UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended July 31, 2024

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to _______________.

 

Commission file number: 000-55831

 

MMEX RESOURCES Corporation

(Exact name of Issuer as specified in its charter)

 

Nevada

 

26-1749145

(State or other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.) 

 

 

 

3600 Dickinson

Fort Stockton, Texas 79735

 

 855-880-0400

(Address of principal executive offices, including zip code)

 

(Issuer’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated Filer

Smaller reporting company

(Do not check if a smaller reporting company)

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

 

Applicable only to issuers involved in bankruptcy proceedings during the preceding five years:

 

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

 

Applicable only to corporate issuers:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of September 13, 2024, there were 9,692,800,957 shares of common stock, $0.001 par value, issued and outstanding.

  

 

 

MMEX RESOURCES CORPORATION

 

TABLE OF CONTENTS

 

QUARTER ENDED JULY 31, 2024

 

PART I – FINANCIAL INFORMATION

 

 

 

 

Item 1. Condensed Consolidated Financial Statements

 

3

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

28

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

33

 

Item 4. Controls and Procedures

 

33

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1. Legal Proceedings

 

35

 

Item 1A. Risk Factors

 

35

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

35

 

Item 3. Defaults Upon Senior Securities

 

35

 

Item 4. Mine Safety Disclosures

 

35

 

Item 5. Other Information

 

35

 

Item 6. Exhibits

 

36

 

 

 
2

Table of Contents

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

The accompanying condensed consolidated financial statements of MMEX Resources Corporation and subsidiaries (the “Company”) are unaudited and have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements.

 

In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

 

Operating results and cash flows for any interim period are not necessarily indicative of the results that may be expected for other interim periods or the full fiscal year. These condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended April 30, 2024 filed with the Securities and Exchange Commission (“SEC”).

 

 
3

Table of Contents

 

 

MMEX RESOURCES CORPORATION

Condensed Consolidated Balance Sheets

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Assets

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$260

 

 

$898

 

Prepaid expenses and other current assets

 

 

3,500

 

 

 

3,000

 

Total current assets

 

 

3,760

 

 

 

3,898

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

1,032,312

 

 

 

1,041,409

 

 

 

 

 

 

 

 

 

 

Total assets

 

$1,036,072

 

 

$1,045,307

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$879,447

 

 

$841,602

 

Accrued expenses

 

 

988,179

 

 

 

933,143

 

Accounts payable and accrued expenses – related parties

 

 

1,236,256

 

 

 

1,030,523

 

Note payable, net of discount of $4,796 and $20,072 at July 31, 2024 and April 30, 2024, respectively

 

 

979,319

 

 

 

1,032,630

 

Note payable, currently in default, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively

 

 

300,453

 

 

 

229,653

 

Note payable – related parties, net of discount of $81,226 and $47,152 at July 31, 2024 and April 30, 2024, respectively

 

 

124,556

 

 

 

73,326

 

Note payable – related parties, currently in default, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively

 

 

35,872

 

 

 

-

 

Convertible notes payable, currently in default, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively

 

 

333,955

 

 

 

150,000

 

Convertible notes payable, net of discount of $2,315 and $5,771 at July 31, 2024 and April 30, 2024, respectively

 

 

337,685

 

 

 

518,184

 

Convertible notes payable – related parties, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively

 

 

50,000

 

 

 

50,000

 

Total current liabilities

 

 

5,265,722

 

 

 

4,859,061

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

5,265,722

 

 

 

4,859,061

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ deficit:

 

 

 

 

 

 

 

 

Common stock; $0.001 par value; 35,000,000,000 shares authorized, 9,692,800,957 and 9,442,800,957 shares issued and outstanding at July 31, 2024 and April 30, 2024, respectively

 

 

9,692,800

 

 

 

9,442,800

 

Preferred stock; $0.001 par value; 1,000,000 shares authorized:

 

 

 

 

 

 

 

 

1,000 Series A preferred shares issued and outstanding at July 31, 2024 and April 30, 2024

 

 

1

 

 

 

1

 

1,014 and 1,029 Series B preferred shares issued and outstanding at July 31, 2024 and April 30, 2024, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

67,444,289

 

 

 

67,654,963

 

Non-controlling interest

 

 

9,871

 

 

 

9,871

 

Accumulated deficit

 

 

(81,376,613 )

 

 

(80,921,391 )

Total stockholders’ deficit

 

 

(4,229,650 )

 

 

(3,813,754 )

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ deficit

 

$1,036,072

 

 

$1,045,307

 

 

See accompanying notes to condensed consolidated financial statements.

 

 
4

Table of Contents

 

 

MMEX RESOURCES CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)  

 

 

 

Three Months Ended

July 31,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Revenues

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

350,531

 

 

 

324,039

 

Project costs

 

 

5,430

 

 

 

-

 

Depreciation and amortization

 

 

9,097

 

 

 

9,097

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

365,058

 

 

 

333,136

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(365,058 )

 

 

(333,136 )

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense

 

 

(90,164 )

 

 

(99,138 )

Gain (loss) on extinguishment of liabilities

 

 

-

 

 

 

(753,298 )

 

 

 

 

 

 

 

 

 

Total other income (expense)

 

 

(90,164 )

 

 

(852,436 )

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

(455,222 )

 

 

(1,185,572 )

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

(455,222 )

 

 

(1,185,572 )

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the common shareholders

 

$(455,222 )

 

$(1,185,572 )

 

 

 

 

 

 

 

 

 

Net income (loss) per common share – basic & diluted

 

$(0.00 )

 

$(0.00 )

Weighted average number of common shares outstanding – basic & diluted

 

 

9,475,409,652

 

 

 

4,300,335,823

 

 

See accompanying notes to condensed consolidated financial statements.

 

 
5

Table of Contents

 

 

MMEX RESOURCES CORPORATION

Condensed Consolidated Statement of Stockholders’ Deficit

Three Months Ended July 31, 2023 (Unaudited)

 

 

 

Common Stock

 

 

Class A Preferred Stock

 

 

Series B Preferred Stock

 

 

Additional

Paid-in

 

 

Non-Controlling

 

 

Accumulated

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Interest

 

 

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 30, 2023

 

 

769,618,295

 

 

$769,618

 

 

 

1,000

 

 

$1

 

 

 

1,144

 

 

$2

 

 

$69,082,490

 

 

$9,871

 

 

$(72,727,305)

 

$(2,865,323)

Shares issued for conversion of convertible notes payable and accrued interest

 

 

356,708,619

 

 

 

356,709

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(327,320)

 

 

-

 

 

 

-

 

 

 

29,389

 

Shares issued for accrued liabilities

 

 

279,120,377

 

 

 

279,120

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(195,384)

 

 

-

 

 

 

-

 

 

 

83,736

 

Shares issued for accrued liabilities – related parties

 

 

3,174,187,995

 

 

 

3,174,188

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

(2,282,055)

 

 

-

 

 

 

-

 

 

 

892,133

 

Consideration with debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

44,367

 

 

 

-

 

 

 

-

 

 

 

44,367

 

Consideration with debt – related parties

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20,323

 

 

 

-

 

 

 

-

 

 

 

20,323

 

Shares of preferred stock converted into common stock

 

 

301,724,139

 

 

 

301,724

 

 

 

-

 

 

 

-

 

 

 

(35)

 

 

-

 

 

 

(301,724)

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

28,200

 

 

 

-

 

 

 

-

 

 

 

28,200

 

Net (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

(1,185,572)

 

 

(1,185,572)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 31, 2023

 

 

4,881,359,425

 

 

$4,881,359

 

 

 

1,000

 

 

$1

 

 

 

1,109

 

 

$2

 

 

$66,068,897

 

 

$9,871

 

 

$(73,912,877)

 

$(2,952,747)

 

See accompanying notes to condensed consolidated financial statements.

 

 
6

Table of Contents

 

MMEX RESOURCES CORPORATION

Condensed Consolidated Statement of Stockholders’ Deficit

Three Months Ended July 31, 2024 (Unaudited)

 

 

 

Common Stock

 

 

Series A Preferred Stock

 

 

Series B Preferred Stock

 

 

Additional

Paid-in

 

 

Non-Controlling

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Interest

 

 

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 30, 2024

 

 

9,442,800,957

 

 

$9,442,800

 

 

 

1,000

 

 

$1

 

 

 

1,029

 

 

$2

 

 

$67,654,963

 

 

$9,871

 

 

$(80,921,391 )

 

$(3,813,754 )

Consideration with debt – related parties

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

39,326

 

 

 

-

 

 

 

-

 

 

 

39,326

 

Shares of preferred stock converted into common stock

 

 

250,000,000

 

 

 

250,000

 

 

 

-

 

 

 

-

 

 

 

(15 )

 

 

-

 

 

 

(250,000 )

 

 

-

 

 

 

-

 

 

 

-

 

Net (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

(455,222 )

 

 

(455,222)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 31, 2024

 

 

9,692,800,957

 

 

$9,692,800

 

 

 

1,000

 

 

$1

 

 

 

1,014

 

 

$2

 

 

$67,444,289

 

 

$9,871

 

 

$(81,376,613)

 

$(4,229,650)

 

See accompanying notes to condensed consolidated financial statements.

 

 
7

Table of Contents

 

 

MMEX RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Three Months Ended

July 31,

 

 

 

 2024

 

 

 2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$(455,222 )

 

$(1,185,572 )

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

9,097

 

 

 

9,097

 

Amortization of debt discount

 

 

40,497

 

 

 

24,460

 

Stock-based compensation

 

 

-

 

 

 

28,200

 

(Gain) loss on extinguishment of liabilities

 

 

-

 

 

 

753,298

 

(Increase) decrease in prepaid expenses and other current assets

 

 

(500 )

 

 

21,000

 

Increase (decrease) in liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

37,845

 

 

 

20,563

 

Accrued expenses

 

 

55,036

 

 

 

83,095

 

Accounts payable and accrued expenses – related party

 

 

205,733

 

 

 

170,346

 

Net cash used in operating activities

 

 

(107,514)

 

 

(75,513)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

-

 

 

 

-

 

Net cash used in investing activities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from notes payable

 

 

-

 

 

 

35,000

 

Proceeds from convertible notes payable

 

 

-

 

 

 

30,400

 

Proceeds from note payable – related parties

 

 

122,776

 

 

 

-

 

Repayments on notes payable – related parties

 

 

(15,900 )

 

 

-

 

Net cash provided by financing activities

 

 

106,876

 

 

 

65,400

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash

 

 

(638 )

 

 

(10,113 )

Cash at the beginning of the period

 

 

898

 

 

 

10,363

 

Cash at the end of the period

 

$260

 

 

$250

 

 

Supplemental disclosure:

 

 

 

 

 

 

Interest paid

 

$-

 

 

$9,930

 

Income taxes paid

 

$-

 

 

$-

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Common stock issued in conversion of debt

 

$-

 

 

$29,389

 

Common stock issued for accrued liability

 

$-

 

 

$17,808

 

Common stock issued for accrued liability – related parties

 

$-

 

 

$204,763

 

Warrants issued for debt discount

 

$-

 

 

$44,367

 

Warrants issued for debt discount – related parties

 

$39,326

 

 

$20,323

 

Preferred stock converted into common stock

 

$250,000

 

 

$301,724

 

 

See accompanying notes to condensed consolidated financial statements.

 

 
8

Table of Contents

 

 

MMEX RESOURCES CORPORATION

Notes to Condensed Consolidated Financial Statements

Three Months Ended July 31, 2023 (Unaudited)

 

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 (“MMEX”)

 

 

-

 

 

Corporation

 

Nevada

 

Parent

 

Pecos Clean Fuels & Transport (formerly Refining & Transport, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

Trans Permian H2Hub, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

MMEX Solar Resources, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

Hydrogen Global, 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.

 

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, 2024 filed with the SEC on July 29, 2024.

 

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.

 

 
9

Table of Contents

 

 

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

 

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, and ASC 825, Financial Instruments, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements as reflected herein. The carrying amounts of cash, prepaid expense and other current assets, accounts payable, accrued expenses and notes payable reported on the accompanying consolidated balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.

 

 
10

Table of Contents

 

 

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 recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”), as amended. ASC 606 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 three months ended July 31, 2024 and July 31, 2023 all potentially 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.

 

 
11

Table of Contents

 

 

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 three months ended July 31, 2024 and 2023, the Company recorded stock-based compensation of $0 and $28,200, respectively.

 

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

 

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.

 

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 of $81,376,613 and a total stockholders’ deficit of $4,229,650 at July 31, 2024, and have reported negative cash flows from operations since inception.  While we have received debt and equity funding during the period and have cash on hand of $260 at July 31, 2024, we still have a working capital deficit of $5,261,962, 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, including the development of our planned hydrogen projects. 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 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.

 

 
12

Table of Contents

 

 

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 $1,236,256 and $1,030,523 as of July 31, 2024 and April 30, 2024, 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 was amended to provide for monthly consulting fees of $20,000. During the three months ended July 31, 2024, we incurred consulting fees and expense reimbursement to Maple Resources totaling $65,176 and we made payments to Maple Resources of $27,475.

 

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 three months ended July 31, 2024 we recorded $15,000 for accrued consulting fees and we issued no shares for payment.

 

During the three months ended July 31, 2024, Maple Resources made advances to $6,130 to assist the Company with cash flow challenges, we made payments to Maple Resources of $17,275 resulting in $0 still owed as of July 31, 2024.

 

Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $369,235 ($155,000 payable in stock) and $327,049 ($140,000 payable in stock) as of July 31, 2024 and April 30, 2024, respectively.

 

During the three months ended July 31, 2024 and year ended April 30, 2024, Jack Hanks, our President and CEO, made advances of $2,500 and $2,190 to assist the Company with cash flows challenges, resulting in $5,493 and $2,190 included in accounts payable and accrued expenses – related parties as July 31, 2024 and April 30, 2024.

 

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 three months ended July 31, 2024 we recorded $7,500 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $23,571.

 

During the year ended April 30, 2024, Mrs. Hanks made advances of $5,845 to assist the Company with cash flow challenges, resulting in $5,845 still owed as of July 31, 2024.

 

Amounts included in accounts payable and accrued expenses – related parties due to Mrs. Hanks totaled $183,704 ($77,500 payable in stock) and $152,633 ($70,000 payable in stock) as of July 31, 2024 and April 30, 2024, respectively.

 

 
13

Table of Contents

 

 

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 three months ended July 31, 2024 we incurred $40,500 for fees and expense reimbursements to the children and we made payments of $3,400. Amounts included in accounts payable and accrued expenses – related parties due to the CEO’s children totaled $165,584 and $128,484 as of July 31, 2024 and April 30, 2024, 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 three months ended July 31, 2024 we recorded $7,500 for the amount payable in stock under the consulting agreement, we incurred $5,200 for other consulting fees and made no payments.

 

Amounts included in accounts payable and accrued expenses – related parties due to BNL Family Trust totaled $82,700 ($77,500 payable in stock) and $70,000 (all payable in stock) as of July 31, 2024 and April 30, 2024, respectively.

 

Effective November 1, 2020, we entered into a consulting agreement with Nabil Katabi, a shareholder of more than ten percent, to provide for monthly consulting fees of $10,000 and to issue shares of our common stock each month with a value of $2,000, with the number of shares issues based on the average closing price of the stock during the prior month. Effective April 30, 2023 the consulting agreement was amended to provide for monthly consulting fees of $20,000 and to issue shares of our common stock each month with a value of $5,000, with the number of shares issues based on the average closing price of the stock during the prior month. During the three months ended July 31, 2024 we recorded $60,000 ($15,000 payable in stock) and $5,176 of other consulting fees.

 

During the year ended April 30, 2024, Nabil Katabi made advances of $16,220 to assist the Company with cash flow challenges, resulting in $16,220 still owed as of July 31, 2024.

 

Amounts included in accounts payable and accrued expenses - related parties due to Nabil Katabi totaled $429,540 and $349,364 as of July 31, 2024 and April 30, 2024, respectively.

 

Convertible Notes Payable – Related Parties

 

Convertible notes payable - related parties consist of the following:

 

 

 

July 31, 2024

 

 

April 30, 2024

 

Convertible note payable with Maple Resources Corporation, matures on October 13, 2024, with interest at 5%, convertible into common shares of the Company [1]

 

$50,000

 

 

$50,000

 

Less discount

 

 

-

 

 

 

-

 

Total

 

$50,000

 

 

$50,000

 

 

[1]

This convertible note was entered into on October 13, 2023 in exchange for cash of $50,000 and is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. As of July 31, 2024 and April 30, 2024 accrued interest on the convertible note was $1,383 and $753, respectively.

 

 
14

Table of Contents

 

Notes Payable – Related Parties, Currently in Default

 

Notes payable – related parties, currently in default consist of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1]

 

$11,800

 

 

$-

 

Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2]

 

 

4,720

 

 

 

-

 

Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3]

 

 

7,552

 

 

 

-

 

Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4]

 

 

5,900

 

 

 

-

 

Note payable to a related party with an issue date of July 3, 2023 with interest at 18% [5]

 

 

5,900

 

 

 

-

 

Total

 

 

35,872

 

 

 

 

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$

35,872

 

 

 

-

 

 

[1]

Effective May 7, 2023, the Company entered into a promissory note with Lake of Silver, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $10,000 and a maturity date of May 7, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[2]

Effective May 16, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $4,000 and a maturity date of May 16, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $720 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[3]

Effective May 31, 2023, the Company entered into a promissory note with BNL Family Trust, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $6,400 and a maturity date of May 31, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,152 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[4]

Effective June 6, 2023, the Company entered into a promissory note with Nabil Katabi, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $5,000 and a maturity date of June 6, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[5]

Effective July 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with $5,000 consulting fee under a subscription agreement. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 
15

Table of Contents

 

Notes Payable – Related Parties

 

Notes payable – related parties consist of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1]

 

$

-

 

 

$11,800

 

Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2]

 

 

-

 

 

 

4,720

 

Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3]

 

 

-

 

 

 

7,552

 

Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4]

 

 

-

 

 

 

5,900

 

Note payable to a related party with an issue date of July 3, 2023 with interest at 18% [5]

 

 

-

 

 

 

5,900

 

Note payable to a related party with an issue date of November 3, 2023 with interest at 18% [6]

 

 

8,260

 

 

 

8,260

 

Note payable to a related party with an issue date of February 12, 2024 with interest at 18% [8]

 

 

2,006

 

 

 

2,006

 

Note payable to a related party with an issue date of March 17, 2024 with interest at 18% [9]

 

 

-

 

 

 

7,080

 

Note payable to a related party with an issue date of April 25, 2024 with interest at 18% [10]

 

 

5,340

 

 

 

8,260

 

Note payable to a related party with an issue date of April 26, 2024 with interest at 18% [11]

 

 

59,000

 

 

 

59,000

 

Note payable to a related party with an issue date of May 29, 2024 with interest at 18% [12]

 

 

59,000

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [13]

 

 

3,068

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [14]

 

 

3,054

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [15]

 

 

3,054

 

 

 

-

 

Note payable to a related party with an issue date of July 2, 2024 with interest at 18% [16]

 

 

-

 

 

 

-

 

Note payable to a related party with an issue date of July 8, 2024 with interest at 5% [17]

 

 

63,000

 

 

 

-

 

Total

 

 

205,782

 

 

 

120,478

 

Less discount

 

 

(81,226 )

 

 

(47,152 )

Net

 

$

124,556

 

 

$73,326

 

 

[1]

Effective May 7, 2023, the Company entered into a promissory note with Lake of Silver, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $10,000 and a maturity date of May 7, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[2]

Effective May 16, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $4,000 and a maturity date of May 16, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $720 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 
16

Table of Contents

 

[3]

Effective May 31, 2023, the Company entered into a promissory note with BNL Family Trust, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $6,400 and a maturity date of May 31, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,152 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[4]

Effective June 6, 2023, the Company entered into a promissory note with Nabil Katabi, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $5,000 and a maturity date of June 6, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

[5]

Effective July 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with $5,000 consulting fee under a subscription agreement. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[6]

Effective November 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $7,000 and a maturity date of November 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,260 was recorded as a debt discount at the notes inception to be recognized over the term of the note.

 

 

[7]

Effective February 7, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $6,100 and a maturity date of February 7, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,098 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of April 30, 2024 the loan was paid back in full.

 

 

[8]

Effective February 12, 2024, the Company entered into a promissory note with BNL Family Trust, a related party. The note has a principal amount of $1,700 and a maturity date of February 12, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $306 was recorded as a debt discount at the notes inception to be recognized over the term of the note.

 

 

[9]

Effective March 17, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $6,000 and a maturity date of March 17, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,080 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of July 31, 2024 the loan was paid back in full.

 

 

[10]

Effective April 25, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $7,000 and a maturity date of April 25, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,260 was recorded as a debt discount at the notes inception to be recognized over the term of the note. As of July 31, 2024, the note had an outstanding balance of $5,340.

 

 
17

Table of Contents

 

[11]

Effective April 26, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $50,000 and a maturity date of April 26, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $9,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 1,247,609,946 warrants, thus $33,947 of the $50,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[12]

Effective May 29, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $50,000 and a maturity date of May 29, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $9,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note.

 

 

[13]

Effective June 4, 2024, the Company entered into a promissory note with BNL Family Trust, a related party. The note has a principal amount of $2,600 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $468 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,443 of the $2,600 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[14]

Effective June 4, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $2,588 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $466 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[15]

Effective June 4, 2024, the Company entered into a promissory note with Nabil Katabi, a related party. The note has a principal amount of $2,588 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $466 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[16]

Effective July 2, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 2, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of July 31, 2024 the loan was paid back in full.

 

 

[17]

Effective July 8, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $180,000 to be funded in three drawdowns of $60,000 each and a maturity date of July 8, 2025. In lieu of interest the Company is to pay the lender 5% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $3,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 2,647,058,824 warrants, thus $35,006 of the $60,000 in note proceeds, from the first drawdown, were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 
18

Table of Contents

 

 

Equity Activity – Related Parties

 

During the three months ended July 31, 2024, the Company issued 2,761,764,706 warrants in consideration of debt therefore $39,326 of note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8).

 

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at:

 

 

 

July 31,

2024

 

 

April 30,

 2024

 

 

 

 

 

 

 

 

Office furniture and equipment

 

$13,864

 

 

$13,864

 

Computer equipment and software

 

 

6,555

 

 

 

6,555

 

Refinery land

 

 

721,828

 

 

 

721,828

 

Refinery land improvements

 

 

468,615

 

 

 

468,615

 

Refinery land easements

 

 

37,015

 

 

 

37,015

 

 

 

 

1,247,877

 

 

 

1,247,877

 

Less accumulated depreciation and amortization

 

 

(215,565 )

 

 

(206,468 )

 

 

 

 

 

 

 

 

 

 

 

$1,032,312

 

 

$1,041,409

 

 

Depreciation and amortization expense totaled $9,097 and $9,097 for the three months ended July 31, 2024 and 2023, respectively.

 

 
19

Table of Contents

 

 

NOTE 6 – ACCRUED EXPENSES

 

Accrued expenses consisted of the following at:

 

 

 

July 31,

2024

 

 

April 30,

 2024

 

 

 

 

 

 

 

 

Accrued payroll

 

$30,090

 

 

$30,090

 

Accrued consulting

 

 

32,000

 

 

 

26,000

 

Accrued interest and penalties

 

 

831,915

 

 

 

782,879

 

Other

 

 

94,174

 

 

 

94,174

 

 

 

 

 

 

 

 

 

 

 

 

$988,179

 

 

$933,143

 

 

NOTE 7 – NOTES PAYABLE

 

Note Payable, Currently in Default

 

Note payable, currently in default, consists of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

 

 

 

 

 

 

 

Note payable to an unrelated party, matured March 18, 2014, with interest at 10%

 

$75,001

 

 

$75,001

 

Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [1]

 

 

136,952

 

 

 

136,952

 

Note payable to an unrelated party with an issue date of April 25, 2023 with interest at 18% [2]

 

 

17,700

 

 

 

17,700

 

Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [3]

 

 

70,800

 

 

 

-

 

Total

 

 

300,453

 

 

 

229,653

 

Less Discount

 

 

-

 

 

 

-

 

Net

 

$300,453

 

 

$229,653

 

 

 

[1] 

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 was 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 and effective January 1, 2023 the note went into default as the due date had passed with no extension. 

 

 

 

 

[2]

Effective April 25, 2023, the Company entered into a promissory note with Poppy, LLC through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $15,000 and a maturity date of April 25, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $2,700 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 235,109,718 warrants, thus $11,991 of the $15,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On April 25, 2024 the note went into default as the due date had passed with no extension.

 

 

 

 

[3]

Effective July 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $60,000 and a maturity date of July 14, 2024. The Company received $35,000 cash and rolled $25,000 from a prior convertible note payable into this loan. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $10,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 300,000,000 warrants, which was recorded at the fair market value of $150,000 with an increase in additional paid-in capital and the Company recognized a loss on settlement of debt of $67,196 for the extinguishment of debt of prior convertible note and accrued interest. On July 14, 2024 the note went into default as the due date had passed with no extension.

 

 
20

Table of Contents

 

 

Notes Payable

 

Notes payable consist of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [1]

 

$88,815

 

 

$88,815

 

Note payable to an unrelated party with an issue date of June 2, 2023 with interest at 18% [2]

 

 

23,600

 

 

 

23,600

 

Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [3]

 

 

-

 

 

 

70,800

 

Note payable to an unrelated party with an issue date of August 15, 2023 with interest at 18% [4]

 

 

38,350

 

 

 

38,350

 

Note payable to an unrelated party with an issue date of September 14, 2023 with interest at 18% [5]

 

 

38,350

 

 

 

38,350

 

Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [6]

 

 

 

 

 

 

 

 

        $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

 

        $295,000 draw on December 18, 2023

 

 

295,000

 

 

 

295,000

 

Total

 

 

984,115

 

 

 

1,054,915

 

Less Discount

 

 

(4,796 )

 

 

(22,285 )

Net

 

$979,319

 

 

$1,032,630

 

 

 

[1]

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.

 

 

 

 

[2]

Effective June 2, 2023, the Maple Resources Corporation, the Company’s wholly owned subsidiary entered into an exchange agreement with Seeta Zieger Trust and a subscription agreement through the Company’s wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. Seeta Zieger Trust acquired, through the exchange agreement, the rights to the “Maple Note” (a convertible note was entered into on February 25, 2023 in exchange for cash of $20,000 and is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were 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 has a principal amount of $20,000 and a maturity date of June 2, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $3,600 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 313,479,624 warrants, thus $15,988 of the $20,000 in the note converted were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

 

 

[3]

 Effective July 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $60,000 and a maturity date of July 14, 2024. The Company received $35,000 cash with the remainder to be funded on or before December 31, 2023. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $6,300 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 300,000,000 warrants, thus $28,379 of the $35,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. On July 14, 2024 the note went into default as the due date had passed with no extension.

 

 
21

Table of Contents

 

 

[4]

Effective August 15, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of August 15, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 325,000,000 warrants, thus $16,250 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

 

 

[5]

Effective September 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of September 14, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 625,000,000 warrants, thus $25,794 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

 

 

[6]

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 original maturity date of the note was 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 an 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. On April 1, 2023 the note went into default as the due date had passed with no extension. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. The note has an interest rate of 10% per annum from the date of each drawdown. During the year ended April 30, 2024, $295,000 was drawn down against the note.

 

 
22

Table of Contents

 

Convertible Note Payable, Currently in Default

 

Convertible notes payable, currently in default, consist of the following at:

 

 

 

July 31, 2024

 

 

April 30, 2024

 

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]

 

 

100,000

 

 

 

100,000

 

Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3]

 

 

183,955

 

 

 

-

 

Total

 

 

333,955

 

 

 

150,000

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$333,955

 

 

$150,000

 

 

 

[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. On December 31, 2010 the note went into default as the due date had passed with no extension.

 

 

 

 

[2]

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. On September 15, 2023 the note went into default as the due date had passed with no extension.

 

 

 

 

[3]

Effective February 28, 2023, the Company entered into a convertible promissory note with a principal amount of $226,875 with Sabby Volatility Warrant Master Fund, Ltd. This note was in exchange for a prior promissory note dated March 3, 2022 with principal due of $181,500 and accrued interest of $8,749, wherein the Company also incurred $36,626 worth of financing fees for the exchange. The note has an interest rate of 10% per annum and a maturity date of May 1, 2024. The note 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. On May 1, 2024 the note went into default as the due date had passed with no extension.

 

 
23

Table of Contents

 

Convertible Notes Payable

 

Current convertible notes payable consisted of the following at:

 

 

 

July 31, 2024

 

 

April 30, 2024

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [1]

 

$200,000

 

 

$200,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [2]

 

 

-

 

 

 

183,955

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [3]

 

 

55,000

 

 

 

55,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4]

 

 

20,000

 

 

 

20,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5]

 

 

65,000

 

 

 

65,000

 

Total

 

 

340,000

 

 

 

523,955

 

Less discount

 

 

(2,315 )

 

 

(5,771 )

 

 

 

 

 

 

 

 

 

Net

 

$337,685

 

 

$518,184

 

 

 

[1]

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. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024.

 

 

 

 

[2]

Effective February 28, 2023, the Company entered into a convertible promissory note with a principal amount of $226,875 with Sabby Volatility Warrant Master Fund, Ltd. This note was in exchange for a prior promissory note dated March 3, 2022 with principal due of $181,500 and accrued interest of $8,749, wherein the Company also incurred $36,626 worth of financing fees for the exchange. The note has an interest rate of 10% per annum and a maturity date of May 1, 2024. The note 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. On May 1, 2024 the note went into default as the due date had passed with no extension.

 

 
24

Table of Contents

 

 

 

[3]

Effective August 24, 2023 the Company issued and delivered to GS 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 $2,000 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 $0.00007 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 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. During the year ended April 30, 2024 the Company converted $41,250 into 823,771,549 shares of common stock in accordance with the terms of the agreement and based on the variable conversion prices in effect on the date of the conversions, therefore no gain or loss was recorded. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. As of July 31, 2024, the note had an outstanding balance of $20,000.

 

 

 

 

[5]

Effective February 28, 2024, the Company issued and delivered to GS a 10% convertible note in the principal amount of $65,000.The note was issued at a discount and the Company received net proceeds of $60,000 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 $0.00007 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance.

 

NOTE 8 – STOCKHOLDERS’ DEFICIT

 

Authorized Shares

 

As of July 31, 2024 and April 30, 2024, the Company has authorized 35,001,000,000 and 25,001,000,000 shares of capital stock, consisting of 35,000,000,000 and 25,000,000,000 shares of common stock and 1,000,000 and 1,000,000 shares of preferred stock.

 

Common Stock Issuances

 

During the three months ended July 31, 2024, the Company issued a total of 250,000,000 shares of its common stock by converting from Series B preferred stock.

 

During the three months ended July 31, 2023, the Company issued a total of 4,111,741,130 shares of its common stock: 301,724,139 shares converted from Series B preferred stock; 356,708,619 shares valued at $29,389 in conversion of convertible notes principal of $27,450, accrued interest payable of $1,399 and conversion fees of $540; 279,120,377 for accrued liabilities of $17,808 which were valued at $83,736 based on the closing market price of the Company’s stock on the day of conversions and therefore a loss of $65,928 was recognized; and 3,174,187,995 shares for accrued liabilities – related parties of $204,763 which were valued at $892,133 based on the closing market price of the Company’s stock on the day of conversion and therefore a loss of $687,370 was recognized (see Note 4 & 7).

 

 
25

Table of Contents

 

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 three months ended July 31, 2024 and 2023 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 was 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 and to $0.000058 effective May 5, 2023. 

 

During the three months ended July 31, 2024 and 2023 the Company did not issue any shares of its Series B preferred stock. During the three months ended July 31, 2024 and 2023, 15 and 35 shares, respectively of Series B preferred stock were converted into 250,000,000 and 301,724,139 shares of common stock in accordance with the terms set forth in the certificate of designation, therefore no gain or loss was recorded.

 

Warrants

 

A summary of warrant activity during the three months ended July 31, 2024 is presented below:

 

 

 

Shares

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining Contractual Life (Years)

 

 

 

 

 

 

 

Outstanding, April 30, 2024

 

 

3,614,267,692

 

 

$0.000212

 

 

 

4.66

 

Granted

 

 

2,761,764,706

 

 

$0.0001

 

 

 

4.94

 

Cancelled / Expired

 

 

-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, July 31, 2024

 

 

6,376,032,398

 

 

$0.000163

 

 

 

4.64

 

 

During the three months ended July 31, 2024 the Company issued warrants with debt arrangements that were recorded as debt discounts: 2,761,764,706 warrants to related parties valued at $39,326 (see Note 4).

 

 
26

Table of Contents

 

Common Stock Reserved

 

Combined with the 9,692,800,957 common shares outstanding as of July 31, 2024, 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.

 

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.

 

Sabby Volatility Warrant Master Fund, Ltd. (“Sabby”) commenced litigation against us in a New York State Court, alleging the Company’s breach of contract, fraud, and failure to maintain and deliver shares under the convertible note previously issued by the Company to Sabby.  Sabby also holds the Company’s Series B Preferred Stock and substantial warrants to purchase shares of our Common Stock.  During September 2023, the court granted Sabby’s request for an order (i) granting specific performance of Sabby’s past and future requests for conversion, (ii) enjoining the Company from issuing shares of its Common Stock until it has complied with the order and (iii) directing the Company’s transfer agent to take all actions necessary to enforce the order, including reserving shares issuable upon Sabby’s conversion of its outstanding note payable. 

 

Sabby subsequently sought and obtained a default order of contempt, entered on October 20, 2023, which among other matters cited the Company’s failure to transfer shares without restriction and to reserve a sufficient number of shares of Common Stock to honor Sabby’s potential conversions of its convertible note, Series B Preferred Stock and warrants.  Upon the Company’s motion to vacate the contempt order, the court vacated the contempt order on December 5, 2023.

 

On May 6, 2024, Sabby filed for an order of contempt against the Company for not complying with the Court’s Order issued September 13, 2023. The Company agreed in a Stipulation Resolving Motion for Contempt filed on June 10, 2024 with Sabby to increase its authorized shares reserves to 35 Billion shares and to place into reserves for Sabby conversions, 10 Billion shares. On July 17, 2024, the Parties agreed to a Stipulation withdrawing the Motion for Contempt.

 

The Company is in compliance with the Court’s September 13, 2023 Order.

 

NOTE 10 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below.

 

Subsequent to July 31, 2024, the Company amended its Articles of Incorporation to amend the authorized shares to fifty billion one million (50,001,000,000) shares, which will consist of fifty billion (50,000,000,000) shares of common stock, par value $0.001 per share and one million (1,000,000) shares of preferred stock, par value $0.001 per share.

 

On August 1, 2024 the Company approved an extension agreement on a promissory note with a non-related party.

 

On August 1, 2024 the Company approved amended compensation agreements with four related party independent contractors.

 

On August 1, 2024 the Company approved extension agreements on five related party notes payable.

 

 
27

Table of Contents

 

ITEM 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis constitute forward-looking statements for purposes of the Securities Act and the Exchange Act and as such involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect”, “estimate”, “anticipate”, “predict”, “believes”, “plan”, “seek”, “objective” and similar expressions are intended to identify forward-looking statements or elsewhere in this report. Important factors that could cause our actual results, performance or achievement to differ materially from our expectations are discussed in detail in Item 1 above. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by such factors. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Notwithstanding the foregoing, we are not entitled to rely on the safe harbor for forward looking statements under 27A of the Securities Act or 21E of the Exchange Act as long as our stock is classified as a penny stock within the meaning of Rule 3a51-1 of the Exchange Act. A penny stock is generally defined to be any equity security that has a market price (as defined in Rule 3a51-1) of less than $5.00 per share, subject to certain exceptions.

 

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements, including the notes thereto.

 

Overview

 

Company Information and Business Plan

 

MMEX Resources Corporation (“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 in 2010 and thereafter changed the Company’s name to MMEX Mining Corporation.

 

MMEX is focused on the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy. We have formed three special purpose entities of the Company - one to transition from legacy refining transportation fuels by producing them as ultra clean fuels with carbon capture, a second which plans to produce blue hydrogen from natural gas and utilize the hydrogen to produce electric power and a third which plans to produce green hydrogen converted to green ammonia in the United States and internationally. These three sub-divisions will be operating respectively as Pecos Clean Fuels & Transport, LLC, Trans Permian H2Hub, LLC and Hydrogen Global, LLC. The planned projects are designed to be powered by solar and wind renewable energy.

 

Our portfolio contains the following pipeline of planned projects:

 

Pecos Clean Fuel & Transport, LLC

 

Project 1: Pecos Clean Fuels & Transport, LLC -Ultra Clean Fuels Refining-Pecos County, Texas

 

We have teamed with Polaris Engineering to develop an ultra-clean transportation fuel, up to 11,600 barrel per day federate crude oil refining facility at our Pecos County, Texas site to produce zero sulfur 87° gasoline, ultra-low sulfur diesel and low-sulphur fuel oil, utilizing the Polaris Ultra FuelsTM patented concept, which removes over 95% emissions of a standard refinery along with planned carbon capture features. The Ultra Fuels TM concept, with capex and technical details completed in the Front-End Load-2 (“FEL-2”) study, features modular facilities to take advantage of proximity to Permian Basin fuel markets and to locate directly near crude oil production areas near the Company’s owned 126-acre site. Because equipment is fabricated in modular units and shipped to site, this allows for an 18-month project completion time and more rapid implementation. The modular with reduced footprint, as well as lower emissions, also allows for faster permitting which we obtained for this facility from the Texas Commission on Environmental Quality on February 18, 2022.

 

 
28

Table of Contents

 

Trans Permian H2Hub, LLC

 

Project 1: Pecos County, Texas- Green Hydrogen to Power Project

 

The Company is in planning discussions with a super major oil company (the “Super Major”) to utilize its natural gas in the Permian Basin to develop a Blue Hydrogen to Power  Project at the Company’s Pecos County, Texas site. The Project plans to utilize  a portion of the Super Major’s 2 billion cubic feet per day natural gas production and transportation from the area to produce hydrogen utilizing a major international company’s reformer  technology, In turn, the produced hydrogen will be used in Siemens Energy gas turbines and generator in combined cycle to produce up to 217.5  MW of electric power  which are projected to utilize initially a 75% hydrogen-25% natural gas feed in Phase 1  and increasing to 435 MW in Phase 2 with 100% hydrogen feed, with the electric power in both Phases managed and marketed to ERCOT, the Texas power distribution hub,  by the Super Major power trading desk. The project design also includes a CO2 production and capture facility with the CO2 marketed to another Super Major oil company. The Project will utilize wind and solar power as its source of energy.

 

Hydrogen Global, LLC

 

Project 1: Hydrogen Global- Pecos County, Texas- Green Hydrogen Project to Green Ammonia Project

 

This planned project to utilize the proprietary electrolyzer technology of Siemens Energy, a major international technology provider to the Company, plans to convert water to hydrogen through electrolysis. The facility will utilize solar power, with the Company’s owned water supply to produce up to 110 tons of hydrogen production per day. The Company and Siemens have completed the Front-End Engineering and Design (“FEED”) study, which outlines the scope of the electrolyzer complex on the Company’s 321-acre site in Pecos County, Texas. The Company is in discussions with several renewable power developers to become the technology provider for 320 MW solar power component. In addition, the Company is in discussions with a major international technology provider for the Ammonia complex, for conversion of the green hydrogen to green ammonia. The project plans to transport the ammonia by rail to the Port of Corpus Christi, then to utilize planned terminal and storage facilities at the Port to load out the ammonia with a major international shipping company for export markets. The major shipper had patterned technology to re-crack the ammonia to hydrogen on board ship for the last mile delivery to the ultimate buyer.   

 

Project 2: Hydrogen Global- Tierra del Fuego Province Argentina-Green Hydrogen Project

 

On April 28, 2022, the Province of Tierra del Fuego and the Company announced the potential joint development of a green hydrogen project in the Río Grande, Tierra del Fuego area powered by wind energy. The Company has signed an amendment with Siemens Energy to adapt the Green H2 electroylzer FEED Study completed for Pecos County to this Project. In addition, the Company has a preliminary understanding with Siemens Gamesa as the technology provider for the wind energy. The Company estimates the land requirement of up to 10,000 hectares for the wind farm and the Green H2 facilities. The Company plans to use the same Pecos County project major international technology provider for the Ammonia complex and the same international shipping company for the green Ammonia to be delivered to Europe or Asia and to be re-cracked to hydrogen for the last mile delivery.

 

Completion of these projects is dependent upon our obtaining the necessary capital for planning, construction and start-up costs. There is no assurance that such financing can be obtained on favorable terms.

 

 
29

Table of Contents

 

Results of Operations

 

Revenues

 

We have not yet begun to generate revenues.

 

General and Administrative Expenses

 

Our general and administrative expenses increased to $350,531 for the three months ended July 31, 2024 from $324,039 for the three months ended July 31, 2023. The increase is a result of the Company recognizing additional consultant fees during the three months ended July 31, 2024, as compared to the three months ended July 31, 2023.

 

Project Costs

 

We expense the direct costs incurred on our projects, including acquisition of rights, planning, design and permitting. The levels of spending on our projects will vary from period to period based on availability of financing. Our project costs have increased to $5,430 for the three months ended July 31, 2024 from $0 for the three months ended July 31, 2023. The increase is a result of costs on our Trans Permian H2Hub project during the three months ended July 31, 2024 versus no project costs during the three months ended July 31, 2023.

 

Depreciation and Amortization Expense

 

Our depreciation and amortization expense results from the depreciation of land improvements and amortization of land easements and totaled to $9,097 and $9,097 for the three months ended July 31, 2024 and 2023, respectively.

 

 
30

Table of Contents

 

Other Income (Expense)

 

Our interest expense includes interest accrued on debt, amortization of debt discount and penalties assessed on debt. Interest expense totaled $90,164 and $99,138 for the three months ended July 31, 2024 and 2023, respectively. The decrease in interest expense is due to new non-related party notes payable and related party notes payable in the current period, as a result of borrowing funds to assist with cash flows, containing provisions in lieu of interest. Additionally, the debt also resulted in amortization of debt discount to interest expense incurred in the period.

 

We reported a net gain (loss) on extinguishment of liabilities of $0 and $(753,298) for the three months ended July 31, 2024 and 2023, respectively. The loss in the prior period was due to accrued liabilities being converted into common shares that were valued in excess of the liabilities being extinguished.

 

Net Income (Loss)

 

As a result of the above, we reported net income (loss) of $(455,222) and $(1,185,572) for the three months ended July 31, 2024 and 2023, respectively.

 

Liquidity and Capital Resources

 

Working Capital

 

As of July 31, 2024, we had current assets of $3,760, comprised of cash and prepaid expenses, and current liabilities of $5,265,722, resulting in a working capital deficit of $5,261,962.

 

Sources and Uses of Cash

 

Our sources and uses of cash for the three months ended July 31, 2024 and 2023 were as follows:

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Cash, beginning of period

 

$898

 

 

$10,363

 

 Net cash used in operating activities

 

 

(107,514 )

 

 

(75,513 )

 Net cash used in investing activities

 

 

-

 

 

 

-

 

 Net cash provided by financing activities

 

 

106,876

 

 

 

65,400

 

 

 

 

 

 

 

 

 

 

Cash, end of period

 

$260

 

 

$250

 

 

 
31

Table of Contents

 

We used net cash of $107,514 in operating activities for the three months ended July 31, 2024 as a result of our net loss of $455,222, an increase in prepaid expenses of $500, offset by non-cash net expense totaling $49,594, and increases in accounts payable, accrued expenses, and accounts payable and accrued expenses - related party of $298,614.

 

We used net cash of $75,513 in operating activities for the three months ended July 31, 2023 as a result of our net loss of $1,185,572, offset by non-cash net expense totaling $815,055, a decrease in prepaid expenses of $21,000, and increases in accounts payable, accrued expenses, and accounts payable and accrued expenses - related party of $274,004.

 

Net cash used in investing activities for the three months ended July 31, 2024 and 2023 was $0.

 

Net cash provided by financing activities for the three months ended July 31, 2024 was $106,876, comprised of proceeds from notes payable -related parties of $122,776 offset by repayments of notes payable – related parties of $15,900.

 

Net cash provided by financing activities for the three months ended July 31, 2023 was $65,400, comprised of proceeds from notes payable of $35,000 and proceeds from convertible notes payable of $30,400. 

 

Going Concern Uncertainty

 

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, 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 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.

 

 
32

Table of Contents

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Critical Accounting Policies

 

Our results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to inventories, investments, intangible assets, income taxes, financing operations, and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. 

 

For further information on our significant accounting policies see the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended April 30, 2024 filed with the SEC and Note 2 to our condensed consolidated financial statements included in this quarterly report. There were no changes to our significant accounting policies during the three months ended July 31, 2024.

 

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk

 

As a smaller reporting company, we are not required to provide the information required by this Item.

 

ITEM 4 Controls and Procedures

 

(a) Evaluation of Disclosure Controls and Procedures

 

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined) in Exchange Act Rules 13a – 15(c) and 15d – 15(e). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 (“Securities Exchange Act”) is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

 
33

Table of Contents

 

 

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act, as amended. Our management assessed the effectiveness of our internal control over financial reporting as of July 31, 2024. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 2013 Internal Control-Integrated Framework. Based on our evaluation, management concluded that we maintained effective internal control over financial reporting as of July 31, 2024, based on the COSO framework criteria. Management believes our processes and controls are sufficient to ensure the that the consolidated financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented in accordance with U.S. GAAP.

 

(b) Changes in Internal Control over Financial Reporting

 

There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 
34

Table of Contents

 

PART II – OTHER INFORMATION

 

ITEM 1 Legal Proceedings

 

None.

 

ITEM 1A Risk Factors

 

Not applicable.

 

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds

 

On July 19, 2024 the Company issued 250,000,000 shares of its common stock in exchange for the conversion of 15 shares of its Series B preferred stock.

 

ITEM 3 Defaults Upon Senior Securities

 

There is no information required to be disclosed by this Item.

 

ITEM 4 Mine Safety Disclosures

 

There is no information required to be disclosed by this Item.

 

ITEM 5 Other Information

 

There is no information required to be disclosed by this Item.

 

 
35

Table of Contents

 

 

ITEM 6 Exhibits

 

31.1*

Certification by Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)

 

32.1*

 

Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

101.INS

 

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL

document).

 

 

 

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document.

 

 

 

101.CAL

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

 

 

 

101.DEF

 

Inline XBRL Taxonomy Extension Definition Linkbase Document.

 

 

 

101.LAB

 

Inline XBRL Taxonomy Extension Label Linkbase Document.

 

 

 

101.PRE

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

 

 

 

104

 

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

 

*

Filed herewith.

 

**

Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Act of 1934 and otherwise are not subject to liability.

 

 
36

Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

MMEX Resources Corporation

 

 

 

 

 

Dated: September 16, 2024

By:

/s/ Jack W. Hanks

 

 

 

Chief Executive Officer (Principal Executive Officer), President and Chief Financial Officer (Principal Financial and Accounting Officer)

 

 

 

37

 

nullnullv3.24.3
Cover - shares
3 Months Ended
Jul. 31, 2024
Sep. 13, 2024
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 Jul. 31, 2024  
Entity Filer Category Non-accelerated Filer  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2025  
Entity Common Stock Shares Outstanding   9,692,800,957
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  
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Current assets:    
Cash $ 260 $ 898
Prepaid expenses and other current assets 3,500 3,000
Total current assets 3,760 3,898
Property and equipment, net 1,032,312 1,041,409
Total assets 1,036,072 1,045,307
Current liabilities:    
Accounts payable 879,447 841,602
Accrued expenses 988,179 933,143
Accounts payable and accrued expenses - related parties 1,236,256 1,030,523
Note payable, net of discount of $4,796 and $20,072 at July 31, 2024 and April 30, 2024, respectively 979,319 1,032,630
Note payable, currently in default, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively 300,453 229,653
Note payable - related parties, net of discount of $81,226 and $47,152 at July 31, 2024 and April 30, 2024, respectively 124,556 73,326
Note payable - related parties, currently in default, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively 35,872 0
Convertible notes payable, currently in default, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively 333,955 150,000
Convertible notes payable, net of discount of $2,315 and $5,771 at July 31, 2024 and April 30, 2024, respectively 337,685 518,184
Convertible notes payable - related parties, net of discount of $0 at July 31, 2024 and April 30, 2024, respectively 50,000 50,000
Total current liabilities 5,265,722 4,859,061
Long-term liabilities 0 0
Total liabilities 5,265,722 4,859,061
Stockholders' deficit:    
Common stock; $0.001 par value; 35,000,000,000 shares authorized, 9,692,800,957 and 9,442,800,957 shares issued and outstanding at July 31, 2024 and April 30, 2024, respectively 9,692,800 9,442,800
Additional paid-in capital 67,444,289 67,654,963
Non-controlling interest 9,871 9,871
Accumulated deficit (81,376,613) (80,921,391)
Total stockholders' deficit (4,229,650) (3,813,754)
Total liabilities and stockholders' deficit 1,036,072 1,045,307
Series A Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock, value 1 1
Series B Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock, value $ 2 $ 2
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Common stock, Authorized 35,000,000,000 25,000,000,000
Common stock, outstanding 9,692,800,957  
Preferred stock, Authorized 1,000,000 1,000,000
Series A Preferred Stock [Member]    
Discount on note payable $ 4,796 $ 20,072
Discount on note payable, currently in default 0 0
Discount on notes payable related party 81,226 47,152
Discount on note payable - related parties, currently in default 0 0
Convertible notes, net of discount currently in default 0 0
Convertible notes payable, net of discount 2,315 5,771
Convertible notes payable, Discount in convertible notes payable - related party $ 0 $ 0
Common stock, par value $ 0.001 $ 0.001
Common stock, Authorized 35,000,000,000 35,000,000,000
Common stock, Issued 9,692,800,957 9,442,800,957
Common stock, outstanding 9,692,800,957 9,442,800,957
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, issued 1,014 1,029
Preferred stock, outstanding 1,014 1,029
v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Condensed Consolidated Statements of Operations (Unaudited)    
Revenues $ 0 $ 0
Operating expenses:    
General and administrative expenses 350,531 324,039
Project costs 5,430 0
Depreciation and amortization 9,097 9,097
Total operating expenses 365,058 333,136
Loss from operations (365,058) (333,136)
Other income (expense):    
Interest expense (90,164) (99,138)
Gain (loss) on extinguishment of liabilities 0 (753,298)
Total other income (expense) (90,164) (852,436)
Income (loss) before income taxes (455,222) (1,185,572)
Provision for income taxes 0 0
Net income (loss) (455,222) (1,185,572)
Net income (loss) attributable to the common shareholders $ (455,222) $ (1,185,572)
Net income (loss) per common share - basic & diluted $ (0.00) $ (0.00)
Weighted average number of common shares outstanding - basic & diluted 9,475,409,652 4,300,335,823
v3.24.3
Condensed Consolidated Statements of Stockholders Deficit (Unaudited) - USD ($)
Total
Common Stock
Preferred Stock Series A Member
Preferred Stock Series B Member
Additional Paid-In Capital
Noncontrolling Interest
Retained Earnings (Accumulated Deficit)
Balance, shares at Apr. 30, 2023   769,618,295 1,000 1,144      
Balance, amount at Apr. 30, 2023 $ (2,865,323) $ 769,618 $ 1 $ 2 $ 69,082,490 $ 9,871 $ (72,727,305)
Shares issued for conversion of convertible notes payable and accrued interest, shares   356,708,619          
Shares issued for conversion of convertible notes payable and accrued interest, amount 29,389 $ 356,709 0 0 (327,320) 0 0
Shares issued for accrued liabilities, shares   279,120,377          
Shares issued for accrued liabilities, amount 83,736 $ 279,120 0 0 (195,384) 0 0
Shares issued for accrued liabilities - related parties, shares   3,174,187,995          
Shares issued for accrued liabilities - related parties, amount 892,133 $ 3,174,188 0   (2,282,055) 0 0
Consideration with debt 44,367 0 0 0 44,367 0 0
Consideration with debt - related parties 20,323 $ 0 0 $ 0 20,323 0 0
Shares of preferred stock converted into common stock, shares   301,724,139   (35)      
Shares of preferred stock converted into common stock, amount 0 $ 301,724 0 $ 0 (301,724) 0 0
Stock-based compensation 28,200 0 0 $ 0 28,200 0 0
Net (loss) (1,185,572) $ 0 $ 0   0 0 (1,185,572)
Balance, shares at Jul. 31, 2023   4,881,359,425 1,000 1,109      
Balance, amount at Jul. 31, 2023 (2,952,747) $ 4,881,359 $ 1 $ 2 66,068,897 9,871 (73,912,877)
Balance, shares at Apr. 30, 2024   9,442,800,957 1,000 1,029      
Balance, amount at Apr. 30, 2024 (3,813,754) $ 9,442,800 $ 1 $ 2 67,654,963 9,871 (80,921,391)
Consideration with debt - related parties 39,326 $ 0 0 $ 0 39,326 0 0
Shares of preferred stock converted into common stock, shares   250,000,000   (15)      
Shares of preferred stock converted into common stock, amount 0 $ 250,000 $ 0 $ 0 (250,000) 0 0
Net (loss) (455,222)           (455,222)
Balance, shares at Jul. 31, 2024   9,692,800,957 1,000 1,014      
Balance, amount at Jul. 31, 2024 $ (4,229,650) $ 9,692,800 $ 1 $ 2 $ 67,444,289 $ 9,871 $ (81,376,613)
v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 455,222 $ 1,185,572
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization expense 9,097 9,097
Amortization of debt discount 40,497 24,460
Stock-based compensation 0 28,200
(Gain) loss on extinguishment of liabilities 0 753,298
(Increase) decrease in prepaid expenses and other current assets (500) 21,000
Increase (decrease) in liabilities:    
Accounts payable 37,845 20,563
Accrued expenses 55,036 83,095
Accounts payable and accrued expenses - related party 205,733 170,346
Net cash used in operating activities (107,514) (75,513)
Cash flows from investing activities:    
Purchase of property and equipment 0 0
Net cash used in investing activities 0 0
Cash flows from financing activities:    
Proceeds from notes payable 0 35,000
Proceeds from convertible notes payable 0 30,400
Proceeds from note payable - related parties 122,776 0
Repayments on notes payable - related parties (15,900) 0
Net cash provided by financing activities 106,876 65,400
Net increase (decrease) in cash (638) (10,113)
Cash at the beginning of the period 898 10,363
Cash at the end of the period 260 250
Supplemental disclosure:    
Interest paid 0 9,930
Income taxes paid 0 0
Non-cash investing and financing activities:    
Common stock issued in conversion of debt 0 29,389
Common stock issued for accrued liability 0 17,808
Common stock issued for accrued liability - related parties 0 204,763
Warrants issued for debt discount 0 44,367
Warrants issued for debt discount - related parties 39,326 20,323
Preferred stock converted into common stock $ 250,000 $ 301,724
v3.24.3
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION
3 Months Ended
Jul. 31, 2024
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 (“MMEX”)

 

 

-

 

 

Corporation

 

Nevada

 

Parent

 

Pecos Clean Fuels & Transport (formerly Refining & Transport, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

Trans Permian H2Hub, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

MMEX Solar Resources, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

Hydrogen Global, 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.

v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Jul. 31, 2024
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, 2024 filed with the SEC on July 29, 2024.

 

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

 

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, and ASC 825, Financial Instruments, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements as reflected herein. The carrying amounts of cash, prepaid expense and other current assets, accounts payable, accrued expenses and notes payable reported on the accompanying consolidated balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the 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 recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”), as amended. ASC 606 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 three months ended July 31, 2024 and July 31, 2023 all potentially 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.

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 three months ended July 31, 2024 and 2023, the Company recorded stock-based compensation of $0 and $28,200, respectively.

 

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

 

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.

v3.24.3
GOING CONCERN
3 Months Ended
Jul. 31, 2024
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 of $81,376,613 and a total stockholders’ deficit of $4,229,650 at July 31, 2024, and have reported negative cash flows from operations since inception.  While we have received debt and equity funding during the period and have cash on hand of $260 at July 31, 2024, we still have a working capital deficit of $5,261,962, 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, including the development of our planned hydrogen projects. 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 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.

v3.24.3
RELATED PARTY TRANSACTIONS
3 Months Ended
Jul. 31, 2024
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 $1,236,256 and $1,030,523 as of July 31, 2024 and April 30, 2024, 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 was amended to provide for monthly consulting fees of $20,000. During the three months ended July 31, 2024, we incurred consulting fees and expense reimbursement to Maple Resources totaling $65,176 and we made payments to Maple Resources of $27,475.

 

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 three months ended July 31, 2024 we recorded $15,000 for accrued consulting fees and we issued no shares for payment.

 

During the three months ended July 31, 2024, Maple Resources made advances to $6,130 to assist the Company with cash flow challenges, we made payments to Maple Resources of $17,275 resulting in $0 still owed as of July 31, 2024.

 

Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $369,235 ($155,000 payable in stock) and $327,049 ($140,000 payable in stock) as of July 31, 2024 and April 30, 2024, respectively.

 

During the three months ended July 31, 2024 and year ended April 30, 2024, Jack Hanks, our President and CEO, made advances of $2,500 and $2,190 to assist the Company with cash flows challenges, resulting in $5,493 and $2,190 included in accounts payable and accrued expenses – related parties as July 31, 2024 and April 30, 2024.

 

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 three months ended July 31, 2024 we recorded $7,500 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $23,571.

 

During the year ended April 30, 2024, Mrs. Hanks made advances of $5,845 to assist the Company with cash flow challenges, resulting in $5,845 still owed as of July 31, 2024.

 

Amounts included in accounts payable and accrued expenses – related parties due to Mrs. Hanks totaled $183,704 ($77,500 payable in stock) and $152,633 ($70,000 payable in stock) as of July 31, 2024 and April 30, 2024, 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 three months ended July 31, 2024 we incurred $40,500 for fees and expense reimbursements to the children and we made payments of $3,400. Amounts included in accounts payable and accrued expenses – related parties due to the CEO’s children totaled $165,584 and $128,484 as of July 31, 2024 and April 30, 2024, 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 three months ended July 31, 2024 we recorded $7,500 for the amount payable in stock under the consulting agreement, we incurred $5,200 for other consulting fees and made no payments.

 

Amounts included in accounts payable and accrued expenses – related parties due to BNL Family Trust totaled $82,700 ($77,500 payable in stock) and $70,000 (all payable in stock) as of July 31, 2024 and April 30, 2024, respectively.

 

Effective November 1, 2020, we entered into a consulting agreement with Nabil Katabi, a shareholder of more than ten percent, to provide for monthly consulting fees of $10,000 and to issue shares of our common stock each month with a value of $2,000, with the number of shares issues based on the average closing price of the stock during the prior month. Effective April 30, 2023 the consulting agreement was amended to provide for monthly consulting fees of $20,000 and to issue shares of our common stock each month with a value of $5,000, with the number of shares issues based on the average closing price of the stock during the prior month. During the three months ended July 31, 2024 we recorded $60,000 ($15,000 payable in stock) and $5,176 of other consulting fees.

 

During the year ended April 30, 2024, Nabil Katabi made advances of $16,220 to assist the Company with cash flow challenges, resulting in $16,220 still owed as of July 31, 2024.

 

Amounts included in accounts payable and accrued expenses - related parties due to Nabil Katabi totaled $429,540 and $349,364 as of July 31, 2024 and April 30, 2024, respectively.

 

Convertible Notes Payable – Related Parties

 

Convertible notes payable - related parties consist of the following:

 

 

 

July 31, 2024

 

 

April 30, 2024

 

Convertible note payable with Maple Resources Corporation, matures on October 13, 2024, with interest at 5%, convertible into common shares of the Company [1]

 

$50,000

 

 

$50,000

 

Less discount

 

 

-

 

 

 

-

 

Total

 

$50,000

 

 

$50,000

 

 

[1]

This convertible note was entered into on October 13, 2023 in exchange for cash of $50,000 and is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. As of July 31, 2024 and April 30, 2024 accrued interest on the convertible note was $1,383 and $753, respectively.

Notes Payable – Related Parties, Currently in Default

 

Notes payable – related parties, currently in default consist of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1]

 

$11,800

 

 

$-

 

Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2]

 

 

4,720

 

 

 

-

 

Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3]

 

 

7,552

 

 

 

-

 

Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4]

 

 

5,900

 

 

 

-

 

Note payable to a related party with an issue date of July 3, 2023 with interest at 18% [5]

 

 

5,900

 

 

 

-

 

Total

 

 

35,872

 

 

 

 

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$

35,872

 

 

 

-

 

 

[1]

Effective May 7, 2023, the Company entered into a promissory note with Lake of Silver, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $10,000 and a maturity date of May 7, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[2]

Effective May 16, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $4,000 and a maturity date of May 16, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $720 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[3]

Effective May 31, 2023, the Company entered into a promissory note with BNL Family Trust, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $6,400 and a maturity date of May 31, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,152 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[4]

Effective June 6, 2023, the Company entered into a promissory note with Nabil Katabi, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $5,000 and a maturity date of June 6, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[5]

Effective July 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with $5,000 consulting fee under a subscription agreement. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

Notes Payable – Related Parties

 

Notes payable – related parties consist of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1]

 

$

-

 

 

$11,800

 

Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2]

 

 

-

 

 

 

4,720

 

Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3]

 

 

-

 

 

 

7,552

 

Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4]

 

 

-

 

 

 

5,900

 

Note payable to a related party with an issue date of July 3, 2023 with interest at 18% [5]

 

 

-

 

 

 

5,900

 

Note payable to a related party with an issue date of November 3, 2023 with interest at 18% [6]

 

 

8,260

 

 

 

8,260

 

Note payable to a related party with an issue date of February 12, 2024 with interest at 18% [8]

 

 

2,006

 

 

 

2,006

 

Note payable to a related party with an issue date of March 17, 2024 with interest at 18% [9]

 

 

-

 

 

 

7,080

 

Note payable to a related party with an issue date of April 25, 2024 with interest at 18% [10]

 

 

5,340

 

 

 

8,260

 

Note payable to a related party with an issue date of April 26, 2024 with interest at 18% [11]

 

 

59,000

 

 

 

59,000

 

Note payable to a related party with an issue date of May 29, 2024 with interest at 18% [12]

 

 

59,000

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [13]

 

 

3,068

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [14]

 

 

3,054

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [15]

 

 

3,054

 

 

 

-

 

Note payable to a related party with an issue date of July 2, 2024 with interest at 18% [16]

 

 

-

 

 

 

-

 

Note payable to a related party with an issue date of July 8, 2024 with interest at 5% [17]

 

 

63,000

 

 

 

-

 

Total

 

 

205,782

 

 

 

120,478

 

Less discount

 

 

(81,226 )

 

 

(47,152 )

Net

 

$

124,556

 

 

$73,326

 

 

[1]

Effective May 7, 2023, the Company entered into a promissory note with Lake of Silver, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $10,000 and a maturity date of May 7, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[2]

Effective May 16, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $4,000 and a maturity date of May 16, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $720 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

[3]

Effective May 31, 2023, the Company entered into a promissory note with BNL Family Trust, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $6,400 and a maturity date of May 31, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,152 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[4]

Effective June 6, 2023, the Company entered into a promissory note with Nabil Katabi, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $5,000 and a maturity date of June 6, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

[5]

Effective July 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with $5,000 consulting fee under a subscription agreement. As of July 31, 2024, the note payable went into default and subsequently on August 1, 2024 the note payable was extended to October 1, 2025.

 

 

[6]

Effective November 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $7,000 and a maturity date of November 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,260 was recorded as a debt discount at the notes inception to be recognized over the term of the note.

 

 

[7]

Effective February 7, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $6,100 and a maturity date of February 7, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,098 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of April 30, 2024 the loan was paid back in full.

 

 

[8]

Effective February 12, 2024, the Company entered into a promissory note with BNL Family Trust, a related party. The note has a principal amount of $1,700 and a maturity date of February 12, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $306 was recorded as a debt discount at the notes inception to be recognized over the term of the note.

 

 

[9]

Effective March 17, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $6,000 and a maturity date of March 17, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,080 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of July 31, 2024 the loan was paid back in full.

 

 

[10]

Effective April 25, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $7,000 and a maturity date of April 25, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,260 was recorded as a debt discount at the notes inception to be recognized over the term of the note. As of July 31, 2024, the note had an outstanding balance of $5,340.

[11]

Effective April 26, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $50,000 and a maturity date of April 26, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $9,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 1,247,609,946 warrants, thus $33,947 of the $50,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[12]

Effective May 29, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $50,000 and a maturity date of May 29, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $9,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note.

 

 

[13]

Effective June 4, 2024, the Company entered into a promissory note with BNL Family Trust, a related party. The note has a principal amount of $2,600 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $468 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,443 of the $2,600 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[14]

Effective June 4, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $2,588 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $466 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[15]

Effective June 4, 2024, the Company entered into a promissory note with Nabil Katabi, a related party. The note has a principal amount of $2,588 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $466 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

[16]

Effective July 2, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 2, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of July 31, 2024 the loan was paid back in full.

 

 

[17]

Effective July 8, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $180,000 to be funded in three drawdowns of $60,000 each and a maturity date of July 8, 2025. In lieu of interest the Company is to pay the lender 5% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $3,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 2,647,058,824 warrants, thus $35,006 of the $60,000 in note proceeds, from the first drawdown, were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

Equity Activity – Related Parties

 

During the three months ended July 31, 2024, the Company issued 2,761,764,706 warrants in consideration of debt therefore $39,326 of note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8).

v3.24.3
PROPERTY AND EQUIPMENT
3 Months Ended
Jul. 31, 2024
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at:

 

 

 

July 31,

2024

 

 

April 30,

 2024

 

 

 

 

 

 

 

 

Office furniture and equipment

 

$13,864

 

 

$13,864

 

Computer equipment and software

 

 

6,555

 

 

 

6,555

 

Refinery land

 

 

721,828

 

 

 

721,828

 

Refinery land improvements

 

 

468,615

 

 

 

468,615

 

Refinery land easements

 

 

37,015

 

 

 

37,015

 

 

 

 

1,247,877

 

 

 

1,247,877

 

Less accumulated depreciation and amortization

 

 

(215,565 )

 

 

(206,468 )

 

 

 

 

 

 

 

 

 

 

 

$1,032,312

 

 

$1,041,409

 

 

Depreciation and amortization expense totaled $9,097 and $9,097 for the three months ended July 31, 2024 and 2023, respectively.

v3.24.3
ACCRUED EXPENSES
3 Months Ended
Jul. 31, 2024
ACCRUED EXPENSES  
ACCRUED EXPENSES

NOTE 6 – ACCRUED EXPENSES

 

Accrued expenses consisted of the following at:

 

 

 

July 31,

2024

 

 

April 30,

 2024

 

 

 

 

 

 

 

 

Accrued payroll

 

$30,090

 

 

$30,090

 

Accrued consulting

 

 

32,000

 

 

 

26,000

 

Accrued interest and penalties

 

 

831,915

 

 

 

782,879

 

Other

 

 

94,174

 

 

 

94,174

 

 

 

 

 

 

 

 

 

 

 

 

$988,179

 

 

$933,143

 

v3.24.3
NOTES PAYABLE
3 Months Ended
Jul. 31, 2024
NOTES PAYABLE  
NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

 

Note Payable, Currently in Default

 

Note payable, currently in default, consists of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

 

 

 

 

 

 

 

Note payable to an unrelated party, matured March 18, 2014, with interest at 10%

 

$75,001

 

 

$75,001

 

Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [1]

 

 

136,952

 

 

 

136,952

 

Note payable to an unrelated party with an issue date of April 25, 2023 with interest at 18% [2]

 

 

17,700

 

 

 

17,700

 

Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [3]

 

 

70,800

 

 

 

-

 

Total

 

 

300,453

 

 

 

229,653

 

Less Discount

 

 

-

 

 

 

-

 

Net

 

$300,453

 

 

$229,653

 

 

 

[1] 

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 was 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 and effective January 1, 2023 the note went into default as the due date had passed with no extension. 

 

 

 

 

[2]

Effective April 25, 2023, the Company entered into a promissory note with Poppy, LLC through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $15,000 and a maturity date of April 25, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $2,700 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 235,109,718 warrants, thus $11,991 of the $15,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On April 25, 2024 the note went into default as the due date had passed with no extension.

 

 

 

 

[3]

Effective July 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $60,000 and a maturity date of July 14, 2024. The Company received $35,000 cash and rolled $25,000 from a prior convertible note payable into this loan. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $10,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 300,000,000 warrants, which was recorded at the fair market value of $150,000 with an increase in additional paid-in capital and the Company recognized a loss on settlement of debt of $67,196 for the extinguishment of debt of prior convertible note and accrued interest. On July 14, 2024 the note went into default as the due date had passed with no extension.

Notes Payable

 

Notes payable consist of the following at:

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [1]

 

$88,815

 

 

$88,815

 

Note payable to an unrelated party with an issue date of June 2, 2023 with interest at 18% [2]

 

 

23,600

 

 

 

23,600

 

Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [3]

 

 

-

 

 

 

70,800

 

Note payable to an unrelated party with an issue date of August 15, 2023 with interest at 18% [4]

 

 

38,350

 

 

 

38,350

 

Note payable to an unrelated party with an issue date of September 14, 2023 with interest at 18% [5]

 

 

38,350

 

 

 

38,350

 

Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [6]

 

 

 

 

 

 

 

 

        $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

 

        $295,000 draw on December 18, 2023

 

 

295,000

 

 

 

295,000

 

Total

 

 

984,115

 

 

 

1,054,915

 

Less Discount

 

 

(4,796 )

 

 

(22,285 )

Net

 

$979,319

 

 

$1,032,630

 

 

 

[1]

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.

 

 

 

 

[2]

Effective June 2, 2023, the Maple Resources Corporation, the Company’s wholly owned subsidiary entered into an exchange agreement with Seeta Zieger Trust and a subscription agreement through the Company’s wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. Seeta Zieger Trust acquired, through the exchange agreement, the rights to the “Maple Note” (a convertible note was entered into on February 25, 2023 in exchange for cash of $20,000 and is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were 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 has a principal amount of $20,000 and a maturity date of June 2, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $3,600 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 313,479,624 warrants, thus $15,988 of the $20,000 in the note converted were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

 

 

[3]

 Effective July 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $60,000 and a maturity date of July 14, 2024. The Company received $35,000 cash with the remainder to be funded on or before December 31, 2023. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $6,300 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 300,000,000 warrants, thus $28,379 of the $35,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. On July 14, 2024 the note went into default as the due date had passed with no extension.

 

[4]

Effective August 15, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of August 15, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 325,000,000 warrants, thus $16,250 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

 

 

[5]

Effective September 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of September 14, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 625,000,000 warrants, thus $25,794 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount.

 

 

 

 

[6]

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 original maturity date of the note was 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 an 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. On April 1, 2023 the note went into default as the due date had passed with no extension. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. The note has an interest rate of 10% per annum from the date of each drawdown. During the year ended April 30, 2024, $295,000 was drawn down against the note.

Convertible Note Payable, Currently in Default

 

Convertible notes payable, currently in default, consist of the following at:

 

 

 

July 31, 2024

 

 

April 30, 2024

 

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]

 

 

100,000

 

 

 

100,000

 

Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3]

 

 

183,955

 

 

 

-

 

Total

 

 

333,955

 

 

 

150,000

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$333,955

 

 

$150,000

 

 

 

[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. On December 31, 2010 the note went into default as the due date had passed with no extension.

 

 

 

 

[2]

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. On September 15, 2023 the note went into default as the due date had passed with no extension.

 

 

 

 

[3]

Effective February 28, 2023, the Company entered into a convertible promissory note with a principal amount of $226,875 with Sabby Volatility Warrant Master Fund, Ltd. This note was in exchange for a prior promissory note dated March 3, 2022 with principal due of $181,500 and accrued interest of $8,749, wherein the Company also incurred $36,626 worth of financing fees for the exchange. The note has an interest rate of 10% per annum and a maturity date of May 1, 2024. The note 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. On May 1, 2024 the note went into default as the due date had passed with no extension.

Convertible Notes Payable

 

Current convertible notes payable consisted of the following at:

 

 

 

July 31, 2024

 

 

April 30, 2024

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [1]

 

$200,000

 

 

$200,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [2]

 

 

-

 

 

 

183,955

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [3]

 

 

55,000

 

 

 

55,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4]

 

 

20,000

 

 

 

20,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5]

 

 

65,000

 

 

 

65,000

 

Total

 

 

340,000

 

 

 

523,955

 

Less discount

 

 

(2,315 )

 

 

(5,771 )

 

 

 

 

 

 

 

 

 

Net

 

$337,685

 

 

$518,184

 

 

 

[1]

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. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024.

 

 

 

 

[2]

Effective February 28, 2023, the Company entered into a convertible promissory note with a principal amount of $226,875 with Sabby Volatility Warrant Master Fund, Ltd. This note was in exchange for a prior promissory note dated March 3, 2022 with principal due of $181,500 and accrued interest of $8,749, wherein the Company also incurred $36,626 worth of financing fees for the exchange. The note has an interest rate of 10% per annum and a maturity date of May 1, 2024. The note 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. On May 1, 2024 the note went into default as the due date had passed with no extension.

 

[3]

Effective August 24, 2023 the Company issued and delivered to GS 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 $2,000 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 $0.00007 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 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. During the year ended April 30, 2024 the Company converted $41,250 into 823,771,549 shares of common stock in accordance with the terms of the agreement and based on the variable conversion prices in effect on the date of the conversions, therefore no gain or loss was recorded. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. As of July 31, 2024, the note had an outstanding balance of $20,000.

 

 

 

 

[5]

Effective February 28, 2024, the Company issued and delivered to GS a 10% convertible note in the principal amount of $65,000.The note was issued at a discount and the Company received net proceeds of $60,000 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 $0.00007 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance.

v3.24.3
STOCKHOLDERS DEFICIT
3 Months Ended
Jul. 31, 2024
STOCKHOLDERS DEFICIT  
STOCKHOLDERS' DEFICIT

NOTE 8 – STOCKHOLDERS’ DEFICIT

 

Authorized Shares

 

As of July 31, 2024 and April 30, 2024, the Company has authorized 35,001,000,000 and 25,001,000,000 shares of capital stock, consisting of 35,000,000,000 and 25,000,000,000 shares of common stock and 1,000,000 and 1,000,000 shares of preferred stock.

 

Common Stock Issuances

 

During the three months ended July 31, 2024, the Company issued a total of 250,000,000 shares of its common stock by converting from Series B preferred stock.

 

During the three months ended July 31, 2023, the Company issued a total of 4,111,741,130 shares of its common stock: 301,724,139 shares converted from Series B preferred stock; 356,708,619 shares valued at $29,389 in conversion of convertible notes principal of $27,450, accrued interest payable of $1,399 and conversion fees of $540; 279,120,377 for accrued liabilities of $17,808 which were valued at $83,736 based on the closing market price of the Company’s stock on the day of conversions and therefore a loss of $65,928 was recognized; and 3,174,187,995 shares for accrued liabilities – related parties of $204,763 which were valued at $892,133 based on the closing market price of the Company’s stock on the day of conversion and therefore a loss of $687,370 was recognized (see Note 4 & 7).

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 three months ended July 31, 2024 and 2023 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 was 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 and to $0.000058 effective May 5, 2023. 

 

During the three months ended July 31, 2024 and 2023 the Company did not issue any shares of its Series B preferred stock. During the three months ended July 31, 2024 and 2023, 15 and 35 shares, respectively of Series B preferred stock were converted into 250,000,000 and 301,724,139 shares of common stock in accordance with the terms set forth in the certificate of designation, therefore no gain or loss was recorded.

 

Warrants

 

A summary of warrant activity during the three months ended July 31, 2024 is presented below:

 

 

 

Shares

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining Contractual Life (Years)

 

 

 

 

 

 

 

Outstanding, April 30, 2024

 

 

3,614,267,692

 

 

$0.000212

 

 

 

4.66

 

Granted

 

 

2,761,764,706

 

 

$0.0001

 

 

 

4.94

 

Cancelled / Expired

 

 

-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, July 31, 2024

 

 

6,376,032,398

 

 

$0.000163

 

 

 

4.64

 

 

During the three months ended July 31, 2024 the Company issued warrants with debt arrangements that were recorded as debt discounts: 2,761,764,706 warrants to related parties valued at $39,326 (see Note 4).

Common Stock Reserved

 

Combined with the 9,692,800,957 common shares outstanding as of July 31, 2024, 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.

v3.24.3
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Jul. 31, 2024
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.

 

Sabby Volatility Warrant Master Fund, Ltd. (“Sabby”) commenced litigation against us in a New York State Court, alleging the Company’s breach of contract, fraud, and failure to maintain and deliver shares under the convertible note previously issued by the Company to Sabby.  Sabby also holds the Company’s Series B Preferred Stock and substantial warrants to purchase shares of our Common Stock.  During September 2023, the court granted Sabby’s request for an order (i) granting specific performance of Sabby’s past and future requests for conversion, (ii) enjoining the Company from issuing shares of its Common Stock until it has complied with the order and (iii) directing the Company’s transfer agent to take all actions necessary to enforce the order, including reserving shares issuable upon Sabby’s conversion of its outstanding note payable. 

 

Sabby subsequently sought and obtained a default order of contempt, entered on October 20, 2023, which among other matters cited the Company’s failure to transfer shares without restriction and to reserve a sufficient number of shares of Common Stock to honor Sabby’s potential conversions of its convertible note, Series B Preferred Stock and warrants.  Upon the Company’s motion to vacate the contempt order, the court vacated the contempt order on December 5, 2023.

 

On May 6, 2024, Sabby filed for an order of contempt against the Company for not complying with the Court’s Order issued September 13, 2023. The Company agreed in a Stipulation Resolving Motion for Contempt filed on June 10, 2024 with Sabby to increase its authorized shares reserves to 35 Billion shares and to place into reserves for Sabby conversions, 10 Billion shares. On July 17, 2024, the Parties agreed to a Stipulation withdrawing the Motion for Contempt.

 

The Company is in compliance with the Court’s September 13, 2023 Order.

v3.24.3
SUBSEQUENT EVENTS
3 Months Ended
Jul. 31, 2024
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below.

 

Subsequent to July 31, 2024, the Company amended its Articles of Incorporation to amend the authorized shares to fifty billion one million (50,001,000,000) shares, which will consist of fifty billion (50,000,000,000) shares of common stock, par value $0.001 per share and one million (1,000,000) shares of preferred stock, par value $0.001 per share.

 

On August 1, 2024 the Company approved an extension agreement on a promissory note with a non-related party.

 

On August 1, 2024 the Company approved amended compensation agreements with four related party independent contractors.

 

On August 1, 2024 the Company approved extension agreements on five related party notes payable.

v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Jul. 31, 2024
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

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, and ASC 825, Financial Instruments, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements as reflected herein. The carrying amounts of cash, prepaid expense and other current assets, accounts payable, accrued expenses and notes payable reported on the accompanying consolidated balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the 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 recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”), as amended. ASC 606 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 three months ended July 31, 2024 and July 31, 2023 all potentially 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.

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 three months ended July 31, 2024 and 2023, the Company recorded stock-based compensation of $0 and $28,200, respectively.

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

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.

v3.24.3
BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Tables)
3 Months Ended
Jul. 31, 2024
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION  
Summary of accounts of the following entities

Name of Entity

 

%

 

 

Form

 of Entity

 

State of

 Incorporation

 

Relationship

 

 

 

 

 

 

 

 

 

 

 

 

MMEX Resources Corporation (“MMEX”)

 

 

-

 

 

Corporation

 

Nevada

 

Parent

 

Pecos Clean Fuels & Transport (formerly Refining & Transport, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

Trans Permian H2Hub, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

MMEX Solar Resources, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 

Hydrogen Global, LLC

 

 

100%

 

LLC

 

Texas

 

Subsidiary

 
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Jul. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Summary of Estimated useful life of asset

Office furniture and equipment

10 years

Computer equipment and software

5 years

Land improvements

15 years

Land easements

10 years

v3.24.3
RELATED PARTY TRANSACTIONS (Tables)
3 Months Ended
Jul. 31, 2024
RELATED PARTY TRANSACTIONS  
Schedule of convertible notes payable related parties

 

 

July 31, 2024

 

 

April 30, 2024

 

Convertible note payable with Maple Resources Corporation, matures on October 13, 2024, with interest at 5%, convertible into common shares of the Company [1]

 

$50,000

 

 

$50,000

 

Less discount

 

 

-

 

 

 

-

 

Total

 

$50,000

 

 

$50,000

 

Schedule of notes payable related parties

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1]

 

$11,800

 

 

$-

 

Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2]

 

 

4,720

 

 

 

-

 

Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3]

 

 

7,552

 

 

 

-

 

Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4]

 

 

5,900

 

 

 

-

 

Note payable to a related party with an issue date of July 3, 2023 with interest at 18% [5]

 

 

5,900

 

 

 

-

 

Total

 

 

35,872

 

 

 

 

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$

35,872

 

 

 

-

 

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1]

 

$

-

 

 

$11,800

 

Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2]

 

 

-

 

 

 

4,720

 

Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3]

 

 

-

 

 

 

7,552

 

Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4]

 

 

-

 

 

 

5,900

 

Note payable to a related party with an issue date of July 3, 2023 with interest at 18% [5]

 

 

-

 

 

 

5,900

 

Note payable to a related party with an issue date of November 3, 2023 with interest at 18% [6]

 

 

8,260

 

 

 

8,260

 

Note payable to a related party with an issue date of February 12, 2024 with interest at 18% [8]

 

 

2,006

 

 

 

2,006

 

Note payable to a related party with an issue date of March 17, 2024 with interest at 18% [9]

 

 

-

 

 

 

7,080

 

Note payable to a related party with an issue date of April 25, 2024 with interest at 18% [10]

 

 

5,340

 

 

 

8,260

 

Note payable to a related party with an issue date of April 26, 2024 with interest at 18% [11]

 

 

59,000

 

 

 

59,000

 

Note payable to a related party with an issue date of May 29, 2024 with interest at 18% [12]

 

 

59,000

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [13]

 

 

3,068

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [14]

 

 

3,054

 

 

 

-

 

Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [15]

 

 

3,054

 

 

 

-

 

Note payable to a related party with an issue date of July 2, 2024 with interest at 18% [16]

 

 

-

 

 

 

-

 

Note payable to a related party with an issue date of July 8, 2024 with interest at 5% [17]

 

 

63,000

 

 

 

-

 

Total

 

 

205,782

 

 

 

120,478

 

Less discount

 

 

(81,226 )

 

 

(47,152 )

Net

 

$

124,556

 

 

$73,326

 

v3.24.3
PROPERTY AND EQUIPMENT (Tables)
3 Months Ended
Jul. 31, 2024
PROPERTY AND EQUIPMENT  
Schedule of property and Equipment

 

 

July 31,

2024

 

 

April 30,

 2024

 

 

 

 

 

 

 

 

Office furniture and equipment

 

$13,864

 

 

$13,864

 

Computer equipment and software

 

 

6,555

 

 

 

6,555

 

Refinery land

 

 

721,828

 

 

 

721,828

 

Refinery land improvements

 

 

468,615

 

 

 

468,615

 

Refinery land easements

 

 

37,015

 

 

 

37,015

 

 

 

 

1,247,877

 

 

 

1,247,877

 

Less accumulated depreciation and amortization

 

 

(215,565 )

 

 

(206,468 )

 

 

 

 

 

 

 

 

 

 

 

$1,032,312

 

 

$1,041,409

 

v3.24.3
ACCRUED EXPENSES (Tables)
3 Months Ended
Jul. 31, 2024
ACCRUED EXPENSES  
Schedule of Accrued expenses

 

 

July 31,

2024

 

 

April 30,

 2024

 

 

 

 

 

 

 

 

Accrued payroll

 

$30,090

 

 

$30,090

 

Accrued consulting

 

 

32,000

 

 

 

26,000

 

Accrued interest and penalties

 

 

831,915

 

 

 

782,879

 

Other

 

 

94,174

 

 

 

94,174

 

 

 

 

 

 

 

 

 

 

 

 

$988,179

 

 

$933,143

 

v3.24.3
NOTES PAYABLE (Tables)
3 Months Ended
Jul. 31, 2024
NOTES PAYABLE  
Schedule of Notes payable, currently in default

 

 

July 31,

2024

 

 

April 30,

2024

 

 

 

 

 

 

 

 

Note payable to an unrelated party, matured March 18, 2014, with interest at 10%

 

$75,001

 

 

$75,001

 

Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [1]

 

 

136,952

 

 

 

136,952

 

Note payable to an unrelated party with an issue date of April 25, 2023 with interest at 18% [2]

 

 

17,700

 

 

 

17,700

 

Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [3]

 

 

70,800

 

 

 

-

 

Total

 

 

300,453

 

 

 

229,653

 

Less Discount

 

 

-

 

 

 

-

 

Net

 

$300,453

 

 

$229,653

 

Schedule of notes payable

 

 

July 31,

2024

 

 

April 30,

2024

 

Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [1]

 

$88,815

 

 

$88,815

 

Note payable to an unrelated party with an issue date of June 2, 2023 with interest at 18% [2]

 

 

23,600

 

 

 

23,600

 

Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [3]

 

 

-

 

 

 

70,800

 

Note payable to an unrelated party with an issue date of August 15, 2023 with interest at 18% [4]

 

 

38,350

 

 

 

38,350

 

Note payable to an unrelated party with an issue date of September 14, 2023 with interest at 18% [5]

 

 

38,350

 

 

 

38,350

 

Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [6]

 

 

 

 

 

 

 

 

        $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

 

        $295,000 draw on December 18, 2023

 

 

295,000

 

 

 

295,000

 

Total

 

 

984,115

 

 

 

1,054,915

 

Less Discount

 

 

(4,796 )

 

 

(22,285 )

Net

 

$979,319

 

 

$1,032,630

 

Schedule of Convertible Notes Payable, Currently in Default

 

 

July 31, 2024

 

 

April 30, 2024

 

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]

 

 

100,000

 

 

 

100,000

 

Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3]

 

 

183,955

 

 

 

-

 

Total

 

 

333,955

 

 

 

150,000

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$333,955

 

 

$150,000

 

Schedule of Current Convertible Notes Payable

 

 

July 31, 2024

 

 

April 30, 2024

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [1]

 

$200,000

 

 

$200,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [2]

 

 

-

 

 

 

183,955

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [3]

 

 

55,000

 

 

 

55,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4]

 

 

20,000

 

 

 

20,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5]

 

 

65,000

 

 

 

65,000

 

Total

 

 

340,000

 

 

 

523,955

 

Less discount

 

 

(2,315 )

 

 

(5,771 )

 

 

 

 

 

 

 

 

 

Net

 

$337,685

 

 

$518,184

 

v3.24.3
STOCKHOLDERS DEFICIT (Tables)
3 Months Ended
Jul. 31, 2024
STOCKHOLDERS DEFICIT  
Summary of warrant activity

 

 

Shares

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining Contractual Life (Years)

 

 

 

 

 

 

 

Outstanding, April 30, 2024

 

 

3,614,267,692

 

 

$0.000212

 

 

 

4.66

 

Granted

 

 

2,761,764,706

 

 

$0.0001

 

 

 

4.94

 

Cancelled / Expired

 

 

-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, July 31, 2024

 

 

6,376,032,398

 

 

$0.000163

 

 

 

4.64

 

v3.24.3
BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Details)
3 Months Ended
Jul. 31, 2024
Pecos Refining & Transport, LLC [Member]  
State of Incorporation Texas
Form of Entity LLC
Relationship Subsidiary
Ownership percentage 100.00%
Trans Permian H Two Hub LLC [Member]  
State of Incorporation Texas
Form of Entity LLC
Relationship Subsidiary
Ownership percentage 100.00%
MMEX Solar Resources LLC [Member]  
State of Incorporation Texas
Form of Entity LLC
Relationship Subsidiary
Ownership percentage 100.00%
Hydrogen Global, LLC [Member]  
State of Incorporation Texas
Form of Entity LLC
Relationship Subsidiary
Ownership percentage 100.00%
MMEX Resources Corporation [Member]  
State of Incorporation Nevada
Form of Entity Corporation
Relationship Parent
Ownership percentage 0.00%
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
3 Months Ended
Jul. 31, 2024
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
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Stock based compensation $ 0 $ 28,200
Land easements [Member]    
Property plant and equipment estimated useful life 10 years  
v3.24.3
GOING CONCERN (Details Narrative) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Jul. 31, 2023
Apr. 30, 2023
GOING CONCERN        
Accumulated deficit $ (81,376,613) $ (80,921,391)    
Cash 260 898 $ 250 $ 10,363
Working capital deficit (5,261,962)      
Total stockholders' deficit $ (4,229,650) $ (3,813,754) $ (2,952,747) $ (2,865,323)
v3.24.3
RELATED PARTY TRANSACTIONS (Details) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Less discount $ 0 $ 0
Total 50,000 50,000
Maple Resources Corporation [Member]    
Gross $ 50,000 $ 50,000
v3.24.3
RELATED PARTY TRANSACTIONS (Details 1) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Notes payble related parties $ 205,782 $ 120,478
Notes payble related parties 35,872 0
Less discount 0 0
Notes payble related parties net 35,872 0
Notes payble related parties one [Member]    
Notes payble related parties 0 11,800
Notes payble related parties one [Member] | Default Option [Member]    
Notes payble related parties 11,800 0
Notes payble related parties two [Member]    
Notes payble related parties 0 4,720
Notes payble related parties two [Member] | Default Option [Member]    
Notes payble related parties 4,720 0
Notes payble related parties three [Member]    
Notes payble related parties 0 7,552
Notes payble related parties three [Member] | Default Option [Member]    
Notes payble related parties 7,552 0
Notes payble related parties four [Member]    
Notes payble related parties 0 5,900
Notes payble related parties four [Member] | Default Option [Member]    
Notes payble related parties 5,900 0
Notes payble related parties five [Member]    
Notes payble related parties 0 5,900
Notes payble related parties five [Member] | Default Option [Member]    
Notes payble related parties $ 5,900 $ 0
v3.24.3
RELATED PARTY TRANSACTIONS (Details 2) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Notes payble related parties $ 205,782 $ 120,478
Less discount (81,226) (47,152)
Notes payble related parties net 124,556 73,326
Notes payble related parties one [Member]    
Notes payble related parties 0 11,800
Notes payble related parties two [Member]    
Notes payble related parties 0 4,720
Notes payble related parties three [Member]    
Notes payble related parties 0 7,552
Notes payble related parties four [Member]    
Notes payble related parties 0 5,900
Notes payble related parties five [Member]    
Notes payble related parties 0 5,900
Notes payble related parties Six [Member]    
Notes payble related parties 8,260 8,260
Notes payble related parties Seven [Member]    
Notes payble related parties 0 0
Notes payble related parties Eight [Member]    
Notes payble related parties 2,006 2,006
Notes payble related parties Nine [Member]    
Notes payble related parties 0 7,080
Notes payble related parties Ten [Member]    
Notes payble related parties 5,340 8,260
Notes payble related parties Eleven [Member]    
Notes payble related parties 59,000 59,000
Notes payble related parties Seventeen [Member]    
Notes payble related parties 63,000 0
Notes payble related parties Sixteen [Member]    
Notes payble related parties 0 0
Notes payble related parties Fifteen [Member]    
Notes payble related parties 3,054 0
Notes payble related parties Fourteen [Member]    
Notes payble related parties 3,054 0
Notes payble related parties Thirteen [Member]    
Notes payble related parties 3,068 0
Notes payble related parties Twelve [Member]    
Notes payble related parties $ 59,000 $ 0
v3.24.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Jul. 08, 2024
Jul. 02, 2024
Jun. 04, 2024
Feb. 12, 2024
Feb. 07, 2024
Nov. 03, 2023
Oct. 13, 2023
Jul. 03, 2023
Jul. 03, 2023
Jun. 06, 2023
Jun. 06, 2023
May 16, 2023
May 07, 2023
May 07, 2023
May 29, 2024
Apr. 26, 2024
Apr. 25, 2024
Mar. 17, 2024
May 31, 2023
May 31, 2023
May 16, 2023
Jul. 31, 2024
Apr. 30, 2024
Apr. 30, 2023
Consulting fees                                           $ 65,176    
Accounts payable to related party                                           1,236,256 $ 1,030,523  
Convertible notes converted into common shares             $ 50,000                                  
Convertible notes converted into common shares, percentage             110.00%                                  
Accrued interest on convertible notes                                           1,383 753  
CEO [Member]                                                
Accounts payable and accrued expenses - related party                                           2,500 2,190  
Accounts payable                                           5,493 2,190  
October 1, 2018 [Member] | Common Stocks [Member] | Leslie Doheny Hanks [Member]                                                
Accounts payable and accrued expenses - related party                                           183,704 152,633  
Amount payable in stock under consulting agreement                                           7,500 7,500  
Reimbursements Expenses                                           23,571    
Payable in stock                                           77,500 70,000  
Owed to related party                                           5,845    
Shares issued value related party each month                                           2,500    
Advance payment                                           5,845    
February 1, 2021 [Member]                                                
Accounts payable and accrued expenses - related party                                           165,584 128,484  
Repayments                                           3,400    
Fees and expenses reimbursements                                           40,500    
July 1, 2019 [Member]                                                
Reimbursements Expenses                                           27,475    
Consulting fees                                           20,000    
Maple Resources Corporation [Member]                                                
Consulting fees                                           15,000    
Accounts payable and accrued expenses - related party                                           369,235 327,049  
Owed to related party                                           17,275 0  
Promissory note principal Amount $ 180,000   $ 2,588                       $ 50,000 $ 50,000           5,000    
Maturity date Jul. 08, 2025   Jun. 06, 2025                       May 29, 2025 Apr. 26, 2025                
Interest rate of pricipal amount 5.00%   18.00%                       18.00% 18.00%                
Debt discount $ 3,000   $ 466                         $ 9,000                
Discription of promissory note issued the note was issued with 2,647,058,824 warrants, thus $35,006 of the $60,000 in note proceeds, from the first drawdown, were allocated to the warrants   the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants                         the note was issued with 1,247,609,946 warrants, thus $33,947 of the $50,000 in note proceeds were allocated to the warrants                
Advance payment                                           6,130    
Nabil Katabi [Member]                                                
Promissory note principal Amount     $ 2,588             $ 5,000 $ 5,000                          
Maturity date     Jun. 06, 2025             Jun. 06, 2024 Jun. 06, 2024                          
Interest rate of pricipal amount     18.00%             18.00% 18.00%                          
Debt discount     $ 466             $ 900 $ 900                          
Discription of promissory note issued     the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants             the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants                          
Nabil Katabi [Member] | November 1, 2020 [Member] | Common Stocks [Member]                                                
Monthly consulting fees                                             20,000 $ 10,000
Consulting fees                                           60,000    
Other consulting fees                                           5,176    
Accounts payable and accrued expenses - related party                                           429,540 349,364  
Owed to related party                                           16,220    
Payable in stock                                           15,000    
Shares issued value related party each month                                           2,000 5,000  
Advance payment                                           16,220    
BNL Family Trust [Member]                                                
Promissory note principal Amount     $ 2,600 $ 1,700                             $ 6,400 $ 6,400        
Maturity date     Jun. 06, 2025 Feb. 12, 2025                             May 31, 2024 May 31, 2024        
Interest rate of pricipal amount     18.00% 18.00%                             18.00% 18.00%        
Debt discount     $ 468 $ 306                             $ 1,152 $ 1,152        
Discription of promissory note issued     the note was issued with 38,235,294 warrants, thus $1,443 of the $2,600 in note proceeds were allocated to the warrants                               the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants        
BNL Family Trust [Member] | September 1, 2021 [Member] | Common Stocks [Member]                                                
Accounts payable and accrued expenses - related party                                           82,700 $ 70,000  
Amount payable in stock under consulting agreement                                           7,500    
Shares issued value related party each month                                           2,500    
Advance payment                                           5,200    
Lake of Silver, LLC [Member]                                                
Promissory note principal Amount                         $ 10,000 $ 10,000                    
Maturity date                         May 07, 2024 May 07, 2024                    
Interest rate of pricipal amount                         18.00% 18.00%                    
Debt discount                         $ 1,800 $ 1,800                    
Discription of promissory note issued                         the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants                    
Alpenglow Consulting, LLC [Member]                                                
Promissory note principal Amount   $ 5,000   $ 1,700 $ 6,100 $ 7,000           $ 4,000         $ 7,000 $ 6,000     $ 4,000      
Maturity date   Jul. 02, 2025                   May 16, 2024         Apr. 25, 2025 Mar. 17, 2025     May 16, 2024      
Interest rate of pricipal amount   18.00%                   18.00%         18.00% 18.00%     18.00%      
Debt discount   $ 900                   $ 720         $ 1,260 $ 1,080     $ 720      
Outstanding balance on notes payable                                           5,340    
Discription of promissory note issued         Accordingly, $1,098 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of April 30, 2024 the loan was paid back in full Accordingly, $1,260 was recorded as a debt discount at the notes inception to be recognized over the term of the note           the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants                 the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants      
Alpenglow Consulting, LLC One [Member]                                                
Promissory note principal Amount         $ 6,100 $ 7,000   $ 5,000 $ 5,000                              
Maturity date         Feb. 07, 2025 Nov. 03, 2024   Jul. 03, 2024 Jul. 03, 2024                              
Interest rate of pricipal amount         18.00% 18.00%   18.00% 18.00%                              
Debt discount         $ 1,098 $ 1,260   $ 900 $ 900                              
Discription of promissory note issued               the note was issued with $5,000 consulting fee under a subscription agreement the note was issued with $5,000 consulting fee under a subscription agreement                              
Nabil Katabi and BNL Family Trust [Member] | Common Stocks [Member]                                                
Warrants issued value related party each month                                           $ 39,326    
Warrants issued to related party                                           2,761,764,706    
v3.24.3
PROPERTY AND EQUIPMENT (Details) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Less accumulated depreciation and amortization $ (215,565) $ (206,468)
Property and equipment, net 1,032,312 1,041,409
Office furniture and equipment [Member]    
Property and equipment, gross 13,864 13,864
Computer equipment and software [Member]    
Property and equipment, gross 6,555 6,555
Land improvements [Member]    
Property and equipment, gross 468,615 468,615
Land easements [Member]    
Property and equipment, gross 37,015 37,015
Land [Member]    
Property and equipment, gross $ 721,828 $ 721,828
v3.24.3
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
3 Months Ended
Jul. 31, 2024
Jul. 31, 2023
PROPERTY AND EQUIPMENT    
Depreciation and amortization expense $ 9,097 $ 9,097
v3.24.3
ACCRUED EXPENSES (Details) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Jul. 31, 2023
Total Accrued Expenses $ 988,179 $ 933,143 $ 17,808
Accrued Payroll [Member]      
Total Accrued Expenses 30,090 30,090  
Accrued Consulting [Member]      
Total Accrued Expenses 32,000 26,000  
Accrued Interest And Penalties [Member]      
Total Accrued Expenses 831,915 782,879  
Other [Member]      
Total Accrued Expenses $ 94,174 $ 94,174  
v3.24.3
NOTES PAYABLE (Details) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Notes payable $ 984,115 $ 1,054,915
Notes Payables [Member]    
Notes payable, currently in default 75,001 75,001
Note Payable [Member]    
Notes payable gross 300,453 229,653
Notes payable, currently in default 0 0
Notes payable 300,453 229,653
Note Payable One [Member]    
Notes payable 136,952 136,952
Note Payable Two [Member]    
Notes payable 17,700 17,700
Note Payable Three [Member]    
Notes payable $ 70,800 $ 0
v3.24.3
NOTES PAYABLE (Details 1) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Notes payable $ 984,115 $ 1,054,915
Less discount (4,796) (22,285)
Convertible notes payable, currently in default, net of discount 979,319 1,032,630
Notes Payable One [Member]    
Notes payable 23,600 23,600
Notes Payable Two [Member]    
Notes payable 0 70,800
Notes Payable Three [Member]    
Notes payable 38,350 38,350
Notes Payable [Member]    
Notes payable 88,815 88,815
Notes Payable Four [Member]    
Notes payable 38,350 38,350
Notes Payable Five [Member]    
Notes payable 250,000 250,000
Notes Payable Six [Member]    
Notes payable 200,000 200,000
Notes Payable Seven [Member]    
Notes payable 50,000 50,000
Notes Payable Eight [Member]    
Notes payable $ 295,000 $ 295,000
v3.24.3
NOTES PAYABLE (Details 2) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Convertible notes payable, currently in default, gross $ 333,955 $ 150,000
Less discount 0 0
Convertible notes payable, currently in default, net of discount 333,955 150,000
Notes Payable One [Member]    
Notes Payable Unrelated Party 100,000 100,000
Notes Payable Two [Member]    
Notes Payable Unrelated Party 183,955 0
Notes Payable [Member]    
Notes Payable Unrelated Party $ 50,000 $ 50,000
v3.24.3
NOTES PAYABLE (Details 3) - USD ($)
Jul. 31, 2024
Apr. 30, 2024
Convertible notes payable, Total $ 340,000 $ 523,955
Less discount (2,315) (5,771)
Convertible notes payable, net of discount 337,685 518,184
Accredited investor one [Member] | Convertible Notes Payable [Member]    
Convertible notes payable, net of discount, gross 200,000 200,000
Accredited investor two [Member] | Convertible Notes Payable [Member]    
Convertible notes payable, net of discount, gross 0 183,955
Accredited Investor Three [Member] | Convertible Notes Payable [Member]    
Convertible notes payable, net of discount, gross 55,000 55,000
Accredited investor Four [Member] | Convertible Notes Payable [Member]    
Convertible notes payable, net of discount, gross 20,000 20,000
Accredited investor Five [Member] | Convertible Notes Payable [Member]    
Convertible notes payable, net of discount, gross $ 65,000 $ 65,000
v3.24.3
NOTES PAYABLE (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Sep. 14, 2023
Aug. 15, 2023
Jul. 14, 2023
Jun. 02, 2023
Apr. 12, 2022
Mar. 08, 2010
Feb. 28, 2024
Aug. 24, 2023
Apr. 25, 2023
Feb. 28, 2023
Feb. 28, 2023
Sep. 15, 2022
Jul. 26, 2022
Feb. 28, 2022
Feb. 22, 2021
Jul. 31, 2024
Jul. 31, 2023
Apr. 30, 2024
Feb. 23, 2022
Mar. 11, 2021
Proceeds from issuance of debt                               $ 0 $ 30,400      
Additional paid-in capital                               67,444,289   $ 67,654,963    
Conversion of stock amount                               $ 41,250        
Conversion of stock shares                               823,771,549        
Total Accrued Expenses                               $ 988,179 $ 17,808 933,143    
1800 Diagonal Lending LLC [Member]                                        
Proceeds from issuance of debt         $ 155,000     $ 50,000       $ 91,250 $ 185,000              
Principal amount         $ 165,000     $ 55,000   $ 226,875 $ 226,875 $ 100,000 $ 200,000              
New financing fees                   $ 36,626 $ 36,626                  
Maturity date                       Sep. 15, 2023                
Interest rate         10.00%     10.00%   10.00% 10.00% 10.00% 10.00%              
Debt conversion discount rate                   42.00% 42.00% 42.00%                
Debt conversion per share price         $ 0.10     $ 0.00007         $ 0.055              
Fees and expenses         $ 10,000     $ 2,000       $ 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         The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance              
Total Accrued Expenses                   $ 8,749 $ 8,749                  
Outstanding balance                               $ 20,000        
Vista Capital Investments, Inc [Member] | March 11, 2021 [Member]                                        
Principal amount                                     $ 113,048 $ 250,000
Accredited Investor [Member] | Convertible Notes Payable [Member]                                        
Proceeds from issuance of debt           $ 35,000                            
Interest rate           10.00%                            
Consulting expense           $ 15,000                            
Issuance of convertible note           $ 50,000                            
Fixed conversion price per share           $ 3.70                            
GS Capital Partners, LLC [Member] | Convertible Note [Member]                                        
Proceeds from issuance of debt             $ 60,000                          
Interest rate             10.00%                          
Principal amount             $ 65,000                          
Terms of conversion feature             The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance                          
Debt conversion per share price             $ 0.00007                          
Fees and expenses             $ 5,000                          
GS Capital Partners, LLC [Member] | Note Payable [Member]                                        
Interest rate                             10.00% 10.00%        
Principal amount                             $ 1,000,000          
Drawn down                                   $ 295,000    
Oscar and I1da Gonzales [Member]                                        
Principal amount                           $ 102,500            
Maturity date                           Feb. 28, 2026            
Interest rate                           10.00%            
Repayment of debt                           $ 3,309            
Repayment of debt date                           Mar. 01, 2023            
Poppy, LLC [Member]                                        
Principal amount                 $ 15,000                      
Additional paid-in capital                 $ 15,000                      
Interest rate                 18.00%                      
Debt discount                 $ 2,700                      
Warrant issued                 235,109,718                      
Note issued                 11,991                      
Pecos Clean Fuels & Transport, LLC [Member] | July 14, 2023 [Member]                                        
Principal amount     $ 60,000                                  
Additional paid-in capital     150,000                                  
New financing fees     $ 25,000                                  
Maturity date     Jul. 14, 2024                                  
Interest rate     18.00%                                  
Debt discount     $ 10,800                                  
Warrant issued     300,000,000                                  
Convertible promissory note     $ 35,000                                  
Extinguished     67,196                                  
Pecos Clean Fuels & Transport, LLC [Member] | Note Payable [Member]                                        
Principal amount $ 32,500 $ 32,500 60,000 $ 20,000                                
New financing fees $ 25,794 $ 16,250 $ 28,379 $ 15,988                                
Maturity date Sep. 14, 2024 Aug. 15, 2024 Jul. 14, 2024                                  
Interest rate 18.00% 18.00% 18.00% 18.00%                                
Debt discount     $ 6,300 $ 3,600                                
Warrant issued 625,000,000 325,000,000 300,000,000 313,479,624                                
Convertible promissory note $ 32,500 $ 32,500 $ 35,000 $ 20,000                                
Total Accrued Expenses 5,850 5,850                                    
Extinguished $ 32,500 $ 32,500   $ 20,000                                
v3.24.3
STOCKHOLDERS DEFICIT (Details) - Warrants [Member]
3 Months Ended
Jul. 31, 2024
$ / shares
shares
Shares, outstanding, beginning balance | shares 3,614,267,692
Shares, Granted | shares 2,761,764,706
Shares, Cancelled/Expired | shares 0
Shares, outstanding, Ending balance | shares 6,376,032,398
Weghted Average Exercise Price, beginning balance | $ / shares $ 0.000212
Weghted Average Exercise Price, Granted | $ / shares 0.0001
Weghted Average Exercise Price, Canceled and expired | $ / shares 0
Weghted Average Exercise Price, Ending balance | $ / shares $ 0.000163
Weighted Average Remaining Contractual Life, Beginning 4 years 7 months 28 days
Weighted Average Remaining Contractual Life, Granted 4 years 11 months 8 days
Weighted Average Remaining Contractual Life, Ending 4 years 7 months 20 days
v3.24.3
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($)
3 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Apr. 30, 2024
May 05, 2023
Jun. 07, 2022
Capital stock authorized 35,001,000,000   25,001,000,000    
Common stock share authorized 35,000,000,000   25,000,000,000    
Preferred stock share authorized 1,000,000   1,000,000    
Stock issued during period for accrued liabilities, related parties, shares   3,174,187,995      
Stock issued during period for accrued liabilities, related parties, value   $ 892,133      
Stock issued during period for accrued liabilities, shares   279,120,377      
Stock issued during period for accrued liabilities, value   $ 83,736      
Total Accrued Expenses $ 988,179 17,808 $ 933,143    
Accrued liability, related parties   204,763      
Loss recognized related to stock conversions   65,928      
Loss recognized related to stock conversions for related parties   $ 687,370      
Stock issued during period, shares   4,111,741,130      
Warrants issued as debt discount, shares 2,761,764,706        
Warrants issued as debt discount, value $ 39,326        
Common stock, outstanding 9,692,800,957        
Payments for fees   $ 540      
Accrued interest payable   $ 1,399      
Initial conversion price         $ 0.10
Conversion price       $ 0.000058 $ 0.05
Common stock conversion of convertible notes payable, shares 823,771,549        
Common stock conversion of convertible notes payable, value $ 41,250        
Series B Preferred Stock [Member]          
Conversion of preferred stock 15 35      
Conversion into common stock 250,000,000 301,724,139      
Common stock conversion of convertible notes payable, shares   356,708,619      
Common stock conversion of convertible notes payable, value   $ 27,450      
Common stock shares issued for conversion, shares 250,000,000 301,724,139      
Common stock shares issued for conversion, value   $ 29,389      
Prefrerred stock stated value $ 1,000        
v3.24.3
COMMITMENTS AND CONTINGENCIES (Details Narrative)
3 Months Ended
Jul. 31, 2024
Sabby Master Fund Ltd  
Description of authorized shares reserves The Company agreed in a Stipulation Resolving Motion for Contempt filed on June 10, 2024 with Sabby to increase its authorized shares reserves to 35 Billion shares and to place into reserves for Sabby conversions, 10 Billion shares
v3.24.3
SUBSEQUENT EVENTS (Details Narrative) - $ / shares
Aug. 01, 2024
Jul. 31, 2024
Apr. 30, 2024
Capital stock authorized   35,001,000,000 25,001,000,000
Preferred stock share authorized   1,000,000 1,000,000
Subsequent Event [Member]      
Capital stock authorized 50,001,000,000    
Preferred stock share authorized 1,000,000    
Common stock, par value $ 0.001    
Preferred stock, Par value $ 0.001    

MMEX Resources (PK) (USOTC:MMEX)
過去 株価チャート
から 11 2024 まで 12 2024 MMEX Resources (PK)のチャートをもっと見るにはこちらをクリック
MMEX Resources (PK) (USOTC:MMEX)
過去 株価チャート
から 12 2023 まで 12 2024 MMEX Resources (PK)のチャートをもっと見るにはこちらをクリック