Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 30, 2019 | Jul. 10, 2020 | Oct. 31, 2018 | |
Cover [Abstract] | |||
Entity Registrant Name | Force Protection Video Equipment Corp. | ||
Entity Central Index Key | 0001518720 | ||
Document Type | 10-K/A | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Apr. 30, 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Common Stock Shares Outstanding | 841,184,289 | ||
Entity Public Float | $ 76,000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 397 | $ 6,320 |
Accounts receivable | 6,813 | 9,235 |
Inventory | 0 | 117,889 |
Prepaid inventory | 0 | 8,798 |
Total current assets | 7,210 | 142,242 |
Property and equipment, net of accumulated depreciation of $11,049 and $7,922, respectively | 6,274 | 16,669 |
Operating lease right of use asset | 29,208 | 45,001 |
Deposits | 1,650 | 1,650 |
Total assets | 44,342 | 205,562 |
Current liabilities | ||
Accounts payable and accrued expenses | 263,173 | 99,702 |
Shareholder advance | 14,650 | 7,500 |
Deferred software maintenance revenue | 1,270 | 0 |
Operating lease | 18,033 | 15,440 |
Loans | 17,966 | 0 |
Convertible promissory notes, net of discount of $0 and $21,225, respectively | 439,465 | 459,398 |
Total current liabilities | 754,557 | 582,040 |
Long-term liabilities | ||
Warranty | 136 | 143 |
Operating lease | 11,778 | 29,811 |
Total liabilities | 766,471 | 611,994 |
Commitments and Contingencies (Note 5) | 0 | 0 |
Redeemable Preferred Stock | 5,000 | 5,000 |
Stockholders' equity (deficit) | ||
Common stock, $0.0001 par value 20,000,000,000 shares authorized; issued and outstanding 841,184,289 and 194,415,754 at April 30, 2019 and April 30, 2018, respectively. | 84,119 | 19,441 |
Additional paid-in capital | 3,762,039 | 3,598,589 |
Accumulated deficit | (4,573,287) | (4,029,462) |
Total stockholders' equity (deficit) | (727,129) | (411,432) |
Total liabilities and stockholders' equity (deficit) | 44,342 | 205,562 |
Series A Preferred Stock [Member] | ||
Stockholders' equity (deficit) | ||
Series A Preferred Stock, $0.0001 par value; 20,000,000 authorized; issued and outstanding 5,000,000 at April 30, 2019 and April 30, 2018, respectively | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Property and equipment, net of accumulated depreciation | $ 11,049 | $ 7,922 |
Convertible promissory notes, net of discount | $ 0 | $ 21,225 |
Common stock, shares par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 20,000,000,000 | 20,000,000,000 |
Common stock, shares issued | 841,184,289 | 194,415,754 |
Common stock, shares outstanding | 841,184,289 | 194,415,754 |
Series A Preferred Stock [Member] | ||
Preferred Stock, shares per value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, shares issued | 5,000,000 | 5,000,000 |
Preferred Stock, shares outstanding | 5,000,000 | 5,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income | ||
Net revenue | $ 163,740 | $ 159,672 |
Cost of goods sold | 184,408 | 73,296 |
Gross (loss)/profit | (20,668) | 86,376 |
Operating expenses | ||
General and administrative | 212,914 | 491,371 |
Sales and marketing | 9,303 | 88,807 |
Total operating expenses | 222,217 | 580,178 |
Loss from operations | (242,885) | (493,802) |
Other (expense) | ||
Interest expense | (103,992) | (43,141) |
Accretion of debt discount | (134,753) | (499,475) |
Gain (loss) on sale of asset | 1,593 | (648) |
Default financing penalties | (63,788) | 0 |
Total other (expense) | (300,940) | (543,264) |
Loss before taxes | (543,825) | (1,037,066) |
Provision for income taxes | 0 | 0 |
Net loss | $ (543,825) | $ (1,037,066) |
Net (loss) per common share basic and diluted | $ 0 | $ (0.03) |
Weighted average common shares outstanding basic and diluted | 832,752,965 | 40,926,044 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders Deficit - USD ($) | Total | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Common Stock [Member] |
Balance, shares at Apr. 30, 2017 | 1,698,494 | |||
Balance, amount at Apr. 30, 2017 | $ (131,872) | $ 3,124,098 | $ (2,992,396) | $ 170 |
Shares issued in satisfaction of loan debt and interest, shares | 192,516,391 | |||
Shares issued in satisfaction of loan debt and interest, amount | 317,096 | 297,845 | 0 | $ 19,251 |
Shares issued for cash, shares | 100,000 | |||
Shares issued for cash, amount | 600 | 590 | $ 10 | |
Shares issued for services, shares | 100,000 | |||
Shares issued for services, amount | 600 | 590 | $ 10 | |
Reverse stock split share adjustment | 869 | |||
Discount on convertible promissory note due to beneficial conversion feature | 175,466 | 175,466 | 0 | $ 0 |
Net loss | (1,037,066) | 0 | (1,037,066) | $ 0 |
Balance, shares at Apr. 30, 2018 | 194,415,754 | |||
Balance, amount at Apr. 30, 2018 | (411,432) | 3,598,589 | (4,029,462) | $ 19,441 |
Shares issued in satisfaction of loan debt and interest, shares | 646,768,535 | |||
Shares issued in satisfaction of loan debt and interest, amount | 115,289 | 50,611 | 0 | $ 64,678 |
Discount on convertible promissory note due to beneficial conversion feature | 112,839 | 112,839 | 0 | 0 |
Net loss | (543,825) | 0 | (543,825) | $ 0 |
Balance, shares at Apr. 30, 2019 | 841,184,289 | |||
Balance, amount at Apr. 30, 2019 | $ (727,129) | $ 3,762,039 | $ (4,573,287) | $ 84,119 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cash flows from operating activities: | ||
Net (Loss) | $ (543,825) | $ (1,037,066) |
Adjustments to reconcile net loss to net cash provided (used in) operating activities: | ||
Depreciation and Amortization | 5,418 | 5,224 |
Accretion of debt discount | 134,753 | 499,475 |
Debt financing penalties | 63,788 | 0 |
Impairment of asset (inventory) | 110,418 | 0 |
Share based compensation expense | 0 | 600 |
Gain (loss) on sale of asset | (1,593) | 648 |
(Increase) decrease in accounts receivable | 2,422 | (7,497) |
(Increase) decrease in inventory | 4,722 | (13,761) |
(Increase) decrease in other assets | 15,793 | (25,351) |
Increase (decrease) in accounts payable and accrued expenses | 162,780 | 37,742 |
Increase (decrease) in other liabilities | 3,863 | 44,879 |
Net cash (used) by operating activities | (41,461) | (495,107) |
Cash flows from investing activities: | ||
Purchase of equipment and vehicles | 0 | (8,246) |
Proceeds from disposal of vehicle | 6,646 | 4,500 |
Net cash (used) by investing activities | (6,646) | (3,746) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 0 | 600 |
Proceeds from sale of preferred stock | 0 | 4,000 |
Proceeds from short term loans | 39,574 | 0 |
Repayments of short-term loans | (23,332) | 0 |
Proceeds from shareholder advance | 13,150 | 7,500 |
Repayments of shareholder advance | (6,000) | 0 |
Proceeds from convertible promissory notes | 5,500 | 304,300 |
Net cash provided by financing activities | 28,892 | 316,400 |
Increase (decrease) in cash | (5,923) | (182,453) |
Cash and cash equivalents at beginning of year | 6,320 | 188,773 |
Cash and cash equivalents at end of year | 397 | 6,320 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,060 | 0 |
Cash paid for income taxes | 0 | 0 |
Non-cash operating activities: | ||
Common stock issued as compensation | 0 | 600 |
Common stock issued for principal and interest on convertible notes payable | 115,289 | 317,096 |
Operating lease right of use asset | $ 0 | $ 51,063 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2019 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Organization Force Protection Video Equipment Corp., together with its wholly owned subsidiary, Cobraxtreme HD Corp. (collectively, the Company), is in the business of selling video and audio capture devices and accessories to consumers and law enforcement. Force Protection Video Equipment Corp. was incorporated on March 11, 2011, under the laws of the State of Florida. On February 2, 2015 the Company changed its name to Force Protection Video Equipment Corp. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Going Concern The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America and applicable to a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the years ended April 30, 2019 and 2018, the Company had a net operating loss of $543,825 and $1,037,066, respectively. As of April 30, 2019, the Company had negative working capital of $747,347, an accumulated deficit of $4,573,287, and net cash used in operations of $41,461. In view of these conditions, the ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. Historically, the Company has relied upon funds from the sale of shares of stock, issuance of promissory notes and loans from its shareholders and private investors to finance its operations and growth. Management is planning to raise necessary additional funds for working capital through loans and/or additional sales of its common stock. However, there is no assurance that the Company will be successful in raising additional capital or that such additional funds will be available on acceptable terms, if at all. Should the Company be unable to raise this amount of capital its operating plans will be limited to the amount of capital that it can access. These consolidated financial statements do not give effect to any adjustments which will be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements. Earnings Per Share Basic income per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, Earnings Per Share The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. The computation of diluted net income per share does not assume conversion, exercise or contingent issuance of securities that would have an antidilutive effect on earnings per share. Therefore, when calculating EPS, if the Company experienced a loss, there is no inclusion of dilutive securities as their inclusion in the EPS calculation is antidilutive. Furthermore, options and warrants will have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options or warrants (they are in the money). Following is the computation of basic and diluted net loss per share for the years ended April 30, 2019 and 2018: For the Years Ended April 30, April 30, 2019 2018 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders’ $ (543,825 ) $ (1,037,066 ) Denominator: Weighted average number of common shares outstanding 832,752,965 40,926,044 Basic and diluted EPS $ (0.00 ) $ (0.03 ) Potentially dilutive securities are not included in the calculation of diluted net loss per share attributable to common stockholders, because to do so would be anti-dilutive. Common stock equivalents pertaining to the Company’s Convertible Notes are as follows: Convertible notes, principal and accrued interest 9,649,685,143 1,425,915,102 Convertible notes, penalties potentially settled in common stock - - Total convertible note common stock equivalents 9,649,685,143 1,425,915,102 Concentrations of risk During the year ended April 30, 2019, no customers accounted for greater than 10% of sales; while during the twelve months ended April 30, 2018, two customers accounted for 34.5% (24.1% and 10.4%) of sales. The Company relies on third parties for the supply and manufacture of its capture devices, some of which are sole-source suppliers. The Company believes that outsourcing manufacturing enables greater scale and flexibility. As demand and product lines change, the Company periodically evaluates the need and advisability of adding manufacturers to support its operations. In instances where a supply and manufacture agreement does not exist or suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. During the year ended April 30, 2019, there were no inventory purchases. During the year ended April 30 2018, four suppliers accounted for 62.6% (19.2%, 16.9%, 14.3% and 12.2%) of the Company’s inventory purchases. Summary of Significant Accounting Policies Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required 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 revenues and expenses during the reported period. Actual results could differ from those estimates. Our most significant estimates are for stock-based compensation; assumptions used in calculating derivative liabilities, and deferred tax valuation allowances. We evaluate our estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. Cash and Cash Equivalents Cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at either April 30, 2019 or 2018. Cash Flow Reporting The Company follows ASC 230, Statement of Cash Flows, for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“indirect method”) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. Inventory The Company’s inventory is comprised of finished goods and primarily includes cameras and recording equipment. The Company’s inventory is stated at the lower of cost or market and expensed to cost of goods sold upon sale using the average-cost method. The Company also makes prepayments against the future delivery of inventory classified as prepaid inventory. During the year ended April 30, 2019, the Company wrote down $110,418 of obsolete inventory. The Company plans to become a drop ship third-party seller that will reduce the need to carry inventory. Accounts Receivable Accounts receivable are reported at the customers’ outstanding balances. The Company does not have a history of significant bad debt and has not recorded any allowance for doubtful accounts. Interest is not accrued on overdue accounts receivable. The Company evaluates receivables on a regular basis for potential reserve with none this period. Leases In accordance with ASU 2016-02, Leases (Topic 842), the Company recognizes lease assets and liabilities with terms in excess of twelve months on its balance sheet. The Company capitalizes operating lease obligations as a right-of-use asset with a corresponding liability based on the present value of future operating leases. Property and Equipment Fixed assets are carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. Depreciation for financial statement purposes is computed on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are: Estimated Useful Lives Vehicles 5 years Office Equipment 3 - 5 years Furniture & equipment 5 - 7 years Long-Lived Assets In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. Income Taxes The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. Estimated interest and penalties are recorded as a component of interest expense or other expense, respectively. Accounting for Uncertainty in Income Taxes The Company applies the provisions of ASC Topic 740-10-25, Income Taxes – Overall – Recognition (“ASC Topic 740-10-25”) with respect to the accounting for uncertainty of income tax positions. ASC Topic 740-10-25 clarifies the accounting for uncertainty in income taxes recognized in a company’s consolidated financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740-10-25 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of April 30, 2019, tax years since 2009 remain open for IRS audit. The Company has received no notice of audit from the Internal Revenue Service for any of the open tax years. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) and Accounting Standards Codification (“ASC”) Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers (“ASC 340-40”), (collectively, “Topic 606”). On May 1, 2018, the Company adopted Topic 606 by applying the modified retrospective method of adoption for all contracts that were not substantially completed as of the adoption date. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations. The Company implemented ASU 2014-09 for the interim and annual reporting periods of 2019, which resulted in no changes to how we recognize revenue. Our revenue is generated from the sale of products consisting primarily of video and audio capture devices and accessories. We recognize revenue when control of our products is transferred to our customers in an amount that reflects the consideration we expect to receive from our customers in exchange for those products. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. We consider a performance obligation satisfied once we have transferred control of a product to the customer, meaning the customer has the ability to use and obtain the benefit of the product. We recognize revenue for satisfied performance obligations only when we determine there are no uncertainties regarding payment terms or transfer of control. Revenue from product sales is generally recognized upon shipment to the end customer, which is when control of the product is deemed to be transferred. Payment or invoicing typically occurs upon shipment and the term between invoicing and when payment is due is not significant. Revenue is recorded net of discounts and promotions and is disaggregated based on significant product line. Refer to Note 6. Segments and Geographic Data. Marketing and Advertising Costs Marketing and advertising costs are expensed as incurred. The Company recognized $9,303 and $88,807 in marketing and advertising costs during the twelvemonths ended April 30, 2019 and 2018, respectively. Stock Based Compensation Under ASC 718, Compensation – Stock Compensation, In July 2019, the FASB released Accounting Standards Update (ASU) No. 2018-09, Codification Improvements Critical Accounting Estimates The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires us to make judgments, assumptions and estimates that have a significant impact on the results that we report in our financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Certain of these significant accounting policies require us to make critical accounting estimates, as defined below. A critical accounting estimate is defined as one that is both material to the presentation of our financial statements and requires management to make difficult, subjective or complex judgments that could have a material effect on our financial condition and results of operations. Specifically, critical accounting estimates have the following attributes: · we are required to make assumptions about matters that are highly uncertain at the time of the estimate; and · different estimates we could reasonably have used, or changes in the estimate that are reasonably likely to occur, would have a material effect on our financial condition or results of operations. Many of our financial instruments are issued in conjunction with the issuance of debt. At the time of issuance, we allocate the proceeds received to the various financial instruments and this involves the determination of fair value. From time to time, the fair value of these financial instruments exceeds the proceeds received. When this occurs, we critically evaluate the validity of the fair value computation. Financial Instruments The Company’s balance sheets include the following financial instruments: cash, accrued expenses, notes payable and payables to a stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the notes payable and amounts due to stockholder approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities. FASB Accounting Standards Codification (ASC) topic, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. · Level 3 - Inputs that are both significant to the fair value measurement and defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Beneficial Conversion Features ASC 470-20 applies to convertible securities with beneficial conversion features that must be settled in stock and to those that give the issuer a choice in settling the obligation in either stock or cash. ASC 470-20 requires that the beneficial conversion feature should be valued at the commitment date as the difference between the conversion price and the fair market value of the common stock into which the security is convertible, multiplied by the number of shares into which the security is convertible. This amount is recorded as a debt discount and amortized over the life of the debt. ASC 470-20 further limits this amount to the proceeds allocated to the convertible instrument. Recent Accounting Pronouncements We have reviewed all FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The new standard modifies disclosure requirements including removing requirements to disclose the valuation process for Level 3 measurements and adding requirements to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The new standard is effective for interim and annual periods beginning after December 15, 2019. The Company does not expect adoption of ASU 2018-13 to have a material impact on its financial statements or disclosures. In July 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment awards require an entity to apply modification accounting in Topic 718. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company implemented ASU 2017-09 for the interim and annual reporting periods of 2019, which resulted in no impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) and Accounting Standards Codification (“ASC”) Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers (“ASC 340-40”), (collectively, “Topic 606”). On May 1, 2018, the Company adopted Topic 606 by applying the modified retrospective method of adoption for all contracts that were not substantially completed as of the adoption date. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations. The Company implemented ASU 2014-09 for the interim and annual reporting periods of 2019, which resulted in no changes to how we recognize revenue. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), Conforming Amendments Related to Leases The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, the Company has not identified any standards that it believes merit further discussion. The Company believes that none of the new standards will have a significant impact on its consolidated financial statements. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Apr. 30, 2019 | |
FIXED ASSETS | |
NOTE 2 - FIXED ASSETS | Fixed assets consisted of the following: April 30, April 30, 2019 2018 Vehicles $ - $ 7,654 Furniture and fixtures 9,656 10,936 Computers and office equipment 4,226 4,226 Leasehold improvements 1,775 1,775 Total fixed assets 15,657 24,591 Accumulated depreciation (9,383 ) (7,922 ) Total fixed assets $ 6,274 $ 16,669 The Company sold two assets during the year ending April 30, 2019 for an aggregate of $6,646 in cash and the Company recognized a gain on the sale of assets in the amount of $1,593. During the year ended April 30, 2018, the Company sold a vehicle for proceeds of $4,500 and recorded a loss on the sale of $648. During the twelve months ended April 30, 2019 and 2018, the Company recognized $5,418 and $5,224, respectively in depreciation expense. |
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES | 12 Months Ended |
Apr. 30, 2019 | |
CONVERTIBLE PROMISSORY NOTES | |
NOTE 3 - CONVERTIBLE PROMISSORY NOTES | The Company determined that each convertible promissory note conversion feature is indexed to the Company’s stock, which is an input to a fair value measurement of a fixed-for-fixed option on equity shares. Thus, the conversion feature of the notes meets the scope exception under FASB Accounting Standards Codification (“ASC”) 815-40-15-7 and treatment under ASC 470-20 – Debt with Conversion and Other Options As of April 30, 2019, seven of the Company’s convertible promissory notes remain outstanding beyond their respective maturity dates; triggering an event of technical default under the respective agreements. Consequently, the Company is accruing interest on these notes at their respective default rates and has recorded default penalties of $63,788 in the aggregate. As a result of being in default on these notes, the Holders could, at their sole discretion, call these Notes in their entirety, including all associated penalties provided for under the respective agreements. As of April 30, 2019, the Company owed $439,465 in principal and $147,456 in accrued interest on its remaining outstanding convertible promissory notes. As of April 30, 2018, the Company owed $480,623 in principal (before a debt discount of $21,225) and $62,281in accrued interest (included in accounts payable and accrued expenses) on its remaining outstanding convertible promissory notes. April 30, 2019 April 30, 2018 Convertible promissory notes, various lending institutions, maturing at variable dates ranging from 180 days to one year from origination date, 8-12% interest and default interest of 12-24%, convertible at discount to trading price (60-61%) based on various measurements of prior trading, at face value of remaining original note principal balance, net of unamortized debt discounts and attributable deferred financing costs in the amount of $0 and $21,225, respectively. Principal $ 439,465 $ 480,623 Debt discount - (21,225 ) Total Principal $ 439,465 $ 459,398 Summary of Convertible Note Transactions: April 30, 2019 April 30, 2018 Convertible notes, May 1 $ 480,623 $ 427,128 Additional notes, face value 5,500 363,375 Default Penalties 63,788 - Payments and adjustments - - Settlement of debt - - Conversions of debt (110,446 ) (309,880 ) Unamortized debt discounts - (21,225 ) Convertible notes, balance $ 439,465 $ 459,398 RDW Capital, LLC The RDW Notes have identical terms and conditions including convertibility into common stock at the holder’s option, at a price for each share of common stock equal to 60% of the lowest traded price during the twenty (20) trading days immediately preceding the applicable conversion, and subject to anti-dilution and market adjustments set forth in the Agreement. The Notes mature in six months and bear an interest rate of 8%. In no event shall RDW effect a conversion if such conversion results in RDW beneficially owning in excess of 4.99% of the outstanding common stock of the Company. The Notes and accrued interest may be prepaid in whole or in part at any time with ten (10) days written notice to the holder for the sum of the outstanding principal and interest multiplied by one hundred and thirty percent (130%). Any principal and interest unpaid when due shall bear interest at 24% and RDW may accelerate the outstanding principal, plus accrued and unpaid interest, and other amounts owing through the date of acceleration and the amount due will be one hundred thirty percent (130%) of the outstanding principal amount of the Note and accrued and unpaid interest. In the event the Company defaults on the accelerated balance, and at the request of the Holder, the Company must pay one hundred fifty percent (150%) of the outstanding balance plus accrued interest and default interest. Acceleration by the Holder requires notice to the Company and to date, the Company has not received a notice of acceleration. The Company is required to reserve three (3) times the number of shares necessary for the issuance of common stock upon conversion; however, as of April 30, 2019, RDW Capital agreed to forego the reserve requirement called for under the Note. Note 3 The principal was discounted for the OID, due diligence fees, stock issued to an advisor in connection with the note totaling $18,000, and the intrinsic value of the beneficial conversion feature. The calculated intrinsic value was $227,391. As this amount resulted in a total debt discount that exceeded the note principal, the discount recorded for the beneficial conversion feature was limited to the principal amount of the note. The Note became due and payable on September 10, 2016 and the Company is in default of its obligations under the Note and the default interest rate of 24% per annum is being accrued beginning on September 11, 2016. During the years ended April 30, 2019 and 2018, respectively, the Company issued no common shares for payment on the note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $792 and $792 in principle and $0 and $0 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 13,196,334. Note 4 The principle was discounted for the value of the OID, legal and due diligence fees and intrinsic value of the BCF. The calculated intrinsic value was $70,000. As this amount resulted in a total BCF debt discount that was less than note principal, the full $70,000 discount was recognized and accreted over the 6-month term of the Note. The Note became due and payable on November 13, 2016 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum is being accrued beginning on November 14, 2016. During the years ended April 30, 2019 and 2018, respectively, the Company issued no common shares for interest payments on the Note. During the year ended April 30, 2017, the Company issued 71,341,227 common shares for a value of $105,000, satisfying the note principal, and leaving a balance due of $4,540 in accrued interest. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $0 and $0 in principle and $4,540 and $4,540 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 75,664,694. Note 5 The principle was discounted for the value of the OID, legal and due diligence fees and intrinsic value of the BCF. The calculated intrinsic value was $35,000. As this amount resulted in a total BCF debt discount that was less than note principal, the full $35,000 discount was recognized. The resulting $42,500 discount was accreted over the 6-month term of the Note. The Note became due and payable on November 20, 2016 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum is being accrued beginning on November 21, 2018. During the years ended April 30, 2019 and 2018 respectively, the Company issued no common shares for the remaining accrued interest on the Note. During the year ended April 30, 2017, the Company issued 116,769 common shares for a value of $52,500, satisfying the note principal, and leaving a balance due of $2,742 in accrued interest. As of April 30, 2019, and 2018, respectively, the Company owed $0 and $0 in principle and $2,742 and $2,742 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 45,706,301. Note 6 The principle was discounted for the value of the OID, legal and due diligence fees and intrinsic value of the BCF. The calculated intrinsic value was $105,000. As this amount resulted in a total BCF debt discount that was less than note principal, the full $105,000 discount was recognized. The resulting $132,500 discount was accreted over the 6-month term of the Note. The Note became due and payable on February 22, 2017 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum has been accrued beginning on February 23, 2017. During the year ended April 30, 2019, the Company issued no common shares for payment on the Note. During the year ended April 30, 2018, the Company issued 4,919,733 common shares for a value of $38,890. During the year ended April 30, 2017, the Company issued 474,212 common shares for a value of $125,826, satisfying the note principal, and leaving a balance due of $889 in accrued interest. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $0 and $0 in principle and $889 and $889 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 14,817,664. Note 7 The principle was discounted for the value of the OID, legal and due diligence fees and intrinsic value of the BCF. The calculated intrinsic value was $105,000. As this amount resulted in a total BCF debt discount that was less than note principal, the full $105,000 discount was recognized. The resulting $132,500 discount was accreted over the 6-month term of the Note. The Note became due and payable on October 31, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum has been accrued beginning on November 1, 2018. During the year ended April 30, 2019, the Company issued no common shares for payment on the Note. During the year ended April 30,2018, the Company issued 24,585,900 common shares for a value of $131,800, and was applied to the Note principal. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $25,700 and $25,700 in principle and $22,221 and $15,074 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 798,697,280. Note 8 The principle was discounted for the value of the OID, legal and due diligence fees and intrinsic value of the BCF. The calculated intrinsic value was $217,000. As this amount resulted in a total debt discount that exceeded the principal, the discount recorded for the BCF was limited to the principal amount of the Note. The resulting $210,000 discount was accreted over the 6-month term of the Note. The Note became due and payable on October 31, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum began accruing on November 1, 2018 and the Company has recorded a default penalty of $23,625, which increases the principle balance of the note. During the year ended April 30, 2019 and 2018, respectively, the Company issued 57,100,000 and 53,560,000 common shares for a value of $14,754 and $32,437, and was applied to the Note principal. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $1,221 and $15,975 in principle and $9,914 and $5,512 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 185,767,820. Note 9 The principle was discounted for the value of the OID, fees and intrinsic value of the BCF. The calculated intrinsic value was $72,000. As this amount resulted in a total debt discount that exceeded the principal, the discount recorded for the BCF was limited to the principal amount of the Note. The resulting $78,750 discount was accreted over the 6-month term of the Note. The Note became due and payable on October 31, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum began accruing on November 1, 2018. During the year ended April 30, 2019, the Company issued 130,800,000 common shares for a value of $16,322, and was applied to the principal on the Note. During the year ended April 30, 2018, the Company issued no common shares for payment on the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $86,053 and $78,750 in principle and $22,833 and $7,243 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 814,760,939. Note 10 The principle was discounted for the value of the OID, fees and intrinsic value of the BCF. The calculated intrinsic value was $134,000. As this amount resulted in a total debt discount that exceeded the principal, the discount recorded for the BCF was limited to the principal amount of the Note. The resulting $110,000 discount was accreted over the 6-month term of the Note. The Note became due and payable on October 31, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum began accruing on November 1, 2018. During the year ended April 30, 2019, the Company issued no shares on the Note. During the year ended April 30, 2018, the Company issued 100,218,200 shares, satisfying the principle balance of the Note. As of April 30, 2019, and 2018, respectively, the Company owed $7,510 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 125,169,335. Note 11 The principle was discounted for the value of the OID and issuance fees. The BCF intrinsic value was $102,000. As this amount resulted in a BCF that exceeded the Note proceeds, accretion of the BCF was limited to $65,000 which was accreted over the 6-month term of the Note. The Note became due and payable on October 31, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum began accruing on November 1, 2018 and the Company has recorded a default penalty in the amount of $24,413, which was added to the principle balance of the Note. During the years ended April 30, 2019 and 2018, the Company issued no shares on the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $105,788 and $81,375 in principal and $24,784 and $6,288 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 2,176,205,030. Note 12 The principle was discounted for the value of the OID and issuance fees. The BCF intrinsic value was $107,283. As this amount resulted in a BCF that exceeded the Note proceeds, accretion of the BCF was limited to 46,000 which was accreted over the 6-month term of the Note. The Note became due and payable on October 31, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 24% per annum began accruing on November 1, 2018 and the Company has recorded a default penalty in the amount of $15,750, which was added to the principle balance of the Note. During the years ended April 30, 2019 and 2018, respectively, the Company issued no shares against the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $68,250 and $52,500 in principal and $14,979 and $3,197 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 1,387,141,670. Power Up Lending Group Ltd. The Power Up Notes have identical terms and conditions, including convertibility into common stock, at the holder’s option any time during the period beginning on the date which is one hundred eighty (180) days following the date of the Note, at a price for each share of common stock equal to 61% of the average of the lowest two (2) trading prices during the twenty (20) trading days immediately preceding the applicable conversion. In no event shall Power Up effect a conversion if such conversion results in Power Up beneficially owning in excess of 4.99% of the outstanding common stock of the Company. The Notes and accrued interest may be prepaid within the 180-day period following the issuance date at an amount equal to 115% - 140% of the outstanding principle and unpaid interest. After expiration of the 180 days, the Note may not be prepaid. Any principal and interest unpaid when due shall bear interest at 22%. Upon the occurrence of an event of default the balance of principle and interest shall become immediately due at the default amount which is equal to the sum of the unpaid principal and unpaid interest multiplied by 150%. Power Up Settlement On March 15, 2019, the Company received a Notice of Default from 111 Recovery Corp, as Assignee from Power Up Lending Group, Ltd. The Notice stated that the Company was in default of one or more Convertible Promisory Notes which, prior to the default, had aggregate and outstanding principal balances of $97,950. The Notice stated that as a result of the default, 111 Recovery Corp is demanding immediate payment of $146,925. On October 8, 2018, the Company and the assignee of Power Up, “Recovery”, agreed to settle the amount of all outstanding Notes, in final settlement of all related claims for the aggregate sum of $146,925. At closing, the Company was obligated to pay the first installment of $30,000; the second installment of $15,000 due on October 22, 2019, and the third and final amount of $15,000 by November 5, 2019. Should the Company fail to pay the settlement amount by the deadline, Recovery shall have all rights under the Notes and SPA’s to convert the debt amount into common stock of the Company pursuant to the terms and provisions of the Notes. Recovery, in addition, is entitled to obtain an affirmative injunction from the Court which injunction shall remain in full force and effect until Recovery has converted the debt obligation. Recovery will also have the right to enter a money judgement and have immediate execution thereon for the default amount together with accrued and unpaid interest and full default interest against the Company, giving the Company credit for all sums received by Recovery prior to enforcement. The Company subsequently met all the terms of the final settlement. Power Up Note 1 The intrinsic value of the BCF was computed as the difference between the fair value of the common stock issuable upon conversion of the Note and the total price to convert based on the effective conversion price on the date of issuance. The calculated intrinsic value was $44,754 and is being accreted over the 10-month term of the Note. During the year ended April 30, 2019, the Company issued 243,760,201 common shares in satisfaction of $66,030 in principle and $4,200 in accrued interest. During the year ended April 30, 2018, the Company issued 9,232,558 common shares in satisfaction of $3,970 in principle on the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $0 and $66,030 in principal and $0 and $4,554 in accrued interest. Power Up Note 2 The intrinsic value of the BCF was computed as the difference between the fair value of the common stock issuable upon conversion of the Note and the total price to convert based on the effective conversion price on the date of issuance. The calculated intrinsic value was $23,016 and is being accreted over the 9.5-month term of the Note. The Note became due and payable on August 30, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 22% per annum began accruing on August 31, 2018. During the year ended April 30, 2019, the Company issued 138,791,667 common shares for a value of $9,050, which was applied against the principal on the Note. During the year ended April 30, 2018, the Company issued no shares against the balance on the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $26,950 and $36,000 in principal and $9,850 and $2,006 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 603,279,747. The number of common shares the Company is required to have in reserve on the note is 1,809,839,240. Power Up Note 3 The intrinsic value of the BCF was computed as the difference between the fair value of the common stock issuable upon conversion of the Note and the total price to convert based on the effective conversion price on the date of issuance. The calculated intrinsic value was $24,295 and is being accreted over the 10-month term of the Note. The Note became due and payable on October 10, 2018 and the Company is in default of its obligations under the Note. The default interest rate of 22% per annum began accruing on October 11, 2018. During the years ended April 30, 2019 and 2018, the Company issued no shares against the balance on the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $38,000 and $38,000 in principal and $8,961 and $1,464 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to hold in its reserves is equal to the amount required to satisfy the Note, which is 769,851,266.The number of common shares the Company is required to have in reserve on the note is 2,309,553,798. Power Up Note 4 The intrinsic value of the BCF was computed as the difference between the fair value of the common stock issuable upon conversion of the Note and the total price to convert based on the effective conversion price on the date of issuance. The calculated intrinsic value was $21,098 and is being accreted over the 9-month term of the Note. During the years ended April 30, 2019 and 2018, the Company issued no shares against the balance on the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $33,000 and $33,000 in principal and $6,357 and $613 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to hold in its reserves is equal to the amount required to satisfy the Note, which is 645,204,813.The number of common shares the Company is required to have in reserve on the note is 1,935,614,439. Adar Bays, LLC The Adar Notes bear interest at the rate of 8% per annum. All interest and principal must be repaid on or before March 5, 2019. After six months, the Adar Notes are convertible into common stock, at Adar’s option, at a conversion price equal to 60% of the lowest trading price of our common stock during the 20 prior trading days prior to conversion. The Company is required to reserve three (3) times the number of shares necessary for the issuance of common stock upon conversion. The two Adar Collateralized Notes may only be converted by Adar in the event they are paid in full. In addition, the Note contains pre-payment penalties. The Company is only required to make payments on the Back-End Notes if Adar funds the Collateralized Notes. Adar has agreed to restrict its ability to convert the Adar Notes and receive shares of common stock such that the number of shares of common stock held by them in the aggregate and their affiliates after such conversion or exercise does not exceed 4.99% of the then issued and outstanding shares of common stock. The Adar Notes are a debt obligation arising other than in the ordinary course of business, which constitutes a direct financial obligation of the Company. The Adar Notes also provides for penalties and rescission rights if the Company does not deliver shares of its common stock upon conversion within the required timeframes. In the event of default, the note interest rate increases to 24%. Adar Settlement On October 3, 2019, the Company and Adar Bays, LLC agreed to enter into a Payment Agreement to settle the amounts outstanding on two previously outstanding Notes, whereby the Company would repay the debt in three installments; $37,000 by October 4, 2019, $18,750 by October 23, 2019, and $18,750 by November 23, 2019. The Company subsequently met all the terms of the final settlement. Adar Note 1 The intrinsic value of the Adar Notes beneficial conversion feature exceeded their proceeds thereby limiting the accretion of the BCF to $43,500 and $5,500 for Adar Note 1 and the Adar Collateralized Note, respectively. Accretion is over the 12-month term of the Adar Notes. During the year ended April 30, 2019, the Company issued 76,316,667 shares against the principle balance on the Note. As of April 30, 2019, and April 30, 2018, respectively, the Company owed $53,710 and $52,500 in principal and $14,904 and $648 in accrued interest. As of April 30, 2019, the equivalent number of common shares the Company would be required to issue to satisfy the Note is 994,400,796. The number of common shares the Company is required to have in reserve is 2,983,202,389, which is equal to three times the amount sufficient to satisfy the note at each measurement date. |
SHORT TERM LOANS
SHORT TERM LOANS | 12 Months Ended |
Apr. 30, 2019 | |
SHORT TERM LOANS | |
NOTE 4 - SHORT TERM LOANS | On September 25, 2018, the Company repaid the then outstanding balance of the ACH Loan totaling $13,372 with funds received from Strategic Funding Source, Inc. On September 25, 2018, the Company borrowed $39,574 from Strategic Funding Source, Inc. under the Loan Agreement. Pursuant to the terms of the Loan Agreement, the Company received $13,233 of proceeds after deductions for $395 of service fees and $11,340 related to interest. Repayment is achieved through 246 daily bank account withdrawals of $156. The Loan Agreement is secured by all current and future assets of the Company. As of April 30, 2019, the Company was in arrears under the terms of the Agreement by $13,104 and the balance owed on the note was $17,966, after a debt discount of $10,234. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 5 - COMMITMENTS AND CONTINGENCIES | Product Warranties The Company’s manufacturer(s) provide the Company with a 2-year warranty. The Company products are sold with a 1-year manufacturer’s warranty. The Company offers a 1-year extended warranty for a fee. The extended warranty expires at the end of the second year from the date of purchase with warranty costs during the two-year period being born by the manufacturer. As a result, the Company has no, or limited warranty liability exposure. Operating Leases On November 15, 2017, the Company entered into a lease of office space at 1600 Olive Chapel Road, Apex, North Carolina 27502. The lease expires on November 30, 2020 and includes an option to extend the lease an additional term or three years. Rent is $1,650 per month and is increased each anniversary by 3%. The Company paid a $1,650 security deposit. The Company had early adopted ASC 2016-2; Leases (Topic 842) during fiscal year 2018. As a result, the Company was required to estimate and record the right of use asset (“ROU Asset”) and lease liability on the face of the Company’s balance sheet. Accordingly, the new lease guidance became effective for the Company on May 1, 2017, which is the beginning of the earliest comparative period presented in the financial statements in which the Company first applies the new lease accounting guidance. During fiscal year 2018, the Company determined the ROU Asset and lease liability to be $51,063 which compares to the total, undiscounted cash flow payments of the initial three-year term of $61,200. As of April 30, 2018, since the right of use asset and lease liability were the same, there was not adjustment to retained earnings. The company determined that there was no discount rate implicit in the lease. Thus, the Company used its incremental borrowing rate of 12% to discount the lease payments in the determination of the ROU asset and lease liability. On March 21, 2015, the Company entered into a lease of office space at 130 Iowa Lane, Suite 102, Carry, North Carolina 27511. During January, 2018, the Company moved and this lease was terminated with no further obligations. The Company has no other non-cancelable operating leases. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of April 30, 2019: Fiscal Year 2020 $ 20,649 2021 $ 12,253 $ 32,902 As of April 30, 2019, total operating lease liability was as follows: Total undiscounted cash flows $ 32,902 Less unamortized interest (3,091 ) Total operating lease liability $ 29,811 Less short-term liability $ (18,033 ) Total long-term operating lease liability $ 11,778 During the twelve months ended April 30, 2019 and 2018, operating lease expense for rent for office space totaled $17,905 and $17,119, respectively. |
SEGMENT AND GEOGRAPHIC DATA
SEGMENT AND GEOGRAPHIC DATA | 12 Months Ended |
Apr. 30, 2019 | |
SEGMENT AND GEOGRAPHIC DATA | |
NOTE 6 - SEGMENT AND GEOGRAPHIC DATA | Contract assets represent accrued revenues that have not yet been billed to the customers due to certain contractual terms other than the passage of time. For the twelve months ended April 30, 2019, the Company did not have any contract assets. Receivables from customers are included in current assets on the consolidated balance sheet. Due to the nature of our sales transactions, we have elected the following practical expedients: (i) Shipping and handling costs are treated as fulfillment costs. Accordingly, shipping and handling costs are classified as a component of Cost of goods sold while amounts billed to customers are classified as a component of Net Sales. The Company’s operations are disaggregated as follows. All of the Company’s revenues are derived from business in North America. Major Product Lines Product Lines Revenue % of sales Cameras $ 150,940 92.18 % Accessories 7,210 4.40 % Software 5,590 3.41 % Total Net Revenue $ 163,740 100.00 % Types of Customers Customer Type % of sales Federal 91.00 % State, Local 2.00 % Non-government 7.00 % Total Net Revenue 100.00 % Timing of Revenue Recognition Revenue Percentage Transferred at a point in time $ 163,740 100.00 % Transferred over time - 0 % Total Net Revenue $ 163,740 100.00 % |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2019 | |
INCOME TAXES | |
NOTE 7 - INCOME TAXES | The Company accounts for income taxes under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 740, Income Taxes The Tax Cuts and Jobs Act of 2017 changed the top corporate federal tax rate from 35% to one rate of 21%. This rate will be effective for corporations whose tax year begins after January 1, 2018, and it is a permanent change. Under ASC 740, the effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The resulting amendments to IRC Section 172 disallow the carryback of net operating losses but allow for the indefinite carryforward of those net operating losses. Pursuant to Section 172(e)(2) of the statute, the amended carryback and carryover rules apply to any net operating loss arising in a taxable year ending after December 31, 2017. In addition to the carryover and carryback changes, the Act also introduces a limitation on the amount of net operating losses that a corporation may deduct in a single tax year under section 172(a) equal to the lesser of the available net operating loss carryover or 80 percent of a taxpayer’s pre-NOL deduction taxable income (the ”80-percent limitation”). This limitation applies only to losses arising in tax years that begin after December 31, 2017 based upon section 172(e)(1) of the amended statute. The Company also has a state tax rate of approximately 3% for fiscal year 2019 and 2018. April 30, 2019 2018 Income tax provision (benefit) at blended rate $ (132,000 ) $ (217,784 ) Nondeductible items - 105,325 Subtotal (132,000 ) (112,460 ) Change in valuation allowance 132,000 112,460 Income Tax Expense $ - $ - Net deferred tax assets and liabilities were comprised of the following: Net Operating Losses $ 552,679 $ 420,679 Valuation allowance (522,679 ) (420,679 ) Deferred tax asset, net $ - $ - As of April 30, 2019, the Company has estimated tax net operating loss carryforwards of approximately $4 million, which can be utilized or expire in 2037 and the remainder is carried forward indefinitely. The Company has adopted the accounting guidance related to uncertain tax positions, and has evaluated its tax positions and believes that all of the positions taken by the Company in its tax returns are more likely than not to be sustained upon examination. The Company returns are subject to examination by federal and state taxing authorities generally for three years after they are filed. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2019 | |
SHORT TERM LOANS | |
NOTE 8 - RELATED PARTY TRANSACTIONS | The majority shareholder has advanced funds since inception for the purpose of financing working capital. As of April 30, 2019, and 2018, the Company owed $14,650 and $7,500, respectively. The advances are payable upon demand and non-interest bearing. During the year ended April 30, 2018, the Company issued 4,000,000 shares of the Company’s Series A Preferred Shares to its sole director and chief executive officer in exchange for $4,000. Pursuant to the Employment Agreement for the Company’s CEO which was extended for an additional three years to November 30, 2020, Mr. Feldman is entitled to an annual salary of $100,000. As of April 30, 2019, the Company owed deferred compensation in the amount of $16,538 as Mr. Feldman has agreed to defer until such time the Company has sufficient cash flows to support his salary under the agreement. |
REDEEMABLE PREFERRED STOCK AND
REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS DEFICIT | 12 Months Ended |
Apr. 30, 2019 | |
REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS DEFICIT | |
NOTE 9 - REDEEMABLE PREFERRED STOCK AND STOCKHOLDER'S DEFICIT | Redeemable Preferred Stock As of April 30, 2019, and April 30, 2018, respectively, there were 5,000,000 shares of par value $0.0001, Series A Preferred Stock outstanding. The Preferred Stock pays no dividends and has no conversion rights into common stock. Each share of Preferred Stock is entitled to 200 votes per share and is redeemable in whole, but not in part, at the option of the holder for $0.0001 per share. Due to the redemption feature being at the option of the holder, the Company classifies the purchase price in the temporary equity section of the balance sheet. During the year ended April 30, 2018, the Company issued 4,000,000 shares of Series A Preferred Stock to Paul Feldman, CEO in exchange for $4,000. Each Series A preferred share is entitled to 200,000 (i.e., 200:1) votes per share and carries no right of conversion into shares of common stock. Common Stock As of April 30, 2019, and April 30, 2018, there were 841,184,289 and 194,415,754 shares of common stock outstanding, respectively. As of April 30, 2019, and 2018, respectively, the Company accreted its debt discounts related to the beneficial conversion feature in our convertible promissory notes in the amounts of $113,286 and $433,316. On September 20, 2018, the Company amended its Articles of Incorporation to affect a 1:1,000 reverse stock split. As of the date of this filing, the Company is waiting for FINRA to approve this corporate action. All share amounts included in this report have not been updated to reflect the reverse split. On May 17, 2018, the Company filed its Amended Articles of Incorporation which increased its authorized common stock to 20,000,000,000 shares and it Series A Preferred to 20,000,000 shares, with no changes in par value. The increase in the common stock was made necessary because of the reserves required by the Company’s holders of convertible notes. During the twelve months ended April 30, 2019, the Company issued an aggregate of 646,768,535 shares of common stock in exchange for convertible notes and accrued interest totaling $115,289. During the year ended April 30, 2018, the Company issued 192,516,391 shares of common stock in exchange for convertible notes totaling $317,096. In addition, a total of 100,000 common shares were issued for cash in the amount of $600, and 100,000 common shares were issued for services and valued at $600. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 10 - SUBSEQUENT EVENTS | On October 3, 2019, the Company and Adar Bays, LLC agreed to enter into a Payment Agreement to settle the amounts outstanding on two previously outstanding Notes, whereby the Company would repay the debt in three installments; $37,000 by October 4, 2019, $18,750 by October 23, 2019, and $18,750 by November 23, 2019. The Company subsequently met all the terms of the final settlement. On October 11, 2019, the Company entered into a secured promissory note with RDW Capital, LLC in the amount of $27,500. The Note matures on April 11, 2020 and bears an interest rate of 5%. Interest payments are due and payable on the 90-day anniversary of the execution of the note, and with the principal payment of the note on or before the maturity date. In security for the note, the Company’s President has pledged the Preferred Shares of the Company registered on the books of the Company in his or designees name and shall be the sole recourse the Note Holder has in relation to repayment of the Note. The Company subsequently satisfied the balance of the Note by the due date. Pursuant to a Securities Purchase Agreement originally dated August 8, 2017, the Company entered into additional convertible promissory notes with RDW Capital, LLC for aggregate proceeds of $208,256. The Notes mature six months from the respective dates of issuance, bear interest at 8%, and are convertible into common stock of the Company at the Holder’s option. The conversion price for each share of common stock is equal to 60% of the lowest traded price during the twenty (20) trading days immediately preceding the applicable conversion (subject to anti-dilution and market adjustments set forth in the Agreement). Upon the occurrence of any default, and at the Holder’s option, the Holder may require the Company to convert all or any part of the Note into common stock at the Alternative Conversion Price which is 50% of the lowest traded price during the twenty (20) days prior to the conversion date. In no event shall RDW effect a conversion if such conversion results in RDW beneficially owning in excess of 4.99% of the outstanding common stock of the Company. The Notes and accrued interest may be prepaid in whole or in part at any time with ten (10) days written notice to the holder for the sum of the outstanding principal and interest multiplied by one hundred and thirty percent (130%). Any principal and interest unpaid when due shall bear interest at 24% and RDW may accelerate the outstanding principal, plus accrued and unpaid interest, and other amounts owing through the date of acceleration and the amount due will be one hundred thirty percent (130%) of the outstanding principal amount of the Note and accrued and unpaid interest. In the event the Company defaults on the accelerated balance, and at the request of the Holder, the Company must pay one hundred fifty percent (150%) of the outstanding balance plus accrued interest and default interest. The Company is required to reserve three (3) times the number of shares necessary for the issuance of common stock upon conversion. On October 15, 2019, the Company was notified that the Notes held by RDW Capital, LLC, were assigned by them to RedDiamond Partners, LLC in a private transaction. The terms of the original Notes remained unchanged. Power Up Settlement On October 8, 2018, the Company and the assignee of Power Up, “Recovery”, agreed to settle the amount of all outstanding Notes, in final settlement of all related claims for the aggregate sum of $146,925. At closing, the Company was obligated to pay the first installment of $30,000; the second installment of $15,000 due on October 22, 2019, and the third and final amount of $15,000 by November 5, 2019. Should the Company fail to pay the settlement amount by the deadline, Recovery shall have all rights under the Notes and SPA’s to convert the debt amount into common stock of the Company pursuant to the terms and provisions of the Notes. Recovery, in addition, is entitled to obtain an affirmative injunction from the Court which injunction shall remain in full force and effect until Recovery has converted the debt obligation. Recovery will also have the right to enter a money judgement and have immediate execution thereon for the default amount together with accrued and unpaid interest and full default interest against the Company, giving the Company credit for all sums received by Recovery prior to enforcement. The Company subsequently met all the terms of the final settlement. |
ORGANIZATION AND SUMMARY of s_2
ORGANIZATION AND SUMMARY of significant accounting policies (Policies) | 12 Months Ended |
Apr. 30, 2019 | |
ORGANIZATION AND SUMMARY of significant accounting policies (Policies) | |
Basis of Presentation | The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. |
Going Concern | The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America and applicable to a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the years ended April 30, 2019 and 2018, the Company had a net operating loss of $543,825 and $1,037,066, respectively. As of April 30, 2019, the Company had negative working capital of $747,347, an accumulated deficit of $4,573,287, and net cash used in operations of $41,461. In view of these conditions, the ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations and on the ability of the Company to obtain necessary financing to fund ongoing operations. Historically, the Company has relied upon funds from the sale of shares of stock, issuance of promissory notes and loans from its shareholders and private investors to finance its operations and growth. Management is planning to raise necessary additional funds for working capital through loans and/or additional sales of its common stock. However, there is no assurance that the Company will be successful in raising additional capital or that such additional funds will be available on acceptable terms, if at all. Should the Company be unable to raise this amount of capital its operating plans will be limited to the amount of capital that it can access. These consolidated financial statements do not give effect to any adjustments which will be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements. |
Earnings Per Share | Basic income per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, Earnings Per Share The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. The computation of diluted net income per share does not assume conversion, exercise or contingent issuance of securities that would have an antidilutive effect on earnings per share. Therefore, when calculating EPS, if the Company experienced a loss, there is no inclusion of dilutive securities as their inclusion in the EPS calculation is antidilutive. Furthermore, options and warrants will have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options or warrants (they are in the money). Following is the computation of basic and diluted net loss per share for the years ended April 30, 2019 and 2018: For the Years Ended April 30, April 30, 2019 2018 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders’ $ (543,825 ) $ (1,037,066 ) Denominator: Weighted average number of common shares outstanding 832,752,965 40,926,044 Basic and diluted EPS $ (0.00 ) $ (0.03 ) Potentially dilutive securities are not included in the calculation of diluted net loss per share attributable to common stockholders, because to do so would be anti-dilutive. Common stock equivalents pertaining to the Company’s Convertible Notes are as follows: Convertible notes, principal and accrued interest 9,649,685,143 1,425,915,102 Convertible notes, penalties potentially settled in common stock - - Total convertible note common stock equivalents 9,649,685,143 1,425,915,102 |
Concentrations of risk | During the year ended April 30, 2019, no customers accounted for greater than 10% of sales; while during the twelve months ended April 30, 2018, two customers accounted for 34.5% (24.1% and 10.4%) of sales. The Company relies on third parties for the supply and manufacture of its capture devices, some of which are sole-source suppliers. The Company believes that outsourcing manufacturing enables greater scale and flexibility. As demand and product lines change, the Company periodically evaluates the need and advisability of adding manufacturers to support its operations. In instances where a supply and manufacture agreement does not exist or suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. During the year ended April 30, 2019, there were no inventory purchases. During the year ended April 30 2018, four suppliers accounted for 62.6% (19.2%, 16.9%, 14.3% and 12.2%) of the Company’s inventory purchases. |
Use of Estimates | In preparing financial statements in conformity with generally accepted accounting principles, management is required 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 revenues and expenses during the reported period. Actual results could differ from those estimates. Our most significant estimates are for stock-based compensation; assumptions used in calculating derivative liabilities, and deferred tax valuation allowances. We evaluate our estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. |
Cash and Cash Equivalents | Cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at either April 30, 2019 or 2018. |
Cash Flow Reporting | The Company follows ASC 230, Statement of Cash Flows, for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“indirect method”) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. |
Inventory | The Company’s inventory is comprised of finished goods and primarily includes cameras and recording equipment. The Company’s inventory is stated at the lower of cost or market and expensed to cost of goods sold upon sale using the average-cost method. The Company also makes prepayments against the future delivery of inventory classified as prepaid inventory. During the year ended April 30, 2019, the Company wrote down $110,418 of obsolete inventory. The Company plans to become a drop ship third-party seller that will reduce the need to carry inventory. |
Accounts Receivable | Accounts receivable are reported at the customers’ outstanding balances. The Company does not have a history of significant bad debt and has not recorded any allowance for doubtful accounts. Interest is not accrued on overdue accounts receivable. The Company evaluates receivables on a regular basis for potential reserve with none this period. |
Leases | In accordance with ASU 2016-02, Leases (Topic 842), the Company recognizes lease assets and liabilities with terms in excess of twelve months on its balance sheet. The Company capitalizes operating lease obligations as a right-of-use asset with a corresponding liability based on the present value of future operating leases. |
Property and Equipment | Fixed assets are carried at cost, less accumulated depreciation and amortization. Major improvements are capitalized, while repair and maintenance are expensed when incurred. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. Depreciation for financial statement purposes is computed on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are: Estimated Useful Lives Vehicles 5 years Office Equipment 3 - 5 years Furniture & equipment 5 - 7 years |
Long-Lived Assets | In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. |
Income Taxes | The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. Estimated interest and penalties are recorded as a component of interest expense or other expense, respectively. |
Accounting for Uncertainty in Income Taxes | The Company applies the provisions of ASC Topic 740-10-25, Income Taxes – Overall – Recognition (“ASC Topic 740-10-25”) with respect to the accounting for uncertainty of income tax positions. ASC Topic 740-10-25 clarifies the accounting for uncertainty in income taxes recognized in a company’s consolidated financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740-10-25 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of April 30, 2019, tax years since 2009 remain open for IRS audit. The Company has received no notice of audit from the Internal Revenue Service for any of the open tax years. |
Revenue Recognition | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) and Accounting Standards Codification (“ASC”) Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers (“ASC 340-40”), (collectively, “Topic 606”). On May 1, 2018, the Company adopted Topic 606 by applying the modified retrospective method of adoption for all contracts that were not substantially completed as of the adoption date. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations. The Company implemented ASU 2014-09 for the interim and annual reporting periods of 2019, which resulted in no changes to how we recognize revenue. Our revenue is generated from the sale of products consisting primarily of video and audio capture devices and accessories. We recognize revenue when control of our products is transferred to our customers in an amount that reflects the consideration we expect to receive from our customers in exchange for those products. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. We consider a performance obligation satisfied once we have transferred control of a product to the customer, meaning the customer has the ability to use and obtain the benefit of the product. We recognize revenue for satisfied performance obligations only when we determine there are no uncertainties regarding payment terms or transfer of control. Revenue from product sales is generally recognized upon shipment to the end customer, which is when control of the product is deemed to be transferred. Payment or invoicing typically occurs upon shipment and the term between invoicing and when payment is due is not significant. Revenue is recorded net of discounts and promotions and is disaggregated based on significant product line. Refer to Note 6. Segments and Geographic Data. |
Marketing and Advertising Costs | Marketing and advertising costs are expensed as incurred. The Company recognized $9,303 and $88,807 in marketing and advertising costs during the twelvemonths ended April 30, 2019 and 2018, respectively. |
Stock Based Compensation | Under ASC 718, Compensation – Stock Compensation, In July 2019, the FASB released Accounting Standards Update (ASU) No. 2018-09, Codification Improvements |
Critical Accounting Estimates | The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires us to make judgments, assumptions and estimates that have a significant impact on the results that we report in our financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Certain of these significant accounting policies require us to make critical accounting estimates, as defined below. A critical accounting estimate is defined as one that is both material to the presentation of our financial statements and requires management to make difficult, subjective or complex judgments that could have a material effect on our financial condition and results of operations. Specifically, critical accounting estimates have the following attributes: · we are required to make assumptions about matters that are highly uncertain at the time of the estimate; and · different estimates we could reasonably have used, or changes in the estimate that are reasonably likely to occur, would have a material effect on our financial condition or results of operations. Many of our financial instruments are issued in conjunction with the issuance of debt. At the time of issuance, we allocate the proceeds received to the various financial instruments and this involves the determination of fair value. From time to time, the fair value of these financial instruments exceeds the proceeds received. When this occurs, we critically evaluate the validity of the fair value computation. |
Financial Instruments | The Company’s balance sheets include the following financial instruments: cash, accrued expenses, notes payable and payables to a stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. The carrying values of the notes payable and amounts due to stockholder approximates fair value based on borrowing rates currently available to the Company for instruments with similar terms and remaining maturities. FASB Accounting Standards Codification (ASC) topic, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. · Level 3 - Inputs that are both significant to the fair value measurement and defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Beneficial Conversion Features | ASC 470-20 applies to convertible securities with beneficial conversion features that must be settled in stock and to those that give the issuer a choice in settling the obligation in either stock or cash. ASC 470-20 requires that the beneficial conversion feature should be valued at the commitment date as the difference between the conversion price and the fair market value of the common stock into which the security is convertible, multiplied by the number of shares into which the security is convertible. This amount is recorded as a debt discount and amortized over the life of the debt. ASC 470-20 further limits this amount to the proceeds allocated to the convertible instrument. |
Recent Accounting Pronouncements | We have reviewed all FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The new standard modifies disclosure requirements including removing requirements to disclose the valuation process for Level 3 measurements and adding requirements to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The new standard is effective for interim and annual periods beginning after December 15, 2019. The Company does not expect adoption of ASU 2018-13 to have a material impact on its financial statements or disclosures. In July 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment awards require an entity to apply modification accounting in Topic 718. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company implemented ASU 2017-09 for the interim and annual reporting periods of 2019, which resulted in no impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) and Accounting Standards Codification (“ASC”) Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers (“ASC 340-40”), (collectively, “Topic 606”). On May 1, 2018, the Company adopted Topic 606 by applying the modified retrospective method of adoption for all contracts that were not substantially completed as of the adoption date. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations. The Company implemented ASU 2014-09 for the interim and annual reporting periods of 2019, which resulted in no changes to how we recognize revenue. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), Conforming Amendments Related to Leases The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, the Company has not identified any standards that it believes merit further discussion. The Company believes that none of the new standards will have a significant impact on its consolidated financial statements. |
ORGANIZATION AND SUMMARY of s_3
ORGANIZATION AND SUMMARY of significant accounting policies (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
ORGANIZATION AND SUMMARY of significant accounting policies (Tables) | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | For the Years Ended April 30, April 30, 2019 2018 Basic and Diluted EPS Computation Numerator: Loss available to common stockholders’ $ (543,825 ) $ (1,037,066 ) Denominator: Weighted average number of common shares outstanding 832,752,965 40,926,044 Basic and diluted EPS $ (0.00 ) $ (0.03 ) |
Schedule of Anti-dilutive Securities | For the Years Ended April 30, April 30, 2019 2018 Convertible notes, principal and accrued interest 9,649,685,143 1,425,915,102 Convertible notes, penalties potentially settled in common stock - - Total convertible note common stock equivalents 9,649,685,143 1,425,915,102 |
Schedule of Estimated Useful Lives of Depreciable Assets | Estimated Useful Lives Vehicles 5 years Office Equipment 3 - 5 years Furniture & equipment 5 - 7 years |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
FIXED ASSETS (Tables) | |
Schedule of Fixed asssets | April 30, April 30, 2019 2018 Vehicles $ - $ 7,654 Furniture and fixtures 9,656 10,936 Computers and office equipment 4,226 4,226 Leasehold improvements 1,775 1,775 Total fixed assets 15,657 24,591 Accumulated depreciation (9,383 ) (7,922 ) Total fixed assets $ 6,274 $ 16,669 |
CONVERTIBLE PROMISSORY NOTES (T
CONVERTIBLE PROMISSORY NOTES (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
CONVERTIBLE PROMISSORY NOTES | |
Schedule of Outstanding Convertible Promissory Notes | April 30, 2019 April 30, 2018 Convertible promissory notes, various lending institutions, maturing at variable dates ranging from 180 days to one year from origination date, 8-12% interest and default interest of 12-24%, convertible at discount to trading price (60-61%) based on various measurements of prior trading, at face value of remaining original note principal balance, net of unamortized debt discounts and attributable deferred financing costs in the amount of $0 and $21,225, respectively. Principal $ 439,465 $ 480,623 Debt discount - (21,225 ) Total Principal $ 439,465 $ 459,398 |
Schedule of Convertible Note Transactions | Summary of Convertible Note Transactions: April 30, 2019 April 30, 2018 Convertible notes, May 1 $ 480,623 $ 427,128 Additional notes, face value 5,500 363,375 Default Penalties 63,788 - Payments and adjustments - - Settlement of debt - - Conversions of debt (110,446 ) (309,880 ) Unamortized debt discounts - (21,225 ) Convertible notes, balance $ 439,465 $ 459,398 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of Cash Flows of Operating Lease Liabilities | Fiscal Year 2020 $ 20,649 2021 $ 12,253 $ 32,902 |
Schedule of Operating Lease Liability | Total undiscounted cash flows $ 32,902 Less unamortized interest (3,091 ) Total operating lease liability $ 29,811 Less short-term liability $ (18,033 ) Total long-term operating lease liability $ 11,778 |
SEGMENT AND GEOGRAPHIC DATA (Ta
SEGMENT AND GEOGRAPHIC DATA (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
SEGMENT AND GEOGRAPHIC DATA | |
Schedule of major product lines | Product Lines Revenue % of sales Cameras $ 150,940 92.18 % Accessories 7,210 4.40 % Software 5,590 3.41 % Total Net Revenue $ 163,740 100.00 % |
Schedule of major customers | Customer Type % of sales Federal 91.00 % State, Local 2.00 % Non-government 7.00 % Total Net Revenue 100.00 % |
Schedule of timing of revenue recognition | Revenue Percentage Transferred at a point in time $ 163,740 100.00 % Transferred over time - 0 % Total Net Revenue $ 163,740 100.00 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
INCOME TAXES | |
Schedule of deferred tax asset | April 30, 2019 2018 Income tax provision (benefit) at blended rate $ (132,000 ) $ (217,784 ) Nondeductible items - 105,325 Subtotal (132,000 ) (112,460 ) Change in valuation allowance 132,000 112,460 Income Tax Expense $ - $ - Net deferred tax assets and liabilities were comprised of the following: Net Operating Losses $ 552,679 $ 420,679 Valuation allowance (522,679 ) (420,679 ) Deferred tax asset, net $ - $ - |
ORGANIZATION AND SUMMARY of s_4
ORGANIZATION AND SUMMARY of significant accounting policies (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
ORGANIZATION AND SUMMARY of significant accounting policies (Details) | ||
Net (Loss) | $ (543,825) | $ (1,037,066) |
Weighted average number of common shares outstanding | 832,752,965 | 40,926,044 |
Basic and diluted EPS | $ 0 | $ (0.03) |
ORGANIZATION AND SUMMARY of s_5
ORGANIZATION AND SUMMARY of significant accounting policies (Details 1) - shares | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Total convertible note common stock equivalents | 9,649,685,143 | 1,425,915,102 |
Convertible Notes Principal and Accrued Interest [Member] | ||
Total convertible note common stock equivalents | 9,649,685,143 | 1,425,915,102 |
ORGANIZATION AND SUMMARY of s_6
ORGANIZATION AND SUMMARY of significant accounting policies (Details 2) | 12 Months Ended |
Apr. 30, 2019 | |
Furniture & equipment [Member] | Maximum [Member] | |
Estimated useful lives | 7 years |
Furniture & equipment [Member] | Minimum [Member] | |
Estimated useful lives | 5 years |
Office Equipment [Member] | Maximum [Member] | |
Estimated useful lives | 5 years |
Office Equipment [Member] | Minimum [Member] | |
Estimated useful lives | 3 years |
Vehicles [Member] | |
Estimated useful lives | 5 years |
ORGANIZATION AND SUMMARY of s_7
ORGANIZATION AND SUMMARY of significant accounting policies (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Net operating loss | $ (543,825) | $ (1,037,066) |
Cash equivalents | 397 | 6,320 |
Accumulated deficit | (4,573,287) | (4,029,462) |
Working capital deficit | (747,347) | |
Obsolete inventory written off | 110,418 | 0 |
Net cash used in operations | (41,461) | (495,107) |
Marketing and advertising costs | $ 9,303 | $ 88,807 |
Supplier Concentration Risk [Member] | Inventory purchase [Member] | Supplier Four [Member] | ||
Concentrations of risk, percentage | 12.20% | |
Supplier Concentration Risk [Member] | Inventory purchase [Member] | Supplier One [Member] | ||
Concentrations of risk, percentage | 19.20% | |
Supplier Concentration Risk [Member] | Inventory purchase [Member] | Supplier Two [Member] | ||
Concentrations of risk, percentage | 16.90% | |
Supplier Concentration Risk [Member] | Inventory purchase [Member] | Four Suppliers [Member] | ||
Concentrations of risk, percentage | 62.60% | |
Supplier Concentration Risk [Member] | Inventory purchase [Member] | Supplier Three [Member] | ||
Concentrations of risk, percentage | 14.30% | |
Customer Concentration Risk [Member] | Sales [Member] | Customer [Member] | ||
Concentration risk percentage description | No customers accounted for greater than 10% of sales. | |
Customer Concentration Risk [Member] | Sales [Member] | Customer One [Member] | ||
Concentrations of risk, percentage | 24.10% | |
Customer Concentration Risk [Member] | Sales [Member] | Customer Two [Member] | ||
Concentrations of risk, percentage | 10.40% | |
Customer Concentration Risk [Member] | Sales [Member] | Two Customers [Member] | ||
Concentrations of risk, percentage | 34.50% |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Total fixed assets, gross | $ 15,657 | $ 24,591 |
Accumulated depreciation | (9,383) | (7,922) |
Total fixed assets, net | 6,274 | 16,669 |
Vehicles [Member] | ||
Total fixed assets, gross | 0 | 7,654 |
Leasehold improvements [Member] | ||
Total fixed assets, gross | 1,775 | 1,775 |
Computers and office equipment [Member] | ||
Total fixed assets, gross | 4,226 | 4,226 |
Furniture and fixtures [Member] | ||
Total fixed assets, gross | $ 9,656 | $ 10,936 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
FIXED ASSETS | ||
Depreciation and Amortization | $ 5,418 | $ 5,224 |
Proceeds from sale of two assets | 6,646 | 4,500 |
Gain (loss) on sale of assets | $ 1,593 | $ (648) |
CONVERTIBLE PROMISSORY NOTES (D
CONVERTIBLE PROMISSORY NOTES (Details) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Debt discount | $ 0 | $ (21,225) |
Convertible Promissory Notes [Member] | ||
Debt discount | 0 | (21,225) |
Principal | 439,465 | 480,623 |
Total Principal | $ 439,465 | $ 459,398 |
CONVERTIBLE PROMISSORY NOTES _2
CONVERTIBLE PROMISSORY NOTES (Details 1) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
CONVERTIBLE PROMISSORY NOTES | ||
Convertible notes, May 1 | $ 480,623 | $ 427,128 |
Additional notes, face value | 5,500 | 363,375 |
Default Penalties | 63,788 | |
Payments and adjustments | 0 | 0 |
Settlement of debt | 0 | 0 |
Conversions of debt | (110,446) | (309,880) |
Unamortized debt discounts | 0 | (21,225) |
Convertible notes, balance | $ 439,465 | $ 459,398 |
CONVERTIBLE PROMISSORY NOTES _3
CONVERTIBLE PROMISSORY NOTES (Details Narrative) | Nov. 05, 2019USD ($) | Oct. 04, 2019USD ($) | Mar. 15, 2019USD ($) | Oct. 08, 2018USD ($) | Nov. 23, 2019USD ($) | Oct. 23, 2019USD ($) | Oct. 22, 2019USD ($) | Jul. 31, 2018 | May 24, 2018USD ($) | Mar. 16, 2018 | Aug. 08, 2017USD ($) | Oct. 31, 2018shares | Apr. 30, 2019USD ($)integershares | Apr. 30, 2018USD ($)shares | Apr. 30, 2017USD ($)shares | Jan. 31, 2018USD ($) |
Accrued interest | $ 147,456 | $ 62,281 | ||||||||||||||
Debt discount | 0 | (21,225) | ||||||||||||||
Convertible promissory notes | 439,465 | 480,623 | ||||||||||||||
Repayments of convertible debt | $ 15,000 | $ 146,925 | $ 15,000 | 30,000 | ||||||||||||
Proceeds from convertible promissory notes | 5,500 | 233,300 | ||||||||||||||
Common stock, shares issued upon conversion of debt, amount | (110,446) | (309,880) | ||||||||||||||
Proceeds from short term borrowings | $ 39,574 | 0 | ||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 185,767,820 | |||||||||||||||
Default Penalties | $ 63,788 | |||||||||||||||
Short term borrowings | (18,033) | |||||||||||||||
Convertible Promissory Notes [Member] | ||||||||||||||||
Debt discount | 0 | (21,225) | ||||||||||||||
Convertible debt, aggregate value | $ 439,465 | 480,623 | ||||||||||||||
RDW Capital, LLC [Member] | Convertible Promissory Notes [Member] | ||||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Default interest rate | 8.00% | |||||||||||||||
Debt Instrument, conversion, threshold percentage of common stock | 60.00% | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | integer | 20 | |||||||||||||||
Stock ownership percentage, after conversion of debt into stock | 4.99% | |||||||||||||||
Accelerated outstanding principal description | the date of acceleration and the amount due will be one hundred thirty percent (130%) of the outstanding principal amount of the Note and accrued and unpaid interest. In the event the Company defaults on the accelerated balance, and at the request of the Holder, the Company must pay one hundred fifty percent (150%) of the outstanding balance plus accrued interest and default interest. Acceleration by the Holder requires notice to the Company and to date, the Company has not received a notice of acceleration. The Company is required to reserve three (3) times the number of shares necessary for the issuance of common stock upon conversion | |||||||||||||||
Notes and accrued interest payment description | The Notes and accrued interest may be prepaid in whole or in part at any time with ten (10) days written notice to the holder for the sum of the outstanding principal and interest multiplied by one hundred and thirty percent (130%). Any principal and interest unpaid when due shall bear interest at 24% and RDW may accelerate the outstanding principal, plus accrued and unpaid interest, and other amounts. | |||||||||||||||
Debt instrument, unpaid principal, interest rate | 24.00% | |||||||||||||||
Power Up Lending Group Ltd [Member] | Convertible Promissory Notes [Member] | ||||||||||||||||
Default interest rate | 22.00% | |||||||||||||||
Debt Instrument, conversion, threshold percentage of common stock | 61.00% | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | integer | 20 | |||||||||||||||
Stock ownership percentage, after conversion of debt into stock | 4.99% | |||||||||||||||
Accelerated outstanding principal description | Upon the occurrence of an event of default the balance of principle and interest shall become immediately due at the default amount which is equal to the sum of the unpaid principal and unpaid interest multiplied by 150%. | |||||||||||||||
Description of debt conversion | The Notes and accrued interest may be prepaid within the 180 day period following the issuance date at an amount equal to 115% - 140% of the outstanding principle and unpaid interest. After expiration of the 180 days | |||||||||||||||
Convertible debt, conversion period | 180 days | |||||||||||||||
March 15, 2019 [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt instrument, principal amount | $ 97,950 | |||||||||||||||
March 15, 2019 [Member] | Subsequent Event [Member] | Recovery Cops [Member] | ||||||||||||||||
Repayments of convertible debt | 146,925 | |||||||||||||||
November 16, 2017 [Member] | Power Up Lending Group Ltd [Member] | Convertible Promissory Notes Two [Member] | ||||||||||||||||
Accrued interest | 7,456 | $ 2,006 | ||||||||||||||
Convertible promissory notes | 36,000 | |||||||||||||||
Proceeds from convertible promissory notes | 30,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | 9,050 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 138,791,667 | |||||||||||||||
Short term borrowings | $ 26,950 | $ 36,000 | ||||||||||||||
Common stock reserved for future issuance | shares | 564,032,786 | |||||||||||||||
Debt instrument, maturity date | Aug. 30, 2018 | |||||||||||||||
Legal fees | $ 6,000 | |||||||||||||||
Term of note | 9 months 15 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 23,016 | |||||||||||||||
Default interest rate | 22.00% | |||||||||||||||
Interest on debt instrument | 12.00% | |||||||||||||||
November 16, 2017 [Member] | Power Up Lending Group Ltd [Member] | Convertible Promissory Notes Four [Member] | ||||||||||||||||
Accrued interest | $ 4,302 | 613 | ||||||||||||||
Convertible promissory notes | 33,000 | |||||||||||||||
Proceeds from convertible promissory notes | 27,500 | |||||||||||||||
Short term borrowings | $ 33,000 | 33,000 | ||||||||||||||
Common stock reserved for future issuance | shares | 611,515,395 | |||||||||||||||
Debt instrument, maturity date | Dec. 15, 2018 | |||||||||||||||
Term of note | 8 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 21,098 | |||||||||||||||
Interest on debt instrument | 12.00% | |||||||||||||||
November 16, 2017 [Member] | Power Up Lending Group Ltd [Member] | Convertible Promissory Notes Three [Member] | ||||||||||||||||
Accrued interest | $ 6,509 | 1,464 | ||||||||||||||
Convertible promissory notes | 38,000 | |||||||||||||||
Proceeds from convertible promissory notes | 32,000 | |||||||||||||||
Short term borrowings | $ 38,000 | 38,000 | ||||||||||||||
Common stock reserved for future issuance | shares | 729,653,424 | |||||||||||||||
Debt instrument, maturity date | Oct. 10, 2018 | |||||||||||||||
Term of note | 9 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 24,295 | |||||||||||||||
Default interest rate | 22.00% | |||||||||||||||
Interest on debt instrument | 12.00% | |||||||||||||||
October 20, 2017 [Member] | Power Up Lending Group Ltd [Member] | Convertible Promissory Notes One [Member] | ||||||||||||||||
Accrued interest | $ 0 | 4,554 | ||||||||||||||
Convertible promissory notes | 70,000 | $ 3,970 | ||||||||||||||
Proceeds from convertible promissory notes | 60,300 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 243,760,201 | 9,232,558 | ||||||||||||||
Short term borrowings | $ 0 | $ 66,030 | ||||||||||||||
Debt instrument, maturity date | Jul. 30, 2018 | |||||||||||||||
Legal fees | $ 9,700 | |||||||||||||||
Term of note | 9 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 44,754 | |||||||||||||||
Default interest rate | 22.00% | |||||||||||||||
Interest on debt instrument | 12.00% | |||||||||||||||
Debt conversion against principal amount | $ 66,030 | |||||||||||||||
Debt conversion against accrued interest | 4,200 | |||||||||||||||
September 25, 2018 [Member] | Strategic Funding Source, Inc. [Member] | Loan Agreement [Member] | ||||||||||||||||
Debt discount | 13,797 | |||||||||||||||
Proceeds from short term borrowings | 13,233 | |||||||||||||||
Short term borrowings | 38,340 | |||||||||||||||
Interest on short term borrowings | 11,340 | |||||||||||||||
Service fees | $ 395 | |||||||||||||||
Short term borrowings payment description | Repayment is achieved through 246 daily bank account withdrawals of $156. The Loan Agreement is secured by all current and future assets of the Company | |||||||||||||||
Other borrowings | $ 19,551 | |||||||||||||||
October 8, 2018 [Member] | Power Up Settlement [Member] | ||||||||||||||||
Convertible debt, aggregate value | 146,925 | |||||||||||||||
Convertible debt, due for payment | $ 15,000 | $ 15,000 | $ 30,000 | |||||||||||||
October 3, 2019 [Member] | Adar Bays, LLC [Member] | Payment Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||
Repayments of convertible debt | $ 37,000 | $ 18,750 | $ 18,750 | |||||||||||||
March 5, 2019 [Member] | Adar Bays, LLC [Member] | ||||||||||||||||
Default interest rate | 22.00% | |||||||||||||||
Interest on debt instrument | 8.00% | |||||||||||||||
Debt Instrument, conversion, threshold percentage of common stock | 60.00% | |||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | integer | 20 | |||||||||||||||
Stock ownership percentage, after conversion of debt into stock | 4.99% | |||||||||||||||
Description of debt conversion | The Company is required to reserve three (3) times the amount of shares necessary for the issuance of common stock upon conversion | |||||||||||||||
Adar Settlement [Member] | March 15, 2019 [Member] | ||||||||||||||||
Repayments of convertible debt | $ 146,925 | |||||||||||||||
Convertible debt, aggregate value | $ 97,950 | |||||||||||||||
Convertible debt, due for payment | $ 37,000 | $ 18,750 | $ 18,750 | |||||||||||||
Securities Purchase Agreement [Member] | March 5, 2018 [Member] | Adar Bays, LLC [Member] | Convertible Promissory Notes [Member] | ||||||||||||||||
Accrued interest | 10,745 | 648 | ||||||||||||||
Convertible promissory notes | 52,500 | |||||||||||||||
Proceeds from convertible promissory notes | $ 5,500 | $ 43,500 | ||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 76,316,667 | |||||||||||||||
Short term borrowings | $ 53,710 | 52,500 | ||||||||||||||
Common stock, shares issuable upon debt conversion | shares | 934,125,052 | |||||||||||||||
Common stock reserved for future issuance | shares | 2,802,375,156 | |||||||||||||||
Securities Purchase Agreement [Member] | March 5, 2018 [Member] | Adar Bays, LLC [Member] | Convertible Promissory Notes One [Member] | ||||||||||||||||
Debt discount | $ 2,500 | |||||||||||||||
Convertible promissory notes | 5,789 | 52,500 | ||||||||||||||
Proceeds from convertible promissory notes | $ 5,500 | $ 43,500 | ||||||||||||||
Debt instrument, maturity date | Mar. 5, 2018 | |||||||||||||||
Legal fees | $ 6,500 | |||||||||||||||
Term of note | 1 year | |||||||||||||||
Discount on issuance of debt, percentage | 5.00% | 5.00% | ||||||||||||||
Security Purchase Agreement [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes [Member] | ||||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 208,256 | |||||||||||||||
Description of debt conversion | The conversion price for each share of common stock is equal to 60% of the lowest traded price during the twenty (20) trading days immediately preceding the applicable conversion (subject to anti-dilution and market adjustments set forth in the Agreement). Upon the occurrence of any default, and at the Holder’s option, the Holder may require the Company to convert all or any part of the Note into common stock at the Alternative Conversion Price which is 50% of the lowest traded price during the twenty (20) days prior to the conversion date. In no event shall RDW effect a conversion if such conversion results in RDW beneficially owning in excess of 4.99% of the outstanding common stock of the Company. The Notes and accrued interest may be prepaid in whole or in part at any time with ten (10) days written notice to the holder for the sum of the outstanding principal and interest multiplied by one hundred and thirty percent (130%). Any principal and interest unpaid when due shall bear interest at 24% and RDW may accelerate the outstanding principal, plus accrued and unpaid interest, and other amounts owing through the date of acceleration and the amount due will be one hundred thirty percent (130%) of the outstanding principal amount of the Note and accrued and unpaid interest. In the event the Company defaults on the accelerated balance, and at the request of the Holder, the Company must pay one hundred fifty percent (150%) of the outstanding balance plus accrued interest and default interest. The Company is required to reserve three (3) times the number of shares necessary for the issuance of common stock upon conversion. | |||||||||||||||
Security Purchase Agreement [Member] | April 26, 2017 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Eight [Member] | ||||||||||||||||
Accrued interest | $ 7,510 | 7,510 | ||||||||||||||
Debt discount | 10,000 | |||||||||||||||
Convertible promissory notes | 110,000 | |||||||||||||||
Proceeds from convertible promissory notes | $ 90,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 125,169,335 | |||||||||||||||
Common stock, shares issuable upon debt conversion | shares | 1,618,268,834 | |||||||||||||||
Common stock reserved for future issuance | shares | 375,508,005 | |||||||||||||||
Debt instrument, maturity date | Oct. 31, 2018 | |||||||||||||||
Legal fees | $ 10,000 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 134,000 | |||||||||||||||
Total recognised debt discount | $ 110,000 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Security Purchase Agreement [Member] | August 7, 2017 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Ten [Member] | ||||||||||||||||
Accrued interest | $ 9,190 | 3,197 | ||||||||||||||
Debt discount | 2,500 | |||||||||||||||
Convertible promissory notes | 52,500 | |||||||||||||||
Proceeds from convertible promissory notes | $ 46,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 1,028,159,588 | |||||||||||||||
Short term borrowings | $ 52,500 | 52,500 | ||||||||||||||
Common stock reserved for future issuance | shares | 3,084,478,764 | |||||||||||||||
Debt instrument, maturity date | Oct. 31, 2018 | |||||||||||||||
Legal fees | $ 4,000 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 107,283 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Beneficial conversion feature, debt discount | $ 46,000 | |||||||||||||||
Security Purchase Agreement [Member] | May 30, 2017 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Nine [Member] | ||||||||||||||||
Accrued interest | 15,721 | 6,288 | ||||||||||||||
Debt discount | 3,875 | |||||||||||||||
Convertible promissory notes | 78,750 | |||||||||||||||
Proceeds from convertible promissory notes | 65,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 9,050 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 138,791,667 | |||||||||||||||
Short term borrowings | $ 81,375 | 81,375 | ||||||||||||||
Common stock reserved for future issuance | shares | 4,854,806,502 | |||||||||||||||
Debt instrument, maturity date | Oct. 31, 2018 | |||||||||||||||
Legal fees | $ 9,875 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 102,000 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Beneficial conversion feature, debt discount | $ 65,000 | |||||||||||||||
Security Purchase Agreement [Member] | March 30, 2017 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Seven [Member] | ||||||||||||||||
Accrued interest | 22,833 | 7,243 | ||||||||||||||
Debt discount | 3,750 | |||||||||||||||
Convertible promissory notes | 78,750 | |||||||||||||||
Proceeds from convertible promissory notes | 62,500 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 16,322 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 130,800,000 | |||||||||||||||
Short term borrowings | $ 86,053 | 78,750 | ||||||||||||||
Common stock reserved for future issuance | shares | 3,874,810,929 | |||||||||||||||
Debt instrument, maturity date | Oct. 31, 2018 | |||||||||||||||
Legal fees | $ 12,500 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 72,000 | |||||||||||||||
Total recognised debt discount | $ 78,750 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Common stock, shares issued satisfy note, shares | shares | 814,760,939 | |||||||||||||||
Security Purchase Agreement [Member] | February 6, 2017 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Six [Member] | ||||||||||||||||
Accrued interest | $ 9,914 | 5,512 | ||||||||||||||
Debt discount | 10,000 | |||||||||||||||
Convertible promissory notes | 210,000 | |||||||||||||||
Proceeds from convertible promissory notes | 180,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 14,754 | $ 32,437 | ||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 57,100,000 | 53,560,000 | ||||||||||||||
Short term borrowings | $ 1,221 | $ 15,975 | ||||||||||||||
Common stock, shares issuable upon debt conversion | shares | 127,328,408 | |||||||||||||||
Common stock reserved for future issuance | shares | 381,985,224 | |||||||||||||||
Debt instrument, maturity date | Oct. 31, 2018 | |||||||||||||||
Legal fees | $ 20,000 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 217,000 | |||||||||||||||
Total recognised debt discount | $ 210,000 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Security Purchase Agreement [Member] | September 1, 2016 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Five [Member] | ||||||||||||||||
Accrued interest | $ 22,221 | 15,074 | ||||||||||||||
Debt discount | 7,500 | |||||||||||||||
Convertible promissory notes | 157,500 | |||||||||||||||
Proceeds from convertible promissory notes | $ 130,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 131,800 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 752,701,277 | 24,585,900 | ||||||||||||||
Short term borrowings | $ 25,700 | $ 25,700 | ||||||||||||||
Common stock reserved for future issuance | shares | 2,258,103,831 | |||||||||||||||
Debt instrument, maturity date | Mar. 1, 2017 | |||||||||||||||
Legal fees | $ 20,000 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 105,000 | |||||||||||||||
Total recognised debt discount | $ 132,500 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Beneficial conversion feature, debt discount | $ 105,000 | |||||||||||||||
Debt instrument, principal amount | 367,500 | |||||||||||||||
Convertible promissory notes, Second tranche | 210,000 | |||||||||||||||
Debt instrument, Extended maturity date | Oct. 31, 2018 | |||||||||||||||
Security Purchase Agreement [Member] | August 22, 2016 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Four [Member] | ||||||||||||||||
Accrued interest | 889 | 889 | $ 889 | $ 8,398 | ||||||||||||
Debt discount | 7,500 | |||||||||||||||
Convertible promissory notes | 157,500 | |||||||||||||||
Proceeds from convertible promissory notes | $ 130,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 38,890 | $ 125,826 | ||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 14,817,664 | 4,919,733 | 474,212 | |||||||||||||
Common stock reserved for future issuance | shares | 44,452,992 | |||||||||||||||
Debt instrument, maturity date | Feb. 22, 2017 | |||||||||||||||
Legal fees | $ 20,000 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 105,000 | |||||||||||||||
Total recognised debt discount | $ 132,500 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Beneficial conversion feature, debt discount | $ 105,000 | |||||||||||||||
Security Purchase Agreement [Member] | May 20, 2016 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Three [Member] | ||||||||||||||||
Accrued interest | 2,742 | $ 2,742 | $ 2,742 | |||||||||||||
Debt discount | 2,500 | |||||||||||||||
Convertible promissory notes | 52,500 | |||||||||||||||
Proceeds from convertible promissory notes | $ 45,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 52,500 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 45,706,301 | 116,769 | ||||||||||||||
Common stock reserved for future issuance | shares | 137,118,903 | |||||||||||||||
Debt instrument, maturity date | Nov. 20, 2016 | |||||||||||||||
Legal fees | $ 5,000 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 35,000 | |||||||||||||||
Total recognised debt discount | $ 42,500 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Beneficial conversion feature, debt discount | $ 35,000 | |||||||||||||||
Security Purchase Agreement [Member] | May 13, 2016 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes Two [Member] | ||||||||||||||||
Accrued interest | 4,540 | 4,540 | $ 4,540 | |||||||||||||
Debt discount | 5,000 | |||||||||||||||
Convertible promissory notes | 105,000 | |||||||||||||||
Proceeds from convertible promissory notes | $ 82,500 | |||||||||||||||
Common stock, shares issued upon conversion of debt, amount | $ 105,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 75,664,694 | 71,341,227 | ||||||||||||||
Common stock reserved for future issuance | shares | 226,994,082 | |||||||||||||||
Debt instrument, maturity date | Nov. 14, 2016 | |||||||||||||||
Legal fees | $ 17,500 | |||||||||||||||
Term of note | 5 months 30 days | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 70,000 | |||||||||||||||
Total recognised debt discount | $ 70,000 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Security Purchase Agreement [Member] | March 10, 2016 [Member] | RDW Capital, LLC [Member] | Convertible Promissory Notes One [Member] | ||||||||||||||||
Debt discount | $ 18,000 | |||||||||||||||
Convertible promissory notes | 210,000 | |||||||||||||||
Proceeds from convertible promissory notes | $ 180,000 | |||||||||||||||
Common stock, shares issued upon conversion of debt, shares | shares | 13,196,334 | |||||||||||||||
Short term borrowings | $ 792 | 792 | ||||||||||||||
Debt instrument, maturity date | Sep. 10, 2016 | |||||||||||||||
Legal fees | $ 30,000 | |||||||||||||||
Intrinsic value of benefical conversion feature | $ 227,391 | |||||||||||||||
Default interest rate | 24.00% | |||||||||||||||
Interest on short term borrowings | $ 0 | $ 0 |
SHORT TERM LOANS (Details Narra
SHORT TERM LOANS (Details Narrative) - USD ($) | Sep. 25, 2018 | Apr. 30, 2019 | Apr. 30, 2018 |
Repayments of short term loans | $ 23,332 | $ 0 | |
Amount borrowed | (18,033) | ||
Debt discount | $ 0 | $ (21,225) | |
Loan Agreement [Member] | Strategic Funding Source, Inc [Member] | |||
Amount borrowed | $ 39,574 | ||
Proceeds after deduction under loan agreement | 13,233 | ||
Service fees | 395 | ||
Interest amount | 11,340 | ||
Bank account withdrawl | 156 | ||
Arrear amount | 13,104 | ||
Due to related party | 17,966 | ||
Debt discount | 10,234 | ||
ACH Loan [Member] | |||
Repayments of short term loans | $ 13,372 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details ) | Apr. 30, 2019USD ($) |
COMMITMENTS AND CONTINGENCIES | |
2020 | $ 20,649 |
2021 | 12,253 |
Total undiscounted cash flows | $ 32,902 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details 1) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
COMMITMENTS AND CONTINGENCIES | ||
Total undiscounted cash flows | $ 32,902 | |
Less unamortized interest | (3,091) | |
Total operating lease liability | 29,811 | |
Less short-term liability | (18,033) | |
Total long-term operating lease liability | $ 11,778 | $ 29,811 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Apr. 30, 2018 | Nov. 15, 2017 | Apr. 30, 2019 | Apr. 30, 2018 |
Standard product warranty description | The Company’s manufacturer(s) provide the Company with a 2-year warranty. The Company products are sold with a 1-year manufacturer’s warranty. | |||
Extended product warranty description | The Company offers a 1 year extended warranty for a fee. The extended warranty expires at the end of the second year from the date of purchase with warranty costs during the two year period being born by the manufacturer. As a result, the Company has no, or limited warranty liability exposure. | |||
Lease expiration | Nov. 30, 2020 | |||
Operating lease term | 3 years | |||
Payment for rent | $ 61,200 | $ 1,650 | ||
Increase in percentage | 3.00% | |||
Security deposit liability | $ 1,650 | |||
Operating lease discount rate | 12.00% | 12.00% | ||
Operating lease expenses for rent | $ 17,905 | $ 17,119 | ||
Right use of operating lease asset | $ 45,001 | $ 29,208 | 45,001 | |
ASC 2016-02 [Member] | ||||
Right use of operating lease asset | 51,063 | 51,063 | ||
Right use of operating lease liability | $ 51,063 | $ 51,063 |
SEGMENT AND GEOGRAPHIC DATA (De
SEGMENT AND GEOGRAPHIC DATA (Details) | 12 Months Ended |
Apr. 30, 2019USD ($) | |
Revenues | $ 163,740 |
Percentage of sales | 100.00% |
Software [Member] | |
Revenues | $ 5,590 |
Percentage of sales | 3.41% |
Accessories [Member] | |
Revenues | $ 7,210 |
Percentage of sales | 4.40% |
Cameras [Member] | |
Revenues | $ 150,940 |
Percentage of sales | 92.18% |
SEGMENT AND GEOGRAPHIC DATA (_2
SEGMENT AND GEOGRAPHIC DATA (Details 1) | 12 Months Ended |
Apr. 30, 2019 | |
Percentage of sales | 100.00% |
Non Government [Member] | |
Percentage of sales | 7.00% |
State, Local [Member] | |
Percentage of sales | 2.00% |
Federal [Member] | |
Percentage of sales | 91.00% |
SEGMENT AND GEOGRAPHIC DATA (_3
SEGMENT AND GEOGRAPHIC DATA (Details 2) | 12 Months Ended |
Apr. 30, 2019USD ($) | |
Revenues | $ 163,740 |
Percentage of sales | 100.00% |
Transferred over time [Member] | |
Revenues | $ 0 |
Transferred at a point in time [Member] | |
Revenues | $ 163,740 |
Percentage of sales | 10000.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
INCOME TAXES | ||
Income tax provision (benefit) at statutory rate of 21% | $ (132,000) | $ (217,784) |
Nondeductible items | 0 | 105,325 |
Subtotal | (132,000) | (112,460) |
Change in valuation allowance | 132,000 | (112,460) |
Income Tax Expense | 0 | 0 |
Net Operating Losses carryforward | 552,679 | 420,679 |
Valuation allowance | (522,679) | (420,679) |
Deferred tax asset, net | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
INCOME TAXES | ||
Effective income tax rate reconciliation tax contingencies state tax rate | 3.00% | 3.00% |
Net operating loss carryforward | $ 4,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Shareholder advance | $ 14,650 | $ 7,500 |
Paul Feldman [Member] | Series A Preferred Stock [Member] | ||
Stock issued during period for conversion, value | $ 4,000 | |
Stock issued during period for conversion, shares | 4,000,000 | |
Paul Feldman [Member] | Employment Agreement [Member] | ||
Annual salary | 100,000 | |
Deferred compensation | $ 16,538 |
REDEEMABLE PREFERRED STOCK AN_2
REDEEMABLE PREFERRED STOCK AND STOCKHOLDER'S DEFICIT (Details Narrative) - USD ($) | Sep. 20, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | May 17, 2018 |
Common stock, shares outstanding | 841,184,289 | 194,415,754 | ||
Common stock, shares authorized | 20,000,000,000 | 20,000,000,000 | 20,000,000,000 | |
Reverse stock split, description | Articles of Incorporation to affect a 1:1,000 reverse stock split. | |||
Debt instrument conversion shares issued | 185,767,820 | |||
Debt instrument conversion amount | $ (110,446) | $ (309,880) | ||
Convertible promissory notes | $ 439,465 | $ 459,398 | ||
Series A Preferred Stock [Member] | ||||
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, conversion description | The Preferred Stock pays no dividends and has no conversion rights into common stock. | |||
Preferred stock, voting rights | Each share of Preferred Stock is entitled to 200 votes per share and is redeemable in whole, but not in part, at the option of the holder for $0.0001 per share. | |||
Preferred stock, shares issued upon conversion | 200,000 | |||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |
Series A Preferred Stock [Member] | Paul Feldman [Member] | ||||
Preferred stock, voting rights | Each Series A preferred share is entitled to 200,000 (i.e., 200:1) votes per share and carries no right of conversion into shares of common stock. | |||
Stock issued during period for conversion, shares | 4,000,000 | |||
Stock issued during period for conversion, value | $ 4,000 | |||
Common Stock [Member] | ||||
Debt instrument conversion shares issued | 646,768,535 | 192,516,391 | ||
Debt instrument conversion amount | $ 115,290 | $ 317,096 | ||
Issuance of common stock for cash, shares | 100,000 | |||
Issuance of common stock for cash, value | $ 600 | |||
Stock issued in exchange for services, shares | 100,000 | |||
Convertible promissory notes | $ 113,286 | $ 433,316 | ||
Stock issued in exchange for services, value | $ 600 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Nov. 05, 2019 | Oct. 04, 2019 | Oct. 08, 2018 | Nov. 23, 2019 | Oct. 23, 2019 | Oct. 22, 2019 | Oct. 11, 2019 | Aug. 08, 2017 | Apr. 30, 2019 | Apr. 30, 2018 |
Repayments of convertible debt | $ 15,000 | $ 146,925 | $ 15,000 | $ 30,000 | ||||||
Debt instrument conversion amount | $ (110,446) | $ (309,880) | ||||||||
Subsequent Event [Member] | Secured Promissory Note [Member] | ||||||||||
Debt interest rate | 5.00% | |||||||||
Debt instrument, principal amount | $ 27,500 | |||||||||
Adar Bays, LLC [Member] | Payment Agreement [Member] | Subsequent Event [Member] | October 3, 2019 [Member] | ||||||||||
Repayments of convertible debt | $ 37,000 | $ 18,750 | $ 18,750 | |||||||
RDW Capital, LLC [Member] | Convertible Promissory Notes [Member] | ||||||||||
Debt interest rate | 24.00% | |||||||||
RDW Capital, LLC [Member] | Security Purchase Agreement [Member] | Convertible Promissory Notes [Member] | ||||||||||
Conversion interest rate | 8.00% | |||||||||
Debt conversion, description | The conversion price for each share of common stock is equal to 60% of the lowest traded price during the twenty (20) trading days immediately preceding the applicable conversion (subject to anti-dilution and market adjustments set forth in the Agreement). Upon the occurrence of any default, and at the Holder’s option, the Holder may require the Company to convert all or any part of the Note into common stock at the Alternative Conversion Price which is 50% of the lowest traded price during the twenty (20) days prior to the conversion date. In no event shall RDW effect a conversion if such conversion results in RDW beneficially owning in excess of 4.99% of the outstanding common stock of the Company. The Notes and accrued interest may be prepaid in whole or in part at any time with ten (10) days written notice to the holder for the sum of the outstanding principal and interest multiplied by one hundred and thirty percent (130%). Any principal and interest unpaid when due shall bear interest at 24% and RDW may accelerate the outstanding principal, plus accrued and unpaid interest, and other amounts owing through the date of acceleration and the amount due will be one hundred thirty percent (130%) of the outstanding principal amount of the Note and accrued and unpaid interest. In the event the Company defaults on the accelerated balance, and at the request of the Holder, the Company must pay one hundred fifty percent (150%) of the outstanding balance plus accrued interest and default interest. The Company is required to reserve three (3) times the number of shares necessary for the issuance of common stock upon conversion. | |||||||||
Debt instrument conversion amount | $ 208,256 |