Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 31, 2019 | Sep. 16, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | MMEX Resources Corp | |
Entity Central Index Key | 0001440799 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jul. 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Common Stock Shares Outstanding | 1,472,895,881 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Current assets: | ||
Cash | $ 3,143 | $ 55,188 |
Prepaid expenses and other current assets | 27,834 | 38,949 |
Total current assets | 30,977 | 94,137 |
Property and equipment, net | 525,043 | 531,167 |
Deposit | 900 | 900 |
Total assets | 556,920 | 626,204 |
Current liabilities: | ||
Accounts payable | 690,344 | 706,192 |
Accrued expenses | 350,618 | 307,078 |
Accounts payable and accrued expenses - related party | 60,855 | 41,036 |
Notes payable, currently in default | 75,001 | 75,001 |
Convertible notes payable, currently in default, net of discount of $0 and $0 at July 31, 2019 and April 30, 2019, respectively | 75,000 | 75,000 |
Convertible notes payable, net of discount of $510,187 and $869,433 at July 31, 2019 and April 30, 2019, respectively | 1,284,958 | 783,836 |
Derivative liabilities | 1,191,956 | 1,825,596 |
Total current liabilities | 3,728,732 | 3,813,739 |
Long-term liabilities: | ||
Convertible notes payable, net of discount of $120,149 and $263,960 at July 31, 2019 and April 30, 2019, respectively | 122,961 | 176,140 |
Total liabilities | 3,851,693 | 3,989,879 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Additional paid-in capital | 36,106,122 | 35,622,398 |
Non-controlling interest | 9,871 | 9,871 |
Accumulated deficit | (39,801,065) | (39,064,118) |
Total stockholders' deficit | (3,294,773) | (3,363,675) |
Total liabilities and stockholders' deficit | 556,920 | 626,204 |
Common Class A [Member] | ||
Stockholders' deficit: | ||
Common Stock Value | 375,299 | 53,174 |
Common Class B [Member] | ||
Stockholders' deficit: | ||
Common Stock Value | $ 15,000 | $ 15,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Current liabilities: | ||
Convertible notes, net of discount currently in default | $ 0 | $ 0 |
Convertible notes payable, net of discount | 510,187 | 869,433 |
Long-term liabilities: | ||
Convertible note payable, net of discount | $ 120,149 | $ 263,960 |
Common Class A [Member] | ||
Stockholders' deficit: | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, Issued | 375,297,755 | 53,172,427 |
Common stock, outstanding | 375,297,755 | 53,172,427 |
Common Class B [Member] | ||
Stockholders' deficit: | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, Issued | 15,000,000 | 15,000,000 |
Common stock, outstanding | 15,000,000 | 15,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Condensed Consolidated Statements of Operations (Unaudited) | ||
Revenues | ||
Operating expenses: | ||
General and administrative expenses | 246,107 | 400,248 |
Refinery start-up costs | 51,400 | 161,832 |
Depreciation and amortization | 8,587 | 571 |
Total operating expenses | 306,094 | 562,651 |
Loss from operations | (306,094) | (562,651) |
Other income (expense): | ||
Interest expense | (687,972) | (406,997) |
Gain (loss) on derivative liabilities | 255,127 | (2,876) |
Gain on extinguishment of liabilities | 1,992 | (1,252) |
Total other expense | (430,853) | (411,125) |
Loss before income taxes | (736,947) | (973,776) |
Provision for income taxes | ||
Net loss | (736,947) | (973,776) |
Non-controlling interest in income of consolidated subsidiaries | ||
Net loss attributable to the Company | $ (736,947) | $ (973,776) |
Net loss per common share - basic and diluted | $ (0.01) | $ (0.04) |
Weighted average number of common shares outstanding - basic and diluted | 111,310,436 | 22,832,461 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders Deficit (Unaudited) - USD ($) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Stock Subscriptions Receivable [Member] | Accumulated Deficit [Member] |
Balance, shares at Apr. 30, 2018 | 21,274,369 | 15,000,000 | |||||
Balance, amount at Apr. 30, 2018 | $ (1,945,922) | $ 21,274 | $ 15,000 | $ 33,085,221 | $ 9,871 | $ (35,077,288) | |
Shares issued for: Services, Shares | 99,623 | ||||||
Net loss | (973,776) | $ (973,776) | |||||
Shares issued for: Services, Amount | 38,026 | $ 100 | 37,926 | ||||
Accrued expenses, Shares | 16,031 | ||||||
Accrued expenses, Amount | 6,252 | $ 16 | 6,236 | ||||
Conversion of convertible notes payable and derivative liabilities, Shares | 2,047,771 | ||||||
Conversion of convertible notes payable and derivative liabilities | 308,617 | $ 2,048 | 306,569 | ||||
Subscriptions receivable, Shares | 989,474 | ||||||
Subscriptions receivable, Amount | $ 989 | 115,263 | $ (116,252) | ||||
Settlement of derivative liabilities | $ 244,639 | $ 244,639 | |||||
Balance, shares at Jul. 31, 2018 | 24,427,268 | 15,000,000 | |||||
Balance, amount at Jul. 31, 2018 | $ (2,322,164) | $ 24,427 | $ 15,000 | $ 33,795,854 | $ 9,871 | $ (116,252) | $ (36,051,064) |
Balance, shares at Apr. 30, 2019 | 53,172,427 | 15,000,000 | |||||
Balance, amount at Apr. 30, 2019 | $ (3,363,675) | $ 53,174 | $ 15,000 | $ 35,622,398 | $ 9,871 | $ (39,064,118) | |
Shares issued for: Services, Shares | 30,000 | ||||||
Net loss | (736,947) | $ (736,947) | |||||
Shares issued for: Services, Amount | 84 | $ 30 | 54 | ||||
Accrued expenses, Shares | 1,116,961 | ||||||
Accrued expenses, Amount | 11,508 | $ 1,117 | 10,391 | ||||
Conversion of convertible notes payable and derivative liabilities, Shares | 320,978,367 | ||||||
Conversion of convertible notes payable and derivative liabilities | 368,932 | $ 320,978 | 47,954 | ||||
Subscriptions receivable, Shares | |||||||
Subscriptions receivable, Amount | |||||||
Settlement of derivative liabilities | $ 425,325 | $ 425,325 | |||||
Balance, shares at Jul. 31, 2019 | 375,297,755 | 15,000,000 | |||||
Balance, amount at Jul. 31, 2019 | $ (3,294,773) | $ 375,299 | $ 15,000 | $ 36,106,122 | $ 9,871 | $ (39,801,065) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (736,947) | $ (973,776) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 8,587 | 571 |
Stock-based compensation | 84 | 38,026 |
Loss (gain) on derivative liabilities | (255,127) | 2,876 |
Loss (gain) on extinguishment of liabilities | (1,992) | 1,252 |
Amortization of debt discount | 591,069 | 381,617 |
Decrease in prepaid expenses and other current assets | 11,115 | 2,500 |
Increase (decrease) in liabilities: | ||
Accounts payable | (15,848) | 75,178 |
Accrued expenses | 64,358 | 43,380 |
Accounts payable and accrued expenses - related party | 19,819 | 2,500 |
Net cash used in operating activities | (314,882) | (425,876) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (2,463) | |
Net cash used in investing activities | (2,463) | |
Cash flows from financing activities: | ||
Proceeds from convertible notes payable | 365,300 | 140,000 |
Repayments of convertible notes payable | (100,000) | |
Net cash provided by financing activities | 265,300 | 140,000 |
Net decrease in cash | (52,045) | (285,876) |
Cash at the beginning of the period | 55,188 | 304,173 |
Cash at the end of the period | 3,143 | 18,297 |
Supplemental disclosure: | ||
Interest paid | 10,402 | |
Income taxes paid | ||
Non-cash investing and financing activities: | ||
Common stock issued in conversion of debt | 368,932 | 308,617 |
Common stock issued for accrued expenses | 13,500 | 5,000 |
Common stock issued for stock subscriptions receivable | 116,252 | |
Settlement of derivative liability | 425,325 | 244,639 |
Derivative liabilities for debt discount | 46,812 | $ 127,295 |
Related party gain on common shares issued for services | $ 2,491 |
BACKGROUND, ORGANIZATION AND BA
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Jul. 31, 2019 | |
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | |
NOTE 1 - BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | MMEX Resources Corporation (the “Company” or “MMEX”) is a company engaged in the exploration, extraction, refining and distribution of oil, gas, petroleum products and electric power. We plan to focus on the acquisition, development and financing of oil, gas, refining and electric power projects in Texas, Peru, and other countries in Latin America using the expertise of our principals to identify, finance and acquire these projects. The most significant focus of our current business plan is to build crude oil refining facilities in the Permian Basin in West Texas. MMEX was formed as a Nevada corporation in 2005. The current management team led an acquisition of the Company (then named Management Energy, Inc.) through a reverse merger completed on September 23, 2010 and changed the Company’s name to MMEX Mining Corporation on February 11, 2011 and to MMEX Resources Corporation on April 6, 2016 The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership or through common ownership: Name of Entity % Form of Entity State of Incorporation Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Refining & Transport, LLC (“Pecos Refining”) 100% Corporation Texas Subsidiary Armadillo Holdings Group Corp. (“AHGC”) 100% Corporation British Virgin Isles Subsidiary Armadillo Mining Corp. (“AMC”) 98.6% Corporation British Virgin Isles Subsidiary Pecos Refining was formed in June 2017 with the Company as its sole member. Through Pecos Refining, the Company plans to build and commence operations of a crude oil distillation unit in the Permian Basin in West Texas. As of April 13, 2016, the Company assigned AMC to an irrevocable trust (the “Trust”), whose beneficiaries are the existing shareholders of MMEX. The accounts of AMC are included in the consolidated financial statements due to the common ownership. AMC through the Trust controls the Hunza coal interest previously owned by MMEX. All significant inter-company transactions have been eliminated in the preparation of the consolidated financial statements. These financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for a fair presentation of the information contained therein. The Company has adopted a fiscal year end of April 30. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jul. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Our significant accounting policies are described in our Annual Report on Form 10-K for the year ended April 30, 2019 filed with the SEC on July 26, 2019. Consolidation The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Property and equipment Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Refinery land improvements 15 years Refinery land easements 10 years The refinery land easements owned by the Company have a legal life of 10 years Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management. Derivative liabilities In a series of subscription agreements, the Company issued warrants in prior years that contain certain anti-dilution provisions that have been identified as derivatives. In addition, the Company identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. As of July 31, 2019, the number of warrants or common shares to be issued under these agreements is indeterminate; therefore, the Company concluded that the equity environment is tainted and all additional warrants, stock options and convertible debt are included in the value of the derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. Fair value of financial instruments Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, Financial Instruments, An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value using a hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy prioritized the inputs into three levels that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in markets that are not active. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows: July 31, 2019 Total Level 1 Level 2 Level 3 Derivative liabilities $ 1,191,956 $ - $ - $ 1,191,956 April 30, 2019 Total Level 1 Level 2 Level 3 Derivative liabilities $ 1,825,596 $ - $ - $ 1,825,596 Revenue Recognition Effective May 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. Refinery start-up costs Costs incurred prior to opening the Company’s proposed crude oil refinery in Pecos County, Texas, including acquisition of refinery rights, planning, design and permitting, are recorded as start-up costs and expensed as incurred. Basic and diluted income (loss) per share Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the three months ended July 31, 2019 and 2018, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share, therefore, basic net loss per share is the same as diluted net loss per share. Stock-based compensation Pursuant to FASB ASC 718, all share-based payments to employees, including grants of employee stock options, are recognized in the statement of operations based on their fair values. For the three months ended July 31, 2019 and 2018, the Company recorded share-based compensation to employees of $0 and $1,070, respectively. Issuance of shares for non-cash consideration The Company accounts for the issuance of equity instruments to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The Company's accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor's performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Reclassifications Certain amounts in the consolidated financial statements for the prior-year period have been reclassified to conform with the current-year period presentation. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. This new pronouncement, as amended, is effective January 1, 2019 for calendar-year-end public companies, or May 1, 2019 for the Company. The Company currently does not have any material leases and the adoption of this new pronouncement did not have a material impact on its consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jul. 31, 2019 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. We have incurred continuous losses from operations, have an accumulated deficit of $39,801,065 and a total stockholders’ deficit of $3,294,773 at July 31, 2019, and have reported negative cash flows from operations since inception. In addition, we do not currently have the cash resources to meet our operating commitments for the next twelve months, and we expect to have ongoing requirements for capital investment to implement our business plan, including the construction of our proposed refinery project. Finally, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered by entrance into established markets and the competitive environment in which we operate. Since inception, our operations have primarily been funded through private debt and equity financing, and we expect to continue to seek additional funding through private or public equity and debt financing. Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital and/or that our cash generated by our operations will be adequate to meet our needs. These factors, among others, raise substantial doubt that we will be able to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company's ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jul. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | Accounts payable and accrued expenses to related parties, consisting primarily of consulting fees, totaled $60,855 and $41,036 as of July 31, 2019 and April 30, 2019, respectively. During the three months ended July 31, 2019 and 2018, we incurred consulting fees and expense reimbursement related to the development of the refinery project to Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, totaling $79,991 and $77,639, respectively. Amounts included in accounts payable due to Maple Resources totaled $7,322 and $9,403 as of July 31, 2019 and April 30, 2019, respectively. Effective July 1, 2019, we entered into a consulting agreement with Maple Resources that provides, in addition to the consulting fees and expense reimbursement, for the issuance to Maple Resources of shares of our Class A common stock each month with a value of $5,000, with the number of shares issued based on the average closing price of the stock during the prior month. No shares were issued to Maple Resources in July 2019 under the agreement. Effective October 1, 2018, we entered into a consulting agreement with a related party to issue shares of our Class A common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. During the three months ended July 31, 2019, we issued a total of 620,534 Class A common shares valued at $5,009 to the related party, with the shares valued at the market price on the date of issuance, in payment of accrued consulting fees totaling $7,500. A gain on extinguishment of debt of $2,491 related to this compensation arrangement was recorded as a contribution to capital. During the three months ended July 31, 2018, we issued to an employee 274,427 shares of our Class A common stock valued at $1,070 based on the market price on the date of issuance. The employee was terminated in January 2019. As a condition for entering into an October 9, 2018 convertible debenture (see Note 8), the lender required affiliates of Jack W. Hanks and Bruce Lemons, our directors (the “Affiliates”), to pledge their shares of Class B Common Stock (constituting 100% of the outstanding shares of Class B Common Stock) to the lender to secure the repayment of the debenture by the Company. As consideration to the Affiliates for entering into the pledge agreement, the Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 1,000,000 of Class A Shares and 1,000,000 of the Class B Shares at $0.08 per share. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Jul. 31, 2019 | |
PROPERTY AND EQUIPMENT | |
NOTE 5 - PROPERTY AND EQUIPMENT | Property and equipment consisted of the following at: July 31, 2019 April 30,2019 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 10,962 10,962 Refinery land 67,088 67,088 Refinery land improvements 443,928 441,465 Refinery land easements 37,015 37,015 572,857 570,394 Less accumulated depreciation and amortization (47,814 ) (39,227 ) $ 525,043 $ 531,167 On July 28, 2017, the Company acquired 126 acres of land located near Fort Stockton, Texas for $67,088. This 126-acre parcel is the tract on which the Company intends to build a crude oil refinery (Note 6). Subsequently through July 31, 2019, the Company incurred a total of $480,942 additional costs to acquire certain easements related to the land parcel and make other improvements. Depreciation and amortization expense totaled $8,587 and $571 for the three months ended July 31, 2019 and 2018, respectively. |
REFINERY PROJECT
REFINERY PROJECT | 3 Months Ended |
Jul. 31, 2019 | |
REFINERY PROJECT | |
NOTE 6 - REFINERY PROJECT | On March 4, 2017, we entered into an agreement with Maple Resources, a related party, to acquire all of Maple’s right, title and interest (the “Rights”) in plans to build a crude oil refinery in Pecos County, Texas (the “Refinery Transaction”). Pursuant to the Refinery Transaction, we agreed to acquire the Rights in exchange for the issuance of 15,000,000 Class B common shares. The 15,000,000 Class B common stock issued for the Rights were valued at $150,000 by an independent valuation firm, with the $150,000 expensed to refinery start-up costs. Through our wholly-owned subsidiary, Pecos Refining, we intend initially to build and commence operation of a 10,000 barrel-per-day distillation unit (the “Distillation Unit”) that will produce a non-transportation grade diesel primarily for sale in the local market for drilling mud and frac fluids, along with naphtha for use in petrochemical and refinery processing and residual fuel oil to be sold for use in other refineries or as marine fuel. Through a separate subsidiary, we intend to build and commence operation of a crude oil refinery (the “Large Refinery”) with up to 100,000 barrel-per-day capacity at a near-by location in West Texas (collectively with the Distillation Unit, the “Refinery Project”). The Refinery Project will be built on additional acres located 20 miles northeast of Fort Stockton, Texas. On July 28, 2017, we acquired the 126-acre parcel of the land, which is the site for our planned Distillation Unit (Note 5), at a purchase price of $550 per acre, or $67,088. We continue to negotiate with the seller of property to acquire an additional 381-acre parcel, which is the site for the planned Large Refinery, at a price of $550 per acre, or approximately $210,000. We will be required to obtain additional financing to complete this purchase. On July 31, 2017, we filed an application with the Texas Commission on Environmental Quality (“TCEQ”) to obtain an air quality permit and obtained permit approval from the TCEQ on August 30, 2017. Accordingly, we will begin construction on the Distillation Unit on 15 acres of our 126-acre tract as soon we receive adequate financing to do so. Completion of the Refinery Project will require substantial equity and debt financing and is subject to the receipt of required governmental permits. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Jul. 31, 2019 | |
ACCRUED EXPENSES | |
NOTE 7 - ACCRUED EXPENSES | Accrued expenses consisted of the following at: July 31, 2019 April 30, 2019 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 4,000 4,500 Accrued interest 253,987 209,947 Other 62,541 62,541 $ 350,618 $ 307,078 |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Jul. 31, 2019 | |
NOTES PAYABLE | |
NOTE 8 - NOTES PAYABLE | Note Payable, Currently in Default Note payable, currently in default, consists of the following at: July 31, 2019 April 30, 2019 Note payable to an unrelated party, maturing March 18, 2014, with interest at 10% $ 75,001 $ 75,001 $ 75,001 $ 75,001 Accrued interest payable on note payable, currently in default, totaled $47,759 and $45,884 at July 31, 2019 and April 30, 2019, respectively. Convertible Notes Payable, Currently in Default Convertible notes payable, currently in default, consist of the following at: July 31, 2019 April 30, 2019 Note payable to an unrelated party, maturing January 27, 2012, with interest at 25%, convertible into common shares of the Company at $3.70 per share $ 50,000 $ 50,000 Note payable to an unrelated party, maturing December 31, 2010, with interest at 10%, convertible into common shares of the Company at $1.00 per share 25,000 25,000 75,000 75,000 Less discount - - Total $ 75,000 $ 75,000 Accrued interest payable on convertible notes payable, currently in default, totaled $100,054 and $97,241 at July 31, 2019 and April 30, 2019, respectively. Current Convertible Notes Payable Current convertible notes payable consisted of the following at: July 31, 2019 April 30, 2019 Note payable to an accredited investor, maturing September 13, 2019, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price $ 52,050 $ 110,000 Note payable to an accredited investor, maturing September 18, 2019, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 70,000 70,000 Original issue discount convertible debenture to an accredited investor, maturing October 5, 2019, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 600,000 600,000 Note payable to an accredited investor, maturing January 4, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price 45,900 136,000 Note payable to an accredited investor, maturing January 11, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 105,200 120,000 Note payable to an accredited investor, maturing January 17, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price 113,995 125,000 Note payable to an accredited investor, maturing January 31, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 125,000 125,000 Note payable to an accredited investor, maturing February 20, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 110,000 110,000 Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 55,000 55,000 Note payable to an accredited investor, maturing January 24, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 55,000 55,000 Note payable to an accredited investor, maturing May 7, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 100,000 - Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price 56,500 - Note payable to an accredited investor, maturing June 19, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 250,000 - Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price 56,500 - Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price, paid in full in June 2019 - 100,000 Note payable to an accredited investor, maturing September 21, 2019, with interest at 8%, converted in full into shares of Class A common stock - 47,269 Total 1,795,145 1,653,269 Less discount (510,187 ) (869,433 ) Net $ 1,284,958 $ 783,836 Effective September 13, 2018, the Company issued and delivered to GS Capital Partners, LLC (“GS”) a 10% convertible note in the principal amount of $110,000. The note was issued at a discount, resulting in the Company’s receipt of $100,000 after payment of $5,500 of the fees and expenses of the lender and its counsel. GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock (i) during the first 180 days, at a price of $3.00 per share of common stock and (ii) thereafter at a 40% discount from the lowest trading price during the 20 days prior to conversion. The note matures on September 13, 2019. The Company may redeem the note at redemption prices ranging from 115% to 135% during the first 180 days after issuance. The note had a principal balance of $110,000 as of April 30, 2019. During the three months ended July 31, 2019, GS converted principal of $57,950 into Class A common shares of the Company, resulting in a principal balance of $52,050 as of July 31, 2019. Effective September 18, 2018, the Company issued and delivered to GS a 10% convertible note in the principal amount of $70,000. The note was issued at a discount and the Company received no net proceeds. GS paid $56,589 on behalf of the Company to a prior lender in settlement of a dispute and $9,101 was paid for fees and expenses of GS and its counsel. GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion (with a floor of $3.00 per share during the first six months after issuance.) The note matures on September 13, 2019. The Company may redeem the note at redemption prices ranging from 130% to 145% during the first 180 days after issuance. The note had a principal balance of $70,000 as of July 31, 2019 and April 30, 2019. Effective October 9, 2018, the Company issued and delivered to GS a 10% convertible debenture in the principal amount of $600,000. The debenture was issued with an original issue discount of $50,000, resulting in the Company’s receipt of $550,000 of net proceeds. The debenture was issued pursuant to a securities purchase agreement, which allows for the issuance of additional debentures to one or more holders on substantially identical terms. GS, at its option on and after the six-month anniversary of the date of issuance, may convert the unpaid principal balance of, and accrued interest on, the debentures into shares of common stock thereafter at a 40% discount from the average of the three lowest trading price during the 25 days prior to conversion. The debenture matures on October 5, 2019. The Company may redeem the debenture at redemption prices ranging from 112% to 137% during the first 180 days after issuance. The debenture had a principal balance of $600,000 as of July 31, 2019 and April 30, 2019. Affiliates of Jack W. Hanks and Bruce Lemons, our directors, have pledged their shares of Class B Common Stock (constituting 100% of the outstanding shares of Class B Common Stock) to GS to secure the repayment of the debenture by the Company. Effective January 4, 2019, the Company issued and delivered to Geneva Roth Remark Holdings, Inc. (“Geneva”) a 9% convertible note in the principal amount of $136,000. The note was issued at a discount, resulting in the Company’s receipt of $125,000 after payment of $3,000 of the fees and expenses of the lender and its counsel. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the average of the three lowest trading prices during the 20 days prior to conversion. The note matures on January 4, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The note had a principal balance of $136,000 as of April 30, 2019. During the three months ended July 31, 2019, Geneva converted principal of $90,100 into Class A common shares of the Company, resulting in a principal balance of $45,900 as of July 31, 2019. Effective January 11, 2019, the Company issued and delivered to One44 Capital LLC (“One44”) a 10% convertible note in the principal amount of $120,000. The Company received net proceeds of $114,000 after payment of $6,000 of the fees and expenses of the lender and its counsel. One44, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company, with a floor of $0.03 per share. The note matures on January 11, 2020. The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 180 days after issuance. The Company may not redeem the note after 180 days from the issuance date. The note had a principal balance of $120,000 as of April 30, 2019. During the three months ended July 31, 2019, One44 converted principal of $14,800 into Class A common shares of the Company, resulting in a principal balance of $105,200 as of July 31, 2019. Effective January 17, 2019, the Company issued and delivered to JSJ Investments, Inc. (“JSJ”) a 12% convertible note in the principal amount of $125,000. The Company received net proceeds of $122,000 after payment of $3,000 of the fees and expenses of the lender and its counsel. JSJ, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at $0.03 per share or, upon the occurrence of certain defined defaults, at a 42% discount to the lowest trading price during the 20 days prior to the date the notice of conversion is received by the Company. The note matures on January 17, 2020. The Company may redeem the note at redemption prices ranging from 135% to 150% during the first 180 days after issuance. The note had a principal balance of $125,000 as of April 30, 2019. During the three months ended July 31, 2019, JSJ converted principal of $11,005 into Class A common shares of the Company, resulting in a principal balance of $113,995 as of July 31, 2019. Effective January 31, 2019, the Company issued and delivered to Auctus Fund, LLC (“Auctus”) a 10% convertible note in the principal amount of $125,000. The Company received net proceeds $112,250 after payment of $12,750 of the fees and expenses of the lender and its counsel. Auctus, on or following the 180 th Effective February 7, 2019, the Company issued and delivered to Geneva a 12% convertible note in the principal amount of $56,500. The note was issued at a discount, resulting in the Company’s receipt of $50,000 after payment of $3,000 of the fees and expenses of the lender and its counsel and an original issue discount of $3,500. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matures on May 7, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The note had a principal balance of $56,500 as of July 31, 2019 and April 30, 2019. Effective February 20, 2019, the Company issued and delivered to GS a 10% convertible note in the principal amount of $110,000. The note was issued at a discount and the Company received net proceeds of $100,000 after payment of $5,500 of the fees and expenses of the lender and its counsel. During the first 180 days, GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.08 per share and thereafter at 40% discount from the lowest trading price during the 20 days prior to conversion. The note matures on February 20, 2020. The Company may redeem the note at redemption prices ranging from 115% to 135% during the first 180 days after issuance. The note had a principal balance of $110,000 as of July 31, 2019 and April 30, 2019. Effective February 27, 2019, the Company issued and delivered to Coventry Enterprises, LLC (“Coventry”) a 10% convertible note in the principal amount of $55,000. The Company received net proceeds of $52,500 after payment of $2,500 of the fees and expenses of the lender and its counsel. Coventry, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company. The note matures on February 27, 2020. During the first 150 days the Note is in effect, the Company may redeem the note at a redemption price of 135%. The Company may not redeem the note after 150 days from the issuance date. The note had a principal balance of $55,000 as of July 31, 2019 and April 30, 2019. Effective March 25, 2019, the Company issued and delivered to Geneva a 9% convertible note in the principal amount of $56,500. The note was issued at a discount, resulting in the Company’s receipt of $50,000 after payment of $3,000 of the fees and expenses of the lender and its counsel and an original issue discount of $3,500. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matures on June 25, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The note had a principal balance of $56,500 as of July 31, 2019 and April 30, 2019. Effective April 24, 2019, the Company issued and delivered to EMA Financial, LLC (“EMA”) a 10% convertible note in the principal amount of $55,000. The note was issued at a discount and the Company received net proceeds of $50,000 after payment of $3,750 of the fees and expenses of the lender and its counsel. EMA, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to the day the notice of conversion is received by the Company. The note matures on January 24, 2020. During the first 180 days the Note is in effect, the Company may redeem the note at redemption prices ranging from 120% to $140%The Company may not redeem the note after 180 days from the issuance date. The note had a principal balance of $55,000 as of July 31, 2019 and April 30, 2019. Effective May 7, 2019, the Company issued and delivered to Odyssey Capital Funding LLC (“Odyssey”) a 10% convertible note in the principal amount of $100,000. The Company received $95,000 after payment of $5,000 of fees and expenses of the lender and its counsel. Odyssey, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the conversion date (with a floor of $0.03 per share for the six months following the date of the note). The note matures on May 7, 2020. The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 120 days after issuance. The Company may not redeem the note after the first 120 days after issuance. The note had a principal balance of $100,000 as of July 31, 2019. Effective June 4, 2019, the Company issued and delivered to Geneva a 9% convertible note in the principal amount of $56,500. The note was issued at a discount and the Company received $50,000 after an original issue discount of $3,500 and payment of $3,000 of fees and expenses of the lender and its counsel. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matures on September 4, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The Company may not redeem the note after the first 180 days after issuance. The note had a principal balance of $56,500 as of July 31, 2019. Effective June 19, 2019, the Company issued and delivered to Odyssey a 10% convertible note in the principal amount of $250,000. Of the note proceeds, $144,296 was paid to One44 to redeem its February 27, 2019 convertible note and the Company received $80,704 after payment of $25,000 of legal and brokerage fees. Odyssey, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the date of conversion (with a floor of $0.03 per share for the six months following the date of the note). The note matures on June 19, 2020. The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 120 days after issuance. The Company may not redeem the note after the first 120 days after issuance. The note had a principal balance of $250,000 as of July 31, 2019. Effective March 21, 2018, the Company issued and delivered to Auctus an 8% convertible note in the principal amount of $220,000. The Company received $202,000 of note proceeds after payment of $18,000 of the fees and expenses of the lender and its counsel. The Company can redeem the note at any time prior to 90 days from the issuance date at a redemption price of 130% plus accrued interest. The redemption price thereafter increases to 145%, plus accrued interest, until the 180th day after issuance. Auctus, at its option, may convert the unpaid principal balance and accrued interest into shares of the Company’s Class A common stock at a price of no lower than $3.00 per share of common stock until the 180th day after issuance and thereafter at a 45% discount from the average of the two lowest trading prices during the 25 days prior to conversion. The note also contains penalty provisions in the event of default in repayment of the note (if not converted by Auctus into shares of common stock) on the maturity date of March 21, 2019. During the year ended April 30, 2019, the maturity date of the note was extended to September 21, 2019 and an extension fee of $15,000 was added to the note principal. During the year ended April 30, 2019, Auctus converted principal of $187,731 into Class A common shares of the Company, resulting in a principal balance of $47,269 as of April 30, 2019. During the three months ended July 31, 2019, the balance of the note was converted in full into shares of the Company’s Class A common stock. Effective February 27, 2019, the Company issued and delivered to One44 a 10% convertible note in the principal amount of $100,000. The Company received net proceeds of $95,000 after payment of $5,000 of the fees and expenses of the lender and its counsel. One44, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company, with a floor of $0.03 per share. The note matures on February 27, 2020. The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 180 days after issuance. The Company may not redeem the note after 180 days from the issuance date. The note had a principal balance of $100,000 as of April 30, 2019. The note was repaid in full in June 2019. Long-Term Convertible Notes Payable Long-term convertible notes payable consisted of the following at: April 30: July 31, 2019 April 30, 2019 Note payable to an accredited investor, maturing two years from each advance, with an original issue discount equal to 10% and a one-time interest charge of 12% added to principal, convertible into common shares of the Company at a defined variable exercise price: Advance dated September 13, 2018, maturing September 13, 2020 $ 45,355 $ 80,700 Advance dated October 16, 2018, maturing October 16, 2020 123,200 246,400 Note payable to an accredited investor, maturing October 16, 2020, convertible into common shares of the Company at a defined variable exercise price 18,055 - Note payable to an accredited investor, maturing September 4, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price 56,500 - Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price, reclassified to current convertible notes payable - 56,500 Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price, reclassified to current convertible notes payable - 56,500 Total 243,110 440,100 Less discount (120,149 ) (263,960 ) Total $ 122,961 $ 176,140 Effective September 13, 2018, the Company issued and delivered to Vista Capital Investments, LLC (“Vista”) a convertible note in the original maximum principal amount of $550,000 (consisting of an initial advance of $100,000 on such date and possible future advances). An original issue discount equal to 10% of each advance will be added to principal. The maturity date of advances under the convertible note is two years from the date of each advance. Terms of the convertible note include certain penalties for additional principal and changes in conversion prices when the trading price of the Company’s common stock decreases to defined levels. An original issue discount of $10,000 and a one-time 12% interest charge of $13,200 was added to the $100,000 advance at inception, resulting in total initial principal of $123,200. Through April 30, 2019, the note was partially converted into shares of the Company’s Class A common stock resulting in a principal balance of $80,700 as of April 30, 2019. During the three months ended July 31, 2019, JSJ converted principal of $35,345 into Class A common shares of the Company, resulting in a principal balance of $45,355 as of July 31, 2019. On October 16, 2018, the Company received proceeds of $200,000 from a second advance under the Vista long-term convertible note. An original issue discount of $20,000 and a one-time 12% interest charge of $26,400 was added to the note principal, resulting in total principal of $246,400, which balance was outstanding as of April 30, 2019. Effective May 14, 2019, Vista assigned $123,400 of this note, resulting in a principal balance of $123,400 as of July 31, 2019. Effective May 14, 2019, EMA purchased $123,400 of the principal balance due Vista from the October 16, 2018 advance under the long-term convertible note payable to Vista discussed above. The terms of the EMA convertible note payable are the same as those under the original Vista note and the note matures October 16, 2020. During the three months ended July 31, 2019, EMA converted principal of $105,145 into Class A common shares of the Company, resulting in a principal balance of $18,055 as of July 31, 2019. Effective June 4, 2019, the Company issued and delivered to Geneva a 9% convertible note in the principal amount of $56,500. The note was issued at a discount, resulting in the Company’s receipt of $50,000 after an original issue discount of $3,500 and payment of $3,000 of the fees and expenses of the lender and its counsel. Geneva, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock beginning 180 days following the date of the note at a 29% discount from the lowest trading price during the 20 days prior to conversion. The note matures on September 4, 2020. The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The note had a principal balance of $56,500 as of July 31, 2019. Accrued interest payable on convertible notes payable totaled $106,174 and $66,822 at July 31, 2019 and April 30, 2019, respectively. The Company has identified the conversion feature of its convertible notes payable as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 9). |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 3 Months Ended |
Jul. 31, 2019 | |
DERIVATIVE LIABILITIES | |
NOTE 9 - DERIVATIVE LIABILITIES | In a series of subscription agreements, the Company issued warrants in prior years that contain certain anti-dilution provisions that have been identified as derivatives. In addition, the Company identified the conversion feature of certain convertible notes payable and recently issued stock options as derivatives. As of July 31, 2019, the number of warrants or common shares to be issued under these agreements is indeterminate; therefore, the Company concluded that the equity environment is tainted and all additional warrants, stock options and convertible debt are included in the value of the derivative. The Company estimates the fair value of the derivative liabilities at the issuance date and at each subsequent reporting date, using a multinomial lattice model simulation. The model is based on a probability weighted discounted cash flow model using projections of the various potential outcomes. During the three months ended July 31, 2019, we had the following activity in our derivative liabilities: Options and Convertible Warrants Notes Total Balance, April 30, 2019 $ 18,063 $ 1,807,533 $ 1,825,596 New issuances of options, warrants and debt - 46,812 46,812 Debt conversions and repayments - (425,325 ) (425,325 ) Change in fair value of derivative liabilities (15,316 ) (239,811 ) (255,127 ) Balance, July 31, 2019 $ 2,747 $ 1,189,209 $ 1,191,956 Key inputs and assumptions used in valuing the Company’s derivative liabilities as of July 31, 2019 are as follows: · Stock prices on all measurement dates were based on the fair market value · Risk-free interest rate of 1.89% · The probability of future financing was estimated at 100% · Computed volatility ranging from 207% to 317% These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 3 Months Ended |
Jul. 31, 2019 | |
STOCKHOLDERS' DEFICIT | |
NOTE 10 - STOCKHOLDERS' DEFICIT | Authorized Shares The Company currently has authorized 12,010,000,000 shares consisting of 10,000,000,000 shares of Class A common stock, 2,000,000,000 shares of Class B common stock and 10,000,000 shares of preferred stock. No shares of preferred stock have been issued. The Company is proposing to amend its articles of incorporation to increase the number of authorized shares of capital stock from 12,010,000,000 shares to 25,010,000,000 shares. The Company also proposes to designate Series A preferred stock consisting of 1,000 shares and having the rights and preferences set forth in the Certificate of Designation of the Series A preferred stock. Shareholders owning in excess of 50.1% of the outstanding shares of voting common stock of the Company executed a written consent approving an amendment to Article IV of the Amended and Restated Articles of Incorporation of the Company for these proposals. Upon the effectiveness and on the date that is 20 days following the mailing of the required Information Statement, the board of directors shall have the Company’s Certificate of Amendment to the Amended and Restated Articles of Incorporation filed with the State of Nevada in order to effect the changes. On September 14, 2018, the Company amended its articles of incorporation to provide for a 1 for 100 reverse stock split of our Class A and Class B common shares. Shareholders owning in excess of 50.1% of the outstanding shares of voting common stock of the Company executed a written consent approving an amendment to Article IV of the Amended and Restated Articles of Incorporation of the Company. The amendment was also approved by the Company’s Board of Directors and declared effective by FINRA on November 15, 2018. The Company has given retroactive effect to the reverse stock split for all periods presented. Stock Issuances During the three months ended July 31, 2019, the Company issued a total of 322,125,328 shares of its Class A common stock: 30,000 shares for services valued at $84; 1,116,961 shares valued at $11,508 in payment of accrued expenses of $13,500 resulting in a gain on extinguishment of debt of $1,992 and 320,978,367 shares valued at $368,932 in conversion of convertible notes principal of $361,614, accrued interest payable of $5,568 and payment of fees of $1,750. Settlement of derivative liabilities in the debt conversions totaled $425,325. During the three months ended July 31, 2018, the Company issued a total of 3,152,899 shares of its Class A common stock: 99,623 shares for services valued at $38,026; 16,031 shares valued at $6,262 in payment of accrued expenses of $13,500 resulting in a gain on extinguishment of debt of $1,992; 2,047,771 shares valued at $308,617 in conversion of convertible notes principal of $303,069 and accrued interest payable of $5,548; and 989,474 shares for stock subscriptions receivable of $116,252 pursuant to an equity purchase agreement. Settlement of derivative liabilities in the debt conversions totaled $244,639. Warrants The Company has issued warrants in prior years to investors in a series of subscription agreements in equity financings or for other stock-based compensation. Certain of the warrants contain anti-dilution provisions that the Company has identified as derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes and considering the existence of a tainted equity environment (see Note 9). A summary of warrant activity during the three months ended July 31, 2019 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 1,789,293 $ 1.00 2.91 Granted 10,759,954 $ 1.00 Canceled / Expired - Exercised - Outstanding, July 31, 2019 12,549,247 $ 1.00 2.66 The warrant shares granted during the three months ended July 31, 2019 are comprised of warrant shares issued to warrant holders pursuant to anti-dilution provisions. Stock Options As a condition for entering into the October 9, 2018 GS convertible debenture (see Note 8), GS required affiliates of Jack W. Hanks and Bruce Lemons, our directors (the “Affiliates”), to pledge their shares of Class B Common Stock (constituting 100% of the outstanding shares of Class B Common Stock) to GS to secure the repayment of the debenture by the Company. As consideration to the Affiliates for entering into the GS pledge agreement, the Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 1,000,000 of Class A Shares and 1,000,000 of the Class B Shares at $0.08 per share. A summary of combined Class A and Class B stock option activity during the three months ended July 31, 2019 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 2,000,000 $ 0.08 9.62 Granted - Canceled / Expired - Exercised - Outstanding, July 31, 2019 2,000,000 $ 0.08 9.37 Common Stock Reserved At July 31, 2019, 9,624,702,245 shares of the Company’s Class A common stock were reserved for issuance of outstanding warrants, stock options, and convertible notes payable. Combined with the 375,297,755 Class A common shares outstanding, all authorized Class A common shares have been issued or reserved and no Class A common shares are available for share issuances other than those shares included in the reserves pending completion of the increase in authorized Class A common shares discussed above. At July 31, 2019, 1,000,000 shares of the Company’s Class B common stock were reserved for issuance of outstanding stock options. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jul. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 11 - COMMITMENTS AND CONTINGENCIES | Legal There were no legal proceedings against the Company. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jul. 31, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 12 - SUBSEQUENT EVENTS | In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below. Subsequent to July 31, 2019, the Company issued a total of 1,097,598,126 shares of its Class A common stock in consideration for the conversion of note payable principal totaling $136,882 and accrued interest payable of $13,592. Effective August 5, 2019, we issued and delivered to Maple Resources Corporation (“Maple”), a related party, a 5% convertible promissory note in the principal amount of $26,000. Maple, at its option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. The note matures on August 5, 2020. Effective September 5, 2019, we issued and delivered to Maple, a 5% convertible promissory note in the principal amount of $10,000 for consulting services. Maple, at its option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. The note matures on September 5, 2020. Effective August 5, 2019, we issued and delivered to BNL Family Trust (“BNL”), a related party, a 5% convertible promissory note in the principal amount of $15,000. BNL, at its option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. The note matures on August 5, 2020. Effective August 5, 2019, we issued and delivered to a consultant (the “Consultant”) a 5% convertible promissory note in the principal amount of $15,000. The Consultant, at his option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. The note matures on August 5, 2020. The Consultant funded the note with $5,000 cash and applied $10,000 of consulting fees payable. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Consolidation | The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations. |
Use of estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Property and equipment | Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Refinery land improvements 15 years Refinery land easements 10 years The refinery land easements owned by the Company have a legal life of 10 years Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations. The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management. |
Derivative liabilities | In a series of subscription agreements, the Company issued warrants in prior years that contain certain anti-dilution provisions that have been identified as derivatives. In addition, the Company identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. As of July 31, 2019, the number of warrants or common shares to be issued under these agreements is indeterminate; therefore, the Company concluded that the equity environment is tainted and all additional warrants, stock options and convertible debt are included in the value of the derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. |
Fair value of financial instruments | Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, Financial Instruments, An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value using a hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy prioritized the inputs into three levels that may be used to measure fair value: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in markets that are not active. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows: July 31, 2019 Total Level 1 Level 2 Level 3 Derivative liabilities $ 1,191,956 $ - $ - $ 1,191,956 April 30, 2019 Total Level 1 Level 2 Level 3 Derivative liabilities $ 1,825,596 $ - $ - $ 1,825,596 |
Revenue Recognition | Effective May 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. |
Refinery start-up costs | Costs incurred prior to opening the Company’s proposed crude oil refinery in Pecos County, Texas, including acquisition of refinery rights, planning, design and permitting, are recorded as start-up costs and expensed as incurred. |
Basic and diluted loss per share | Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the three months ended July 31, 2019 and 2018, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share, therefore, basic net loss per share is the same as diluted net loss per share. |
Stock-based compensation | Pursuant to FASB ASC 718, all share-based payments to employees, including grants of employee stock options, are recognized in the statement of operations based on their fair values. For the three months ended July 31, 2019 and 2018, the Company recorded share-based compensation to employees of $0 and $1,070, respectively. |
Issuance of shares for non-cash consideration | The Company accounts for the issuance of equity instruments to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The Company's accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor's performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. |
Reclassifications | Certain amounts in the consolidated financial statements for the prior-year period have been reclassified to conform with the current-year period presentation. |
Recently issued accounting pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. This new pronouncement, as amended, is effective January 1, 2019 for calendar-year-end public companies, or May 1, 2019 for the Company. The Company currently does not have any material leases and the adoption of this new pronouncement did not have a material impact on its consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations. |
BACKGROUND, ORGANIZATION AND _2
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Tables) | |
Entity operational details | Name of Entity % Form of Entity State of Incorporation Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Refining & Transport, LLC (“Pecos Refining”) 100% Corporation Texas Subsidiary Armadillo Holdings Group Corp. (“AHGC”) 100% Corporation British Virgin Isles Subsidiary Armadillo Mining Corp. (“AMC”) 98.6% Corporation British Virgin Isles Subsidiary |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Estimated useful life of the related asset | Office furniture and equipment 10 years Computer equipment and software 5 years Refinery land improvements 15 years Refinery land easements 10 years |
Summary of derivative liabilities | July 31, 2019 Total Level 1 Level 2 Level 3 Derivative liabilities $ 1,191,956 $ - $ - $ 1,191,956 April 30, 2019 Total Level 1 Level 2 Level 3 Derivative liabilities $ 1,825,596 $ - $ - $ 1,825,596 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
PROPERTY AND EQUIPMENT (Tables) | |
Property and Equipment | 2019 2018 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 10,962 10,962 Refinery land 67,088 67,088 Refinery land improvements 441,465 200,710 Refinery land easements 37,015 16,958 570,394 309,582 Less accumulated depreciation and amortization (39,227 ) (8,313 ) $ 531,167 $ 301,269 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
ACCRUED EXPENSES (Tables) | |
Accrued expenses | July 31, 2019 April 30, 2019 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 4,000 4,500 Accrued interest 253,987 209,947 Other 62,541 62,541 $ 350,618 $ 307,078 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
NOTES PAYABLE (Tables) | |
Schedule of Notes payable, currently in default | July 31, 2019 April 30, 2019 Note payable to an unrelated party, maturing March 18, 2014, with interest at 10% $ 75,001 $ 75,001 $ 75,001 $ 75,001 |
Schedule of Convertible Notes Payable, Currently in Default | July 31, 2019 April 30, 2019 Note payable to an unrelated party, maturing January 27, 2012, with interest at 25%, convertible into common shares of the Company at $3.70 per share $ 50,000 $ 50,000 Note payable to an unrelated party, maturing December 31, 2010, with interest at 10%, convertible into common shares of the Company at $1.00 per share 25,000 25,000 75,000 75,000 Less discount - - Total $ 75,000 $ 75,000 |
Schedule of Current Convertible Notes Payable | July 31, 2019 April 30, 2019 Note payable to an accredited investor, maturing September 13, 2019, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price $ 52,050 $ 110,000 Note payable to an accredited investor, maturing September 18, 2019, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 70,000 70,000 Original issue discount convertible debenture to an accredited investor, maturing October 5, 2019, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 600,000 600,000 Note payable to an accredited investor, maturing January 4, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price 45,900 136,000 Note payable to an accredited investor, maturing January 11, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 105,200 120,000 Note payable to an accredited investor, maturing January 17, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price 113,995 125,000 Note payable to an accredited investor, maturing January 31, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 125,000 125,000 Note payable to an accredited investor, maturing February 20, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 110,000 110,000 Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 55,000 55,000 Note payable to an accredited investor, maturing January 24, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 55,000 55,000 Note payable to an accredited investor, maturing May 7, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 100,000 - Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price 56,500 - Note payable to an accredited investor, maturing June 19, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 250,000 - Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price 56,500 - Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price, paid in full in June 2019 - 100,000 Note payable to an accredited investor, maturing September 21, 2019, with interest at 8%, converted in full into shares of Class A common stock - 47,269 Total 1,795,145 1,653,269 Less discount (510,187 ) (869,433 ) Net $ 1,284,958 $ 783,836 |
Schedule of Long-term convertible notes payable | July 31, 2019 April 30, 2019 Note payable to an accredited investor, maturing two years from each advance, with an original issue discount equal to 10% and a one-time interest charge of 12% added to principal, convertible into common shares of the Company at a defined variable exercise price: Advance dated September 13, 2018, maturing September 13, 2020 $ 45,355 $ 80,700 Advance dated October 16, 2018, maturing October 16, 2020 123,200 246,400 Note payable to an accredited investor, maturing October 16, 2020, convertible into common shares of the Company at a defined variable exercise price 18,055 - Note payable to an accredited investor, maturing September 4, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price 56,500 - Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price, reclassified to current convertible notes payable - 56,500 Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible into common shares of the Company at a defined variable exercise price, reclassified to current convertible notes payable - 56,500 Total 243,110 440,100 Less discount (120,149 ) (263,960 ) Total $ 122,961 $ 176,140 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
DERIVATIVE LIABILITIES (Tables) | |
Derivative liabilities | Options and Convertible Warrants Notes Total Balance, April 30, 2019 $ 18,063 $ 1,807,533 $ 1,825,596 New issuances of options, warrants and debt - 46,812 46,812 Debt conversions and repayments - (425,325 ) (425,325 ) Change in fair value of derivative liabilities (15,316 ) (239,811 ) (255,127 ) Balance, July 31, 2019 $ 2,747 $ 1,189,209 $ 1,191,956 |
STOCKHOLDERS DEFICIT (Tables)
STOCKHOLDERS DEFICIT (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
STOCKHOLDERS DEFICIT (Tables) | |
Summary of warrant activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 1,789,293 $ 1.00 2.91 Granted 10,759,954 $ 1.00 Canceled / Expired - Exercised - Outstanding, July 31, 2019 12,549,247 $ 1.00 2.66 |
Summary of stock option activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2019 2,000,000 $ 0.08 9.62 Granted - Canceled / Expired - Exercised - Outstanding, July 31, 2019 2,000,000 $ 0.08 9.37 |
BACKGROUND, ORGANIZATION AND _3
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Details) | 3 Months Ended |
Jul. 31, 2019 | |
State of Incorporation | Nevada |
Maple Resources Corporation [Member] | President and CEO [Member] | |
State of Incorporation | Nevada |
Form of Entity | Corporation |
Relationship | Parent |
Pecos Refining & Transport, LLC [Member] | |
State of Incorporation | Texas |
Ownership Percentage | 100.00% |
Form of Entity | Corporation |
Relationship | Subsidiary |
Armadillo Holdings Group Corp. [Member] | |
State of Incorporation | British Virgin Isles |
Ownership Percentage | 100.00% |
Form of Entity | Corporation |
Relationship | Subsidiary |
Armadillo Mining Corp [Member] | |
State of Incorporation | British Virgin Isles |
Ownership Percentage | 98.60% |
Form of Entity | Corporation |
Relationship | Subsidiary |
BACKGROUND, ORGANIZATION AND _4
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) | 3 Months Ended |
Jul. 31, 2019 | |
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) | |
State of Incorporation | Nevada |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Jul. 31, 2019 | |
Office furniture and equipment [Member] | |
Property plant and equipment estimated useful life | 10 years |
Computer equipment and software [Member] | |
Property plant and equipment estimated useful life | 5 years |
Refinery land improvements [Member] | |
Property plant and equipment estimated useful life | 15 years |
Refinery land easements [Member] | |
Property plant and equipment estimated useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Derivative liabilities | $ 1,191,956 | $ 1,825,596 |
Level 1 [Member] | ||
Derivative liabilities | ||
Level 2 [Member] | ||
Derivative liabilities | ||
Level 3 [Member] | ||
Derivative liabilities | $ 1,191,956 | $ 1,825,596 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Share-based compensation | $ 0 | $ 1,070 |
Refinery land easements [Member] | ||
Property plant and equipment estimated useful life | 10 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
GOING CONCERN (Details Narrative) | ||
Accumulated deficit | $ (39,801,065) | $ (39,064,118) |
Stockholders' deficit | $ (3,294,773) | $ (3,363,675) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | Jul. 01, 2019 | Apr. 30, 2019 | Oct. 01, 2018 | |
Accounts payable and accrued expenses - related party | $ 60,855 | $ 41,036 | |||||
Pledge agreement, description | The Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 1,000,000 of Class A Shares and 1,000,000 of the Class B Shares at $0.08 per share. | ||||||
Accounts payable | $ 690,344 | 706,192 | |||||
Gain (loss) on extinguishment of debt | |||||||
Share-based compensation to employees, Value | 0 | $ 1,070 | |||||
Common Class A [Member] | |||||||
Gain (loss) on extinguishment of debt | |||||||
Share-based compensation to employees, shares | 274,427 | ||||||
Share-based compensation to employees, Value | $ 1,070 | ||||||
Class A Common Stock | |||||||
Shares issued value related party each month | $ 5,000 | $ 2,500 | |||||
Shares issued | 620,534 | ||||||
Proceeds from issuance of common stock | $ 5,009 | ||||||
Payment of accrued consulting fees | |||||||
Gain (loss) on extinguishment of debt | $ 2,491 | ||||||
Common Class B [Member] | |||||||
Outstanding shares to be kept as pledge to secure debt, percentage | 100.00% | ||||||
Maple Resources Corporation [Member] | President and CEO [Member] | |||||||
Accounts payable | $ 7,322 | 9,403 | |||||
Consulting fees expense | $ 79,991 | $ 77,639 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Property and equipment, gross | $ 572,857 | $ 570,394 |
Less accumulated depreciation and amortization | (47,814) | (39,227) |
Property and equipment, net | 525,043 | 531,167 |
Refinery Land [Member] | ||
Property and equipment, gross | 67,088 | 67,088 |
Computer equipment and software [Member] | ||
Property and equipment, gross | 10,962 | 10,962 |
Office furniture and equipment [Member] | ||
Property and equipment, gross | 13,864 | 13,864 |
Refinery Land Improvements [Member] | ||
Property and equipment, gross | 443,928 | 441,465 |
Refinery Land Easements [Member] | ||
Property and equipment, gross | $ 37,015 | $ 37,015 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) | 1 Months Ended | 3 Months Ended | |
Jul. 28, 2017USD ($)a | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | |
Depreciation and amortization expense | $ 8,587 | $ 571 | |
Acquisition of land | a | 126 | ||
Payment to acquire land | $ 67,088 | ||
Land Parcel [Member] | |||
Land improvement cost | $ 480,942 | ||
Land Parcel [Member] | First Tranche [Member] | |||
Acquisition of land | a | 126 | ||
Payment to acquire land | $ 67,088 |
REFINERY PROJECT (Details Narra
REFINERY PROJECT (Details Narrative) | Mar. 04, 2017USD ($)shares | Jul. 28, 2017USD ($)a | Jul. 31, 2019USD ($)shares | Jul. 31, 2018USD ($) | Apr. 30, 2019shares |
Refinery start-up costs | $ 150,000 | $ 51,400 | $ 161,832 | ||
Acquisition of land | a | 126 | ||||
Payment to acquire land | $ 67,088 | ||||
Common Class B [Member] | |||||
Refinery project operation description | Through our wholly-owned subsidiary, Pecos Refining, we intend initially to build and commence operation of a 10,000 barrel-per-day distillation unit (the “Distillation Unit”) that will produce a non-transportation grade diesel primarily for sale in the local market for drilling mud and frac fluids, along with naphtha for use in petrochemical and refinery processing and residual fuel oil to be sold for use in other refineries or as marine fuel. Through a separate subsidiary, we intend to build and commence operation of a crude oil refinery (the “Large Refinery”) with up to 100,000 barrel-per-day capacity at a near-by location in West Texas (collectively with the Distillation Unit, the “Refinery Project”). The Refinery Project will be built on additional acres located 20 miles northeast of Fort Stockton, Texas. | ||||
Acquire shares of common stock | shares | 15,000,000 | ||||
Common stock, shares issued | shares | 15,000,000 | 15,000,000 | |||
Common Class B [Member] | Rights [Member] | |||||
Common stock, shares issued | shares | 15,000,000 | ||||
Common Stock, Value | $ 150,000 | ||||
Land Parcel [Member] | First Tranche [Member] | |||||
Acquisition of land | a | 126 | ||||
Payment to acquire land | $ 67,088 | ||||
Land purchase price per acre | 550 | ||||
Land Parcel [Member] | Second Tranche [Member] | |||||
Payment to acquire land | 210,000 | ||||
Land purchase price per acre | $ 550 | ||||
Remaining property to acquire acre | a | 381 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Total Accrued Expenses | $ 350,618 | $ 307,078 |
Accrued Payroll [Member] | ||
Total Accrued Expenses | 30,090 | 30,090 |
Accrued Consulting [Member] | ||
Total Accrued Expenses | 4,000 | 4,500 |
Accrued Interest [Member] | ||
Total Accrued Expenses | 253,987 | 209,947 |
Other [Member] | ||
Total Accrued Expenses | $ 62,541 | $ 62,541 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Notes payable, currently in default | $ 75,001 | $ 75,001 |
Note Payable [Member] | ||
Notes payable, currently in default | $ 75,001 | $ 75,001 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Convertible notes payable | $ 75,000 | $ 75,000 |
Convertible notes, net of discount currently in default | 0 | 0 |
Convertible notes payable, currently in default | 75,000 | 75,000 |
Notes Payable [Member] | ||
Convertible notes payable | 50,000 | 50,000 |
Notes Payable One [Member] | ||
Convertible notes payable | $ 25,000 | $ 25,000 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Total | $ 1,795,145 | $ 1,653,269 |
Less discount | (510,187) | (869,433) |
Net | 1,284,958 | 783,836 |
Convertible Notes Payable [Member] | Accredited investor [Member] | ||
Total | 52,050 | 110,000 |
Convertible Notes Payable [Member] | Accredited investor one [Member] | ||
Total | 70,000 | 70,000 |
Convertible Notes Payable [Member] | Accredited investor two [Member] | ||
Total | 600,000 | 600,000 |
Convertible Notes Payable [Member] | Accredited investor three [Member] | ||
Total | 45,900 | 136,000 |
Convertible Notes Payable [Member] | Accredited investor four [Member] | ||
Total | 105,200 | 120,000 |
Convertible Notes Payable [Member] | Accredited investor five [Member] | ||
Total | 113,995 | 125,000 |
Convertible Notes Payable [Member] | Accredited investor six [Member] | ||
Total | 125,000 | 125,000 |
Convertible Notes Payable [Member] | Accredited investor seven [Member] | ||
Total | 110,000 | 110,000 |
Convertible Notes Payable [Member] | Accredited investor eight [Member] | ||
Total | 55,000 | 55,000 |
Convertible Notes Payable [Member] | Accredited investor nine [Member] | ||
Total | 55,000 | 55,000 |
Convertible Notes Payable [Member] | Accredited investor ten [Member] | ||
Total | 100,000 | |
Convertible Notes Payable [Member] | Accredited investor eleven [Member] | ||
Total | 56,500 | |
Convertible Notes Payable [Member] | Accredited investor twelve [Member] | ||
Total | 250,000 | |
Convertible Notes Payable [Member] | Accredited investor thirteen [Member] | ||
Total | 56,500 | |
Convertible Notes Payable [Member] | Accredited investor fourteen [Member] | ||
Total | 100,000 | |
Convertible Notes Payable [Member] | Accredited investor fifteen [Member] | ||
Total | $ 47,269 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
Total | $ 243,110 | $ 440,100 |
Less discount | (120,149) | (263,960) |
Total | 122,961 | 176,140 |
Long Term Convertible Notes Payable [Member] | ||
Total | 45,355 | 80,700 |
Long Term Convertible Notes Payable One [Member] | ||
Total | 123,200 | 246,400 |
Long Term Convertible Notes Payable Two [Member] | ||
Total | 18,055 | |
Long Term Convertible Notes Payable Three [Member] | ||
Total | 56,500 | |
Long Term Convertible Notes Payable Four [Member] | ||
Total | 56,500 | |
Long Term Convertible Notes Payable Five [Member] | ||
Total | $ 56,500 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jun. 04, 2019 | May 14, 2019 | May 07, 2019 | Jan. 11, 2019 | Jan. 04, 2019 | Dec. 14, 2018 | Sep. 13, 2018 | Mar. 14, 2018 | Jun. 19, 2019 | Apr. 30, 2019 | Apr. 24, 2019 | Mar. 25, 2019 | Mar. 21, 2019 | Feb. 27, 2019 | Jan. 31, 2019 | Jan. 17, 2019 | Oct. 19, 2018 | Oct. 16, 2018 | Mar. 21, 2018 | Feb. 28, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2019 |
Conversion of principal amount | |||||||||||||||||||||||
Proceeds from issuance of debt | $ 365,300 | $ 140,000 | |||||||||||||||||||||
Odyssey Capital Funding LLC [Member] | |||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 120 days after issuance. The Company may not redeem the note after the first 120 days after issuance. | ||||||||||||||||||||||
Original issue discount description | Odyssey, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the date of conversion (with a floor of $0.03 per share for the six months following the date of the note). | ||||||||||||||||||||||
Fees and expenses | |||||||||||||||||||||||
Maturity date | Jun. 19, 2020 | ||||||||||||||||||||||
Principal debt balance | $ 550,000 | $ 250,000 | $ 183,580 | $ 550,000 | 250,000 | $ 183,580 | |||||||||||||||||
Interest rate | 10.00% | 10.00% | |||||||||||||||||||||
Debt instrument converted principal amount | $ 80,704 | ||||||||||||||||||||||
Debt issue discount | $ 10,000 | ||||||||||||||||||||||
Convertible Notes [Member] | Coventry Enterprises, LLC [Member] | |||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at a redemption price of 135%. The Company may not redeem the note after 150 days from the issuance date. | ||||||||||||||||||||||
Conversion of principal amount | 55,000 | $ 55,000 | 55,000 | ||||||||||||||||||||
Fees and expenses | $ 2,500 | ||||||||||||||||||||||
Maturity date | Feb. 27, 2020 | ||||||||||||||||||||||
Proceeds from issuance of debt | $ 52,500 | ||||||||||||||||||||||
Convertible note payable interest rate | 10.00% | ||||||||||||||||||||||
JSJ [Member] | Convertible Notes [Member] | |||||||||||||||||||||||
Debt redemption description | The Company can redeem the note at any time prior to 90 days from the issuance date at a redemption price of 120% plus accrued interest. The redemption price thereafter increases to 125%, plus accrued interest, until the 120th day from issuance, and thereafter increases to a redemption price of 145% plus accrued interest until the 180th day after issuance and 150% plus accrued interest until the maturity date of March 14, 2019. JSJ, at its option, may convert the unpaid principal balance and accrued interest into shares of the Company&#8217;s Class A common stock at a price of no lower than $3.00 per share of common stock until the 180th day after issuance and thereafter at a price 40% discount from the lowest trading price during the 20 days prior to conversion.</p> | ||||||||||||||||||||||
Fees and expenses | $ 3,000 | ||||||||||||||||||||||
Proceeds from issuance of debt | 115,750 | ||||||||||||||||||||||
Principal debt balance | $ 125,000 | ||||||||||||||||||||||
Interest rate | 12.00% | ||||||||||||||||||||||
Vista [Member] | Long Term Convertible Note [Member] | |||||||||||||||||||||||
Principal debt balance | 123,200 | 123,200 | |||||||||||||||||||||
Vista [Member] | Long Term Convertible Note [Member] | Second Advance [Member] | |||||||||||||||||||||||
Proceeds from issuance of debt | $ 100,000 | ||||||||||||||||||||||
Principal debt balance | 54,520 | 54,520 | |||||||||||||||||||||
Debt instrument converted principal amount | 123,200 | ||||||||||||||||||||||
Debt issue discount | 10,000 | ||||||||||||||||||||||
Interest charge | $ 13,200 | ||||||||||||||||||||||
Vista [Member] | Long Term Convertible Note [Member] | Third Advance [Member] | |||||||||||||||||||||||
Fees and expenses | $ 2,500 | ||||||||||||||||||||||
Proceeds from issuance of debt | 232,500 | ||||||||||||||||||||||
Principal debt balance | 289,520 | ||||||||||||||||||||||
Debt issue discount | 23,500 | ||||||||||||||||||||||
Interest charge | $ 31,020 | ||||||||||||||||||||||
Auctus Fund, LLC [Member] | |||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 120% to 135% during the first 180 days after issuance. The Company may not redeem the note after 180 days from the issuance date | ||||||||||||||||||||||
Fees and expenses | $ 12,750 | ||||||||||||||||||||||
Proceeds from issuance of debt | $ 112,250 | ||||||||||||||||||||||
Principal debt balance | $ 125,000 | ||||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||||
Terms of conversion feature | Auctus, on or following the 180th calendar day after the issuance date of the note, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock a 40% discount to the lowest trading price during the 20 days prior to the date the notice of conversion is received by the Company | ||||||||||||||||||||||
GS One [Member] | Convertible Notes [Member] | |||||||||||||||||||||||
Principal debt balance | 70,000 | $ 70,000 | 70,000 | ||||||||||||||||||||
GS Two [Member] | Convertible Notes [Member] | |||||||||||||||||||||||
Principal debt balance | 600,000 | 600,000 | 600,000 | ||||||||||||||||||||
Vista Two [Member] | Long Term Convertible Note [Member] | |||||||||||||||||||||||
Debt instrument converted principal amount | 54,520 | ||||||||||||||||||||||
GS [Member] | Convertible Notes [Member] | |||||||||||||||||||||||
Principal debt balance | 52,050 | ||||||||||||||||||||||
Debt instrument converted principal amount | 57,950 | ||||||||||||||||||||||
Notes Payable [Member] | |||||||||||||||||||||||
Accrued interest payable | 66,822 | 106,174 | 66,822 | ||||||||||||||||||||
Notes Payable One [Member] | |||||||||||||||||||||||
Principal debt balance | 110,000 | 110,000 | 110,000 | ||||||||||||||||||||
Notes Payable [Member] | |||||||||||||||||||||||
Accrued interest payable | 45,884 | 47,759 | $ 45,884 | ||||||||||||||||||||
Convertible Note [Member] | Vista [Member] | |||||||||||||||||||||||
Original issue discount description | An original issue discount equal to 10% of each advance will be added to principal. | ||||||||||||||||||||||
Fees and expenses | $ 123,400 | ||||||||||||||||||||||
Proceeds from issuance of debt | 200,000 | ||||||||||||||||||||||
Principal debt balance | $ 550,000 | 246,400 | 550,000 | 123,400 | $ 246,400 | ||||||||||||||||||
Debt instrument converted principal amount | $ 50,000 | ||||||||||||||||||||||
Terms of conversion feature | |||||||||||||||||||||||
Debt issue discount | 10,000 | $ 20,000 | |||||||||||||||||||||
Initial advance amount | $ 100,000 | $ 165,000 | 45,355 | ||||||||||||||||||||
Interest charge | 1320000.00% | 12.00% | |||||||||||||||||||||
Convertible Note [Member] | Vista [Member] | Second Advance [Member] | |||||||||||||||||||||||
Proceeds from issuance of debt | $ 200,000 | ||||||||||||||||||||||
Principal debt balance | 246,400 | ||||||||||||||||||||||
Debt issue discount | 20,000 | ||||||||||||||||||||||
Interest charge | $ 26,400 | ||||||||||||||||||||||
Convertible Note [Member] | Auctus [Member] | |||||||||||||||||||||||
Debt redemption description | the Company may redeem the note at redemption prices ranging from 120% to $140%The Company may not redeem the note after 180 days from the issuance date. | The Company can redeem the note at any time prior to 90 days from the issuance date at a redemption price of 130% plus accrued interest. The redemption price thereafter increases to 145%, plus accrued interest, until the 180th day after issuance. Auctus, at its option, may convert the unpaid principal balance and accrued interest into shares of the Company’s Class A common stock at a price of no lower than $3.00 per share of common stock until the 180th day after issuance and thereafter at a 45% discount from the average of the two lowest trading prices during the 25 days prior to conversion. | |||||||||||||||||||||
Original issue discount description | |||||||||||||||||||||||
Extension fee | 15,000 | ||||||||||||||||||||||
Conversion of principal amount | $ 125,000 | 187,731 | $ 125,000 | $ 220,000 | |||||||||||||||||||
Fees and expenses | $ 3,750 | $ 18,000 | |||||||||||||||||||||
Maturity date | Sep. 4, 2020 | Jan. 24, 2020 | Mar. 21, 2019 | ||||||||||||||||||||
Proceeds from issuance of debt | $ 50,000 | $ 112,250 | $ 202,000 | ||||||||||||||||||||
Principal debt balance | $ 550,000 | 47,269 | $ 550,000 | $ 47,269 | |||||||||||||||||||
Interest rate | 10.00% | 8.00% | 10.00% | ||||||||||||||||||||
Convertible Note [Member] | One44 Capital LLC [Member] | |||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 180 days after issuance. The Company may not redeem the note after 180 days from the issuance date | ||||||||||||||||||||||
Conversion of principal amount | $ 120,000 | ||||||||||||||||||||||
Fees and expenses | $ 6,000 | ||||||||||||||||||||||
Maturity date | Jan. 11, 2020 | Apr. 4, 2020 | |||||||||||||||||||||
Proceeds from issuance of debt | $ 114,000 | ||||||||||||||||||||||
Principal debt balance | 120,000 | 105,200 | 120,000 | ||||||||||||||||||||
Convertible note payable interest rate | 10.00% | ||||||||||||||||||||||
Terms of conversion feature | One44, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company, with a floor of $0.03 per share | ||||||||||||||||||||||
Convertible Note [Member] | JSJ Investments, Inc [Member] | |||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 135% to 150% during the first 180 days after issuance | ||||||||||||||||||||||
Conversion of principal amount | $ 125,000 | $ 125,000 | |||||||||||||||||||||
Fees and expenses | $ 3,000 | ||||||||||||||||||||||
Maturity date | Jan. 17, 2020 | ||||||||||||||||||||||
Proceeds from issuance of debt | $ 122,000 | ||||||||||||||||||||||
Principal debt balance | 125,000 | 113,995 | 125,000 | ||||||||||||||||||||
Convertible note payable interest rate | 12.00% | 12.00% | |||||||||||||||||||||
Debt instrument converted principal amount | $ 11,005 | ||||||||||||||||||||||
Terms of conversion feature | JSJ, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at $0.03 per share or, upon the occurrence of certain defined defaults, at a 42% discount to the lowest trading price during the 20 days prior to the date the notice of conversion is received by the Company | ||||||||||||||||||||||
Convertible Note [Member] | EMA Financial, LLC [Member] | |||||||||||||||||||||||
Maturity date | Sep. 4, 2020 | Oct. 16, 2020 | |||||||||||||||||||||
Proceeds from issuance of debt | $ 123,400 | ||||||||||||||||||||||
Principal debt balance | 18,055 | ||||||||||||||||||||||
Conversion of principal amount | $ 105,145 | $ 55,000 | |||||||||||||||||||||
Convertible Note [Member] | GS Four [Member] | |||||||||||||||||||||||
Conversion of principal amount | |||||||||||||||||||||||
Convertible Note [Member] | Power Up One [Member] | |||||||||||||||||||||||
Principal debt balance | 53,000 | ||||||||||||||||||||||
Convertible Note [Member] | Vista One [Member] | |||||||||||||||||||||||
Principal debt balance | 123,200 | ||||||||||||||||||||||
Convertible Note [Member] | Redstart [Member] | |||||||||||||||||||||||
Debt instrument converted principal amount | $ 68,000 | ||||||||||||||||||||||
Convertible Note [Member] | Geneva Roth Remark Holdings, Inc. [Member] | |||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. The Company may not redeem the note after the first 180 days after issuance. | ||||||||||||||||||||||
Original issue discount description | |||||||||||||||||||||||
Conversion of principal amount | |||||||||||||||||||||||
Fees and expenses | $ 3,000 | ||||||||||||||||||||||
Maturity date | Sep. 4, 2020 | Jan. 24, 2020 | |||||||||||||||||||||
Principal debt balance | $ 56,500 | $ 550,000 | 183,580 | $ 550,000 | 56,500 | $ 183,580 | |||||||||||||||||
Interest rate | 9.00% | 10.00% | |||||||||||||||||||||
Debt instrument converted principal amount | $ 50,000 | ||||||||||||||||||||||
Debt issue discount | $ 3,500 | $ 10,000 | |||||||||||||||||||||
Convertible Note [Member] | One44 [Member] | |||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 130% to 140% during the first 180 days after issuance. The Company may not redeem the note after 180 days from the issuance date. | ||||||||||||||||||||||
Original issue discount description | One44, at any time at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to and including the day the notice of conversion is received by the Company, with a floor of $0.03 per share. | ||||||||||||||||||||||
Conversion of principal amount | $ 100,000 | $ 100,000 | |||||||||||||||||||||
Fees and expenses | $ 5,000 | ||||||||||||||||||||||
Maturity date | Feb. 27, 2020 | ||||||||||||||||||||||
Principal debt balance | $ 95,000 | ||||||||||||||||||||||
Interest rate | 10.00% |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Beginning Balance | $ 1,825,596 |
New issuances of options, warrants and debt | 46,812 |
Debt conversions and warrant exercises | (425,325) |
Change in fair value of derivative liabilities | (255,127) |
Ending Balance | 1,191,956 |
Options and Warrants [Member] | |
Beginning Balance | 18,063 |
Change in fair value of derivative liabilities | (15,316) |
Ending Balance | 2,747 |
Convertible Notes Payable [Member] | |
Beginning Balance | 1,807,533 |
New issuances of options, warrants and debt | 46,812 |
Debt conversions and warrant exercises | (425,325) |
Change in fair value of derivative liabilities | (239,811) |
Ending Balance | $ 1,189,209 |
DERIVATIVE LIABILITIES (Detai_2
DERIVATIVE LIABILITIES (Details Narrative) | 3 Months Ended |
Jul. 31, 2019 | |
Warrants Not Settleable in Cash [Member] | |
Risk-free interest rates | 1.89% |
Probability of future financing | 100.00% |
Minimum [Member] | Convertible Notes Payable [Member] | |
Volatility | 207.00% |
Maximum [Member] | Convertible Notes Payable [Member] | |
Volatility | 317.00% |
STOCKHOLDERS DEFICIT (Details)
STOCKHOLDERS DEFICIT (Details) - Warrant [Member] | 3 Months Ended |
Jul. 31, 2019$ / sharesshares | |
Number of Shares | |
Beginning Balance | 1,789,293 |
Granted | 10,759,954 |
Canceled / Expired | |
Exercised | |
Ending Balance | 12,549,247 |
Weighted Average Exercise Price Per Share | |
Beginning Balance | $ / shares | $ 1 |
Granted | $ / shares | 1 |
Exercised | $ / shares | |
Ending Balance | $ / shares | $ 1 |
Weighted Average Remaining Contractual Life (in years) Outatanding Beginning | 2 years 10 months 28 days |
Weighted Average Remaining Contractual Life (in years) Outstanding Ending | 2 years 7 months 28 days |
STOCKHOLDERS DEFICIT (Details 1
STOCKHOLDERS DEFICIT (Details 1) - Stock Option [Member] | 3 Months Ended |
Jul. 31, 2019$ / sharesshares | |
Number of Shares | |
Beginning Balance | 2,000,000 |
Granted | |
Canceled / Expired | |
Exercised | |
Ending Balance | 2,000,000 |
Weighted Average Exercise Price Per share | |
Beginning Balance | $ / shares | $ 0.08 |
Granted | $ / shares | |
Exercised | $ / shares | |
Ending Balance | $ / shares | $ 0.08 |
Weighted Average Remaining Contractual Life (in years) Outatanding Beginning | 9 years 7 months 13 days |
Weighted Average Remaining Contractual Life (in years) Outstanding Ending | 9 years 4 months 13 days |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | Aug. 05, 2019 | Jun. 04, 2019 | Jan. 11, 2019 | Mar. 04, 2017 | Sep. 30, 2019 | Jun. 19, 2019 | Apr. 30, 2019 | Mar. 21, 2019 | Feb. 27, 2019 | Jan. 17, 2019 | Mar. 21, 2018 | Jun. 20, 2017 | Jun. 19, 2017 | Mar. 31, 2017 | Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 |
Refinery start-up costs, expensed | ||||||||||||||||||||
Stock authorized | 12,010,000,000 | |||||||||||||||||||
Common stock for common stock payable, Value | ||||||||||||||||||||
Number of options | 2,000,000 | |||||||||||||||||||
Stock options exercisable | $ 0.08 | |||||||||||||||||||
Common stock, shares issued | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | ||||||||||||||||||||
Conversion of principal amount | ||||||||||||||||||||
Reserved for issuance outstanding A and B | 1,000,000 | |||||||||||||||||||
Shares issued for services, value | 84 | $ 38,026 | ||||||||||||||||||
Accrued expenses | $ 307,078 | $ 350,618 | $ 307,078 | |||||||||||||||||
Warrants [Member] | ||||||||||||||||||||
Number of options | 1,789,293 | 12,549,247 | 1,789,293 | |||||||||||||||||
Stock options exercisable | $ 1 | $ 1 | $ 1 | |||||||||||||||||
Convertible Notes Payable [Member] | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | $ 303,069 | |||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | ||||||||||||||||||||
Common stock, voting rights, Description | Class A common shares have one vote per share | |||||||||||||||||||
Shares issued for Cash, Amount | ||||||||||||||||||||
Common stock, Authorized | 10,000,000,000 | 10,000,000,000 | 10,000,000,000 | 10,000,000,000 | ||||||||||||||||
Reverse stock split | 1 for 100 | |||||||||||||||||||
Shares issues | 322,125,328 | 3,152,899 | ||||||||||||||||||
Shares issued for services, shares | 30,000 | 99,623 | ||||||||||||||||||
Shares issued for services, value | $ 84 | $ 38,026 | ||||||||||||||||||
Shares issued for accrued expenses, value | $ 1,116,961 | $ 6,262 | ||||||||||||||||||
Shares issued for accrued expenses, shares | 11,508 | 16,031 | ||||||||||||||||||
Common Class A [Member] | Warrants [Member] | ||||||||||||||||||||
Common stock reserved for issuance of outstanding warrants | ||||||||||||||||||||
Common Class A [Member] | Convertible Notes Payable [Member] | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | ||||||||||||||||||||
Shares issued for services, shares | ||||||||||||||||||||
Shares issued for services, value | ||||||||||||||||||||
Shares issued for accrued expenses, value | ||||||||||||||||||||
Shares issued for accrued expenses, shares | ||||||||||||||||||||
Common stock reserved for issuance of outstanding warrants | ||||||||||||||||||||
Accrued interest payable | $ 5,568 | $ 5,548 | ||||||||||||||||||
Payment for fees | 1,750 | |||||||||||||||||||
Common Class A [Member] | Stock Issuances [Member] | Convertible Notes Payable [Member] | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | ||||||||||||||||||||
Common stock shares issued upon conversion of debt, value | ||||||||||||||||||||
Debt conversion converted amount | 425,325 | 244,639 | ||||||||||||||||||
Extinguishment of debt | ||||||||||||||||||||
Extinguishment of accrued interest | ||||||||||||||||||||
Exchange fees | ||||||||||||||||||||
Extinguishment of derivative liabilities | ||||||||||||||||||||
Common Class A [Member] | Stock Issuances [Member] | Accounts Payable [Member] | ||||||||||||||||||||
Common stock, shares issued | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | ||||||||||||||||||||
Common stock shares issued upon conversion of debt, value | ||||||||||||||||||||
Common Class A [Member] | Stock Issuances [Member] | Accrued expenses [Member] | ||||||||||||||||||||
Common stock, shares issued | 320,978,367 | 4,400 | ||||||||||||||||||
Gain (loss) on extinguishment of debt | $ 1,992 | 1,992 | $ 39,600 | |||||||||||||||||
Accrued expenses | 13,500 | 13,500 | 44,000 | |||||||||||||||||
Common stock shares issued upon conversion of debt, value | 368,932 | 2,047,771 | ||||||||||||||||||
Debt conversion converted amount | 361,614 | 308,617 | ||||||||||||||||||
Common Class A [Member] | Equity Purchase Agreements [Member] | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | ||||||||||||||||||||
Shares issued for Cash, Amount | $ 116,252 | |||||||||||||||||||
Shares issued for Cash, Shares | 989,474 | |||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | ||||||||||||||||||||
Stock Issued During Period, Value, Reverse Stock Splits | ||||||||||||||||||||
Common Class B [Member] | ||||||||||||||||||||
Common stock, voting rights, Description | ||||||||||||||||||||
Shares issued for Cash, Amount | ||||||||||||||||||||
Common stock, Authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||||||||||||
Reverse stock split | 1 for 100 | |||||||||||||||||||
Class A and Class B stock option [Member] | ||||||||||||||||||||
Number of options | 1,000,000 | |||||||||||||||||||
Number of warrant exercised | 375,297,755 | |||||||||||||||||||
Extinguishment of derivative liabilities | ||||||||||||||||||||
Stock options exercisable | $ 0.08 | |||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | ||||||||||||||||||||
New element | ||||||||||||||||||||
Extinguishment of debt | ||||||||||||||||||||
Series A preferred stock [Member] | ||||||||||||||||||||
Common stock, voting rights, Description | Shareholders owning in excess of 50.1% of the outstanding shares of voting common stock | |||||||||||||||||||
Increase authorized shares, Description | The Company is proposing to amend its articles of incorporation to increase the number of authorized shares of capital stock from 12,010,000,000 shares to 25,010,000,000 shares. | |||||||||||||||||||
Preferred stock designated share | 1,000 | |||||||||||||||||||
Equity Purchase Agreement [Member] | Common Class A [Member] | Stock Issuances [Member] | ||||||||||||||||||||
Shares issued for Cash, Amount | ||||||||||||||||||||
Shares issued for Cash, Shares | ||||||||||||||||||||
JSJ Investments, Inc [Member] | Convertible Note [Member] | ||||||||||||||||||||
Conversion of principal amount | $ 125,000 | $ 125,000 | ||||||||||||||||||
One44 [Member] | Convertible Note [Member] | ||||||||||||||||||||
Conversion of principal amount | $ 100,000 | $ 100,000 | ||||||||||||||||||
Preferred stock series A | ||||||||||||||||||||
Consultant [Member] | ||||||||||||||||||||
Conversion of principal amount | $ 15,000 | |||||||||||||||||||
Reserved for issuance outstanding A and B | 9,624,702,245 | |||||||||||||||||||
Shares issued for Cash, Amount | $ 116,252 | |||||||||||||||||||
Crown Bridge [Member] | Equity Purchase Agreement [Member] | Common Class A [Member] | ||||||||||||||||||||
Shares issued for Cash, Amount | ||||||||||||||||||||
Shares issued for Cash, Shares |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Sep. 05, 2019 | Aug. 05, 2019 | Jun. 19, 2019 | Jul. 31, 2019 | Apr. 30, 2018 |
Conversion of principal amount | |||||
Shares issued for conversion of note payable | |||||
Consultant [Member] | |||||
Conversion of principal amount | $ 15,000 | ||||
Terms of conversion feature | The Consultant, at his option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. | ||||
Convertible note, interest rate | 5.00% | ||||
Maturity date | Aug. 5, 2020 | ||||
Cash paid | $ 5,000 | ||||
Consulting fees | $ 10,000 | ||||
Subsequent Events [Member] | Class A Common Stock | Convertible Note [Member] | |||||
Shares issued for compensation, shares | 1,097,598,126 | ||||
Common stock, shares issued | |||||
Shares issued for compensation, value | $ 136,882 | ||||
Shares issued for conversion of note payable | |||||
Accrued interest payable | $ 13,592 | ||||
Proceeds from conversion of note payable | 320,161 | ||||
Subsequent Event [Member] | Maple [Member] | |||||
Conversion of principal amount | $ 10,000 | $ 26,000 | |||
Terms of conversion feature | Maple, at its option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. | Maple, at its option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. | |||
Convertible note, interest rate | 5.00% | 5.00% | |||
Maturity date | Sep. 5, 2020 | Aug. 5, 2020 | |||
Subsequent Event [Member] | BNL [Member] | |||||
Conversion of principal amount | $ 15,000 | ||||
Terms of conversion feature | BNL, at its option may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s Class A common stock at a conversion price equal to 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty prior trading days. | ||||
Convertible note, interest rate | 5.00% | ||||
Maturity date | Aug. 5, 2020 |