Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2020 | Mar. 12, 2020 | |
Registrant CIK | 0001533357 | |
Fiscal Year End | --04-30 | |
Registrant Name | DEFENSE TECHNOLOGIES INTERNATIONAL CORP. | |
SEC Form | 10-Q | |
Period End date | Jan. 31, 2020 | |
Tax Identification Number (TIN) | 99-0363802 | |
Number of common stock shares outstanding | 8,441,062 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54851 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2683 Via De La Valle | |
Entity Address, Address Line Two | Suite G418 | |
Entity Address, City or Town | Del Mar | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92014 | |
City Area Code | (800) | |
Local Phone Number | 520-9485 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Preferred Class A | ||
Preferred Stock, Shares Outstanding | 2,925,369 | |
Preferred Class B | ||
Preferred Stock, Shares Outstanding | 520,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Cash | $ 81,185 | $ 60 |
Inventory | 26,737 | 2,787 |
Prepaid | 3,000 | 10,500 |
Total current assets | 110,922 | 13,347 |
Fixed assets | 31,836 | 0 |
Right of use lease | 62,825 | 0 |
Total assets | 205,583 | 13,347 |
Current liabilities: | ||
Accounts payable and accrued expense | 232,330 | 283,489 |
Accrued licenses agreement payable | 73,800 | 36,300 |
Accrued interest and fees payable | 144,736 | 209,981 |
Convertible notes payable, net of discount | 689,454 | 959,800 |
Derivative liabilities | 1,136,092 | 1,252,539 |
Payables - related parties | 904,122 | 749,879 |
Customer deposits | 45,695 | 0 |
Lease liability- current portion | 36,398 | 0 |
Notes payable | 429,226 | 429,226 |
Total current liabilities | 3,691,853 | 3,921,214 |
Total liabilities | 3,718,280 | 3,921,214 |
Long term liabilities | ||
Lease liability - noncurrent | 26,427 | 0 |
Commitments and Contingencies | 0 | 0 |
Stockholders' deficit: | ||
Common shares | 844 | 502 |
Additional paid-in capital | 6,205,729 | 5,496,972 |
Accumulated deficit | (9,569,949) | (9,276,082) |
Total | (3,363,032) | (3,778,608) |
Non-controlling interest | (149,665) | (129,603) |
Total stockholders' deficit | (3,512,697) | (3,908,211) |
Total liabilities and stockholders' deficit | 205,583 | 13,347 |
Series A Preferred Stock | ||
Stockholders' deficit: | ||
Preferred shares | 292 | 292 |
Series B Preferred Stock | ||
Stockholders' deficit: | ||
Preferred shares | $ 52 | $ 52 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets - Parenthetical - $ / shares | Jan. 31, 2020 | Apr. 30, 2019 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |
Preferred Stock, Shares Authorized | 20,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 8,441,062 | 5,022,244 |
Common Stock, Shares, Outstanding | 8,441,062 | 5,022,244 |
Series A Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 2,925,369 | 2,925,369 |
Preferred Stock, Shares Outstanding | 2,925,369 | 2,925,369 |
Series B Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 520,000 | 520,000 |
Preferred Stock, Shares Outstanding | 520,000 | 520,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Expenses: | ||||
General and administrative | $ 227,006 | $ 257,309 | $ 638,668 | $ 678,800 |
Total operating expenses | 227,006 | 257,309 | 638,668 | 678,000 |
Loss from operations | (227,006) | (257,309) | (638,668) | (678,000) |
Other income (expense): | ||||
Interest expense | (52,139) | (30,077) | (102,221) | (149,313) |
Gain (loss) on derivative liability | 1,577,169 | 599,132 | 2,401,565 | 1,814,124 |
Gain (loss) on extinguishment of debt | 0 | 0 | 204,906 | (10,000) |
Gain (loss) on cancellation of stock | 0 | 0 | 96,517 | 0 |
Gain (loss) on shares issued for service | 11,338 | 0 | 11,338 | 0 |
Finance costs | 1,482 | 0 | (9,206) | 0 |
Interest- note discount | (116,874) | (21,805) | (160,790) | (30,277) |
Gain (loss) on notes | (2,053,148) | 0 | (2,117,371) | (7,596) |
Total other income (expense) | (632,172) | 547,250 | 324,739 | 1,616,938 |
Income (loss) before income taxes | (859,178) | 289,941 | (313,929) | 938,138 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) before non-controlling interest | (859,178) | 289,941 | (313,929) | 938,138 |
Non- controlling interest in net loss of the consolidated subsidiary | (6,139) | (10,823) | (20,062) | (856) |
Net income (loss) attributed to the Company | $ (853,039) | $ 279,118 | $ (293,867) | $ 937,282 |
Net income (loss) per common share: | ||||
Basic net income (loss) per common share | $ (0.11) | $ 0.07 | $ (0.05) | $ 0.37 |
Diluted net income (loss) per common share | $ (0.11) | $ 0.05 | $ (0.05) | $ 0.22 |
Weighted average common shares outstanding: | ||||
Basic weighted average common shares outstanding | 7,602,724 | 4,027,687 | 6,239,867 | 2,514,927 |
Diluted weighted average common shares outstanding | 7,602,724 | 5,840,922 | 6,239,867 | 4,328,162 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Noncontrolling Interest | Total | Preferred Class A | Preferred Class B |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Apr. 30, 2018 | $ 128 | $ 5,076,110 | $ (9,745,809) | $ (15,596) | $ (4,684,787) | $ 327 | $ 52 |
Shares, Outstanding, Beginning Balance at Apr. 30, 2018 | 1,283,758 | 3,277,369 | 520,000 | ||||
Common stock issued for preferred shares, Value | $ 200 | (180) | 0 | 0 | 0 | $ (20) | $ 0 |
Common stock issued for preferred shares, Shares | 2,000,000 | (200,000) | |||||
Common stock issued for services | $ 46 | 154,810 | 0 | 0 | 154,856 | $ 0 | 0 |
Stock Issued During Period, Shares, Issued for Services | 461,425 | ||||||
Common stock issued for service cancelled | 0 | ||||||
Debt Conversion, Converted Instrument, Amount | $ 48 | 52,230 | 0 | 0 | 52,278 | 0 | 0 |
Debt Conversion, Converted Instrument, Shares Issued | 474,062 | ||||||
Debt Discount | $ 0 | 73,313 | 0 | 0 | 73,313 | 0 | 0 |
Adjustment to preferred shares, Value | 0 | 15 | 0 | 0 | 0 | $ (15) | 0 |
Adjustment to preferred shares, Shares | (152,000) | ||||||
Common stock issued for accounts payable | 114,226 | ||||||
Retirement of derivative at conversion | 28,472 | ||||||
Net income (loss) before non-controlling interest | 0 | 0 | 937,282 | 856 | 938,138 | $ 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jan. 31, 2019 | $ 422 | 5,356,298 | (8,808,527) | (14,740) | (3,466,203) | $ 292 | $ 52 |
Shares, Outstanding, Ending Balance at Jan. 31, 2019 | 4,219,245 | 2,925,369 | 520,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Oct. 31, 2018 | $ 366 | 5,233,998 | (9,087,651) | (25,563) | (3,878,506) | $ 292 | $ 52 |
Shares, Outstanding, Beginning Balance at Oct. 31, 2018 | 3,657,820 | 2,925,369 | 520,000 | ||||
Common stock issued for preferred shares, Value | $ 31 | 109,825 | 0 | 0 | 109,856 | $ 0 | $ 0 |
Common stock issued for preferred shares, Shares | 311,425 | 0 | |||||
Debt Conversion, Converted Instrument, Amount | $ 25 | 12,475 | 0 | 0 | 12,500 | $ 0 | 0 |
Debt Conversion, Converted Instrument, Shares Issued | 250,000 | ||||||
Net income (loss) before non-controlling interest | $ 0 | 0 | 279,124 | 10,823 | 289,941 | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jan. 31, 2019 | $ 422 | 5,356,298 | (8,808,527) | (14,740) | (3,466,203) | $ 292 | $ 52 |
Shares, Outstanding, Ending Balance at Jan. 31, 2019 | 4,219,245 | 2,925,369 | 520,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Apr. 30, 2019 | $ 502 | 5,496,972 | (9,276,082) | (129,603) | (3,908,211) | $ 292 | $ 52 |
Shares, Outstanding, Beginning Balance at Apr. 30, 2019 | 5,022,244 | 2,925,369 | 520,000 | ||||
Common stock issued for conversion of debt, Value | $ 264 | 182,738 | 0 | 0 | 183,002 | $ 0 | $ 0 |
Common stock issued for conversion of debt, Shares | 2,642,860 | ||||||
Common stock issued for services | $ 80 | 166,699 | 0 | 0 | 166,779 | 0 | 0 |
Stock Issued During Period, Shares, Issued for Services | 798,200 | ||||||
Common stock issued for service cancelled | $ (41) | (96,476) | 0 | 0 | $ (96,517) | 0 | 0 |
Common Stock Issued for Service Cancelled, Shares | (408,333) | 408,333 | |||||
Common stock issued for accounts payable | $ 39 | 90,206 | 0 | 0 | $ 90,245 | 0 | 0 |
Common stock issued for accounts payable, Shares | 386,091 | ||||||
Retirement of derivative at conversion | $ 0 | 365,590 | 0 | 0 | 365,590 | 0 | 0 |
Net income (loss) before non-controlling interest | 0 | 0 | (293,867) | (20,062) | (313,929) | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jan. 31, 2020 | $ 844 | 6,205,729 | (9,569,949) | (149,665) | (3,512,697) | $ 292 | $ 52 |
Shares, Outstanding, Ending Balance at Jan. 31, 2020 | 8,441,062 | 2,925,369 | 520,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Oct. 31, 2019 | $ 636 | 5,818,331 | (8,716,910) | (143,526) | (3,041,125) | $ 292 | $ 52 |
Shares, Outstanding, Beginning Balance at Oct. 31, 2019 | 6,358,025 | 2,925,369 | 520,000 | ||||
Common stock issued for services | $ 22 | 52,978 | 0 | 0 | 53,000 | $ 0 | $ 0 |
Stock Issued During Period, Shares, Issued for Services | 220,000 | ||||||
Debt Conversion, Converted Instrument, Amount | $ 166 | 78,003 | 0 | 0 | 78,169 | 0 | 0 |
Debt Conversion, Converted Instrument, Shares Issued | 1,663,037 | ||||||
Common stock issued for accounts payable | $ 20 | 39,980 | 0 | 0 | 40,000 | 0 | 0 |
Common stock issued for accounts payable, Shares | 200,000 | ||||||
Retirement of derivative at conversion | $ 0 | 216,437 | 0 | 0 | 216,437 | 0 | 0 |
Net income (loss) before non-controlling interest | 0 | 0 | (853,039) | (6,139) | (859,178) | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jan. 31, 2020 | $ 844 | $ 6,205,729 | $ (9,569,949) | $ (149,665) | $ (3,512,697) | $ 292 | $ 52 |
Shares, Outstanding, Ending Balance at Jan. 31, 2020 | 8,441,062 | 2,925,369 | 520,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) before non-controlling interest | $ (313,929) | $ 938,138 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Common shares issued for services | 166,779 | 154,856 |
Common stock issued for service cancelled | (96,517) | 0 |
Amortization of debt discount to interest expense | 160,790 | 5,266 |
(Gain) loss on derivative liability | (2,401,565) | (1,814,124) |
(Gain) loss on debt extinguishment | (204,906) | (10,000) |
Loss on note | 2,117,371 | 13,347 |
Operating lease expense | 28,649 | 0 |
Change in operating assets and liabilities: | ||
Deposits | 7,500 | 0 |
( Increase) decrease in inventory | (23,950) | (2,787) |
Increase (decrease) in accounts payable | 137,450 | 107,937 |
Operating lease liability | (28,649) | 0 |
Customer deposits | 45,695 | (3,000) |
Increase in payables - related parties | 154,243 | 220,517 |
Net cash provided by (used in) operating activities | (251,039) | (389,850) |
Net Cash Provided by (Used in) Investing Activities | ||
Purchase of fixed assets | (31,836) | 0 |
Net Cash Provided by (Used in) Investing Activities | (31,836) | 0 |
Net Cash Provided by (Used in) Financing Activities | ||
Repayment of convertible notes payable | (158,000) | (190,100) |
Proceeds from convertible notes | 522,000 | 289,000 |
Proceeds from notes payable | 0 | 300,000 |
Net Cash Provided by (Used in) Financing Activities | 364,000 | 389,900 |
Net increase (decrease) in cash | 81,125 | 50 |
Cash at beginning of period | 60 | 8 |
Cash at end of period | 81,185 | 58 |
Supplemental Cash Flow Information | ||
Interest Paid | 22,600 | 0 |
Income tax Paid | 0 | 0 |
Noncash financing and investing activities | ||
Common stock issued for convertible debt | 183,002 | 52,279 |
Common stock issued for accounts payable | 90,245 | 114,226 |
Retirement of derivative at conversion | 365,590 | 28,472 |
Derivative liability for day one | 2,607,576 | 0 |
Accrued interest paid through repayment of notes | 0 | 90,037 |
Common stock issued for the conversion of preferred shares | $ 0 | $ 200 |
1. Nature of Operations and Con
1. Nature of Operations and Continuation of Business | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
1. Nature of Operations and Continuation of Business | NOTE -1: BASIS OF PRESENTATION AND ORGANIZATION Defense Technologies International Corp. (the "Company ") was incorporated in the State of Delaware on May 27, 1998. Effective June 15, 2016, the Company changed its name to Defense Technologies International Corp. from Canyon Gold Corp. to more fully represent the Company's expansion goals into the advanced technology sector. On October 19, 2016, the Company entered into a Definitive Agreement with Controlled Capture Systems, LLC (CCS), representing the inventor of the technology and assets previously acquired by DTC, that included a new exclusive Patent License Agreement and Independent Contractor agreement. Under the license agreement with CCS, the Company acquired the world-wide exclusive rights and privileges to the CCS security technology, patents, products and improvements. The Company agreed to pay CCS an initial licensing fee of $25,000 and to pay ongoing royalties as defined in the Definitive Agreement. On May 30, 2018 the Company and Control Capture Systems, LLC amended their license agreement as follows (1) Royalty payments of 5% of gross sale from the license agreement will be calculated and paid quarterly with a minimum of $12,500 paid each quarter (2) All payment will be in US dollars or stock of the Company and or its subsidiary. The value of the stock will be a discount to market of 25% of the average trading price for the 10 days prior to conversion. The number of shares received by Control Capture prior to any reverse split are anti-dilutive (3)Invoices for parts and materials will be billed separate of the license fees noted above. Effective January 12, 2017, Passive Security Scan, Inc. ("PSSI") was incorporated in the state of Utah as subsidiary controlled by the Company. The Company transferred to PSSI its exclusive world-wide license to the defense, detection and protection security products previously acquired by the Company. The Company currently owns 76.28% of PSSI with 23.72% acquired by several individuals and entities. The Company plans to continue the development of the technology and conduct all sales and marketing activities in PSSI. Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The Companys fiscal year end is April 30. The interim condensed consolidated financial statements have been prepared without audit in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (SEC) Form 10-Q. They do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Companys audited financial statements and notes thereto for the year ended April 30, 2019 included in its Annual Report on Form 10-K filed with the SEC. The interim condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Companys consolidated financial position as of January 31, 2020, the consolidated results of its operations and its consolidated cash flows for the nine months ended January 31, 2020 and 2019 The results of operations for any interim period are not necessarily indicative of the results to be expected for the full fiscal year. Consolidation and Non-Controlling Interest These consolidated financial statements include the accounts of the Company, and its majority-owned subsidiary, PSSI, from its formation on January 12, 2017 to date. All inter-company transactions and balances have been eliminated. Inventory Inventories are stated at the lower of cost using the first-in, first-out (FIFO) cost method of accounting. Inventories as of January 31, 2020 consist of parts used in assembly of the units being sold with no work in progress or finished goods. As of January 31, 2020 and April 30, 2019 the value of the inventory was $26,737 and $2,787, respectively. Equipment Equipment is carried at the cost of acquisition and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance is expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Impairment of Long-Lived Assets We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. as of January 31, 2020, no impairment of asset was necessary. Net Income (Loss) per Common Share Basic net income or loss per common share is calculated by dividing the Companys net income or loss by the weighted average number of common shares outstanding during the period. Diluted net income or loss per common share is calculated by dividing the Companys net income or loss by sum of the weighted average number of common shares outstanding and the dilutive potential common share equivalents then outstanding. Potential dilutive common share equivalents consist of shares issuable upon exercise of outstanding stock options and warrants, using the treasury stock method and the average market price per share during the period, and conversion of convertible debt, using the if converted method. As of January 31, 2020, the Company had potential shares issuable under convertible preferred shares, outstanding options, warrants and convertible debt for a total of 43,441,701. With the loss in operations for the nine-month period ended January 31, 2020, the additional shares were determined to be non-dilutive. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)". The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees is required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2018 and are to be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. The Company has adopted the new accounting pronouncement and is recording a lease use asset and lease liability as of May 31, 2019. |
2. Going Concern
2. Going Concern | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
2. Going Concern | NOTE- 2: GOING CONCERN These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern. Through January 31, 2020, the Company has no revenues, has accumulated deficit of $9,569,949 and a working capital deficit of $3,580,931 and expects to incur further losses in the development of its business. The Company has not yet established an ongoing source of revenue sufficient to cover operating costs, which raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustment that might result from the outcome of this uncertainty. Management plans to continue to provide for the Company's capital needs during the year ending April 30, 2020 by issuing debt and equity securities and by the continued support of its related parties. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. |
3. Investments
3. Investments | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
3. Investments | NOTE 3: INVESTMENTS Effective January 12, 2017, Passive Security Scan, Inc. ("PSSI") was incorporated in the state of Utah as subsidiary controlled by the Company. The Company transferred to PSSI its exclusive world-wide license to the defense, detection and protection security products previously acquired by the Company for 17,500 shares of PSSI valued at $378,600 for 76.28% of PSSI. The balance of PSSI was acquired by four individuals and entities. The Company plans to continue the development of the technology and conduct all sales and marketing activities in PSSI. The investment was impaired as of April 30, 2019. |
4. Related Party Transactions
4. Related Party Transactions | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
4. Related Party Transactions | NOTE -4: RELATED PARTY TRANSACTIONS Management and administrative services are currently compensated as per a Service Agreement between the Company and its Chief Executive Officer and Director executed on April 25, 2016 and a Service Agreement with the subsidiary PSSI executed on January 12, 2017, a Service Agreement between the Company and a Director executed on May 20, 2016, and an Administration Agreement with a related party executed on March 15, 2011 and renewed on May 1, 2017 plus the assumption of a Service Agreement with the subsidiary PSSI assumed on January 12, 2017, whereby the fee is based on services provided and invoiced by the related parties on a monthly basis and the fees are paid in cash when possible or with common stock. The Company also, from time to time, has some of its expenses paid by related parties with the intent to repay. These types of transactions, when incurred, result in payables to related parties in the Companys consolidated financial statements as a necessary part of funding the Companys operations. As of January 31, 2020, and April 30, 2019, the Company had payable balances due to related parties totaling $904,122 and $749,879, respectively, which resulted from transactions with these related parties and other significant shareholders. |
5. Notes Payable
5. Notes Payable | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
5. Notes Payable | NOTE 5: NOTES PAYABLE On July 6, 2018 the Company signed an investment agreement with a third party. Under the terms of the agreement the Company received $250,000 through the Company attorneys trust account. On July 12, 2018 the Company received the $250,000 less wire and legal payment of $10,045. In addition the note holder will receive a royalty of 5% up to $250,000 and then a royalty of 3.5% for two years thereafter. The note holder will receive 150,000 shares of the Companys common stock plus 100,000 warrants to purchase common shares within three years at $2.50 per share. On January 26, 2019 the Company approved a loan from Brian McLain of $275,000. The note is convertible into common stock of the Company and is non-dilutive for 2 years from date of the note. In addition the Company granted the lender 100,000 warrants convertible into common shares at $1.00 per share. As of January 31, 2020, $25,000 of the loan was funded by the lender. As of January 31, 2020 and April 30, 2019 the outstanding balances of notes payable was $429,226, respectively. |
6. Convertible Debt
6. Convertible Debt | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
6. Convertible Debt | NOTE 6: CONVERTIBLE DEBT On May 22, 2018 the Company signed an agreement with an investor for a loan of $25,000. The note is convertible 180 days after the date of the note to shares of the Companys common stock at $0.75 per share or a 25% discount to the 10 day trading average prior to conversion; whichever is lower. The total amount of the loan must be converted on the date of conversion. The note has an annual interest rate of 6%. On July 10, 2018 RAB Investments AG agreed to buy the outstanding convertible debt from Jabro Funds for $35,000. The Company as part of the agreement paid Jabro Funds the $35,000 for the debt and considered it retired and paid in full. During the nine months ended January 31, 2019, the Company issued a total of 474,062 shares of its common stock in the conversion of $52,278 in convertible notes principal, accrued interest payable and fees. On May 6, 2019 the Company issued an 8% convertible note to Black Ice Advisors, LLC for $57,500 which matures on May 6, 2020. The note redeemable at a premium up to 140% of the face value within 180 days of issuance or is convertible after 180 days to the Company common stock at 60% of the lowest trading price twenty days prior to conversion. On May 10, 2019 the Company entered into a settlement agreement with Firstfire Global for payment of the original note for $189,000 issued on July 18, 2016. Under the terms of the agreement the Company paid Firstfire $65,000 on May 10, 2019 and $10,000 to be paid on or before May 31, 2019. In addition Firstfire received 150,000 shares of the Company. On September 12, 2019 the $10,000 was converted in to 123,456 shares of common stock. On July 11, 2019 the Company issued an 8% convertible note to GS Capital Partners, LLC for $58,000 which matures on July 11, 2020. The note redeemable at a premium up to 135% of the face value within 180 days of issuance or is convertible after 180 days to the Company common stock at 62% of the lowest trading price twenty days prior to conversion. On January 16, 2020 the Company paid GS Capital partners $80,620 consisting of principal of the face amount of the note of $58,000 plus $22,600 in prepayment penalty which was charged to interest. On November 1, 2019 the Company issued a convertible note to Adar Alef, LLC for $40,700 with a $3,700 original discount. The note matures on October 31, 2020 bearing interest at the rate of 8% per annum. The note is convertible into common stock of the Company after 180 days at the rate of 70% of the lowest trading price for twenty days prior to conversion. The note may be repaid to the issuer within 180 days from issuance at variable premium rates of 115% to135% above face value. On November 12, 2019 the Company issued a convertible note to Platinum Point Capital, LLC for $41,250 with an original discount of $3,750. The note matures on November 12, 2020 bearing interest at the rate of 8% per annum with a default rate of 24%. The note is convertible into common stock of the Company after 180 days at the rate of 60% of the lowest trading price for twenty days prior to conversion. The note may be repaid to the issuer after 90 days and within 180 days from issuance at a premium rates of 140% above face value. On November 12, 2019 the Company issued a convertible note to Jefferson Street Capital, LLC for $41,250 with an original discount of $3,750. The note matures on November 12, 2020 bearing interest at the rate of 8% per annum with a default rate of 24%. The note is convertible into common stock of the Company after 180 days at the rate of 60% of the lowest trading price for twenty days prior to conversion. The note may be repaid to the issuer after 90 days and within 180 days from issuance at a premium rates of 140% above face value. On December 20, 2019 the Company issued a convertible note to Lliah for $63,950 with an original discount of $8,950. The note matures on December 19, 2020 bearing interest at the rate of 8% per annum. The note is convertible into common stock of the Company after 180 days at the rate of 60% of the lowest trading price for twenty days prior to conversion. The note may be repaid to the issuer within 180 days from issuance at variable premium rates of 115% to 135% above face value. On January 10, 2020 the Company issued a convertible note to Crown Bridge Partners, LLC with a principal; amount of $171,000 and a prorate original discount of $15,000. The first tranche of the note received by the Company was a face value of $57,000 and net amount received of $50,000. Each tranche of the note matures twelve months from receipt of the tranche and bears interest at the rate of 10% per annum with a default rate of 15%. The note is convertible into common stock of the Company after 180 days at the rate of 60% of the lowest trading price for twenty days prior to conversion. The note may be repaid to the issuer within 180 days from issuance at variable premium rates of 125% above face value. On January 13, 2020 the Company issued an additional note to Ionic Ventures, LLC for $220,000 with an original discount of $20,000. The note is part of a securities purchase agreement dated August 31, 2018. The note matures on June 20, 2020 bearing interest at the rate of 15% per annum. The note is convertible into common stock of the Company at $0.60 per share or of 60% of the lowest trading price for twenty days prior to conversion, whichever is the lowest. During the nine months ended January 31, 2020 the Company issued 2,642,860 shares of common stock with a value of $183,002 for debt. As of January 31, 2020, and April 30, 2019, the convertible debt outstanding, net of discount, was $689,454 and $959,800, respectively. |
7. Fair Value Measurements and
7. Fair Value Measurements and Derivative Liabilities | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
7. Fair Value Measurements and Derivative Liabilities | NOTE 7: FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 Level 2 - Level 3 As of January 31, 2020, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments. The following table represents the change in the fair value of the derivative liabilities during the nine months ended January 31, 2020: Level 1 Level 2 Level 3 Balance at January 31, 2020 $ -- $ -- $ 1,136,092 The estimated fair value of the derivative liabilities at January 31, 2020 was calculated using the Binomial Lattice pricing model with the following assumptions: Risk-free interest rate 2.00% Expected life in years 0.25 to 0.85 Dividend yield 0% Expected volatility 443.00% |
8. Equity
8. Equity | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
8. Equity | NOTE 8: EQUITY Common Stock During the nine months ended January 31, 2019 the Company issued 461,425 shares of common stock with a value of $154,856 for service. During the nine month period ended January 31, 2019, the Company issued 474,062 shares of its common stock in the conversion of debt of $52,278. On May 10, 2019 the Company issued 150,000 shares of common stock to First Fire Financial as part of a debt settlement with a value of $37,501. On May 20, 2019 the Company approved the issuance of 2,831,350 shares of its common stock for the conversion of 283,135 for Series A preferred with a value of $28. As of January 31, 2020 the Common shares had not been issued and the conversion was not completed. During the nine months ended January 31, 2020 the Company issued 2,642,860 shares of common stock with a value of $183,002 for debt. During the nine months ended January 31, 2020 the Company issued 386,091 shares of common stock with a value of $90,245 for accounts payable. During the nine month period ended January 31, 2020, the Company issued 798,200 shares of its common stock for service with a value of $166,779. During the nine month period ended January 31, 2020, the Company cancelled 408,333 shares of its common stock for service with a value of $96,517. The shares were cancelled as they had been authorized by the Company but never issued by the transfer agent thus the Company elected to cancel the shares. The cancellation resulted in a gain on cancellation of shares of $96,517. Preferred Stock The Company has 20,000,000 shares of $0.0001 par value preferred stock authorized and has designated Series A and Series B preferred stock. Each share of the Series A preferred stock is convertible into ten common shares and carries voting rights on the basis of 100 votes per share. Each share of the Series B preferred stock is convertible into ten common shares and carries no voting rights. On May 20, 2019 the Company approved the issuance of 2,831,350 shares of its common stock for the conversion of 283,135 for Series A preferred with a value of $28. As of January 31, 2020 the Common shares had not been issued and the conversion was not completed. As of January 31, 2020 the Company had 2,925,369 Series A and 520,000 Series B preferred share issued and outstanding. |
NOTE - 9_ STOCK OPTIONS
NOTE - 9: STOCK OPTIONS | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
NOTE - 9: STOCK OPTIONS | NOTE 9: STOCK OPTIONS During the year ended April 30, 2019 the Company issued 250,000 warrants with a conversion price of $1.00 to one individual. The options have a three year term and are convertible into the common shares of the Company. A summary of the Companys stock options as of January 31, 2020, and changes during the nine months then ended is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (Years) Aggregate Intrinsic Value Outstanding at April 30, 2019 250,000 $ 1.00 2.00 $ 205,000 Granted -- $ -- -- -- Exercised -- $ -- -- -- Forfeited or expired -- $ -- -- -- Outstanding and exercisableat January 31, 2020 250,000 $ 1.00 1.25 $ 182,500 |
NOTE - 10_ WARRANTS
NOTE - 10: WARRANTS | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
NOTE - 10: WARRANTS | NOTE 10: WARRANTS During the year ended April 30, 2019 the Company issued 600,000 warrants with a conversion price of $0.70 to $2.50 to four individuals. The warrants have a three and one half year term and are convertible into the common shares of the Company. A summary of the Companys warrants as of January 31, 2020, and changes during the nine months then ended is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (Years) Aggregate Intrinsic Value Outstanding at April 30, 2019 600,000 $ 1.20 3.00 $ 492,000 Granted -- $ -- -- -- Exercised -- $ -- -- -- Forfeited or expired -- $ -- -- -- Outstanding and exercisableat January 31, 2020 600,000 $ 1.20 2.25 $ 558,000 |
11. Contingencies and Commitmen
11. Contingencies and Commitments | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
11. Contingencies and Commitments | NOTE 11: COMMITMENTS AND CONTINGENCIES The Company has the following material commitments as of January 31, 2020: a) Administration Agreement with EMAC Handels AG, renewed effective May 1, 2017 for a period of three years. Monthly fee for administration services of $5,000 , office rent of $250 and office supplies of $125 . Extraordinary expenses are invoiced by EMAC on a quarterly basis. The fee may be paid in cash and or with common stock. b) Service Agreement signed April 25, 2016 with Merrill W. Moses, President, Director and CEO, for services of $7,500 per month beginning May 2016 and the issuance of 233 restricted common shares of the Company. The fees may be paid in cash and or with common stock. c) Service Agreement signed May 20, 2016 with Charles C. Hooper, Director, for services of $5,000 per month beginning May 2016 and the issuance of 233 restricted common shares of the Company. The fees may be paid in cash and or with common stock. d) Administration and Management Agreement of PSSI signed January 12, 2017 with EMAC Handel Investments AG, for general fees of $5,000 per month, office rent of $250 and telephone of $125 beginning January 2017, the issuance of 2,000 common shares of PSSI and a 12% royalty calculated on defines sales revenues payable within 10 days after the monthly sales. e) Service Agreement of PSSI signed January 12, 2017 with Merrill W. Moses, President, Director and CEO, for services of $2,500 per month beginning February 2017 and the issuance of 333 common shares of PSSI. f) Business Development and Consulting Agreement of PSSI signed January 15, 2017 with WSMG Advisors, Inc., for finders fees of 10% of funding raised for PSSI and the issuance of 1,000 common shares of PSSI. On May 30, 2018 the Company and Control Capture Systems, LLC amended their license agreement as follows. · · · |
12. Lease
12. Lease | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
12. Lease | NOTE 12: LEASE On October 16, 2018 the Company signed a three year lease for the Companys warehouse space effective on November 1, 2018 through October 31, 2021. The lease is for approximately 4,700 square feet of warehouse space with a gross monthly rental cost including common area charges of $3,250. The yearly rental obligations including the lease agreements are as follows: Fiscal Year 2020 $ 9,750 2021 $ 39,000 2022 19,500 Total $ 68,250 Under the new standards the lease has been determined to be an operating lease with a fair value was determined to be $91,474 which is presented in the balance sheet as an asset labeled right to use lease offset by a liability labeled lease liability. The rate was determined as a fair value of the lease over a 30 month period using a 5% interest rate for the present value calculation. During the nine months ended January 31, 2020 the asset and liability were both reduced by $28,649. |
13. Subsequent Events
13. Subsequent Events | 9 Months Ended |
Jan. 31, 2020 | |
Notes | |
13. Subsequent Events | NOTE 3: SUBSEQUENT EVENTS The Company has evaluated subsequent events to determine events occurring after January 31, 2020 through March 12, 2020 that would have a material impact on the Companys financial results or require disclosure and have determined none exist. |
1. Nature of Operations and C_2
1. Nature of Operations and Continuation of Business: Consolidation and Non-Controlling Interest (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Consolidation and Non-Controlling Interest | Consolidation and Non-Controlling Interest These consolidated financial statements include the accounts of the Company, and its majority-owned subsidiary, PSSI, from its formation on January 12, 2017 to date. All inter-company transactions and balances have been eliminated. |
1. Nature of Operations and C_3
1. Nature of Operations and Continuation of Business: Inventory (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Inventory | Inventory Inventories are stated at the lower of cost using the first-in, first-out (FIFO) cost method of accounting. Inventories as of January 31, 2020 consist of parts used in assembly of the units being sold with no work in progress or finished goods. As of January 31, 2020 and April 30, 2019 the value of the inventory was $26,737 and $2,787, respectively. |
1. Nature of Operations and C_4
1. Nature of Operations and Continuation of Business: Equipment (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Equipment | Equipment Equipment is carried at the cost of acquisition and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance is expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. |
1. Nature of Operations and C_5
1. Nature of Operations and Continuation of Business: Use of Estimates (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
1. Nature of Operations and C_6
1. Nature of Operations and Continuation of Business: Impairment of Long-lived Assets (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Impairment of Long-lived Assets | Impairment of Long-Lived Assets We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. as of January 31, 2020, no impairment of asset was necessary. |
1. Nature of Operations and C_7
1. Nature of Operations and Continuation of Business: Net Income (Loss) Per Common Share (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Net Income (Loss) Per Common Share | Net Income (Loss) per Common Share Basic net income or loss per common share is calculated by dividing the Companys net income or loss by the weighted average number of common shares outstanding during the period. Diluted net income or loss per common share is calculated by dividing the Companys net income or loss by sum of the weighted average number of common shares outstanding and the dilutive potential common share equivalents then outstanding. Potential dilutive common share equivalents consist of shares issuable upon exercise of outstanding stock options and warrants, using the treasury stock method and the average market price per share during the period, and conversion of convertible debt, using the if converted method. As of January 31, 2020, the Company had potential shares issuable under convertible preferred shares, outstanding options, warrants and convertible debt for a total of 43,441,701. With the loss in operations for the nine-month period ended January 31, 2020, the additional shares were determined to be non-dilutive. |
1. Nature of Operations and C_8
1. Nature of Operations and Continuation of Business: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)". The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees is required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2018 and are to be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. The Company has adopted the new accounting pronouncement and is recording a lease use asset and lease liability as of May 31, 2019. |
7. Fair Value Measurements an_2
7. Fair Value Measurements and Derivative Liabilities: Fair Value of Financial Instruments, Policy (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Policies | |
Fair Value of Financial Instruments, Policy | As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 Level 2 - Level 3 |
7. Fair Value Measurements an_3
7. Fair Value Measurements and Derivative Liabilities: Schedule of Derivative Liability Related to the Conversion Feature (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Tables/Schedules | |
Schedule of Derivative Liability Related to the Conversion Feature | Level 1 Level 2 Level 3 Balance at January 31, 2020 $ -- $ -- $ 1,136,092 |
7. Fair Value Measurements an_4
7. Fair Value Measurements and Derivative Liabilities: Schedule of Assumptions Used (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Tables/Schedules | |
Schedule of Assumptions Used | Risk-free interest rate 2.00% Expected life in years 0.25 to 0.85 Dividend yield 0% Expected volatility 443.00% |
NOTE - 9_ STOCK OPTIONS_ Disclo
NOTE - 9: STOCK OPTIONS: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Stock Options | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (Years) Aggregate Intrinsic Value Outstanding at April 30, 2019 250,000 $ 1.00 2.00 $ 205,000 Granted -- $ -- -- -- Exercised -- $ -- -- -- Forfeited or expired -- $ -- -- -- Outstanding and exercisableat January 31, 2020 250,000 $ 1.00 1.25 $ 182,500 |
NOTE - 10_ WARRANTS_ Disclosure
NOTE - 10: WARRANTS: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Warrants | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (Years) Aggregate Intrinsic Value Outstanding at April 30, 2019 600,000 $ 1.20 3.00 $ 492,000 Granted -- $ -- -- -- Exercised -- $ -- -- -- Forfeited or expired -- $ -- -- -- Outstanding and exercisableat January 31, 2020 600,000 $ 1.20 2.25 $ 558,000 |
12. Lease_ Schedule of Future M
12. Lease: Schedule of Future Minimum Lease Payments for Capital Leases (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Tables/Schedules | |
Schedule of Future Minimum Lease Payments for Capital Leases | Fiscal Year 2020 $ 9,750 2021 $ 39,000 2022 19,500 Total $ 68,250 |
1. Nature of Operations and C_9
1. Nature of Operations and Continuation of Business (Details) | 9 Months Ended |
Jan. 31, 2020 | |
Details | |
Entity Incorporation, State Country Name | Delaware |
Entity Incorporation, Date of Incorporation | May 27, 1998 |
1. Nature of Operations and _10
1. Nature of Operations and Continuation of Business: Inventory (Details) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Details | ||
Inventory | $ 26,737 | $ 2,787 |
1. Nature of Operations and _11
1. Nature of Operations and Continuation of Business: Impairment of Long-lived Assets (Details) | Jan. 31, 2020USD ($) |
Details | |
Investments | $ 378,600 |
1. Nature of Operations and _12
1. Nature of Operations and Continuation of Business: Net Income (Loss) Per Common Share (Details) | 9 Months Ended |
Jan. 31, 2020shares | |
Details | |
Potential shares issuable under outstanding options, warrants and convertible debt | 43,441,701 |
2. Going Concern (Details)
2. Going Concern (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 139 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | |
Details | |||||
Net income (loss) attributed to the Company | $ 853,039 | $ (279,118) | $ 293,867 | $ (937,282) | $ 9,569,949 |
Working capital deficit | $ 3,580,931 | $ 3,580,931 | $ 3,580,931 |
3. Investments (Details)
3. Investments (Details) | Jan. 31, 2020USD ($) |
Details | |
Investments | $ 378,600 |
4. Related Party Transactions (
4. Related Party Transactions (Details) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Details | ||
Payables - related parties | $ 904,122 | $ 749,879 |
5. Notes Payable (Details)
5. Notes Payable (Details) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Notes payable | $ 429,226 | $ 429,226 |
July 6, 2018 Note Payable | ||
Notes payable | $ 250,000 | |
January 26, 2019 Note Payable | ||
Notes payable | $ 275,000 |
6. Convertible Debt (Details)
6. Convertible Debt (Details) - USD ($) | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Convertible notes payable, net of discount | $ 689,454 | $ 959,800 | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,642,860 | ||
Common stock issued for convertible debt | $ 183,002 | $ 52,279 | |
Convertible Note Payable 1 | |||
Debt Conversion, Converted Instrument, Type | agreement with an investor | ||
Convertible notes payable, net of discount | 25,000 | ||
Convertible Note Payable 2 | |||
Debt Conversion, Converted Instrument, Type | convertible debt from Jabro Funds | ||
Convertible notes payable, net of discount | 35,000 | ||
Convertible Note Payable 3 | |||
Debt Conversion, Converted Instrument, Type | convertible notes principal | ||
Convertible notes payable, net of discount | 52,278 | ||
Convertible Note Payable 4 | |||
Debt Conversion, Converted Instrument, Type | 8% convertible note to Black Ice Advisors, LLC | ||
Convertible notes payable, net of discount | 57,500 | ||
Convertible Note Payable 5 | |||
Debt Conversion, Converted Instrument, Type | settlement agreement with Firstfire Global | ||
Convertible notes payable, net of discount | 189,000 | ||
Convertible Note Payable 6 | |||
Debt Conversion, Converted Instrument, Type | 8% convertible note to GS Capital Partners, LLC | ||
Convertible notes payable, net of discount | 58,000 | ||
Convertible Note Payable 7 | |||
Debt Conversion, Converted Instrument, Type | convertible note to Adar Alef, LLC | ||
Convertible notes payable, net of discount | 40,700 | ||
Convertible Note Payable 8 | |||
Debt Conversion, Converted Instrument, Type | convertible note to Platinum Point Capital, LLC | ||
Convertible notes payable, net of discount | 41,250 | ||
Convertible Note Payable 9 | |||
Debt Conversion, Converted Instrument, Type | convertible note to Jefferson Street Capital, LLC | ||
Convertible notes payable, net of discount | 41,250 | ||
Convertible Note Payable 10 | |||
Debt Conversion, Converted Instrument, Type | convertible note to Lliah | ||
Convertible notes payable, net of discount | 63,950 | ||
Convertible Note Payable 11 | |||
Debt Conversion, Converted Instrument, Type | convertible note to Crown Bridge Partners, LLC | ||
Convertible notes payable, net of discount | 171,000 | ||
Convertible Note Payable 12 | |||
Debt Conversion, Converted Instrument, Type | additional note to Ionic Ventures, LLC | ||
Convertible notes payable, net of discount | $ 220,000 |
7. Fair Value Measurements an_5
7. Fair Value Measurements and Derivative Liabilities: Schedule of Derivative Liability Related to the Conversion Feature (Details) | Jan. 31, 2020USD ($) |
Fair Value, Inputs, Level 3 | |
Derivative Liability | $ 1,136,092 |
7. Fair Value Measurements an_6
7. Fair Value Measurements and Derivative Liabilities: Schedule of Assumptions Used (Details) | 9 Months Ended |
Jan. 31, 2020 | |
Fair Value Assumptions, Risk Free Interest Rate | 0.0200 |
Fair Value Assumptions, Expected Dividend Rate | 0 |
Fair Value Assumptions, Expected Volatility Rate | 4.4300 |
Minimum | |
Fair Value Assumptions, Expected Term | 3 months |
Maximum | |
Fair Value Assumptions, Expected Term | 10 months 6 days |
8. Equity (Details)
8. Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Common Stock Issued for Service Cancelled, Shares | 408,333 | ||||
Common stock issued for service cancelled | $ (96,517) | $ 0 | |||
Gain (loss) on cancellation of stock | $ 0 | $ 0 | $ 96,517 | $ 0 | |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||
Series A Preferred Stock | |||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred Stock, Shares Issued | 2,925,369 | 2,925,369 | 2,925,369 | ||
Preferred Stock, Shares Outstanding | 2,925,369 | 2,925,369 | 2,925,369 | ||
Series B Preferred Stock | |||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred Stock, Shares Issued | 520,000 | 520,000 | 520,000 | ||
Preferred Stock, Shares Outstanding | 520,000 | 520,000 | 520,000 | ||
Common Stock Issuance 1 | |||||
Stock Issued During Period, Shares, New Issues | 461,425 | ||||
Stock Issued During Period, Value, New Issues | $ 154,856 | ||||
Common Stock Issuance 2 | |||||
Stock Issued During Period, Shares, New Issues | 474,062 | ||||
Stock Issued During Period, Value, New Issues | $ 52,278 | ||||
Common Stock Issuance 3 | |||||
Stock Issued During Period, Shares, New Issues | 150,000 | ||||
Stock Issued During Period, Value, New Issues | $ 37,501 | ||||
Common Stock Issuance 4 | |||||
Stock Issued During Period, Shares, New Issues | 2,831,350 | ||||
Stock Issued During Period, Value, New Issues | $ 28 | ||||
Common Stock Issuance 5 | |||||
Stock Issued During Period, Shares, New Issues | 2,642,860 | ||||
Stock Issued During Period, Value, New Issues | $ 183,002 | ||||
Common Stock Issuance 6 | |||||
Stock Issued During Period, Shares, New Issues | 386,091 | ||||
Stock Issued During Period, Value, New Issues | $ 90,245 | ||||
Common Stock Issuance 7 | |||||
Stock Issued During Period, Shares, New Issues | 798,200 | ||||
Stock Issued During Period, Value, New Issues | $ 166,779 | ||||
Common Stock Issuance 8 | |||||
Stock Issued During Period, Shares, New Issues | 2,831,350 |
NOTE - 9_ STOCK OPTIONS_ Disc_2
NOTE - 9: STOCK OPTIONS: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - Stock Options | 9 Months Ended | |
Jan. 31, 2020USD ($)$ / sharesshares | Apr. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 250,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1 | |
Share Based Compensation Arrangement By Share Based Payment Award, Weighted Average Remaining Contract Term (Years) | 1.25 | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 182,500 | $ 205,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | shares | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 250,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1 |
NOTE - 10_ WARRANTS_ Disclosu_2
NOTE - 10: WARRANTS: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - Warrants | 9 Months Ended | |
Jan. 31, 2020USD ($)$ / sharesshares | Apr. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 600,000 | 600,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.20 | |
Share Based Compensation Arrangement By Share Based Payment Award, Weighted Average Remaining Contract Term (Years) | 2.25 | 3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 558,000 | $ 492,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | shares | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 1.20 |
11. Contingencies and Commitm_2
11. Contingencies and Commitments (Details) | 9 Months Ended |
Jan. 31, 2020USD ($) | |
EMAC Handels Ag | |
Monthly fee for administration services | $ 5,000 |
Monthly fee for Office Rent | 250 |
Monthly fee for Office Supplies | 125 |
Merrill W Moses | |
Monthly fee for administration services | 2,500 |
Monthly Director's fee per Service Agreement | 7,500 |
Charles C Hooper | |
Monthly fee for administration services | 5,000 |
RAB Investments | |
Monthly fee for administration services | 5,000 |
Monthly fee for Office Rent | 250 |
Monthly fee for telephone | $ 125 |
12. Lease (Details)
12. Lease (Details) - USD ($) | 9 Months Ended | |
Jan. 31, 2020 | Apr. 30, 2019 | |
Operating Lease Monthly Rental Obligation | $ 3,250 | |
Right of use lease | 62,825 | $ 0 |
Fair Value of Operating Lease | ||
Right of use lease | 91,474 | |
Lease Liability | ||
Right of use lease | $ 28,649 |
12. Lease_ Schedule of Future_2
12. Lease: Schedule of Future Minimum Lease Payments for Capital Leases (Details) | Jan. 31, 2020USD ($) |
Details | |
Operating Leases, Future Minimum Payments, Next Rolling Twelve Months | $ 9,750 |
Operating Leases, Future Minimum Payments, Due in Two Years | 39,000 |
Operating Leases, Future Minimum Payments, Due in Three Years | 19,500 |
Operating Leases, Future Minimum Payments Due | $ 68,250 |