Verde Bio (VBHI) 10-Q 14 Sep 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2022	Sep. 12, 2022
Details
Registrant CIK	0001490054
Fiscal Year End	--04-30
Registrant Name	VERDE BIO HOLDINGS, INC.
SEC Form	10-Q
Period End date	Jul. 31, 2022
Tax Identification Number (TIN)	30-0678378
Number of common stock shares outstanding		1,299,896,144
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	false
Small Business	true
Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-54524
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	5750 Genesis Court
Entity Address, Address Line Two	Suite 220B
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
Country Region	972
City Area Code	217
Local Phone Number	4080
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Current Assets
Cash	$ 101,110	$ 141,206
Accounts receivable	143,755	125,828
Prepaid expenses	17,477	28,839
Total current assets	262,342	295,873
Non-current assets
Operating Lease, Right-of-Use Asset	60,146	72,323
Property and equipment, net	2,770,572	2,778,721
Oil and natural gas properties, net based on the full cost method of accounting	1,793,019	1,938,140
Total assets	4,886,079	5,085,057
Current Liabilities
Accounts payable and accrued liabilities	212,340	168,236
Loan payable	200,200	0
Current portion of operating lease liability	59,490	56,891
Warrant liabilities	1,228,018	1,228,018
Total Current Liabilities	1,700,048	1,453,145
Non-current portion of operating lease liability	5,454	21,337
Total Liabilities	1,705,502	1,474,482
STOCKHOLDERS' EQUITY
Common Stock Authorized -5,000,000,000 common shares, par value of $0.001 per share Issued and outstanding: 1,277,573,921 and 1,179,365,468 common shares, respectively	1,277,574	1,179,366
Additional paid-in capital	16,882,484	16,669,291
Accumulated deficit	(15,022,899)	(14,258,891)
Total Stockholders' Equity	3,137,659	3,590,266
Total Liabilities and Equity	4,886,079	5,085,057
Series C Preferred Stock
STOCKHOLDERS' EQUITY
Preferred Stock, Value	1	1
TEMPORARY EQUITY
Preferred Stock, Value	1	1
Series C accrued dividends	42,917	20,308
Total Temporary Equity	42,918	20,309
Series A Preferred Stock
STOCKHOLDERS' EQUITY
Preferred Stock, Value	500	500
TEMPORARY EQUITY
Preferred Stock, Value	$ 500	$ 500

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parenthetical - $ / shares	Jul. 31, 2022	Apr. 30, 2022
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Common Stock, Shares Authorized	5,000,000,000	5,000,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	1,277,573,921	1,179,365,468
Common Stock, Shares, Outstanding	1,277,573,921	1,179,365,468
Series C Preferred Stock
Preferred Stock, Shares Authorized	7,600	7,600
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Issued	956	1,040
Preferred Stock, Shares Outstanding	956	1,040
Series A Preferred Stock
Preferred Stock, Shares Authorized	500,000	500,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Issued	500,000	500,000
Preferred Stock, Shares Outstanding	500,000	500,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Revenue
Mineral property and royalty revenues	$ 209,910	$ 64,599
Operating Expenses
Consulting fees	167,498	108,385
Depreciation expense	15,134	0
General and administrative	469,623	436,024
Professional fees	87,967	77,417
Project expenditures	23,028	98,134
Total Operating Expenses	908,371	741,949
Depletion expense	145,121	21,989
Net Operating Loss	(698,461)	(677,350)
Other Income (Expenses)
Financing cost	(38,200)	0
Interest expense	(27,347)	(367)
Gain on extinguishment of debt	0	4,722
Total Other Income (Expenses)	(65,547)	4,355
Net Loss	(764,008)	(672,995)
Series C Preferred Stock Dividends	(22,609)	0
Net Loss to Common Shareholders	$ (786,617)	$ 0
Net Loss Per Share - Basic and Diluted	$ 0	$ 0
Weighted Average Shares Outstanding - Basic and Diluted	1,225,012,371	1,059,014,157

Consolidated Statement of Stock

Consolidated Statement of Stockholder's Deficit - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total	Shares Issuable
Stockholders' Equity Attributable to Parent, Beginning Balance at Apr. 30, 2021	$ 500	$ 683,085	$ 12,132,666	$ (10,836,745)	$ 2,655,756	$ 676,250
Shares, Outstanding, Beginning Balance at Apr. 30, 2021	500,000	683,084,699
Series C preferred stock issued for commitment fee					0
Stock Issued During Period, Value, Conversion of Units	$ 0	$ 6,500	74,750	0	0	(81,250)
Stock Issued During Period, Shares, Conversion of Units		6,500,000
Common stock issued for services	0	$ 3,300	45,810	0	49,110	0
Shares issued for services, Shares		3,300,000
Common shares issued for cash, Value	0	$ 451,550	4,063,950		3,920,500	(595,000)
Common shares issued for cash, Shares		451,550,000
Share issuance costs	0	$ 0	(33,165)	0	(33,165)	0
Common shares issued upon conversion of Series B preferred shares, Value	0	$ 15,031	199,909	0	214,940	0
Common shares issued upon conversion of Series B preferred shares, Shares		15,030,769
Net Loss	$ 0	$ 0	0	(672,995)	(672,995)	0
Shares, Outstanding, Ending Balance at Jul. 31, 2021	500,000	1,163,465,468
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 31, 2021	$ 500	$ 1,163,466	16,519,920	(11,509,740)	6,174,146	0
Series C preferred stock issued for commitment fee					0
Common stock issued for settlement of accounts payable	0	$ 4,000	36,000	0	40,000	$ 0
Common shares issued to settle accounts payable, Shares		4,000,000
Stockholders' Equity Attributable to Parent, Beginning Balance at Apr. 30, 2022	$ 500	$ 1,179,366	16,669,291	(14,258,891)	3,590,266
Shares, Outstanding, Beginning Balance at Apr. 30, 2022	500,000	1,179,365,468
Series C preferred stock issued for commitment fee	$ 0	$ 0	5,000	0	5,000
Common shares issued for conversion of Series C preferred stock	0	$ 84,908	(84,908)	0	$ 0
Common shares issued for conversion of Series C preferred stock, Stock		84,908,453			84,908,453
Common stock issued for services	0	$ 13,300	84,710	0	$ 98,010
Shares issued for services, Shares		13,300,000
Series C preferred stock issued for cash	0	$ 0	231,000	0	231,000
Net Loss	$ 0	$ 0	0	(764,008)	(764,008)
Shares, Outstanding, Ending Balance at Jul. 31, 2022	500,000	1,277,573,921
Stockholders' Equity Attributable to Parent, Ending Balance at Jul. 31, 2022	$ 500	$ 1,277,574	16,882,484	(15,022,899)	3,137,659
Series C preferred stock issued for commitment fee	0	0	5,000	0	5,000
Series C preferred stock dividend	$ 0	$ 0	$ (22,609)	$ 0	$ (22,609)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Operating Activities
Net Loss	$ (764,008)	$ (672,995)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of right-of-use asset	12,177	10,004
Common stock issued for services	98,010	49,110
Depreciation expense	15,134	0
Depletion expense	145,121	21,989
Gain on settlement of debt	0	(4,722)
Original issue discount and transaction fees on financing	37,200	0
Series C preferred stock issued for commitment fee	5,000	0
Changes in operating assets and liabilities
Accounts receivable	(17,927)	(45,630)
Prepaid expenses	11,362	5,536
Right-of-use liability	(13,284)	(11,111)
Accounts payable and accrued liabilities	44,104	34,927
Net Cash Used In Operating Activities	(427,111)	(612,892)
Investing Activities
Acquisition of oil and gas properties	0	(3,911,266)
Acquisition of property and equipment	(6,985)	(125,595)
Net Cash Used In Investing Activities	(6,985)	(4,036,861)
Financing Activities
Proceeds from issuance of common stock	0	3,950,500
Proceeds from convertible debenture	175,000	0
Proceeds from issuance of series C preferred shares	219,000	0
Repayment of convertible debenture	0	(5,000)
Payments of Stock Issuance Costs	0	(33,165)
Net Cash Provided by Financing Activities	394,000	3,882,335
Change in Cash	(40,096)	(767,418)
Cash - Beginning of Period	141,206	2,087,897
Cash - End of Period	101,110	1,320,479
Supplemental Disclosures
Interest paid	0	0
Income tax paid	0	0
Non-cash investing and financing activities
Stock Issued During Period, Value, Conversion of Convertible Securities	0	81,250
Conversion of Stock, Amount Issued	0	214,940
Common stock issued for settlement of accounts payable	0	10,000
Series C preferred stock accrued dividend	22,609	0
Common stock issued for conversion of Series C preferred stock	$ 84,908	$ 0

1. Nature of Operations and Con

1. Nature of Operations and Continuance of Business	3 Months Ended
	Jul. 31, 2022
Notes
1. Nature of Operations and Continuance of Business	1. Nature of Operations and Continuance of Business Verde Bio Holdings Inc. (the “Company”) was incorporated in the State of Nevada on February 24, 2010. Currently, the Company is in the business of oil and gas exploration and investment. On March 11, 2021, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. The impact on the Company has not been significant but management continues to monitor the situation. Going Concern These condensed consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the period ended July 31, 2022, the Company incurred a net loss of $764,008 and used cash of $427,111 for operating activities. As at July 31, 2022, the Company had an accumulated deficit of $15,022,899. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. The Company will continue to rely on equity sales of its common shares in order to continue to fund business operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year from the date these financial statements are issued. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	3 Months Ended
	Jul. 31, 2022
Notes
2. Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies (a) The accompanying condensed consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and accompany notes filed with the U.S. Securities and Exchange Commission for the year ended April 30, 2022. These condensed consolidated financial statements are unaudited and have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The condensed consolidated financial statements are comprised of the records of the Company and its wholly owned subsidiary, IP Control Risk Inc., a company incorporated in the State of Nevada, United States. All intercompany transactions have been eliminated on consolidation. The Company’s fiscal year end is April 30. (b) The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. 2. Summary of Significant Accounting Policies (b) The Company regularly evaluates estimates and assumptions related to the collectability of accounts receivable relating to oil and gas interests which is based on the operator’s production statements, carrying value of oil and gas properties, the useful life, carrying value, and incremental borrowing rate used for right-of-use assets and lease liabilities, the fair value of stock-based compensation, revenue recognition including the calculation of the reserves and the fair value of the reserves for oil and gas interests, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. (c) The Company computes net loss per share in accordance with ASC 260, Earnings per Share (d) Fair Value Measurements The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy prescribed by U.S. generally accepted accounting principles. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows: Level 1 – quoted prices for identical instruments in active markets; Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial instruments consist principally of cash, accounts payable and accrued liabilities, notes payable, convertible debentures and amounts due to related parties. The fair value of cash is determined based on Level 1 inputs. There were no transfers into or out of “Level 3” during the period ended July 31, 2022. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations. 2. Summary of Significant Accounting Policies (d) Fair Value Measurements (continued) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. (e) The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3. Right-of-Use Operating Lease

3. Right-of-Use Operating Lease Asset and Lease Liability	3 Months Ended
	Jul. 31, 2022
Notes
3. Right-of-Use Operating Lease Asset and Lease Liability	3. Right-of-Use Operating Lease Asset and Lease Liability ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the ROU asset result in straight-line rent expense over the lease term. ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. On March 11, 2022, the Company entered into a sublease agreement with a sublandlord regarding its office at 5750 Genesis Court, Suite 220, Frisco, Texas 75036. The agreement was treated as an operating lease in accordance with ASC 842, Lease July 31, 2022 April 30, 2022 $ $ Components of lease expense were as follows: Operating lease cost 12,177 43,155 Supplemental cash flow information related to leases: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 16,607 66,430 3. Right-of-Use Asset and Lease Liability July 31, 2022 April 30, 2022 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets 60,146 72,323 Operating lease liabilities 64,944 78,228 Weighted Average Remaining Lease Term Operating leases 1.16 years 1.41 years Weighted Average Discount Rate Operating leases 18% 18% Maturities of lease liabilities are as follows: Year Ending April 30, Operating Leases Operating Leases 2023 49,822 66,430 2024 22,143 22,143 Total lease payments 71,965 88,573 Less: imputed interest (7,021) (10,345) Total 64,944 78,228

4. Royalty Interests in Oil and

4. Royalty Interests in Oil and Gas Properties	3 Months Ended
	Jul. 31, 2022
Notes
4. Royalty Interests in Oil and Gas Properties	4. Royalty Interests in Oil and Gas Properties $ Balance, April 30, 2022 1,938,140 Depletion expense (145,121) Balance, July 31, 2022 1,793,019

5. Property and Equipment

5. Property and Equipment	3 Months Ended
	Jul. 31, 2022
Notes
5. Property and Equipment	5. Property and Equipment Land $ Vehicles $ Equipment $ Leasehold Improvements $ Total $ Cost Balance, April 30, 2022 2,501,924 125,595 36,195 140,881 2,804,595 Additions - - 6,985 - 6,985 Balance, July 31, 2022 2,501,924 125,595 43,180 140,881 2,811,580 Accumulated depreciation Balance, April 30, 2022 - 12,559 6,271 7,044 25,874 Additions - 6,280 1,810 7,044 15,134 Balance, July 31, 2022 - 18,839 8,081 14,088 41,008 Balance, April 30, 2022 2,501,924 113,036 29,924 133,837 2,778,721 Balance, July 31, 2022 2,501,924 106,756 35,099 126,793 2,770,572

6. Convertible Loan

6. Convertible Loan	3 Months Ended
	Jul. 31, 2022
Notes
6. Convertible Loan	6. Convertible Loan On June 3, 2022, the Company entered into a convertible loan agreement with an arms-length party for $200,200 net of original issuance discount of $21,450 and legal fees of $3,750. Under the terms of the agreement, the Company incurred a one-time interest charge of $24,024 upon the closing of the agreement, which has been recorded in accounts payable and accrued liabilities and is required to remit a monthly repayment of $22,422 commencing in July 2022. If the Company defaults on the loan agreement, the outstanding principal balance will increase to 150% of the principal balance owing at the time of default, and the holder has the right to convert the remaining balance outstanding at the time of default at 75% of the lowest trading price of the Company’s common stock for the last 10 trading days prior to default.

7. Related Party Transactions

7. Related Party Transactions	3 Months Ended
	Jul. 31, 2022
Notes
7. Related Party Transactions	7. Related Party Transactions (a)

8. Common Shares

8. Common Shares	3 Months Ended
	Jul. 31, 2022
Notes
8. Common Shares	8. Common Shares Authorized: On May 10, 2022, the Company issued 8,219,179 common shares pursuant to the conversion of 50 shares of Series C preferred stock. On May 13, 2022, the Company issued 13,000,000 common shares with a fair value of $96,200 for consulting services. On May 17, 2022, the Company issued 100,000 common shares with a fair value of $750 for consulting services. On May 26, 2022, the Company issued 18,079,097 common shares pursuant to the conversion of 80 shares of Series C preferred stock. On June 15, 2022, the Company issued 100,000 common shares with a fair value of $680 for consulting services. On June 16, 2022, the Company issued 19,900,498 common shares pursuant to the conversion of 100 shares of Series C preferred stock. On July 8, 2022, the Company issued 17,204,302 common shares pursuant to the conversion of 40 shares of Series C preferred stock. On July 18, 2022, the Company issued 100,000 common shares with a fair value of $380 for consulting services. On July 21, 2022, the Company issued 21,505,377 common shares pursuant to the conversion of 50 shares of Series C preferred stock.

9. Preferred Shares

9. Preferred Shares	3 Months Ended
	Jul. 31, 2022
Notes
9. Preferred Shares	9. Preferred Shares Authorized: 500,000 Series A preferred shares with a par value of $0.001 per Series A share Convertible Preferred Series A stock On April 18, 2017, the Company designated 500,000 shares of preferred stock as Series A. The holders of Series A preferred shares are entitled to receive dividends equal to the amount of the dividend or distribution per share of common stock payable multiplied by the number of shares of common stock the shares of Series A preferred shares held by such holder are convertible into. Each Series A preferred shares is convertible into one common share. Each holder of Series A preferred shares is entitled to cast 10,000 votes for every one Series A preferred share held. Convertible Preferred Series C stock On December 3, 2021, the Company entered into a securities purchase agreement (the “December Agreement”) with an arms-length party for the issuance of up to 1,000 shares of convertible preferred Series C stock (“Series C”) for $1,000,000 based on the stated value of $1,000 per share. Under the December Agreement, the Company has a put option with regards to the Series C shares. Under the terms of the December Agreement, the Series C shares are non-redeemable, subject to annual dividend payments of 10% and are convertible into common stock of the Company at a discount to the market price of the Company’s common stock at the date of the notice of conversion form the note holder. In addition to the Series C shares, the Company issued an additional 40 Series C shares, with a fair value of $40,000, to the note holder as a commitment fee on the Agreement. During the period ended July 31, 2022, the Company issued 84,908,453 common shares upon the conversion of 320 Series C preferred stock. As at July 31, 2022, 720 (April 30, 2022 – 1,040) shares of Series C preferred stock remained unpurchased and outstanding under the December Agreement. On May 24, 2022, the Company entered into an additional securities purchase agreement (the “May Agreement”) with an arms-length party for the issuance of up to 250 shares of convertible preferred Series C stock for $250,000. Under the May Agreement, the Company has a put option with regards to the Series C shares. Under the terms of the May Agreement, the Series C shares are entitled to receive dividends at 8% per annum and are convertible into common stock of the Company at a discount to the market price of the Company’s common stock at the date of the notice of conversion from the note holder. During the period ended July 31, 2022, the Company issued 231 Series C preferred stock for $219,000, net of issuance and transaction costs of $12,000. In addition, the Company issued 5 Series C preferred stock with a fair value of $5,000 as a commitment fee with respect to the Agreement. As at July 31, 2022, the 236 (April 30, 2022 – nil) shares of Series C preferred stock remained unpurchased and outstanding under the May Agreement. The Series C preferred stock and the accrued dividends relating to the stock are classified as temporary equity. As at July 31, 2022, the Company had 956 (April 30, 2022 – 1,040) shares of Series C stock with a carrying value of $1 (April 30, 2022 - $1) and recorded accrued dividend payable of $42,917 (April 30, 2022 - $20,308) which is included in temporary equity and offset against additional paid in capital. In addition to the Series C stock, the Company issued 61,885,671 warrants on December 8, 2021 with a conversion price of $0.01067 per share for a period of five years and 63,157,895 warrants on January 27, 2022 with a conversion price of $0.01045 per share for a period of five years. The fair value of the warrants was $1,228,018 based on the Black-Scholes option pricing model assuming an expected life of 5 years, volatility of 314-318%, risk-free rate of 1.2-1.7%, and no expected dividends. The fair value of the warrants was treated as a liability as it met the conditions of a liability in accordance with ASC 480, Distinguishing Liabilities from Equity. As the fair value of the warrants were greater than the gross proceeds received on the issuance of the Series C shares, the excess difference of $228,019 was recorded in the statement of operations as a finance cost.

10. Share Purchase Warrants

10. Share Purchase Warrants	3 Months Ended
	Jul. 31, 2022
Notes
10. Share Purchase Warrants	10. Share Purchase Warrants Number of warrants Weighted average exercise price $ Balance, July 31, 2022 and April 30, 2022 125,043,566 0.01 Additional information regarding share purchase warrants as of July 31, 2022 is as follows: Outstanding and exercisable Range of Exercise Prices $ Number of Warrants Weighted Average Remaining Contractual Life (years) 0.01 125,043,566 4.4

11. Commitments and Contingenci

11. Commitments and Contingencies	3 Months Ended
	Jul. 31, 2022
Notes
11. Commitments and Contingencies	11. Commitments and Contingencies On May 28, 2020, the Company and an unrelated party entered into equity financing agreement, whereby the investor agreed to invest up to $5,000,000 over the period of 36 months pursuant to a “put” option held by the Company, subject to certain limitations. The price of the common shares shall be equal to 80% of the lowest traded price during the last 10 trading days leading up to each put notice, subject to a floor of $0.001 per share. As part of the agreement, the Company issued a convertible promissory note to the unrelated party to offset transaction costs of $20,000, which was deemed as earned upon the execution of the agreement. The note is convertible into common stock of the Company at a fixed price of $0.01, which equals the lowest traded price for the common stock on the trading day preceding the execution of the note. The purchase of the shares are subject to a “put” option held by the Company. As of July 31, 2022 and April 30, 2022, no common shares have been sold pursuant to the equity financing agreement.

12. Subsequent Events

12. Subsequent Events	3 Months Ended
	Jul. 31, 2022
Notes
12. Subsequent Events	12. Subsequent Events (a) (b) (c) (d) (e)

2. Summary of Significant Acc_2

2. Summary of Significant Accounting Policies: (a) Basis of Presentation and Principles of Consolidation (Policies)	3 Months Ended
	Jul. 31, 2022
Policies
(a) Basis of Presentation and Principles of Consolidation	(a) The accompanying condensed consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and accompany notes filed with the U.S. Securities and Exchange Commission for the year ended April 30, 2022. These condensed consolidated financial statements are unaudited and have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The condensed consolidated financial statements are comprised of the records of the Company and its wholly owned subsidiary, IP Control Risk Inc., a company incorporated in the State of Nevada, United States. All intercompany transactions have been eliminated on consolidation. The Company’s fiscal year end is April 30.

2. Summary of Significant Acc_3

2. Summary of Significant Accounting Policies: (b) Use of Estimates (Policies)	3 Months Ended
	Jul. 31, 2022
Policies
(b) Use of Estimates	(b) The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. 2. Summary of Significant Accounting Policies (b) The Company regularly evaluates estimates and assumptions related to the collectability of accounts receivable relating to oil and gas interests which is based on the operator’s production statements, carrying value of oil and gas properties, the useful life, carrying value, and incremental borrowing rate used for right-of-use assets and lease liabilities, the fair value of stock-based compensation, revenue recognition including the calculation of the reserves and the fair value of the reserves for oil and gas interests, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

2. Summary of Significant Acc_4

2. Summary of Significant Accounting Policies: (c) Basic and Diluted Net Loss Per Share (Policies)	3 Months Ended
	Jul. 31, 2022
Policies
(c) Basic and Diluted Net Loss Per Share	(c) The Company computes net loss per share in accordance with ASC 260, Earnings per Share

2. Summary of Significant Acc_5

2. Summary of Significant Accounting Policies: (d) Fair Value Measurements (Policies)	3 Months Ended
	Jul. 31, 2022
Policies
(d) Fair Value Measurements	(d) Fair Value Measurements The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy prescribed by U.S. generally accepted accounting principles. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows: Level 1 – quoted prices for identical instruments in active markets; Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial instruments consist principally of cash, accounts payable and accrued liabilities, notes payable, convertible debentures and amounts due to related parties. The fair value of cash is determined based on Level 1 inputs. There were no transfers into or out of “Level 3” during the period ended July 31, 2022. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations. 2. Summary of Significant Accounting Policies (d) Fair Value Measurements (continued) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

2. Summary of Significant Acc_6

2. Summary of Significant Accounting Policies: (e) Recent Accounting Pronouncements (Policies)	3 Months Ended
	Jul. 31, 2022
Policies
(e) Recent Accounting Pronouncements	(e) The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3. Right-of-Use Operating Lea_2

3. Right-of-Use Operating Lease Asset and Lease Liability: Lessee, Operating Lease, Disclosure (Tables)	3 Months Ended
	Jul. 31, 2022
Tables/Schedules
Lessee, Operating Lease, Disclosure	July 31, 2022 April 30, 2022 $ $ Components of lease expense were as follows: Operating lease cost 12,177 43,155 Supplemental cash flow information related to leases: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 16,607 66,430 3. Right-of-Use Asset and Lease Liability July 31, 2022 April 30, 2022 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets 60,146 72,323 Operating lease liabilities 64,944 78,228 Weighted Average Remaining Lease Term Operating leases 1.16 years 1.41 years Weighted Average Discount Rate Operating leases 18% 18%

3. Right-of-Use Operating Lea_3

3. Right-of-Use Operating Lease Asset and Lease Liability: Schedule of Future Minimum Rental Payments for Operating Leases (Tables)	3 Months Ended
	Jul. 31, 2022
Tables/Schedules
Schedule of Future Minimum Rental Payments for Operating Leases	Maturities of lease liabilities are as follows: Year Ending April 30, Operating Leases Operating Leases 2023 49,822 66,430 2024 22,143 22,143 Total lease payments 71,965 88,573 Less: imputed interest (7,021) (10,345) Total 64,944 78,228

4. Royalty Interests in Oil a_2

4. Royalty Interests in Oil and Gas Properties: Schedule Of Oil And Gas Property Table (Tables)	3 Months Ended
	Jul. 31, 2022
Tables/Schedules
Schedule Of Oil And Gas Property Table	$ Balance, April 30, 2022 1,938,140 Depletion expense (145,121) Balance, July 31, 2022 1,793,019

5. Property and Equipment_ Sche

5. Property and Equipment: Schedule of Property and Equipment (Tables)	3 Months Ended
	Jul. 31, 2022
Tables/Schedules
Schedule of Property and Equipment	Land $ Vehicles $ Equipment $ Leasehold Improvements $ Total $ Cost Balance, April 30, 2022 2,501,924 125,595 36,195 140,881 2,804,595 Additions - - 6,985 - 6,985 Balance, July 31, 2022 2,501,924 125,595 43,180 140,881 2,811,580 Accumulated depreciation Balance, April 30, 2022 - 12,559 6,271 7,044 25,874 Additions - 6,280 1,810 7,044 15,134 Balance, July 31, 2022 - 18,839 8,081 14,088 41,008 Balance, April 30, 2022 2,501,924 113,036 29,924 133,837 2,778,721 Balance, July 31, 2022 2,501,924 106,756 35,099 126,793 2,770,572

10. Share Purchase Warrants_ Sc

10. Share Purchase Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables)	3 Months Ended
	Jul. 31, 2022
Warrant
Schedule of Stockholders' Equity Note, Warrants or Rights	Number of warrants Weighted average exercise price $ Balance, July 31, 2022 and April 30, 2022 125,043,566 0.01 Additional information regarding share purchase warrants as of July 31, 2022 is as follows: Outstanding and exercisable Range of Exercise Prices $ Number of Warrants Weighted Average Remaining Contractual Life (years) 0.01 125,043,566 4.4

1. Nature of Operations and C_2

1. Nature of Operations and Continuance of Business (Details) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2022
Details
Entity Incorporation, Date of Incorporation	Feb. 24, 2010
Working Capital (Deficit)	$ (764,008)
Net Cash Used In Operating Activities	(427,111)	$ (612,892)
Accumulated deficit	$ (15,022,899)		$ (14,258,891)

2. Summary of Significant Acc_7

2. Summary of Significant Accounting Policies: (c) Basic and Diluted Net Loss Per Share (Details) - shares	3 Months Ended	12 Months Ended
	Jul. 31, 2022	Apr. 30, 2022
Details
Potentially dilutive shares outstanding	91,230,233	143,609,408

3. Right-of-Use Operating Lea_4

3. Right-of-Use Operating Lease Asset and Lease Liability: Lessee, Operating Lease, Disclosure (Details) - USD ($)	3 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2022
Details
Operating Lease Cost1	$ 12,177		$ 43,155
Operating Lease, Payments	16,607	$ 66,430
Right Of Use Assets Obtained In Exchange For Lease Obligations	60,146		72,323
Operating Lease, Liability	$ 64,944		$ 78,228
Weighted Average Remaining Lease Term	1 year 1 month 28 days		1 year 4 months 28 days
Weighted Average Discount Rate	18%		18%

3. Right-of-Use Operating Lea_5

3. Right-of-Use Operating Lease Asset and Lease Liability: Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($)	Jul. 31, 2022	Apr. 30, 2022
Details
2023	$ 49,822	$ 66,430
2024	22,143	22,143
Total lease payments	71,965	88,573
Less: imputed interest	(7,021)	(10,345)
Total	$ 64,944	$ 78,228

4. Royalty Interests in Oil a_3

4. Royalty Interests in Oil and Gas Properties: Schedule Of Oil And Gas Property Table (Details) - USD ($)			3 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Jul. 31, 2022
Details
Oil and natural gas properties, net based on the full cost method of accounting	$ 1,793,019	$ 1,938,140	$ 1,793,019
Depreciation, Depletion and Amortization, Nonproduction	$ (145,121)	$ (25,874)	$ (41,008)

5. Property and Equipment_ Sc_2

5. Property and Equipment: Schedule of Property and Equipment (Details) - USD ($)			3 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Jul. 31, 2022
Land
Property, Plant and Equipment, Gross	$ 2,501,924	$ 2,501,924	$ 2,501,924
Additions			0
Depreciation, Depletion and Amortization, Nonproduction		0	0
Additions			0
Property and equipment, net	2,501,924	2,501,924	2,501,924
Vehicles
Property, Plant and Equipment, Gross	125,595	125,595	125,595
Additions			0
Depreciation, Depletion and Amortization, Nonproduction		12,559	18,839
Additions			6,280
Property and equipment, net	106,756	113,036	106,756
Equipment
Property, Plant and Equipment, Gross	43,180	36,195	43,180
Additions			6,985
Depreciation, Depletion and Amortization, Nonproduction		6,271	8,081
Additions			1,810
Property and equipment, net	35,099	29,924	35,099
Leasehold Improvements
Property, Plant and Equipment, Gross	140,881	140,881	140,881
Additions			0
Depreciation, Depletion and Amortization, Nonproduction		7,044	14,088
Additions			7,044
Property and equipment, net	126,793	133,837	126,793
Property, Plant and Equipment, Gross	2,811,580	2,804,595	2,811,580
Additions			6,985
Depreciation, Depletion and Amortization, Nonproduction	145,121	25,874	41,008
Additions			15,134
Property and equipment, net	$ 2,770,572	$ 2,778,721	$ 2,770,572

6. Convertible Loan (Details)

6. Convertible Loan (Details) - USD ($)		3 Months Ended
	Jul. 31, 2022	Jul. 31, 2022	Apr. 30, 2022
Loan payable	$ 200,200	$ 200,200	$ 0
Original issuance discount on convertible loan	21,450
Legal and transaction fees applied against proceeds of convertible loan	3,750
Accounts payable and accrued liabilities	212,340	212,340	$ 168,236
Convertible Loan
Accounts payable and accrued liabilities	$ 24,024	24,024
Monthly Repayment		$ 22,422

7. Related Party Transactions (

7. Related Party Transactions (Details)	3 Months Ended
	Jul. 31, 2022 USD ($)
Consultant
Management Fee Expense	$ 40,000

8. Common Shares (Details)

8. Common Shares (Details) - USD ($)	3 Months Ended
	Jul. 31, 2022	Apr. 30, 2022
Common Stock, Shares Authorized	5,000,000,000	5,000,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Stock Issuances1
Stock Issued During Period, Shares, New Issues	8,219,179
Stock Issuances1 | Series C Preferred Stock
Stock Issued During Period, Shares, New Issues	50
Stock Issuances2
Stock Issued During Period, Shares, New Issues	13,000,000
Stock Issued During Period, Value, New Issues	$ 96,200
Stock Issuances3
Stock Issued During Period, Shares, New Issues	100,000
Stock Issued During Period, Value, New Issues	$ 750
Stock Issuances4
Stock Issued During Period, Shares, New Issues	18,079,097
Stock Issuances4 | Series C Preferred Stock
Stock Issued During Period, Shares, New Issues	80
Stock Issuances5
Stock Issued During Period, Shares, New Issues	100,000
Stock Issued During Period, Value, New Issues	$ 680
Stock Issuances6
Stock Issued During Period, Shares, New Issues	19,900,498
Stock Issuances6 | Series C Preferred Stock
Stock Issued During Period, Shares, New Issues	100
Stock Issuances7
Stock Issued During Period, Shares, New Issues	17,204,302
Stock Issuances7 | Series C Preferred Stock
Stock Issued During Period, Shares, New Issues	40
Stock Issuances 8
Stock Issued During Period, Shares, New Issues	100,000
Stock Issued During Period, Value, New Issues	$ 380
Stock Issuances 9
Stock Issued During Period, Shares, New Issues	21,505,377
Stock Issuances 9 | Series C Preferred Stock
Stock Issued During Period, Shares, New Issues	50

9. Preferred Shares (Details)

9. Preferred Shares (Details) - USD ($)				3 Months Ended
	Jan. 27, 2022	Dec. 08, 2021	Apr. 18, 2017	Jul. 31, 2022	Jul. 31, 2021	May 24, 2022	Apr. 30, 2022	Dec. 03, 2021
Preferred Stock, Par or Stated Value Per Share				$ 0.001
Common shares issued for conversion of Series C preferred stock, Stock				84,908,453
Proceeds from issuance of series C preferred shares				$ 219,000	$ 0
Legal and transaction fees applied against proceeds of Series C preferred stock				12,000
Series C preferred stock issued for commitment fee				5,000	$ 0
Warrants Issued	63,157,895	61,885,671
Warrant liabilities				1,228,018			$ 1,228,018
Preferred Stock
Series C preferred stock issued for commitment fee				$ 0
Series A Preferred Stock
Preferred Stock, Shares Authorized				500,000			500,000
Preferred Stock, Par or Stated Value Per Share				$ 0.001			$ 0.001
Preferred Stock, Shares Issued			500,000	500,000			500,000
Preferred Stock, Value				$ 500			$ 500
Series A Preferred Stock | Preferred Stock
Debt Instrument, Convertible, Terms of Conversion Feature			entitled to receive dividends equal to the amount of the dividend or distribution per share of common stock payable multiplied by the number of shares of common stock the shares of Series A preferred shares held by such holder are convertible into. Each Series A preferred shares is convertible into one common share. Each holder of Series A preferred shares is entitled to cast 10,000 votes for every one Series A preferred share held.
Series C Preferred Stock
Preferred Stock, Shares Authorized				7,600			7,600
Preferred Stock, Par or Stated Value Per Share				$ 0.001			$ 0.001
Preferred Stock, Shares Issued				956			1,040
Preferred stock issuable - Value						$ 250,000		$ 40,000
Preferred Stock, Value				$ 1			$ 1
Series C accrued dividends				$ 42,917			$ 20,308

10. Share Purchase Warrants_ _2

10. Share Purchase Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - Warrant - $ / shares	3 Months Ended
	Jul. 31, 2022	Apr. 30, 2022
Shares, Outstanding	125,043,566	125,043,566
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.01	$ 0.01
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 4 months 24 days