Cover
Cover - shares | 6 Months Ended | |
Oct. 31, 2022 | Dec. 05, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | MMEX RESOURCES Corporation | |
Entity Central Index Key | 0001440799 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Oct. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 31,108,591 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55831 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 26-1749145 | |
Entity Address Address Line 1 | 3600 Dickinson | |
Entity Address City Or Town | Fort Stockton | |
Entity Address State Or Province | TX | |
Entity Address Postal Zip Code | 79735 | |
City Area Code | 855 | |
Local Phone Number | 880-0400 | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Current assets: | ||
Cash | $ 0 | $ 136,867 |
Prepaid expenses and other current assets | 59,333 | 47,333 |
Total current assets | 59,333 | 184,200 |
Property and equipment, net | 1,096,000 | 1,114,197 |
Total assets | 1,155,333 | 1,298,397 |
Current liabilities: | ||
Accounts payable | 713,843 | 639,782 |
Accrued expenses | 921,639 | 851,275 |
Accounts payable and accrued expenses - related parties | 155,577 | 76,770 |
Note payable, currently in default | 75,001 | 75,001 |
Note payable | 920,952 | 904,452 |
Convertible notes payable, currently in default, net of discount of $0 and $0 at October 31, 2022 and April 30, 2022, respectively | 75,000 | 75,000 |
Convertible notes payable, net of discount of $38,785 and $22,903 at October 31, 2022 and April 30, 2022, respectively | 809,965 | 432,097 |
Total current liabilities | 3,671,977 | 3,054,377 |
Total liabilities | 3,671,977 | 3,054,377 |
Stockholders' deficit: | ||
Common stock; $0.001 par value; 200,000,000 shares authorized, 28,566,561 and 21,204,682 shares issued and outstanding at October 31, 2022 and April 30, 2022, respectively | 28,566 | 21,205 |
Additional paid-in capital | 69,564,652 | 66,426,364 |
Non-controlling interest | 9,871 | 9,871 |
Accumulated deficit | (72,119,736) | (68,213,423) |
Total stockholders' deficit | (2,516,644) | (1,755,980) |
Total liabilities and stockholders' deficit | 1,155,333 | 1,298,397 |
Series A Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock value | 1 | 1 |
Series B Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock value | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Convertible notes, net of discount currently in default | $ 0 | $ 0 |
Convertible notes payable, net of discount | $ 38,785 | $ 22,903 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 200,000,000 | 200,000,000 |
Common stock, Issued | 28,566,561 | 21,204,682 |
Common stock, outstanding | 28,566,561 | 21,204,682 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 1,000,000 | 1,000,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 1,000,000 | 1,000,000 |
Preferred stock, Issued | 1,000 | 1,000 |
Preferred stock, outstanding | 1,000 | 1,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 1,000,000 | 1,000,000 |
Preferred stock, Issued | 1,500 | 0 |
Preferred stock, outstanding | 1,500 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Condensed Consolidated Statements of Operations (Unaudited) | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
General and administrative expenses | 364,343 | 274,493 | 1,168,201 | 717,000 |
Project costs | 71,683 | 1,006,666 | 76,040 | 1,009,726 |
Depreciation and amortization | 9,100 | 9,246 | 18,197 | 17,964 |
Total operating expenses | 445,126 | 1,290,405 | 1,262,438 | 1,744,690 |
Loss from operations | (445,126) | (1,290,405) | (1,262,438) | (1,744,690) |
Other income (expense): | ||||
Interest expense | (63,125) | (57,645) | (126,013) | (262,255) |
Gain (loss) on derivative liabilities | 0 | 0 | 0 | 3,010,042 |
Gain (loss) on extinguishment of liabilities | 0 | 196,166 | 16,540 | 136,310 |
Total other income (expense) | (63,125) | 138,521 | (109,473) | 2,884,097 |
Income (loss) before income taxes | (508,251) | (1,151,884) | (1,371,911) | 1,139,407 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (508,251) | (1,151,884) | (1,371,911) | 1,139,407 |
Deemed dividend | 0 | 0 | 2,534,402 | 0 |
Net income (loss) attributable to the common shareholders | $ (508,251) | $ (1,151,884) | $ (3,906,313) | $ 1,139,407 |
Net income (loss) per common share - basic | $ (0.02) | $ (0.12) | $ (0.16) | $ 0.17 |
Net income (loss) per common share - diluted | $ (0.02) | $ (0.12) | $ (0.16) | $ 0.10 |
Weighted average number of common shares outstanding - basic | 26,504,972 | 9,908,190 | 24,532,667 | 6,607,443 |
Weighted average number of common shares outstanding - diluted | 26,504,972 | 9,908,190 | 24,532,667 | 13,069,133 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders Deficit (Unaudited) - USD ($) | Total | Common Stock | Series A, Preferred Stock | Series B, Preferred Stock | Additional Paid-In Capital | Noncontrolling Interest | Retained Earnings (Accumulated Deficit) |
Balance, shares at Apr. 30, 2021 | 3,251,641 | 1,000 | |||||
Balance, amount at Apr. 30, 2021 | $ (5,770,041) | $ 3,252 | $ 1 | $ 0 | $ 62,201,528 | $ 9,871 | $ (67,984,693) |
Shares issued with prefunded warrants for cash, shares | 170,000 | ||||||
Shares issued with prefunded warrants for cash, amount | 3,000,000 | $ 170 | 0 | 0 | 2,999,830 | 0 | 0 |
Shares issued for conversion of convertible notes payable and accrued interest, shares | 11,814 | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, amount | 42,531 | $ 11 | 0 | 0 | 42,520 | 0 | 0 |
Shares issued for reverse stock split, shares | 17,754 | ||||||
Shares issued for reverse stock split, amount | 0 | $ 18 | 0 | 0 | (18) | 0 | 0 |
Shares issued for the exercise of prefunded warrants, shares | 250,000 | ||||||
Shares issued for the exercise of prefunded warrants, amount | 0 | $ 250 | 0 | 0 | (250) | 0 | 0 |
Offering costs | (349,150) | 0 | 0 | 0 | (349,150) | 0 | 0 |
Net income | 2,291,291 | $ 0 | $ 0 | 0 | 0 | 0 | 2,291,291 |
Balance, shares at Jul. 31, 2021 | 3,701,209 | 1,000 | |||||
Balance, amount at Jul. 31, 2021 | (785,369) | $ 3,701 | $ 1 | 0 | 64,894,460 | 9,871 | (65,693,402) |
Balance, shares at Apr. 30, 2021 | 3,251,641 | 1,000 | |||||
Balance, amount at Apr. 30, 2021 | (5,770,041) | $ 3,252 | $ 1 | 0 | 62,201,528 | 9,871 | (67,984,693) |
Net income | 1,139,407 | ||||||
Net (loss) | $ (1,139,407) | ||||||
Shares issued for accrued liability - related party, shares | 170,000 | ||||||
Balance, shares at Oct. 31, 2021 | 17,820,362 | 1,000 | |||||
Balance, amount at Oct. 31, 2021 | $ (794,608) | $ 17,820 | $ 1 | 0 | 65,067,236 | 9,871 | (65,889,536) |
Balance, shares at Jul. 31, 2021 | 3,701,209 | 1,000 | |||||
Balance, amount at Jul. 31, 2021 | (785,369) | $ 3,701 | $ 1 | 0 | 64,894,460 | 9,871 | (65,693,402) |
Shares issued for conversion of convertible notes payable and accrued interest, shares | 6,817,224 | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, amount | 74,989 | $ 6,817 | 0 | 0 | 68,172 | 0 | 0 |
Shares issued for the exercise of prefunded warrants, shares | 880,000 | ||||||
Shares issued for the exercise of prefunded warrants, amount | 0 | $ 880 | 0 | 0 | (880) | 0 | 0 |
Net income | (1,151,884) | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, shares | 6,421,929 | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, amount | 111,906 | $ 6,422 | 0 | 0 | 105,484 | 0 | 0 |
Net (loss) | (196,134) | $ 0 | $ 0 | 0 | 0 | 0 | (196,134) |
Balance, shares at Oct. 31, 2021 | 17,820,362 | 1,000 | |||||
Balance, amount at Oct. 31, 2021 | (794,608) | $ 17,820 | $ 1 | $ 0 | 65,067,236 | 9,871 | (65,889,536) |
Balance, shares at Apr. 30, 2022 | 21,204,682 | 1,000 | 1,500 | ||||
Balance, amount at Apr. 30, 2022 | (1,755,980) | $ 21,205 | $ 1 | $ 2 | 66,426,364 | 9,871 | (68,213,423) |
Shares issued for conversion of convertible notes payable and accrued interest, shares | 710,802 | ||||||
Shares issued for conversion of convertible notes payable and accrued interest, amount | 109,677 | $ 711 | 0 | 0 | 108,966 | 0 | 0 |
Net income | (863,660) | 0 | 0 | 0 | 0 | 0 | (863,660) |
Warrants issued as stock-based compensation | 495,000 | $ 0 | 0 | 0 | 495,000 | 0 | 0 |
Shares issued for the exercise of warrants, shares | 2,494,318 | ||||||
Shares issued for the exercise of warrants, amount | 184 | $ 2,494 | 0 | 0 | (2,310) | 0 | 0 |
Deemed dividend | 0 | $ 0 | $ 0 | $ 0 | 2,534,402 | 0 | (2,534,402) |
Balance, shares at Jul. 31, 2022 | 24,409,802 | 1,000 | 1,500 | ||||
Balance, amount at Jul. 31, 2022 | (2,014,779) | $ 24,410 | $ 1 | $ 2 | 69,562,422 | 9,871 | (71,611,485) |
Balance, shares at Apr. 30, 2022 | 21,204,682 | 1,000 | 1,500 | ||||
Balance, amount at Apr. 30, 2022 | (1,755,980) | $ 21,205 | $ 1 | $ 2 | 66,426,364 | 9,871 | (68,213,423) |
Net income | (1,371,911) | ||||||
Net (loss) | 1,371,911 | ||||||
Warrants issued as stock-based compensation | 495,000 | ||||||
Balance, shares at Oct. 31, 2022 | 28,566,561 | 1,000 | 1,500 | ||||
Balance, amount at Oct. 31, 2022 | (2,516,644) | $ 28,566 | $ 1 | $ 2 | 69,564,652 | 9,871 | (72,119,736) |
Balance, shares at Jul. 31, 2022 | 24,409,802 | 1,000 | 1,500 | ||||
Balance, amount at Jul. 31, 2022 | (2,014,779) | $ 24,410 | $ 1 | $ 2 | 69,562,422 | 9,871 | (71,611,485) |
Net income | (508,251) | $ 0 | 0 | 0 | 0 | 0 | (508,251) |
Shares issued for the exercise of warrants, shares | 3,965,345 | ||||||
Shares issued for the exercise of warrants, amount | 0 | $ 3,965 | 0 | 0 | (3,965) | 0 | 0 |
Shares issued for accrued liability - related party, shares | 91,414 | ||||||
Shares issued for accrued liability - related party, amount | 1,006 | $ 91 | 0 | 0 | 915 | 0 | 0 |
Shares issued for debt discount, shares | 100,000 | ||||||
Shares issued for debt discount, amount | 5,380 | $ 100 | $ 0 | $ 0 | 5,280 | 0 | 0 |
Balance, shares at Oct. 31, 2022 | 28,566,561 | 1,000 | 1,500 | ||||
Balance, amount at Oct. 31, 2022 | $ (2,516,644) | $ 28,566 | $ 1 | $ 2 | $ 69,564,652 | $ 9,871 | $ (72,119,736) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,371,911) | $ 1,139,407 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization expense | 18,197 | 17,964 |
(Gain) loss on derivative liabilities | 0 | (3,010,042) |
Amortization of debt discount | 20,748 | 77,822 |
Warrants issued as stock-based compensation | 495,000 | 0 |
Note recorded for loan penalties and financing costs | 16,500 | 0 |
(Gain) loss on extinguishment of liabilities | (16,540) | (136,310) |
(Increase) decrease in prepaid expenses and other current assets | 12,000 | 2,460 |
Increase (decrease) in liabilities: | ||
Accounts payable | 74,061 | (171,857) |
Accrued expenses | 106,765 | 19,089 |
Accounts payable and accrued expenses - related party | 79,813 | (213,811) |
Net cash used in operating activities | (589,367) | (2,275,278) |
Cash flows from investing activities: | ||
Purchase of property and equipment | 0 | (255,504) |
Net cash used in investing activities | 0 | (255,504) |
Cash flows from financing activities: | ||
Proceeds from notes payable | 0 | 200,000 |
Proceeds from convertible notes payable | 452,500 | 78,500 |
Repayments of notes payable | 0 | (200,000) |
Repayments of convertible notes payable | 0 | (255,331) |
Proceeds from the sale of common stock and prefunded warrants | 0 | 3,000,000 |
Proceeds from the sale of series B preferred stock and warrants | 0 | 0 |
Offering costs | 0 | (349,150) |
Net cash provided by financing activities | 452,500 | 2,474,019 |
Net increase (decrease) in cash | (136,867) | (56,763) |
Cash at the beginning of the period | 136,867 | 330,449 |
Cash at the end of the period | 0 | 273,686 |
Supplemental disclosure: | ||
Interest paid | 0 | 116,374 |
Income taxes paid | 0 | 0 |
Non-cash investing and financing activities: | ||
Common stock issued in conversion of debt | 109,677 | 154,437 |
Common stock issued in conversion of related party debt | 0 | 74,989 |
Exercise of warrants for an accrued liability | 184 | 0 |
Reverse split | 0 | 18 |
Exercise of prefunded warrants | $ 2,494 | 1,130 |
Cashless exercise of warrants | 3,965 | |
Deemed dividend | $ 2,534,402 | 0 |
Common stock issued for accrued liability - related party | 1,006 | 0 |
Shares issued for debt discount | $ 5,380 | $ 0 |
BACKGROUND ORGANIZATION AND BAS
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Oct. 31, 2022 | |
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION | |
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 – BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION MMEX Resources Corporation (the “Company” or “MMEX”) was formed as a Nevada corporation in 2005. The current management team lead 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. Since 2021 MMEX has expanded its focus to the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy. 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 of Entity State of Incorporation Relationship MMEX Resources Corporation - Corporation Nevada Parent Pecos Clean Fuels & Transport (formerly Pecos Refining & Transport, LLC 100% LLC Texas Subsidiary MMEX Solar Resources, LLC 100% LLC Texas Subsidiary Rolling Stock Marine, LLC 100% LLC Texas Subsidiary Hydrogen Global, LLC 100% LLC Texas Subsidiary Clean Energy Global, LLC (formerly Hydrogen Ultra, LLC) 100% LLC Texas Subsidiary 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 | 6 Months Ended |
Oct. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are described in our Annual Report on Form 10-K for the year ended April 30, 2022 filed with the SEC on July 15, 2022. Consolidation The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Property and equipment Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Land improvements 15 years Land easements 10 years The 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 contained certain anti-dilution provisions that were previously identified as derivatives. In addition, the Company had previously identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. Through April 30, 2021, the number of warrants or common shares to be issued under these agreements was indeterminate; therefore, the Company concluded that the equity environment was tainted and all additional warrants, stock options and convertible debt were included in the value of the derivative. During the year ended April 30, 2022 it was determined that the Company could increase their authorized common shares at any time, therefore the environment was no longer deemed to be tainted and all derivative liabilities were written off the books. 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. Revenue Recognition The Company has adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our consolidated financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. Project costs All project costs incurred, including acquisition of refinery rights, planning, design and permitting, have been recorded as project costs and expensed as incurred. Basic and diluted income (loss) per share Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the six months ended October 31, 2022 all potentially dilutive securities had an anti-dilutive effect and basic net loss per common share is the same as diluted net loss per share. For the six months ended October 31, 2021 the dilutive effect of options, warrants, and convertible notes payable was 6,461,690. Stock-based compensation Pursuant to FASB ASC 718, the Company accounts for the issuance of equity instruments, including grants of stock options and warrants, 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 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 is reached or (ii) the date at which the performance is complete. In the case of equity instruments issued for services to be performed over time, the fair value of the equity instrument is recognized over the service period. For the six months ended October 31, 2022 and 2021, the Company recorded stock-based compensation of $495,000 and $0, respectively. Recently Issued Accounting Pronouncements The Company has reviewed all new accounting pronouncements issued or proposed by the FASB and does not believe any of the accounting pronouncements has had, or will have, a material impact on its consolidated financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Oct. 31, 2022 | |
GOING CONCERN | |
GOING CONCERN | NOTE 3 – GOING CONCERN Our consolidated 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, and have reported negative cash flows from operations since inception. Additionally, we have a working capital deficit, therefore there is a question of whether or not we have the cash resources to meet our operating commitments for the next twelve months and have, or will obtain, sufficient capital investments to implement our business plan. 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 and emerging markets and the competitive environment in which we operate. Since inception, our operations have primarily been funded through private debt and equity financing, and we expect to continue to seek additional funding through private or public equity and debt financing. Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital or that amounts 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 consolidated 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 consolidated 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 | 6 Months Ended |
Oct. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS Accounts Payable and Accrued Expenses – Related Parties Accounts payable and accrued expenses to related parties, consisting primarily of consulting fees and expense reimbursements payable, totaled $155,577 and $76,770 as of October 31, 2022 and April 30, 2022, respectively. 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 business development, financing and other corporate activities. Effective March 1, 2021 the Maple Resources consulting agreement provided for monthly consulting fees of $20,000. During the six months ended October 31, 2022, we incurred consulting fees and expense reimbursement to Maple Resources totaling $120,000 and we made payments to Maple Resources of $111,000. 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. During the six months ended October 31, 2022 we recorded $30,000 for accrued consulting fees and we issued no shares for payment. Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $82,700 ($50,000 payable in stock) and $40,000 ($20,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively. Effective October 1, 2018, we entered into a consulting agreement with Leslie Doheny-Hanks, the wife of our President and CEO, 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 six months ended October 31, 2022 we recorded $15,000 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $28,883. During the six months ended October 31, 2022 we made repayments of $21,794 to Mrs. Hanks for reimbursable expenses. Amounts included in accounts payable and accrued expenses – related parties due to Mrs. Hanks totaled $39,353 ($25,000 payable in stock) and $17,264 ($10,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively. Effective February 1, 2021 the Company entered into consulting agreements with three children of our President and CEO, which were amended as of December 31, 2021 to continue on a month-to-month basis. During the six months ended October 31, 2022 we incurred $54,990 for fees and expense reimbursements to the children and paid $54,965. Amounts included in accounts payable and accrued expenses – related parties due to the children totaled $8,524 and $8,500 as of October 31, 2022 and April 30, 2022, respectively. Effective September 1, 2021, we entered into a consulting agreement with BNL Family Trust, a related party to Bruce Lemons, Director, 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. During the six months ended October 31, 2022 we recorded $15,000 for the amount payable in stock under the consulting agreement and issued 91,414 shares as repayment for $1,006 owed (see Note 8). Amounts included in accounts payable and accrued expenses – related parties due to BNL Family Trust totaled $25,000 (all payable in stock) and $11,006 ($10,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively. Accounts Payable and Accrued Expenses – Related Parties During the six months ended October 31, 2022 the Company granted 3,000,000 warrants each to Maple Resources and BNL Family Trust, therefore recognized $330,000 in stock-based compensation based on the grant date fair value (see Note 8). |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Oct. 31, 2022 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following at: October 31, 2022 April 30, 2022 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 6,555 17,517 Refinery land 721,828 721,828 Refinery land improvements 468,426 468,615 Refinery land easements 37,015 37,015 1,247,688 1,258,839 Less accumulated depreciation and amortization (151,688 ) (144,642 ) $ 1,096,000 $ 1,114,197 Depreciation and amortization expense totaled $18,197 and $17,964 for the six months ended October 31, 2022 and 2021, respectively. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Oct. 31, 2022 | |
ACCRUED EXPENSES | |
ACCRUED EXPENSES | NOTE 6 – ACCRUED EXPENSES Accrued expenses consisted of the following at: October 31, 2022 April 30, 2022 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 30,000 12,000 Accrued interest and penalties 767,525 714,827 Other 94,174 94,358 $ 921,789 $ 851,275 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Oct. 31, 2022 | |
NOTES PAYABLE | |
NOTES PAYABLE | NOTE 7 – NOTES PAYABLE Note Payable, Currently in Default Note payable, currently in default, consists of the following at: October 31, 2022 April 30, 2022 Note payable to an unrelated party, matured March 18, 2014, with interest at 10% $ 75,001 $ 75,001 $ 75,001 $ 75,001 Notes Payable Notes payable consist of the following at: October 31, 2022 April 30, 2022 Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [1] $250,000 draw on March 5, 2021 $ 250,000 $ 250,000 $200,000 draw on March 26, 2021 200,000 200,000 $50,000 draw on April 13, 2022 50,000 50,000 Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [2] 136,952 136,952 Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [3] 102,500 102,500 Note payable to an unrelated party with an issue date of March 3, 2022 with interest at 5% [4] 181,500 165,000 Total $ 920,952 $ 904,452 [1] Effective February 22, 2021 the Company entered into a promissory note with GS Capital Partners, LLC, with a principal amount of $1,000,000, which is subject to drawdown requests by the Company. The maturity date of the note is the earlier of (i) December 31, 2021 or (ii) the consummation by the Company of an equity or equity-based financing providing net proceeds to the Company sufficient to retire the outstanding indebtedness under the note. On December 30, 2021 the Company entered into amendment to the notes to extend the maturity date to March 31, 2022 and on April 12, 2022 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2023. The note has an interest rate of 10% per annum from the date of each drawdown. [2] Effective March 11, 2021 the Company entered into a promissory note with Vista Capital Investments, Inc with a principal amount of $250,000. The maturity date of the note is March 11, 2022 which was amended on February 23, 2021 to extend the due date to December 31, 2022. The note has an interest rate of 10% per annum from the date of funding. On February 23, 2022 the Company made a payment of $113,048 to pay down the note principal. [3] Effective February 28, 2022 the Company entered into a promissory note with Oscar and Ilda Gonzales with a principal amount of $102,500. The maturity date of the note is February 28, 2026 and repayments on the note are to begin on March 1, 2023 in the amount of $3,309 per month. The note has an interest rate of 10% per annum. [4] Effective March 3, 2022 the Company entered into a promissory note with Sabby Volatility Warrant Master Fund with a principal amount of $165,000 in full satisfaction of all liquidated damages pursuant to a registration rights agreement dated December 22, 2021. The maturity date of the note is the earlier of February 28, 2023 or the date MMEX receives at least $6 million of proceeds from an equity or equity-based financing. In accordance with the terms of the note, if the note was not paid in full prior to June 22, 2022, the principal amount of the note was to increase to $181,500. Accordingly, during the six months ended October 31, 2022 we recognized $16,500 in interest expense to increase the principal balance. Convertible Note Payable, Currently in Default Convertible notes payable, currently in default, consist of the following at: October 31, 2022 April 30, 2022 Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company [1] $ 50,000 $ 50,000 Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company [2] 25,000 25,000 75,000 75,000 Less discount - - Total $ 75,000 $ 75,000 [1] On March 8, 2010, the Company closed a note purchase agreement with an accredited investor pursuant to which the Company sold a $50,000 convertible note in a private placement transaction. In the transaction, the Company received proceeds of $35,000 and the investor also paid $15,000 of consulting expense on behalf of the Company. The convertible note was due and payable on December 31, 2010 with an interest rate of 10% per annum. The note is convertible at the option of the holder into our common stock at a fixed conversion price of $3.70, subject to adjustment for stock splits and combinations. [2] On January 28, 2011 and February 1, 2011, the Company closed a Convertible Note Agreement totaling $514,900 in principal amount of 25% Convertible Note (the "Notes") due on the first anniversary of the date of the Note, to a group of institutional and high net worth investors. The Notes are convertible into the Company's common stock at the holders' option at $1.00 per common share. All but $25,000 of the promissory notes plus interest were paid in full on March 23, 2011. Convertible Notes Payable Current convertible notes payable consisted of the following at: October 31, 2022 April 30, 2022 Extension fee added to note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [1] $ 200,000 $ 200,000 Extension fee added to note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [2] - 90,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [3] 165,000 165,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4] 105,000 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [5] 200,000 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [6] 78,750 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [7] 100,000 - Total 848,750 455,000 Less discount (38,785 ) (22,903 ) Net $ 809,965 $ 432,097 [1] Effective March 31, 2020, the Company entered into a second amendment to certain convertible notes with GS Capital Partners, LLC (“GS”) ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, $600,000 note dated October 5, 2018, and $110,000 note dated February 20, 2019) to extend the notes due dates to November 30, 2020. In consideration of the extension of the maturity dates of the notes the Company was to pay an extension fee of $200,000, which was added to the principal amount owed and would incur interest at 18% per annum. 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, which, as of the date of this filing, has been extended to March 31, 2023. 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.) [2] Effective September 12, 2019, the Company entered into an amendment to certain convertible notes with GS ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, and $600,000 note dated October 5, 2018) to extend the notes due dates to February 4, 2020. In consideration of the extension of the maturity dates of the notes the Company was to pay an extension fee of $90,000, which was added to the principal amount owed and would incur interest at 18% per annum 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, which was extended to March 31, 2023. GS, at its option, could 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). During the three months ended July 31, 2022 the Company issued 710,802 shares of common stock to pay the note and its related interest in full and recognized a $16,540 gain on settlement to reduce the debt to zero. [3] Effective April 12, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $165,000. The note was issued at a discount and the Company received net proceeds of $155,000 after payment of $10,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.10 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. [4] Effective June 7, 2022, the Company entered into a convertible promissory note with a principal amount of $105,000 with 1800 Diagonal Lending, LLC. The Company received $101,250 after payment of $3,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of June 7, 2023. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion. [5] Effective July 26, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $200,000, which was not funded until August 1, 2022. The note was issued at a discount and the Company received net proceeds of $185,000 after payment of $5,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.055 per share, subject to adjustment if there are future financings with more favorable rates. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. [6] Effective August 15, 2022, the Company entered into a convertible promissory note with a principal amount of $78,750 with 1800 Diagonal Lending, LLC. The Company received $75,000 after payment of $3,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of August 15, 2023. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion. [7] Effective September 15, 2022, the Company entered into a convertible promissory note with a principal amount of $100,000 with Boot Capital, LLC. The Company received $91,250 after payment of $8,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of September 15, 2023. The note can be converted into shares of common stock at a 42% discount from the lowest trading price during the 10 days prior to conversion. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 6 Months Ended |
Oct. 31, 2022 | |
STOCKHOLDERS DEFICIT | |
STOCKHOLDERS DEFICIT | NOTE 8 – STOCKHOLDERS’ DEFICIT Authorized Shares The Company has authorized 201,000,000 shares of capital stock, consisting of 200,000,000 shares of common stock and 1,000,000 shares of preferred stock. Common Stock During the six months ended October 31, 2022, the Company issued a total of 7,361,879 shares of its common stock: 710,802 shares valued at $109,677 in conversion of convertible notes principal of $90,000, accrued interest payable of $19,677; 6,459,663 shares issued for the exercise of warrants; 91,414 shares issued for an accrued liability with a related party of $1,006 (see Note 4); and 100,000 shares issued for a debt discount valued at $5,380. During the six months ended October 31, 2021, the Company issued a total of 14,568,721 shares of its common stock: 170,000 shares (plus 3,580,000 prefunded warrants and 2,575,500 warrants) for cash of $3,000,000; 6,433,743 shares valued at $154,437 in conversion of convertible notes principal of $149,444, accrued interest payable of $4,490 and payment of fees of $504; 6,817,224 shares valued at $74,989 in conversion of related party convertible notes principal; 17,754 shares issued pursuant to the rounding of fractional shares in connection with our reverse stock split; and 1,130,000 shares issued for the exercise of prefunded warrants. In conjunction with the stock and warrants issued for cash, the Company also issued 337,500 warrants to the placement agent and recognized $349,150 in out-of-pocket offering costs. 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, have the right to vote on all shareholder matters equal to 51% of the total vote. During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series A preferred stock. Series B Preferred Stock The Series B preferred stock has a stated value equal to $1,000, has no redemption or voting rights, and are entitled to receive dividends on preferred stock equal, on an as-of-converted-to-common-stock basis, to and in the same form as the dividends paid on shares of the common stock. The Series B preferred stock is convertible, at the option of the holder, into the number of shares of common stock determined by dividing the stated value of such share of Preferred Stock by the initial Conversion Price of $0.10, which was adjusted to $0.05 per share effective June 7, 2022. During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series B preferred stock, however, as a result of the change in the Conversion Price that occurred on June 7, 2022, the Company recognized a deemed dividend of $2,534,402 to account for the change in fair value of the Series B preferred stock. Warrants A summary of warrant activity during the six months ended October 31, 2022 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2022 35,508,000 $ 0.06 4.64 Granted 26,575,500 $ 0.10 Cancelled / Expired (17,575,500 ) $ 0.10 Exercised (6,470,500 ) $ 0.00 Outstanding, October 31, 2022 38,037,500 $ 0.08 5.47 During the six months ended July 31, 2022 the Company granted 3,000,000 warrants each to two entities affiliated with the Company’s two board members (see Note 4) and a consultant. The fair value of the warrants was $495,000 and recognized in additional paid-in capital. Additionally, effective June 7, 2022 the Company entered into an agreement to reduce the exercise price of its Series C and Series D warrants, from $0.10 to $0.05. The Company accounted for this modification as a cancellation of the previous award and issuance of a new award in its place, however, as there was no change in the fair value as a result of the modification, no additional expense was recorded on the Company’s books. Common Stock Reserved Combined with the 28,566,561 common shares outstanding as of October 31, 2022, all authorized common shares had been issued or reserved for issuance of outstanding warrants, stock options, and convertible notes payable and no common shares were available for share issuances other than those shares included in the reserves. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Oct. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES Legal In the ordinary course of business, we may be, or have been, involved in legal proceedings from time to time. During the six months ended October 31, 2022 we were not involved in any material legal proceedings. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Oct. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS In accordance with ASC 855-10, there have been no subsequent events that are required to be reported through the filing date of these consolidated financial statements other than those stated below. Subsequent to October 31, 2022 the Company issued 2,542,030 shares of common stock in exchange for the cashless exercise of 2,550,000 Series B warrants. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Oct. 31, 2022 | |
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 using the straight-line method over the estimated useful life of the related asset as follows: Office furniture and equipment 10 years Computer equipment and software 5 years Land improvements 15 years Land easements 10 years The 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 contained certain anti-dilution provisions that were previously identified as derivatives. In addition, the Company had previously identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. Through April 30, 2021, the number of warrants or common shares to be issued under these agreements was indeterminate; therefore, the Company concluded that the equity environment was tainted and all additional warrants, stock options and convertible debt were included in the value of the derivative. During the year ended April 30, 2022 it was determined that the Company could increase their authorized common shares at any time, therefore the environment was no longer deemed to be tainted and all derivative liabilities were written off the books. 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. |
Revenue Recognition | The Company has adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our consolidated financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. |
Project costs | All project costs incurred, including acquisition of refinery rights, planning, design and permitting, have been recorded as project costs and expensed as incurred. |
Basic and diluted income (loss) per share | Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the six months ended October 31, 2022 all potentially dilutive securities had an anti-dilutive effect and basic net loss per common share is the same as diluted net loss per share. For the six months ended October 31, 2021 the dilutive effect of options, warrants, and convertible notes payable was 6,461,690. |
stock-based compensation | Pursuant to FASB ASC 718, the Company accounts for the issuance of equity instruments, including grants of stock options and warrants, 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 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 is reached or (ii) the date at which the performance is complete. In the case of equity instruments issued for services to be performed over time, the fair value of the equity instrument is recognized over the service period. For the six months ended October 31, 2022 and 2021, the Company recorded stock-based compensation of $495,000 and $0, respectively. |
Recently Issued Accounting Pronouncements | The Company has reviewed all new accounting pronouncements issued or proposed by the FASB and does not believe any of the accounting pronouncements has had, or will have, a material impact on its consolidated financial position or results of operations. |
BACKGROUND, ORGANIZATION AND BA
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Summary of companies subsidiaries | Name of Entity % Form of Entity State of Incorporation Relationship MMEX Resources Corporation - Corporation Nevada Parent Pecos Clean Fuels & Transport (formerly Pecos Refining & Transport, LLC 100% LLC Texas Subsidiary MMEX Solar Resources, LLC 100% LLC Texas Subsidiary Rolling Stock Marine, LLC 100% LLC Texas Subsidiary Hydrogen Global, LLC 100% LLC Texas Subsidiary Clean Energy Global, LLC (formerly Hydrogen Ultra, LLC) 100% LLC Texas Subsidiary |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Summary of Estimated useful life of the related asset | Office furniture and equipment 10 years Computer equipment and software 5 years Land improvements 15 years Land easements 10 years |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and Equipment | October 31, 2022 April 30, 2022 Office furniture and equipment $ 13,864 $ 13,864 Computer equipment and software 6,555 17,517 Refinery land 721,828 721,828 Refinery land improvements 468,426 468,615 Refinery land easements 37,015 37,015 1,247,688 1,258,839 Less accumulated depreciation and amortization (151,688 ) (144,642 ) $ 1,096,000 $ 1,114,197 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
ACCRUED EXPENSES | |
Schedule of Accrued expenses | October 31, 2022 April 30, 2022 Accrued payroll $ 30,090 $ 30,090 Accrued consulting 30,000 12,000 Accrued interest and penalties 767,525 714,827 Other 94,174 94,358 $ 921,789 $ 851,275 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
NOTES PAYABLE (Tables) | |
Schedule of Notes payable, currently in default | October 31, 2022 April 30, 2022 Note payable to an unrelated party, matured March 18, 2014, with interest at 10% $ 75,001 $ 75,001 $ 75,001 $ 75,001 |
Schedule of notes payable | October 31, 2022 April 30, 2022 Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [1] $250,000 draw on March 5, 2021 $ 250,000 $ 250,000 $200,000 draw on March 26, 2021 200,000 200,000 $50,000 draw on April 13, 2022 50,000 50,000 Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [2] 136,952 136,952 Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [3] 102,500 102,500 Note payable to an unrelated party with an issue date of March 3, 2022 with interest at 5% [4] 181,500 165,000 Total $ 920,952 $ 904,452 |
Schedule of Convertible Notes Payable, Currently in Default | October 31, 2022 April 30, 2022 Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company [1] $ 50,000 $ 50,000 Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company [2] 25,000 25,000 75,000 75,000 Less discount - - Total $ 75,000 $ 75,000 |
Schedule of Current Convertible Notes Payable | October 31, 2022 April 30, 2022 Extension fee added to note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [1] $ 200,000 $ 200,000 Extension fee added to note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [2] - 90,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [3] 165,000 165,000 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4] 105,000 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [5] 200,000 - Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [6] 78,750 Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [7] 100,000 - Total 848,750 455,000 Less discount (38,785 ) (22,903 ) Net $ 809,965 $ 432,097 |
STOCKHOLDERS DEFICIT (Tables)
STOCKHOLDERS DEFICIT (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
STOCKHOLDERS DEFICIT | |
Summary of warrant activity | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, April 30, 2022 35,508,000 $ 0.06 4.64 Granted 26,575,500 $ 0.10 Cancelled / Expired (17,575,500 ) $ 0.10 Exercised (6,470,500 ) $ 0.00 Outstanding, October 31, 2022 38,037,500 $ 0.08 5.47 |
BACKGROUND ORGANIZATION AND B_2
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Details) | 6 Months Ended |
Oct. 31, 2022 | |
Pecos Refining & Transport, LLC [Member] | |
State of Incorporation | Texas |
Entity Legal Form | LLC |
Ownership percentage | 100% |
Relationship | Subsidiary |
MMEX Solar Resources LLC [Member] | |
State of Incorporation | Texas |
Entity Legal Form | LLC |
Ownership percentage | 100% |
Relationship | Subsidiary |
MMEX Resources Corporation [Member] | |
State of Incorporation | Nevada |
Entity Legal Form | Corporation |
Ownership percentage | 0% |
Relationship | Parent |
Hydrogen Global, LLC [Member] | |
State of Incorporation | Texas |
Entity Legal Form | LLC |
Ownership percentage | 100% |
Relationship | Subsidiary |
Hydrogen Ultra, LLC [Member] | |
State of Incorporation | Texas |
Entity Legal Form | LLC |
Ownership percentage | 100% |
Relationship | Subsidiary |
Rolling Stock Marine LLC [Member] | |
State of Incorporation | Texas |
Entity Legal Form | LLC |
Ownership percentage | 100% |
Relationship | Subsidiary |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended |
Oct. 31, 2022 | |
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 |
Land improvements [Member] | |
Property plant and equipment estimated useful life | 15 years |
Land easements [Member] | |
Property plant and equipment estimated useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Stock based compensation | $ 495,000 | $ 0 |
Potential dilutive securities | 6,461,690 | |
Land easements [Member] | ||
Property plant and equipment estimated useful life | 10 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
Oct. 31, 2022 | Apr. 30, 2022 | |
Consulting fees | $ 20,000 | |
Accounts payable and accrued expenses - related party | $ 82,700 | $ 40,000 |
Warrants granted | 3,000,000 | |
Common stock value | $ 5,000 | |
Stock Based Compersation based on the grant date fair value | 330,000 | |
Owed to related party | 155,577 | 76,770 |
Payable in stock | 50,000 | 20,000 |
Accounts Payable | 713,843 | 639,782 |
Related Party [Member] | Common Stocks [Member] | ||
Accounts payable and accrued expenses - related party | 25,000 | 11,006 |
Payable in stock | 25,000 | 10,000 |
Shares issued value related party each month | $ 2,500 | |
Share issued for repayment | 91,414 | |
Repayment of amount owed | $ 1,006 | |
Common stock issued under agreement | 15,000 | |
July 1, 2019 [Member] | ||
Consulting fees | $ 111,000 | |
Reimbursements Expenses | 120,000 | |
October 1, 2018 [Member] | Related Party [Member] | Common Stocks [Member] | ||
Accounts payable and accrued expenses - related party | 39,353 | 17,264 |
Payable in stock | 25,000 | 10,000 |
Reimbursements | 28,883 | |
Repayment Expenses | 21,794 | |
Shares issued value related party each month | 2,500 | |
Accounts payable | 15,000 | |
February 1, 2021 [Member] | ||
Reimbursements Expenses | 54,965 | |
Accounts Payable | 8,524 | |
Accrued expenses | $ 8,500 | |
Fees and expenses reimbursements | $ 54,990 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Property and equipment, gross | $ 1,247,688 | $ 1,258,839 |
Less accumulated depreciation and amortization | (151,688) | (144,642) |
Property and equipment, net | 1,096,000 | 1,114,197 |
Refinery Land [Member] | ||
Property and equipment, gross | 721,828 | 721,828 |
Office furniture and equipment [Member] | ||
Property and equipment, gross | 13,864 | 13,864 |
Computer equipment and software [Member] | ||
Property and equipment, gross | 6,555 | 17,517 |
Land improvements [Member] | ||
Property and equipment, gross | 468,426 | 468,615 |
Land easements [Member] | ||
Property and equipment, gross | $ 37,015 | $ 37,015 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
PROPERTY AND EQUIPMENT | ||||
Depreciation and amortization expense | $ 9,100 | $ 9,246 | $ 18,197 | $ 17,964 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Accrued Payroll [Member] | ||
Total Accrued Expenses | $ 30,090 | $ 30,090 |
Accrued Consulting [Member] | ||
Total Accrued Expenses | 30,000 | 12,000 |
Accrued Interest And Penalties [Member] | ||
Total Accrued Expenses | 767,525 | 714,827 |
Other [Member] | ||
Total Accrued Expenses | 94,174 | 94,358 |
Total [Member] | ||
Total Accrued Expenses | $ 921,789 | $ 851,275 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
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 ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Notes payable | $ 920,952 | $ 904,452 |
Note Payable [Member] | ||
Notes payable | 250,000 | 250,000 |
Notes Payable One [Member] | ||
Notes payable | 200,000 | 200,000 |
Notes Payable Two [Member] | ||
Notes payable | 50,000 | 50,000 |
Notes Payable Three [Member] | ||
Notes payable | 136,952 | 136,952 |
Notes Payable Four [Member] | ||
Notes payable | 102,500 | 102,500 |
Notes Payable Five [Member] | ||
Notes payable | $ 181,500 | $ 165,000 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Convertible notes payable, currently in default, gross | $ 75,000 | $ 75,000 |
Less discount | 0 | 0 |
Convertible notes payable, currently in default, net of discount | 75,000 | 75,000 |
Note Payable [Member] | ||
Notes Payable Unrelated Party | 50,000 | 50,000 |
Notes Payable One [Member] | ||
Notes Payable Unrelated Party | $ 25,000 | $ 25,000 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | Oct. 31, 2022 | Apr. 30, 2021 |
Convertible notes payable,Total | $ 848,750 | $ 455,000 |
Less discount | (38,785) | (22,903) |
Convertible notes payable, net of discount | 809,965 | 432,097 |
Accredited Investor [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 200,000 | 200,000 |
Accredited investor one [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 0 | 90,000 |
Accredited investor two [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 165,000 | 165,000 |
Accredited Investor Three [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 105,000 | 0 |
Accredited investor Four [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 200,000 | 0 |
Accredited Investor Five [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | 78,750 | |
Accredited investor Six [Member] | Convertible Notes Payable [Member] | ||
Convertible notes payable, net of discount, gross | $ 100,000 | $ 0 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
Aug. 15, 2022 | Jun. 07, 2022 | Apr. 12, 2022 | Mar. 03, 2022 | Mar. 11, 2021 | Sep. 12, 2019 | Feb. 01, 2011 | Mar. 08, 2010 | Sep. 15, 2022 | Jul. 26, 2022 | Feb. 28, 2022 | Dec. 30, 2021 | Feb. 23, 2021 | Mar. 31, 2020 | Mar. 23, 2011 | Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jun. 22, 2022 | Feb. 23, 2022 | Feb. 22, 2021 | Feb. 04, 2020 | Oct. 05, 2018 | Sep. 18, 2018 | Sep. 13, 2018 | |
Issuance of common stock | 710,802 | ||||||||||||||||||||||||||
Gain on settlement of debt | $ 0 | $ 16,540 | $ 196,166 | $ 16,540 | $ 136,310 | ||||||||||||||||||||||
Proceeds from issuance of debt | 452,500 | $ 78,500 | |||||||||||||||||||||||||
Second Amendment [Member] | |||||||||||||||||||||||||||
Principal amount | $ 600,000 | $ 70,000 | $ 110,000 | ||||||||||||||||||||||||
Fifth amendment [Member] | |||||||||||||||||||||||||||
Principal amount | 600,000 | ||||||||||||||||||||||||||
1800 Diagonal Lending LLC [Member] | |||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 75,000 | $ 101,250 | $ 91,250 | $ 185,000 | |||||||||||||||||||||||
Principal amount | $ 78,750 | $ 105,000 | $ 100,000 | $ 200,000 | |||||||||||||||||||||||
Maturity date | Aug. 15, 2023 | Jun. 07, 2023 | Sep. 15, 2023 | ||||||||||||||||||||||||
Interest rate | 10% | 10% | 10% | 10% | |||||||||||||||||||||||
Debt conversion discount rate | 42% | 42% | 42% | ||||||||||||||||||||||||
Debt conversion per share price | $ 0.11 | $ 0.11 | $ 0.055 | ||||||||||||||||||||||||
Fees and expenses | $ 3,750 | $ 3,750 | $ 8,750 | $ 5,000 | |||||||||||||||||||||||
Description of penalty | The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance | The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance | |||||||||||||||||||||||||
Note conversion into common shares duration | 180 | ||||||||||||||||||||||||||
Vista Capital Investments, Inc [Member] | March 11, 2021 [Member] | |||||||||||||||||||||||||||
Principal amount | $ 250,000 | $ 113,048 | |||||||||||||||||||||||||
Maturity date | Mar. 11, 2022 | Dec. 31, 2022 | |||||||||||||||||||||||||
Interest rate | 10% | ||||||||||||||||||||||||||
Oscar and I1da Gonzales [Member] | |||||||||||||||||||||||||||
Principal amount | $ 102,500 | ||||||||||||||||||||||||||
Maturity date | Feb. 28, 2026 | ||||||||||||||||||||||||||
Interest rate | 10% | ||||||||||||||||||||||||||
Repayment of debt | $ 3,309 | ||||||||||||||||||||||||||
Repayment of debt date | Mar. 01, 2023 | ||||||||||||||||||||||||||
Convertible Note [Member] | GS Capital Partners, LLC [Member] | |||||||||||||||||||||||||||
Proceeds from issuance of debt | 155,000 | ||||||||||||||||||||||||||
Interest rate | 10% | 10% | 18% | ||||||||||||||||||||||||
Principal amount | $ 165,000 | $ 200,000 | $ 1,000,000 | $ 90,000 | $ 70,000 | $ 110,000 | |||||||||||||||||||||
Terms of conversion feature | GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.10 per share | GS, at its option, could 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) | 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 | ||||||||||||||||||||||||
Fees and expense | $ 10,000 | ||||||||||||||||||||||||||
Maturity date | Mar. 31, 2023 | Mar. 31, 2022 | |||||||||||||||||||||||||
Accredited Investor [Member] | Convertible Notes Payable [Member] | |||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 35,000 | ||||||||||||||||||||||||||
Interest rate | 25% | 10% | |||||||||||||||||||||||||
Consulting expense | $ 15,000 | ||||||||||||||||||||||||||
Issuance of convertible note | $ 514,900 | $ 50,000 | $ 25,000 | ||||||||||||||||||||||||
Fixed conversion price per share | $ 1 | $ 3.70 | |||||||||||||||||||||||||
Sabby Volatality Warrant Master Fund [Member] | Note Payable [Member] | |||||||||||||||||||||||||||
Principal amount | $ 165,000 | $ 181,500 | |||||||||||||||||||||||||
Maturity date | Feb. 28, 2023 | ||||||||||||||||||||||||||
Proceeds from equity | $ 6,000,000 | ||||||||||||||||||||||||||
Interest exepense | $ 16,500 |
STOCKHOLDERS DEFICIT (Details)
STOCKHOLDERS DEFICIT (Details) - Warrants [Member] | 6 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Shares, outstanding, beginning balance | shares | 35,508,000 |
Shares, Granted | shares | 26,575,500 |
Shares, Canceled/Expired | shares | (17,575,500) |
Shares, Exercised | shares | (6,470,500) |
Shares, outstanding, ending balance | shares | 38,037,500 |
Weghted Average Exercise Price, beginning balance | $ / shares | $ 0.06 |
Weghted Average Exercise Price, Granted | $ / shares | 0.10 |
Weghted Average Exercise Price, cancel and expired | $ / shares | 0.10 |
Weghted Average Exercise Price, exercised | $ / shares | 0 |
Weghted Average Exercise Price, ending balance | $ / shares | $ 0.08 |
Weighted Average Remaining Contractual Life, Beginning | 4 years 7 months 20 days |
Weighted Average Remaining Contractual Life, Ending | 5 years 5 months 19 days |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | Jun. 07, 2022 | Apr. 30, 2022 | |
Capital stock authorized | 201,000,000 | ||||
Common stock share authorized | 200,000,000 | 200,000,000 | |||
Preferred stock share authorized | 1,000,000 | 1,000,000 | |||
Total Shares issued of Common stock | 7,361,879 | 14,568,721 | |||
Shares issued for a debt discount, shares | 100,000 | ||||
Shares issued for accrued liability-related parties, shares | 91,414 | ||||
Warrant granted shares | 3,000,000 | ||||
Warrants issued as stock-based compensation | $ 495,000 | $ 495,000 | |||
Shares issued for accrued liability-related parties, value | $ 1,006 | ||||
Warrants, description | Series C and Series D warrants, from $0.10 to $0.05 | ||||
Common stock, outstanding | 28,566,561 | 21,204,682 | |||
Share issued during period, shares | 170,000 | ||||
Share issued during period, value | $ 3,000,000 | ||||
Common stock conversion of convertible notes payable, shares | 710,802 | 6,433,743 | |||
Common stock conversion of convertible notes payable, value | $ 109,677 | $ 154,437 | |||
Convertible notes principal amount | 90,000 | $ 149,444 | |||
Prefunded warrants share | 3,580,000 | ||||
Warrants to purchase share | 2,575,500 | ||||
Accrued interest payable | 19,677 | $ 4,490 | |||
Shares issued for a debt discount, value | $ 5,380 | ||||
Shares issued for exercise of prefunded warrants | 6,459,663 | 1,130,000 | |||
Common stock shares issued for conversion of related party convertible notes | 6,817,224 | ||||
Common stock shares issued for conversion of related party convertible notes, value | $ 74,989 | ||||
Common stock shares issued upon conversion of debt shares | 17,754 | ||||
Payments for fees | $ 504 | ||||
Warrants issued to agent | 337,500 | ||||
Offering cost | $ 349,150 | ||||
Series A Preferred Stock [Member] | |||||
Preferred stock share authorized | 1,000,000 | 1,000,000 | |||
Voting percentage | 51% | ||||
Description of preferred stock | During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series A preferred stock. | ||||
Series B Preferred Stock [Member] | |||||
Preferred stock share authorized | 1,000,000 | 1,000,000 | |||
Prefrerred stock, value | 1,000 | ||||
Initial conversion price | $ 0.10 | ||||
Conversion price | $ 0.05 | ||||
Deemed dividend | $ 2,534,402 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Series B Warrants [Member] | 6 Months Ended |
Oct. 31, 2022 shares | |
Stock issued during period, shares | 2,542,030 |
Exercise of series B warrants | 2,550,000 |