STOCKHOLDERS DEFICIT

3 Months Ended

Jul. 31, 2024

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.

- Definition

The entire disclosure for equity.

+ References

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+ Details

MMEX Resources Corp 10-Q