Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Aug. 13, 2020 | Oct. 31, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | MMEX Resources Corp | ||
Entity Central Index Key | 0001440799 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Apr. 30, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Common Stock Shares Outstanding | 13,352,828,472 | ||
Entity Public Float | $ 626,000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Current assets: | ||
Cash | $ 66,830 | $ 55,188 |
Prepaid expenses and other current assets | 23,145 | 38,949 |
Total current assets | 89,975 | 94,137 |
Property and equipment, net | 507,044 | 531,167 |
Deposit | 900 | 900 |
Total assets | 597,919 | 626,204 |
Current liabilities: | ||
Accounts payable | 764,945 | 706,192 |
Accrued expenses | 519,447 | 307,078 |
Accounts payable and accrued expenses - related parties | 236,514 | 41,036 |
Note payable, currently in default | 75,001 | 75,001 |
Convertible notes payable, currently in default, net of discount of $0 and $0 at April 30, 2020 and 2019, respectively | 323,133 | 75,000 |
Convertible notes payable, net of discount of $140,941 and $869,433 at April 30, 2020 and 2019, respectively | 1,587,239 | 783,836 |
Convertible notes payable - related parties, net of discount of $2,232 and $0 at April 30, 2020 and 2019, respectively | 41,268 | 0 |
PPP loan payable | 167,900 | 0 |
Derivative liabilities | 2,607,433 | 1,825,596 |
Total current liabilities | 6,322,880 | 3,813,739 |
Long-term liabilities: | ||
Convertible notes payable, net of discount of $0 and $263,960 at April 30, 2020 and 2019, respectively | 0 | 176,140 |
Total liabilities | 6,322,880 | 3,989,879 |
Commitments and contingencies | 0 | 0 |
Stockholders' deficit: | ||
Common stock; $0.001 par value; 25,000,000,000 shares authorized, 13,352,828,472 and 68,172,427 shares issued and outstanding at April 30, 2020 and 2019, respectively | 13,352,830 | 68,174 |
Series A preferred stock; $0.001 par value; 10,000,000 shares authorized, 1,000 Series A shares issued and outstanding | 1 | 0 |
Additional paid-in capital | 24,370,144 | 35,622,398 |
Non-controlling interest | 9,871 | 9,871 |
Accumulated (deficit) | (43,457,807) | (39,064,118) |
Total stockholders' deficit | (5,724,961) | (3,363,675) |
Total liabilities and stockholders' deficit | $ 597,919 | $ 626,204 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Convertible notes, net of discount currently in default | $ 0 | $ 0 |
Convertible notes payable, net of discount | 140,941 | 869,433 |
Convertible notes payable - related party, net of discount | 2,232 | 0 |
Convertible note payable, net of discount | $ 0 | $ (263,960) |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 25,000,000,000 | 25,000,000,000 |
Common stock, Issued | 13,352,828,472 | 68,172,427 |
Common stock, outstanding | 13,352,828,472 | 68,172,427 |
Series A [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 10,000,000 | 10,000,000 |
Preferred stock, Issued | 1,000 | 1,000 |
Preferred stock, outstanding | 1,000 | 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Consolidated Statements of Operations | ||
Revenues | $ 0 | $ 0 |
Operating expenses: | ||
General and administrative expenses | 904,306 | 1,331,096 |
Refinery start-up costs | 214,439 | 531,983 |
Depreciation and amortization | 34,663 | 30,914 |
Total operating expenses | 1,153,408 | 1,893,993 |
Loss from operations | (1,153,408) | (1,893,993) |
Other income (expense): | ||
Interest expense | (1,846,603) | (1,976,307) |
Loss on derivative liabilities | (1,402,233) | (128,860) |
Gain on extinguishment of liabilities | 8,555 | 14,239 |
Loss on conversion of debt | (1,909) | |
Total other income (expense) | (3,240,281) | (2,092,837) |
Loss before income taxes | (4,393,689) | (3,986,830) |
Provision for income taxes | 0 | 0 |
Net loss | (4,393,689) | (3,986,830) |
Non-controlling interest in income of consolidated subsidiaries | 0 | 0 |
Net loss attributable to the Company | $ (4,393,689) | $ (3,986,830) |
Net loss per common share - basic and diluted | $ 0 | $ (0.13) |
Weighted average number of common shares outstanding: | ||
Basic | 6,692,100,334 | 31,492,895 |
Diluted | 6,692,100,334 | 31,492,895 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - USD ($) | Total | Class A Common Stock | Series A Preferred Stock | Additional Paid-In Capital | Non-Controlling Interest | Accumulated Deficit |
Balance, shares at Apr. 30, 2018 | 36,274,369 | |||||
Balance, amount at Apr. 30, 2018 | $ (1,945,922) | $ 36,274 | $ 0 | $ 33,085,221 | $ 9,871 | $ (35,077,288) |
Services, shares | 699,971 | 699,971 | ||||
Services, amount | $ 91,930 | $ 699 | $ 0 | 91,231 | 0 | 0 |
Accrued expenses, shares | 16,031 | |||||
Accrued expenses, amount | 6,252 | $ 16 | $ 0 | 6,236 | 0 | 0 |
Conversion of convertible notes payable, shares | 30,192,113 | |||||
Conversion of convertible notes payable, amount | 1,266,588 | $ 30,195 | $ 0 | 1,236,393 | 0 | 0 |
Stock subscription receivable, shares | 989,474 | |||||
Stock subscription receivable, amount | 116,252 | $ 989 | $ 0 | 115,263 | 0 | 0 |
Reverse split rounding, shares | 469 | |||||
Reverse split rounding, amount | 0 | $ 1 | $ 0 | (1) | 0 | 0 |
Debt extinguishment | 3,835 | 0 | 0 | 3,835 | 0 | 0 |
Settlement of derivative liabilities | 1,084,220 | 0 | 0 | 1,084,220 | 0 | 0 |
Net loss | (3,986,830) | $ 0 | $ 0 | 0 | 0 | (3,986,830) |
Balance, shares at Apr. 30, 2019 | 68,172,427 | |||||
Balance, amount at Apr. 30, 2019 | $ (3,363,675) | $ 68,174 | $ 0 | 35,622,398 | 9,871 | (39,064,118) |
Services, shares | 30,000 | 30,000 | ||||
Services, amount | $ 84 | $ 30 | $ 0 | 54 | 0 | 0 |
Accrued expenses, shares | 169,913,936 | |||||
Accrued expenses, amount | 28,387 | $ 169,914 | $ 0 | (141,527) | 0 | 0 |
Conversion of convertible notes payable, shares | 6,678,348,473 | |||||
Conversion of convertible notes payable, amount | 811,676 | $ 6,678,348 | $ 0 | (5,866,672) | 0 | 0 |
Conversion of convertible notes payable - related parties, shares | 6,436,363,636 | |||||
Conversion of convertible notes payable - related parties, amount | 355,460 | $ 6,436,364 | $ 0 | (6,080,904) | 0 | 0 |
Preferred shares issued for services to related party, shares | 1,000 | |||||
Preferred shares issued for services to related party, amount | 23,900 | $ 0 | $ 1 | 23,899 | 0 | 0 |
Settlement of derivative liabilities | 812,896 | 0 | 0 | 812,896 | 0 | 0 |
Net loss | (4,393,689) | $ 0 | $ 0 | 0 | 0 | (4,393,689) |
Balance, shares at Apr. 30, 2020 | 13,352,828,472 | 1,000 | ||||
Balance, amount at Apr. 30, 2020 | $ (5,724,961) | $ 13,352,830 | $ 1 | $ 24,370,144 | $ 9,871 | $ (43,457,807) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (4,393,689) | $ (3,986,830) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 34,663 | 30,914 |
Stock-based compensation | 84 | 91,930 |
Preferred shares issued to related party for services | 23,900 | 0 |
Loan fees and penalties added to convertible note principal | 335,700 | 25,000 |
Loss on derivative liabilities | 1,402,233 | 128,860 |
Gain on extinguishment of liabilities | (8,555) | (14,239) |
Loss on conversion of debt | 0 | 1,909 |
Amortization of debt discount | 1,223,919 | 1,587,612 |
Interest expense from issuance of stock options | 0 | 42,217 |
Interest expense added to convertible note principal | 0 | 39,600 |
(Increase) decrease in prepaid expenses and other current assets | 15,804 | (33,949) |
Increase in deposits | 0 | 0 |
Increase (decrease) in liabilities: | ||
Accounts payable | 58,753 | (1,880) |
Accrued expenses | 375,732 | 145,375 |
Accounts payable and accrued expenses - related parties | 196,938 | 9,403 |
Net cash used in operating activities | (734,518) | (1,934,078) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (10,540) | (260,812) |
Net cash used in investing activities | (10,540) | (260,812) |
Cash flows from financing activities: | ||
Proceeds from convertible notes payable | 365,300 | 2,032,653 |
Proceeds from convertible notes payable - related parties | 323,500 | 0 |
Proceeds from PPP loan payable | 167,900 | 0 |
Proceeds from issuance of common stock | 0 | 116,252 |
Repayments of convertible notes payable | (100,000) | (203,000) |
Net cash provided by financing activities | 756,700 | 1,945,905 |
Net increase (decrease) in cash | 11,642 | (248,985) |
Cash at the beginning of the period | 55,188 | 304,173 |
Cash at the end of the period | 66,830 | 55,188 |
Supplemental disclosure: | ||
Interest paid | 10,402 | 104,990 |
Income taxes paid | 0 | 0 |
Non-cash investing and financing activities: | ||
Common stock issued in conversion of debt | 811,676 | 1,264,679 |
Common stock issued in conversion of related party debt | 355,460 | |
Common stock issued for accrued expenses | 46,945 | 5,000 |
Settlement of derivative liabilities | 812,896 | 1,084,220 |
Derivative liabilities for debt discount | 192,500 | 1,742,136 |
Convertible notes payable for accrued expenses | 10,000 | 0 |
Convertible notes payable - related parties for accrued expenses | 74,000 | 0 |
Increase in common stock for reverse stock split rounding | 0 | 1 |
Related party gain on shares issued for services | $ 0 | $ 3,835 |
BACKGROUND, ORGANIZATION AND BA
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Apr. 30, 2020 | |
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 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 State of Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Refining & Transport, LLC 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 & Transport, LLC (“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. The Company has adopted a fiscal year end of April 30. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Consolidation The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Property and equipment Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated or amortized using the straight-line method over the estimated useful life or legal life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Refinery land improvement 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 April 30, 2020, 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. 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: April 30, 2020 Total Level 1 Level 2 Level 3 Derivative liabilities $ 2607433 $ - $ - $ 2607433 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 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. Advertising and promotion All costs associated with advertising and promoting products are expensed as incurred. No material expenses were incurred for the years ended April 30, 2020 and 2019, respectively. Income taxes The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. Uncertain tax positions The Company has adopted FASB standards for accounting for uncertainty in income taxes. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Various taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities and has not identified any uncertain tax positions requiring recognition in its consolidated financial statements. The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions. Basic and diluted income (loss) per share Basic net income or loss per common 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 years ended April 30, 2020 and 2019, 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 common share is the same as diluted net loss per share. Employee 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 years ended April 30, 2020 and 2019, the Company recorded share-based compensation to employees of $0 and $13,366, respectively. Effective January 2019, the Company had no employees. 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 have been reclassified to conform with the current year presentation. Recently Issued Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (ASU) No. 2019-12, “Simplifying the Accounting for Income Taxes” (Income Taxes Topic 740). The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general provision of Topic 740. The amendments also improve consistent application of and simplify General Accepted Accounting Principles for other areas of Topic 740 by clarifying and amending existing practice. For public entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, or May 1, 2020 for the Company. Early adoption is permitted. Early adoption of the amendments is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the implementation of this ASU. In February 2016, the FASB issued ASU 2016-02, Leases 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 | 12 Months Ended |
Apr. 30, 2020 | |
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 $43,457,807 and a total stockholders’ deficit of $5,724,961 at April 30, 2020, 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. Most recently, we have funded our operations from the proceeds of convertible debt. However, we currently do not have sufficient authorized shares of common stock to secure additional convertible debt funding. The recent Covid-19 worldwide pandemic has negatively impacted capital markets adding to the difficulty of raising either debt or equity 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 | 12 Months Ended |
Apr. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | Accounts payable and accrued expenses to related parties, consisting primarily of consulting fees and expense reimbursements payable, totaled $236,514 as of April 30, 2020 consisting of $101,012 payable to Maple Resources Corporation, $31,633 to a former officer and $103,869 to consultants who are significant shareholders or affiliates of our President and CEO, and $41,036 as of April 30, 2019 consisting of $9,403 payable to Maple Resources Corporation and $31,633 to a former officer. Effective July 1, 2019, we entered into a consulting agreement with Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, that provides for payment of consulting fees and expense reimbursement related to the development of the refinery project, financing and other corporate activities. Effective January 1, 2020, the Maple consulting agreement was amended to provide for monthly consulting fees of $17,897. During the years ended April 30, 2020 and 2019, we incurred consulting fees and expense reimbursement to Maple Resources totaling $275,713 and $350,931, respectively. In addition, the consulting agreement provides for the issuance to Maple Resources of shares of our common stock each month with a value of $5,000, with the number of shares issued based on the average closing price of the stock during the prior month. In November 2019, 76,282,091 shares of our common stock were issued to Maple Resources in payment of $20,000 of consulting fees for July through October 2019. No shares have been issued to Maple Resources in payment of consulting fees for November 2019 through April 2020 under the consulting agreement. Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $101,012 and $9,403 as of April 30, 2020 and 2019, respectively. Effective October 1, 2018, we entered into a consulting agreement with a related party to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. The related party consultant provides certain administrative and accounting services and is reimbursed for expenses paid on behalf of the Company. During the year ended April 30, 2020, we issued a total of 38,761,580 common shares valued at $15,009 to the related party, with the shares valued at the market price on the date of issuance, in payment of accrued consulting fees totaling $17,500. A gain on extinguishment of debt of $2,491 related to this compensation arrangement was recorded as a contribution to capital. During the year ended April 30, 2019, we issued a total of 193,965 Class A common shares valued at $11,166 to the related party. A gain on extinguishment of debt of $3,835 related to this compensation arrangement was recorded as a contribution to capital in the year ended April 30, 2019. As of April 30, 2020, consulting fees of $15,000 were payable in stock, and the related party had also advanced the Company $18,179, for a total of $33,179 included in accounts payable and accrued expenses – related parties. Effective August 1, 2019, the Company issued 1,000 shares of Series A preferred stock to Maple Resources for services rendered. The shares were valued by an independent valuation firm at $23,900. See Note 11. During the year ended April 30, 2019, we issued to an employee 93,620 shares of our common stock valued at $12,807 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. The pledge agreement was later amended to substitute 1,000 shares of Series A preferred stock (constituting 100% of the outstanding shares of Series A Preferred stock) for the Class B Common Stock. 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 2,000,000 shares of the Company’s common stock at $0.08 per share. During the year ended April 30, 2020, Maple Resources, BNL Family Trust (a trust established for the benefit of Bruce Lemons, a director of the Company, and his family) and an individual who is a consultant and shareholder of the Company loaned the Company a total of $397,500 in the form of convertible notes payable. See Note 9. The notes were issued for cash of $323,500, consulting fees of $30,000, accrued expenses of $30,000 and financing fees of $14,000. Notes totaling $354,000 were converted in November 2019 into 6,436,363,636 total common shares of the Company. As of April 30, 2020, total principal of $43,500 and accrued interest payable of $690 were outstanding. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Apr. 30, 2020 | |
PROPERTY AND EQUIPMENT | |
NOTE 5 - PROPERTY AND EQUIPMENT | Property and equipment consisted of the following at April 30: 2020 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 452,005 441,465 Refinery land easements 37,015 37,015 580,934 570,394 Less accumulated depreciation and amortization (73,890 ) (39,227 ) $ 507,044 $ 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 April 30, 2020, the Company incurred a total of $478,480 additional costs to acquire certain easements related to the land parcel and make other improvements. Depreciation and amortization expense totaled $34,663 and $30,914 for the years ended April 30, 2020 and 2019, respectively. |
REFINERY PROJECT
REFINERY PROJECT | 12 Months Ended |
Apr. 30, 2020 | |
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. The 15,000,000 Class B common shares were subsequently converted to the same number of Class A common shares. 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 the 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 | 12 Months Ended |
Apr. 30, 2020 | |
ACCRUED EXPENSES | |
NOTE 7 - ACCRUED EXPENSES | Accrued expenses consisted of the following at April 30: 2020 2019 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 24,000 4,500 Accrued interest and penalties 402,126 209,947 Other 63,231 62,541 $ 519,447 $ 307,078 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2020 | |
NOTES PAYABLE | |
NOTE 8 - NOTES PAYABLE | Note Payable, Currently in Default Note payable, currently in default, consists of the following at April 30: 2020 2019 Note payable to an unrelated party, maturing March 18, 2014, with interest at 10% $ 75,001 $ 75,001 $ 75,001 $ 75,001 Convertible Notes Payable, Currently in Default Convertible notes payable, currently in default, consist of the following at April 30: 2020 2019 Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company at $3.70 per share $ 25,000 $ 25,000 Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company at $1.00 per share 50,000 50,000 Note payable to an accredited investor, matured January 11, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 59,400 - Note payable to an accredited investor, matured January 17, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price 53,028 - Note payable to an accredited investor, matured January 24, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 42,365 - 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 91,331 - 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 2,009 323,133 75,000 Less discount - - Total $ 323,133 $ 75,000 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 matured on January 11, 2020 and was in default as of April 30, 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 year ended April 30, 2020, One44 converted principal of $60,600 into common shares of the Company, resulting in a principal balance of $59,400 as of April 30, 2020. 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 matured on January 17, 2020 and was in default as of April 30, 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 year ended April 30, 2020, JSJ converted principal of $82,672 into common shares of the Company and the principal was increased by $10,700 for a penalty, resulting in a principal balance of $53,028 as of April 30, 2020. 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 matured on January 24, 2020 and was in default as of April 30, 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 April 30, 2019. In November 2019, a penalty of $25,000 was added to the principal of the note. During the year ended April 30, 2020, EMA converted principal of $37,635 into common shares of the Company, resulting in a principal balance of $42,365 as of April 30, 2020. 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 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 matured on February 27, 2020 and was in default as of April 30, 2020. During the first 150 days the Note is in effect, the Company may redeem the note at a redemption price of 135%. The note had a principal balance of $55,000 as of April 30, 2019. During the year ended April 30, 2020, Coventry converted principal of $52,991 into common shares of the Company, resulting in a principal balance of $2,009 as of April 30, 2020. Current Convertible Notes Payable Current convertible notes payable consisted of the following at April 30: 2020 2019 Note payable to an accredited investor, maturing November 20, 2020, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. $ 24,700 $ 110,000 Note payable to an accredited investor, maturing November 20, 2020, with interest at 18%, 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 November 20, 2020, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. 600,000 600,000 Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. 200,000 - Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. 90,000 - 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. In default at April 30, 2020. - 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. In default at April 30, 2020. - 125,000 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. In default at April 30, 2020. - 55,000 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. In default at April 30, 2020. - 125,000 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. In default at April 30, 2020. - 55,000 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 (long-term at April 30, 2020) 35,900 - Note payable to an accredited investor, maturing November 20, 2020, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price 110,000 110,000 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 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 56,500 - Note payable to an accredited investor, maturing September 4, 2020, with interest at 9%, convertible 56,500 - Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible 10,000 - Note payable to an accredited investor, maturing two years from each advance, with an original issue Advance dated September 13, 2018, maturing September 13, 2020 (long-term at April 30, 2020) 1,380 - Advance dated October 16, 2018, maturing October 16, 2020 (long-term at April 30, 2019) 123,200 - Note payable to an accredited investor, maturing January 4, 2020, with interest at 9%, convertible - 136,000 Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible - 100,000 Note payable to an accredited investor, maturing September 21, 2019, with interest at 8%, converted in - 47,269 Total 1,728,180 1,653,269 Less discount (140,941 ) (869,433 ) Net $ 1,587,239 $ 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 an original discount of $4,500 and 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 maturity date of the note has been extended to November 20, 2020 and the interest rate increased to 18%. 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 year ended April 30, 2020, GS converted principal of $85,300 into common shares of the Company, resulting in a principal balance of $24,700 as of April 30, 2020. 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 maturity date of the note has been extended to November 20, 2020 and the interest rate raised to 18%. 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 April 30, 2020 and 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 maturity date of the debenture has been extended to November 20, 2020 and the interest rate raised to 18%. 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 April 30, 2020 and 2019. Affiliates of Jack W. Hanks and Bruce Lemons, our directors, pledged their shares of Series A preferred stock (constituting 100% of the outstanding shares of Series A preferred stock) to GS to secure the repayment of the debenture by the Company. Effective March 31, 2020, the Company issued and delivered to GS an 18% convertible note in the principal amount of $200,000. The note was issued to GS in consideration for GS extending the maturity date of other convertible notes payable to GS to November 30, 2020. The extension fee is payable in cash at the earlier of (1) in connection with, and at the time of repayment of the Notes, or (2) on November 20, 2020. The note had a principal balance of $200,000 as of April 30, 2020. GS, at its option, may convert the unpaid principal balance and accrued interest into shares of common stock at the same terms as the September GS convertible notes payable. Effective February 4, 2020, the Company issued and delivered to GS an 18% convertible note in the principal amount of $90,000. The note was issued to GS in consideration for GS extending the maturity date of other convertible notes payable to GS to February 4, 2020. The extension fee is payable in cash at the earlier of (1) in connection with, and at the time of repayment of the Notes, or (2) on November 20, 2020. The note had a principal balance of $90,000 as of April 30, 2020. GS, at its option, may convert the unpaid principal balance and accrued interest into shares of common stock at the same terms as the September GS convertible notes payable. Effective February 7, 2019, the Company issued and delivered to Geneva Roth Remark Holdings, Inc. (“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 April 30, 2019. During the year ended April 30, 2020, Geneva converted principal of $20,600 into common shares of the Company, resulting in a principal balance of $35,900 as of April 30, 2020. 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 an original discount of $4,500 and 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 maturity date of the note has been extended to November 20, 2020 and the interest rate increased to 18%. 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, 2020 and 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 April 30, 2020 and 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 April 30, 2020. 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 April 30, 2020. 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 April 30, 2020. Effective December 27, 2020, the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $10,000 in payment of accrued fees of $10,000. Subject to available common shares to issue, the note is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which shares of our common stock have been issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. The note had a principal balance of $10,000 as of April 30, 2020. On December 27, 2019, the consultant simultaneously submitted a notice to convert the note into 9,090,909,091 shares of the Company’s common stock. The conversion was not completed, and the shares have not been issued pending an increase in the number of authorized shares of common stock. 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 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 common shares of the Company, resulting in a principal balance of $47,269 as of April 30, 2019. During the year ended April 30, 2020, the balance of the note was converted in full into shares of the Company’s common stock. Effective January 4, 2019, the Company issued and delivered to 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 and was converted in full into common shares of the Company during the year ended April 30, 2020. 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: 2020 2019 Note payable to an accredited investor, maturing two years from each advance, with an original issue Advance dated September 13, 2018, maturing September 13, 2020, reclassified to current $ - $ 80,700 Advance dated October 16, 2018, maturing October 16, 2020, reclassified to current - 246,400 Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible - 56,500 Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible - 56,500 Total - 440,100 Less discount - (263,960 ) Total $ - $ 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 common stock resulting in a principal balance of $80,700 as of April 30, 2019. During the year ended, 2020, Vista converted principal of $79,320 into common shares of the Company, resulting in a principal balance of $1,380 as of April 30, 2020, which has been reclassified as current in the Current Convertible Notes Payable section above. 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 $123,200 of this note, resulting in a principal balance of $123,200 as of April 30, 2020, which has been reclassified as current in the Current Convertible Notes Payable section above. 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 year ended April 30, 2020, EMA converted the note in full into common shares of the Company. On September 12, 2019, the Company and GS entered into an Amendment to Promissory Notes pursuant to which the maturity dates of the September 13, 2018, September 18, 2018 and October 5, 2018 GS convertible notes payable were extended to February 4, 2020. In consideration of the extension of maturity dates, GS is due a fee of $90,000 payable at the time of repayment of the notes. On March 31, 2020, the Company and GS entered into a Second Amendment to Promissory Notes pursuant to which the maturity dates of the September 13, 2018, September 18, 2018 and October 5, 2018 GS convertible notes payable (the “Notes”) were extended to November 20, 2020. In consideration of the extension of maturity dates, GS is due an extension fee of $200,000 due and payable in cash as an increase to the principal balance of the Notes. The extension fee is payable at the earlier of (1) in connection with, and at the time of repayment of the Notes, or (2) on November 20, 2020. Further, the interest rate on the Notes was increased to 18% per annum effective as of February 20, 2020. repayment of the notes. 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 11). Accrued interest payable on convertible notes payable totaled $351,307 and $164,063 at April 30, 2020 and 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 11). No gain or loss was recorded on conversion of convertible notes payable during the year ended April 30, 2020 as the conversions were within the terms of the note agreements.During the year ended April 30, 2019, a loss on conversion of debt of $1,909 was recorded where the conversions of certain convertible notes payable were not within the terms of the note agreement. |
NOTES PAYABLE - RELATED PARTIES
NOTES PAYABLE - RELATED PARTIES | 12 Months Ended |
Apr. 30, 2020 | |
NOTES PAYABLE - RELATED PARTIES | |
NOTE 9 - NOTES PAYABLE - RELATED PARTIES | Convertible notes payable – related party consisted of the following at April 30, 2020: Related Party Maturity Date Consideration Amount Maple Resources Corporation (“Maple”) December 27, 2020 Cash of $5,500 and Financing Fees of $5,500 $ 11,000 BNL Family Trust (“BNL”) December 27, 2020 Cash 11,000 Shareholder and consultant December 27, 2020 Accrued Consulting Fees 10,000 Shareholder and consultant January 22, 2021 Cash 6,500 Maple Resources Corporation February 12, 2021 Cash 5,000 Total 43,500 Less discount (2,232 ) Net $ 41,268 The convertible notes payable – related party accrue interest at an annual rate of 5%. Accrued interest payable totaled $690 at April 30, 2020. Subject to available common shares available to issue, the convertible notes payable – related party are convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which shares of our common stock have been issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. The Company has identified the conversion feature of its convertible notes payable – related party 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 11). On November 5, 2019, Maple converted notes payable with total principal balance of $299,000 into 5,436,363,636 shares of the Company’s common stock. The notes were issued to Maple during the months of August through October 2019 in consideration for cash of $276,000, consulting fees of $20,000 and financing fees of $3,000. On November 5, 2019, BNL converted a note payable with a principal balance of $20,000 into 363,636,364 shares of the Company’s common stock. The note was issued to BNL in August and October 2019 for cash of $20,000. On November 5, 2019, the consultant converted notes payable with total principal balance of $35,000 into 636,363,636 shares of the Company’s common stock. The notes were issued to the consultant during the months of August through October 2019 in consideration for cash of $5,000 and accrued consulting fees of $30,000. On December 27, 2019, the related party lenders simultaneously submitted notices to convert the total note principal of $32,000 into 29,090,909,091 total shares of the Company’s common stock. The conversions were not completed, and the shares have not been issued pending an increase in the number of authorized shares of common stock. On January 22, 2020, the consultant simultaneously submitted a notice to convert the note with principal of $6,500 into 5,909,090,909 shares of the Company’s common stock. The conversion was not completed, and the shares have not been issued pending an increase in the number of authorized shares of common stock. On February 12, 2020, Maple simultaneously submitted a notice to convert the note with principal of $5,000 into 5,545,454,545 shares of the Company’s common stock. The conversion was not completed, and the shares have not been issued pending an increase in the number of authorized shares of common stock. No gain or loss was recorded on conversion of convertible notes payable – related parties during the year ended April 30, 2020 as the conversions were within the terms of the note agreements. |
PPP LOAN PAYABLE
PPP LOAN PAYABLE | 12 Months Ended |
Apr. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 10 - PPP LOAN PAYABLE | With an effective date of April 20, 2020, a loan to the Company was approved under the terms and conditions of the Paycheck Protection Program of the United States Small Business Administration (“SBA”) and the CARES Act (2020) (H.R. 748) (15 U.S.C. 636 et seq.) ( the “Act” ) in the amount of $167,900 and was funded on April 21, 2020. The loan may be forgiven pursuant to the provisions of the Act. |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Apr. 30, 2020 | |
DERIVATIVE LIABILITIES | |
NOTE 11 - 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 April 30, 2020 and 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 years ended April 30, 2020 and 2019, we had the following activity in our derivative liabilities: Options and Convertible Warrants Notes Total Balance, April 30, 2018 $ 90,772 $ 905,831 $ 996,603 New issuances of debt 42,217 1,742,136 1,784,353 Debt conversions and repayments - (1,084,220 ) (1,084,220 ) Change in fair value of derivative liabilities (114,926 ) 243,786 128,860 Balance, April 30, 2019 18,063 1,807,533 1,825,596 New issuances of options, warrants and debt - 192,500 192,500 Debt conversions and repayments - (812,896 ) (812,896 ) Change in fair value of derivative liabilities (18,048 ) 1,420,281 1,420,281 Balance, April 30, 2020 $ 15 $ 2,607,418 $ 2,607,433 Key inputs and assumptions used in valuing the Company’s derivative liabilities as of April 30, 2020 are as follows: · Stock prices on all measurement dates were based on the fair market value · Risk-free interest rate of 0.12% to 0.55% · The probability of future financing was estimated at 100% · Computed volatility ranging from 784% to 795% 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 | 12 Months Ended |
Apr. 30, 2020 | |
STOCKHOLDERS' DEFICIT | |
NOTE 12 - STOCKHOLDERS' DEFICIT | Authorized Shares As of April 30, 2020, the Company had authorized 25,010,000,000 shares consisting of 25,000,000,000 shares of common stock and 10,000,000 shares of preferred stock. On November 4, 2019, we received confirmation from the Secretary of State of Nevada that an amendment to our Amended and Restated Articles of Incorporation to increase the number of authorized shares of common stock from 12,000,000,000 to 25,000,000,000 shares was accepted for filing, effective October 30, 2019. On December 4, 2019, the Company issued 15,000,000 shares of its Class A common stock to Maple Resources in conversion of all outstanding Class B common stock. In accordance with the Company’s amended Articles of Incorporation, effective with this conversion, all authorized common shares are designated common shares. This combination of Class A and Class B common stock into one class of common stock has been given retroactive treatment in the accompanying consolidated financial statements for all periods presented. Effective July 30, 2019, the Company filed a Certificate of Designation designating 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, as detailed below. 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. On September 14, 2018, the Company amended its articles of incorporation to provide for a 1 for 100 reverse stock split of our 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. Common Stock Issuances During the year ended April 30, 2020, the Company issued a total of 13,284,656,045 shares of its common stock: 30,000 shares for consulting services valued at $84; 169,913,936 shares valued at $28,387 in payment of accrued expenses of $36,942 resulting in a gain on extinguishment of debt of $8,555; 6,678,348,473 shares valued at $811,676 in conversion of convertible notes principal of $769,255, accrued interest payable of $33,671 and payment of fees of $8,750; and 6,436,363,636 shares valued at $355,460 in conversion of convertible notes payable – related party principal of $354,000 and accrued interest payable of $1,460. Settlement of derivative liabilities in debt conversions and repayments totaled $812,896. During the year ended April 30, 2019, the Company issued a total of 31,898,058 shares of its common stock: 699,971 shares for services valued at $91,930 ($13,366 employee and $78,564 consultants) Series A Preferred Stock The Series A preferred stock has no redemption, conversion or dividend rights; however, the holders of the Series A preferred stock, voting separately as a class, has the right to vote on all shareholder matters equal to 51% of the total vote. Effective August 1, 2019, the Company issued 1,000 shares of Series A preferred stock to Maple Resources for services rendered. The shares were valued at $23,900 by an independent valuation firm. 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 11). A summary of warrant activity during the years ended April 30, 2020 and 2019 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2018 723,803 $ 1.00 3.90 Granted 1,065,488 $ 1.00 Canceled / Expired - Exercised - Outstanding, April 30, 2019 1,789,291 $ 1.00 2.91 Granted 444,248,462 $ 1.00 Canceled / Expired - Exercised - Outstanding, April 30, 2020 446,037,753 $ 1.00 1.91 The warrant shares granted during the years ended April 30, 2020 and 2020 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 2,000,000 common shares of the Company at $0.08 per share. A summary of stock option activity during the years ended April 30, 2020 and 2019 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2018 - Granted 2,000,000 $ 0.08 Canceled / Expired - Exercised - Outstanding, April 30, 2019 2,000,000 $ 0.08 9.62 Granted - $ 0.08 Canceled / Expired - Exercised - Outstanding, April 30, 2020 2,000,000 $ 0.08 8.62 Common Stock Reserved Combined with the 13,352,828,472 common shares outstanding at April 30, 2020, all authorized common shares have been issued or reserved for issuance of outstanding warrants, stock options, and convertible notes payable and no common shares are available for share issuances other than those shares included in the reserves. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2020 | |
INCOME TAXES | |
NOTE 13 - INCOME TAXES | The Company accounts for income taxes in accordance with standards of disclosure propounded by the FASB, and any related interpretations of those standards sanctioned by the FASB. Accordingly, deferred tax assets and liabilities are determined based on differences between the financial statement and tax bases of assets and liabilities, as well as a consideration of net operating loss and credit carry forwards, using enacted tax rates in effect for the period in which the differences are expected to impact taxable income. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. No provision for income taxes has been recorded due to the net operating loss carryforwards totaling approximately $14,413,000 as of April 30, 2020 that will be available to offset future taxable income. The available net operating loss carry forwards expire in various years through 2040. No tax benefit has been reported in the financial statements because the Company believes there is a 50% or greater chance the carry forwards will expire unused. There were no uncertain tax positions taken by the Company. The deferred tax asset and valuation account is as follows at April 30: 2020 2019 Deferred tax asset: Net operating loss carryforward $ 3,026,640 $ 2,698,710 Valuation allowance (3,026,640 ) (2,698,710 ) Total $ - $ - The components of income tax expense are as follows for the years ended April 30: 2020 2019 Change in net operating loss benefit $ 327,930 $ 1,217,233 Change in valuation allowance (327,930 ) (1,217,233 ) Total $ - $ - On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cut and Jobs Act (the “Tax Act”). The Tax Act established new tax laws that affect 2018 and future years, including a reduction in the U.S. federal corporate income tax rate to 21%, effective January 1, 2018. The reduction in the federal corporate income tax rate is reflected in the above tables. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 14 - COMMITMENTS AND CONTINGENCIES | Legal On March 31, 2020, the Company entered into an amendment to the convertible debt notes with GS Capital Partners, LLC (“GS Capital”) to extend the maturity dates to November 20, 2020. As consideration for the extension, the parties agreed to a Joint Motion for Agreed Judgement to include the $1,094,750 principal amount of the notes and accrued interest of $487,166. In the event the notes are not paid in full, the Joint Motion may be filed by GS Capital and judgment entered against the Company. The holders of the Company’s Series A Preferred Stock have pledged their shares to GS Capital to secure the outstanding indebtedness of the Company to GS. If the indebtedness is not paid on or before its scheduled maturity date of November 20, 2020, GS Capital would be entitled to foreclose on such shares and would have 51% of the voting power of the Company’s equity securities. Completion of Land Purchase As discussed in Note 6, on July 28, 2017, we acquired the 126 acre parcel of the land, which is the site for our planned Distillation Unit, and negotiations are underway with the seller of the 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. We have not yet received any financing commitment for such purchase. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 15 - SUBSEQUENT EVENTS | In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below. On May 12, 2020, Maple loaned the Company issued a $41,466 convertible promissory note in satisfaction of accounts payable and accrued expenses due Maple. The convertible promissory note has the same terms as described in Note 9. Maple simultaneously submitted a notice to convert the note into 37,696,363,636 shares of the Company’s common stock. The conversion was not completed, and the shares have not been issued pending an increase in the number of authorized shares of common stock. On July 14, 2020, a consultant for rail services to the Company filed a complaint against the Company and its CEO Jack W Hanks, an individual, for payment of $100,000 of consulting fees. The Court Action is filed as CRU Trading Co, Plaintiff, v. MMEX Resources Corp and Jack W. Hanks in the District Court of Harris, County Texas Cause No. 2020-41853/Court;165. The Company believes the complaint is without merit. On July 30, 2020, Maple loaned the Company $10,000 pursuant to a convertible promissory note with the same terms as described in Note 9. Maple simultaneously submitted a notice to convert the note into 9,090,909,091 shares of the Company’s common stock. The conversion was not completed, and the shares have not been issued pending an increase in the number of authorized shares of common stock. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Consolidation | The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations. |
Use of estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Property and equipment | Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated or amortized using the straight-line method over the estimated useful life or legal life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Refinery land improvement 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 April 30, 2020, 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. 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: April 30, 2020 Total Level 1 Level 2 Level 3 Derivative liabilities $ 2,479,833 $ - $ - $ 2,479,833 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 |
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. |
Advertising and promotion | All costs associated with advertising and promoting products are expensed as incurred. No material expenses were incurred for the years ended April 30, 2020 and 2019, respectively. |
Income taxes | The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. |
Uncertain tax positions | The Company has adopted FASB standards for accounting for uncertainty in income taxes. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Various taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities and has not identified any uncertain tax positions requiring recognition in its consolidated financial statements. The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions. |
Basic and diluted income (loss) per share | Basic net income or loss per common 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 years ended April 30, 2020 and 2019, 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 common share is the same as diluted net loss per share. |
Employee 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 years ended April 30, 2020 and 2019, the Company recorded share-based compensation to employees of $0 and $13,366, respectively. Effective January 2019, the Company had no employees. |
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 have been reclassified to conform with the current year presentation. |
Recently issued accounting pronouncements | In December 2019, the FASB issued Accounting Standards Update (ASU) No. 2019-12, “Simplifying the Accounting for Income Taxes” (Income Taxes Topic 740). The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general provision of Topic 740. The amendments also improve consistent application of and simplify General Accepted Accounting Principles for other areas of Topic 740 by clarifying and amending existing practice. For public entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, or May 1, 2020 for the Company. Early adoption is permitted. Early adoption of the amendments is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the implementation of this ASU. In February 2016, the FASB issued ASU 2016-02, Leases 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) | 12 Months Ended |
Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Entity operational details | Name of Entity % Form State of Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos Refining & Transport, LLC 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) | 12 Months Ended |
Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Estimated useful life of the related asset | Office furniture and equipment 10 years Computer equipment and software 5 years Refinery land improvement 15 years Refinery land easements 10 years |
Summary of derivative liabilities | April 30, 2020 Total Level 1 Level 2 Level 3 Derivative liabilities $ 2607433 $ - $ - $ 2607433 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) | 12 Months Ended |
Apr. 30, 2020 | |
PROPERTY AND EQUIPMENT | |
Property and Equipment | 2020 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 452,005 441,465 Refinery land easements 37,015 37,015 580,934 570,394 Less accumulated depreciation and amortization (73,890 ) (39,227 ) $ 507,044 $ 531,167 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
ACCRUED EXPENSES | |
Schedule of Accrued expenses | 2020 2019 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 24,000 4,500 Accrued interest and penalties 402,126 209,947 Other 63,231 62,541 $ 519,447 $ 307,078 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
NOTES PAYABLE | |
Schedule of Notes payable, currently in default | 2020 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 | 2020 2019 Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company at $3.70 per share $ 25,000 $ 25,000 Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company at $1.00 per share 50,000 50,000 Note payable to an accredited investor, matured January 11, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 59,400 - Note payable to an accredited investor, matured January 17, 2020, with interest at 12%, convertible into common shares of the Company at a defined variable exercise price 53,028 - Note payable to an accredited investor, matured January 24, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price 42,365 - 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 91,331 - 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 2,009 323,133 75,000 Less discount - - Total $ 323,133 $ 75,000 |
Schedule of Current Convertible Notes Payable | 2020 2019 Note payable to an accredited investor, maturing November 20, 2020, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. $ 24,700 $ 110,000 Note payable to an accredited investor, maturing November 20, 2020, with interest at 18%, 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 November 20, 2020, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. 600,000 600,000 Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. 200,000 - Note payable to an accredited investor issued for extension fees, maturing November 20, 2020 with interest at 18%, convertible into common shares of the Company at a defined variable exercise price. 90,000 - 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. In default at April 30, 2020. - 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. In default at April 30, 2020. - 125,000 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. In default at April 30, 2020. - 55,000 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. In default at April 30, 2020. - 125,000 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. In default at April 30, 2020. - 55,000 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 (long-term at April 30, 2020) 35,900 - Note payable to an accredited investor, maturing November 20, 2020, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price 110,000 110,000 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 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 56,500 - Note payable to an accredited investor, maturing September 4, 2020, with interest at 9%, convertible 56,500 - Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible 10,000 - Note payable to an accredited investor, maturing two years from each advance, with an original issue Advance dated September 13, 2018, maturing September 13, 2020 (long-term at April 30, 2020) 1,380 - Advance dated October 16, 2018, maturing October 16, 2020 (long-term at April 30, 2019) 123,200 - Note payable to an accredited investor, maturing January 4, 2020, with interest at 9%, convertible - 136,000 Note payable to an accredited investor, maturing February 27, 2020, with interest at 10%, convertible - 100,000 Note payable to an accredited investor, maturing September 21, 2019, with interest at 8%, converted in - 47,269 Total 1,728,180 1,653,269 Less discount (140,941 ) (869,433 ) Net $ 1,587,239 $ 783,836 |
Schedule of Long-term convertible notes payable | 2020 2019 Note payable to an accredited investor, maturing two years from each advance, with an original issue Advance dated September 13, 2018, maturing September 13, 2020, reclassified to current $ - $ 80,700 Advance dated October 16, 2018, maturing October 16, 2020, reclassified to current - 246,400 Note payable to an accredited investor, maturing May 7, 2020, with interest at 12%, convertible - 56,500 Note payable to an accredited investor, maturing June 25, 2020, with interest at 9%, convertible - 56,500 Total - 440,100 Less discount - (263,960 ) Total $ - $ 176,140 |
NOTES PAYABLE - RELATED PARTI_2
NOTES PAYABLE - RELATED PARTIES (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
NOTES PAYABLE - RELATED PARTIES | |
Schedule of convertible notes payable related party | Related Party Maturity Date Consideration Amount Maple Resources Corporation (“Maple”) December 27, 2020 Cash of $5,500 and Financing Fees of $5,500 $ 11,000 BNL Family Trust (“BNL”) December 27, 2020 Cash 11,000 Shareholder and consultant December 27, 2020 Accrued Consulting Fees 10,000 Shareholder and consultant January 22, 2021 Cash 6,500 Maple Resources Corporation February 12, 2021 Cash 5,000 Total 43,500 Less discount (2,232 ) Net $ 41,268 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
DERIVATIVE LIABILITIES | |
Derivative liabilities | Options and Convertible Warrants Notes Total Balance, April 30, 2018 $ 90,772 $ 905,831 $ 996,603 New issuances of debt 42,217 1,742,136 1,784,353 Debt conversions and repayments - (1,084,220 ) (1,084,220 ) Change in fair value of derivative liabilities (114,926 ) 243,786 128,860 Balance, April 30, 2019 18,063 1,807,533 1,825,596 New issuances of options, warrants and debt - 192,500 192,500 Debt conversions and repayments - (812,896 ) (812,896 ) Change in fair value of derivative liabilities (18,048 ) 1,420,281 1,420,281 Balance, April 30, 2020 $ 15 $ 2,607,418 $ 2,607,433 |
STOCKHOLDERS DEFICIT (Tables)
STOCKHOLDERS DEFICIT (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
STOCKHOLDERS' DEFICIT | |
Summary of warrant activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2018 723,803 $ 1.00 3.90 Granted 1,065,488 $ 1.00 Canceled / Expired - Exercised - Outstanding, April 30, 2019 1,789,291 $ 1.00 2.91 Granted 444,248,462 $ 1.00 Canceled / Expired - Exercised - Outstanding, April 30, 2020 446,037,753 $ 1.00 1.91 |
Summary of stock option activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2018 - Granted 2,000,000 $ 0.08 Canceled / Expired - Exercised - Outstanding, April 30, 2019 2,000,000 $ 0.08 9.62 Granted - $ 0.08 Canceled / Expired - Exercised - Outstanding, April 30, 2020 2,000,000 $ 0.08 8.62 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
INCOME TAXES | |
Summary of deferred tax asset | 2020 2019 Deferred tax asset: Net operating loss carryforward $ 3,026,640 $ 2,698,710 Valuation allowance (3,026,640 ) (2,698,710 ) Total $ - $ - |
Summary of components of income tax | 2020 2019 Change in net operating loss benefit $ 327,930 $ 1,217,233 Change in valuation allowance (327,930 ) (1,217,233 ) Total $ - $ - |
BACKGROUND ORGANIZATION AND BAS
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Details) | 12 Months Ended |
Apr. 30, 2020 | |
MMEX Resources Corporation [Member] | |
State of Incorporation | Nevada |
Form of Entity | Corporation |
Relationship | Parent |
Pecos Refining & Transport, LLC [Member] | |
State of Incorporation | Texas |
Form of Entity | Corporation |
Relationship | Subsidiary |
Ownership Percentage | 100.00% |
Armadillo Holdings Group Corp. [Member] | |
State of Incorporation | British Virgin Isles |
Form of Entity | Corporation |
Relationship | Subsidiary |
Ownership Percentage | 100.00% |
Armadillo Mining Corp [Member] | |
State of Incorporation | British Virgin Isles |
Form of Entity | Corporation |
Relationship | Subsidiary |
Ownership Percentage | 98.60% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Apr. 30, 2020 | |
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 ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Derivative liabilities | $ 2,607,433 | $ 1,825,596 |
Level 1 [Member] | ||
Derivative liabilities | 0 | 0 |
Level 2 [Member] | ||
Derivative liabilities | 0 | 0 |
Level 3 [Member] | ||
Derivative liabilities | 2,607,433 | 1,825,596 |
Derivative Liabilities [Member] | ||
Derivative liabilities | $ 2,607,433 | $ 1,825,596 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Share-based compensation | $ 0 | $ 13,366 |
Refinery land easements [Member] | ||
Property plant and equipment estimated useful life | 10 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 |
GOING CONCERN | |||
Accumulated deficit | $ (43,457,807) | $ (39,064,118) | |
Stockholders' deficit | $ (5,724,961) | $ (3,363,675) | $ (1,945,922) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Oct. 09, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | |
Pledge agreement, description | 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 2,000,000 shares of the Company’s common stock at $0.08 per share. | |||
Consulting fees | $ 30,000 | |||
Convertible notes payable | 397,500 | |||
Substitute shares | 1,000 | |||
Financing fees | 14,000 | |||
Accrued expenses | 30,000 | |||
Accrued interest payable | 690 | |||
Debt conversion cnvertible in to common stock share issued, shares | 6,436,363,636 | |||
Debt conversion cnvertible in to common stock share issued, amount | $ 354,000 | |||
Accounts payable and accrued expenses - related party | 236,514 | $ 41,036 | ||
Principal amont | 43,500 | |||
Proceeds from notes payable | 167,900 | 0 | ||
Proceeds from issuance of common stock | 0 | 116,252 | ||
Gain (loss) on extinguishment of debt | $ (8,555) | $ (14,239) | ||
Common stock shares issued | 13,352,828,472 | 68,172,427 | ||
Share-based compensation to employees, Value | $ 0 | $ 13,366 | ||
Related Party Transaction [Member] | ||||
Proceeds from notes payable | 323,500 | |||
Related Party [Member] | Common Stocks [Member] | October 1, 2018 [Member] | ||||
Consulting fees | 15,000 | |||
Accounts payable and accrued expenses - related party | 33,179 | |||
Consulting fees and expense | 7,500 | |||
Shares issued value related party each month | 2,500 | |||
Proceeds from issuance of common stock | $ 15,009 | |||
Shares issued | 38,761,580 | |||
Payment of accrued consulting fees | $ 17,500 | |||
Gain (loss) on extinguishment of debt | 2,491 | |||
Advance to company | 18,179 | |||
Related Party [Member] | Class A common shares [Member] | ||||
Shares issued | 193,965 | |||
Gain (loss) on extinguishment of debt | $ 3,835 | |||
Shares issued, amount | $ 11,166 | |||
Employee [Member] | ||||
Share-based compensation to employees, shares | 93,620 | |||
Share-based compensation to employees, Value | $ 12,807 | |||
Maple Resources Corporation [Member] | ||||
Accounts payable and accrued expenses - related | 101,012 | 9,403 | ||
Maple Resources Corporation [Member] | Common Stocks [Member] | ||||
Shares issued value related party each month | 5,000 | |||
Shares isseud for consultimg fees, amount | $ 20,000 | |||
Common stock shares issued | 76,282,091 | |||
Maple Resources Corporation [Member] | Former Officer [Member] | ||||
Consulting fees and expense | 31,633 | 31,633 | ||
Accounts payable and accrued expenses - related | 101,012 | 9,403 | ||
Maple Resources Corporation [Member] | President and CEO [Member] | ||||
Consulting fees and expense | 275,713 | $ 350,931 | ||
Consulting fees (Monthly) | 17,897 | |||
Maple Resources Corporation [Member] | Consultants [Member] | ||||
Consulting fees and expense | $ 103,869 | |||
Maple Resources Corporation [Member] | Series A preferred stock | August 1, 2019 [Member] | ||||
Preferred stock shares issued | 1,000 | |||
Preferred stock par value | $ 23,900 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Property and equipment, gross | $ 580,934 | $ 570,394 |
Less accumulated depreciation and amortization | (73,890) | (39,227) |
Property and equipment, net | 507,044 | 531,167 |
Refinery Land [Member] | ||
Property and equipment, gross | 67,088 | 67,088 |
Office furniture and equipment [Member] | ||
Property and equipment, gross | 13,864 | 13,864 |
Computer equipment and software [Member] | ||
Property and equipment, gross | 10,962 | 10,962 |
Refinery land improvements [Member] | ||
Property and equipment, gross | 452,005 | 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 | 12 Months Ended | |
Jul. 28, 2017USD ($)a | Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) | |
Acquisition of land | a | 126 | ||
Depreciation and amortization expense | $ 34,663 | $ 30,914 | |
Property and Equipment [Member] | |||
Acquisition of land | a | 126 | ||
Payment to acquire land | $ 67,088 | ||
Depreciation and amortization expense | 34,663 | $ 30,914 | |
Land Parcel [Member] | |||
Acquisition of land | a | 126 | ||
Payment to acquire land | $ 478,480 |
REFINERY PROJECT (Details Narra
REFINERY PROJECT (Details Narrative) | Mar. 04, 2017USD ($)shares | Jul. 28, 2017USD ($)a | Apr. 30, 2020USD ($)shares | Apr. 30, 2019USD ($)shares |
Refinery start-up costs | $ 150,000 | $ 214,439 | $ 531,983 | |
Conversion of shares into other securities | The 15,000,000 Class B common shares were subsequently converted to the same number of Class A common shares. | |||
Acquisition of land | a | 126 | |||
Common stock, shares issued | shares | 13,352,828,472 | 68,172,427 | ||
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 | |||
Acquire shares of common stock | shares | 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] | ||||
Acquisition of land | a | 126 | |||
Payment to acquire land | $ 67,088 | |||
Remaining property to acquire | a | 381 | |||
Acquisition of additional land parcel | We continue to negotiate with the seller of the 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 | |||
Land purchase price per acre | $ 550 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Total Accrued Expenses | $ 519,447 | $ 307,078 |
Accrued Payroll [Member] | ||
Total Accrued Expenses | 30,090 | 30,090 |
Accrued Consulting [Member] | ||
Total Accrued Expenses | 24,000 | 4,500 |
Accrued Interest [Member] | ||
Total Accrued Expenses | 402,126 | 209,947 |
Other [Member] | ||
Total Accrued Expenses | $ 63,231 | $ 62,541 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Apr. 30, 2020 | 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 ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Convertible notes payable, currently in default, gross | $ 323,133 | $ 75,000 |
Less discount | 0 | 0 |
Convertible notes payable, currently in default, net of discount | 323,133 | 75,000 |
Note Payable [Member] | ||
Convertible notes payable | 25,000 | 25,000 |
Notes Payable One [Member] | ||
Convertible notes payable | 50,000 | 50,000 |
Notes Payable Two [Member] | ||
Convertible notes payable | 59,400 | 0 |
Notes Payable Three [Member] | ||
Convertible notes payable | 53,028 | 0 |
Notes Payable Four [Member] | ||
Convertible notes payable | 42,365 | 0 |
Notes Payable Five [Member] | ||
Convertible notes payable | 91,331 | 0 |
Notes Payable Six [Member] | ||
Convertible notes payable | $ 2,009 | $ 0 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Net | $ 1,587,239 | $ 783,836 |
Total | 41,268 | 0 |
Convertible Notes Payable [Member] | Accredited investor Twenty two [Member] | ||
Total | 0 | 47,269 |
Convertible Notes Payable [Member] | Accredited investor Twenty one [Member] | ||
Total | 0 | 100,000 |
Convertible Notes Payable [Member] | Accredited investor Twenty [Member] | ||
Total | 0 | 136,000 |
Convertible Notes Payable [Member] | Accredited investor Ninteen [Member] | ||
Total | 123,200 | 0 |
Convertible Notes Payable [Member] | Accredited investor Eighteen [Member] | ||
Total | 1,380 | 0 |
Convertible Notes Payable [Member] | Accredited investor Seventeen [Member] | ||
Total | 10,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor sixteen [Member] | ||
Total | 56,500 | 0 |
Convertible Notes Payable [Member] | Accredited investor fifteen [Member] | ||
Total | 56,500 | 0 |
Convertible Notes Payable [Member] | Accredited investor fourteen [Member] | ||
Total | 250,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor Thirteen [Member] | ||
Total | 100,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor twelve [Member] | ||
Total | 110,000 | 110,000 |
Convertible Notes Payable [Member] | Accredited investor eleven [Member] | ||
Total | 35,900 | 0 |
Convertible Notes Payable [Member] | Accredited investor ten [Member] | ||
Total | 0 | 55,000 |
Convertible Notes Payable [Member] | Accredited investor nine [Member] | ||
Total | 0 | 125,000 |
Convertible Notes Payable [Member] | Accredited investor eight [Member] | ||
Total | 0 | 55,000 |
Convertible Notes Payable [Member] | Accredited investor seven [Member] | ||
Total | 0 | 125,000 |
Convertible Notes Payable [Member] | Accredited investor six [Member] | ||
Total | 0 | 120,000 |
Convertible Notes Payable [Member] | Accredited investor five [Member] | ||
Total | 90,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor four [Member] | ||
Total | 200,000 | 0 |
Convertible Notes Payable [Member] | Accredited investor three [Member] | ||
Total | 600,000 | 600,000 |
Convertible Notes Payable [Member] | Accredited investor two [Member] | ||
Total | 70,000 | 70,000 |
Convertible Notes Payable [Member] | Accredited investor one [Member] | ||
Total | 24,700 | 110,000 |
Notes Payable [Member] | ||
Less discount | (140,941) | (869,433) |
Net | 1,587,239 | 783,836 |
Total | $ 1,728,180 | $ 1,653,269 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Total | $ 0 | $ 440,100 |
Less discount | 0 | (263,960) |
Total | 0 | 176,140 |
Long Term Convertible Notes Payable [Member] | ||
Total | 0 | 0 |
Long Term Convertible Notes Payable One [Member] | ||
Total | 0 | 80,700 |
Long Term Convertible Notes Payable Two [Member] | ||
Total | 0 | 246,400 |
Long Term Convertible Notes Payable Three [Member] | ||
Total | 0 | 56,500 |
Long Term Convertible Notes Payable Four [Member] | ||
Total | $ 0 | $ 56,400 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Feb. 04, 2020 | Jun. 04, 2019 | May 14, 2019 | May 07, 2019 | Feb. 07, 2019 | Jan. 11, 2019 | Jan. 04, 2019 | Oct. 09, 2018 | Sep. 13, 2018 | Mar. 31, 2020 | Nov. 30, 2019 | Nov. 30, 2019 | Jun. 19, 2019 | Apr. 24, 2019 | Mar. 25, 2019 | Feb. 27, 2019 | Feb. 20, 2019 | Jan. 31, 2019 | Jan. 17, 2019 | Oct. 16, 2018 | Sep. 18, 2018 | Mar. 21, 2018 | Jan. 31, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Oct. 19, 2018 |
Loss on conversion of debt | $ (1,909) | |||||||||||||||||||||||||
Debt conversion, converted instrument, shares issued | 6,436,363,636 | |||||||||||||||||||||||||
Proceeds from issuance of debt | 365,300 | $ 2,032,653 | ||||||||||||||||||||||||
Debt instrument converted principal amount | $ 354,000 | |||||||||||||||||||||||||
Debt issue discount | 0 | 0 | ||||||||||||||||||||||||
Odyssey Capital Funding LLC [Member] | ||||||||||||||||||||||||||
Principal debt balance | 100,000 | |||||||||||||||||||||||||
Principal amount | $ 100,000 | $ 250,000 | 250,000 | |||||||||||||||||||||||
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. | 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. | ||||||||||||||||||||||||
Proceeds from issuance of debt | $ 95,000 | $ 80,704 | ||||||||||||||||||||||||
Fees and expenses | $ 5,000 | $ 25,000 | ||||||||||||||||||||||||
Maturity date | May 7, 2020 | Jun. 19, 2020 | ||||||||||||||||||||||||
Interest rate | 10.00% | 10.00% | ||||||||||||||||||||||||
Debt instrument converted principal amount | $ 100,000 | |||||||||||||||||||||||||
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). | 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). | ||||||||||||||||||||||||
Payment for notes payable to One44 | $ 144,296 | |||||||||||||||||||||||||
Convertible Notes Payable One [Member] | ||||||||||||||||||||||||||
Accrued interest payable | 351,307 | 164,063 | ||||||||||||||||||||||||
Geneva Roth Remark Holdings, Inc. [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal debt balance | 35,900 | |||||||||||||||||||||||||
Principal amount | $ 56,500 | $ 56,500 | $ 136,000 | $ 56,500 | $ 50,000 | 39,500 | 56,500 | |||||||||||||||||||
Terms of conversion feature | 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. | 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. | 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 | 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 | ||||||||||||||||||||||
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. | The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance | The Company may redeem the note at redemption prices ranging from 105% to 130% during the first 180 days after issuance. | 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. | ||||||||||||||||||||||
Conversion of principal amount | 136,000 | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 50,000 | $ 50,000 | $ 125,000 | $ 50,000 | ||||||||||||||||||||||
Fees and expenses | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | ||||||||||||||||||||||
Maturity date | Sep. 4, 2020 | May 7, 2020 | Jan. 4, 2020 | Jun. 25, 2020 | ||||||||||||||||||||||
Interest rate | 9.00% | 12.00% | 9.00% | 9.00% | 12.00% | |||||||||||||||||||||
Debt instrument converted principal amount | $ 3,500 | 20,600 | ||||||||||||||||||||||||
Debt issue discount | $ 3,500 | |||||||||||||||||||||||||
Auctus Fund, LLC [Member] | ||||||||||||||||||||||||||
Principal amount | $ 125,000 | 91,331 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 112,250 | |||||||||||||||||||||||||
Fees and expenses | $ 12,750 | |||||||||||||||||||||||||
Maturity date | Jan. 31, 2020 | |||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||
Debt instrument converted principal amount | 33,669 | |||||||||||||||||||||||||
EMA Financial, LLC [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal amount | $ 55,000 | 42,365 | 55,000 | |||||||||||||||||||||||
Terms of conversion feature | 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 | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 50,000 | |||||||||||||||||||||||||
Fees and expenses | $ 3,750 | |||||||||||||||||||||||||
Maturity date | Jan. 24, 2020 | |||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||
Debt instrument converted principal amount | $ 123,400 | 37,635 | ||||||||||||||||||||||||
Penalty | $ 25,000 | |||||||||||||||||||||||||
GS Capital Partners, LLC [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal debt balance | 110,000 | 110,000 | ||||||||||||||||||||||||
Principal amount | $ 90,000 | $ 600,000 | $ 110,000 | $ 200,000 | $ 110,000 | $ 70,000 | 24,700 | $ 600,000 | ||||||||||||||||||
Terms of conversion feature | 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 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. | 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 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.) | ||||||||||||||||||||||
Debt redemption description | The Company may redeem the debenture at redemption prices ranging from 112% to 137% during the first 180 days after issuance | The Company may redeem the note at redemption prices ranging from 115% to 135% during the first 180 days after issuance | The Company may redeem the note at redemption prices ranging from 115% to 135% during the first 180 days after issuance | The Company may redeem the note at redemption prices ranging from 130% to 145% during the first 180 days after issuance | ||||||||||||||||||||||
Proceeds from issuance of debt | $ 550,000 | $ 100,000 | $ 100,000 | $ 56,589 | ||||||||||||||||||||||
Fees and expenses | $ 5,500 | $ 5,500 | $ 9,101 | |||||||||||||||||||||||
Maturity date | Nov. 20, 2020 | Nov. 20, 2020 | Nov. 20, 2020 | Nov. 30, 2020 | Nov. 20, 2020 | Nov. 20, 2020 | ||||||||||||||||||||
Debt instrument converted principal amount | 120,000 | |||||||||||||||||||||||||
Fees and Expense | $ 9,101 | $ 90,000 | 90,000 | |||||||||||||||||||||||
Discount on issuance of debt | $ 50,000 | $ 4,500 | $ 4,500 | |||||||||||||||||||||||
Convertible note payable interest rate | 18.00% | 10.00% | 10.00% | 18.00% | 10.00% | 10.00% | ||||||||||||||||||||
JSJ Investments, Inc [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal amount | $ 125,000 | 53,028 | 125,000 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Debt redemption description | The Company may redeem the note at redemption prices ranging from 135% to 150% during the first 180 days after issuance | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 122,000 | |||||||||||||||||||||||||
Fees and expenses | $ 3,000 | |||||||||||||||||||||||||
Maturity date | Jan. 17, 2020 | |||||||||||||||||||||||||
Debt instrument converted principal amount | 82,672 | |||||||||||||||||||||||||
Convertible note payable interest rate | 12.00% | |||||||||||||||||||||||||
Penalty expenses | $ 10,700 | |||||||||||||||||||||||||
Auctus [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal amount | $ 220,000 | 47,269 | ||||||||||||||||||||||||
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 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 | ||||||||||||||||||||||||
Conversion of principal amount | 187,731 | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 202,000 | |||||||||||||||||||||||||
Fees and expenses | $ 18,000 | |||||||||||||||||||||||||
Maturity date | Mar. 21, 2019 | |||||||||||||||||||||||||
Interest rate | 8.00% | |||||||||||||||||||||||||
Extension fee | $ 15,000 | |||||||||||||||||||||||||
One44 [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal amount | $ 95,000 | 100,000 | ||||||||||||||||||||||||
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 | $ 95,000 | |||||||||||||||||||||||||
Fees and expenses | $ 5,000 | |||||||||||||||||||||||||
Maturity date | Feb. 27, 2020 | |||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Vista [Member] | Long Term Convertible Note [Member] | Second Advance [Member] | ||||||||||||||||||||||||||
Principal amount | 123,200 | |||||||||||||||||||||||||
Debt instrument converted principal amount | $ 123,200 | |||||||||||||||||||||||||
Vista [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal debt balance | 80,700 | |||||||||||||||||||||||||
Principal amount | 550,000 | 1,380 | 246,400 | |||||||||||||||||||||||
Proceeds from issuance of debt | $ 200,000 | |||||||||||||||||||||||||
Fees and expenses | 123,200 | |||||||||||||||||||||||||
Debt instrument converted principal amount | 79,320 | |||||||||||||||||||||||||
Debt issue discount | $ 10,000 | $ 20,000 | ||||||||||||||||||||||||
Original issue discount description | An original issue discount equal to 10% of each advance will be added to principal. | |||||||||||||||||||||||||
Initial advance amount | $ 100,000 | |||||||||||||||||||||||||
Interest charge | 1320000.00% | 12.00% | ||||||||||||||||||||||||
Vista [Member] | Convertible Note [Member] | Second Advance [Member] | ||||||||||||||||||||||||||
Interest charge | $ 26,400 | |||||||||||||||||||||||||
January 11, 2019 [Member] | One44 Capital LLC [Member] | Convertible Note [Member] | ||||||||||||||||||||||||||
Principal amount | $ 120,000 | 59,400 | 120,000 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 114,000 | |||||||||||||||||||||||||
Fees and expenses | $ 6,000 | |||||||||||||||||||||||||
Maturity date | Jan. 11, 2020 | |||||||||||||||||||||||||
Debt instrument converted principal amount | 60,600 | |||||||||||||||||||||||||
Convertible note payable interest rate | 10.00% | |||||||||||||||||||||||||
Subsequent Event [Member] | December 27, 2020 [Member] | ||||||||||||||||||||||||||
Principal amount | $ 10,000 | |||||||||||||||||||||||||
Debt conversion, converted instrument, shares issued | 9,090,909,091 | |||||||||||||||||||||||||
Payment of accrued fees | $ 10,000 | |||||||||||||||||||||||||
Terms of conversion feature | Subject to available common shares to issue, the note is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which shares of our common stock have been issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. | |||||||||||||||||||||||||
GS Capital [Member] | ||||||||||||||||||||||||||
Principal debt balance | $ 85,300 | |||||||||||||||||||||||||
Convertible Notes [Member] | Geneva One [Member] | ||||||||||||||||||||||||||
Principal debt balance | 56,500 | |||||||||||||||||||||||||
Convertible Notes [Member] | Geneva [Member] | ||||||||||||||||||||||||||
Principal debt balance | 56,500 | 56,500 | ||||||||||||||||||||||||
Convertible Notes [Member] | GS Three [Member] | ||||||||||||||||||||||||||
Principal debt balance | 110,000 | 110,000 | ||||||||||||||||||||||||
Convertible Notes [Member] | GS Two [Member] | ||||||||||||||||||||||||||
Principal debt balance | 200,000 | |||||||||||||||||||||||||
Principal amount | 90,000 | |||||||||||||||||||||||||
Convertible Notes [Member] | GS One [Member] | ||||||||||||||||||||||||||
Principal debt balance | 70,000 | 70,000 | ||||||||||||||||||||||||
Principal amount | 600,000 | 600,000 | ||||||||||||||||||||||||
Convertible Notes [Member] | Coventry Enterprises, LLC [Member] | ||||||||||||||||||||||||||
Principal amount | $ 55,000 | 2,009 | $ 55,000 | |||||||||||||||||||||||
Debt redemption description | During the first 150 days the Note is in effect, the Company may redeem the note at a redemption price of 135%. | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 52,500 | |||||||||||||||||||||||||
Fees and expenses | $ 2,500 | |||||||||||||||||||||||||
Maturity date | Feb. 27, 2020 | |||||||||||||||||||||||||
Debt instrument converted principal amount | $ 52,991 | |||||||||||||||||||||||||
Convertible note payable interest rate | 10.00% |
NOTES PAYABLE - RELATED PARTI_3
NOTES PAYABLE - RELATED PARTIES (Details) | 12 Months Ended |
Apr. 30, 2020USD ($) | |
Total | $ 43,500 |
Less discount | (2,232) |
Total | 41,268 |
Maple Resources Corporation [Member] | |
Amount | $ 5,000 |
Maturity date | Feb. 12, 2021 |
Consideration | Cash |
Maple Resources Corporation ("Maple") [Member] | |
Amount | $ 11,000 |
Maturity date | Dec. 27, 2020 |
Consideration | Cash of $5,500 and Financing Fees of $5,500 |
BNL Family Trust ("BNL") [Member] | |
Amount | $ 11,000 |
Maturity date | Dec. 27, 2020 |
Consideration | Cash |
Shareholder and consultant 1 [Member] | |
Amount | $ 10,000 |
Maturity date | Dec. 27, 2020 |
Consideration | Accrued Consulting Fees |
Shareholder and consultant 2 [Member] | |
Amount | $ 6,500 |
Maturity date | Jan. 22, 2021 |
Consideration | Cash |
NOTES PAYABLE - RELATED PARTI_4
NOTES PAYABLE - RELATED PARTIES (Details Narrative) - USD ($) | Nov. 05, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Feb. 12, 2020 | Jan. 22, 2020 | Dec. 27, 2019 |
Conversion price | 110.00% | |||||
Accrued interest payable | $ 690 | |||||
Common stock, shares issued | 13,352,828,472 | 68,172,427 | ||||
Proceeds from convertible notes | $ 365,300 | $ 2,032,653 | ||||
Convertible notes payable - related party [Member] | ||||||
Accrued interest payable | $ 690 | |||||
Convertible notes payable, related party accrue interest, percentage | 5.00% | |||||
Convertible Notes Payable [Member] | ||||||
Accrued interest payable | $ 1,460 | $ 51,125 | ||||
Convertible Notes Payable [Member] | BNL [Member] | ||||||
Principal debt balance | $ 20,000 | |||||
Common stock, shares issued | 363,636,364 | |||||
Proceeds from convertible notes | $ 20,000 | |||||
Convertible Notes Payable [Member] | Consultant [Member] | ||||||
Principal debt balance | $ 35,000 | |||||
Common stock, shares issued | 636,363,636 | |||||
Consulting fees | $ 30,000 | |||||
Proceeds from convertible notes | 5,000 | |||||
Convertible Notes Payable [Member] | Related party lenders [Member] | ||||||
Principal debt balance | $ 32,000 | |||||
Common stock, shares issued | 29,090,909,091 | |||||
Convertible Notes Payable [Member] | Consultant 1 [Member] | ||||||
Principal debt balance | $ 6,500 | |||||
Common stock, shares issued | 5,909,090,909 | |||||
Convertible Notes Payable [Member] | Maple [Member] | ||||||
Principal debt balance | $ 299,000 | $ 5,000 | ||||
Common stock, shares issued | 5,436,363,636 | 5,545,454,545 | ||||
Consulting fees | $ 20,000 | |||||
Financing fees | 3,000 | |||||
Proceeds from convertible notes | $ 276,000 |
PPP LOAN PAYABLE (Details Narra
PPP LOAN PAYABLE (Details Narrative) | 1 Months Ended |
Apr. 21, 2020USD ($) | |
Subsequent Event [Member] | Paycheck Protection Program [Member] | |
Proceeds from other loan | $ 167,900 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Beginning Balance | $ 1,825,596 | $ 996,603 |
New issuances of options, warrants and debt | 192,500 | 1,784,353 |
Debt conversions and warrant exercises | (812,896) | (1,084,220) |
Change in fair value of derivative liabilities | 1,420,281 | 128,860 |
Ending Balance | 2,607,433 | 1,825,596 |
Options and Warrants [Member] | ||
New issuances of options, warrants and debt | 0 | 42,217 |
Debt conversions and warrant exercises | 0 | 0 |
Options and Warrants, Beginning Balance | 18,063 | 90,772 |
Change in fair value of derivative liabilities | (18,048) | (114,926) |
Options and Warrants, Ending Balance | 15 | 18,063 |
Convertible Notes Payable [Member] | ||
Beginning Balance | 1,807,533 | 905,831 |
New issuances of options, warrants and debt | 192,500 | 1,742,136 |
Debt conversions and warrant exercises | (812,896) | (1,084,220) |
Change in fair value of derivative liabilities | 1,420,281 | 243,786 |
Convertible Notes, Ending Balance | $ 2,607,418 | $ 1,807,533 |
DERIVATIVE LIABILITIES (Detai_2
DERIVATIVE LIABILITIES (Details Narrative) | 12 Months Ended |
Apr. 30, 2020 | |
Warrants Not Settleable in Cash [Member] | |
Probability of future financing | 100.00% |
Minimum [Member] | |
Risk-free interest rates | 0.12% |
Volatility | 784.00% |
Maximum [Member] | |
Risk-free interest rates | 0.55% |
Volatility | 795.00% |
STOCKHOLDERS DEFICIT (Details)
STOCKHOLDERS DEFICIT (Details) - Warrant [Member] - $ / shares | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Shares, outstanding, beginning balance | 1,789,291 | 723,803 |
Shares, Granted | 444,248,462 | 1,065,488 |
Shares, outstanding, ending balance | 446,037,753 | 1,789,291 |
Weghted Average Exercise Price | ||
Weghted Average Exercise Price, beginning balance | $ 1 | $ 1 |
Weghted Average Exercise Price, Granted | 1 | 1 |
Weghted Average Exercise Price, Ending Balance | $ 1 | $ 1 |
Weighted Average Remaining Contractual Life (Years) | ||
Weighted Average Remaining Contractual Life, Beginning | 2 years 10 months 28 days | 3 years 10 months 24 days |
Weighted Average Remaining Contractual Life, Ending | 1 year 10 months 28 days | 2 years 10 months 28 days |
STOCKHOLDERS DEFICIT (Details 1
STOCKHOLDERS DEFICIT (Details 1) - Options [Member] - $ / shares | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Shares, outstanding, beginning balance | 2,000,000 | |
Shares, outstanding, ending balance | 2,000,000 | 2,000,000 |
Weghted Average Exercise Price | ||
Weghted Average Exercise Price, beginning balance | $ 0.08 | $ 0.08 |
Weghted Average Exercise Price, Granted | $ 0.08 | $ 0.08 |
Weighted Average Remaining Contractual Life (Years) | ||
Weighted Average Remaining Contractual Life, Beginning | 9 years 7 months 13 days | 0 years |
Weighted Average Remaining Contractual Life, Ending | 8 years 7 months 13 days | 9 years 7 months 13 days |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | Sep. 14, 2018 | Nov. 30, 2019 | Nov. 04, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Feb. 12, 2020 | Dec. 04, 2019 | Nov. 05, 2019 | Jul. 30, 2019 | Apr. 30, 2018 |
Common stock, voting rights, Description | Shareholders owning in excess of 50.1% of the outstanding shares of voting common stock | |||||||||
Common stock, Authorized | 25,000,000,000 | 25,000,000,000 | ||||||||
Stock authorized | 25,010,000,000 | |||||||||
Reserved for issuance outstanding | 13,352,828,472 | |||||||||
Common stock, shares issued | 13,284,656,045 | 31,898,058 | ||||||||
Services, Amount | $ 84 | $ 91,930 | ||||||||
Gain (loss) on extinguishment of debt | $ 14,239 | |||||||||
Reverse stock split | 1 for 100 | |||||||||
Services, shares | 30,000 | 699,971 | ||||||||
Shares issued for accrued expenses, value | $ 28,387 | $ 6,252 | ||||||||
Shares issued for accrued expenses, shares | 169,913,936 | 16,031 | ||||||||
Pledge agreement, description | The Company granted a ten-year option, effective as of December 11, 2018, to the Affiliates to purchase 2,000,000 common shares of the Company at $0.08 per share. | |||||||||
Stock options exercisable | $ 0.08 | |||||||||
Number of options | 2,000,000 | |||||||||
Accrued expenses | $ 519,447 | $ 307,078 | ||||||||
Gain (loss) on extinguishment of debt | (8,555) | (14,239) | ||||||||
Debt conversion converted amount | $ 0 | $ 1,909 | ||||||||
Common stock, shares issued | 13,352,828,472 | 68,172,427 | ||||||||
Accrued interest payable | $ 690 | |||||||||
Debt conversion, converted instrument, shares issued | 6,436,363,636 | |||||||||
Debt conversion, converted instrument, amount | $ 354,000 | |||||||||
Loss on conversion of debt | $ (1,909) | |||||||||
Warrant [Member] | ||||||||||
Stock options exercisable | $ 1 | $ 1 | $ 1 | |||||||
Convertible Notes Payable [Member] | ||||||||||
Accrued interest payable | $ 1,460 | $ 51,125 | ||||||||
Debt conversion, converted instrument, shares issued | 6,436,363,636 | |||||||||
Derivative liabilities | $ 812,896 | 1,084,220 | ||||||||
Debt conversion, converted instrument, amount | 355,460 | |||||||||
Related party debt amount | 354,000 | |||||||||
Payment for fees | 8,750 | 3,250 | ||||||||
Loss on conversion of debt | 1,909 | |||||||||
Equity Purchase Agreements [Member] | ||||||||||
Shares issued for Cash, Amount | $ 116,252 | |||||||||
Shares issued for Cash, Shares | 989,474 | |||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 469 | |||||||||
Stock Issued During Period, Value, Reverse Stock Splits | $ 1 | |||||||||
Stock Issuances [Member] | Accrued expenses [Member] | ||||||||||
Accrued expenses | 769,255 | 5,000 | ||||||||
Gain (loss) on extinguishment of debt | 8,555 | (1,252) | ||||||||
Common stock shares issued upon conversion of debt, value | $ 811,676 | $ 1,266,588 | ||||||||
Common stock shares issued upon conversion of debt, shares | 6,678,348,473 | 30,192,113 | ||||||||
Accrued interest payable | $ 33,671 | |||||||||
Debt conversion converted amount | $ 769,255 | $ 1,210,304 | ||||||||
Maple [Member] | ||||||||||
Increase authorized shares, Description | we received confirmation from the Secretary of State of Nevada that an amendment to our Amended and Restated Articles of Incorporation to increase the number of authorized shares of common stock from 12,000,000,000 to 25,000,000,000 shares was accepted for filing, effective October 30, 2019. | |||||||||
Maple [Member] | Convertible Notes Payable [Member] | ||||||||||
Common stock, shares issued | 5,545,454,545 | 5,436,363,636 | ||||||||
Preferred stock | ||||||||||
Common stock, voting rights, Description | Shareholders owning in excess of 50.1% of the outstanding shares of voting common stock | |||||||||
Preferred stock, Authorized | 10,000,000 | 10,000,000 | ||||||||
Preferred stock designated share | 1,000 | |||||||||
Preferred stock | Maple Resources Corporation [Member] | August 1, 2019 [Member] | ||||||||||
Preferred stock shares | 1,000 | |||||||||
Preferred stock par value | $ 23,900 | |||||||||
Common Stock Issuances [Member] | ||||||||||
Accrued expenses | $ 36,942 | |||||||||
Common Class A and Class B [Member] | ||||||||||
Common stock, shares issued | 15,000,000 | |||||||||
Employee [Member] | ||||||||||
Services, Amount | $ 13,366 | |||||||||
Consultants [Member] | ||||||||||
Services, Amount | $ 78,564 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Deferred tax asset: | ||
Net operating loss carryforward | $ 3,026,640 | $ 2,698,710 |
Valuation allowance | (3,026,640) | (2,698,710) |
Total | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Change in net operating loss benefit | $ 327,930 | $ 1,217,233 |
Change in valuation allowance | (327,930) | (1,217,233) |
Total | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Apr. 30, 2020USD ($) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Net operating loss carryforwards | $ 14,413,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | ||
Mar. 31, 2020USD ($) | Jul. 28, 2017a | Apr. 30, 2020USD ($) | |
Aquisition of land | a | 126 | ||
Additional aquisition of land | a | 381 | ||
Price per acre | At a price of $550 per acre, or approximately $210,000. | ||
Accrued interest payable | $ 690 | ||
GS Capital [Member] | |||
Debt amount | $ 1,094,750 | ||
Accrued interest payable | $ 487,166 | ||
Maturity date | Extend the maturity dates to November 20, 2020 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | May 12, 2020 | Jul. 30, 2020 | Jul. 14, 2020 | Nov. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 |
Debt conversion, converted instrument, shares issued | 6,436,363,636 | |||||
Proceeds from convertible notes | $ 365,300 | $ 2,032,653 | ||||
Subsequent Event [Member] | CEO Jack W Hanks [Member] | ||||||
Consulting fees payable | $ 100,000 | |||||
Subsequent Event [Member] | Maple [Member] | ||||||
Debt conversion, converted instrument, shares issued | 37,696,363,636 | 9,090,909,091 | ||||
Proceeds from convertible notes | $ 41,466 | $ 10,000 |