mmex_10k.htm

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1 – BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

Since 2021 MMEX has expanded its focus to the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy.

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

Name of Entity	%	Form of Entity	State of Incorporation	Relationship

MMEX Resources Corporation (“MMEX”)	-	Corporation	Nevada	Parent
Pecos Refining & Transport, LLC (“PRT”)	100%	LLC	Texas	Subsidiary
MMEX Solar Resources, LLC	100%	LLC	Texas	Subsidiary
Louisiana Gulf Refining & Trading, LLC	100%	LLC	Louisiana	Subsidiary
Rolling Stock Marine, LLC	100%	LLC	Texas	Subsidiary
Hydrogen Global, LLC	100%	LLC	Texas	Subsidiary
Hydrogen Ultra, LLC	100%	LLC	Texas	Subsidiary

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

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Consolidation

Use of Estimates

Property and equipment

Office furniture and equipment	10 years
Computer equipment and software	5 years
Land improvement	15 years
Land easements	10 years

The land easements owned by the Company have a legal life of 10 years.

Derivative liabilities

Fair value of financial instruments

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

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

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

April 30, 2022

Total

Level 1

Level 2

Level 3

Derivative liabilities

April 30, 2021	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	3,010,042	$	-	$	-	$	3,010,042

Revenue Recognition

Project costs

Advertising and promotion

All costs associated with advertising and promoting products are expensed as incurred. For the year ended April 30, 2022 and 2021, $18,398 and $10,000 were recorded, respectively.

Income taxes

Uncertain tax positions

The assessment of the Company's tax position relies on the judgment of management to estimate the exposures associated with the Company's various filing positions.

Basic and diluted income (loss) per share

Employee stock-based compensation

Issuance of shares for non-cash consideration

Reclassifications

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

Recently Issued Accounting Pronouncements

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GOING CONCERN

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GOING CONCERN

GOING CONCERN

NOTE 3 – GOING CONCERN

Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. We have incurred continuous losses from operations, have an accumulated deficit of $68,213,423 and a total stockholders’ deficit of $1,755,980 at April 30, 2022, and have reported negative cash flows from operations since inception. While we have received debt and equity funding during the period and have cash on hand of $136,867 at April 30, 2022, we still have a working capital deficit of $2,870,177, therefore there is a question of whether or not we have the cash resources to meet our operating commitments for the next twelve months and have, or will obtain, sufficient capital investments to implement our business plan, including the development of our planned hydrogen projects. Finally, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered by entrance into established and emerging markets and the competitive environment in which we operate.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

Accounts Payable and Accrued Expenses – Related Parties

Convertible Notes Payable – Related Parties

Convertible notes payable – related parties consist of the following at April 30:

	2022		2021
Convertible note payable with Maple Resources Corporation, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [1]	$	-	$	7,033
Convertible note payable with BNL Family Trust, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [2]		-		10,691
Convertible note payable with Maple Resources Corporation, matured February 12, 2021, with interest at 5%, convertible into common shares of the Company [3]		-		5,000
Convertible note payable with Maple Resources Corporation, matured March 2, 2021, with interest at 5%, convertible into common shares of the Company [4]		-		800
Convertible note payable with Maple Resources Corporation, matured May 12, 2021, with interest at 5%, convertible into common shares of the Company [5]		-		41,466
Convertible note payable with Maple Resources Corporation, matured July 31, 2021, with interest at 5%, convertible into common shares of the Company [6]		-		10,000

		-		74,990
Less discount		-		(235	)

Total	$	-	$	74,755

	[1]	This convertible note was entered into on 12/27/19 in exchange for cash of $5,500 and financing fees of $5,500 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 1,000,000 shares of the Company’s common stock (10,000,000,000 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore 360,682 common shares (1,579,982,678 pre-split shares) were issued to extinguish $3,967 of the principal balance. During the year ended April 30, 2022 the Company issued 639,318 shares of common stock to extinguish the full principal balance of $7,033 and paid $853 in cash to extinguish all of the accrued interest due under the note. The Company continued to accrue interest on the convertible note until the debt was paid in full, therefore they recorded interest expense of $135 during the year ended April 30, 2022. As of April 30, 2022 and 2021 accrued interest on the convertible note was $0 and $718, respectively.

	[2]	This convertible note was entered into on 12/27/19 in exchange for cash of $11,000 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 1,000,000 shares of the Company’s common stock (10,000,000,000 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore 28,094 common shares (280,936,972 pre-split shares) were issued to extinguish $309 of the principal balance. During the year ended April 30, 2022 the Company issued 971,906 shares of common stock to extinguish the full principal balance of $10,691. The Company continued to accrue interest on the convertible note until the debt was paid in full, therefore they recorded interest expense of $269 during the year ended April 30, 2022. As of April 30, 2022 and 2021 accrued interest on the convertible note was $1,006 and $737, respectively.

	[3]	This convertible note was entered into on 2/12/20 in exchange for cash of $5,000 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 454,545 shares of the Company’s common stock (4,545,454,545 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2022 the Company issued 454,545 shares of common stock to extinguish the full principal balance of $5,000 and paid $399 in cash to extinguish all of the accrued interest due under the note. The Company continued to accrue interest on the convertible note until the debt was paid in full, therefore they recorded interest expense of $96 during the year ended April 30, 2022. As of April 30, 2022 and 2021 accrued interest on the convertible note was $0 and $303, respectively.

	[4]	This convertible note was entered into on 3/2/20 in exchange for cash of $800 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 72,727 shares of the Company’s common stock (727,272,727 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2022 the Company issued 72,727 shares of common stock to extinguish the full principal balance of $800 and paid $55 in cash to extinguish all of the accrued interest due under the note. The Company continued to accrue interest on the convertible note until the debt was paid in full, therefore they recorded interest expense of $15 during the year ended April 30, 2022. As of April 30, 2022 and 2021 accrued interest on the convertible note was $0 and $40, respectively.

	[5]	This convertible note was entered into on 5/12/20 in exchange for accrued consulting fees worth $41,466 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 3,769,636 shares of the Company’s common stock (37,696,363,636 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2022 the Company issued 3,769,636 shares of common stock to extinguish the full principal balance of $41,466 and paid $2,800 in cash to extinguish all of the accrued interest due under the note. The Company continued to accrue interest on the convertible note until the debt was paid in full, therefore they recorded interest expense of $795 during the year ended April 30, 2022. As of April 30, 2022 and 2021 accrued interest on the convertible note was $0 and $2,005, respectively.

	[6]	This convertible note was entered into on 7/31/20 in exchange for cash of $10,000 and was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. At inception the Company identified the conversion feature of the convertible note as a derivative and estimated the fair value of the derivative using a multinomial lattice model simulation and assuming the existence of a tainted equity environment (see Note 10). On the effective date of the convertible note, the related party lender simultaneously submitted a notice to convert the total note principal into 909,091 shares of the Company’s common stock (9,090,909,091 shares pre-split). The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2022 the Company issued 909,091 shares of common stock to extinguish the full principal balance of $10,000 and paid $566 in cash to extinguish all of the accrued interest due under the note. The Company continued to accrue interest on the convertible note until the debt was paid in full, therefore they recorded interest expense of $192 during the year ended April 30, 2022. As of April 30, 2022 and 2021 accrued interest on the convertible note was $0 and $374, respectively.

Other Contractual Agreements

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PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at April 30:

	2022			2021

Office furniture and equipment	$	13,864		$	13,864
Computer equipment and software		17,517			10,962
Land		721,828			67,088
Land improvements		468,615			452,005
Land easements		37,015			37,015
		1,258,839			580,934
Less accumulated depreciation and amortization		(144,642	)		(108,765	)

	$	1,114,197		$	472,169

Depreciation and amortization expense totaled $35,877 and $34,875 for the years ended April 30, 2022 and 2021, respectively.

ACCRUED EXPENSES

NOTE 6 – ACCRUED EXPENSES

Accrued expenses consisted of the following at April 30:

	2022		2021

Accrued payroll	$	30,090	$	30,090
Accrued consulting		12,000		60,000
Accrued interest and penalties		714,827		623,085
Other		94,358		94,174

	$	851,275	$	807,349

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NOTES PAYABLE

NOTES PAYABLE

NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

Notes Payable

Notes payable consist of the following at April 30:

	2022		2021
Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10%
$250,000 draw on March 5, 2021	$	250,000	$	250,000
$200,000 draw on March 26, 2021		200,000		200,000
$50,000 draw on April 13, 2022 [1]		50,000		-
Note payable to an unrelated party with an issue date of March 8, 2021 with interest at 10% [2]		-		75,000
Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [3]		136,952		250,000
Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [4]		102,500		-
Note payable to an unrelated party with an issue date of March 3, 2022 with interest at 5% [5]		165,000		-

Total	$	904,452	$	775,000

	[1]	Effective February 22, 2021 the Company entered into a promissory note with GS Capital Partners, LLC, with a principal amount of $1,000,000, which is subject to drawdown requests by the Company. The original maturity date of the note was the earlier of (i) December 31, 2021 or (ii) the consummation by the Company of an equity or equity-based financing providing net proceeds to the Company sufficient to retire the outstanding indebtedness under the note. On December 30, 2021 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2022 and on April 12, 2022 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2023. The note has an interest rate of 10% per annum from the date of each drawdown. In addition to the amounts shown as outstanding here, the Company received an additional $200,000 from a draw on June 21, 2021 and repaid the amount on July 20, 2021.

	[2]	Effective March 8, 2021 the Company entered into a promissory note with JSJ Investments, Inc with a principal amount of $75,000. The maturity date of the note was March 8, 2022 and the note had an interest rate of 10% per annum from the date of funding. The Company paid the note in full on February 21, 2022.

	[3]	Effective March 11, 2021 the Company entered into a promissory note with Vista Capital Investments, Inc with a principal amount of $250,000. The maturity date of the note was March 11, 2022 which was amended on February 23, 2021 to extend the due date to December 31, 2022. The note has an interest rate of 10% per annum from the date of funding. On February 23, 2022 the Company made a payment of $113,048 to pay down the note principal.

	[4]	Effective February 28, 2022 the Company entered into a promissory note with Oscar and Ilda Gonzales with a principal amount of $102,500. The maturity date of the note is February 28, 2026 and repayments on the note are to begin on March 1, 2023 in the amount of $3,309 per month. The note has an interest rate of 10% per annum.

	[5]	Effective March 3, 2022 the Company entered into a promissory note with Sabby Volatility Warrant Master Fund with a principal amount of $165,000 in full satisfaction of all liquidated damages pursuant to a Registration Rights Agreement dated December 22, 2021. The maturity date of the note is due the earlier of February 28, 2023 or the date MMEX receives at least $6 million of proceeds from an equity or equity-based financing and the principal amount of the note is to increase to $181,500 if the note is not paid in full prior to June 22, 2022.

Note Payable, Currently in Default

Note payable, currently in default, consists of the following at April 30:

	2022		2021

Note payable to an unrelated party, maturing March 18, 2014, with interest at 10%	$	75,001	$	75,001

	$	75,001	$	75,001

Convertible Notes Payable, Currently in Default

Convertible notes payable, currently in default, consist of the following at April 30:

	2022		2021
Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company [1]	$	50,000	$	50,000
Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company [2]		25,000		25,000
Note payable to an accredited investor, maturing January 31, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [3]		-		91,331
Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [4]		-		10,000
Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [5]		-		9,719
Note payable to an individual, maturing January 22, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [6]		-		6,500
Note payable to an individual, maturing May 14, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [7]		-		34,000
Note payable to an individual, maturing September 9, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [8]		-		9,225

		75,000		235,775
Less discount		-		-

Total	$	75,000	$	235,775

	[1]	On March 8, 2010, the Company closed a note purchase agreement with an accredited investor pursuant to which the Company sold a $50,000 convertible note in a private placement transaction. In the transaction, the Company received proceeds of $35,000 and the investor also paid $15,000 of consulting expense on behalf of the Company. The convertible note was due and payable on December 31, 2010 with an interest rate of 10% per annum. The note is convertible at the option of the holder into our common stock at a fixed conversion price of $3.70, subject to adjustment for stock splits and combinations.

	[2]	On January 28, 2011 and February 1, 2011, the Company closed a Convertible Note Agreement totaling $514,900 in principal amount of 25% Convertible Note (the "Notes") due on the first anniversary of the date of the Note, to a group of institutional and high net worth investors. The Notes are convertible into the Company's common stock at the holders' option at $1.00 per common share. All but $25,000 of the promissory notes plus interest were paid in full on March 23, 2011.

	[3]	Effective January 31, 2019, the Company issued and delivered to Auctus Fund, LLC (“Auctus”) a 10% convertible note in the principal amount of $125,000. The Company received net proceeds $112,250 after payment of $12,750 of the fees and expenses of the lender and its counsel. Auctus, on or following the 180^th calendar day after the issuance date of the note, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock a 40% discount to the lowest trading price during the 20 days prior to the date the notice of conversion is received by the Company. The note matured on January 31, 2020 and was in default as of April 30, 2020. The Company could redeem the note at redemption prices ranging from 120% to 135% during the first 180 days after issuance. The Company could not redeem the note after 180 days from the issuance date. The note had a principal balance of $125,000 as of April 30, 2019. During year ended April 30, 2020, Auctus converted principal of $33,669 into common shares of the Company, resulting in a principal balance of $91,331 as of April 30, 2020. During the year ended April 30, 2021 there was no activity on the note so the balance remained unchanged. During the year ended on April 30, 2022 this note was paid in full.

	[4]	Effective December 27, 2019 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $10,000 in payment of accrued fees of $10,000 that was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2022 the Company issued 909,091 shares of common stock to extinguish the full principal balance of $10,000 and paid $863 in cash to extinguish all of the accrued interest due under the note.

	[5]	Effective December 27, 2019 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $10,000 in payment of accrued fees of $10,000 that was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore common shares were issued to extinguish $281 of the principal balance. During the year ended April 30, 2022 the Company issued 883,551 shares of common stock to extinguish the full principal balance of $9,719 and paid $856 in cash to extinguish all of the accrued interest due under the note.

	[6]	Effective January 22, 2020 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $6,500 in exchange for cash. The note was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2022 the Company issued 590,909 shares of common stock to extinguish the full principal balance of $6,500 and paid $538 in cash to extinguish all of the accrued interest due under the note.

	[7]	Effective May 14, 2020 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $34,000 in payment of accrued fees of $34,000 that was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2022 the Company issued 3,090,909 shares of common stock to extinguish the full principal balance of $34,000 and paid $2,287 in cash to extinguish all of the accrued interest due under the note.

	[8]	Effective September 9, 2020 the Company issued and delivered to a consultant a 5% convertible note in the principal amount of $10,000 in exchange for cash. The note was convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On the effective date of the convertible note, the lender simultaneously submitted a notice to convert the total note principal into shares of the Company’s common stock. The conversions were not completed, and the shares were not issued, due to a lack of sufficient shares of common stock at the time the conversion was requested. During the year ended April 30, 2021 shares became available to affect a partial conversion, therefore common shares were issued to extinguish $775 of the principal balance. During the year ended April 30, 2022 the Company issued 838,591 shares of common stock to extinguish the full principal balance of $9,225 and paid $505 in cash to extinguish all of the accrued interest due under the note.

Current Convertible Notes Payable

Current convertible notes payable consisted of the following at April 30:

	2022			2021
Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [1]	$	200,000		$	200,000
Extension fee added to note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [2]		90,000			90,000
Note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3]		-			80,000
Note payable to an accredited investor issued for extension fees, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [4]		-			80,000
Note payable to an accredited investor issued for extension fees, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5]		-			82,000
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [6]		165,000			-
Total		455,000			532,000
Less discount		(22,903	)		(133,944	)

Net	$	432,097		$	398,056

	[1]	Effective March 31, 2020, the Company entered into a second amendment to certain convertible notes with GS Capital Partners, LLC (“GS”) ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, $600,000 note dated October 5, 2018, and $110,000 note dated February 20, 2019) to extend the notes due dates to November 30, 2020. In consideration of the extension of the maturity dates of the notes the Company was to pay an extension fee of $200,000, which was added to the principal amount owed and would incur interest at 18% per annum. The extension fee is payable in cash at the earlier of (1) in connection with, and at the time of repayment of the Notes, or (2) on November 20, 2020, which, as of the date of this filing, has been extended to March 31, 2023. GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion (with a floor of $3.00 per share during the first six months after issuance.)

	[2]	Effective September 12, 2019, the Company entered into an amendment to certain convertible notes with GS ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, and $600,000 note dated October 5, 2018) to extend the notes due dates to February 4, 2020. In consideration of the extension of the maturity dates of the notes the Company was to pay an extension fee of $90,000, which was added to the principal amount owed and would incur interest at 18% per annum The extension fee is payable in cash at the earlier of (1) in connection with, and at the time of repayment of the Notes, or (2) on November 20, 2020, which, as of the date of this filing, has been extended to March 31, 2023. GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion (with a floor of $3.00 per share during the first six months after issuance).

	[3]	Effective December 15, 2020, the Company entered into a fourth amendment to certain convertible notes with GS ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, $600,000 note dated October 5, 2018, and $110,000 note dated February 20, 2019) to extend the notes due dates from December 20, 2020 to December 31, 2020. In conjunction with the extension, the Company entered into an 18% convertible note in the principal amount of $80,000. The note was issued at a discount and the Company received net proceeds of $75,000 after an original issue discount of $5,000. GS, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion (with a floor of $3.00 per share during the first six months after issuance). In June of 2021 the Company issued 11,814 common shares to convert $40,000 worth of principal and $2,027 worth of accrued interest under the terms of the agreement. In September of 2021 the Company entered into a settlement agreement with GS where 108,878 common shares were issued to convert the remaining $40,000 worth of principal and $2,462 worth of accrued interest under the terms of the agreement and $4,584 worth of accrued interest was forgiven and recorded as a gain on extinguishment of liabilities.

	[4]	Effective December 31, 2020, the Company entered into a fifth amendment to certain convertible notes with GS ($110,000 note dated September 13, 2018, $70,000 note dated September 18, 2018, $600,000 note dated October 5, 2018, and $110,000 note dated February 20, 2019) to extend the notes due dates from December 31, 2020 to August 31, 2021. In exchange for the extension, the aggregate principal amounts of the notes increased by $80,000. GS, at its option, could convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion (with a floor of $3.00 per share during the first six months after issuance). During the year ended April 30, 2022, GS forgave the $80,000 note and $11,993 of its related accrued interest, therefore $91,993 was recorded as a gain on extinguishment of liabilities.

	[5]	Effective March 26, 2021, the Company issued and delivered to GS a 10% convertible note in the principal amount of $82,000. The note was issued at a discount and the Company received net proceeds of $78,500 after payment of $3,500 of fees and expenses of the lender and its counsel. During the first 180 days, GS, at its option, could convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.015 per share and thereafter at 34% discount from the lowest trading price during the 15 days prior to conversion. The Company could redeem the note at redemption prices ranging from 110% to 118% during the first 180 days after issuance. During the year ended April 30, 2022, the Company repaid this note in full.

	[6]	Effective April 12, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $165,000. The note was issued at a discount and the Company received net proceeds of $155,000 after payment of $10,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.10 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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XML 24 R14.htm IDEA: XBRL DOCUMENT

PPP LOANS PAYABLE

XML 25 R15.htm IDEA: XBRL DOCUMENT

PPP LOANS PAYABLE

PPP LOANS PAYABLE

NOTE 8 – PPP LOANS PAYABLE

SBA BRIDGE LOAN PAYABLE

XML 26 R16.htm IDEA: XBRL DOCUMENT

SBA BRIDGE LOAN PAYABLE

SBA BRIDGE LOAN PAYABLE

NOTE 9 – SBA BRIDGE LOAN PAYABLE

DERIVATIVE LIABILITIES

XML 27 R17.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES

NOTE 10 – DERIVATIVE LIABILITIES

During the years ended April 30, 2022 and 2021, we had the following activity in our derivative liabilities:

	Options and			Convertible
	Warrants			Notes			Total

Balance, April 30, 2020	$	15		$	2,607,418		$	2,607,433
New issuances of debt		-			200,859			200,859
Debt conversions and repayments		-			(22,705,172	)		(22,705,172	)
Change in fair value of derivative liabilities		235,887			22,671,035			22,906,922

Balance, April 30, 2021		235,902			2,774,140			3,010,042
Change in fair value of derivative liabilities		(235,902	)		(2,774,140	)		(3,010,042	)

Balance, April 30, 2022	$	-		$	-		$	-

Key inputs and assumptions used in valuing the Company’s derivative liabilities as of April 30, 2021 were as follows:

	·	Stock prices on all measurement dates were based on the fair market value
	·	Risk-free interest rate of 0.03% to 0.70%
	·	The probability of future financing was estimated at 100%
	·	Computed volatility ranging from 412.7% to 1556.1%

STOCKHOLDERS' DEFICIT

NOTE 11 – STOCKHOLDERS’ DEFICIT

Authorized Shares

Common Stock Issuances

Series A Preferred Stock

During the year ended April 30, 2022 and 2021 no preferred shares were issued.

Series B Preferred Stock

Warrants

A summary of warrant activity during the years ended April 30, 2022 and 2021 is presented below:

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

Outstanding, April 30, 2020		44,604		$	1.00		1.91
Granted		63,388		$	1.00
Canceled / Expired		(1	)	$	0.58
Exercised		-

Outstanding, April 30, 2021		107,991		$	1.00		0.91
Granted		42,923,352		$	1.00
Canceled / Expired		(3,213,343	)	$	0.84
Exercised		(4,310,000	)	$	0.00

Outstanding, April 30, 2022		35,508,000		$	0.06		4.64

Stock Options

A summary of stock option activity during the years ended April 30, 2022 and 2021 is presented below:

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

Outstanding, April 30, 2020		2,000,000		$	0.08		8.62

Granted		-
Canceled / Expired		(2,000,000	)
Exercised		-

Outstanding, April 30, 2021		-		$	-		-

Granted		-
Canceled / Expired		-
Exercised		-

Outstanding, April 30, 2022		-		$	-		-

Common Stock Reserved

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

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XML 28 R18.htm IDEA: XBRL DOCUMENT

INCOME TAXES

INCOME TAXES

INCOME TAXES

NOTE 12 – INCOME TAXES

The deferred tax asset and valuation account is as follows at April 30:

	2022			2021
Deferred tax asset:
Net operating loss carryforward	$	4,132,196		$	3,417,552
Valuation allowance		(4,132,196	)		(3,417,552	)

Total	$	-		$	-

The components of income tax expense are as follows for the years ended April 30:

	2022			2021

Change in net operating loss benefit	$	714,644		$	390,912
Change in valuation allowance		(714,644	)		(390,912	)

Total	$	-		$	-

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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XML 29 R19.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 13 – COMMITMENTS AND CONTINGENCIES

Legal

XML 30 R20.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

XML 31 R21.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

Fair value of financial instruments

Consolidation

Use of estimates

Property and equipment

Office furniture and equipment	10 years
Computer equipment and software	5 years
Land improvement	15 years
Land easements	10 years

The land easements owned by the Company have a legal life of 10 years.

Derivative liabilities

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

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

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

April 30, 2022

Total

Level 1

Level 2

Level 3

Derivative liabilities

April 30, 2021	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	3,010,042	$	-	$	-	$	3,010,042

Revenue Recognition

Project costs

Advertising and promotion

All costs associated with advertising and promoting products are expensed as incurred. For the year ended April 30, 2022 and 2021, $18,398 and $10,000 were recorded, respectively.

Income taxes

Uncertain tax positions

The assessment of the Company's tax position relies on the judgment of management to estimate the exposures associated with the Company's various filing positions.

Basic and diluted income (loss) per share

Employee Stock-based compensation

Issuance of shares for non-cash consideration

Reclassifications

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

Recently issued accounting pronouncements

XML 32 R22.htm IDEA: XBRL DOCUMENT

BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Tables)

BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

Schedule of Entity operational details

Name of Entity	%	Form of Entity	State of Incorporation	Relationship

MMEX Resources Corporation (“MMEX”)	-	Corporation	Nevada	Parent
Pecos Refining & Transport, LLC (“PRT”)	100%	LLC	Texas	Subsidiary
MMEX Solar Resources, LLC	100%	LLC	Texas	Subsidiary
Louisiana Gulf Refining & Trading, LLC	100%	LLC	Louisiana	Subsidiary
Rolling Stock Marine, LLC	100%	LLC	Texas	Subsidiary
Hydrogen Global, LLC	100%	LLC	Texas	Subsidiary
Hydrogen Ultra, LLC	100%	LLC	Texas	Subsidiary

XML 33 R23.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

Summary of Estimated useful life of the related asset

Office furniture and equipment	10 years
Computer equipment and software	5 years
Land improvement	15 years
Land easements	10 years

Summary of derivative liabilities

April 30, 2022

Total

Level 1

Level 2

Level 3

Derivative liabilities

April 30, 2021	Total		Level 1		Level 2		Level 3

Derivative liabilities	$	3,010,042	$	-	$	-	$	3,010,042

XML 34 R24.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Tables)

Schedule of convertible notes payable

RELATED PARTY TRANSACTIONS

	2022		2021
Convertible note payable with Maple Resources Corporation, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [1]	$	-	$	7,033
Convertible note payable with BNL Family Trust, matured December 27, 2020, with interest at 5%, convertible into common shares of the Company [2]		-		10,691
Convertible note payable with Maple Resources Corporation, matured February 12, 2021, with interest at 5%, convertible into common shares of the Company [3]		-		5,000
Convertible note payable with Maple Resources Corporation, matured March 2, 2021, with interest at 5%, convertible into common shares of the Company [4]		-		800
Convertible note payable with Maple Resources Corporation, matured May 12, 2021, with interest at 5%, convertible into common shares of the Company [5]		-		41,466
Convertible note payable with Maple Resources Corporation, matured July 31, 2021, with interest at 5%, convertible into common shares of the Company [6]		-		10,000

		-		74,990
Less discount		-		(235	)

Total	$	-	$	74,755

XML 35 R25.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

Schedule of property and Equipment

PROPERTY AND EQUIPMENT

	2022			2021

Office furniture and equipment	$	13,864		$	13,864
Computer equipment and software		17,517			10,962
Land		721,828			67,088
Land improvements		468,615			452,005
Land easements		37,015			37,015
		1,258,839			580,934
Less accumulated depreciation and amortization		(144,642	)		(108,765	)

	$	1,114,197		$	472,169

XML 36 R26.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES (Tables)

Schedule of Accrued expenses

ACCRUED EXPENSES

	2022		2021

Accrued payroll	$	30,090	$	30,090
Accrued consulting		12,000		60,000
Accrued interest and penalties		714,827		623,085
Other		94,358		94,174

	$	851,275	$	807,349

XML 37 R27.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Tables)

Schedule of notes payable

NOTES PAYABLE (Tables)

	2022		2021
Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10%
$250,000 draw on March 5, 2021	$	250,000	$	250,000
$200,000 draw on March 26, 2021		200,000		200,000
$50,000 draw on April 13, 2022 [1]		50,000		-
Note payable to an unrelated party with an issue date of March 8, 2021 with interest at 10% [2]		-		75,000
Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [3]		136,952		250,000
Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [4]		102,500		-
Note payable to an unrelated party with an issue date of March 3, 2022 with interest at 5% [5]		165,000		-

Total	$	904,452	$	775,000

Schedule of Notes payable, currently in default

	2022		2021

Note payable to an unrelated party, maturing March 18, 2014, with interest at 10%	$	75,001	$	75,001

	$	75,001	$	75,001

Schedule of Convertible Notes Payable, Currently in Default

	2022		2021
Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company [1]	$	50,000	$	50,000
Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company [2]		25,000		25,000
Note payable to an accredited investor, maturing January 31, 2020, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [3]		-		91,331
Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [4]		-		10,000
Note payable to an individual, maturing December 27, 2020, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [5]		-		9,719
Note payable to an individual, maturing January 22, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [6]		-		6,500
Note payable to an individual, maturing May 14, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [7]		-		34,000
Note payable to an individual, maturing September 9, 2021, with interest at 5%, convertible into common shares of the Company at a defined variable exercise price [8]		-		9,225

		75,000		235,775
Less discount		-		-

Total	$	75,000	$	235,775

Schedule of Current Convertible Notes Payable

	2022			2021
Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [1]	$	200,000		$	200,000
Extension fee added to note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [2]		90,000			90,000
Note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3]		-			80,000
Note payable to an accredited investor issued for extension fees, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [4]		-			80,000
Note payable to an accredited investor issued for extension fees, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [5]		-			82,000
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [6]		165,000			-
Total		455,000			532,000
Less discount		(22,903	)		(133,944	)

Net	$	432,097		$	398,056

XML 38 R28.htm IDEA: XBRL DOCUMENT

DERIVATIVE LIABILITIES (Tables)

Schedule of derivative liabilities

DERIVATIVE LIABILITIES

	Options and			Convertible
	Warrants			Notes			Total

Balance, April 30, 2020	$	15		$	2,607,418		$	2,607,433
New issuances of debt		-			200,859			200,859
Debt conversions and repayments		-			(22,705,172	)		(22,705,172	)
Change in fair value of derivative liabilities		235,887			22,671,035			22,906,922

Balance, April 30, 2021		235,902			2,774,140			3,010,042
Change in fair value of derivative liabilities		(235,902	)		(2,774,140	)		(3,010,042	)

Balance, April 30, 2022	$	-		$	-		$	-

XML 39 R29.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS DEFICIT (Tables)

Summary of warrant activity

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

Outstanding, April 30, 2020		44,604		$	1.00		1.91
Granted		63,388		$	1.00
Canceled / Expired		(1	)	$	0.58
Exercised		-

Outstanding, April 30, 2021		107,991		$	1.00		0.91
Granted		42,923,352		$	1.00
Canceled / Expired		(3,213,343	)	$	0.84
Exercised		(4,310,000	)	$	0.00

Outstanding, April 30, 2022		35,508,000		$	0.06		4.64

Summary of stock option activity

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

Outstanding, April 30, 2020		2,000,000		$	0.08		8.62

Granted		-
Canceled / Expired		(2,000,000	)
Exercised		-

Outstanding, April 30, 2021		-		$	-		-

Granted		-
Canceled / Expired		-
Exercised		-

Outstanding, April 30, 2022		-		$	-		-

XML 40 R30.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Tables)

Schedule of deferred tax asset and valuation account

	2022			2021
Deferred tax asset:
Net operating loss carryforward	$	4,132,196		$	3,417,552
Valuation allowance		(4,132,196	)		(3,417,552	)

Total	$	-		$	-

Schedule of income tax expense

	2022			2021

Change in net operating loss benefit	$	714,644		$	390,912
Change in valuation allowance		(714,644	)		(390,912	)

Total	$	-		$	-

XML 41 R31.htm IDEA: XBRL DOCUMENT

BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Apr. 30, 2022
MMEX Resources Corporation [Member]
State of Incorporation	Nevada
Entity Legal Form	Corporation
Relationship	Parent
Ownership Percentage	0.00%
Pecos Refining & Transport, LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Relationship	Subsidiary
Ownership Percentage	100.00%
Hydrogen Global, LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Relationship	Subsidiary
Ownership Percentage	100.00%
MMEX Solar Resources LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Relationship	Subsidiary
Ownership Percentage	100.00%
Hydrogen Ultra, LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Relationship	Subsidiary
Ownership Percentage	100.00%
Louisiana Gulf Refining & Trading LLC [Member]
State of Incorporation	Louisiana
Entity Legal Form	LLC
Ownership Percentage	100.00%
Relationship	Subsidiary
Rolling Stock Marine LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Relationship	Subsidiary
Ownership Percentage	100.00%

XML 42 R32.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Apr. 30, 2022
Computer equipment and software [Member]
Property plant and equipment estimated useful life	5 years
Office furniture and equipment [Member]
Property plant and equipment estimated useful life	10 years
Land improvements [Member]
Property plant and equipment estimated useful life	15 years
Land easements [Member]
Property plant and equipment estimated useful life	10 years

XML 43 R33.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Apr. 30, 2022	Apr. 30, 2021
Derivative liabilities	$ 0	$ 3,010,042
Level 1 [Member]
Derivative liabilities	0	0
Level 2 [Member]
Derivative liabilities	0	0
Level 3 [Member]
Derivative liabilities	$ 0	$ 3,010,042

XML 44 R34.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Employee Share based compensation	$ 0	$ 0
Advertising expense	$ 18,398	$ 10,000
Land easements [Member]
Property plant and equipment estimated useful life	10 years

XML 45 R35.htm IDEA: XBRL DOCUMENT

GOING CONCERN (Details Narrative) - USD ($)	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020
GOING CONCERN
Accumulated deficit	$ (68,213,423)	$ (67,984,693)
Cash on hand	136,867	330,449	$ 66,830
Working capital deficit	2,870,177
Total stockholders' deficit	$ (1,755,980)	$ (5,770,041)	$ (5,724,961)

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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