||||||
Additional paid-in capital | 63,534,089 | $ 69,082,490 | ||||||||||||||||||||||||||
Fees and expenses | $ 10,000 | |||||||||||||||||||||||||||
Maturity date | Mar. 11, 2022 | |||||||||||||||||||||||||||
Interest rate | 10% | |||||||||||||||||||||||||||
Debt discount | 3,162 | 15,200 | ||||||||||||||||||||||||||
Note desceription | The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. During the six months ended October 31, 2023 the Company converted $41,250 into 823,771,549 shares of common stock | |||||||||||||||||||||||||||
Total Accrued Expenses | $ 1,045,038 | $ 91,414 | $ 985,751 | |||||||||||||||||||||||||
Second Amendment [Member] | ||||||||||||||||||||||||||||
Principal amount | $ 70,000 | $ 110,000 | ||||||||||||||||||||||||||
Fifth amendment [Member] | ||||||||||||||||||||||||||||
Principal amount | 600,000 | |||||||||||||||||||||||||||
Poppy, LLC [Member] | ||||||||||||||||||||||||||||
Principal amount | $ 20,000 | $ 15,000 | ||||||||||||||||||||||||||
Additional paid-in capital | $ 15,000 | |||||||||||||||||||||||||||
Interest rate | 110% | 18% | ||||||||||||||||||||||||||
Description of penalty | the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $3,600 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 313,479,624 warrants, thus $15,988 of the $20,000 in the note converted | |||||||||||||||||||||||||||
Debt discount | $ 2,700 | |||||||||||||||||||||||||||
Note issued | 11,991 | |||||||||||||||||||||||||||
Vista Capital Investments, Inc [Member] | March 11, 2021 [Member] | ||||||||||||||||||||||||||||
Principal amount | $ 250,000 | $ 113,048 | ||||||||||||||||||||||||||
Oscar and I1da Gonzales [Member] | ||||||||||||||||||||||||||||
Principal amount | $ 102,500 | |||||||||||||||||||||||||||
Maturity date | Feb. 28, 2026 | |||||||||||||||||||||||||||
Repayment of debt | $ 3,309 | |||||||||||||||||||||||||||
Repayment of debt date | Mar. 01, 2023 | |||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | ||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 50,000 | $ 155,000 | $ 50,000 | $ 50,000 | $ 91,250 | $ 185,000 | ||||||||||||||||||||||
Principal amount | $ 54,250 | $ 165,000 | $ 55,000 | $ 226,875 | $ 54,750 | $ 100,000 | $ 200,000 | $ 110,000 | $ 600,000 | $ 70,000 | 110,000 | |||||||||||||||||
New financing fees | $ 36,626 | |||||||||||||||||||||||||||
Maturity date | Mar. 07, 2024 | Jan. 18, 2024 | Sep. 15, 2023 | |||||||||||||||||||||||||
Interest rate | 10% | 10% | 10% | 10% | 10% | 10% | 10% | |||||||||||||||||||||
Debt conversion discount rate | 42% | 42% | 42% | 42% | ||||||||||||||||||||||||
Debt conversion per share price | $ 0.11 | $ 0.10 | $ 0.00007 | $ 0.11 | $ 0.055 | |||||||||||||||||||||||
Fees and expenses | $ 4,250 | $ 10,000 | $ 2,000 | $ 4,750 | $ 8,750 | $ 5,000 | ||||||||||||||||||||||
Description of penalty | Company converted $54,250 into 982,112,068 shares of common stock in accordance with the terms of the agreement | The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. During the six months ended October 31, 2023 the Company converted $41,250 into 823,771,549 shares of common stock in accordance with the terms of the agreement and based on the variable conversion prices in effect on the date of the conversions, therefore no gain or loss was recorded | The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance | the Company converted $54,750 into 581,379,310 shares of common stock in accordance with the terms of the agreement | The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance | |||||||||||||||||||||||
Total Accrued Expenses | $ 8,749 | |||||||||||||||||||||||||||
1800 Diagonal Lending LLC One [Member] | ||||||||||||||||||||||||||||
Proceeds from issuance of debt | 91,250 | |||||||||||||||||||||||||||
Principal amount | $ 226,875 | $ 100,000 | ||||||||||||||||||||||||||
Maturity date | Sep. 15, 2023 | |||||||||||||||||||||||||||
Interest rate | 10% | |||||||||||||||||||||||||||
Debt conversion discount rate | 42% | |||||||||||||||||||||||||||
Fees and expenses | $ 8,750 | |||||||||||||||||||||||||||
Convertible Note [Member] | GS Capital Partners, LLC [Member] | ||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 185,000 | |||||||||||||||||||||||||||
Interest rate | 10% | 18% | ||||||||||||||||||||||||||
Principal amount | $ 200,000 | $ 1,000,000 | $ 200,000 | $ 110,000 | ||||||||||||||||||||||||
Terms of conversion feature | GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.10 per share | 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.) | ||||||||||||||||||||||||||
Description of penalty | The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance | |||||||||||||||||||||||||||
Accredited Investor [Member] | Convertible Notes Payable [Member] | ||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 35,000 | |||||||||||||||||||||||||||
Interest rate | 25% | |||||||||||||||||||||||||||
Consulting expense | 15,000 | |||||||||||||||||||||||||||
Issuance of convertible note | $ 514,900 | $ 50,000 | $ 25,000 | |||||||||||||||||||||||||
Fixed conversion price per share | $ 1 | $ 3.70 | ||||||||||||||||||||||||||
Pecos Clean Fuels & Transport, LLC [Member] | Note Payable [Member] | ||||||||||||||||||||||||||||
Principal amount | $ 32,500 | $ 32,500 | $ 60,000 | $ 1,000,000 | $ 181,500 | |||||||||||||||||||||||
New financing fees | $ 25,794 | $ 16,250 | $ 28,379 | |||||||||||||||||||||||||
Maturity date | Sep. 14, 2024 | Aug. 15, 2024 | Jul. 14, 2024 | |||||||||||||||||||||||||
Interest rate | 18% | 18% | 18% | 10% | ||||||||||||||||||||||||
Warrant issued | 625,000,000 | 325,000,000 | 300,000,000 | 235,109,718 | ||||||||||||||||||||||||
Convertible promissory note | $ 32,500 | $ 32,500 | $ 35,000 | |||||||||||||||||||||||||
Total Accrued Expenses | 5,850 | 5,850 | 6,300 | |||||||||||||||||||||||||
Extinguished | $ 32,500 | $ 32,500 | $ 35,000 |
STOCKHOLDERS DEFICIT (Details)
STOCKHOLDERS DEFICIT (Details) - Warrants [Member] | 6 Months Ended |
Oct. 31, 2023 $ / shares shares | |
Shares, outstanding, beginning balance | shares | 264,058,999 |
Shares, Granted | shares | 2,111,598,747 |
Shares, Canceled/Expired | shares | (9,000,000) |
Shares, outstanding, Ending balance | shares | 2,366,657,746 |
Weghted Average Exercise Price, beginning balance | $ / shares | $ 0.01 |
Weghted Average Exercise Price, Granted | $ / shares | 0.00014 |
Weghted Average Exercise Price, Canceled and expired | $ / shares | 0.20 |
Weghted Average Exercise Price, Ending balance | $ / shares | $ 0.000271 |
Weighted Average Remaining Contractual Life, Beginning | 5 years 10 days |
Weighted Average Remaining Contractual Life, Ending | 4 years 11 months 26 days |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | 6 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Jun. 07, 2022 | |
Common stock share authorized | 25,000,000,000 | 25,000,000,000 | 25,000,000,000 | |
Issuance of common stock | 710,802 | |||
Shares issued to related party | 100,000 | |||
Warrant exercise price | $ 0.000058 | |||
Preferred stock share authorized | 1,000,000 | 1,000,000 | 1,000,000 | |
Total Shares issued of Common stock | 6,863,204,529 | |||
Total Accrued Expenses | $ 1,045,038 | $ 91,414 | $ 985,751 | |
Related party debt | 1,006 | |||
Debt discount | $ 5,380 | |||
Shares issued for a debt discount, shares | 398,119,123 | |||
Shares issued for accrued liability-related parties, shares | 17,808 | |||
Warrant granted shares | 3,000,000 | |||
Warrants issued as stock-based compensation | $ 28,200 | |||
Shares issued for accrued liability-related parties, value | $ 20,323 | |||
Common stock, outstanding | 7,632,822,824 | 7,632,822,824 | 769,618,295 | |
Share issued during period, value | $ 892,133 | |||
Common stock conversion of convertible notes payable, shares | 1,563,479,624 | |||
Capital stock authorized | 25,001,000,000 | |||
Common stock conversion of convertible notes payable, value | $ 98,403 | |||
Convertible notes principal amount | $ 90,000 | |||
Prefunded warrants share | 6,459,663 | |||
Warrants to purchase share | 687,370 | |||
Accrued interest payable | $ 9,751 | $ 19,677 | ||
Shares issued for exercise of prefunded warrants | 3,174,187,995 | |||
Common stock shares issued for conversion of related party convertible notes | 204,763 | |||
Common stock shares issued for conversion of related party convertible notes, value | $ 193,170 | |||
Common stock shares issued upon conversion of debt shares | $ 109,677 | |||
Accrued liabilities | 279,120,377 | |||
Payments for fees | $ 1,080 | |||
Series B preferred stock | ||||
Preferred stock share authorized | 2,757,262,927 | 150,000,000 | ||
Common stock shares issued for conversion of related party convertible notes | 204,001 | |||
Prefrerred stock, value | 1,000 | |||
Initial conversion price | $ 0.10 | |||
Conversion price | $ 0.05 | |||
Series A preferred stock | ||||
Preferred stock share authorized | 652,633,230 | 652,633,230 | ||
Voting percentage | 51% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Nov. 06, 2023 | Nov. 03, 2023 | Apr. 12, 2022 |
Common stock issued | 369,445,000 | ||
SUBSEQUENT EVENTS [Member] | |||
Promissory note related party | $ 7,000 | ||
Convertible note payable | $ 18,300 |