STOCKHOLDERS’ DEFICIT

3 Months Ended

Jul. 31, 2022

Equity [Abstract]

STOCKHOLDERS’ DEFICIT

Note 7 – STOCKHOLDERS’ DEFICIT

Common Stock

The Company is authorized to issue 75,000,000 shares of common stock, $0.001 par value per share.

Common Stock Issuances

During the three month period ended July 31, 2022, the Company issued or was to issue the following shares of restricted common stock:

- 1,666,667 shares of restricted common stock issued for cash in the amount of $50,000.

During the three month period ended July 31, 2021, the Company issued the following shares of restricted common stock:

- 800,000 shares for financing fees totaling $201,675; and

- 350,000 shares as stock compensation valued at $133,000. The Company determined the fair value of the shares issued using the stock price on date of grant or issuance. Compensation expense is recognized as the services are provided to the Company.

The Company is in the process of canceling the shares issued to an individual from the canceled Southern Amusement transaction. All such shares are held in escrow for cancellation under the Company’s Counsel and President.

Series A Preferred Stock

On May 1, 2020, the Company’s Board authorized the creation of 100 Series A preferred shares. The Series A preferred shares will pay a quarterly payment based upon gaming revenue sharing, which all 100 Series A preferred shares will receive twenty percent of TSR’s portion of the game revenue from its game app., which equates to thirteen percent of total game gross revenues. Each Series A preferred share was priced at $4,000 with a minimum purchase of three Series A preferred shares and are only eligible to be purchased by accredited investors. Each Series A preferred share will receive one one hundredth of twenty percent of TSR game net as revenue sharing. Each Series A preferred share will continue to exist, unless the game app. is sold to another entity, at which time the Series A preferred shareholders will receive their same percentage of the game sales proceeds price, if or when such occurs. The Series A preferred shares are not convertible into common shares and are subject to all other restrictions on securities as set forth.

At July 31, 2022, the Company had 51 shares of Series A preferred shares outstanding. 

Warrants

At April 30, 2022 there were 1,255,667 warrants outstanding with a weighted average exercise price of $0.25, weighted average reaming life of 5 years and an average intrinsic value of $0.11. There were no warrants granted during the three month period ended July 31, 2022. A total of 282,667 warrants expired during the three month period ended ended July 31, 2022. At July 31, 2022, there were 973,000 warrants with a weighted average exercise price of $0.25, weighted average reaming life of 4.75 years, and an average intrinsic value of $0.11.