10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

Form 10-Q

(Mark One)

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

For the quarterly period ended October 31, 2022

☐ 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: 000-55831

MMEX RESOURCES Corporation

(Exact name of Issuer as specified in its charter)

Nevada	26-1749145
(State or other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
3600 Dickinson Fort Stockton, Texas 79735	855-880-0400
(Address of principal executive offices, including zip code)	(Issuer’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ 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. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☐	Smaller reporting company	☒
(Do not check if a smaller reporting company)		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Applicable only to issuers involved in bankruptcy proceedings during the preceding five years:

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐   No ☐

Applicable only to corporate issuers:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of December 5, 2022, there were 31,108,591 shares of common stock, $0.001 par value, issued and outstanding.

MMEX RESOURCES CORPORATION

TABLE OF CONTENTS

QUARTER ENDED OCTOBER 31, 2022

PART I – FINANCIAL INFORMATION
Item 1.  Condensed Consolidated Financial Statements	3
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.  Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.  Controls and Procedures	27
PART II – OTHER INFORMATION
Item 1.  Legal Proceedings	28
Item 1A. Risk Factors	28
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.  Defaults Upon Senior Securities	28
Item 4.  Mine Safety Disclosures	28
Item 5.  Other Information	28
Item 6.  Exhibits	29

2

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

The accompanying condensed consolidated financial statements of MMEX Resources Corporation and subsidiaries (the “Company”) are unaudited and have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

Operating results and cash flows for any interim period are not necessarily indicative of the results that may be expected for other interim periods or the full fiscal year. These condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended April 30, 2022 filed with the Securities and Exchange Commission (“SEC”).

The Company amended its articles of incorporation to provide for a 1 for 10,000 reverse stock split of its common shares, which was effective as of July 1, 2021. The Company has given retroactive effect to the reverse stock split for all periods presented in this report on Form 10-Q.

3

MMEX RESOURCES CORPORATION

Condensed Consolidated Balance Sheets

	October 31, 2022			April 30, 2022
Assets	(unaudited)
Current assets:
Cash	$	-		$	136,867
Prepaid expenses and other current assets		59,333			47,333
Total current assets		59,333			184,200
Property and equipment, net		1,096,000			1,114,197
Total assets	$	1,155,333		$	1,298,397
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	713,843		$	639,782
Accrued expenses		921,639			851,275
Accounts payable and accrued expenses – related parties		155,577			76,770
Note payable, currently in default		75,001			75,001
Note payable		920,952			904,452
Convertible notes payable, currently in default, net of discount of $0 and $0 at October 31, 2022 and April 30, 2022, respectively		75,000			75,000
Convertible notes payable, net of discount of $38,785 and $22,903 at October 31, 2022 and April 30, 2022, respectively		809,965			432,097
Total current liabilities		3,671,977			3,054,377
Total liabilities		3,671,977			3,054,377
Commitments and contingencies
Stockholders’ deficit:
Common stock; $0.001 par value; 200,000,000 shares authorized, 28,566,561 and 21,204,682 shares issued and outstanding at October 31, 2022 and April 30, 2022, respectively		28,566			21,205
Preferred stock; $0.001 par value; 1,000,000 shares authorized:
1,000 Series A preferred shares issued and outstanding at October 31, 2022 and April 30, 2022		1			1
1,500 and 0 Series B preferred shares issued and outstanding at October 31, 2022 and April 30, 2022, respectively		2			2
Additional paid-in capital		69,564,652			66,426,364
Non-controlling interest		9,871			9,871
Accumulated deficit		(72,119,736	)		(68,213,423	)
Total stockholders’ deficit		(2,516,644	)		(1,755,980	)
Total liabilities and stockholders’ deficit	$	1,155,333		$	1,298,397

See accompanying notes to condensed consolidated financial statements.

4

MMEX RESOURCES CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended October 31,						Six Months Ended October 31,
	2022			2021			2022			2021
Revenues	$	-		$	-		$	-		$	-
Operating expenses:
General and administrative expenses		364,343			274,493			1,168,201			717,000
Project costs		71,683			1,006,666			76,040			1,009,726
Depreciation and amortization		9,100			9,246			18,197			17,964
Total operating expenses		445,126			1,290,405			1,262,438			1,744,690
Loss from operations		(445,126	)		(1,290,405	)		(1,262,438	)		(1,744,690	)
Other income (expense):
Interest expense		(63,125	)		(57,645	)		(126,013	)		(262,255	)
Gain (loss) on derivative liabilities		-			-			-			3,010,042
Gain (loss) on extinguishment of liabilities		-			196,166			16,540			136,310
Total other income (expense)		(63,125	)		138,521			(109,473	)		2,884,097
Income (loss) before income taxes		(508,251	)		(1,151,884	)		(1,371,911	)		1,139,407
Provision for income taxes		-			-			-			-
Net income (loss)		(508,251	)		(1,151,884	)		(1,371,911	)		1,139,407
Deemed dividend		-			-			2,534,402			-
Net income (loss) attributable to the common shareholders	$	(508,251	)	$	(1,151,884	)	$	(3,906,313	)	$	1,139,407
Net income (loss) per common share – basic	$	(0.02	)	$	(0.12	)	$	(0.16	)	$	0.17
Net income (loss) per common share – diluted	$	(0.02	)	$	(0.12	)	$	(0.16	)	$	0.10
Weighted average number of common shares outstanding - basic		26,504,972			9,908,190			24,532,667			6,607,443
Weighted average number of common shares outstanding - diluted		26,504,972			9,908,190			24,532,667			13,069,133

See accompanying notes to condensed consolidated financial statements.

5

MMEX RESOURCES CORPORATION

Condensed Consolidated Statement of Stockholders’ Deficit

Three and Six Months Ended October 31, 2021 (Unaudited)

	Common Stock				Series A Preferred Stock				Series B Preferred Stock				Additional Paid-in			Non-Controlling		Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Interest		Deficit			Total
Balance , April 30, 2021		3,251,641	$	3,252		1,000	$	1		-	$	-	$	62,201,528		$	9,871	$	(67,984,693	)	$	(5,770,041	)
Shares issued with prefunded warrants for cash		170,000		170		-		-		-		-		2,999,830			-		-			3,000,000
Shares issued for conversion of convertible notes payable and accrued interest		11,814		11		-		-		-		-		42,520			-		-			42,531
Shares issued for reverse stock split		17,754		18		-		-		-		-		(18	)		-		-			-
Shares issued for the exercise of prefunded warrants		250,000		250		-		-		-		-		(250	)		-		-			-
Offering costs		-		-		-		-		-		-		(349,150	)		-		-			(349,150	)
Net income		-		-		-		-		-		-		-			-		2,291,291			2,291,291
Balance , July 31, 2021		3,701,209		3,701		1,000		1		-		-		64,894,460			9,871		(65,693,402	)		(785,369	)
Shares issued for conversion of convertible notes payable and accrued interest		6,421,929		6,422		-		-		-		-		105,484			-		-			111,906
Shares issued for conversion of related party convertible notes payable and accrued interest		6,817,224		6,817		-		-		-		-		68,172			-		-			74,989
Shares issued for the exercise of prefunded warrants		880,000		880		-		-		-		-		(880	)		-		-			-
Net (loss)		-		-		-		-		-		-		-			-		(196,134	)		(196,134	)
Balance , October 31, 2021		17,820,362	$	17,820		1,000	$	1		-	$	-	$	65,067,236		$	9,871	$	(65,889,536	)	$	(794,608	)

See accompanying notes to condensed consolidated financial statements.

6

MMEX RESOURCES CORPORATION

Condensed Consolidated Statement of Stockholders’ Deficit

Three and Six Months Ended October 31, 2022 (Unaudited)

	Common Stock				Series A Preferred Stock				Series B Preferred Stock				Additional Paid-in			Non-Controlling		Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Interest		Deficit			Total
Balance , April 30, 2022		21,204,682	$	21,205		1,000	$	1		1,500	$	2	$	66,426,364		$	9,871	$	(68,213,423	)	$	(1,755,980	)
Shares issued for conversion of convertible notes payable and accrued interest		710,802		711		-		-		-		-		108,966			-		-			109,677
Warrants issued as stock-based compensation		-		-		-		-		-		-		495,000			-		-			495,000
Shares issued for the exercise of warrants		2,494,318		2,494		-		-		-		-		(2,310	)		-		-			184
Deemed dividend		-		-		-		-		-		-		2,534,402			-		(2,534,402	)		-
Net (loss)		-		-		-		-		-		-		-			-		(863,660	)		(863,660	)
Balance , July 31, 2022		24,409,802		24,410		1,000		1		1,500		2		69,562,422			9,871		(71,611,485	)		(2,014,779	)
Shares issued for the exercise of warrants		3,965,345		3,965		-		-		-		-		(3,965	)		-		-			-
Shares issued for accrued liability – related party		91,414		91		-		-		-		-		915			-		-			1,006
Shares issued for debt discount		100,000		100		-		-		-		-		5,280			-		-			5,380
Net (loss)		-		-		-		-		-		-		-			-		(508,251	)		(508,251	)
Balance , October 31, 2022		28,566,561	$	28,566		1,000	$	1		1,500	$	2	$	69,564,652		$	9,871	$	(72,119,736	)	$	(2,516,644	)

See accompanying notes to condensed consolidated financial statements.

7

MMEX RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended October 31,
	2022			2021
Cash flows from operating activities:
Net income (loss)	$	(1,371,911	)	$	1,139,407
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense		18,197			17,964
(Gain) loss on derivative liabilities		-			(3,010,042	)
Amortization of debt discount		20,748			77,822
Warrants issued as stock-based compensation		495,000			-
Note recorded for loan penalties and financing costs		16,500			-
(Gain) loss on extinguishment of liabilities		(16,540	)		(136,310	)
(Increase) decrease in prepaid expenses and other current assets		(12,000	)		2,460
Increase (decrease) in liabilities:					-
Accounts payable		74,061			(171,857	)
Accrued expenses		106,765			19,089
Accounts payable and accrued expenses – related party		79,813			(213,811	)
Net cash used in operating activities		(589,367	)		(2,275,278	)
Cash flows from investing activities:
Purchase of property and equipment		-			(255,504	)
Net cash used in investing activities		-			(255,504	)
					-
Cash flows from financing activities:					-
Proceeds from notes payable		-			200,000
Proceeds from convertible notes payable		452,500			78,500
Repayments of notes payable		-			(200,000	)
Repayments of convertible notes payable		-			(255,331	)
Proceeds from the sale of common stock and prefunded warrants		-			3,000,000
Proceeds from the sale of series B preferred stock and warrants		-			-
Offering costs		-			(349,150	)
Net cash provided by financing activities		452,500			2,474,019
Net increase (decrease) in cash		(136,867	)		(56,763	)
Cash at the beginning of the period		136,867			330,449
Cash at the end of the period	$	-		$	273,686

Supplemental disclosure:
Interest paid	$	-	$	116,374
Income taxes paid	$	-	$	-
Non-cash investing and financing activities:
Common stock issued in conversion of debt	$	109,677	$	154,437
Common stock issued in conversion of related party debt	$	-	$	74,989
Exercise of warrants for an accrued liability	$	184	$	-
Reverse split	$	-	$	18
Exercise of prefunded warrants	$	2,494	$	1,130
Cashless exercise of warrants	$	3,965	$	-
Deemed dividend	$	2,534,402	$	-
Common stock issued for accrued liability – related party	$	1,006	$	-
Shares issued for debt discount	$	5,380	$	-

See accompanying notes to condensed consolidated financial statements.

8

MMEX RESOURCES CORPORATION

Notes to Condensed Consolidated Financial Statements

Six Months Ended October 31, 2022

(Unaudited)

NOTE 1 – BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

MMEX Resources Corporation (the “Company” or “MMEX”) was formed as a Nevada corporation in 2005. The current management team lead an acquisition of the Company (then named Management Energy, Inc.) through a reverse merger completed on September 23, 2010 and changed the Company’s name to MMEX Mining Corporation on February 11, 2011 and to MMEX Resources Corporation on April 6, 2016.

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		-	Corporation	Nevada	Parent
Pecos Clean Fuels & Transport (formerly Pecos Refining & Transport, LLC		100%	LLC	Texas	Subsidiary
MMEX Solar Resources, LLC		100%	LLC	Texas	Subsidiary
Rolling Stock Marine, LLC		100%	LLC	Texas	Subsidiary
Hydrogen Global, LLC		100%	LLC	Texas	Subsidiary
Clean Energy Global, LLC (formerly 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.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Our significant accounting policies are described in our Annual Report on Form 10-K for the year ended April 30, 2022 filed with the SEC on July 15, 2022.

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations.

9

Use of Estimates

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

Property and equipment

Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows:

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

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

Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.

The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management.

Derivative liabilities

In a series of subscription agreements, the Company issued warrants in prior years that contained certain anti-dilution provisions that were previously identified as derivatives. In addition, the Company had previously identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. Through April 30, 2021, the number of warrants or common shares to be issued under these agreements was indeterminate; therefore, the Company concluded that the equity environment was tainted and all additional warrants, stock options and convertible debt were included in the value of the derivative. During the year ended April 30, 2022 it was determined that the Company could increase their authorized common shares at any time, therefore the environment was no longer deemed to be tainted and all derivative liabilities were written off the books.

We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

10

Fair value of financial instruments

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company's consolidated financial statements as reflected herein. The carrying amounts of cash, prepaid expense and other current assets, accounts payable, accrued expenses and notes payable reported on the accompanying consolidated balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.

An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value using a hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy prioritized the inputs into three levels that may be used to measure fair value:

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

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 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.

Revenue Recognition

The Company has adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our consolidated financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.

Project costs

All project costs incurred, including acquisition of refinery rights, planning, design and permitting, have been recorded as project costs and expensed as incurred.

11

Basic and diluted income (loss) per share

Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the six months ended October 31, 2022 all potentially dilutive securities had an anti-dilutive effect and basic net loss per common share is the same as diluted net loss per share. For the six months ended October 31, 2021 the dilutive effect of options, warrants, and convertible notes payable was 6,461,690.

Stock-based compensation

Pursuant to FASB ASC 718, the Company accounts for the issuance of equity instruments, including grants of stock options and warrants, to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance is reached or (ii) the date at which the performance is complete. In the case of equity instruments issued for services to be performed over time, the fair value of the equity instrument is recognized over the service period. For the six months ended October 31, 2022 and 2021, the Company recorded stock-based compensation of $495,000 and $0, respectively.

Recently Issued Accounting Pronouncements

The Company has reviewed all new accounting pronouncements issued or proposed by the FASB and does not believe any of the accounting pronouncements has had, or will have, a material impact on its consolidated financial position or results of operations.

NOTE 3 – GOING CONCERN

Our consolidated 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, and have reported negative cash flows from operations since inception. Additionally, we have a working capital deficit, 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. 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.

Since inception, our operations have primarily been funded through private debt and equity financing, and we expect to continue to seek additional funding through private or public equity and debt financing. Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital or that amounts will be adequate to meet our needs. These factors, among others, raise substantial doubt that we will be able to continue as a going concern for a reasonable period of time.

The consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company's ability to continue as a going concern. The consolidated financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

12

NOTE 4 – RELATED PARTY TRANSACTIONS

Accounts Payable and Accrued Expenses – Related Parties

Accounts payable and accrued expenses to related parties, consisting primarily of consulting fees and expense reimbursements payable, totaled $155,577 and $76,770 as of October 31, 2022 and April 30, 2022, respectively.

Effective July 1, 2019, we entered into a consulting agreement with Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, that provides for payment of consulting fees and expense reimbursement related to business development, financing and other corporate activities. Effective March 1, 2021 the Maple Resources consulting agreement provided for monthly consulting fees of $20,000. During the six months ended October 31, 2022, we incurred consulting fees and expense reimbursement to Maple Resources totaling $120,000 and we made payments to Maple Resources of $111,000.

In addition, the consulting agreement provides for the issuance to Maple Resources of shares of our common stock each month with a value of $5,000, with the number of shares issued based on the average closing price of the stock during the prior month. During the six months ended October 31, 2022 we recorded $30,000 for accrued consulting fees and we issued no shares for payment.

Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $82,700 ($50,000 payable in stock) and $40,000 ($20,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively.

Effective October 1, 2018, we entered into a consulting agreement with Leslie Doheny-Hanks, the wife of our President and CEO, to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. The related party consultant provides certain administrative and accounting services and is reimbursed for expenses paid on behalf of the Company. During the six months ended October 31, 2022 we recorded $15,000 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $28,883. During the six months ended October 31, 2022 we made repayments of $21,794 to Mrs. Hanks for reimbursable expenses. Amounts included in accounts payable and accrued expenses – related parties due to Mrs. Hanks totaled $39,353 ($25,000 payable in stock) and $17,264 ($10,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively.

Effective February 1, 2021 the Company entered into consulting agreements with three children of our President and CEO, which were amended as of December 31, 2021 to continue on a month-to-month basis. During the six months ended October 31, 2022 we incurred $54,990 for fees and expense reimbursements to the children and paid $54,965. Amounts included in accounts payable and accrued expenses – related parties due to the children totaled $8,524 and $8,500 as of October 31, 2022 and April 30, 2022, respectively.

13

Effective September 1, 2021, we entered into a consulting agreement with BNL Family Trust, a related party to Bruce Lemons, Director, to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. During the six months ended October 31, 2022 we recorded $15,000 for the amount payable in stock under the consulting agreement and issued 91,414 shares as repayment for $1,006 owed (see Note 8). Amounts included in accounts payable and accrued expenses – related parties due to BNL Family Trust totaled $25,000 (all payable in stock) and $11,006 ($10,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively.

Accounts Payable and Accrued Expenses – Related Parties

During the six months ended October 31, 2022 the Company granted 3,000,000 warrants each to Maple Resources and BNL Family Trust, therefore recognized $330,000 in stock-based compensation based on the grant date fair value (see Note 8).

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at:

	October 31, 2022			April 30,  2022
Office furniture and equipment	$	13,864		$	13,864
Computer equipment and software		6,555			17,517
Refinery land		721,828			721,828
Refinery land improvements		468,426			468,615
Refinery land easements		37,015			37,015
		1,247,688			1,258,839
Less accumulated depreciation and amortization		(151,688	)		(144,642	)
	$	1,096,000		$	1,114,197

Depreciation and amortization expense totaled $18,197 and $17,964 for the six months ended October 31, 2022 and 2021, respectively.

NOTE 6 – ACCRUED EXPENSES

Accrued expenses consisted of the following at:

	October 31, 2022		April 30,  2022
Accrued payroll	$	30,090	$	30,090
Accrued consulting		30,000		12,000
Accrued interest and penalties		767,525		714,827
Other		94,174		94,358
	$	921,789	$	851,275

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NOTE 7 – NOTES PAYABLE

Note Payable, Currently in Default

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

	October 31, 2022		April 30, 2022
Note payable to an unrelated party, matured March 18, 2014, with interest at 10%	$	75,001	$	75,001
	$	75,001	$	75,001

Notes Payable

Notes payable consist of the following at:

	October 31, 2022		April 30, 2022
Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [1]
$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		50,000		50,000
Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [2]		136,952		136,952
Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [3]		102,500		102,500
Note payable to an unrelated party with an issue date of March 3, 2022 with interest at 5% [4]		181,500		165,000
Total	$	920,952	$	904,452

[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 maturity date of the note is 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 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.
[2]	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 is 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.
[3]	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.
[4]	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 the earlier of February 28, 2023 or the date MMEX receives at least $6 million of proceeds from an equity or equity-based financing. In accordance with the terms of the note, if the note was not paid in full prior to June 22, 2022, the principal amount of the note was to increase to $181,500. Accordingly, during the six months ended October 31, 2022 we recognized $16,500 in interest expense to increase the principal balance.

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Convertible Note Payable, Currently in Default

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

	October 31, 2022		April 30, 2022
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
		75,000		75,000
Less discount		-		-
Total	$	75,000	$	75,000

[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.

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Convertible Notes Payable

Current convertible notes payable consisted of the following at:

	October 31, 2022			April 30, 2022
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 [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
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [3]		165,000			165,000
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4]		105,000			-
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [5]		200,000			-
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [6]		78,750
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [7]		100,000			-
Total		848,750			455,000
Less discount		(38,785	)		(22,903	)
Net	$	809,965		$	432,097

[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 was extended to March 31, 2023. 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 three months ended July 31, 2022 the Company issued 710,802 shares of common stock to pay the note and its related interest in full and recognized a $16,540 gain on settlement to reduce the debt to zero.
[3]	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.

17

[4]	Effective June 7, 2022, the Company entered into a convertible promissory note with a principal amount of $105,000 with 1800 Diagonal Lending, LLC. The Company received $101,250 after payment of $3,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of June 7, 2023. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion.
[5]	Effective July 26, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $200,000, which was not funded until August 1, 2022. The note was issued at a discount and the Company received net proceeds of $185,000 after payment of $5,000 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 $0.055 per share, subject to adjustment if there are future financings with more favorable rates. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance.
[6]	Effective August 15, 2022, the Company entered into a convertible promissory note with a principal amount of $78,750 with 1800 Diagonal Lending, LLC. The Company received $75,000 after payment of $3,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of August 15, 2023. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion.
[7]	Effective September 15, 2022, the Company entered into a convertible promissory note with a principal amount of $100,000 with Boot Capital, LLC. The Company received $91,250 after payment of $8,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of September 15, 2023. The note can be converted into shares of common stock at a 42% discount from the lowest trading price during the 10 days prior to conversion.

NOTE 8 – STOCKHOLDERS’ DEFICIT

Authorized Shares

The Company has authorized 201,000,000 shares of capital stock, consisting of 200,000,000 shares of common stock and 1,000,000 shares of preferred stock.

Common Stock

During the six months ended October 31, 2022, the Company issued a total of 7,361,879 shares of its common stock: 710,802 shares valued at $109,677 in conversion of convertible notes principal of $90,000, accrued interest payable of $19,677; 6,459,663 shares issued for the exercise of warrants; 91,414 shares issued for an accrued liability with a related party of $1,006 (see Note 4); and 100,000 shares issued for a debt discount valued at $5,380.

During the six months ended October 31, 2021, the Company issued a total of 14,568,721 shares of its common stock: 170,000 shares (plus 3,580,000 prefunded warrants and 2,575,500 warrants) for cash of $3,000,000; 6,433,743 shares valued at $154,437 in conversion of convertible notes principal of $149,444, accrued interest payable of $4,490 and payment of fees of $504; 6,817,224 shares valued at $74,989 in conversion of related party convertible notes principal; 17,754 shares issued pursuant to the rounding of fractional shares in connection with our reverse stock split; and 1,130,000 shares issued for the exercise of prefunded warrants. In conjunction with the stock and warrants issued for cash, the Company also issued 337,500 warrants to the placement agent and recognized $349,150 in out-of-pocket offering costs.

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Series A Preferred Stock

The Series A preferred stock has no redemption, conversion or dividend rights; however, the holders of the Series A preferred stock, voting separately as a class, have the right to vote on all shareholder matters equal to 51% of the total vote.

During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series A preferred stock. 

Series B Preferred Stock

The Series B preferred stock has a stated value equal to $1,000, has no redemption or voting rights, and are entitled to receive dividends on preferred stock equal, on an as-of-converted-to-common-stock basis, to and in the same form as the dividends paid on shares of the common stock. The Series B preferred stock is convertible, at the option of the holder, into the number of shares of common stock determined by dividing the stated value of such share of Preferred Stock by the initial Conversion Price of $0.10, which was adjusted to $0.05 per share effective June 7, 2022.

During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series B preferred stock, however, as a result of the change in the Conversion Price that occurred on June 7, 2022, the Company recognized a deemed dividend of $2,534,402 to account for the change in fair value of the Series B preferred stock.

Warrants

A summary of warrant activity during the six months ended October 31, 2022 is presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding, April 30, 2022		35,508,000		$	0.06		4.64
Granted		26,575,500		$	0.10
Cancelled / Expired		(17,575,500	)	$	0.10
Exercised		(6,470,500	)	$	0.00
Outstanding, October 31, 2022		38,037,500		$	0.08		5.47

During the six months ended July 31, 2022 the Company granted 3,000,000 warrants each to two entities affiliated with the Company’s two board members (see Note 4) and a consultant. The fair value of the warrants was $495,000 and recognized in additional paid-in capital. Additionally, effective June 7, 2022 the Company entered into an agreement to reduce the exercise price of its Series C and Series D warrants, from $0.10 to $0.05. The Company accounted for this modification as a cancellation of the previous award and issuance of a new award in its place, however, as there was no change in the fair value as a result of the modification, no additional expense was recorded on the Company’s books.

19

Common Stock Reserved

Combined with the 28,566,561 common shares outstanding as of October 31, 2022, all authorized common shares had been issued or reserved for issuance of outstanding warrants, stock options, and convertible notes payable and no common shares were available for share issuances other than those shares included in the reserves.

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Legal

In the ordinary course of business, we may be, or have been, involved in legal proceedings from time to time. During the six months ended October 31, 2022 we were not involved in any material legal proceedings.

NOTE 10 – SUBSEQUENT EVENTS

In accordance with ASC 855-10, there have been no subsequent events that are required to be reported through the filing date of these consolidated financial statements other than those stated below.

Subsequent to October 31, 2022 the Company issued 2,542,030 shares of common stock in exchange for the cashless exercise of 2,550,000 Series B warrants.

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

The following discussion and analysis constitute forward-looking statements for purposes of the Securities Act and the Exchange Act and as such involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words "expect", "estimate", "anticipate", "predict", "believes", "plan", "seek", "objective" and similar expressions are intended to identify forward-looking statements or elsewhere in this report. Important factors that could cause our actual results, performance or achievement to differ materially from our expectations are discussed in detail in Item 1 above. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by such factors. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Notwithstanding the foregoing, we are not entitled to rely on the safe harbor for forward looking statements under 27A of the Securities Act or 21E of the Exchange Act as long as our stock is classified as a penny stock within the meaning of Rule 3a51-1 of the Exchange Act. A penny stock is generally defined to be any equity security that has a market price (as defined in Rule 3a51-1) of less than $5.00 per share, subject to certain exceptions.

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements, including the notes thereto.

Overview

Company Information and Business Plan

MMEX Resources Corporation (“MMEX”) was formed as a Nevada corporation in 2005. The current management team lead an acquisition of the Company (then named Management Energy, Inc.) through a reverse merger completed in 2010 and thereafter changed the Company’s name to MMEX Mining Corporation.

MMEX is focused on the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy. We have formed two operating sub-divisions of the Company - one sub-division to transition from legacy refining transportation fuels by producing them as ultra clean fuels with carbon capture or as stand-alone renewable or clean fuels projects, and the second sub-division which plans to produce green and/or blue hydrogen with the option of hydrogen conversion to ammonia or methanol. These two sub-divisions will be operating respectively as Clean Energy Global, LLC and Hydrogen Global, LLC. The planned projects are designed to be powered by solar and wind renewable energy.

Our portfolio contains the following pipeline of planned projects:

21

Clean Energy Global, LLC

Project 1: Pecos Clean Fuels & Transport, LLC -Ultra Clean Fuels Refining-Pecos County, Texas

We have teamed with Polaris Engineering to develop an ultra-clean transportation fuel, up to 11,600 barrel per day feedrate crude oil refining facility at our Pecos County, Texas site to produce 87° gasoline, ultra-low sulphur diesel and low-sulphur fuel oil, utilizing the Polaris Ultra FuelsTM patented concept, which removes over 95% emissions of a standard refinery. The planned carbon capture features of the project will be owned, financed, constructed and operated by an independent third-party. The Ultra FuelsTM concept, with capex and technical details completed in the Front-End Load-2 (“FEL-2”) study, features small size facilities to take advantage of proximity to smaller markets and/or locate directly near crude oil production areas near the Company’s owned 126-acre site. Because equipment is fabricated in modular units and shipped to site, this allows for an 18-month project completion time and more rapid implementation than traditional facilities. The smaller size and footprint, as well as lower emissions, also allows for faster permitting which we obtained for this facility from the Texas Commission on Environmental Quality on February 18, 2022.

Project 2: Arroyo Cabral, Cordoba Province Argentina Solar Power Project.

The Company along with its international partners have entered a proposal with EPEC, the local utility in Cordoba Province to build potentially the Arroyo Cabral 48 MWe solar park for local power demand following the Company’s completion of a confidential information memorandum and pre-feasibility study for the project completed in June 2021. The local utility, EPEC, has proposed a Build Own Transfer structure with EPEC contributing 15% of the project costs as an equity contribution. The financing of the project potentially is to be provided by the Company’s international partners and other third parties.

Hydrogen Global, LLC

Project 3: Hydrogen Global- Pecos County, Texas- Green Hydrogen Project

This planned project to utilize the proprietary electrolyzer technology of Siemens Energy, a major international technology provider to the Company, plans to convert water to hydrogen through electrolysis. The facility will utilize solar power, with the Company’s water supply to produce up to 55 tons of hydrogen production per day. The Company and Siemens have completed the Front-End Engineering and Design (“FEED”) study in April 2022, which outlines the capex of the electrolyzer complex on the Company’s 321-acre site. The Company is in discussions with several renewable power developers to become the technology provider for 160 MWe solar power component. In addition, the Company is in discussions with two potential product off-takes (i) with a technology provider for the Ammonia complex, for conversion of the hydrogen to ammonia to facilitate transportation of the finished product for the export market in either Europe or Asia and (ii) international partners to provide turn-key mobility markets to include hydrogen fueling stations and buses utilizing hydrogen fuel cells. The potential markets would be the major metropolitan areas in the U.S. and Texas to include Austin, Dallas, Houston, and San Antonio.

Project 4: Hydrogen Global- Tierra del Fuego Province Argentina-Green Hydrogen Project

On April 28, 2022, the Province of Tierra del Fuego and the Company announced the potential joint development of a green hydrogen project in the Río Grande, Tierra del Fuego area powered by wind energy. The Company has signed an amendment with Siemens Energy to adapt the Green H2 electroylzer FEED Study completed for Pecos County to this Project. In addition, the Company has a preliminary understanding with Siemens Gamesa as the technology provider for the wind energy. The Company estimates the land requirement of up to 10,000 hectares for the wind farm and the Green H2 facilities. The Company is in discussions with the same technology provider for the Ammonia complex as for Pecos County. The potential market for the Ammonia is Europe or Asia and the project location is ideal for ocean borne shipping east or west.

22

Project 5: Hydrogen Global- Tangier Morocco- Green Hydrogen Project

The Company has identified sea-based land assets in Tangier Morocco and is in negotiations for the supply of 160MWe of certified renewable power with local utility. The Company has international partners with local presence in Morocco. Tangier has developed what is now the largest trading hub in Africa with ten major ports (https://www.marineinsight.com/know-more/10-major-ports-in-morocco/)  including multi-modal deep seaports, multiple free-zones areas with substantial tax and trade incentives and it is located 15km from Europe ports (Spain and Gibraltar). Tangier and the neighboring coastal area benefit from some of the best wind conditions in the world, which can also be associated with solar power generation. The Kingdom of Morocco is strongly pushing the use of renewable energy and has recently issued a Green Hydrogen regulatory framework. The principal off-take markets are the shipping and terminal companies present in the Tangier Port Med including APM Terminals (https://www.apmterminals.com/en/medport-tangier/about/our-terminal ), and CGM-CMA (https://www.cma-cgm.com ).

Project 6: Hydrogen Global- Southern Coast of Peru-Green Hydrogen Project

The Company has entered advanced discussions with Peru’s principal electric power distribution company to develop potentially a Green Hydrogen project to produce up to 55 tons per day of hydrogen, requiring 160 MWe of constant and certified renewable power load. The Company plans to use its Siemens Energy Electrolyzer FEED template and adapt it for Peru. The Peru distribution company will also provide the land area as part of the transaction – approximately 5 hectares, by the sea to facilitate exports of green Hydrogen/Ammonia/Methanol to Asia and the U.S. West Coast. Peru’s mining industry with its use of heavy extraction and transportation equipment has significant market potential for the Company's hydrogen production.

Project 7: Hydrogen Global- Pecos County, Texas-Blue Hydrogen Project

The Company is in planning discussions with a super major oil company (the “Super Major”) to develop jointly a Blue Hydrogen project at the Company’s Pecos County, Texas site. The Project plans to utilize potentially a portion of the Super Major’s 2 billion cubic feet per day natural gas production and transportation from the area to produce hydrogen utilizing an autothermal reformer (“ATR”) technology, In turn, the hydrogen will be used in Siemens Energy turbines and generator sets to produce 365 MWe of electric power which are projected to utilize initially a 75% hydrogen-25% natural gas feed and moving to a 100% hydrogen feed, with the electric power to be marketed by the power commodity trading desk of the Super Major. Solar and wind power will be utilized in the ATR and under discussions with the renewable power companies developing the Company’s other solar projects in the area.  The planned carbon capture features of the project will be owned, financed, constructed and operated by an independent third-party.

Completion of these projects is dependent upon our obtaining the necessary capital for planning, construction and start-up costs. There is no assurance that such financing can be obtained on favorable terms.

Results of Operations

Revenues

We have not yet begun to generate revenues.

23

General and Administrative Expenses

Our general and administrative expenses increased to $364,343 for the three months ended October 31, 2022 from $274,493 for the three months ended October 31, 2021, resulting from due diligence fees incurred in our pursuit of financing. Our general and administrative expenses increased to $1,168,201 for the six months ended October 31, 2022 from $717,000 for the six months ended October 31, 2021. The increase was a result of the previously mentioned due diligence fees, as well as the Company issuing 3,000,000 shares each to two entities affiliated with the Company’s two board members and a consultant and recognizing $495,000 as stock-based compensation during the six months ended October 31, 2022, versus no similar expense recognized during the six months ended October 31, 2021.

Project Costs

We expense the direct costs incurred on our projects, including acquisition of rights, planning, design and permitting. Our project costs have decreased to $71,683 for the three months ended October 31, 2022 from $1,006,666 for the three months ended October 31, 2021 and decreased to $76,040 for the six months ended October 31, 2022 from $1,009,726 for the six months ended October 31, 2021. The levels of spending on our projects will vary from period to period based on availability of financing and will be expensed as project costs are incurred. The decrease in the current period, then, was because we did not have funding available to invest in our projects during the current period.

Depreciation and Amortization Expense

Our depreciation and amortization expense results from the depreciation of land improvements and amortization of land easements and totaled $9,100 and $9,246 for the three months ended October 31, 2022 and 2021, respectively, and totaled $18,197 and $17,964 for the six months ended October 31, 2022 and 2021, respectively.

Other Income (Expense)

Our interest expense includes interest accrued on debt, amortization of debt discount and penalties assessed on debt. Interest expense totaled $63,125 and $57,645 for the three months ended October 31, 2022 and 2021, respectively and totaled $126,013 and $262,255 for the six months ended October 31, 2022 and 2021, respectively. The decrease in interest expense for the six months is due to lower levels of new non-related party convertible debt in the current period as a result of debt being paid off or converted into shares common stock. Additionally, the lower levels of debt also resulted in less amortization of debt discount to interest expense and less loan penalties incurred in the period.

We reported gains on derivative liabilities of $0 and $3,010,042 for the six months ended October 31, 2022 and 2021, respectively. We had previously identified the variable conversion feature of certain convertible notes payable as derivatives. We estimated the fair value of the derivatives using multinomial lattice models that value the warrants based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs were subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the derivative liabilities would fluctuate from period to period, and the fluctuation has been material. During the six months ended October 31, 2021 all derivative liabilities were written off the books, resulting in a large gain in the prior period.

We reported a net gain (loss) on extinguishment of liabilities of $0 and $196,166 for the six months ended October 31, 2022 and 2021, respectively, and $16,540 and $136,310 for the three months ended October 31, 2022 and 2021, respectively. The larger gain in the prior period was mostly due to our loan from the Small Business Administration being forgiven, versus smaller loan amounts being forgiven in the current period.

24

Net Income (Loss)

As a result of the above, we reported net income (loss) of $(508,251) and $(1,151,884) for the three months ended October 31, 2022 and 2021, respectively and $(1,371,911) and $1,139,407 for the six months ended October 31, 2022 and 2021, respectively.

Deemed Dividend

Effective June 7, 2022 we reduced the conversion price of our Series B preferred stock from $0.10 to $0.05. This resulted in the recognition of a deemed dividend of $2,534,402 during the three months ended July 31, 2022 in order to account for the change in fair value of the Series B preferred stock.

Net Income (Loss) Attributable to Common Shareholders

As a result of the deemed dividend, our net loss attributed to common shareholders was $(3,906,313) for the six months ended October 31, 2022. We had no similar activity during the six months ended October 31, 2021 or the three months ended October 31, 2022 and 2021, therefore net income attributed to the Company was the same as net income of $1,139,407, $(508,251), and $(1,151,884), respectively.

Liquidity and Capital Resources

Working Capital

As of October 31, 2022, we had current assets of $59,333, comprised only of prepaid expenses, and current liabilities of $3,688,705, resulting in a working capital deficit of $3,629,372.

Sources and Uses of Cash

Our sources and uses of cash for the six months ended October 31, 2022 and 2021 were as follows:

	2022			2021
Cash, beginning of period	$	136,867		$	330,449
Net cash used in operating activities		(589,367	)		(2,275,278	)
Net cash used in investing activities		-			(255,504	)
Net cash provided by financing activities		452,500			2,474,019
Cash, end of period	$	-		$	273,686

We used net cash of $589,367 in operating activities for the six months ended October 31, 2022 as a result of our net loss of $1,371,911, offset by non-cash net expense totaling $533,905, an increase in prepaid expenses of $12,000, and increases in accounts payable, accrued expenses, and accounts payable and accrued expenses - related party of $260,639. 

25

We used net cash of $2,275,278 in operating activities for the six months ended October 31, 2021 as a result of our net income of $1,139,407, non-cash expenses totaling $95,786, decrease in prepaid expenses of $2,460, and increases in accrued expenses of $19,089.  This was offset by our non-cash gains of $3,146,352, a decrease in accounts payable of $171,857 and a decrease in accounts payable and accrued expenses – related party of $213,811.

Net cash used in investing activities for the six months ended October 31, 2022 was $0 compared to $255,504 for the six months ended October 31, 2021 which was comprised of the purchase of land and costs incurred for land improvements during the period.

Net cash provided by financing activities for the six months ended October 31, 2022 was $452,500, comprised of proceeds from convertible notes payable.

Net cash provided by financing activities for the six months ended October 31, 2021 was $2,474,019, comprised of proceeds from notes payable of $200,000, proceeds from convertible notes payable of $78,500, and proceeds from the sale of our common stock of $3,000,000. This was offset by repayments of notes payable of $200,000, repayments of convertible notes payable of $255,331, and offering costs incurred of $349,150.

Going Concern Uncertainty

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, and have reported negative cash flows from operations since inception.  Additionally, we have a working capital deficit, 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.  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.

Since inception, our operations have primarily been funded through private debt and equity financing, and we expect to continue to seek additional funding through private or public equity and debt financing.  Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt.  However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital and/or that our cash generated by our operations will be adequate to meet our needs. These factors, among others, raise substantial doubt that we will be able to continue as a going concern for a reasonable period of time.

The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company's ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

26

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Critical Accounting Policies

Our results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to inventories, investments, intangible assets, income taxes, financing operations, and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For further information on our significant accounting policies see the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended April 30, 2022 filed with the SEC and Note 2 to our condensed consolidated financial statements included in this quarterly report. There were no changes to our significant accounting policies during the six months ended October 31, 2022.

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk

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

ITEM 4 Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined) in Exchange Act Rules 13a – 15(c) and 15d – 15(e). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 (“Securities Exchange Act”) is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.  Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act, as amended.  Our management assessed the effectiveness of our internal control over financial reporting as of October 31, 2022.  In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in 2013 Internal Control-Integrated Framework.  Based on our evaluation, management concluded that we maintained effective internal control over financial reporting as of October 31, 2022, based on the COSO framework criteria.  Management believes our processes and controls are sufficient to ensure the that the consolidated financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented in accordance with U.S. GAAP.

(b) Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

27

PART II – OTHER INFORMATION

ITEM 1 Legal Proceedings

None.

ITEM 1A Risk Factors

Not applicable.

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds

On August 1, 2022 the Company issued 100,000 shares of its common stock and entered into a convertible note payable with a principal amount of $200,000.

On September 23, 2022 the Company issued 997,543 shares of its common stock for the cashless exercise of 1,000,000 Series B warrants.

On October 26, 2022 the Company issued 996,875 shares of its common stock for the cashless exercise of 1,000,000 Series B warrants.

On November 11, 2022 the Company issued 996,466 shares of common stock in exchange for the cashless exercise of 1,000,000 Series B warrants.

On November 25, 2022 the Company issued 797,707 shares of common stock in exchange for the cashless exercise of 800,000 Series B warrants.

On November 28, 2022 the Company issued 747,857 shares of common stock in exchange for the cashless exercise of 750,000 Series B warrants.

ITEM 3 Defaults Upon Senior Securities

There is no information required to be disclosed by this Item.

ITEM 4 Mine Safety Disclosures

There is no information required to be disclosed by this Item.

ITEM 5 Other Information

There is no information required to be disclosed by this Item.

28

ITEM 6 Exhibits

31.1*	Certification by Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a)
32.1*	Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

* Filed herewith.

** Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Act of 1934 and otherwise are not subject to liability.

29

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MMEX Resources Corporation
Dated: December 5, 2022	By:	/s/ Jack W. Hanks
		Chief Executive Officer (Principal Executive Officer), President and Chief Financial Officer (Principal Financial and Accounting Officer)

30

EX-31.1

EXHIBIT 31.1

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

I, Jack W. Hanks, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of MMEX Resources Corporation.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exhibit Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: December 5, 2022		/s/ Jack W. Hanks
	By:	Jack W. Hanks
		Chief Executive Officer and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 USC, SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MMEX Resources Corporation (the “Company”) on Form 10-Q for the quarter ended October 31, 2022, as filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Jack W. Hanks, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: December 5, 2022		/s/ Jack W. Hanks
	By:	Jack W. Hanks
		Chief Executive Officer and Chief Financial Officer

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

XML

Cover - shares	6 Months Ended
	Oct. 31, 2022	Dec. 05, 2022
Cover [Abstract]
Entity Registrant Name	MMEX RESOURCES Corporation
Entity Central Index Key	0001440799
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Oct. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		31,108,591
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55831
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	26-1749145
Entity Address Address Line 1	3600 Dickinson
Entity Address City Or Town	Fort Stockton
Entity Address State Or Province	TX
Entity Address Postal Zip Code	79735
City Area Code	855
Local Phone Number	880-0400
Entity Interactive Data Current	Yes

XML

Condensed Consolidated Balance Sheets - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Current assets:
Cash	$ 0	$ 136,867
Prepaid expenses and other current assets	59,333	47,333
Total current assets	59,333	184,200
Property and equipment, net	1,096,000	1,114,197
Total assets	1,155,333	1,298,397
Current liabilities:
Accounts payable	713,843	639,782
Accrued expenses	921,639	851,275
Accounts payable and accrued expenses - related parties	155,577	76,770
Note payable, currently in default	75,001	75,001
Note payable	920,952	904,452
Convertible notes payable, currently in default, net of discount of $0 and $0 at October 31, 2022 and April 30, 2022, respectively	75,000	75,000
Convertible notes payable, net of discount of $38,785 and $22,903 at October 31, 2022 and April 30, 2022, respectively	809,965	432,097
Total current liabilities	3,671,977	3,054,377
Total liabilities	3,671,977	3,054,377
Stockholders' deficit:
Common stock; $0.001 par value; 200,000,000 shares authorized, 28,566,561 and 21,204,682 shares issued and outstanding at October 31, 2022 and April 30, 2022, respectively	28,566	21,205
Additional paid-in capital	69,564,652	66,426,364
Non-controlling interest	9,871	9,871
Accumulated deficit	(72,119,736)	(68,213,423)
Total stockholders' deficit	(2,516,644)	(1,755,980)
Total liabilities and stockholders' deficit	1,155,333	1,298,397
Series A Preferred Stock [Member]
Stockholders' deficit:
Preferred stock value	1	1
Series B Preferred Stock [Member]
Stockholders' deficit:
Preferred stock value	$ 2	$ 2

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Convertible notes, net of discount currently in default	$ 0	$ 0
Convertible notes payable, net of discount	$ 38,785	$ 22,903
Common stock, par value	$ 0.001	$ 0.001
Common stock, Authorized	200,000,000	200,000,000
Common stock, Issued	28,566,561	21,204,682
Common stock, outstanding	28,566,561	21,204,682
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, Authorized	1,000,000	1,000,000
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, Authorized	1,000,000	1,000,000
Preferred stock, Issued	1,000	1,000
Preferred stock, outstanding	1,000	1,000
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, Authorized	1,000,000	1,000,000
Preferred stock, Issued	1,500	0
Preferred stock, outstanding	1,500	0

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Condensed Consolidated Statements of Operations (Unaudited)
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses:
General and administrative expenses	364,343	274,493	1,168,201	717,000
Project costs	71,683	1,006,666	76,040	1,009,726
Depreciation and amortization	9,100	9,246	18,197	17,964
Total operating expenses	445,126	1,290,405	1,262,438	1,744,690
Loss from operations	(445,126)	(1,290,405)	(1,262,438)	(1,744,690)
Other income (expense):
Interest expense	(63,125)	(57,645)	(126,013)	(262,255)
Gain (loss) on derivative liabilities	0	0	0	3,010,042
Gain (loss) on extinguishment of liabilities	0	196,166	16,540	136,310
Total other income (expense)	(63,125)	138,521	(109,473)	2,884,097
Income (loss) before income taxes	(508,251)	(1,151,884)	(1,371,911)	1,139,407
Provision for income taxes	0	0	0	0
Net income (loss)	(508,251)	(1,151,884)	(1,371,911)	1,139,407
Deemed dividend	0	0	2,534,402	0
Net income (loss) attributable to the common shareholders	$ (508,251)	$ (1,151,884)	$ (3,906,313)	$ 1,139,407
Net income (loss) per common share - basic	$ (0.02)	$ (0.12)	$ (0.16)	$ 0.17
Net income (loss) per common share - diluted	$ (0.02)	$ (0.12)	$ (0.16)	$ 0.10
Weighted average number of common shares outstanding - basic	26,504,972	9,908,190	24,532,667	6,607,443
Weighted average number of common shares outstanding - diluted	26,504,972	9,908,190	24,532,667	13,069,133

XML

Condensed Consolidated Statement of Stockholders Deficit (Unaudited) - USD ($)	Total	Common Stock	Series A, Preferred Stock	Series B, Preferred Stock	Additional Paid-In Capital	Noncontrolling Interest	Retained Earnings (Accumulated Deficit)
Balance, shares at Apr. 30, 2021		3,251,641	1,000
Balance, amount at Apr. 30, 2021	$ (5,770,041)	$ 3,252	$ 1	$ 0	$ 62,201,528	$ 9,871	$ (67,984,693)
Shares issued with prefunded warrants for cash, shares		170,000
Shares issued with prefunded warrants for cash, amount	3,000,000	$ 170	0	0	2,999,830	0	0
Shares issued for conversion of convertible notes payable and accrued interest, shares		11,814
Shares issued for conversion of convertible notes payable and accrued interest, amount	42,531	$ 11	0	0	42,520	0	0
Shares issued for reverse stock split, shares		17,754
Shares issued for reverse stock split, amount	0	$ 18	0	0	(18)	0	0
Shares issued for the exercise of prefunded warrants, shares		250,000
Shares issued for the exercise of prefunded warrants, amount	0	$ 250	0	0	(250)	0	0
Offering costs	(349,150)	0	0	0	(349,150)	0	0
Net income	2,291,291	$ 0	$ 0	0	0	0	2,291,291
Balance, shares at Jul. 31, 2021		3,701,209	1,000
Balance, amount at Jul. 31, 2021	(785,369)	$ 3,701	$ 1	0	64,894,460	9,871	(65,693,402)
Balance, shares at Apr. 30, 2021		3,251,641	1,000
Balance, amount at Apr. 30, 2021	(5,770,041)	$ 3,252	$ 1	0	62,201,528	9,871	(67,984,693)
Net income	1,139,407
Net (loss)	$ (1,139,407)
Shares issued for accrued liability - related party, shares	170,000
Balance, shares at Oct. 31, 2021		17,820,362	1,000
Balance, amount at Oct. 31, 2021	$ (794,608)	$ 17,820	$ 1	0	65,067,236	9,871	(65,889,536)
Balance, shares at Jul. 31, 2021		3,701,209	1,000
Balance, amount at Jul. 31, 2021	(785,369)	$ 3,701	$ 1	0	64,894,460	9,871	(65,693,402)
Shares issued for conversion of convertible notes payable and accrued interest, shares		6,817,224
Shares issued for conversion of convertible notes payable and accrued interest, amount	74,989	$ 6,817	0	0	68,172	0	0
Shares issued for the exercise of prefunded warrants, shares		880,000
Shares issued for the exercise of prefunded warrants, amount	0	$ 880	0	0	(880)	0	0
Net income	(1,151,884)
Shares issued for conversion of convertible notes payable and accrued interest, shares		6,421,929
Shares issued for conversion of convertible notes payable and accrued interest, amount	111,906	$ 6,422	0	0	105,484	0	0
Net (loss)	(196,134)	$ 0	$ 0	0	0	0	(196,134)
Balance, shares at Oct. 31, 2021		17,820,362	1,000
Balance, amount at Oct. 31, 2021	(794,608)	$ 17,820	$ 1	$ 0	65,067,236	9,871	(65,889,536)
Balance, shares at Apr. 30, 2022		21,204,682	1,000	1,500
Balance, amount at Apr. 30, 2022	(1,755,980)	$ 21,205	$ 1	$ 2	66,426,364	9,871	(68,213,423)
Shares issued for conversion of convertible notes payable and accrued interest, shares		710,802
Shares issued for conversion of convertible notes payable and accrued interest, amount	109,677	$ 711	0	0	108,966	0	0
Net income	(863,660)	0	0	0	0	0	(863,660)
Warrants issued as stock-based compensation	495,000	$ 0	0	0	495,000	0	0
Shares issued for the exercise of warrants, shares		2,494,318
Shares issued for the exercise of warrants, amount	184	$ 2,494	0	0	(2,310)	0	0
Deemed dividend	0	$ 0	$ 0	$ 0	2,534,402	0	(2,534,402)
Balance, shares at Jul. 31, 2022		24,409,802	1,000	1,500
Balance, amount at Jul. 31, 2022	(2,014,779)	$ 24,410	$ 1	$ 2	69,562,422	9,871	(71,611,485)
Balance, shares at Apr. 30, 2022		21,204,682	1,000	1,500
Balance, amount at Apr. 30, 2022	(1,755,980)	$ 21,205	$ 1	$ 2	66,426,364	9,871	(68,213,423)
Net income	(1,371,911)
Net (loss)	1,371,911
Warrants issued as stock-based compensation	495,000
Balance, shares at Oct. 31, 2022		28,566,561	1,000	1,500
Balance, amount at Oct. 31, 2022	(2,516,644)	$ 28,566	$ 1	$ 2	69,564,652	9,871	(72,119,736)
Balance, shares at Jul. 31, 2022		24,409,802	1,000	1,500
Balance, amount at Jul. 31, 2022	(2,014,779)	$ 24,410	$ 1	$ 2	69,562,422	9,871	(71,611,485)
Net income	(508,251)	$ 0	0	0	0	0	(508,251)
Shares issued for the exercise of warrants, shares		3,965,345
Shares issued for the exercise of warrants, amount	0	$ 3,965	0	0	(3,965)	0	0
Shares issued for accrued liability - related party, shares		91,414
Shares issued for accrued liability - related party, amount	1,006	$ 91	0	0	915	0	0
Shares issued for debt discount, shares		100,000
Shares issued for debt discount, amount	5,380	$ 100	$ 0	$ 0	5,280	0	0
Balance, shares at Oct. 31, 2022		28,566,561	1,000	1,500
Balance, amount at Oct. 31, 2022	$ (2,516,644)	$ 28,566	$ 1	$ 2	$ 69,564,652	$ 9,871	$ (72,119,736)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (1,371,911)	$ 1,139,407
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	18,197	17,964
(Gain) loss on derivative liabilities	0	(3,010,042)
Amortization of debt discount	20,748	77,822
Warrants issued as stock-based compensation	495,000	0
Note recorded for loan penalties and financing costs	16,500	0
(Gain) loss on extinguishment of liabilities	(16,540)	(136,310)
(Increase) decrease in prepaid expenses and other current assets	12,000	2,460
Increase (decrease) in liabilities:
Accounts payable	74,061	(171,857)
Accrued expenses	106,765	19,089
Accounts payable and accrued expenses - related party	79,813	(213,811)
Net cash used in operating activities	(589,367)	(2,275,278)
Cash flows from investing activities:
Purchase of property and equipment	0	(255,504)
Net cash used in investing activities	0	(255,504)
Cash flows from financing activities:
Proceeds from notes payable	0	200,000
Proceeds from convertible notes payable	452,500	78,500
Repayments of notes payable	0	(200,000)
Repayments of convertible notes payable	0	(255,331)
Proceeds from the sale of common stock and prefunded warrants	0	3,000,000
Proceeds from the sale of series B preferred stock and warrants	0	0
Offering costs	0	(349,150)
Net cash provided by financing activities	452,500	2,474,019
Net increase (decrease) in cash	(136,867)	(56,763)
Cash at the beginning of the period	136,867	330,449
Cash at the end of the period	0	273,686
Supplemental disclosure:
Interest paid	0	116,374
Income taxes paid	0	0
Non-cash investing and financing activities:
Common stock issued in conversion of debt	109,677	154,437
Common stock issued in conversion of related party debt	0	74,989
Exercise of warrants for an accrued liability	184	0
Reverse split	0	18
Exercise of prefunded warrants	$ 2,494	1,130
Cashless exercise of warrants	3,965
Deemed dividend	$ 2,534,402	0
Common stock issued for accrued liability - related party	1,006	0
Shares issued for debt discount	$ 5,380	$ 0

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BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION

6 Months Ended

Oct. 31, 2022

BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION

BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1 – BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION

MMEX Resources Corporation (the “Company” or “MMEX”) was formed as a Nevada corporation in 2005. The current management team lead an acquisition of the Company (then named Management Energy, Inc.) through a reverse merger completed on September 23, 2010 and changed the Company’s name to MMEX Mining Corporation on February 11, 2011 and to MMEX Resources Corporation on April 6, 2016.

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		-	Corporation	Nevada	Parent
Pecos Clean Fuels & Transport (formerly Pecos Refining & Transport, LLC		100%	LLC	Texas	Subsidiary
MMEX Solar Resources, LLC		100%	LLC	Texas	Subsidiary
Rolling Stock Marine, LLC		100%	LLC	Texas	Subsidiary
Hydrogen Global, LLC		100%	LLC	Texas	Subsidiary
Clean Energy Global, LLC (formerly 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

6 Months Ended

Oct. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Our significant accounting policies are described in our Annual Report on Form 10-K for the year ended April 30, 2022 filed with the SEC on July 15, 2022.

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations.

Use of Estimates

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

Property and equipment

Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows:

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

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

Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.

The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management.

Derivative liabilities

In a series of subscription agreements, the Company issued warrants in prior years that contained certain anti-dilution provisions that were previously identified as derivatives. In addition, the Company had previously identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. Through April 30, 2021, the number of warrants or common shares to be issued under these agreements was indeterminate; therefore, the Company concluded that the equity environment was tainted and all additional warrants, stock options and convertible debt were included in the value of the derivative. During the year ended April 30, 2022 it was determined that the Company could increase their authorized common shares at any time, therefore the environment was no longer deemed to be tainted and all derivative liabilities were written off the books.

We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

Fair value of financial instruments

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company's consolidated financial statements as reflected herein. The carrying amounts of cash, prepaid expense and other current assets, accounts payable, accrued expenses and notes payable reported on the accompanying consolidated balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.

An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value using a hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy prioritized the inputs into three levels that may be used to measure fair value:

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

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 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.

Revenue Recognition

The Company has adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our consolidated financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.

Project costs

All project costs incurred, including acquisition of refinery rights, planning, design and permitting, have been recorded as project costs and expensed as incurred.

Basic and diluted income (loss) per share

Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the six months ended October 31, 2022 all potentially dilutive securities had an anti-dilutive effect and basic net loss per common share is the same as diluted net loss per share. For the six months ended October 31, 2021 the dilutive effect of options, warrants, and convertible notes payable was 6,461,690.

Stock-based compensation

Pursuant to FASB ASC 718, the Company accounts for the issuance of equity instruments, including grants of stock options and warrants, to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance is reached or (ii) the date at which the performance is complete. In the case of equity instruments issued for services to be performed over time, the fair value of the equity instrument is recognized over the service period. For the six months ended October 31, 2022 and 2021, the Company recorded stock-based compensation of $495,000 and $0, respectively.

Recently Issued Accounting Pronouncements

The Company has reviewed all new accounting pronouncements issued or proposed by the FASB and does not believe any of the accounting pronouncements has had, or will have, a material impact on its consolidated financial position or results of operations.

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GOING CONCERN

6 Months Ended

Oct. 31, 2022

GOING CONCERN

GOING CONCERN

NOTE 3 – GOING CONCERN

Our consolidated 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, and have reported negative cash flows from operations since inception. Additionally, we have a working capital deficit, 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. 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.

Since inception, our operations have primarily been funded through private debt and equity financing, and we expect to continue to seek additional funding through private or public equity and debt financing. Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital or that amounts will be adequate to meet our needs. These factors, among others, raise substantial doubt that we will be able to continue as a going concern for a reasonable period of time.

The consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company's ability to continue as a going concern. The consolidated financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Oct. 31, 2022

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

Accounts Payable and Accrued Expenses – Related Parties

Accounts payable and accrued expenses to related parties, consisting primarily of consulting fees and expense reimbursements payable, totaled $155,577 and $76,770 as of October 31, 2022 and April 30, 2022, respectively.

Effective July 1, 2019, we entered into a consulting agreement with Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, that provides for payment of consulting fees and expense reimbursement related to business development, financing and other corporate activities. Effective March 1, 2021 the Maple Resources consulting agreement provided for monthly consulting fees of $20,000. During the six months ended October 31, 2022, we incurred consulting fees and expense reimbursement to Maple Resources totaling $120,000 and we made payments to Maple Resources of $111,000.

In addition, the consulting agreement provides for the issuance to Maple Resources of shares of our common stock each month with a value of $5,000, with the number of shares issued based on the average closing price of the stock during the prior month. During the six months ended October 31, 2022 we recorded $30,000 for accrued consulting fees and we issued no shares for payment.

Amounts included in accounts payable and accrued expenses – related parties due to Maple Resources totaled $82,700 ($50,000 payable in stock) and $40,000 ($20,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively.

Effective October 1, 2018, we entered into a consulting agreement with Leslie Doheny-Hanks, the wife of our President and CEO, to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. The related party consultant provides certain administrative and accounting services and is reimbursed for expenses paid on behalf of the Company. During the six months ended October 31, 2022 we recorded $15,000 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $28,883. During the six months ended October 31, 2022 we made repayments of $21,794 to Mrs. Hanks for reimbursable expenses. Amounts included in accounts payable and accrued expenses – related parties due to Mrs. Hanks totaled $39,353 ($25,000 payable in stock) and $17,264 ($10,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively.

Effective February 1, 2021 the Company entered into consulting agreements with three children of our President and CEO, which were amended as of December 31, 2021 to continue on a month-to-month basis. During the six months ended October 31, 2022 we incurred $54,990 for fees and expense reimbursements to the children and paid $54,965. Amounts included in accounts payable and accrued expenses – related parties due to the children totaled $8,524 and $8,500 as of October 31, 2022 and April 30, 2022, respectively.

Effective September 1, 2021, we entered into a consulting agreement with BNL Family Trust, a related party to Bruce Lemons, Director, to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. During the six months ended October 31, 2022 we recorded $15,000 for the amount payable in stock under the consulting agreement and issued 91,414 shares as repayment for $1,006 owed (see Note 8). Amounts included in accounts payable and accrued expenses – related parties due to BNL Family Trust totaled $25,000 (all payable in stock) and $11,006 ($10,000 payable in stock) as of October 31, 2022 and April 30, 2022, respectively.

Accounts Payable and Accrued Expenses – Related Parties

During the six months ended October 31, 2022 the Company granted 3,000,000 warrants each to Maple Resources and BNL Family Trust, therefore recognized $330,000 in stock-based compensation based on the grant date fair value (see Note 8).

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PROPERTY AND EQUIPMENT

6 Months Ended

Oct. 31, 2022

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at:

	October 31, 2022			April 30,  2022
Office furniture and equipment	$	13,864		$	13,864
Computer equipment and software		6,555			17,517
Refinery land		721,828			721,828
Refinery land improvements		468,426			468,615
Refinery land easements		37,015			37,015
		1,247,688			1,258,839
Less accumulated depreciation and amortization		(151,688	)		(144,642	)
	$	1,096,000		$	1,114,197

Depreciation and amortization expense totaled $18,197 and $17,964 for the six months ended October 31, 2022 and 2021, respectively.

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ACCRUED EXPENSES

6 Months Ended

Oct. 31, 2022

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 6 – ACCRUED EXPENSES

Accrued expenses consisted of the following at:

	October 31, 2022		April 30,  2022
Accrued payroll	$	30,090	$	30,090
Accrued consulting		30,000		12,000
Accrued interest and penalties		767,525		714,827
Other		94,174		94,358
	$	921,789	$	851,275

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NOTES PAYABLE

6 Months Ended

Oct. 31, 2022

NOTES PAYABLE

NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

Note Payable, Currently in Default

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

	October 31, 2022		April 30, 2022
Note payable to an unrelated party, matured March 18, 2014, with interest at 10%	$	75,001	$	75,001
	$	75,001	$	75,001

Notes Payable

Notes payable consist of the following at:

	October 31, 2022		April 30, 2022
Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [1]
$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		50,000		50,000
Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [2]		136,952		136,952
Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [3]		102,500		102,500
Note payable to an unrelated party with an issue date of March 3, 2022 with interest at 5% [4]		181,500		165,000
Total	$	920,952	$	904,452

[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 maturity date of the note is 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 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.
[2]	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 is 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.
[3]	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.
[4]	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 the earlier of February 28, 2023 or the date MMEX receives at least $6 million of proceeds from an equity or equity-based financing. In accordance with the terms of the note, if the note was not paid in full prior to June 22, 2022, the principal amount of the note was to increase to $181,500. Accordingly, during the six months ended October 31, 2022 we recognized $16,500 in interest expense to increase the principal balance.

Convertible Note Payable, Currently in Default

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

	October 31, 2022		April 30, 2022
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
		75,000		75,000
Less discount		-		-
Total	$	75,000	$	75,000

[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.

Convertible Notes Payable

Current convertible notes payable consisted of the following at:

	October 31, 2022			April 30, 2022
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 [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
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [3]		165,000			165,000
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4]		105,000			-
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [5]		200,000			-
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [6]		78,750
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [7]		100,000			-
Total		848,750			455,000
Less discount		(38,785	)		(22,903	)
Net	$	809,965		$	432,097

[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 was extended to March 31, 2023. 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 three months ended July 31, 2022 the Company issued 710,802 shares of common stock to pay the note and its related interest in full and recognized a $16,540 gain on settlement to reduce the debt to zero.
[3]	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.

[4]	Effective June 7, 2022, the Company entered into a convertible promissory note with a principal amount of $105,000 with 1800 Diagonal Lending, LLC. The Company received $101,250 after payment of $3,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of June 7, 2023. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion.
[5]	Effective July 26, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $200,000, which was not funded until August 1, 2022. The note was issued at a discount and the Company received net proceeds of $185,000 after payment of $5,000 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 $0.055 per share, subject to adjustment if there are future financings with more favorable rates. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance.
[6]	Effective August 15, 2022, the Company entered into a convertible promissory note with a principal amount of $78,750 with 1800 Diagonal Lending, LLC. The Company received $75,000 after payment of $3,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of August 15, 2023. The note can be converted into shares of common stock at a price of $0.11 per share for the first 180 days and after that can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion.
[7]	Effective September 15, 2022, the Company entered into a convertible promissory note with a principal amount of $100,000 with Boot Capital, LLC. The Company received $91,250 after payment of $8,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of September 15, 2023. The note can be converted into shares of common stock at a 42% discount from the lowest trading price during the 10 days prior to conversion.

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STOCKHOLDERS DEFICIT

6 Months Ended

Oct. 31, 2022

STOCKHOLDERS DEFICIT

STOCKHOLDERS DEFICIT

NOTE 8 – STOCKHOLDERS’ DEFICIT

Authorized Shares

The Company has authorized 201,000,000 shares of capital stock, consisting of 200,000,000 shares of common stock and 1,000,000 shares of preferred stock.

Common Stock

During the six months ended October 31, 2022, the Company issued a total of 7,361,879 shares of its common stock: 710,802 shares valued at $109,677 in conversion of convertible notes principal of $90,000, accrued interest payable of $19,677; 6,459,663 shares issued for the exercise of warrants; 91,414 shares issued for an accrued liability with a related party of $1,006 (see Note 4); and 100,000 shares issued for a debt discount valued at $5,380.

During the six months ended October 31, 2021, the Company issued a total of 14,568,721 shares of its common stock: 170,000 shares (plus 3,580,000 prefunded warrants and 2,575,500 warrants) for cash of $3,000,000; 6,433,743 shares valued at $154,437 in conversion of convertible notes principal of $149,444, accrued interest payable of $4,490 and payment of fees of $504; 6,817,224 shares valued at $74,989 in conversion of related party convertible notes principal; 17,754 shares issued pursuant to the rounding of fractional shares in connection with our reverse stock split; and 1,130,000 shares issued for the exercise of prefunded warrants. In conjunction with the stock and warrants issued for cash, the Company also issued 337,500 warrants to the placement agent and recognized $349,150 in out-of-pocket offering costs.

Series A Preferred Stock

The Series A preferred stock has no redemption, conversion or dividend rights; however, the holders of the Series A preferred stock, voting separately as a class, have the right to vote on all shareholder matters equal to 51% of the total vote.

During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series A preferred stock. 

Series B Preferred Stock

The Series B preferred stock has a stated value equal to $1,000, has no redemption or voting rights, and are entitled to receive dividends on preferred stock equal, on an as-of-converted-to-common-stock basis, to and in the same form as the dividends paid on shares of the common stock. The Series B preferred stock is convertible, at the option of the holder, into the number of shares of common stock determined by dividing the stated value of such share of Preferred Stock by the initial Conversion Price of $0.10, which was adjusted to $0.05 per share effective June 7, 2022.

During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series B preferred stock, however, as a result of the change in the Conversion Price that occurred on June 7, 2022, the Company recognized a deemed dividend of $2,534,402 to account for the change in fair value of the Series B preferred stock.

Warrants

A summary of warrant activity during the six months ended October 31, 2022 is presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding, April 30, 2022		35,508,000		$	0.06		4.64
Granted		26,575,500		$	0.10
Cancelled / Expired		(17,575,500	)	$	0.10
Exercised		(6,470,500	)	$	0.00
Outstanding, October 31, 2022		38,037,500		$	0.08		5.47

During the six months ended July 31, 2022 the Company granted 3,000,000 warrants each to two entities affiliated with the Company’s two board members (see Note 4) and a consultant. The fair value of the warrants was $495,000 and recognized in additional paid-in capital. Additionally, effective June 7, 2022 the Company entered into an agreement to reduce the exercise price of its Series C and Series D warrants, from $0.10 to $0.05. The Company accounted for this modification as a cancellation of the previous award and issuance of a new award in its place, however, as there was no change in the fair value as a result of the modification, no additional expense was recorded on the Company’s books.

Common Stock Reserved

Combined with the 28,566,561 common shares outstanding as of October 31, 2022, all authorized common shares had been issued or reserved for issuance of outstanding warrants, stock options, and convertible notes payable and no common shares were available for share issuances other than those shares included in the reserves.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Oct. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Legal

In the ordinary course of business, we may be, or have been, involved in legal proceedings from time to time. During the six months ended October 31, 2022 we were not involved in any material legal proceedings.

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SUBSEQUENT EVENTS

6 Months Ended

Oct. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

In accordance with ASC 855-10, there have been no subsequent events that are required to be reported through the filing date of these consolidated financial statements other than those stated below.

Subsequent to October 31, 2022 the Company issued 2,542,030 shares of common stock in exchange for the cashless exercise of 2,550,000 Series B warrants.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Oct. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its aforementioned subsidiaries and entities under common ownership. All significant intercompany accounts and transactions have been eliminated in consolidation. The ownership interests in subsidiaries that are held by owners other than the Company are recorded as non-controlling interest and reported in our consolidated balance sheets within stockholders’ deficit. Losses attributed to the non-controlling interest and to the Company are reported separately in our consolidated statements of operations.

Use of Estimates

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

Property and equipment

Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows:

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

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

Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.

The Company will assess the recoverability of property and equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management.

Derivative liabilities

In a series of subscription agreements, the Company issued warrants in prior years that contained certain anti-dilution provisions that were previously identified as derivatives. In addition, the Company had previously identified the conversion feature of certain convertible notes payable and convertible preferred stock as derivatives. Through April 30, 2021, the number of warrants or common shares to be issued under these agreements was indeterminate; therefore, the Company concluded that the equity environment was tainted and all additional warrants, stock options and convertible debt were included in the value of the derivative. During the year ended April 30, 2022 it was determined that the Company could increase their authorized common shares at any time, therefore the environment was no longer deemed to be tainted and all derivative liabilities were written off the books.

We estimate the fair value of the derivatives using multinomial lattice models that value the derivative liabilities based on a probability weighted cash flow model using projections of the various potential outcomes. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and management’s estimates of various potential equity financing transactions. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

Fair value of financial instruments

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, and ASC 825, Financial Instruments, the FASB establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company's consolidated financial statements as reflected herein. The carrying amounts of cash, prepaid expense and other current assets, accounts payable, accrued expenses and notes payable reported on the accompanying consolidated balance sheets are estimated by management to approximate fair value primarily due to the short-term nature of the instruments.

An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value using a hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy prioritized the inputs into three levels that may be used to measure fair value:

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

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 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.

Revenue Recognition

The Company has adopted ASC 606, Revenue from Contracts with Customers, as amended, using the modified retrospective method, which requires the cumulative effect of adoption to be recognized as an adjustment to opening retained earnings in the period of adoption. To date, the Company has no operating revenues; therefore, there was no cumulative effect of adopting the new standard and no impact on our consolidated financial statements. The new standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.

Project costs

All project costs incurred, including acquisition of refinery rights, planning, design and permitting, have been recorded as project costs and expensed as incurred.

Basic and diluted income (loss) per share

Basic net income or loss per share is calculated by dividing net income or loss (available to common stockholders) by the weighted average number of common shares outstanding for the period. Diluted income or loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, warrants, convertible debt and convertible preferred stock, were exercised or converted into common stock. For the six months ended October 31, 2022 all potentially dilutive securities had an anti-dilutive effect and basic net loss per common share is the same as diluted net loss per share. For the six months ended October 31, 2021 the dilutive effect of options, warrants, and convertible notes payable was 6,461,690.

stock-based compensation

Pursuant to FASB ASC 718, the Company accounts for the issuance of equity instruments, including grants of stock options and warrants, to acquire goods and/or services based on the fair value of the goods and services or the fair value of the equity instrument at the time of issuance, whichever is more reliably determinable. The measurement date for the fair value of the equity instruments issued is determined as the earlier of (i) the date at which a commitment for performance is reached or (ii) the date at which the performance is complete. In the case of equity instruments issued for services to be performed over time, the fair value of the equity instrument is recognized over the service period. For the six months ended October 31, 2022 and 2021, the Company recorded stock-based compensation of $495,000 and $0, respectively.

Recently Issued Accounting Pronouncements

The Company has reviewed all new accounting pronouncements issued or proposed by the FASB and does not believe any of the accounting pronouncements has had, or will have, a material impact on its consolidated financial position or results of operations.

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BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION (Tables)

6 Months Ended

Oct. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of companies subsidiaries

Name of Entity	%		Form  of Entity	State of  Incorporation	Relationship
MMEX Resources Corporation		-	Corporation	Nevada	Parent
Pecos Clean Fuels & Transport (formerly Pecos Refining & Transport, LLC		100%	LLC	Texas	Subsidiary
MMEX Solar Resources, LLC		100%	LLC	Texas	Subsidiary
Rolling Stock Marine, LLC		100%	LLC	Texas	Subsidiary
Hydrogen Global, LLC		100%	LLC	Texas	Subsidiary
Clean Energy Global, LLC (formerly Hydrogen Ultra, LLC)		100%	LLC	Texas	Subsidiary

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Oct. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of Estimated useful life of the related asset

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

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PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Oct. 31, 2022

PROPERTY AND EQUIPMENT

Schedule of property and Equipment

	October 31, 2022			April 30,  2022
Office furniture and equipment	$	13,864		$	13,864
Computer equipment and software		6,555			17,517
Refinery land		721,828			721,828
Refinery land improvements		468,426			468,615
Refinery land easements		37,015			37,015
		1,247,688			1,258,839
Less accumulated depreciation and amortization		(151,688	)		(144,642	)
	$	1,096,000		$	1,114,197

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ACCRUED EXPENSES (Tables)

6 Months Ended

Oct. 31, 2022

ACCRUED EXPENSES

Schedule of Accrued expenses

	October 31, 2022		April 30,  2022
Accrued payroll	$	30,090	$	30,090
Accrued consulting		30,000		12,000
Accrued interest and penalties		767,525		714,827
Other		94,174		94,358
	$	921,789	$	851,275

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NOTES PAYABLE (Tables)

6 Months Ended

Oct. 31, 2022

NOTES PAYABLE (Tables)

Schedule of Notes payable, currently in default

	October 31, 2022		April 30, 2022
Note payable to an unrelated party, matured March 18, 2014, with interest at 10%	$	75,001	$	75,001
	$	75,001	$	75,001

Schedule of notes payable

	October 31, 2022		April 30, 2022
Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [1]
$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		50,000		50,000
Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [2]		136,952		136,952
Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [3]		102,500		102,500
Note payable to an unrelated party with an issue date of March 3, 2022 with interest at 5% [4]		181,500		165,000
Total	$	920,952	$	904,452

Schedule of Convertible Notes Payable, Currently in Default

	October 31, 2022		April 30, 2022
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
		75,000		75,000
Less discount		-		-
Total	$	75,000	$	75,000

Schedule of Current Convertible Notes Payable

	October 31, 2022			April 30, 2022
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 [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
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.10 per share [3]		165,000			165,000
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [4]		105,000			-
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [5]		200,000			-
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [6]		78,750
Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.01 per share [7]		100,000			-
Total		848,750			455,000
Less discount		(38,785	)		(22,903	)
Net	$	809,965		$	432,097

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STOCKHOLDERS DEFICIT (Tables)

6 Months Ended

Oct. 31, 2022

STOCKHOLDERS DEFICIT

Summary of warrant activity

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding, April 30, 2022		35,508,000		$	0.06		4.64
Granted		26,575,500		$	0.10
Cancelled / Expired		(17,575,500	)	$	0.10
Exercised		(6,470,500	)	$	0.00
Outstanding, October 31, 2022		38,037,500		$	0.08		5.47

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BACKGROUND ORGANIZATION AND BASIS OF PRESENTATION (Details)	6 Months Ended
	Oct. 31, 2022
Pecos Refining & Transport, LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Ownership percentage	100.00%
Relationship	Subsidiary
MMEX Solar Resources LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Ownership percentage	100.00%
Relationship	Subsidiary
MMEX Resources Corporation [Member]
State of Incorporation	Nevada
Entity Legal Form	Corporation
Ownership percentage	0.00%
Relationship	Parent
Hydrogen Global, LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Ownership percentage	100.00%
Relationship	Subsidiary
Hydrogen Ultra, LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Ownership percentage	100.00%
Relationship	Subsidiary
Rolling Stock Marine LLC [Member]
State of Incorporation	Texas
Entity Legal Form	LLC
Ownership percentage	100.00%
Relationship	Subsidiary

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Oct. 31, 2022
Office furniture and equipment [Member]
Property plant and equipment estimated useful life	10 years
Computer equipment and software [Member]
Property plant and equipment estimated useful life	5 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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Stock based compensation	$ 495,000	$ 0
Potential dilutive securities		6,461,690
Land easements [Member]
Property plant and equipment estimated useful life	10 years

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2022	Apr. 30, 2022
Consulting fees	$ 20,000
Accounts payable and accrued expenses - related party	$ 82,700	$ 40,000
Warrants granted	3,000,000
Common stock value	$ 5,000
Stock Based Compersation based on the grant date fair value	330,000
Owed to related party	155,577	76,770
Payable in stock	50,000	20,000
Accounts Payable	713,843	639,782
Related Party [Member] | Common Stocks [Member]
Accounts payable and accrued expenses - related party	25,000	11,006
Payable in stock	25,000	10,000
Shares issued value related party each month	$ 2,500
Share issued for repayment	91,414
Repayment of amount owed	$ 1,006
Common stock issued under agreement	15,000
July 1, 2019 [Member]
Consulting fees	$ 111,000
Reimbursements Expenses	120,000
October 1, 2018 [Member] | Related Party [Member] | Common Stocks [Member]
Accounts payable and accrued expenses - related party	39,353	17,264
Payable in stock	25,000	10,000
Reimbursements	28,883
Repayment Expenses	21,794
Shares issued value related party each month	2,500
Accounts payable	15,000
February 1, 2021 [Member]
Reimbursements Expenses	54,965
Accounts Payable	8,524
Accrued expenses		$ 8,500
Fees and expenses reimbursements	$ 54,990

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PROPERTY AND EQUIPMENT (Details) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Property and equipment, gross	$ 1,247,688	$ 1,258,839
Less accumulated depreciation and amortization	(151,688)	(144,642)
Property and equipment, net	1,096,000	1,114,197
Refinery Land [Member]
Property and equipment, gross	721,828	721,828
Office furniture and equipment [Member]
Property and equipment, gross	13,864	13,864
Computer equipment and software [Member]
Property and equipment, gross	6,555	17,517
Land improvements [Member]
Property and equipment, gross	468,426	468,615
Land easements [Member]
Property and equipment, gross	$ 37,015	$ 37,015

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PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
PROPERTY AND EQUIPMENT
Depreciation and amortization expense	$ 9,100	$ 9,246	$ 18,197	$ 17,964

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ACCRUED EXPENSES (Details) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Accrued Payroll [Member]
Total Accrued Expenses	$ 30,090	$ 30,090
Accrued Consulting [Member]
Total Accrued Expenses	30,000	12,000
Accrued Interest And Penalties [Member]
Total Accrued Expenses	767,525	714,827
Other [Member]
Total Accrued Expenses	94,174	94,358
Total [Member]
Total Accrued Expenses	$ 921,789	$ 851,275

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NOTES PAYABLE (Details) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Notes payable, currently in default	$ 75,001	$ 75,001
Note Payable [Member]
Notes payable, currently in default	$ 75,001	$ 75,001

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NOTES PAYABLE (Details 1) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Notes payable	$ 920,952	$ 904,452
Note Payable [Member]
Notes payable	250,000	250,000
Notes Payable One [Member]
Notes payable	200,000	200,000
Notes Payable Two [Member]
Notes payable	50,000	50,000
Notes Payable Three [Member]
Notes payable	136,952	136,952
Notes Payable Four [Member]
Notes payable	102,500	102,500
Notes Payable Five [Member]
Notes payable	$ 181,500	$ 165,000

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NOTES PAYABLE (Details 2) - USD ($)	Oct. 31, 2022	Apr. 30, 2022
Convertible notes payable, currently in default, gross	$ 75,000	$ 75,000
Less discount	0	0
Convertible notes payable, currently in default, net of discount	75,000	75,000
Note Payable [Member]
Notes Payable Unrelated Party	50,000	50,000
Notes Payable One [Member]
Notes Payable Unrelated Party	$ 25,000	$ 25,000

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NOTES PAYABLE (Details 3) - USD ($)	Oct. 31, 2022	Apr. 30, 2021
Convertible notes payable,Total	$ 848,750	$ 455,000
Less discount	(38,785)	(22,903)
Convertible notes payable, net of discount	809,965	432,097
Accredited Investor [Member] | Convertible Notes Payable [Member]
Convertible notes payable, net of discount, gross	200,000	200,000
Accredited investor one [Member] | Convertible Notes Payable [Member]
Convertible notes payable, net of discount, gross	0	90,000
Accredited investor two [Member] | Convertible Notes Payable [Member]
Convertible notes payable, net of discount, gross	165,000	165,000
Accredited Investor Three [Member] | Convertible Notes Payable [Member]
Convertible notes payable, net of discount, gross	105,000	0
Accredited investor Four [Member] | Convertible Notes Payable [Member]
Convertible notes payable, net of discount, gross	200,000	0
Accredited Investor Five [Member] | Convertible Notes Payable [Member]
Convertible notes payable, net of discount, gross	78,750
Accredited investor Six [Member] | Convertible Notes Payable [Member]
Convertible notes payable, net of discount, gross	$ 100,000	$ 0

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NOTES PAYABLE (Details Narrative) - USD ($)									1 Months Ended							3 Months Ended			6 Months Ended
	Aug. 15, 2022	Jun. 07, 2022	Apr. 12, 2022	Mar. 03, 2022	Mar. 11, 2021	Sep. 12, 2019	Feb. 01, 2011	Mar. 08, 2010	Sep. 15, 2022	Jul. 26, 2022	Feb. 28, 2022	Dec. 30, 2021	Feb. 23, 2021	Mar. 31, 2020	Mar. 23, 2011	Oct. 31, 2022	Jul. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Jun. 22, 2022	Feb. 23, 2022	Feb. 22, 2021	Feb. 04, 2020	Oct. 05, 2018	Sep. 18, 2018	Sep. 13, 2018
Issuance of common stock																	710,802
Gain on settlement of debt																$ 0	$ 16,540	$ 196,166	$ 16,540	$ 136,310
Proceeds from issuance of debt																			452,500	$ 78,500
Second Amendment [Member]
Principal amount																									$ 600,000	$ 70,000	$ 110,000
Fifth amendment [Member]
Principal amount																										600,000
1800 Diagonal Lending LLC [Member]
Proceeds from issuance of debt	$ 75,000	$ 101,250							$ 91,250	$ 185,000
Principal amount	$ 78,750	$ 105,000							$ 100,000	$ 200,000
Maturity date	Aug. 15, 2023	Jun. 07, 2023							Sep. 15, 2023
Interest rate	10.00%	10.00%							10.00%	10.00%
Debt conversion discount rate	42.00%	42.00%							42.00%
Debt conversion per share price	$ 0.11	$ 0.11								$ 0.055
Fees and expenses	$ 3,750	$ 3,750							$ 8,750	$ 5,000
Description of penalty			The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance							The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance
Note conversion into common shares duration		180
Vista Capital Investments, Inc [Member] | March 11, 2021 [Member]
Principal amount					$ 250,000																	$ 113,048
Maturity date					Mar. 11, 2022								Dec. 31, 2022
Interest rate					10.00%
Oscar and I1da Gonzales [Member]
Principal amount											$ 102,500
Maturity date											Feb. 28, 2026
Interest rate											10.00%
Repayment of debt											$ 3,309
Repayment of debt date											Mar. 01, 2023
Convertible Note [Member] | GS Capital Partners, LLC [Member]
Proceeds from issuance of debt																			155,000
Interest rate			10.00%									10.00%		18.00%
Principal amount			$ 165,000											$ 200,000									$ 1,000,000	$ 90,000		$ 70,000	$ 110,000
Terms of conversion feature			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			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)								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
Fees and expense			$ 10,000
Maturity date			Mar. 31, 2023									Mar. 31, 2022
Accredited Investor [Member] | Convertible Notes Payable [Member]
Proceeds from issuance of debt								$ 35,000
Interest rate							25.00%	10.00%
Consulting expense								$ 15,000
Issuance of convertible note							$ 514,900	$ 50,000							$ 25,000
Fixed conversion price per share							$ 1	$ 3.70
Sabby Volatality Warrant Master Fund [Member] | Note Payable [Member]
Principal amount				$ 165,000																	$ 181,500
Maturity date				Feb. 28, 2023
Proceeds from equity				$ 6,000,000
Interest exepense																			$ 16,500

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STOCKHOLDERS DEFICIT (Details) - Warrants [Member]	6 Months Ended
	Oct. 31, 2022 $ / shares shares
Shares, outstanding, beginning balance | shares	35,508,000
Shares, Granted | shares	26,575,500
Shares, Canceled/Expired | shares	(17,575,500)
Shares, Exercised | shares	(6,470,500)
Shares, outstanding, ending balance | shares	38,037,500
Weghted Average Exercise Price, beginning balance | $ / shares	$ 0.06
Weghted Average Exercise Price, Granted | $ / shares	0.10
Weghted Average Exercise Price, cancel and expired | $ / shares	0.10
Weghted Average Exercise Price, exercised | $ / shares	0.00
Weghted Average Exercise Price, ending balance | $ / shares	$ 0.08
Weighted Average Remaining Contractual Life, Beginning	4 years 7 months 20 days
Weighted Average Remaining Contractual Life, Ending	5 years 5 months 19 days

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STOCKHOLDERS DEFICIT (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 31, 2022	Oct. 31, 2022	Oct. 31, 2021	Jun. 07, 2022	Apr. 30, 2022
Capital stock authorized		201,000,000
Common stock share authorized		200,000,000			200,000,000
Preferred stock share authorized		1,000,000			1,000,000
Total Shares issued of Common stock		7,361,879	14,568,721
Shares issued for a debt discount, shares		100,000
Shares issued for accrued liability-related parties, shares		91,414
Warrant granted shares		3,000,000
Warrants issued as stock-based compensation	$ 495,000	$ 495,000
Shares issued for accrued liability-related parties, value		$ 1,006
Warrants, description		Series C and Series D warrants, from $0.10 to $0.05
Common stock, outstanding		28,566,561			21,204,682
Share issued during period, shares			170,000
Share issued during period, value			$ 3,000,000
Common stock conversion of convertible notes payable, shares		710,802	6,433,743
Common stock conversion of convertible notes payable, value		$ 109,677	$ 154,437
Convertible notes principal amount		90,000	$ 149,444
Prefunded warrants share			3,580,000
Warrants to purchase share			2,575,500
Accrued interest payable		19,677	$ 4,490
Shares issued for a debt discount, value		$ 5,380
Shares issued for exercise of prefunded warrants		6,459,663	1,130,000
Common stock shares issued for conversion of related party convertible notes			6,817,224
Common stock shares issued for conversion of related party convertible notes, value			$ 74,989
Common stock shares issued upon conversion of debt shares			17,754
Payments for fees			$ 504
Warrants issued to agent			337,500
Offering cost			$ 349,150
Series A Preferred Stock [Member]
Preferred stock share authorized		1,000,000			1,000,000
Voting percentage			51.00%
Description of preferred stock		During the six months ended October 31, 2022 and 2021 the Company did not issue any shares of its Series A preferred stock.
Series B Preferred Stock [Member]
Preferred stock share authorized		1,000,000			1,000,000
Prefrerred stock, value		1,000
Initial conversion price				$ 0.10
Conversion price				$ 0.05
Deemed dividend				$ 2,534,402

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SUBSEQUENT EVENTS (Details Narrative) - Series B Warrants [Member]	6 Months Ended
	Oct. 31, 2022 shares
Stock issued during period, shares	2,542,030
Exercise of series B warrants	2,550,000