Note 7 - Equity

12 Months Ended

Apr. 30, 2023

Notes

Note 7 - Equity

NOTE 7 - EQUITY

Preferred Stock

The Company has 20,000,000 shares of $0.0001 par value preferred stock authorized and has designated a Series A, a Series B and a series C preferred stock and a series D preferred stock. The Company has authorized 5, 000,000 series A and B shares each plus 1,500,000 each of series C and D preferred shares Each share of the Series A preferred stock is convertible into ten common shares and carries voting rights on the basis of 100 votes per share.  Each share of the Series B preferred stock is convertible into ten common shares and carries no voting rights. Each of the Series C preferred shares are non-voting and are convertible to common stock as a “Blank Check” designation with terms and conditions as set by the board of directors. Each of the series D preferred shares are non-voting and may be converted into common shares as a Blank Check” designation with the terms and conditions as set forth by the board of directors.

During the year ended April 30, 2019, the Company converted 200,000 shares of Series A preferred into 4,000 shares of common stock.

On May 9, 2019, DTII’s Board of Directors unanimously resolved to revise the terms of the company’s Series A and Series B Preferred Shares. Under the new terms, the conversion right of both Series A and B Preferred Shares was changed from five (5) shares of DTII common stock for each one (1) share of Preferred Stock, to a new conversion right of ten (10) shares of DTII common stock for each one (1) share of Preferred Stock. The revised conversion terms apply to all issued and outstanding Preferred Shares and to future issuances of Series A and Series B Preferred Stock. The Board received the unanimous consent to the changed terms from each current Preferred shareholder.

On May 20, 2019, the Company approved the issuance of 5,663 shares of its common stock for the conversion of 283,135 for Series A preferred with a value of $28. As of April 30, 2022, the Common shares had not been issued and the conversion was not completed.

During the year ended April 30, 2022, the Company converted 456,605 shares of series C preferred into 265,241 shares of common stock with a value of $470,981.

On March 10, 2022 the Company issued 657,895 shares of series A preferred for the payment of $25,000 of convertible debt.  On April 9, 2023, the Company cancelled the 657,895 shares of series A preferred and issued 657,895 of series B preferred to replace the cancelled A shares.

During the year ended April 30, 2022 the Company issued 600 shares of series D convertible preferred, with a value of $600,000 for the conversion of $563,318 of convertible debt and accrued interest plus the calculation of warrants outstanding to Ionic Ventures. The preferred shares are convertible into common shares at the lower of $0.50 per share or 80% of the lowest trading price 20 days prior to conversion.

During the year ended April 30, 2023, the Company issued 731,995 shares of series B preferred for the reduction of $2,901,836 of notes payable and accrued expenses. The issuance consisted of 279,026 shares to related parties for accrued expense of $1,074,250, 53,750 shares for the payment of $322,500 of notes payable and interest and 399,219 shares for the payment of $1,505,118 of accounts payable and accrued expenses.

The Company realized a loss on settlement of debt and accruals of $849,329 from the issuance of the series B preferred during the year ended April 30, 2023. The fair value of the shares issued were determined by the closing price of the number of common shares to be issued at the conversion of 10 common shares for each series B preferred share.

During the year ended April 30, 2023 the Company issued 25,000 shares of series B preferred for $294,998 for service.  

As of April 30, 2023 the Company had 2,925,369 shares of Series A, 1,913,655 Series B shares and 592 shares of series D preferred shares issued and outstanding.

Common Stock:

The Company has 400,000,000 shares of $0.0001 par value common stock authorized.  During the year ended April 30, 2022 the Company completed a reverse split of one share for each 500 shares. The presentation of the common shares are retroactive in the number of shares outstanding for both 2022 and 2021. The reverse resulted in a decrease in common stock and an increase in paid in capital.

During the year ended April 30, 2022 the Company issued 41,551 shares of common stock for the conversion of $132,728 of convertible debt and accrued interest.

During the year ended April 30, 2022 the Company issued 265,241 shares of common stock for the conversion of 450,700 series C preferred shares with a value of $469,579.

During the year ended April 30, 2023, the Company issued 1,023,626 shares of common stock for the conversion of $76,711 of convertible debt.

During the year ended April 30, 2023, the Company issued 292,119 shares of common stock for the conversion of 21,235 Series B preferred shares.

During the year ended April 30, 2023, the Company issued 79,766 shares of common stock for the conversion of 8 Series D preferred shares.