mmex_10q.htm

0001477932-17-000921.txt : 20170224 0001477932-17-000921.hdr.sgml : 20170224 20170224144455 ACCESSION NUMBER: 0001477932-17-000921 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20160731 FILED AS OF DATE: 20170224 DATE AS OF CHANGE: 20170224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MMEX Resources Corp CENTRAL INDEX KEY: 0001440799 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ALLIED TO MOTION PICTURE PRODUCTION [7819] IRS NUMBER: 261749145 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-152608 FILM NUMBER: 17636554 BUSINESS ADDRESS: STREET 1: 3616 FAR WEST BLVD #117-321 CITY: AUSTIN STATE: TX ZIP: 78731 BUSINESS PHONE: 855-880-0400 MAIL ADDRESS: STREET 1: 3616 FAR WEST BLVD #117-321 CITY: AUSTIN STATE: TX ZIP: 78731 FORMER COMPANY: FORMER CONFORMED NAME: MMEX Mining Corp DATE OF NAME CHANGE: 20110223 FORMER COMPANY: FORMER CONFORMED NAME: Management Energy, Inc. DATE OF NAME CHANGE: 20090716 FORMER COMPANY: FORMER CONFORMED NAME: MGMT ENERGY, INC. DATE OF NAME CHANGE: 20090303 10-Q 1 mmex_10q.htm FORM 10-Q mmex_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended July 31, 2016

¨ 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: 333-152608

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.)

3616 Far West Blvd. #117-321

Austin, Texas 78731

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 x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ¨ No x

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

x

(Do not check if a smaller reporting company)

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

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 February 24, 2017 there were 924,423,522 shares of common stock, $0.001 par value, issued and outstanding.

MMEX RESOURCES CORPORATION

TABLE OF CONTENTS

QUARTER ENDED JULY 31, 2016

PART I – FINANCIAL INFORMATION

Item 1.
Financial Statements

3

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

19

Item 3.
Quantitative and Qualitative Disclosures About Market Risk

25

Item 4.
Controls and Procedures

25

PART II – OTHER INFORMATION

Item 1.
Legal Proceedings

27

Item 1A.
Risk Factors

27

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

27

Item 3.
Defaults Upon Senior Securities

27

Item 4.
Mine Safety Disclosures

27

Item 5.
Other Information

27

Item 6.
Exhibits

28

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, 2016 filed with the Securities and Exchange Commission (“SEC”).

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MMEX RESOURCES CORPORATION

Condensed Consolidated Balance Sheets

July 31,
2016

April 30,
2016

Assets

(Unaudited)

Current assets:

Cash

$ 3,335

$ 1,030

Total current assets

3,335

1,030

Property and equipment, net

62

386

Total assets

$ 3,397

$ 1,416

Liabilities and Stockholders’ Deficit

Current liabilities:

Accounts payable

$ 652,454

$ 651,188

Accounts payable – related party

3,760

-

Accrued expenses

1,018,932

984,387

Accrued expenses – related party

65,983

64,420

Notes payable, currently in default

375,000

375,000

Convertible notes payable, net of discount of $0 and $0 at
July 31, 2016 and April 30, 2016, respectively, currently in default

195,001

195,001

Convertible preferred stock, currently in default

137,500

137,500

Derivative liabilities

309,924

395,619

Total current liabilities

2,758,554

2,803,115

Commitments and contingencies

Stockholders’ deficit:

Common stock; $0.001 par value, 3,000,000,000 shares authorized, 376,528,409 and

180,432,013 shares issued and outstanding at July 31, 2016 and April 30, 2016, respectively

376,529

180,434

Common stock payable

481,483

3,395,483

Additional paid-in capital

26,893,035

24,154,130

Non-controlling interest

(377,081 )

(376,619 )

Accumulated (deficit)

(30,129,123 )

(30,155,127 )

Total stockholders’ deficit

(2,755,157 )

(2,801,699 )

Total liabilities and stockholders’ deficit

$ 3,397

$ 1,416

See accompanying notes to condensed consolidated financial statements.

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MMEX RESOURCES CORPORATION

Condensed Consolidated Statements of Operations
(Unaudited)

Three Months Ended
July 31,

2016

2015

Revenues

$ -

$ -

Operating expenses:

General and administrative expenses

23,590

101,344

Depreciation and amortization

324

886

Total operating expenses

23,914

102,230

Loss from operations

(23,914 )

(102,230 )

Other income (expense):

Interest expense

(36,239 )

(420,890 )

Gain (loss) on derivative liabilities

85,695

(303,830 )

Loss on extinguishment of debt

-

(1,413,571 )

Total other income (expense)

49,456

(2,138,291 )

Income (loss) before income taxes

25,542

(2,240,521 )

Provision for income taxes

-

-

Net income (loss)

25,542

(2,240,521 )

Non-controlling interest in loss of consolidated subsidiaries

462

463

Net income (loss) attributable to the Company

$ 26,004

$ (2,240,058 )

Weighted average number of common shares:

Basic

371,419,312

57,188,313

Diluted

371,474,480

57,188,313

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

$ 0.00

$ (0.04 )

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

MMEX RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows
(Unaudited)

Three Months Ended
July 31,

2016

2015

Cash flows from operating activities:

Net income (loss) attributable to the Company

$ 26,004

$ (2,240,058 )

Non-controlling interest in loss of consolidated subsidiaries

(462 )

(463 )

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

Depreciation and amortization expense

324

886

(Gain) loss on derivative liabilities

(85,695 )

303,830

Amortization of debt discount

-

375,617

Amortization of deferred loan costs

-

8,822

Loss on extinguishment of debt

-

1,413,571

Increase in liabilities:

Accounts payable

5,026

1,732

Accrued expenses

36,108

121,066

Net cash used in operating activities

(18,695 )

(14,997 )

Cash flows from investing activities:

Net cash used in investing activities

-

-

Cash flows from financing activities:

Proceeds from common stock payable

21,000

15,000

Net cash provided by financing activities

21,000

15,000

Net increase in cash

2,305

3

Cash at the beginning of the period

1,030

141

Cash at the end of the period

$ 3,335

$ 144

Supplemental disclosure:

Interest paid

$ -

$ -

Income taxes paid

-

-

Shares issued for common stock payable

2,935,000

-

Adjustment to common stock and additional paid-in capital

-

(39 )

Accrued expenses contributed to capital

-

2,063,468

Preferred stock and accrued dividends converted to common stock payable

-

(1,410,685 )

Notes payable converted to common stock payable

-

1,950,000

Notes payable – related party contributed to capital

-

149,253

See accompanying notes to condensed consolidated financial statements.

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MMEX RESOURCES CORPORATION

Notes to Condensed Consolidated Financial Statements

Three Months Ended July 31, 2016
(Unaudited)

NOTE 1 – BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

MMEX Resources Corporation (the “Company” or “MMEX”) was formed in the State of Nevada on May 19, 2005 as Inkie Entertainment Group, Inc. Subsequently, the Company amended its articles of incorporation to change its name to MMEX Resources Corporation and to authorize the Company to issue up to 3,000,000,000 common shares and 10,000,000 preferred shares. The changes in the number of authorized shares of the Company have been given retroactive effect in the accompanying consolidated financial statements.

The Board of Directors of the Company has decided to focus efforts on the oil, gas, refining and electric power business in the United States and Latin America.

The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership:

Name of Entity

%

Form
of Entity

State of
Incorporation

Relationship

MMEX Resources Corporation (“MMEX”)

-

Corporation

Nevada

Parent

MCC Merger, Inc. (“MCCM”)

100%

Corporation

Delaware

Holding Subsidiary

Maple Carpenter Creek Holdings, Inc. (“MCCH”)

100%

Corporation

Delaware

Subsidiary

Maple Carpenter Creek, LLC (“MCC”)

80%

LLC

Nevada

Subsidiary

Carpenter Creek, LLC (“CC”)

95%

LLC

Delaware

Subsidiary

Armadillo Holdings Group Corp. (“AHGC”)

100%

Corporation

British Virgin Isles

Subsidiary

Armadillo Mining Corp. (“AMC”)

98.6%

Corporation

British Virgin Isles

Subsidiary

As of April 13, 2016, the Company assigned AMC to an irrevocable trust (the “Trust”), whose beneficiaries are the existing shareholders of MMEX. The accounts of AMC are included in the consolidated financial statements due to the common ownership. AMC through the Trust controls the Hunza coal interest previously owned by the Company.

All significant inter-company transactions have been eliminated in the preparation of the consolidated financial statements.

These financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for a fair presentation of the information contained therein.

The Company has adopted a fiscal year end of April 30.

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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, 2016 filed with the SEC on January 13, 2017.

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.

Derivative liabilities

In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the warrants 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 financial statements as reflected herein. The carrying amounts of cash, accounts payable, accrued expenses and notes 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

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

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

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.

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Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:

July 31, 2016

Total

Level 1

Level 2

Level 3

Derivative liabilities

$ 309,924

$ -

$ -

$ 309,924

April 30, 2016

Total

Level 1

Level 2

Level 3

Derivative liabilities

$ 395,619

$ -

$ -

$ 395,619

Basic and diluted 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, 2016, potential dilutive securities included 55,168 shares issuable for in-the-money warrants, using the treasury stock method. For the three months ended July 31, 2015, potential 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 share is the same as diluted net loss per share.

Issuance of shares for non-cash consideration

The Company accounts for the issuance of equity instruments 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 Company's accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. 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 by the consultant or vendor is reached or (ii) the date at which the consultant or vendor's performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.

Reclassifications

Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation.

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Recently Issued Accounting Pronouncements

In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-4, “Intangibles – Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment.” This update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity should apply the amendments in this update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. A public business entity that is an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.

In January 2017, the FASB issued ASU No. 2017-1, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments of this ASU are effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The amendments in this Update are to be applied prospectively on or after the effective date. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.

In October 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties That are Under Common Control.” This update amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.

Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.

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NOTE 3 – GOING CONCERN

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 of $30,129,123 and a total stockholders’ deficit of $2,755,157 at July 31, 2016, and have reported negative cash flows from operations since inception. In addition, we do not currently have the cash resources to meet our operating commitments for the next twelve months, and we expect to have ongoing requirements for capital investment to implement our business plan. 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 markets and the competitive environment in which we operate.

Since inception, our operations have primarily been funded through private debt and equity financing, as well as capital contributions by our subsidiaries' partners, 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, indicate that we may be unable 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.

NOTE 4 – RELATED PARTY TRANSACTIONS

During the past few years, Tydus Richards, the former Chairman of our board of directors and shareholder, made certain payments on behalf of the Company. The Company has partially reimbursed Mr. Richards for these advances. As of July 31, 2016 and April 30, 2016, a remaining balance payable of $31,633 is included in accrued expenses – related party.

On October 9, 2014, convertible notes payable in default to an accredited investor of $1,650,000, $120,000 and $180,000 were assigned to The Maple Gas Corporation, a related party owned by Mr. Jack W. Hanks, a director and officer of the Company. On May 8, 2015, The Maple Gas Corporation converted the notes into 194,999,999 common shares of the Company at $0.01 per share, which resulted in a loss on extinguishment of debt of $975,000. The issuance of the common shares to Maple Structure Holdings was approved by the Company’s Board of Directors Resolution dated May 18, 2015, and the shares were issued on May 2, 2016. At April 30, 2016, common stock payable included an obligation of $2,925,000 for the issuance of the shares.

Accounts payable to related parties, comprised of amounts payable to The Maple Gas Corporation, totaled $3,760 and $0 at July 31, 2016 and April 30, 2016, respectively.

Accrued expenses (see Note 6) to related parties totaled $65,983 and $64,420 as of July 31, 2016 and April 30, 2016, respectively.

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NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at:

July 31,
2016

April 30,
2016

Computer software and hardware

$ 25,023

$ 25,023

Less accumulated depreciation and amortization

(24,961 )

(24,637 )

$ 62

$ 386

Depreciation and amortization expense totaled $324 and $886 for the three months ended July 31, 2016 and 2015, respectively.

NOTE 6 – ACCRUED EXPENSES

Accrued expenses consisted of the following at:

July 31,
2016

April 30,
2016

Accrued payroll

$ 240,309

$ 240,309

Accrued consulting

75,633

75,633

Accrued interest

706,432

670,324

Other

62,541

62,541

$ 1,084,915

$ 1,048,807

NOTE 7 – NOTES PAYABLE

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

July 31,
2016

April 30,
2016

Note payable to an unrelated party, maturing July 15, 2010, with interest at 10%

$ 300,000

$ 300,000

Note payable to an unrelated party, maturing December 31, 2010, with interest at 10%

25,000

25,000

Note payable to an unrelated party, maturing January 27, 2012, with interest at 25%

50,000

50,000

$ 375,000

$ 375,000

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Accrued interest payable on notes payable, currently in default, totaled $286,790 and $276,477 at July 31, 2016 and April 30, 2016, respectively.

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

July 31,
2016

April 30,
2016

Note payable to an accredited investor, maturing March 1, 2013, with interest at 1.87% per month, secured with 900,000 common shares of the Company owned by the president and CEO of the Company

$ 120,000

$ 120,000

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

75,001

75,001

Total

195,001

195,001

Less discount

-

-

Net

$ 195,001

$ 195,001

Accrued interest payable on convertible notes payable, currently in default, totaled $120,665 and $112,058 at July 31, 2016 and April 30, 2016, respectively.

On January 2, 2013, the Company closed a note purchase agreement with an accredited investor pursuant to which the Company sold a $120,000 note in a private placement transaction. The note was due and payable on March 1, 2013, is currently in default and carries a monthly interest rate of 1.87%. The note purchase agreement included the issuance of 300,000 shares of the Company’s common stock. The note is secured with 900,000 shares of the Company’s common stock owned by Jack W. Hanks, the Company’s President and CEO. The 300,000 shares were valued at $0.10 per share, the closing price of the Company’s common stock on January 2, 2013, and recorded as a $30,000 increase to debt discount and an increase to common stock payable.

The Company allocated the proceeds from the issuance of the notes to the warrants when applicable and to the notes based on their estimated fair market values at the date of issuance using the Black-Scholes option pricing model. The debt discount resulting from interest and the value of warrants computed at the inception of the notes payable was amortized as additional interest expense over the term of the notes.

NOTE 8 – CONVERTIBLE PREFERRED STOCK

Convertible Preferred Stock, Currently in Default

On June 30, 2011, the Company issued 360,000 shares of Armadillo Mining Corporation Preferred Stock to five unrelated parties in exchange for an investment of $360,000. The Preferred Stock carry a 25% cumulative dividend and have a mandatory redemption feature on December 31, 2011 at a price of $1.25 per share. In addition, the Company issued 360,000 warrants to purchase shares of the Company’s common stock at an exercise price of $0.60 per share on or before three years from the repayment or conversion date.

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On January 6, 2012, three unrelated parties converted their Preferred Stock and accrued dividends of $312,500 into 2,983,293 shares of the Company’s common stock at a price of $.10475 per share. As the conversion took place at below the market price and not within the terms of the agreement on the date of conversion, a loss of $75,328 was recorded. As of July 31, 2016 and April 30, 2016, the remaining face value of the Preferred Stock was $137,500. Accrued dividends on the Preferred Stock totaled $298,977 and $281,789 as of July 31, 2016 and April 30, 2016, respectively.

The Company recorded interest expense, which included amortization of debt discount on certain debt in prior years, totaling $36,239 and $420,890 for the three months ended July 31, 2016 and 2015, respectively.

NOTE 9 – DERIVATIVE LIABILITIES

In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives.

During the three months ended July 31, 2016, we had the following activity in our derivative liabilities:

Balance, April 30, 2016

$ 395,619

Change in fair value of derivative liabilities

(85,695 )

Balance, July 31, 2016

$ 309,924

The Company calculated the fair value of the derivatives using a multinomial lattice model simulation. The model is based on a probability weighted discounted cash flow model using projections of the various potential outcomes.

Key inputs and assumptions used in valuing the Company’s derivative liabilities are as follows for issuances of warrants:

· Stock prices on all measurement dates were based on the fair market value

· Risk-free interest rates ranging from 1.03% – 2.49%

· The probability of future financing was estimated at 100%

· Computed volatility ranging from 103% to 249%

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.

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NOTE 10 – STOCKHOLDERS’ DEFICIT

Authorized Shares

As of April 6, 2016, the Company amended its articles of incorporation to increase its authorized shares to 1,000,000,000 common shares and 10,000,000 preferred shares, and subsequently increased its authorized common shares to 3,000,000,000 shares (Note 13). The increase in authorized shares has been given retroactive effect in the accompanying condensed consolidated financial statements for all periods presented.

Stock Issuances

On May 2, 2016, the Company issued 194,999,999 shares of its common stock to a related party pursuant to the conversion of notes payable in default (see Note 4), reducing stock subscriptions payable by $2,925,000.

As part of a private placement to qualified investors, the Company issued 1,096,397 shares of its common stock on July 12, 2016 to an investor for stock subscriptions payable of $10,000.

Common Stock Payable

On May 8, 2015, a related party converted convertible notes payable with a book value of $1,950,000 into 194,999,999 common shares of the Company at $0.01 per share. The common shares issued were valued at $0.015 per share, the market price on the date of the conversion, which resulted in a loss on extinguishment of debt of $975,000. The 194,999,999 common shares were issued on May 2, 2016, reducing common stock payable by $2,925,000.

During the three months ended July 31, 2016, the Company completed subscription agreements for common stock and warrants with qualified investors in a private placement for cash of $21,000. The shares of common stock were issued subsequent to July 31, 2016, and common stock payable included $21,000 at July 31, 2016 related to these transactions. The attached warrants were identified as derivatives, resulting in derivative liabilities of $309,924 at July 31, 2016 (see Note 9).

Stock Options

On March 7, 2012, the Company issued a total of 2,000,000 stock options exercisable at $0.35 per share for a period of ten years from the date of grant. The Company did not grant any stock options during the three months ended July 31, 2016.

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A summary of stock option activity during the three months ended July 31, 2016 is presented below:

Shares

Weighted Average

Exercise Price

Weighted Average

Remaining Contractual Life (Years)

Outstanding, April 30, 2016

2,000,000

$ 0.35

5.85

Granted

-

-

Canceled / Expired

-

-

Exercised

-

-

Outstanding, July 31, 2016

2,000,000

$ 0.35

5.60

The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options, which value is amortized to stock-based compensation expense over the vesting period of the options. No stock-based compensation expense was recorded during the three months ended July 31, 2016 and 2015 related to stock option grants. There was no unrecognized stock option expense at July 31, 2016.

Warrants

The Company has issued warrants to qualified investors in a private placement, for debt discounts or other stock-based compensation. These warrants generally vest upon grant and are valued using the Black-Scholes option pricing model or multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes.

A summary of warrant activity during the three months ended July 31, 2016 is presented below:

Shares

Weighted Average

Exercise Price

Weighted Average

Remaining Contractual Life (Years)

Outstanding, April 30, 2016

14,811,362

$ 0.01

5.84

Granted

1,096,397

$ 0.01

Canceled / Expired

-

-

Exercised

-

-

Outstanding, July 31, 2016

15,907,759

$ 0.01

5.58

Common Stock Reserved

At July 31, 2016, 15,907,759 shares of the Company’s common stock were reserved for issuance of outstanding warrants.

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NOTE 11 – NON-CONTROLLING INTERESTS

On September 23, 2010, the Company, through a reverse merger, acquired 100% of the outstanding shares of Maple Carpenter Creek Holdings, Inc., ("MCCH"), a holding Company, with an 80% interest in Maple Carpenter Creek, LLC ("MCC"), which in turn owned a 95% interest in the subsidiary, Carpenter Creek, LLC ("CC"), and a 98.12% interest in Armadillo Holdings Group Corp. ("AHGC"), which in turn owned an 80% interest in Armadillo Mining Corp. ("AMC"). The non-controlling interest of 1.88% in AHGC was acquired by MCCH on December 21, 2010 in exchange for 31,334 shares of the Company’s common stock resulting in 100% ownership of AHGC. On March 22, 2011, AHGC acquired 14.6% of AMC and on April 30, 2012, an additional 4% interest for a total of 98.6% based upon agreement with the minority interest holder to reduce their interest based upon proportionate share of additional capital contributed to AMC.

As of April 13, 2016, the Company assigned AMC to an irrevocable trust (the "Trust"), whose beneficiaries are the existing shareholders of MMEX. AMC through the Trust controls the Hunza coal interest previously owned by the Company.

NOTE 12 – COMMITMENTS AND CONTINGENCIES

Legal

There were no legal proceedings against the Company.

Operating Lease Commitments

The Company acquired the Bolzer Lease pursuant to a September 23, 2010 merger. Subsequently, notice of termination on this lease effective April 26, 2010 was provided by previous management. The Company has recorded an accrued expense for the minimum lease payment of $62,541 for the January 2010 payment.

NOTE 13 – SUBSEQUENT EVENTS

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

Amendment of Articles of Incorporation

As of November 29, 2016, the Company amended its articles of incorporation to increase its authorized common shares to 3,000,000,000 shares.

Transfer of Coal Project

On September 1, 2016, the Company entered into a stock assignment agreement with LatAm Services, LLC (“LatAm”), a related party, pursuant to which it assigned MCCH to LatAm. With the assignment of MCCH to LatAm, the Company has exited the Hunza coal project to focus on energy related projects under its new business plan.

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Private Placement

As the Company continues to expand its business and implement its business strategy, its current monthly cash flow requirements will exceed its near term cash flow from operations. In order to fund its development costs, the Company initiated in fiscal year 2016 a private placement to qualified investors for cash and services. Through the date of the filing of this report, $118,230 cash and $60,000 in services had been received, including $49,200 cash from related parties, for a total of 41,784,320 common shares of the Company and a total of 43,025,313 warrants. The warrants entitle the investors to purchase common shares at exercise prices of $0.0001 and $0.01 per share through March 1, 2022. Of the common shares issued, 1,096,397 shares were issued in July 2016, 27,740,123 shares were issued in December 2016 and 12,947,500 shares were issued in January 2017.

Settlement Agreement and Stipulation

On October 28, 2016, the Company entered into a Settlement Agreement and Stipulation (the “Settlement Agreement”) with Rockwell Capital Partners, Inc. (“RCP”). Pursuant to the Settlement Agreement, as amended, RCP has purchased certain outstanding payables between the Company and designated vendors totaling $109,391 (the “Payables” or “Claims”) and will exchange the portion of such Payables assigned for a Settlement Amount payable in common shares of the Company.

In settlement of the Claims, the Company shall issue and deliver to RCP, in one or more tranches as necessary, shares of the Company’s common stock (“Common Stock”), subject to adjustment and ownership limitations as set forth in the Settlement Agreement, sufficient to satisfy the Claims amount at a 50% discount to market based on the market price during the valuation period as defined in the Settlement Agreement. The Company also issued 7,000,000 shares of Common Stock as a settlement fee on October 31, 2016.

On October 28, 2016, a circuit court in Florida issued an order confirming the fairness of the terms of the Settlement Agreement within the meaning of exemption from registration provided by Section 3(a) (10) of the Securities Act of 1933.

The Company issued the following shares of its common stock to RCP in settlement of Claims: 10,000,000 shares on November 3, 2016, 15,000,000 shares on November 4, 2016, 18,000,000 shares on November 10, 2016, 18,000,000 shares on November 16, 2016, 14,000,000 shares on November 21, 2016, 22,000,000 shares on November 28, 2016, 22,000,000 shares on November 30, 2016, 25,000,000 shares on December 5, 2016, 25,000,000 shares on December 7, 2016, 27,000,000 shares on January 4, 2017, 28,000,000 shares on January 6, 2017, 29,000,000 shares on January 10, 2017, 30,000,000 shares on January 11, 2017, 31,000,000 shares on January 12, 2017, 33,000,000 shares on January 18, 2017, 34,000,000 shares on January 23, 2017, 35,000,000 shares on January 25, 2017 and 36,000,000 shares on January 26, 2017.

Other Subsequent Events

On January 19, 2017, the Company issued 5,000,000 shares of its common stock to a qualified investor for cash of $1,000.

On January 24, 2017, the Company issued 2,082,190 shares of its common stock to a former employee in settlement of accrued salaries of $208,219.

On January 24, 2017, the Company issued 28,625,000 shares of its common stock to a consultant in payment of services valued at $5,725.

On February 5, 2017, the Company issued 12,500,000 shares of its common stock to a qualified investor for cash of $2,500.

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

The following discussion and analysis constitutes 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

New Business Plan

The MMEX Board of Directors has made the decision to focus the Company efforts into the oil, gas, refining and electric power business in the U.S. and in Latin America. The principal reasons are the following:

·

MMEX principal shareholders and directors are also principals in a privately held U.S. oil and gas company, Maple Resources Corporation ('Maple") based in Austin, Texas.

·

The MMEX management team has over 30 years of experience in natural resource project development and project financing in North and South America and the U.K.

·

MMEX directors and principal shareholders with oil, gas, refining and electric power experience will bring this expertise into the Company.

Management Expertise in Oil, Gas, Refining and Electric Power Project Development and Project Finance Development

MMEX principals formed Maple Resources Corporation ("Maple Resources") in 1986. Maple Resources is a privately held corporation, registered in Delaware, with its principal operating offices in Austin, Texas. It is engaged in the evaluation, acquisition and development of oil & gas, refining, power generation, natural gas transmission and processing energy projects in the western United States and Latin America. Maple Resources was established in 1986 in Dallas, Texas USA. Maple Resources engaged in a number of oil and gas acquisitions and dispositions and ultimately acquired assets that included 10 gas processing plants and approximately 770 miles of natural gas gathering lines and transmission infrastructure. In 1992, Maple Resources Dallas sold substantially all of its existing US-based assets and began to pursue energy projects in Latin America. Maple Resources went to Peru in 1992 and managed its Peru business through The Maple Gas Corporation del Peru Ltd ("Maple Peru"). In 1993, Maple Peru began developing the Aguaytía Project, an integrated natural gas and electric power generation and transmission project. This US$ 273 million project involved the first commercial development of a natural gas field in Peru, as well as the construction and operation of approximately 175 miles of hydrocarbon pipelines, a gas processing plant, a fractionation facility, a 153 MW power plant and the related 392 km of electricity transmission lines. The Aguaytía Project began commercial operation in 1998. Maple Peru also acquired a 4,000 barrel per day refinery in Pucallpa along with 3 producing oil fields. In 2007, Maple Peru was registered on the London Stock Market AIM under the name of Maple Energy, plc. In October 2015, Maple Resources along with its partners took Maple Gas del Peru private with the acquisition of the company from Maple Energy, plc, the publicly listed company.

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Development Strategy

The new development strategy is to focus on the acquisition, development and financing of oil, gas, refining and electric power projects in Texas, Peru and other countries in Central and Latin America.

As we continue to expand our business and implement our business strategy, our current monthly cash flow requirements will exceed our near term cash flow from operations. Our available cash resources and anticipated cash flow from operations are insufficient to satisfy our anticipated costs associated with new project development. There can be no assurance that we will be able to generate sufficient cash from operations in future periods to satisfy our capital requirements. Therefore, we will have to continue to rely on external financing activities, including the sale of our equity securities, to satisfy our capital requirements for the foreseeable future. Due, in part, to our lack of historical earnings, our prior success in attracting additional funding has been limited to transactions in which our equity is used as currency. In light of the availability of this type of financing, and the lack of alternative proposals, our board of directors has determined that the continued use of our equity for these purposes may be necessary if we are to sustain operations. Equity financings of the type we have been required to pursue are dilutive to our stockholders and may adversely impact the market price for our shares. We recently completed a private placement financing with certain accredited investors, including our two executive officers and directors. However, we have no commitments for borrowings or additional sales of equity, the precise terms upon which we may be able to attract additional funding is not known at this time, and there can be no assurance that we will be successful in consummating any such future financing transactions on terms satisfactory to us, or at all.

Results of Operations

We recorded net income of $25,542, or $0.00 per share, for the three months ended July 31, 2016, primarily as a result of gain on derivative liabilities, compared to a net loss of $2,240,521, or $(0.04) per share, for the three months ended July 31, 2015.

Revenues

We have not yet begun to generate revenues.

Operating Expenses

Our selling, general and administrative expenses decreased $77,754 to $25,590 for the three months ended July 31, 2016 from $101,344 for the three months ended July 31, 2015. The decrease is due to reduced payroll and professional fees as we have focused on our new development strategy.

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Depreciation and Amortization Expense

Our depreciation and administrative expenses are not currently material to our operations. Depreciation and administrative expenses were $324 and $886 for the three months ended July 31, 2016 and 2015, respectively.

Other Income (Expense)

Our interest expense decreased $384,651 to $36,239 for the three months ended July 31, 2016 from $420,890 for the three months ended July 31, 2015 due to a reduction in our interest-bearing indebtedness and because all debt discount recorded for convertible debt was fully amortized in the prior fiscal year.

We reported a gain on derivative liabilities of $85,695 for the three months ended July 31, 2016 and a loss on derivative liabilities of $303,830 for the three months ended July 31, 2015. In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the warrants 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.

We had no gain or loss on extinguishment of debt for the three months ended July 31, 2016. We reported a loss on extinguishment of debt of $1,413,571 for the three months ended July 31, 2015 resulting primarily from the conversion of preferred stock and accrued dividends and convertible notes payable to shares of our common stock. We record the value of the shares issued at the current market price, which has been significantly higher than the conversion price per share, resulting in a loss on conversion.

Net Income (Loss)

As a result of the above, we reported net income of $25,542 for the three months ended July 31, 2016 and a net loss of $2,240,521 for the three months ended July 31, 2015.

Non-Controlling Interest in Loss of Consolidated Subsidiaries

Non-controlling interest in loss of consolidated subsidiaries was $462 for the three months ended July 31, 2016 compared to $463 the three months ended July 31, 2015.

Net Income (Loss) Attributable to the Company

Net income attributable to the Company was $26,004 for the three months ended July 31, 2016 compared to net loss attributable to the Company of $2,240,058 for the three months ended July 31, 2015.

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Liquidity and Capital Resources

Introduction

As of July 31, 2016, we had current assets of $3,335, comprised of cash, and current liabilities of $2,758,554, resulting in a working capital deficit of $2,755,219. Included in our current liabilities as of July 31, 2016 are derivative liabilities of $309,924, which we do not anticipate will require the payment of cash. In addition, we had a total stockholders’ deficit of $2,755,157 at July 31, 2016.

Because of our continuing operating losses, we have not generated positive operating cash flows. As a result, we have significant short-term cash needs. Our principal source of operating capital has been provided from private sales of our common stock and warrants and debt financing.

During the three months ended July 31, 2016, financing of $21,000 was provided by common stock and warrant subscriptions in a private placement.

Private Placement

We have initiated a private placement of common stock and warrants to qualified investors for cash and services. Through the date of the filing of this report, $118,230 cash and $60,000 in services had been received, including $49,200 cash from related parties, for a total of 41,784,320 common shares of the Company and a total of 43,025,313 warrants. The warrants entitle the investors to purchase common shares at exercise prices of $0.0001 and $0.01 per share through March 1, 2022. Of the common shares issued, 1,096,397 shares were issued in July 2016, 27,740,123 shares were issued in December 2016 and 12,947,500 shares were issued in January 2017.

Settlement Agreement and Stipulation

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Through the date of filing of this report, the Company’s creditors have received a total of $84,782 and the Company has repaid $56,100 through the issuance of the following shares of its common stock to RCP: 10,000,000 shares on November 3, 2016, 15,000,000 shares on November 4, 2016, 18,000,000 shares on November 10, 2016, 18,000,000 shares on November 16, 2016, 14,000,000 shares on November 21, 2016, 22,000,000 shares on November 28, 2016, 22,000,000 shares on November 30, 2016, 25,000,000 shares on December 5, 2016, 25,000,000 shares on December 7, 2016, 27,000,000 shares on January 4, 2017, 28,000,000 shares on January 6, 2017, 29,000,000 shares on January 10, 2017, 30,000,000 shares on January 11, 2017, 31,000,000 shares on January 12, 2017, 33,000,000 shares on January 18, 2017, 34,000,000 shares on January 23, 2017, 35,000,000 shares on January 25, 2017 and 36,000,000 shares on January 26, 2017.

We do not anticipate receiving further funding from the Settlement Agreement and Stipulation.

Future Financing Needs

As we attempt to expand exploration activities and develop our international operations, we expect to continue to experience net negative cash flows from operations in amounts not now determinable, and will be required to obtain additional financing to fund operations through common stock offerings, preferred stock offerings, and debt borrowings to the extent necessary to provide working capital. We have and expect to continue to have substantial capital expenditure and working capital needs. We recently completed a private placement We do not now have funds sufficient to fund our operations at their current level for the next twelve months. We need to raise additional cash to fund our operations and implement our business plan. We expect that the additional financing will (if available) take the form of a private placement of equity, although we may be constrained to obtain additional debt financing in lieu thereof. We are maintaining an on-going effort to locate sources of additional funding, without which we will not be able to remain a viable entity. No financing arrangements are currently under contract, and there are no assurances that we will be able to obtain adequate financing. If we are able to obtain the financing required to remain in business, eventually achieving operating profits will require commencement of operations to generate revenues or drastically reducing expenses from their current levels or both. If we are able to obtain the required financing to remain in business, future operating results depend upon a number of factors that are outside of our control.

Sources and Uses of Cash

We used net cash of $18,695 in operating activities for the three months ended July 31, 2016 as a result of net income attributable to the Company of $26,004, non-cash expenses of $324 and increases in accounts payable of $5,026 and accrued expenses of $36,108, offset by non-controlling interest in loss of consolidated subsidiaries of $462 and non-cash gain of $85,695.

By comparison, we used net cash of $14,997 in operating activities for the three months ended July 31, 2015 as a result of net loss attributable to the Company of $2,240,058 and non-controlling interest in loss of consolidated subsidiaries of $463, partially offset by non-cash expenses totaling of $2,102,726 and increases in accounts payable of $1,732 and accrued expenses of $121,066.

We had no net cash provided by or used in investing activities for the three months ended July 31, 2016 and 2015.

We had net cash provided by financing activities of $21,000 and $15,000 for the three months ended July 31, 2016 and 2015, respectively, from proceeds from common stock payable.

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.

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Critical Accounting Policies

For further information on our significant accounting policies see the notes to our condensed consolidated financial statements included in this filing. Other than accounting policies for derivatives and related fair value disclosures that were added in the current fiscal year, there have been no changes to our significant accounting policies.

Derivative liabilities

Fair value of financial instruments

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

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.

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Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:

July 31, 2016

Total

Level 1

Level 2

Level 3

Derivative liabilities

$ 309,924

$ -

$ -

$ 309,924

April 30, 2016

Total

Level 1

Level 2

Level 3

Derivative liabilities

$ 395,619

$ -

$ -

$ 395,619

The following describes the general application of accounting principles that impact our condensed consolidated financial statements.

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.

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 not 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.

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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. To address the material weaknesses, we performed additional analysis and other post-closing procedures in an effort to ensure our condensed consolidated financial statements included in this quarterly report have been prepared in accordance with generally accepted accounting principles. Accordingly, management believes that the 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.

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, 2016. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control-Integrated Framework (2013 Framework). A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. We have identified the following material weaknesses:

·
As of July 31, 2016, we did not maintain effective controls over the control environment. Specifically, the Board of Directors does not currently have any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-B. Since these entity level programs have a pervasive effect across the organization, management has determined that these circumstances constitute a material weakness.

·

As of July 31, 2016, we did not maintain effective controls over financial statement disclosure. Specifically, controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Accordingly, management has determined that this control deficiency constitutes a material weakness.

Because of these material weaknesses, management has concluded that the Company did not maintain effective internal control over financial reporting as of July 31, 2016, based on the criteria established in "Internal Control-Integrated Framework" issued by the COSO.

(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.

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PART II – OTHER INFORMATION

ITEM 1 Legal Proceedings

We are not a party to or otherwise involved in any legal proceedings.

In the ordinary course of business, we are from time to time involved in various pending or threatened legal actions. The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse effect upon our financial condition and/or results of operations. However, in the opinion of our management, other than as set forth herein, matters currently pending or threatened against us are not expected to have a material adverse effect on our financial position or results of operations.

ITEM 1A Risk Factors

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

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds

On May 2, 2016, the Company issued 194,999,999 shares of its common stock to a related party pursuant to the conversion of notes payable in default, reducing stock subscriptions payable by $2,925,000.

As part of a private placement to qualified investors, the Company issued 1,096,397 shares of its common stock on July 12, 2016 to an investor for stock subscriptions payable of $10,000.

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.

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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**

XBRL Instance Document

101.SCH**

XBRL Taxonomy Extension Schema Document

101.CAL**

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**

XBRL Taxonomy Extension Label Linkbase Document

101.PRE**

XBRL Taxonomy Extension Presentation Linkbase Document

___________

*

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.

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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: February 24, 2017

By:

/s/ Jack W. Hanks

Chief Executive Officer

(Principal Executive Officer),

President and Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-31.1 2 mmex_ex311.htm CERTIFICATION mmex_ex311.htm

EXHIBIT 31.1

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

I, Jack W. Hanks, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of MMEX Resources Corporation.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exhibit Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 24, 2017
By:

/s/ Jack W. Hanks

Jack W. Hanks

Chief Executive Officer and Chief Financial Officer

EX-32.1 3 mmex_ex321.htm CERTIFICATION mmex_ex321.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 USC, SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MMEX Resources Corporation (the “Company”) on Form 10-Q for the quarter ended July 31, 2016, as filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Jack W. Hanks, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 24, 2017
By:

/s/ Jack W. Hanks

Jack W. Hanks

Chief Executive Officer and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to MMEX Resources Corporation and will be retained by MMEX Resources Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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MMEX Resources Corporation (the Company or MMEX) was formed in the State of Nevada on May 19, 2005 as Inkie Entertainment Group, Inc. Subsequently, the Company amended its articles of incorporation to change its name to MMEX Resources Corporation and to authorize the Company to issue up to 3,000,000,000 common shares and 10,000,000 preferred shares. The changes in the number of authorized shares of the Company have been given retroactive effect in the accompanying consolidated financial statements.   The Board of Directors of the Company has decided to focus efforts on the oil, gas, refining and electric power business in the United States and Latin America.   The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="width: 36%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">Name of Entity</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">%</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">Form of Entity</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">State of Incorporation</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">Relationship</td></tr> <tr> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">MMEX Resources Corporation (MMEX)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">-</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Nevada</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Parent</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">MCC Merger, Inc. (MCCM)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">100%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Delaware</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Holding Subsidiary</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Maple Carpenter Creek Holdings, Inc. (MCCH)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">100%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Delaware</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Maple Carpenter Creek, LLC (MCC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">80%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">LLC</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Nevada</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Carpenter Creek, LLC (CC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">95%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">LLC</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Delaware</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Armadillo Holdings Group Corp. (AHGC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">100%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">British Virgin Isles</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Armadillo Mining Corp. (AMC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">98.6%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">British Virgin Isles</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> </table>   As of April 13, 2016, the Company assigned AMC to an irrevocable trust (the Trust), whose beneficiaries are the existing shareholders of MMEX. The accounts of AMC are included in the consolidated financial statements due to the common ownership. AMC through the Trust controls the Hunza coal interest previously owned by the Company.   All significant inter-company transactions have been eliminated in the preparation of the consolidated financial statements.   These financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for a fair presentation of the information contained therein.   The Company has adopted a fiscal year end of April 30.

Our significant accounting policies are described in our Annual Report on Form 10-K for the year ended April 30, 2016 filed with the SEC on January 13, 2017.   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.   Derivative liabilities   In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the warrants 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 managements 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 financial statements as reflected herein. The carrying amounts of cash, accounts payable, accrued expenses and notes 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 instruments 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 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.   Level 2 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 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.   Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">July 31, 2016</td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 1</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 2</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 3</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 313px; text-align: justify">Derivative liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">309,924</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">309,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">April 30, 2016</td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 1</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 2</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 3</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 313px; text-align: justify">Derivative liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">395,619</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">395,619</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   Basic and diluted 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, 2016, potential dilutive securities included 55,168 shares issuable for in-the-money warrants, using the treasury stock method. For the three months ended July 31, 2015, potential 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 share is the same as diluted net loss per share.   Issuance of shares for non-cash consideration   The Company accounts for the issuance of equity instruments 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 Company's accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. 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 by the consultant or vendor is reached or (ii) the date at which the consultant or vendor's performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.   Reclassifications   Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation.   Recently Issued Accounting Pronouncements   In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-4, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting units goodwill with the carrying amount of that goodwill. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value. An entity should apply the amendments in this update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. A public business entity that is an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   In January 2017, the FASB issued ASU No. 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments of this ASU are effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The amendments in this Update are to be applied prospectively on or after the effective date. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   In October 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That are Under Common Control. This update amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.

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 of $30,129,123 and a total stockholders deficit of $2,755,157 at July 31, 2016, and have reported negative cash flows from operations since inception. In addition, we do not currently have the cash resources to meet our operating commitments for the next twelve months, and we expect to have ongoing requirements for capital investment to implement our business plan. 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 markets and the competitive environment in which we operate.   Since inception, our operations have primarily been funded through private debt and equity financing, as well as capital contributions by our subsidiaries' partners, 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, indicate that we may be unable 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.

During the past few years, Tydus Richards, the former Chairman of our board of directors and shareholder, made certain payments on behalf of the Company. The Company has partially reimbursed Mr. Richards for these advances. As of July 31, 2016 and April 30, 2016, a remaining balance payable of $31,633 is included in accrued expenses related party.   On October 9, 2014, convertible notes payable in default to an accredited investor of $1,650,000, $120,000 and $180,000 were assigned to The Maple Gas Corporation, a related party owned by Mr. Jack W. Hanks, a director and officer of the Company. On May 8, 2015, The Maple Gas Corporation converted the notes into 194,999,999 common shares of the Company at $0.01 per share, which resulted in a loss on extinguishment of debt of $975,000. The issuance of the common shares to Maple Structure Holdings was approved by the Companys Board of Directors Resolution dated May 18, 2015, and the shares were issued on May 2, 2016. At April 30, 2016, common stock payable included an obligation of $2,925,000 for the issuance of the shares.   Accounts payable to related parties, comprised of amounts payable to The Maple Gas Corporation, totaled $3,760 and $0 at July 31, 2016 and April 30, 2016, respectively.   Accrued expenses (see Note 6) to related parties totaled $65,983 and $64,420 as of July 31, 2016 and April 30, 2016, respectively.

Property and equipment consisted of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: center"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Computer software and hardware</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">25,023</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">25,023</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Less accumulated depreciation and amortization</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(24,961</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(24,637</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">62</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">386</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Accrued expenses consisted of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: center"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Accrued payroll</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">240,309</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">240,309</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Accrued consulting</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">75,633</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">75,633</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Accrued interest</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">706,432</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">670,324</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Other</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">62,541</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">62,541</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">1,084,915</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">1,048,807</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Notes payable, currently in default, consist of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note payable to an unrelated party, maturing July 15, 2010, with interest at 10%</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">300,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">300,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Note payable to an unrelated party, maturing December 31, 2010, with interest at 10%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">25,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">25,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note payable to an unrelated party, maturing January 27, 2012, with interest at 25%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">375,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">375,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Accrued interest payable on notes payable, currently in default, totaled $286,790 and $276,477 at July 31, 2016 and April 30, 2016, respectively.   Convertible notes payable, currently in default, consist of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: center"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">Note payable to an accredited investor, maturing March 1, 2013, with interest at 1.87% per month, secured with 900,000 common shares of the Company owned by the president and CEO of the Company</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">120,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">120,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Note payable to an unrelated party, maturing March 18, 2014, with interest at 10%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">75,001</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">75,001</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Total</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Less discount</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Accrued interest payable on convertible notes payable, currently in default, totaled $120,665 and $112,058 at July 31, 2016 and April 30, 2016, respectively.   On January 2, 2013, the Company closed a note purchase agreement with an accredited investor pursuant to which the Company sold a $120,000 note in a private placement transaction. The note was due and payable on March 1, 2013, is currently in default and carries a monthly interest rate of 1.87%. The note purchase agreement included the issuance of 300,000 shares of the Companys common stock. The note is secured with 900,000 shares of the Companys common stock owned by Jack W. Hanks, the Companys President and CEO. The 300,000 shares were valued at $0.10 per share, the closing price of the Companys common stock on January 2, 2013, and recorded as a $30,000 increase to debt discount and an increase to common stock payable.   The Company allocated the proceeds from the issuance of the notes to the warrants when applicable and to the notes based on their estimated fair market values at the date of issuance using the Black-Scholes option pricing model. The debt discount resulting from interest and the value of warrants computed at the inception of the notes payable was amortized as additional interest expense over the term of the notes.

Convertible Preferred Stock, Currently in Default   On June 30, 2011, the Company issued 360,000 shares of Armadillo Mining Corporation Preferred Stock to five unrelated parties in exchange for an investment of $360,000. The Preferred Stock carry a 25% cumulative dividend and have a mandatory redemption feature on December 31, 2011 at a price of $1.25 per share. In addition, the Company issued 360,000 warrants to purchase shares of the Companys common stock at an exercise price of $0.60 per share on or before three years from the repayment or conversion date.   On January 6, 2012, three unrelated parties converted their Preferred Stock and accrued dividends of $312,500 into 2,983,293 shares of the Companys common stock at a price of $.10475 per share. As the conversion took place at below the market price and not within the terms of the agreement on the date of conversion, a loss of $75,328 was recorded. As of July 31, 2016 and April 30, 2016, the remaining face value of the Preferred Stock was $137,500. Accrued dividends on the Preferred Stock totaled $298,977 and $281,789 as of July 31, 2016 and April 30, 2016, respectively.   The Company recorded interest expense, which included amortization of debt discount on certain debt in prior years, totaling $36,239 and $420,890 for the three months ended July 31, 2016 and 2015, respectively.

In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives.   During the three months ended July 31, 2016, we had the following activity in our derivative liabilities:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance, April 30, 2016</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 11%; text-align: right">395,619</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Change in fair value of derivative liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(85,695</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Balance, July 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">309,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   The Company calculated the fair value of the derivatives using a multinomial lattice model simulation. The model is based on a probability weighted discounted cash flow model using projections of the various potential outcomes.   Key inputs and assumptions used in valuing the Companys derivative liabilities are as follows for issuances of warrants:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr> <td style="width: 8%; text-align: justify"> </td> <td style="vertical-align: top; width: 4%; text-align: justify"></td> <td style="vertical-align: top; text-align: justify">Stock prices on all measurement dates were based on the fair market value</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify"></td> <td style="vertical-align: top; text-align: justify">Risk-free interest rates ranging from 1.03% 2.49%</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify"></td> <td style="vertical-align: top; text-align: justify">The probability of future financing was estimated at 100%</td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: top; text-align: justify"></td> <td style="vertical-align: top; text-align: justify">Computed volatility ranging from 103% to 249%</td></tr> </table>    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.

Authorized Shares   As of April 6, 2016, the Company amended its articles of incorporation to increase its authorized shares to 1,000,000,000 common shares and 10,000,000 preferred shares, and subsequently increased its authorized common shares to 3,000,000,000 shares (Note 13). The increase in authorized shares has been given retroactive effect in the accompanying condensed consolidated financial statements for all periods presented.   Stock Issuances   On May 2, 2016, the Company issued 194,999,999 shares of its common stock to a related party pursuant to the conversion of notes payable in default (see Note 4), reducing stock subscriptions payable by $2,925,000.   As part of a private placement to qualified investors, the Company issued 1,096,397 shares of its common stock on July 12, 2016 to an investor for stock subscriptions payable of $10,000.   Common Stock Payable   On May 8, 2015, a related party converted convertible notes payable with a book value of $1,950,000 into 194,999,999 common shares of the Company at $0.01 per share. The common shares issued were valued at $0.015 per share, the market price on the date of the conversion, which resulted in a loss on extinguishment of debt of $975,000. The 194,999,999 common shares were issued on May 2, 2016, reducing common stock payable by $2,925,000.   During the three months ended July 31, 2016, the Company completed subscription agreements for common stock and warrants with qualified investors in a private placement for cash of $21,000. The shares of common stock were issued subsequent to July 31, 2016, and common stock payable included $21,000 at July 31, 2016 related to these transactions. The attached warrants were identified as derivatives, resulting in derivative liabilities of $309,924 at July 31, 2016 (see Note 9).   Stock Options   On March 7, 2012, the Company issued a total of 2,000,000 stock options exercisable at $0.35 per share for a period of ten years from the date of grant. The Company did not grant any stock options during the three months ended July 31, 2016.   A summary of stock option activity during the three months ended July 31, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, April 30, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,000,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.35</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">5.85</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Canceled / Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, July 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">2,000,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.35</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">5.60</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options, which value is amortized to stock-based compensation expense over the vesting period of the options. No stock-based compensation expense was recorded during the three months ended July 31, 2016 and 2015 related to stock option grants. There was no unrecognized stock option expense at July 31, 2016.   Warrants   The Company has issued warrants to qualified investors in a private placement, for debt discounts or other stock-based compensation. These warrants generally vest upon grant and are valued using the Black-Scholes option pricing model or multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes.   A summary of warrant activity during the three months ended July 31, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, April 30, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">14,811,362</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.01</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">5.84</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,096,397</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.01</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Canceled / Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, July 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">15,907,759</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.01</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">5.58</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Common Stock Reserved   At July 31, 2016, 15,907,759 shares of the Companys common stock were reserved for issuance of outstanding warrants.

On September 23, 2010, the Company, through a reverse merger, acquired 100% of the outstanding shares of Maple Carpenter Creek Holdings, Inc., ("MCCH"), a holding Company, with an 80% interest in Maple Carpenter Creek, LLC ("MCC"), which in turn owned a 95% interest in the subsidiary, Carpenter Creek, LLC ("CC"), and a 98.12% interest in Armadillo Holdings Group Corp. ("AHGC"), which in turn owned an 80% interest in Armadillo Mining Corp. ("AMC"). The non-controlling interest of 1.88% in AHGC was acquired by MCCH on December 21, 2010 in exchange for 31,334 shares of the Companys common stock resulting in 100% ownership of AHGC. On March 22, 2011, AHGC acquired 14.6% of AMC and on April 30, 2012, an additional 4% interest for a total of 98.6% based upon agreement with the minority interest holder to reduce their interest based upon proportionate share of additional capital contributed to AMC.   As of April 13, 2016, the Company assigned AMC to an irrevocable trust (the "Trust"), whose beneficiaries are the existing shareholders of MMEX. AMC through the Trust controls the Hunza coal interest previously owned by the Company.

Legal   There were no legal proceedings against the Company.   Operating Lease Commitments   The Company acquired the Bolzer Lease pursuant to a September 23, 2010 merger. Subsequently, notice of termination on this lease effective April 26, 2010 was provided by previous management. The Company has recorded an accrued expense for the minimum lease payment of $62,541 for the January 2010 payment.

In accordance with ASC 855-10, all subsequent events have been reported through the filing date as set forth below.   Amendment of Articles of Incorporation   As of November 29, 2016, the Company amended its articles of incorporation to increase its authorized common shares to 3,000,000,000 shares.   Transfer of Coal Project   On September 1, 2016, the Company entered into a stock assignment agreement with LatAm Services, LLC (LatAm), a related party, pursuant to which it assigned MCCH to LatAm. With the assignment of MCCH to LatAm, the Company has exited the Hunza coal project to focus on energy related projects under its new business plan.   Private Placement   As the Company continues to expand its business and implement its business strategy, its current monthly cash flow requirements will exceed its near term cash flow from operations. In order to fund its development costs, the Company initiated in fiscal year 2016 a private placement to qualified investors for cash and services. Through the date of the filing of this report, $118,230 cash and $60,000 in services had been received, including $49,200 cash from related parties, for a total of 41,784,320 common shares of the Company and a total of 43,025,313 warrants. The warrants entitle the investors to purchase common shares at exercise prices of $0.0001 and $0.01 per share through March 1, 2022. Of the common shares issued, 1,096,397 shares were issued in July 2016, 27,740,123 shares were issued in December 2016 and 12,947,500 shares were issued in January 2017.   Settlement Agreement and Stipulation   On October 28, 2016, the Company entered into a Settlement Agreement and Stipulation (the Settlement Agreement) with Rockwell Capital Partners, Inc. (RCP). Pursuant to the Settlement Agreement, as amended, RCP has purchased certain outstanding payables between the Company and designated vendors totaling $109,391 (the Payables or Claims) and will exchange the portion of such Payables assigned for a Settlement Amount payable in common shares of the Company.   In settlement of the Claims, the Company shall issue and deliver to RCP, in one or more tranches as necessary, shares of the Companys common stock (Common Stock), subject to adjustment and ownership limitations as set forth in the Settlement Agreement, sufficient to satisfy the Claims amount at a 50% discount to market based on the market price during the valuation period as defined in the Settlement Agreement. The Company also issued 7,000,000 shares of Common Stock as a settlement fee on October 31, 2016.   On October 28, 2016, a circuit court in Florida issued an order confirming the fairness of the terms of the Settlement Agreement within the meaning of exemption from registration provided by Section 3(a) (10) of the Securities Act of 1933.   The Company issued the following shares of its common stock to RCP in settlement of Claims: 10,000,000 shares on November 3, 2016, 15,000,000 shares on November 4, 2016, 18,000,000 shares on November 10, 2016, 18,000,000 shares on November 16, 2016, 14,000,000 shares on November 21, 2016, 22,000,000 shares on November 28, 2016, 22,000,000 shares on November 30, 2016, 25,000,000 shares on December 5, 2016, 25,000,000 shares on December 7, 2016, 27,000,000 shares on January 4, 2017, 28,000,000 shares on January 6, 2017, 29,000,000 shares on January 10, 2017, 30,000,000 shares on January 11, 2017, 31,000,000 shares on January 12, 2017, 33,000,000 shares on January 18, 2017, 34,000,000 shares on January 23, 2017, 35,000,000 shares on January 25, 2017 and 36,000,000 shares on January 26, 2017.   Other Subsequent Events   On January 19, 2017, the Company issued 5,000,000 shares of its common stock to a qualified investor for cash of $1,000.   On January 24, 2017, the Company issued 2,082,190 shares of its common stock to a former employee in settlement of accrued salaries of $208,219.   On January 24, 2017, the Company issued 28,625,000 shares of its common stock to a consultant in payment of services valued at $5,725.   On February 5, 2017, the Company issued 12,500,000 shares of its common stock to a qualified investor for cash of $2,500.

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.

In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives. We estimate the fair value of the derivatives using multinomial lattice models that value the warrants 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 managements 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.

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 financial statements as reflected herein. The carrying amounts of cash, accounts payable, accrued expenses and notes 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 instruments 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 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.   Level 2 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 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.   Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify; line-height: 115%">July 31, 2016</td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Total</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Level 1</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Level 2</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Level 3</td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr> <td style="text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 240px; text-align: justify; line-height: 115%">Derivative liabilities</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">309,924</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">-</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">-</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">309,924</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td></tr> <tr> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify; line-height: 115%">April 30, 2016</td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Total</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Level 1</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Level 2</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 115%">Level 3</td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr> <td style="text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 389px; text-align: justify; line-height: 115%">Derivative liabilities</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">395,619</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">-</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">-</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%">$</td> <td style="vertical-align: bottom; text-align: right; line-height: 115%">395,619</td> <td style="vertical-align: bottom; text-align: justify; line-height: 115%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

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, 2016, potential dilutive securities included 55,168 shares issuable for in-the-money warrants, using the treasury stock method. For the three months ended July 31, 2015, potential 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 share is the same as diluted net loss per share.

The Company accounts for the issuance of equity instruments 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 Company's accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of the standards issued by the FASB. 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 by the consultant or vendor is reached or (ii) the date at which the consultant or vendor's performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation.

In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-4, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting units goodwill with the carrying amount of that goodwill. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value. An entity should apply the amendments in this update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. A public business entity that is an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   In January 2017, the FASB issued ASU No. 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments of this ASU are effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The amendments in this Update are to be applied prospectively on or after the effective date. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   In October 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-17, Consolidation (Topic 810): Interests Held Through Related Parties That are Under Common Control. This update amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.   Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial position or results of operations.

The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="width: 36%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">Name of Entity</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">%</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">Form of Entity</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">State of Incorporation</td> <td style="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="width: 15%; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center">Relationship</td></tr> <tr> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">MMEX Resources Corporation (MMEX)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">-</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Nevada</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Parent</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">MCC Merger, Inc. (MCCM)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">100%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Delaware</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Holding Subsidiary</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Maple Carpenter Creek Holdings, Inc. (MCCH)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">100%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Delaware</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Maple Carpenter Creek, LLC (MCC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">80%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">LLC</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Nevada</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Carpenter Creek, LLC (CC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">95%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">LLC</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Delaware</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Armadillo Holdings Group Corp. (AHGC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">100%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">British Virgin Isles</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Armadillo Mining Corp. (AMC)</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: center">98.6%</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Corporation</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">British Virgin Isles</td> <td> </td> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Subsidiary</td></tr> </table>

Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">July 31, 2016</td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 1</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 2</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 3</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 330px; text-align: justify">Derivative liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">309,924</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">309,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">April 30, 2016</td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Total</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 1</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 2</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Level 3</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Derivative liabilities</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">395,619</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">-</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">395,619</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> </table>

Property and equipment consisted of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: center"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Computer software and hardware</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">25,023</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">25,023</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Less accumulated depreciation and amortization</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(24,961</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(24,637</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">62</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">386</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Accrued expenses consisted of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: center"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Accrued payroll</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">240,309</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">240,309</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Accrued consulting</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">75,633</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">75,633</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Accrued interest</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">706,432</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">670,324</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Other</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">62,541</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">62,541</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">1,084,915</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">1,048,807</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Notes payable, currently in default, consist of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note payable to an unrelated party, maturing July 15, 2010, with interest at 10%</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">300,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">300,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Note payable to an unrelated party, maturing December 31, 2010, with interest at 10%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">25,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">25,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note payable to an unrelated party, maturing January 27, 2012, with interest at 25%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">375,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">375,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Convertible notes payable, currently in default, consist of the following at:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">July 31, 2016</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">April 30, 2016</td> <td style="text-align: center"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">Note payable to an accredited investor, maturing March 1, 2013, with interest at 1.87% per month, secured with 900,000 common shares of the Company owned by the president and CEO of the Company</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">120,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">120,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Note payable to an unrelated party, maturing March 18, 2014, with interest at 10%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">75,001</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">75,001</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Total</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Less discount</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">Net</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">195,001</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

During the three months ended July 31, 2016, we had the following activity in our derivative liabilities:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Balance, April 30, 2016</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 11%; text-align: right">395,619</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Change in fair value of derivative liabilities</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">(85,695</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Balance, July 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">309,924</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

A summary of stock option activity during the three months ended July 31, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Remaining Contractual Life (Years)</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, April 30, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">2,000,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.35</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">5.85</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Canceled / Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, July 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">2,000,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">0.35</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">5.60</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

A summary of warrant activity during the three months ended July 31, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Remaining Contractual Life (Years)</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, April 30, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">14,811,362</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.01</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">5.84</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,096,397</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.01</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Canceled / Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, July 31, 2016</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">15,907,759</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify">$</td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">0.01</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: black 1.5pt double; vertical-align: bottom; text-align: right">5.58</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

100% 100% 80% 95% 100% 98.6% - Corporation Corporation LLC LLC Corporation Corporation Corporation Nevada Delaware Delaware Nevada Delaware British Virgin Isles British Virgin Isles Nevada Holding Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Parent 2005-05-19

Company to issue up to 3,000,000,000 common shares and 10,000,000 preferred shares.

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309924

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2016	Feb. 24, 2017
Document And Entity Information
Entity Registrant Name	MMEX Resources Corp
Entity Central Index Key	0001440799
Document Type	10-Q
Document Period End Date	Jul. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer	No
Is Entity a Voluntary Filer	No
Is Entity's Reporting Status Current	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		924,423,522
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

XML 11 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Current assets:
Cash	$ 3,335	$ 1,030
Total current assets	3,335	1,030
Property and equipment, net	62	386
Total assets	3,397	1,416
Current liabilities:
Accounts payable	652,454	651,188
Accounts payable - related party	3,760
Accrued expenses	1,018,932	984,387
Accrued expenses - related party	65,983	64,420
Notes payable, currently in default	375,000	375,000
Convertible notes payable, net of discount of $0 and $0 at July 31, 2016 and April 30, 2016, respectively, currently in default	195,001	195,001
Convertible preferred stock, currently in default	137,500	137,500
Derivative liabilities	309,924	395,619
Total current liabilities	2,758,554	2,803,115
Commitments and contingencies
Stockholders' deficit:
Common stock; $0.001 par value, 3,000,000,000 shares authorized, 376,528,409 and 180,432,013 shares issued and outstanding at July 31, 2016 and April 30, 2016, respectively	376,529	180,434
Common stock payable	481,483	3,395,483
Additional paid in capital	26,893,035	24,154,130
Non-controlling interest	(377,081)	(376,619)
Accumulated (deficit)	(30,129,123)	(30,155,127)
Total Stockholders' Deficit	(2,755,157)	(2,801,699)
Total Liabilities and Stockholders' Deficit	$ 3,397	$ 1,416

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Current liabilities:
Convertible notes, net of discount currently in default	$ 0	$ 0
Stockholders' (Deficit):
Common stock, par value	$ 0.001	$ 0.001
Common stock, Authorized	3,000,000,000	3,000,000,000
Common stock, Issued	376,528,409	180,432,013
Common stock, outstanding	376,528,409	180,432,013

XML 13 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Condensed Consolidated Statements Of Operations
Revenues
Operating Expenses:
General and administrative expenses	23,590	101,344
Depreciation and amortization	324	886
Total operating expenses	23,914	102,230
Loss from operations	(23,914)	(102,230)
Other income (expense):
Interest expense	(36,239)	(420,890)
Gain (loss) on derivative liabilities	85,695	(303,830)
Loss on extinguishment of debt		(1,413,571)
Total other income (expense)	49,456	(2,138,291)
Income (loss) before income taxes	25,542	(2,240,521)
Provision for income taxes
Net income (loss)	25,542	(2,240,521)
Non-controlling interest in loss of consolidated subsidiaries	462	463
Net income (loss) attributable to the Company	$ 26,004	$ (2,240,058)
Weighted average number of common shares outstanding - basic	371,419,312	57,188,313
Weighted average number of common shares outstanding - diluted	371,474,480	57,188,313
Net income (loss) per common share ? basic and diluted	$ 0.00	$ (0.04)

XML 14 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Cash flows from operating activities
Net income (loss) attributable to the Company	$ 26,004	$ (2,240,058)
Non-controlling interest in loss of consolidated subsidiaries	(462)	(463)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	324	886
(Gain) loss on derivative liabilities	(85,695)	303,830
Amortization of debt discount		375,617
Amortization of deferred loan costs		8,822
Loss on extinguishment of debt		1,413,571
Increase in liabilities:
Accounts payable	5,026	1,732
Accrued expenses	36,108	121,066
Net cash used in operating activities	(18,695)	(14,997)
Cash flows from investing activities
Net cash used in investing activities
Cash flows from financing activities
Proceeds from common stock payable	21,000	15,000
Net cash provided by financing activities	21,000	15,000
Net increase in cash	2,305	3
Cash at the beginning of the period	1,030	141
Cash at the end of the period	3,335	144
Supplemental disclosures:
Interest paid
Income taxes paid
Shares issued for common stock payable	2,935,000
Debt discount on issuance of warrants		(39)
Adjustment to common stock and additional paid-in capital		2,063,468
Accrued expenses contributed to capital		(1,410,685)
Preferred stock and accrued dividends converted to common stock payable		1,950,000
Notes payable converted to common stock payable		$ 149,253

XML 15 R6.htm IDEA: XBRL DOCUMENT

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 1 - BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

The Board of Directors of the Company has decided to focus efforts on the oil, gas, refining and electric power business in the United States and Latin America.

The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership:

Name of Entity	%	Form of Entity	State of Incorporation	Relationship

MMEX Resources Corporation (“MMEX”)	-	Corporation	Nevada	Parent
MCC Merger, Inc. (“MCCM”)	100%	Corporation	Delaware	Holding Subsidiary
Maple Carpenter Creek Holdings, Inc. (“MCCH”)	100%	Corporation	Delaware	Subsidiary
Maple Carpenter Creek, LLC (“MCC”)	80%	LLC	Nevada	Subsidiary
Carpenter Creek, LLC (“CC”)	95%	LLC	Delaware	Subsidiary
Armadillo Holdings Group Corp. (“AHGC”)	100%	Corporation	British Virgin Isles	Subsidiary
Armadillo Mining Corp. (“AMC”)	98.6%	Corporation	British Virgin Isles	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.

XML 16 R7.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

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, 2016 filed with the SEC on January 13, 2017.

Use of Estimates

Derivative liabilities

Fair value of financial instruments

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

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.

Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:

July 31, 2016	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	309,924	$	-	$	-	$	309,924

April 30, 2016	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	395,619	$	-	$	-	$	395,619

Basic and diluted loss per share

Issuance of shares for non-cash consideration

Reclassifications

Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation.

Recently Issued Accounting Pronouncements

XML 17 R8.htm IDEA: XBRL DOCUMENT

GOING CONCERN

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 3 - GOING CONCERN

XML 18 R9.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 4 - RELATED PARTY TRANSACTIONS

Accounts payable to related parties, comprised of amounts payable to The Maple Gas Corporation, totaled $3,760 and $0 at July 31, 2016 and April 30, 2016, respectively.

Accrued expenses (see Note 6) to related parties totaled $65,983 and $64,420 as of July 31, 2016 and April 30, 2016, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

XML 19 R10.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 5 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at:

	July 31, 2016			April 30, 2016

Computer software and hardware	$	25,023		$	25,023
Less accumulated depreciation and amortization		(24,961	)		(24,637	)

	$	62		$	386

XML 20 R11.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 6 - ACCRUED EXPENSES

Accrued expenses consisted of the following at:

	July 31, 2016		April 30, 2016

Accrued payroll	$	240,309	$	240,309
Accrued consulting		75,633		75,633
Accrued interest		706,432		670,324
Other		62,541		62,541

	$	1,084,915	$	1,048,807

XML 21 R12.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 7 - NOTES PAYABLE

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

	July 31, 2016		April 30, 2016

Note payable to an unrelated party, maturing July 15, 2010, with interest at 10%	$	300,000	$	300,000
Note payable to an unrelated party, maturing December 31, 2010, with interest at 10%		25,000		25,000
Note payable to an unrelated party, maturing January 27, 2012, with interest at 25%		50,000		50,000

	$	375,000	$	375,000

Accrued interest payable on notes payable, currently in default, totaled $286,790 and $276,477 at July 31, 2016 and April 30, 2016, respectively.

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

	July 31, 2016		April 30, 2016

Note payable to an accredited investor, maturing March 1, 2013, with interest at 1.87% per month, secured with 900,000 common shares of the Company owned by the president and CEO of the Company	$	120,000	$	120,000
Note payable to an unrelated party, maturing March 18, 2014, with interest at 10%		75,001		75,001

Total		195,001		195,001

Less discount		-		-

Net	$	195,001	$	195,001

Accrued interest payable on convertible notes payable, currently in default, totaled $120,665 and $112,058 at July 31, 2016 and April 30, 2016, respectively.

XML 22 R13.htm IDEA: XBRL DOCUMENT

CONVERTIBLE PREFERRED STOCK

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 8 - CONVERTIBLE PREFERRED STOCK

Convertible Preferred Stock, Currently in Default

XML 23 R14.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 9 - DERIVATIVE LIABILITIES

In a series of subscription agreements, we have issued warrants that contain certain anti-dilution provisions that we have identified as derivatives.

During the three months ended July 31, 2016, we had the following activity in our derivative liabilities:

Balance, April 30, 2016	$	395,619
Change in fair value of derivative liabilities		(85,695	)

Balance, July 31, 2016	$	309,924

Key inputs and assumptions used in valuing the Company’s derivative liabilities are as follows for issuances of warrants:

	•	Stock prices on all measurement dates were based on the fair market value
	•	Risk-free interest rates ranging from 1.03% – 2.49%
	•	The probability of future financing was estimated at 100%
	•	Computed volatility ranging from 103% to 249%

XML 24 R15.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS DEFICIT

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 10 - Stockholders' Deficit

Authorized Shares

Stock Issuances

As part of a private placement to qualified investors, the Company issued 1,096,397 shares of its common stock on July 12, 2016 to an investor for stock subscriptions payable of $10,000.

Common Stock Payable

Stock Options

A summary of stock option activity during the three months ended July 31, 2016 is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding, April 30, 2016		2,000,000	$	0.35		5.85

Granted		-		-
Canceled / Expired		-		-
Exercised		-		-

Outstanding, July 31, 2016		2,000,000	$	0.35		5.60

Warrants

A summary of warrant activity during the three months ended July 31, 2016 is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding, April 30, 2016		14,811,362	$	0.01		5.84

Granted		1,096,397	$	0.01
Canceled / Expired		-		-
Exercised		-		-

Outstanding, July 31, 2016		15,907,759	$	0.01		5.58

Common Stock Reserved

At July 31, 2016, 15,907,759 shares of the Company’s common stock were reserved for issuance of outstanding 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

XML 25 R16.htm IDEA: XBRL DOCUMENT

NON-CONTROLLING INTERESTS

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 11 - NON-CONTROLLING INTERESTS

XML 26 R17.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 12 - COMMITMENTS AND CONTINGENCIES

Legal

There were no legal proceedings against the Company.

Operating Lease Commitments

XML 27 R18.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Jul. 31, 2016

Notes to Financial Statements

NOTE 13 - SUBSEQUENT EVENTS

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

Amendment of Articles of Incorporation

As of November 29, 2016, the Company amended its articles of incorporation to increase its authorized common shares to 3,000,000,000 shares.

Transfer of Coal Project

Private Placement

Settlement Agreement and Stipulation

Other Subsequent Events

On January 19, 2017, the Company issued 5,000,000 shares of its common stock to a qualified investor for cash of $1,000.

On January 24, 2017, the Company issued 2,082,190 shares of its common stock to a former employee in settlement of accrued salaries of $208,219.

On January 24, 2017, the Company issued 28,625,000 shares of its common stock to a consultant in payment of services valued at $5,725.

On February 5, 2017, the Company issued 12,500,000 shares of its common stock to a qualified investor for cash of $2,500.

XML 28 R19.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING (POLICIES)

3 Months Ended

Jul. 31, 2016

Summary Of Significant Accounting Policies Policies

Use of estimates

Derivative liabilities

Fair value of financial instruments

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

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.

Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:

July 31, 2016	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	309,924	$	-	$	-	$	309,924

April 30, 2016	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	395,619	$	-	$	-	$	395,619

Basic and diluted loss per share

Issuance of shares for non-cash consideration

Reclassifications

Certain amounts in the consolidated financial statements for prior year periods have been reclassified to conform with the current year periods presentation.

Recently issued accounting pronouncements

XML 29 R20.htm IDEA: XBRL DOCUMENT

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Tables)

3 Months Ended

Jul. 31, 2016

Background Organization And Basis Of Presentation Tables

Entity operational details

The accompanying condensed consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership:

Name of Entity	%	Form of Entity	State of Incorporation	Relationship

MMEX Resources Corporation (“MMEX”)	-	Corporation	Nevada	Parent
MCC Merger, Inc. (“MCCM”)	100%	Corporation	Delaware	Holding Subsidiary
Maple Carpenter Creek Holdings, Inc. (“MCCH”)	100%	Corporation	Delaware	Subsidiary
Maple Carpenter Creek, LLC (“MCC”)	80%	LLC	Nevada	Subsidiary
Carpenter Creek, LLC (“CC”)	95%	LLC	Delaware	Subsidiary
Armadillo Holdings Group Corp. (“AHGC”)	100%	Corporation	British Virgin Isles	Subsidiary
Armadillo Mining Corp. (“AMC”)	98.6%	Corporation	British Virgin Isles	Subsidiary

XML 30 R21.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Jul. 31, 2016

Summary Of Significant Accounting Policies Tables

Summary of derivative liabilities

Our derivative liabilities are measured at fair value on a recurring basis and estimated as follows:

July 31, 2016	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	309,924	$	-	$	-	$	309,924

April 30, 2016	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	395,619	$	-	$	-	$	395,619

XML 31 R22.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Jul. 31, 2016

Property And Equipment Tables

Property and Equipment

Property and equipment consisted of the following at:

	July 31, 2016			April 30, 2016

Computer software and hardware	$	25,023		$	25,023
Less accumulated depreciation and amortization		(24,961	)		(24,637	)

	$	62		$	386

XML 32 R23.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES (Tables)

3 Months Ended

Jul. 31, 2016

Accrued Expenses Tables

Accrued expenses

Accrued expenses consisted of the following at:

	July 31, 2016		April 30, 2016

Accrued payroll	$	240,309	$	240,309
Accrued consulting		75,633		75,633
Accrued interest		706,432		670,324
Other		62,541		62,541

	$	1,084,915	$	1,048,807

XML 33 R24.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Tables)

3 Months Ended

Jul. 31, 2016

Income Taxes Tables

Notes payable, currently in default

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

	July 31, 2016		April 30, 2016

Note payable to an unrelated party, maturing July 15, 2010, with interest at 10%	$	300,000	$	300,000
Note payable to an unrelated party, maturing December 31, 2010, with interest at 10%		25,000		25,000
Note payable to an unrelated party, maturing January 27, 2012, with interest at 25%		50,000		50,000

	$	375,000	$	375,000

Convertible notes payable, currently in default

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

	July 31, 2016		April 30, 2016

Note payable to an accredited investor, maturing March 1, 2013, with interest at 1.87% per month, secured with 900,000 common shares of the Company owned by the president and CEO of the Company	$	120,000	$	120,000
Note payable to an unrelated party, maturing March 18, 2014, with interest at 10%		75,001		75,001

Total		195,001		195,001

Less discount		-		-

Net	$	195,001	$	195,001

XML 34 R25.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES (Tables)

3 Months Ended

Jul. 31, 2016

Derivative Liabilities Tables

DERIVATIVE LIABILITIES

During the three months ended July 31, 2016, we had the following activity in our derivative liabilities:

Balance, April 30, 2016	$	395,619
Change in fair value of derivative liabilities		(85,695	)

Balance, July 31, 2016	$	309,924

XML 35 R26.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS DEFICIT (Tables)

3 Months Ended

Jul. 31, 2016

Changes In Stockholders Equity Deficit Tables

Summary of stock option activity

A summary of stock option activity during the three months ended July 31, 2016 is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding, April 30, 2016		2,000,000	$	0.35		5.85

Granted		-		-
Canceled / Expired		-		-
Exercised		-		-

Outstanding, July 31, 2016		2,000,000	$	0.35		5.60

Summary of warrant activity

A summary of warrant activity during the three months ended July 31, 2016 is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding, April 30, 2016		14,811,362	$	0.01		5.84

Granted		1,096,397	$	0.01
Canceled / Expired		-		-
Exercised		-		-

Outstanding, July 31, 2016		15,907,759	$	0.01		5.58

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 36 R27.htm IDEA: XBRL DOCUMENT

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Jul. 31, 2016
State of Incorporation	Nevada
Mmex Resources Corporation [Member]
Ownership Percentage	-
Form of Entity	Corporation
State of Incorporation	Nevada
Relationship	Parent
Mcc Merger Inc [Member]
Ownership Percentage	100%
Form of Entity	Corporation
State of Incorporation	Delaware
Relationship	Holding Subsidiary
Maple Carpenter Creek Holdings Inc [Member]
Ownership Percentage	100%
Form of Entity	Corporation
State of Incorporation	Delaware
Relationship	Subsidiary
Maple Carpenter Creek Llc [Member]
Ownership Percentage	80%
Form of Entity	LLC
State of Incorporation	Nevada
Relationship	Subsidiary
Carpenter Creek Llc [Member]
Ownership Percentage	95%
Form of Entity	LLC
State of Incorporation	Delaware
Relationship	Subsidiary
Armadillo Holdings Group Corp [Member]
Ownership Percentage	100%
Form of Entity	Corporation
State of Incorporation	British Virgin Isles
Relationship	Subsidiary
Armadillo Mining Corp [Member]
Ownership Percentage	98.6%
Form of Entity	Corporation
State of Incorporation	British Virgin Isles
Relationship	Subsidiary

XML 37 R28.htm IDEA: XBRL DOCUMENT

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)	3 Months Ended
	Jul. 31, 2016
Background Organization And Basis Of Presentation Details Narrative
State of Incorporation	Nevada
Date of incorporation	May 19, 2005
Description of stock issued	Company to issue up to 3,000,000,000 common shares and 10,000,000 preferred shares.

XML 38 R29.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Derivative liability	$ 309,924	$ 395,619
Level 1 [Member]
Derivative liability
Level 2 [Member]
Derivative liability
Level 3 [Member]
Derivative liability	$ 309,924	$ 395,619

XML 39 R30.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Jul. 31, 2016 shares
Summary Of Significant Accounting Policies Details Narrative
Potential dilutive securities	55,168

XML 40 R31.htm IDEA: XBRL DOCUMENT

Going Concern (Details Narrative) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Going Concern Details Narrative
Accumulated deficit	$ (30,129,123)	$ (30,155,127)
Total Stockholders' Deficit	$ (2,755,157)	$ (2,801,699)

XML 41 R32.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)		3 Months Ended
	May 08, 2015	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016	Oct. 09, 2014
Reimbursed amount outstanding		$ 31,633		$ 31,633
Loss on extinguishment of debt			$ (1,413,571)
Accounts payable - related party		3,760
Accrued expenses - related party		$ 65,983		64,420
Maple Gas Corporation [Member]
Default in convertible notes payable					$ 1,650,000
Converted note common shares	194,999,999
Convertible note per share	$ 0.01
Loss on extinguishment of debt	$ 975,000
Stock payable obligation				$ 2,925,000
related party owned by Mr. Jack W. Hanks [Member]
Default in convertible notes payable					120,000
Director and officer of the Company [Member]
Default in convertible notes payable					$ 180,000

XML 42 R33.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Property And Equipment Details
Computer software and hardware	$ 25,023	$ 25,023
Less accumulated depreciation and amortization	(24,961)	(24,637)
Property and equipment, net	$ 62	$ 386

XML 43 R34.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Jul. 31, 2016	Jul. 31, 2015
Property And Equipment Details Narrative
Depreciation and amortization	$ 324	$ 886

XML 44 R35.htm IDEA: XBRL DOCUMENT

Accrued Expenses (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Total Accrued Expenses	$ 1,084,915	$ 1,048,807
Accrued Payroll [Member]
Total Accrued Expenses	240,309	240,309
Accrued Consulting [Member]
Total Accrued Expenses	75,633	75,633
Accrued Interest [Member]
Total Accrued Expenses	706,432	670,324
Other [Member]
Total Accrued Expenses	$ 62,541	$ 62,541

XML 45 R36.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Notes payable	$ 375,000	$ 375,000
Note Payable [Member]
Notes payable	300,000	300,000
Note payable One [Member]
Notes payable	25,000	25,000
Note payable Two [Member]
Notes payable	$ 50,000	$ 50,000

XML 46 R37.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details 1) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Total	$ 195,001	$ 195,001
Less discount
Net	195,001	195,001
Convertible Notes Payable [Member]
Total	120,000	120,000
Convertible Notes Payable One [Member]
Total	$ 75,001	$ 75,001

XML 47 R38.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details Narrative) - USD ($)	Jul. 31, 2016	Apr. 30, 2016	Jan. 02, 2013
Accrued interest	$ 286,790	$ 276,477
Accrued interest payable on convertible notes payable	$ 120,665	$ 112,058
Common stock, par value	$ 0.001	$ 0.001
Common stock payable		$ 129,967
Convertible Notes Payable [Member]
New notes issued			120,000
Note interest rste			1.87%
Increase to debt discount			$ 30,000
Issue of shares			300,000
Note secured by common stock			900,000
Common stock, par value			$ 0.10

XML 48 R39.htm IDEA: XBRL DOCUMENT

CONVERTIBLE PREFERRED STOCK (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016	Jan. 06, 2012	Jun. 30, 2011
Interest expense	$ 36,239	$ 420,890
Convertible Preferred Stock [Member]
Share issued					360,000
Investment					$ 360,000
Conversion price				$ 0.10475	$ 1.25
Preferred Stock dividend rate					25.00%
Accrued dividends	298,977		$ 281,789	$ 312,500
Accrued dividend converted into common shares				2,983,293
loss on extinguishment of debt				$ 75,328
Warrent issued					360,000
Common stock exercise price					$ 0.60
Remaining face value of Preferred Stock	137,500		$ 137,500
Interest expense	$ 36,239	$ 420,890

XML 49 R40.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES (Details)	3 Months Ended
DERIVATIVE LIABILITIES (Details)	Jul. 31, 2016 USD ($)
Notes to Financial Statements
Derivative liabilities	$ 395,619
Change in fair value of derivative liabilities	(1,003,500)
Derivative liabilities	$ 309,924

XML 50 R41.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES (Details Narrative)	3 Months Ended
DERIVATIVE LIABILITIES (Details Narrative)	Jul. 31, 2016
Probability of future financing	100.00%
Minimum [Member]
Risk-free interest rates	1.03%
Volatility	103.00%
Maximum [Member]
Risk-free interest rates	2.49%
Volatility	249.00%

XML 51 R42.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS’ DEFICIT (Details)	3 Months Ended
STOCKHOLDERS’ DEFICIT (Details)	Jul. 31, 2016 $ / shares shares
Number of options
Beginning Balance \| shares	2,000,000
Granted \| shares
Canceled / Expired \| shares
Exercised \| shares
Ending Balance \| shares	2,000,000
Weighted Average Exercise Price Per share
Beginning Balance \| $ / shares	$ 0.35
Granted \| $ / shares
Canceled / Expired \| $ / shares
Exercised \| $ / shares
Ending Balance \| $ / shares	$ 0.35
Weighted Average Remaining Contractual Life (in years) Beginning	5 years 10 months 6 days
Weighted Average Remaining Contractual Life (in years) Outstanding Ending	5 years 7 months 6 days

XML 52 R43.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS’ DEFICIT (Details 1)	3 Months Ended
STOCKHOLDERS’ DEFICIT (Details 1)	Jul. 31, 2016 $ / shares shares
Number of warrants
Beginning Balance \| shares	2,000,000
Granted \| shares
Canceled / Expired \| shares
Exercised \| shares
Ending Balance \| shares	2,000,000
Weighted Average Exercise Price Per Share
Beginning Balance \| $ / shares	$ 0.35
Granted \| $ / shares
Canceled / Expired \| $ / shares
Exercised \| $ / shares
Ending Balance \| $ / shares	$ 0.35
Weighted Average Remaining Contractual Life (in years) Beginning	5 years 10 months 6 days
Weighted Average Remaining Contractual Life (in years) Outstanding Ending	5 years 7 months 6 days
Warrants [Member]
Number of warrants
Beginning Balance \| shares	14,811,362
Granted \| shares	1,096,397
Canceled / Expired \| shares
Exercised \| shares
Ending Balance \| shares	15,907,759
Weighted Average Exercise Price Per Share
Beginning Balance \| $ / shares	$ 0.01
Granted \| $ / shares	0.01
Canceled / Expired \| $ / shares
Exercised \| $ / shares
Ending Balance \| $ / shares	$ 0.01
Weighted Average Remaining Contractual Life (in years) Beginning	5 years 10 months 2 days
Weighted Average Remaining Contractual Life (in years) Outstanding Ending	5 years 6 months 29 days

XML 53 R44.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)	3 Months Ended
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)	Jul. 31, 2016	Jul. 12, 2016	May 02, 2016	Apr. 30, 2016	Apr. 06, 2016	May 08, 2015	Mar. 07, 2012
Common stock, Authorized	3,000,000,000			3,000,000,000
Common stock shares Issued	376,528,409			180,432,013
Convertible notes payable				$ 129,967
Private placement for cash	$ 21,000
Related transaction	21,000
Derivative liabilities	$ 309,924
Number of options	2,000,000			2,000,000
Stock options exercisable	$ 0.35			$ 0.35
Common stock reserved	15,907,759
Authorized Shares [Member]
Increase authorized common share					1,000,000,000
Common stock, Authorized					3,000,000,000
Preferred stock Authorized					10,000,000
Stock Issuances [Member]
Common stock shares Issued		1,096,397	194,999,999
Common stock subscriptions reducing		$ 10,000	$ 2,925,000
Common Stock Payable [Member]
Common stock shares Issued			194,999,999
Common stock subscriptions reducing			$ 2,925,000
Convertible notes payable						$ 1,950,000
Convertible notes payable into shares						194,999,999
Conversion price per shares						$ 0.01
Market Price per share						$ 0.015
Loss on extinguishment of debt						$ 975,000
Stock Options [Member]
Number of options							2,000,000
Stock options exercisable							$ 0.35

XML 54 R45.htm IDEA: XBRL DOCUMENT

NON-CONTROLLING INTERESTS (Details Narrative) - shares	Apr. 30, 2012	Mar. 22, 2011	Dec. 21, 2010	Sep. 23, 2010
AHGC [Member]
Controling interest			100.00%	98.12%
Non-controlling interest			1.88%
Exchange shares			31,334
Acquired of AMC		14.60%
Additional interest	4.00%
Total interest	98.60%
MCCH [Member]
Controling interest				100.00%
MCC [Member]
Controling interest				80.00%
CC [Member]
Controling interest				95.00%
AMC [Member]
Controling interest				80.00%

XML 55 R46.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Apr. 26, 2010 USD ($)
Commitments And Contingencies Details Narrative
Minimum lease payment	$ 62,541

XML 56 R47.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Feb. 05, 2017	Jan. 31, 2017	Jan. 26, 2017	Jan. 25, 2017	Jan. 24, 2017	Jan. 23, 2017	Jan. 19, 2017	Jan. 18, 2017	Jan. 13, 2017	Jan. 12, 2017	Jan. 11, 2017	Jan. 10, 2017	Jan. 06, 2017	Jan. 04, 2017	Dec. 31, 2016	Dec. 07, 2016	Dec. 05, 2016	Nov. 30, 2016	Nov. 29, 2016	Nov. 28, 2016	Nov. 21, 2016	Nov. 16, 2016	Nov. 10, 2016	Nov. 04, 2016	Nov. 03, 2016	Oct. 31, 2016	Oct. 28, 2016	Jul. 31, 2016	Apr. 30, 2016	Jul. 31, 2015	Apr. 30, 2015
Common stock, Authorized																												3,000,000,000	3,000,000,000
Convertible notes payable																												$ 195,001	$ 195,001
Cash																												3,335	1,030	$ 144	$ 141
Accrued interest																												$ 286,790	$ 276,477
Subsequent Event [Member] \| Private Placement [Member]
Cash									$ 118,230
Services									60,000
Cash from related party									$ 49,200
Common shares		12,947,500							41,784,320						27,740,123													1,096,397
Warrants									43,025,313
Subsequent Event [Member] \| Private Placement [Member] \| Minimum [Member]
Common shares exercise price									$ 0.0001
Subsequent Event [Member] \| Private Placement [Member] \| Maximum [Member]
Common shares exercise price									$ 0.01
Subsequent Event [Member] \| Settlement Agreement and Stipulation [Member]
Payables																											$ 109,391
Common Stock issued as a settlement fee																										$ 7,000,000
Common stock issued to RCP			36,000,000	35,000,000		34,000,000		33,000,000		31,000,000	30,000,000	29,000,000	28,000,000	27,000,000		25,000,000	25,000,000	22,000,000		22,000,000	14,000,000	18,000,000	18,000,000	15,000,000	10,000,000
Subsequent Event [Member] \| Amendment of Articles of Incorporation [Member]
Common stock, Authorized																			3,000,000,000
Subsequent Event [Member] \| Consultant [Member]
Services					$ 5,725
Common shares					28,625,000
Subsequent Event [Member] \| Qualified investor [Member]
Cash	$ 2,500						$ 1,000
Common shares	12,500,000						5,000,000
Subsequent Event [Member] \| Empolyee [Member]
Common shares					2,082,190
Accrued salaries					$ 208,219

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Nevada		26-1749145
(State or other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

3616 Far West Blvd. #117-321 Austin, Texas 78731		855-880-0400
(Address of principal executive offices, including zip code)		(Issuer’s telephone number, including area code)

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x
(Do not check if a smaller reporting company)

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28

	July 31, 2016			April 30, 2016
Assets	(Unaudited)

Current assets:
Cash	$	3,335		$	1,030
Total current assets		3,335			1,030

Property and equipment, net		62			386

Total assets	$	3,397		$	1,416

Liabilities and Stockholders’ Deficit

Current liabilities:
Accounts payable	$	652,454		$	651,188
Accounts payable – related party		3,760			-
Accrued expenses		1,018,932			984,387
Accrued expenses – related party		65,983			64,420
Notes payable, currently in default		375,000			375,000
Convertible notes payable, net of discount of $0 and $0 at July 31, 2016 and April 30, 2016, respectively, currently in default		195,001			195,001
Convertible preferred stock, currently in default		137,500			137,500
Derivative liabilities		309,924			395,619
Total current liabilities		2,758,554			2,803,115

Commitments and contingencies

Stockholders’ deficit:
Common stock; $0.001 par value, 3,000,000,000 shares authorized, 376,528,409 and 180,432,013 shares issued and outstanding at July 31, 2016 and April 30, 2016, respectively		376,529			180,434
Common stock payable		481,483			3,395,483
Additional paid-in capital		26,893,035			24,154,130
Non-controlling interest		(377,081	)		(376,619	)
Accumulated (deficit)		(30,129,123	)		(30,155,127	)
Total stockholders’ deficit		(2,755,157	)		(2,801,699	)

Total liabilities and stockholders’ deficit	$	3,397		$	1,416

	Three Months Ended July 31,
	2016			2015

Revenues	$	-		$	-

Operating expenses:
General and administrative expenses		23,590			101,344
Depreciation and amortization		324			886

Total operating expenses		23,914			102,230

Loss from operations		(23,914	)		(102,230	)

Other income (expense):
Interest expense		(36,239	)		(420,890	)
Gain (loss) on derivative liabilities		85,695			(303,830	)
Loss on extinguishment of debt		-			(1,413,571	)

Total other income (expense)		49,456			(2,138,291	)

Income (loss) before income taxes		25,542			(2,240,521	)
Provision for income taxes		-			-

Net income (loss)		25,542			(2,240,521	)

Non-controlling interest in loss of consolidated subsidiaries		462			463

Net income (loss) attributable to the Company	$	26,004		$	(2,240,058	)

Weighted average number of common shares:
Basic		371,419,312			57,188,313
Diluted		371,474,480			57,188,313

Net income (loss) per common share – basic and diluted	$	0.00		$	(0.04	)

Supplemental disclosure:
Interest paid	$	-	$	-
Income taxes paid		-		-
Shares issued for common stock payable		2,935,000		-
Adjustment to common stock and additional paid-in capital		-		(39	)
Accrued expenses contributed to capital		-		2,063,468
Preferred stock and accrued dividends converted to common stock payable		-		(1,410,685	)
Notes payable converted to common stock payable		-		1,950,000
Notes payable – related party contributed to capital		-		149,253

Name of Entity	%	Form of Entity	State of Incorporation	Relationship

MMEX Resources Corporation (“MMEX”)	-	Corporation	Nevada	Parent
MCC Merger, Inc. (“MCCM”)	100%	Corporation	Delaware	Holding Subsidiary
Maple Carpenter Creek Holdings, Inc. (“MCCH”)	100%	Corporation	Delaware	Subsidiary
Maple Carpenter Creek, LLC (“MCC”)	80%	LLC	Nevada	Subsidiary
Carpenter Creek, LLC (“CC”)	95%	LLC	Delaware	Subsidiary
Armadillo Holdings Group Corp. (“AHGC”)	100%	Corporation	British Virgin Isles	Subsidiary
Armadillo Mining Corp. (“AMC”)	98.6%	Corporation	British Virgin Isles	Subsidiary

	·	MMEX principal shareholders and directors are also principals in a privately held U.S. oil and gas company, Maple Resources Corporation ('Maple") based in Austin, Texas.
	·	The MMEX management team has over 30 years of experience in natural resource project development and project financing in North and South America and the U.K.
	·	MMEX directors and principal shareholders with oil, gas, refining and electric power experience will bring this expertise into the Company.

	·	As of July 31, 2016, we did not maintain effective controls over the control environment. Specifically, the Board of Directors does not currently have any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-B. Since these entity level programs have a pervasive effect across the organization, management has determined that these circumstances constitute a material weakness.

	·	As of July 31, 2016, we did not maintain effective controls over financial statement disclosure. Specifically, controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Accordingly, management has determined that this control deficiency constitutes a material weakness.

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**	XBRL Instance Document

101.SCH**	XBRL Taxonomy Extension Schema Document

101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**	XBRL Taxonomy Extension Label Linkbase Document

101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document

*	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.

	MMEX Resources Corporation

Dated: February 24, 2017	By:	/s/ Jack W. Hanks
		Chief Executive Officer (Principal Executive Officer), President and Chief Financial Officer (Principal Financial and Accounting Officer)

1.	I have reviewed this Quarterly Report on Form 10-Q of MMEX Resources Corporation.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exhibit Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: February 24, 2017	By:	/s/ Jack W. Hanks
		Jack W. Hanks
		Chief Executive Officer and Chief Financial Officer

(1)	The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.