Stockholders' Deficit Disclosure

12 Months Ended

Apr. 30, 2015

NOTE 5. STOCKHOLDERS’ DEFICIT

Authorized

The Company is authorized to issue 300,000,000 shares of $0.001 par value common stock and 25,000,000 shares of $0.001 par value preferred stock. All common stock shares have equal voting rights, are non-assessable and have one vote per share. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company. The preferred shares may be issued in series, with the powers, rights and limitations of the preferred shares to be determined by the Board.

Shares Issued for Cash

In July 2014, the Company sold 1,500,000 shares of common stock at $0.07 per share resulting in proceeds of $105,000.

In August 2014, the Company sold 2,200,000 shares of common stock to a member of the board of directors at $0.68 per share resulting in proceeds of $150,000.

Stock Options and Stock-Based Compensation

The Company uses the Black-Scholes option valuation model to value stock options and warrants granted. The Black- Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates, which are subjective and may not be representative of actual results.

A summary of stock option for the years ended April 30, 2015 and 2014 and changes during the corresponding year are presented as follows:

	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding April 30, 2013	11,300,000	$	0.15	5.3
Granted	-		-	-
Canceled	(5,200,000)		0.15	7.8
Outstanding April 30, 2014	6,100,000		0.15	1.6
Granted	-		-	-
Canceled	-		-	-
Outstanding April 30, 2015	6,100,000	$	0.15	0.6

During the years ended April 30, 2015 and 2014, the Company recorded $0 and $30,114 in stock-based compensation, respectively, which includes the amortization of prepaid amounts. All stock based compensation has been amortized as of April 30, 2015 and 2014.

Warrants

As of April 30, 2014, the Company had outstanding warrants to purchase 10,000,000 shares of common stock at an exercise price of $0.025 with an initial life of five years, expiring in February 2017. See Note 4 above for discussion related to the cancellation of these warrants.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

BIOSHAFT WATER TECHNOLOGY, INC. 10-K