10-Q

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, 2015

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

For the transition period from  to_______

Commission File Number 000-54851

CANYON GOLD CORP.

 (Exact name of registrant as specified in its charter)

Nevada	Not Applicable
(State or jurisdiction of incorporation or organization)	(I.R.S. Employer  Identification Number

4730 South Fort Apache Road, Suite 300, Las Vegas, Nevada 89147

(Address of principal executive offices)

(800) 520-9485

(Registrant’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 past 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   [X]     No  [  ]

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  [X]    No  [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company

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]

As of September 14, 2015, there were 21,049,691 shares of the registrant’s common stock, $0.0001 par value, outstanding.

CANYON GOLD CORP.

FORM 10-Q

FOR THE QUARTER ENDED JULY 31, 2015

TABLE OF CONTENTS

	PART  I    —   FINANCIAL INFORMATION	Page
Item 1.	Financial Statements:
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18
Item 4.	Controls and Procedures	18
	PART II   —   OTHER INFORMATION
Item 1.	Legal Proceedings	18
Item 1A.	Risk Factors	18
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults upon Senior Securities	19
Item 4.	Mine Safety Disclosure	19
Item 5.	Other Information	19
Item 6.	Exhibits	19
	Signatures	20

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PART  I   —   FINANCIAL INFORMATION

Item 1.                      Financial Statements

Canyon Gold Corp.

Condensed Consolidated Balance Sheets

	July 31, 2015			April 30, 2015
ASSETS	(Unaudited)
Current assets:
Cash	$	5		$	183
Prepaid expenses		8,677			5,858
Total current assets		8,682			6,041
Mineral claims		37,820			37,820
Total assets	$	46,502		$	43,861
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	148,081		$	109,499
Accrued interest payable		3,397			2,383
Accrued interest payable – related parties		12,819			11,143
Derivative liability		26,188			47,808
Convertible notes payable, net of discount		197,551			199,748
Convertible notes payable – related parties, net of discount		57,050			57,050
Notes payable – related parties		79,656			79,656
Payables – related parties		432,977			369,178
Total current liabilities		957,719			876,465
Total liabilities		957,719			876,465
Stockholders’ deficit:
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 1,100,000 shares issued and outstanding		110			110
Common stock, $0.0001 par value; 200,000,000 shares authorized, 21,049,691 and 20,867,943 shares issued and outstanding, respectively		2,105			2,087
Additional paid-in capital		987,006			952,475
Accumulated deficit		(1,900,438	)		(1,787,276	)
Total stockholders’ deficit		(911,217	)		(832,604	)
Total liabilities and stockholders’ deficit	$	46,502		$	43,861

See notes to condensed consolidated financial statements

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Canyon Gold Corp.

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended July 31,
	2015			2014
Revenue	$	-		$	-
Expenses:
General and administrative		14,917			15,903
Management and administrative fees		22,500			22,500
Professional fees		34,054			37,132
Directors’ fees		-			7,500
Exploration costs		1,650			1,650
Total expenses		73,121			84,685
Loss from operations		(73,121	)		(84,685	)
Other income (expense):
Interest expense		(28,414	)		(23,550	)
Gain (loss) on derivative liability		(74,374	)		15,970
Gain on extinguishment of debt		62,747			2,416
Total other income (expense)		(40,041	)		(5,164	)
Loss before income taxes		(113,162	)		(89,849	)
Provision for income taxes		-			-
Net loss	$	(113,162	)	$	(89,849	)
Net loss per common share – basic and diluted	$	(0.01	)	$	(0.00	)
Weighted average shares outstanding – basic and diluted		20,927,209			20,350,842

See notes to condensed consolidated financial statements

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Canyon Gold Corp.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended July 31,
	2015			2014
Cash flows from operating activities:
Net loss	$	(113,162	)	$	(89,849	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Imputed interest on convertible notes payable		562			791
Amortization of debt discount to interest expense		12,829			14,065
(Gain) loss on derivative liability		74,374			(15,970	)
Gain on extinguishment of debt		(62,747	)		(2,416	)
Change in operating assets and liabilities:
Increase in prepaid expenses		(2,819	)		(5,026	)
Increase in accounts payable		38,582			39,368
Increase in accrued interest payable		1,014			1,009
Increase in accrued interest payable – related parties		1,676			5,806
Increase in payables – related parties		63,799			37,833
Net cash provided by (used in) operating activities		14,108			(14,389	)
Cash flows from investing activities		-			-
Net cash provided by investing activities		-			-
Cash flows from financing activities:
Proceeds from convertible notes payable		-			14,500
Repayment of convertible notes payable		(14,286	)		-
Net cash provided by (used in) financing activities		(14,286	)		14,500
Net increase (decrease) in cash		(178	)		111
Cash at beginning of period		183			396
Cash at end of period	$	5		$	507

See notes to condensed consolidated financial statements

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Canyon Gold Corp.

Notes to Condensed Consolidated Financial Statements

July 31, 2015

(Unaudited)

1. Nature of Operations and Continuation of Business

Canyon Gold Corp. (the "Company") was incorporated in the State of Delaware on May 27, 1998 as Mayne International Ltd.  On September 5, 2000, the Company changed its name to Black Dragon Entertainment, Inc.  On July 31, 2002, the Company changed its name to Vita Biotech Corporation.  On May 27, 2004, the Company changed its name to August Energy Corp. and, subsequently on April 17, 2011, the Company changed its name to Canyon Gold Corp.

Going Concern

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern.  Through July 31, 2015, the Company has no revenues, has accumulated losses of $1,900,438 since inception on June 19, 2008 and a working capital deficit of $949,037 and expects to incur further losses in the development of its business, all of which cast substantial doubt about the Company’s ability to continue as a going concern.  Management plans to continue to provide for the Company's capital needs during the year ending April 30, 2016 by issuing debt and equity securities and by the continued support of its related parties (see Note 4).  The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.  There is no assurance that funding will be available to continue the Company’s business operations.

2. Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States.  The Company’s fiscal year end is April 30.  These condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Long Canyon.  All inter-company transactions and balances have been eliminated.

The interim condensed consolidated financial statements have been prepared without audit in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q.  They do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.  Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended April 30, 2015 included in its Annual Report on Form 10-K filed with the SEC.

The interim condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s consolidated financial position as of July 31, 2015, the consolidated results of its operations and its consolidated cash flows for the three months ended July 31, 2015 and 2014.  The results of operations for the three months ended July 31, 2015 are not necessarily indicative of the results to be expected for future quarters or the full year ending April 30, 2016.

3. Mineral Claims

On March 12, 2011, the Company’s wholly owned subsidiary, Long Canyon, acquired a 100% interest in 30 mineral claims located in the State of Nevada for $37,820.  This amount has been recorded as mineral claims, a non-current asset in the Company’s condensed consolidated balance sheets.

The Company is committed to pay a 3% Net Smelter Royalty on all the claims acquired by Long Canyon.

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4. Related Party Transactions and Balances

Management and administrative services are compensated as per a Service Agreement between the Company and its Chief Executive Officer executed on April 30, 2011, a Service Agreement between the Company and its former Chief Executive Officer executed on December 6, 2012, and an Administration Agreement with a related party executed on March 15, 2011 and renewed on May 1, 2015, whereby the fee is based on services provided and invoiced by the related parties on a monthly basis and the fees are paid in cash when possible or with common stock.  The Company also, from time to time, has some of its expenses paid by related parties with the intent to repay.  These types of transactions, when incurred, result in payables to related parties in the Company’s consolidated financial statements as a necessary part of funding the Company’s operations.

As of July 31, 2015 and April 30, 2015, the Company had payable balances due to related parties totaling $432,977 and $369,178, respectively, which resulted from transactions with significant shareholders.

Convertible notes payable – related parties consisted of the following at:

	July 31, 2015		April 30, 2015
Note payable to related party, no interest, convertible into common stock of the Company at $0.10 per share, imputed interest at 9% per annum	$	25,000	$	25,000
Note payable to related party, interest at 6%, convertible into common stock of the Company at  $0.10 per share		32,050		32,050
	$	57,050	$	57,050

Convertible notes payable – related parties issued prior to the fiscal year ended April 30, 2014 were convertible 30 days from the first day the Company’s common shares are qualified for trading on the OTC Bulletin Board, which occurred in November 2012.  As of July 31, 2015, the convertible note payable – related party of $25,000 had not been converted and therefore is in default.

Historically, there has been no determinable and active market value for the Company’s common stock. Accordingly, no beneficial conversion feature or derivative liabilities were determinable or have been recognized related to the Company’s convertible notes payable – related parties.  These convertible features will be evaluated in subsequent periods for fair value determination.

Notes payable – related parties are currently in default and consisted of the following at:

	July 31, 2015		April 30, 2015
Note payable to related party, with interest at 6% per annum, due September 15, 2013	$	24,656	$	24,656
Note payable to related party, with interest at 6% per annum, due March 8, 2014		7,500		7,500
Note payable to related party, with interest at 6% per annum, due December 5, 2013		47,500		47,500
	$	79,656	$	79,656

Accrued interest payable – related parties was $12,819 and $11,143 at July 31, 2015 and April 30, 2015, respectively.

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5. Convertible Notes Payable

Convertible notes payable consisted of the following at:

	July 31, 2015			April 30, 2015
Note payable, no interest, convertible into common stock of the Company at $0.05 per share	$	11,000		$	11,000
Note payable, no interest, convertible into common stock of the Company at $0.10 per share 90 days from demand		141,150			141,150
Note payable, no interest, convertible into common stock of the Company at $0.10 per share on a quarterly basis		14,500			14,500
Note payable to institutional investor, with interest at 8% per annum, convertible into common stock of the Company at defined conversion price, maturing on September 5, 2015		13,700			38,000
Note payable to institutional investor, with interest at 8% per annum, convertible into common stock of the Company at defined conversion price, maturing on December 4, 2015		16,000			16,000
Other, with interest at 6% per annum		9,000			9,000
Less discount		(7,799	)		(29,902	)
	$	197,551		$	199,748

The $11,000 and $141,150 convertible notes payable outstanding at July 31, 2015 were convertible 30 days from the first day the Company’s common shares are qualified for trading on the OTC Bulletin Board, which occurred in November 2012.  As of July 31, 2015, these two convertible notes had not been converted and therefore are in default.

On December 3, 2014, the Company entered into a convertible promissory note with an institutional investor (“Investor”) for $38,000, which bears interest at an annual rate of 8% and matures on September 5, 2015.  The Investor has the right, after the first 180 days of the note, to convert the note and accrued interest in whole or in part into shares of the common stock of the Company at a price per share equal to 58% (representing a discount rate of 42%) of the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date of the conversion notice.  At any time for the period beginning on the date of the note and ending on the date which is 30 days following the date of the note, the Company may prepay the note upon payment of an amount equal to the outstanding principal multiplied by 120%, together with accrued and unpaid interest.  The amount of the prepayment increases every subsequent 30 days to 125%, 130%, 135%, 140% and 145% of the outstanding principal together with accrued and unpaid interest.  After the expiration of 180 days following the date of the note, the Company will have no right of prepayment.

At the inception of the convertible note to institutional investor, the Company recorded debt issuance costs of $3,000 in prepaid expenses, and a debt discount and derivative liability of $37,325 related to the conversion feature.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

In June 2015, the Company paid the institutional investor $25,000, $14,286 principal of the $38,000 convertible note payable and $10,714 in early payment penalties.   In addition, on July 1, 2015, the institutional investor converted $10,014 principal of the convertible loan into 181,748 shares of the Company’s common stock.

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On March 2, 2015, the Company entered into a convertible promissory note with an institutional investor for $16,000, which bears interest at an annual rate of 8% and matures on December 4, 2015.  The investor has the right, after the first 180 days of the note, to convert the note and accrued interest in whole or in part into shares of the common stock of the Company at a price per share equal to 58% (representing a discount rate of 42%) of the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date of the conversion notice.  At any time for the period beginning on the date of the note and ending on the date which is 30 days following the date of the note, the Company may prepay the note upon payment of an amount equal to the outstanding principal multiplied by 120%, together with accrued and unpaid interest.  The amount of the prepayment increases every subsequent 30 days to 125%, 130%, 135%, 140% and 145% of the outstanding principal together with accrued and unpaid interest.  After the expiration of 180 days following the date of the note, the Company will have no right of prepayment.

At the inception of the convertible note to institutional investor, the Company recorded debt issuance costs of $500 in prepaid expenses, and a debt discount and derivative liability of $16,000 related to the conversion feature.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

During the three months ended July 31, 2015, we had the following activity in the accounts related to the convertible note to institutional investor:

	Derivative Liability			Debt Discount			Loss on Derivative Liability
Balance at April 30, 2015	$	47,808		$	29,902
Loss on derivative liability		74,374			-		$	(74,374	)
Conversion of debt to shares of common stock and repayment of debt		(95,994	)		(9,274	)		-
Amortization of debt discount to interest expense		-			(12,829	)		-
Balance at July 31, 2015	$	26,188		$	7,799		$	(74,374	)

The estimated fair value of the derivative liability at July 31, 2015 was calculated using the Black-Scholes pricing model with the following assumptions:

Risk-free interest rate	0.08% - 0.11%
Expected life in years	0.10 - 0.35
Dividend yield	0%
Expected volatility	135.23% - 150.39%

Accrued interest payable was $3,397 and $2,383 at July 31, 2015 and April 30, 2015, respectively.

6. Financial Instruments

Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial 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 when measuring fair value using a hierarch based on the level of independent, objective evidence surrounding the inputs used to measure fair value.  A financial instrument’s categorization with 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:

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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.

As of July 31, 2015, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments.  In addition, the fair value of certain of the Company’s convertible notes was not determinable since there has been no current market value for the Company’s common stock.  Accordingly, no beneficial conversion feature or derivative liabilities were determinable or have been recognized related to these convertible notes payable.

The convertible notes payable to institutional investors and related derivative liability are measured at fair value on a recurring basis and estimated as follows at July 31, 2015:

	Total		Level 1		Level 2		Level 3
Derivative liability	$	26,188	$	-	$	-	$	26,188
Convertible notes payable, net		21,901		-		-		21,901
Total liabilities measured at fair value	$	48,089	$	-	$	-	$	48,089

7. Stockholders’ Deficit

Common Stock:

The Company has 200,000,000 shares of $0.001 par value common stock authorized.  On February 20, 2014, a majority of the shareholders of the Company holding 82.95% of the Company’s voting stock approved a 20:1 reverse stock split.   On March 3, 2014, a request was filed with the Financial Industry Regulatory Authority (FINRA) to approve the reverse split.  FINRA approved the reverse split effective April 4, 2014.  The reverse stock split has been given retroactive effect in the accompanying consolidated financial statements and notes thereto.

During the three months ended July 31, 2015, the Company issued 181,748 shares of its common stock for conversion of debt:  reducing convertible notes payable by $10,014, reducing debt discount by $2,594, reducing derivative liability by $24,051, increasing common stock by $18, increasing additional paid-in capital by $33,969 and recording a loss on extinguishment of debt of $2,516.

Preferred Stock:

The Company has 20,000,000 shares of $0.0001 par value preferred stock.

During the year ended April 30, 2012, the Company issued 600,000 shares of Series A convertible preferred stock to a related party in payment of an outstanding debt.  The Series A convertible preferred shares are convertible into ten common voting shares and carry voting rights on the basis of 100 votes per share with rights and preferences being decided by the Board of Directors of the Company.

During the year ended April 30, 2012, the Company issued 500,000 shares of Series B convertible preferred stock in the acquisition of Long Canyon.  The Series B convertible preferred shares are convertible into ten common voting shares and carry no voting rights.

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8. Contingencies and Commitments

(a)   Litigation

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business.  However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company.  The Company is currently not aware of any such legal proceedings or claims that the Company believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results.

(b)   Indemnities and Guarantees

During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions.  The Company indemnifies its directors, officers, employees and agents to the maximum extent permitted under the laws of the State of Nevada.  These indemnities include certain agreements with the Company's officers under which the Company may be required to indemnify such person for liabilities arising out of their employment relationship.  The duration of these indemnities and guarantees varies and, in certain cases, is indefinite.  The majority of these indemnities and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make significant payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheets.

(c)   Commitments

The Company has the following commitments as of July 31, 2015:

a)   Administration Agreement with EMAC Handels AG, signed on April 20, 2011, for a six-year term and renewed effective May 1, 2014.  From May 2011 to April 2013, the Company paid EMAC a monthly fee of $3,500 for administration services, office rent of $250, and office supplies of $125.  Commencing May 1, 2013, the monthly fee for administrative services increased to $5,000. Extraordinary expenses are invoiced by EMAC on a quarterly basis.  The fee may be paid in cash and/or with common stock.

b)   Service Agreement with Stephen M. Studdert, President of Long Canyon, for administration fees of $2,500 per month, signed on December 6, 2012. The fees may be paid in cash and/or with common stock.

c)   In order to maintain the Company’s claims and/or leases, the Company must make annual payments to the Bureau of Land Management (“BLM”) and the State of Nevada, due in September of each year.  Payment to the BLM is currently $150 per claim and the State of Nevada is currently $70 per claim.

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9. Recent Accounting Pronouncements

There were no new accounting pronouncements issued during the three months ended July 31, 2015 and through the date of filing this quarterly report that the Company believes would be applicable to or have a material impact on the Company’s consolidated financial statements.

10. Supplemental Statement of Cash Flows Information

During the three months ended July 31, 2015 and 2014, the Company paid $10,714 and $0 for interest.

During the three months ended July 31, 2015 and 2014, the Company paid no amounts for income taxes.

During the three months ended July 31, 2015, the Company had the following non-cash investing and financing activities:

Increased common stock by $18, increased additional paid-in capital by $33,969, decreased convertible notes payable by $10,014, decreased debt discount by $2,594 and decreased derivative liability by $24,051.

Decreased debt discount by $6,680 and derivative liability by $71,943.

During the three months ended July 31, 2014, the Company had the following non-cash investing and financing activities:

Increased common stock by $239, increased additional paid-in capital by $174,761 and decreased payables – related parties by $175,000.

Increased common stock by $211, increased additional paid-in capital by $180,497, decreased accrued interest payable – related parties by $49,708 and decreased convertible notes payable – related parties by $131,000.

Increased common stock by $180, increased additional paid-in capital by $149,820, decreased accrued interest payable by $2,406 and decreased convertible notes payable by $150,010.

11. Subsequent Events

In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events to determine events occurring after July 31, 2015 that would have a material impact on the Company’s financial results or require disclosure.

Vaportech Acquisition

On June 6, 2015, the Company entered into an agreement to acquire 90% of Vaportech3d LLC, a privately held Nevada limited liability company, formerly known as EMAC Holdings, LLC, a related party, (“Vaportech”), owner of the Cedar Leaf Oil Vapor Technology.  Based on the due diligence performed, on September 8, 2015, the parties entered into an agreement to cancel the acquisition.

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

Overview

The following information should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q.

Canyon Gold Corp. (“Canyon Gold” or the “Company”) was incorporated in the State of Delaware on May 27, 1998.  Canyon Gold presently holds mining claims and leases located in the State of Nevada.

In July 2011, we acquired 100% of the outstanding capital stock of Long Canyon Gold Resources Corp. of North Vancouver BC, Canada (“Long Canyon”), whereby Long Canyon became our wholly owned subsidiary.  The acquisition of Long Canyon was accounted for as a reverse acquisition and recapitalization, with Canyon Gold being the legal acquirer and Long Canyon being the accounting acquirer.

Canyon Gold and Long Canyon own and control a 100% interest in approximately 640 acres of mineral lease properties and/or approximately 30 BLM mineral lease claims, situated in the west section of the new Long Canyon Gold Trend area of east central Nevada.  The properties, located in Range Section 35, T 34N R63, Meridian MDB&M, are held for the purpose of exploration for gold and silver mineralization deposits and are located near existing exploration projects by other mining companies.

We have engaged the services of Development Resources LLC of American Fork, Utah (“DRLLC”) to conduct preliminary studies of claims.  We intend to conduct exploration activities for gold, silver and other minerals on the properties in phases as funding permits.  There can be no assurance that a commercially viable mineral deposit exists on our property.  Extensive exploration will be required before we can make a final evaluation as to the economic and legal feasibility of any potential deposit.

Our principal executive office is located at 4730 South Fort Apache Road, Suite 300, Las Vegas, Nevada 89147, telephone 1-(800) 520-9485.  Additional office space is subleased from EMAC at 641 West 3rd Street, North Vancouver BC, Canada.  The office of DRLLC that is responsible for management of exploration program is located at 125 East Main Street # 307, American Fork, Utah 84003.

Our website address is http://www.canyongoldexploration.com

Information on or accessed through our website is not incorporated into this Quarterly Report on Form 10-Q and is not a part of this Form 10-Q.

Industry Segments

Currently, we consider our operations to be conducted in one industry segment, the exploration and development of mineral lease claims.

Forward Looking and Cautionary Statements

This report contains forward-looking statements relating to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or similar terms, variations of such terms or the negative of such terms.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors.  Although forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment, actual results could differ materially from those anticipated in such statements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

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Vaportech Acquisition

On June 6, 2015, the Company entered into an agreement to acquire 90% of Vaportech3d LLC, a privately held Nevada limited liability company, formerly known as EMAC Holdings, LLC, a related party, (“Vaportech”), owner of the Cedar Leaf Oil Vapor Technology.  

However, on September 8, 2015, the parties entered into an agreement to mutually cancel the planned acquisition of Vaportech, effective immediately.  The parties also agreed to release each other from any further obligations under the acquisition agreement and neither party will have any further claim against the other party, whatsoever.

Going Concern

Our condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern. Through July 31, 2015, the Company has no revenues, has accumulated losses of $1,900,438 since inception on June 19, 2008 and a working capital deficit of $949,037 and expects to incur further losses in the development of its business, all of which cast substantial doubt about the Company’s ability to continue as a going concern. Management plans to continue to provide for the Company's capital needs during the year ending April 30, 2016 by issuing debt and equity securities and by the continued support of its related parties. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. There is no assurance that funding will be available to continue the Company’s business operations.

Results of Operations

We currently have no sources of operating revenues. Accordingly, no revenues were recorded for the three months ended July 31, 2015 and 2014.

Our total operating expenses decreased to $73,121 in the three months ended July 31, 2015 from $84,685 in the three months ended July 31, 2014.  The decrease was due primarily to a decrease in directors’ fees and professional fees.

Our interest expense increased to $28,414 in the three months ended July 31, 2015 from $23,550 in the three months ended July 31, 2014.  The increase in interest expense is due primarily to new interest-bearing debt issued to institutional investors and to the amortization of debt discount to interest expense in the current year.  A substantial portion of our interest expense is incurred to related parties.

We recognized a loss on derivative liability of $74,374 in the three months ended July 31, 2015 and a gain on derivative liability of $15,970 in the three months ended July 31, 2015.  We estimate the fair value of the derivative for the conversion feature of our convertible notes payable using the Black-Scholes pricing model at the inception of the debt, at the date of conversions to equity, cash payments and at each reporting date, recording a derivative liability, debt discount and a gain or loss on change in derivative liability as applicable.  These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility, and variable conversion prices based on market prices as defined in the respective loan agreements.  These inputs are subject to significant changes from period to period; therefore, the estimated fair value of the derivative liability will fluctuate from period to period and the fluctuation may be material.

We recognized a gain on extinguishment of debt of $62,727 and $2,416 in the three months ended July 31, 2015 and 2014, respectively, primarily as a result of the elimination of derivative liabilities upon debt extinguishment.

As a result, our net loss increased to $113,162 in the three months ended July 31, 2015 from $89,849 in the three months ended July 31, 2014.

We have no firm commitments for capital expenditures other than to explore our properties as funds permit.  In the process of carrying out our business plan, we may determine that we cannot raise sufficient capital to support our business on acceptable terms, or at all.

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Liquidity and Capital Resources

At July 31, 2015, we had total current assets of $8,682 ($5 cash) and total current liabilities of $957,719, resulting in a working capital deficiency of $949,037.  A significant portion of our current liabilities is comprised of amounts due to related parties: accrued interest payable – related parties of $12,819; convertible notes payable – related parties of $57,050; notes payable – related parties of $79,656; and payables – related parties of $432,977.  We anticipate that in the short-term, operating funds will continue to be provided by related parties and other lenders.

At July 31, 2015, we had total convertible notes payable, net of discount, of $254,601.  We anticipate converting these notes payable into shares of our common stock; however, there can be no assurance that we will be successful in accomplishing this.

As of July 31, 2015, we had two convertible notes payable to institutional investors totaling $29,700, which bear interest at an annual rate of 8% per annum and mature in September and December 2015.  The investors have the right, after the first 180 days of each respective note, to convert the note and accrued interest in whole or in part into shares of the common stock of the Company at a price per share equal to 58% (representing a discount rate of 42%) of the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date of the conversion notice.  At any time for the period beginning on the date of the note and ending on the date which is 30 days following the date of the note, the Company may prepay the note upon payment of an amount equal to the outstanding principal multiplied by 120%, together with accrued and unpaid interest.  The amount of the prepayment increases every subsequent 30 days to 125%, 130%, 135%, 140% and 145% of the outstanding principal together with accrued and unpaid interest.  After the expiration of 180 days following the date of the note, the Company will have no right of prepayment.

We have determined the conversion feature of the convertible promissory notes with the institutional investors is a derivative and have estimated its value as a derivative liability of $16,188 at April 30, 2015.

As discussed in the notes to our consolidated financial statements, there is currently a limited market value for our common stock.  Accordingly, no beneficial conversion feature or derivative liabilities, except for the conversion feature of the convertible promissory notes with the institutional investors, are determinable or have been recognized related to our convertible notes payable.  These convertible features will be evaluated in subsequent periods for fair value determination.

During the three months ended July 31, 2015, net cash provided by operating activities was $14,108, as a result of our net loss of $113,162, gain on extinguishment of debt of $62,747 and increase in prepaid expenses of $2,819, offset by non-cash expenses totaling $87,765 and increases in accounts payable of $38,582, accrued interest payable of $1,014, accrued interest payable – related parties of $1,676, and payables – related parties of $63,799.

During the three months ended July 31, 2014, net cash used in operating activities was $14,389, as a result of our net loss of $89,849, gain on derivative liability of $15,970, gain on extinguishment of debt of $2,416 and increase in prepaid expenses of $5,026, partially offset by non-cash expenses totaling $14,856, and increases in accounts payable of $39,368, accrued interest payable of $1,009, accrued interest payable – related parties of $5,806, and payables – related parties of $37,833.

During the three months ended July 31, 2015 and 2014, we had no cash provided by or used in investing activities.

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During the three months ended July 31, 2015, net cash used in financing activities was $14,286, comprised of repayment of convertible notes payable.  During the three months ended July 31, 2014, net cash provided by financing activities was $14,500, comprised of proceeds from convertible notes payable.

We have not realized any revenues since inception and paid expenses and costs with proceeds from the issuance of securities as well as by loans from directors and other stockholders.

We believe a related party and one of our lenders will provide sufficient funds to carry on general operations in the near term.  We expect that we will need to raise additional funds, most likely from the sale of securities or from stockholder loans, to be able to complete our exploration program.  We may not be successful in our efforts to obtain equity financing to carry out our business plan and there is doubt regarding our ability to complete our planned exploration program.

As of July 31, 2015, we did not have sufficient cash to fund our operations for the next twelve months.

Inflation

In the opinion of management, inflation has not and will not have a material effect on our operations until such time as we successfully complete an acquisition or merger.  At that time, management will evaluate the possible effects of inflation related to our business and operations following a successful acquisition or merger.

Critical Accounting Policies

Exploration Costs

All sampling, metallurgical, engineering, contractor costs, and efforts to obtain mineral rights have been charged to expense as incurred.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Basic and Diluted Loss per Common Share

Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.  There are no such common stock equivalents outstanding for the three months ended July 31, 2015 and 2014.

Non-Monetary Transactions

All issuances of our common stock for non-cash consideration have been assigned a dollar amount equaling either the market value of the shares issued or the value of consideration received whichever is more readily determinable.  The majority of the non-cash consideration received pertains to services rendered by consultants and others and has been valued at the market value of the shares issued.

Our accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of ASC 505, Equity Based Payments to Non Employees, where the equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  The measurement date for the fair value of the equity instruments issued is determined at 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.

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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.

Comprehensive Loss

We have no component of other comprehensive income.  Accordingly, net loss equals comprehensive loss for the three months ended July 31, 2015 and 2014.

Cash and Cash Equivalents

For purposes of the statement of cash flows, we consider all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

Income Taxes

We provide for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes.  Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse.  Our predecessor operated as entity exempt from federal and state income taxes.

ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

Impairment of Long-Lived Assets

We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows.  If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.  Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Accounting Basis

Our condensed consolidated financial statements are prepared using the accrual method of accounting and accounting principles generally accepted in the United States of America.  We have adopted an April 30 fiscal year end.

Revenue Recognition

Revenues from the sale of products will be recorded when the product is shipped, title and risk of loss have transferred to the purchaser, payment terms are fixed or determinable and payment is reasonably assured.  Revenues from service contracts will be recognized when performance of the service is complete or over the term of the contract.

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Recent Accounting Pronouncements

See the notes to our condensed consolidated financial statements for a discussion of recently issued accounting pronouncements that we have either implemented or that may have a material future impact on our financial position or results of operations.

Off-Balance Sheet Arrangements

We have no 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 is material to stockholders.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

This item is not required for a smaller reporting company.

Item 4.   Controls and Procedures.

Evaluation of Disclosure Controls and Procedures.  As of the end of the period covered by this report, we conducted 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 the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) (“Exchange Act”).  Based on this evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, in a manner that allows timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting.  There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1.   Legal Proceedings

There are no material pending legal proceedings to which we are a party or to which any of our property is subject and, to the best of our knowledge, no such actions against us are contemplated or threatened.

Item 1A.  Risk Factors

This item is not required for a smaller reporting company.

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

During the three months ended July 31, 2015, the Company did not issue any unregistered shares of its common stock.

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Item 3.  Defaults Upon Senior Securities

This item is not applicable.

Item 4.  Mine Safety Disclosure

This item is not applicable.

Item 5.  Other Information

Not applicable

Item 6.  Exhibits

The following exhibits are filed as part of this report:

Exhibit No.	Description of Exhibit
31.1	Section 302 Certification of Chief Executive Officer and Chief Financial Officer
32.1	Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
101 INS*	XBRL Instance Document
101SCH*	XBRL Taxonomy Extension Schema
101 CAL*	XBRL Taxonomy Extension Calculation Linkbase
101 DEF*	XBRL Taxonomy Extension Definition Linkbase
101 LAB*	XBRL Taxonomy Extension Label Linkbase
101 PRE*	XBRL Taxonomy Extension Presentation Linkbase

* The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Exchange Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

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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.

	CANYON GOLD CORP.
Date: September 14, 2015	By:/S/  Stephen M. Studdert
	Stephen M. Studdert
	Chief Executive Officer
	Acting Chief Financial Officer

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EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen M. Studdert, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CANYON GOLD CORP.;

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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange 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 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.

Date: September 14, 2015

/S/ Stephen M. Studdert

Stephen M. Studdert

Chief Executive Officer

Acting Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CANYON GOLD CORP. (the “Company”) on Form 10-Q for the period ending July 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen M. Studdert, Chief Executive Officer and Acting 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 Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/S/ Stephen M. Studdert

Stephen M. Studdert

Chief Executive Officer

Acting Chief Financial Officer

September 14, 2015

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certifications are accompanying the Company's Form 10-Q solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

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7. Stockholders' Deficit (Details) - $ / shares	3 Months Ended	12 Months Ended
	Jul. 31, 2015	Apr. 30, 2012	Apr. 30, 2015
Common stock shares authorized	200,000,000		200,000,000
Common stock par value	$ 0.0001		$ 0.0001
Shares of common stock issued for payables - related parties - shares	181,748
Preferred stock shares authorized	20,000,000		20,000,000
Preferred stock par value	$ 0.0001		$ 0.0001
Preferred Stock
Preferred Series A shares issued at par for payables - Shares		600,000
Recapitalization with reverse acquisition - Shares		500,000

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4. Related Party Transactions and Balances (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Details
Payables - related parties	$ 432,977	$ 369,178
Accrued interest payable - related parties	$ 12,819	$ 11,143

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4. Related Party Transactions and Balances

3 Months Ended

Jul. 31, 2015

Notes

4. Related Party Transactions and Balances

4. Related Party Transactions and Balances

Management and administrative services are compensated as per a Service Agreement between the Company and its Chief Executive Officer executed on April 30, 2011, a Service Agreement between the Company and its former Chief Executive Officer executed on December 6, 2012, and an Administration Agreement with a related party executed on March 15, 2011 and renewed on May 1, 2015, whereby the fee is based on services provided and invoiced by the related parties on a monthly basis and the fees are paid in cash when possible or with common stock.  The Company also, from time to time, has some of its expenses paid by related parties with the intent to repay.  These types of transactions, when incurred, result in payables to related parties in the Company’s consolidated financial statements as a necessary part of funding the Company’s operations.

As of July 31, 2015 and April 30, 2015, the Company had payable balances due to related parties totaling $432,977 and $369,178, respectively, which resulted from transactions with significant shareholders.

Convertible notes payable – related parties consisted of the following at:

	July 31, 2015	April 30, 2015
Note payable to related party, no interest, convertible    into common stock of the Company at $0.10 per    share, imputed interest at 9% per annum	$           25,000	$           25,000
Note payable to related party, interest at 6%,    convertible into common stock of the Company at    $0.10 per share	32,050	32,050
	$           57,050	$          57,050

Convertible notes payable – related parties issued prior to the fiscal year ended April 30, 2014 were convertible 30 days from the first day the Company’s common shares are qualified for trading on the OTC Bulletin Board, which occurred in November 2012.  As of July 31, 2015, the convertible note payable – related party of $25,000 had not been converted and therefore is in default.

Historically, there has been no determinable and active market value for the Company’s common stock. Accordingly, no beneficial conversion feature or derivative liabilities were determinable or have been recognized related to the Company’s convertible notes payable – related parties.  These convertible features will be evaluated in subsequent periods for fair value determination.

Notes payable – related parties are currently in default and consisted of the following at:

	July 31, 2015	April 30, 2015
Note payable to related party, with interest at 6% per    annum, due September 15, 2013	$           24,656	$           24,656
Note payable to related party, with interest at 6% per    annum, due March 8, 2014	7,500	7,500
Note payable to related party, with interest at 6% per    annum, due December 5, 2013	47,500	47,500
	$           79,656	$           79,656

Accrued interest payable – related parties was $12,819 and $11,143 at July 31, 2015 and April 30, 2015, respectively.

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5. Convertible Notes Payable (Details) - USD ($)	1 Months Ended
	Mar. 31, 2015	Feb. 28, 2014	Jul. 31, 2015	Apr. 30, 2015	Mar. 02, 2015
Debt Issuance Cost		$ 3,000
Derivative Liability Related to the Conversion Feature		$ 37,325
Accrued interest payable			$ 3,397	$ 2,383
Convertible Note Payable 5
Derivative Liability Related to the Conversion Feature	$ 16,000
Prepaid Expense, Current					$ 500

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5. Convertible Notes Payable: Schedule of Convertible Notes Payable (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Convertible notes payable, net of discount	$ 197,551	$ 199,748
Debt Instrument, Unamortized Discount	(7,799)	(29,902)
Convertible notes payable	197,551	199,748
Convertible Note Payable 1
Convertible notes payable, net of discount	11,000	11,000
Convertible Note Payable 2
Convertible notes payable, net of discount	141,150	141,150
Convertible Note Payable 3
Convertible notes payable, net of discount	14,500	14,500
Convertible Note Payable 4
Convertible notes payable, net of discount	13,700	38,000
Convertible Note Payable 5
Convertible notes payable, net of discount	16,000	16,000
Other Convertible Debt
Convertible notes payable, net of discount	$ 9,000	$ 9,000

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5. Convertible Notes Payable: Schedule of Derivative Liability Related to the Conversion Feature (Details) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Apr. 30, 2015
Derivative liability	$ 26,188		$ 47,808
Amortization of debt discount to interest expense	(12,829)	$ (14,065)
DerivativeLiabilityMember
Derivative liability	26,188		47,808
Gain (Loss) on Derivative Liability Related to the Conversion Feature	74,374
Conversion of debt to shares of common stock and repayment of debt	(95,994)
DebtDiscountMember
Derivative liability	7,799		$ 29,902
Conversion of debt to shares of common stock and repayment of debt	(9,274)
Amortization of debt discount to interest expense	(12,829)
GainLossOnDerivativeLiabilityMember
Derivative liability	(74,374)
Gain (Loss) on Derivative Liability Related to the Conversion Feature	$ (74,374)

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5. Convertible Notes Payable: Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities (Details) - 15 months ended Jul. 31, 2015	Total
Fair Value Assumptions, Expected Dividend Rate	0.00%
Minimum
Fair Value Assumptions, Risk Free Interest Rate	0.08%
Fair Value Assumptions, Expected Term	1 month 6 days
Fair Value Assumptions, Expected Volatility Rate	135.23%
Maximum
Fair Value Assumptions, Risk Free Interest Rate	0.11%
Fair Value Assumptions, Expected Term	4 months 6 days
Fair Value Assumptions, Expected Volatility Rate	150.39%

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3. Mineral Claims

3 Months Ended

Jul. 31, 2015

Notes

3. Mineral Claims

3. Mineral Claims

On March 12, 2011, the Company’s wholly owned subsidiary, Long Canyon, acquired a 100% interest in 30 mineral claims located in the State of Nevada for $37,820.  This amount has been recorded as mineral claims, a non-current asset in the Company’s condensed consolidated balance sheets.

The Company is committed to pay a 3% Net Smelter Royalty on all the claims acquired by Long Canyon.

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6. Financial Instruments: Fair Value, Assets Measured on Recurring Basis (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Derivative Liability, Fair Value, Gross Asset	$ 26,188
Convertible notes payable	197,551	$ 199,748
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	48,089
Fair Value, Inputs, Level 3
Derivative Liability, Fair Value, Gross Asset	26,188
Convertible notes payable	21,901
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	$ 48,089

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CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Current assets:
Cash	$ 5	$ 183
Prepaid expenses	8,677	5,858
Total current assets	8,682	6,041
Mineral claims	37,820	37,820
TOTAL ASSETS	46,502	43,861
Current liabilities:
Accounts payable	148,081	109,499
Accrued interest payable	3,397	2,383
Accrued interest payable - related parties	12,819	11,143
Derivative liability	26,188	47,808
Convertible notes payable, net of discount	197,551	199,748
Convertible notes payable - related parties, net of discount	57,050	57,050
Notes payable - related parties	79,656	79,656
Payables - related parties	432,977	369,178
Total current liabilities	957,719	876,465
Total liabilities	957,719	876,465
Stockholders' deficit:
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 1,100,000 shares issued and outstanding	110	110
Common stock, $0.0001 par value; 200,000,000 shares authorized, 21,049,691 and 20,867,943 shares issued and outstanding, respectively	2,105	2,087
Additional paid-in capital	987,006	952,475
Accumulated deficit	(1,900,438)	(1,787,276)
Total stockholders' deficit	(911,217)	(832,604)
Total liabilities and stockholders' deficit	$ 46,502	$ 43,861

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1. Nature of Operations and Continuation of Business

3 Months Ended

Jul. 31, 2015

Notes

1. Nature of Operations and Continuation of Business

1. Nature of Operations and Continuation of Business

Canyon Gold Corp. (the "Company") was incorporated in the State of Delaware on May 27, 1998 as Mayne International Ltd.  On September 5, 2000, the Company changed its name to Black Dragon Entertainment, Inc.  On July 31, 2002, the Company changed its name to Vita Biotech Corporation.  On May 27, 2004, the Company changed its name to August Energy Corp. and, subsequently on April 17, 2011, the Company changed its name to Canyon Gold Corp.

Going Concern

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern.  Through July 31, 2015, the Company has no revenues, has accumulated losses of $1,900,438 since inception on June 19, 2008 and a working capital deficit of $949,037 and expects to incur further losses in the development of its business, all of which cast substantial doubt about the Company’s ability to continue as a going concern.  Management plans to continue to provide for the Company's capital needs during the year ending April 30, 2016 by issuing debt and equity securities and by the continued support of its related parties (see Note 4).  The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.  There is no assurance that funding will be available to continue the Company’s business operations.

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10. Supplemental Statement of Cash Flows Information (Details) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Interest Paid	$ 10,714	$ 0
Common Stock Issued For Payables Related Parties		175,000
Common Stock Issued for interest payable - related parties 1		49,708
Common Stock Issued for interest payable - related parties 2		2,406
Common Stock
Common Stock Issued For Payables Related Parties		239
Common Stock Issued for interest payable - related parties 1		211
Common Stock Issued for interest payable - related parties 2		180
Additional Paid-in Capital
Common Stock Issued For Payables Related Parties		174,761
Common Stock Issued for interest payable - related parties 1		180,497
Common Stock Issued for interest payable - related parties 2		$ 149,820

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6. Financial Instruments: Fair Value, Assets Measured on Recurring Basis (Tables)

3 Months Ended

Jul. 31, 2015

Tables/Schedules

Fair Value, Assets Measured on Recurring Basis

	Total	Level 1	Level 2	Level 3
Derivative liability	$           26,188	$                       -	$                        -	$           26,188
Convertible notes payable, net	21,901	-	-	21,901
Total liabilities measured    at fair value	$          48,089	$                       -	$                        -	$          48,089

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3. Mineral Claims (Details) - Jul. 31, 2015 - USD ($)	Total
Details
Payments for mineral claims	$ 37,820
Net Smelter Royalty	3.00%

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2. Basis of Presentation

3 Months Ended

Jul. 31, 2015

Notes

2. Basis of Presentation

2. Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States.  The Company’s fiscal year end is April 30.  These condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Long Canyon.  All inter-company transactions and balances have been eliminated.

The interim condensed consolidated financial statements have been prepared without audit in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q.  They do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.  Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended April 30, 2015 included in its Annual Report on Form 10-K filed with the SEC.

The interim condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s consolidated financial position as of July 31, 2015, the consolidated results of its operations and its consolidated cash flows for the three months ended July 31, 2015 and 2014.  The results of operations for the three months ended July 31, 2015 are not necessarily indicative of the results to be expected for future quarters or the full year ending April 30, 2016.

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CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares	Jul. 31, 2015	Apr. 30, 2015
CONSOLIDATED BALANCE SHEETS PARENTHETICAL
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	20,000,000	20,000,000
Preferred stock shares issued	1,100,000	1,100,000
Preferred stock shares outstanding	1,100,000	1,100,000
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	21,049,691	20,867,943
Common stock shares outstanding	21,049,691	20,867,943

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4. Related Party Transactions and Balances: Schedule of Convertible Notes Payable Related Parties (Tables)

3 Months Ended

Jul. 31, 2015

Tables/Schedules

Schedule of Convertible Notes Payable Related Parties

	July 31, 2015	April 30, 2015
Note payable to related party, no interest, convertible    into common stock of the Company at $0.10 per    share, imputed interest at 9% per annum	$           25,000	$           25,000
Note payable to related party, interest at 6%,    convertible into common stock of the Company at    $0.10 per share	32,050	32,050
	$           57,050	$          57,050

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Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2015	Sep. 14, 2015
Document and Entity Information:
Entity Registrant Name	CANYON GOLD CORP.
Document Type	10-Q
Document Period End Date	Jul. 31, 2015
Trading Symbol	cgcc
Amendment Flag	false
Entity Central Index Key	0001533357
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		21,049,691
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Incorporation, State Country Name	Delaware
Entity Incorporation, Date of Incorporation	May 27, 1998

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4. Related Party Transactions and Balances: Schedule of Notes Payable Related Parties (Tables)

3 Months Ended

Jul. 31, 2015

Tables/Schedules

Schedule of Notes Payable Related Parties

	July 31, 2015	April 30, 2015
Note payable to related party, with interest at 6% per    annum, due September 15, 2013	$           24,656	$           24,656
Note payable to related party, with interest at 6% per    annum, due March 8, 2014	7,500	7,500
Note payable to related party, with interest at 6% per    annum, due December 5, 2013	47,500	47,500
	$           79,656	$           79,656

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue
Operating expenses:
General and administrative	$ 14,917	$ 15,903
Management and administrative fees	22,500	22,500
Professional fees	34,054	37,132
Directors' fees		7,500
Exploration costs	1,650	1,650
Total expenses	73,121	84,685
Loss from operations	(73,121)	(84,685)
Other income (expense):
Interest expense	(28,414)	(23,550)
Gain (loss) on derivative liability	(74,374)	15,970
Gain on extinguishment of debt	62,747	2,416
Total other income (expense)	(40,041)	(5,164)
Loss before income taxes	$ (113,162)	$ (89,849)
Provision for income taxes
Net loss	$ (113,162)	$ (89,849)
Net loss per common share - basic and diluted	$ (0.01)	$ 0.00
Weighted average shares outstanding - basic and diluted	20,927,209	20,350,842

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7. Stockholders' Deficit

3 Months Ended

Jul. 31, 2015

Notes

7. Stockholders' Deficit

7. Stockholders’ Deficit

Common Stock:

The Company has 200,000,000 shares of $0.0001 par value common stock authorized.  On February 20, 2014, a majority of the shareholders of the Company holding 82.95% of the Company’s voting stock approved a 20:1 reverse stock split.   On March 3, 2014, a request was filed with the Financial Industry Regulatory Authority (FINRA) to approve the reverse split.  FINRA approved the reverse split effective April 4, 2014.  The reverse stock split has been given retroactive effect in the accompanying consolidated financial statements and notes thereto.

During the three months ended July 31, 2015, the Company issued 181,748 shares of its common stock for conversion of debt:  reducing convertible notes payable by $10,014, reducing debt discount by $2,594, reducing derivative liability by $24,051, increasing common stock by $18, increasing additional paid-in capital by $33,969 and recording a loss on extinguishment of debt of $2,516.

Preferred Stock:

The Company has 20,000,000 shares of $0.0001 par value preferred stock. 

During the year ended April 30, 2012, the Company issued 600,000 shares of Series A convertible preferred stock to a related party in payment of an outstanding debt.  The Series A convertible preferred shares are convertible into ten common voting shares and carry voting rights on the basis of 100 votes per share with rights and preferences being decided by the Board of Directors of the Company.

During the year ended April 30, 2012, the Company issued 500,000 shares of Series B convertible preferred stock in the acquisition of Long Canyon.  The Series B convertible preferred shares are convertible into ten common voting shares and carry no voting rights.

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6. Financial Instruments

3 Months Ended

Jul. 31, 2015

Notes

6. Financial Instruments

6. Financial Instruments

Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial 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 when measuring fair value using a hierarch based on the level of independent, objective evidence surrounding the inputs used to measure fair value.  A financial instrument’s categorization with 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.

As of July 31, 2015, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments.  In addition, the fair value of certain of the Company’s convertible notes was not determinable since there has been no current market value for the Company’s common stock.  Accordingly, no beneficial conversion feature or derivative liabilities were determinable or have been recognized related to these convertible notes payable.

The convertible notes payable to institutional investors and related derivative liability are measured at fair value on a recurring basis and estimated as follows at July 31, 2015:

	Total	Level 1	Level 2	Level 3
Derivative liability	$           26,188	$                       -	$                        -	$           26,188
Convertible notes payable, net	21,901	-	-	21,901
Total liabilities measured    at fair value	$          48,089	$                       -	$                        -	$          48,089

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1. Nature of Operations and Continuation of Business (Details) - USD ($)	3 Months Ended		85 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015
Details
Entity Incorporation, State Country Name	Delaware
Entity Incorporation, Date of Incorporation	May 27, 1998
Net loss	$ 113,162	$ 89,849	$ 1,900,438
Working capital deficit	$ 949,037		$ 949,037

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5. Convertible Notes Payable: Schedule of Convertible Notes Payable (Tables)

3 Months Ended

Jul. 31, 2015

Tables/Schedules

Schedule of Convertible Notes Payable

	July 31, 2015	April 30, 2015
Note payable, no interest, convertible into common    stock of the Company at $0.05 per share	$           11,000	$           11,000
Note payable, no interest, convertible into common    stock of the Company at $0.10 per share 90 days    from demand	141,150	141,150
Note payable, no interest, convertible into common    stock of the Company at $0.10 per share on a    quarterly basis	14,500	14,500
Note payable to institutional investor, with interest at    8% per annum, convertible into common stock of    the Company at defined conversion price, maturing    on September 5, 2015	13,700	38,000
Note payable to institutional investor, with interest at    8% per annum, convertible into common stock of    the Company at defined conversion price, maturing    on December 4, 2015	16,000	16,000
Other, with interest at 6% per annum	9,000	9,000
Less discount	(7,799)	(29,902)
	$         197,551	$         199,748

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10. Supplemental Statement of Cash Flows Information

3 Months Ended

Jul. 31, 2015

Notes

10. Supplemental Statement of Cash Flows Information

10. Supplemental Statement of Cash Flows Information

During the three months ended July 31, 2015 and 2014, the Company paid $10,714 and $0 for interest.

During the three months ended July 31, 2015 and 2014, the Company paid no amounts for income taxes.

During the three months ended July 31, 2015, the Company had the following non-cash investing and financing activities:

Increased common stock by $18, increased additional paid-in capital by $33,969, decreased convertible notes payable by $10,014, decreased debt discount by $2,594 and decreased derivative liability by $24,051.

Decreased debt discount by $6,680 and derivative liability by $71,943.

During the three months ended July 31, 2014, the Company had the following non-cash investing and financing activities:

Increased common stock by $239, increased additional paid-in capital by $174,761 and decreased payables – related parties by $175,000.

Increased common stock by $211, increased additional paid-in capital by $180,497, decreased accrued interest payable – related parties by $49,708 and decreased convertible notes payable – related parties by $131,000.

Increased common stock by $180, increased additional paid-in capital by $149,820, decreased accrued interest payable by $2,406 and decreased convertible notes payable by $150,010.

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8. Contingencies and Commitments

3 Months Ended

Jul. 31, 2015

Notes

8. Contingencies and Commitments

8. Contingencies and Commitments

(a)   Litigation

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business.  However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company.  The Company is currently not aware of any such legal proceedings or claims that the Company believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results.

(b)   Indemnities and Guarantees

During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions.  The Company indemnifies its directors, officers, employees and agents to the maximum extent permitted under the laws of the State of Nevada.  These indemnities include certain agreements with the Company's officers under which the Company may be required to indemnify such person for liabilities arising out of their employment relationship.  The duration of these indemnities and guarantees varies and, in certain cases, is indefinite.  The majority of these indemnities and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make significant payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheets.

(c)    Commitments

The Company has the following commitments as of July 31, 2015:

a)   Administration Agreement with EMAC Handels AG, signed on April 20, 2011, for a six-year term and renewed effective May 1, 2014.  From May 2011 to April 2013, the Company paid EMAC a monthly fee of $3,500 for administration services, office rent of $250, and office supplies of $125.  Commencing May 1, 2013, the monthly fee for administrative services increased to $5,000. Extraordinary expenses are invoiced by EMAC on a quarterly basis.  The fee may be paid in cash and/or with common stock.

b)   Service Agreement with Stephen M. Studdert, President of Long Canyon, for administration fees of $2,500 per month, signed on December 6, 2012. The fees may be paid in cash and/or with common stock.

c)   In order to maintain the Company’s claims and/or leases, the Company must make annual payments to the Bureau of Land Management (“BLM”) and the State of Nevada, due in September of each year.  Payment to the BLM is currently $150 per claim and the State of Nevada is currently $70 per claim.

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9. Recent Accounting Pronouncements

3 Months Ended

Jul. 31, 2015

Notes

9. Recent Accounting Pronouncements

9. Recent Accounting Pronouncements

There were no new accounting pronouncements issued during the three months ended July 31, 2015 and through the date of filing this quarterly report that the Company believes would be applicable to or have a material impact on the Company’s consolidated financial statements.

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11. Subsequent Events

3 Months Ended

Jul. 31, 2015

Notes

11. Subsequent Events

11. Subsequent Events

In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events to determine events occurring after July 31, 2015 that would have a material impact on the Company’s financial results or require disclosure.

Vaportech Acquisition

On June 6, 2015, the Company entered into an agreement to acquire 90% of Vaportech3d LLC, a privately held Nevada limited liability company, formerly known as EMAC Holdings, LLC, a related party, (“Vaportech”), owner of the Cedar Leaf Oil Vapor Technology.  Based on the due diligence performed, on September 8, 2015, the parties entered into an agreement to cancel the acquisition.

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8. Contingencies and Commitments (Details) - USD ($)	3 Months Ended	15 Months Ended	24 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Apr. 30, 2013
EMAC Handels Ag
Monthly fee for administration services		$ 5,000	$ 3,500
Monthly fee for Office Rent			250
Monthly fee for Office Supplies			$ 125
Delbert G Blewett
Monthly Director's fee per Service Agreement	$ 2,500
Bureau of Land Management
Annual Payments to maintain the Company's claim and/or leases	150
State of Nevada
Annual Payments to maintain the Company's claim and/or leases	$ 70

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5. Convertible Notes Payable: Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities (Tables)

3 Months Ended

Jul. 31, 2015

Tables/Schedules

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities

Risk-free interest rate	0.08% - 0.11%
Expected life in years	0.10 - 0.35
Dividend yield	0%
Expected volatility	135.23% - 150.39%

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4. Related Party Transactions and Balances: Schedule of Convertible Notes Payable Related Parties (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Convertible notes payable - related parties	$ 57,050	$ 57,050
Notes payable related party 1
Convertible notes payable - related parties	25,000	25,000
Notes payable related party 2
Convertible notes payable - related parties	$ 32,050	$ 32,050

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Cash flows from operating activities:
Net loss	$ (113,162)	$ (89,849)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Imputed interest on convertible notes payable	562	791
Amortization of debt discount to interest expense	12,829	14,065
(Gain) loss on derivative liability	74,374	(15,970)
Gain on extinguishment of debt	(62,747)	(2,416)
Change in operating assets and liabilities:
Increase in prepaid expenses	(2,819)	(5,026)
Increase in accounts payable	38,582	39,368
Increase in accrued interest payable	1,014	1,009
Increase in accrued interest payable - related parties	1,676	5,806
Increase in payables - related parties	63,799	37,833
Net cash provided by (used in) operating activities	$ 14,108	$ (14,389)
Cash flows from investing activities
Net cash provided by investing activities
Cash flows from financing activities:
Proceeds from convertible notes payable		$ 14,500
Repayment of convertible notes payable	$ (14,286)
Net cash provided by (used in) financing activities	(14,286)	14,500
Net increase (decrease) in cash	(178)	111
Cash at beginning of period	183	396
CASH AT END OF PERIOD	$ 5	$ 507

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5. Convertible Notes Payable

3 Months Ended

Jul. 31, 2015

Notes

5. Convertible Notes Payable

5. Convertible Notes Payable

Convertible notes payable consisted of the following at:

	July 31, 2015	April 30, 2015
Note payable, no interest, convertible into common    stock of the Company at $0.05 per share	$           11,000	$           11,000
Note payable, no interest, convertible into common    stock of the Company at $0.10 per share 90 days    from demand	141,150	141,150
Note payable, no interest, convertible into common    stock of the Company at $0.10 per share on a    quarterly basis	14,500	14,500
Note payable to institutional investor, with interest at    8% per annum, convertible into common stock of    the Company at defined conversion price, maturing    on September 5, 2015	13,700	38,000
Note payable to institutional investor, with interest at    8% per annum, convertible into common stock of    the Company at defined conversion price, maturing    on December 4, 2015	16,000	16,000
Other, with interest at 6% per annum	9,000	9,000
Less discount	(7,799)	(29,902)
	$         197,551	$         199,748

The $11,000 and $141,150 convertible notes payable outstanding at July 31, 2015 were convertible 30 days from the first day the Company’s common shares are qualified for trading on the OTC Bulletin Board, which occurred in November 2012.  As of July 31, 2015, these two convertible notes had not been converted and therefore are in default.

On December 3, 2014, the Company entered into a convertible promissory note with an institutional investor (“Investor”) for $38,000, which bears interest at an annual rate of 8% and matures on September 5, 2015.  The Investor has the right, after the first 180 days of the note, to convert the note and accrued interest in whole or in part into shares of the common stock of the Company at a price per share equal to 58% (representing a discount rate of 42%) of the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date of the conversion notice.  At any time for the period beginning on the date of the note and ending on the date which is 30 days following the date of the note, the Company may prepay the note upon payment of an amount equal to the outstanding principal multiplied by 120%, together with accrued and unpaid interest.  The amount of the prepayment increases every subsequent 30 days to 125%, 130%, 135%, 140% and 145% of the outstanding principal together with accrued and unpaid interest.  After the expiration of 180 days following the date of the note, the Company will have no right of prepayment.

At the inception of the convertible note to institutional investor, the Company recorded debt issuance costs of $3,000 in prepaid expenses, and a debt discount and derivative liability of $37,325 related to the conversion feature.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

In June 2015, the Company paid the institutional investor $25,000, $14,286 principal of the $38,000 convertible note payable and $10,714 in early payment penalties.   In addition, on July 1, 2015, the institutional investor converted $10,014 principal of the convertible loan into 181,748 shares of the Company’s common stock.

On March 2, 2015, the Company entered into a convertible promissory note with an institutional investor for $16,000, which bears interest at an annual rate of 8% and matures on December 4, 2015.  The investor has the right, after the first 180 days of the note, to convert the note and accrued interest in whole or in part into shares of the common stock of the Company at a price per share equal to 58% (representing a discount rate of 42%) of the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date of the conversion notice.  At any time for the period beginning on the date of the note and ending on the date which is 30 days following the date of the note, the Company may prepay the note upon payment of an amount equal to the outstanding principal multiplied by 120%, together with accrued and unpaid interest.  The amount of the prepayment increases every subsequent 30 days to 125%, 130%, 135%, 140% and 145% of the outstanding principal together with accrued and unpaid interest.  After the expiration of 180 days following the date of the note, the Company will have no right of prepayment.

At the inception of the convertible note to institutional investor, the Company recorded debt issuance costs of $500 in prepaid expenses, and a debt discount and derivative liability of $16,000 related to the conversion feature.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

During the three months ended July 31, 2015, we had the following activity in the accounts related to the convertible note to institutional investor:

	Derivative Liability	Debt Discount	Loss on Derivative Liability
Balance at April 30, 2015	$      47,808	$     29,902
Loss on derivative liability	74,374	-	$    (74,374)
Conversion of debt to shares of common stock    and repayment of debt	(95,994)	(9,274)
Amortization of debt discount to interest expense	-	(12,829)	-
Balance at July 31, 2015	$      26,188	$       7,799	$   (74,374)

The estimated fair value of the derivative liability at July 31, 2015 was calculated using the Black-Scholes pricing model with the following assumptions:

Risk-free interest rate	0.08% - 0.11%
Expected life in years	0.10 - 0.35
Dividend yield	0%
Expected volatility	135.23% - 150.39%

Accrued interest payable was $3,397 and $2,383 at July 31, 2015 and April 30, 2015, respectively.

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4. Related Party Transactions and Balances: Schedule of Notes Payable Related Parties (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Notes payable - related parties	$ 79,656	$ 79,656
Notes payable related party 1
Notes payable - related parties	24,656	24,656
Notes payable related party 2
Notes payable - related parties	7,500	7,500
Notes payable related party 3
Notes payable - related parties	$ 47,500	$ 47,500

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5. Convertible Notes Payable: Schedule of Derivative Liability Related to the Conversion Feature (Tables)

3 Months Ended

Jul. 31, 2015

Tables/Schedules

Schedule of Derivative Liability Related to the Conversion Feature

	Derivative Liability	Debt Discount	Loss on Derivative Liability
Balance at April 30, 2015	$      47,808	$     29,902
Loss on derivative liability	74,374	-	$    (74,374)
Conversion of debt to shares of common stock    and repayment of debt	(95,994)	(9,274)
Amortization of debt discount to interest expense	-	(12,829)	-
Balance at July 31, 2015	$      26,188	$       7,799	$   (74,374)