Stockholders Equity

9 Months Ended

Jan. 31, 2022

7.	STOCKHOLDERS’ EQUITY

	The Company is authorized to issue 300,000,000 common shares and 76,000,000 preferred shares of stock, respectively.

	On September 13, 2021, the Company designated a class of preferred stock, the “Series A Preferred Stock,” consisting of ten million 10,000,000shares, par value $0.001. Under the Certificate of Designation, holders of the Series A Preferred Stock are entitled to vote together with the holders of the Company’s common stock on all matters submitted to shareholders at a rate of one hundred (100) votes for each share held. The holders are entitled to liquidation preference senior to common stock On September 13, 2021, the Company designated a class of preferred stock, the “Series B Preferred Stock,” consisting of ten million 10,000,000 shares, par value $0.001. Under the Certificate of Designation, holders of the Series B Preferred Stock are entitled at their option to convert their preferred shares into common stock at a conversion rate of five (5) shares of common stock for every one (1) share of Series B Preferred Stock. The holders of Series B Preferred stock are not entitled to voting rights. The holders are entitled to equal rights with our Preferred Series A stockholders as it relates to liquidation preference. On September 13, 2021, the Company designated a class of preferred stock, the “Series C Preferred Stock,” consisting of ten million 10,000,000 shares, par value $0.001. Under the Certificate of Designation, holders of the Series B Preferred Stock are entitled at their option to convert their preferred shares into common stock at a conversion rate of five (5) shares of common stock for every one (1) share of Series B Preferred Stock. The holders of Series B Preferred stock are not entitled to voting rights. The holders are entitled to equal rights with our Preferred Series A stockholders as it relates to liquidation preference. As of January 31, 2022, and April 30, 2021 the Company had 16,990,013 and 190,013 shares of common shares issued and outstanding, respectively. As of January 31, 2022, and April 30, 2021 the Company had 3,000,000 and 0 shares of Series A Preferred Stock issued and outstanding, respectively. As of January 31, 2022, and April 30, 2021 the Company had 6,029,696 and 0 shares of Series B Preferred Stock issued and outstanding, respectively. As of January 31, 2022, and April 30, 2021 the Company had 0 and 0 shares of Series C Preferred Stock issued and outstanding, respectively. On September 14, 2021 a convertible debt holder converted $23,898 of debt into 2,389,898 shares of Preferred B Stock. The shares were valued at 12,188,479, or $5.09 per share, and a loss on settlement of debt of $12,164,581 was recorded. On September 14, 2021 a convertible debt holder converted $23,899 of debt into 2,389,899 shares of Preferred B Stock. The shares were valued at 12,188,485, or $5.10 per share, and a loss on settlement of debt of $12,164,586 was recorded. On September 14, 2021 a convertible debt holder converted $23,899 of debt into 2,389,899 shares of Preferred B Stock. The shares were valued at 12,188,485, or $5.10 per share, and a loss on settlement of debt of $12,164,586 was recorded.

On September 14, 2021, a convertible note holder converted $2,800 in principal into 1,400,000 shares of common stock at a conversion price of $0.002 per share. The shares were valued at 1,428,000, or $1.02 per share, and a loss on settlement of debt of $1,425,200 was recorded.

On September 22, 2021, a convertible note holder converted $3,000 in principal into 1,600,000 shares of common stock at a conversion price of $0.002 per share. The shares were valued at $1,530,000, or $1.02 per share, and a loss on settlement of debt of $1,527,000 was recorded.

On September 24, 2021, a convertible note holder converted $3,200 in principal into 1,600,000 shares of common stock at a conversion price of $0.002 per share. The shares were valued at 1,632,000 or $1.02 per share, and a loss on settlement of debt of $1,628,800 was recorded.

On September 27, 2021 a Preferred Series B stockholder converted 380,000 shares of Preferred Series B Stock into 1,900,000 shares of the Company’s common stock.

On September 29, 2021 the Company issued 30,000,000 shares of common stock valued at $30,600,000 or $1.02 per share per an asset purchase agreement. The value of the purchased assets was unidentifiable and the value of the shares were recorded as a loss on asset acquisition.

On September 27, 2021 a Preferred Series B stockholder converted 380,000 shares of Preferred Series B Stock into 1,900,000 shares of the Company’s common stock.

On October 5, 2021, a convertible note holder converted $4,400 in principal into 2,200,000 shares of common stock at a conversion price of $0.002 per share. The shares were valued at $7,656,000 or $3.48 per share, and a loss on settlement of debt of $7,561,600 was recorded.

On December 1, 2021 the Company exchanged 3,000,000 shares of series A preferred stock for 30,000,000 shares of common stock which were then returned and cancelled.

- 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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-Publisher FASB
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+ Details

CGS INTERNATIONAL, INC. 10-Q