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10-Q/A true 2023-10-31 333-219700 Treasure & Shipwreck Recovery, Inc. NV 37-1844836 13046 Racetrack Road, #234, Tampa FL 33626 (813) 504-7831 Yes Non-accelerated Filer true false 54803777 The purpose of this amendment on Form 10-Q/A to Treasure & Shipwreck Recover, Inc.'s Quarterly Report on Form 10-Q for the period ended October 31, 2023, filed with the Securities and Exchange Commission on December 20, 2023 is solely to furnish the Inline eXtensible Business Reporting Language (iXBRL) data under Exhibit 101 and 104 to the Form 10-Q in accordance with Rule 405 of Regulation S-T.No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

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Note 1 – ORGANIZATION AND NATURE OF BUSINESS Treasure & Shipwreck Recovery, Inc (“TSR” or the “Company”), was incorporated in the State of Nevada on October 24, 2016 as Beliss Corp. The Company changed its name to Treasure & Shipwreck Recovery Inc. on June 26, 2019. TSR formed TSR Holdings, Inc., a wholly owned subsidiary, on August 22, 2019 as the Company’s operating vehicle to focus on the recovery of sunken treasure from historic shipwrecks. The Company was originally focused on the development of high impact internet marketing, search engine optimization (“SEO”) software and techniques, and the development of digital properties (collectively “Internet Marketing”). On April 6, 2020, TSR formed TSR Media Group, Inc. (“TSR Media”), a wholly owned subsidiary, in order to develop various digital media properties. TSR Media is in the process of developing, through an outside app developer, a treasure search and salvage gaming app.

Note 2 – GOING CONCERN These condensed consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred net losses since inception, which raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans include raising capital through the equity markets to fund operations and, eventually, the generation of revenue through its business. The Company does not expect to generate any significant revenues for the foreseeable future. At October 31, 2023, the Company had a net working capital deficit of $1,095,346. The Company is in immediate need of further working capital and is seeking options, with respect to financing, in the form of debt, equity or a combination thereof. Failure to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Company’s ability to raise additional capital through the future issuances of the common stock is unknown. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable it to develop to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern; however, the accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern.

1095346

Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This summary of significant accounting policies of TSR is presented to assist in understanding the Company’s condensed consolidated financial statements. The condensed consolidated financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied in the preparation of the condensed consolidated financial statements. The Company’s year-end is April 30. Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of TSR Holdings, Inc. and TSR Media Group, Inc., which are wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The process of preparing condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Significant estimates include the useful life of property and equipment, valuation allowances against deferred tax assets and fair value of non cash equity transactions. Cash and Cash Equivalents For purposes of the condensed consolidated statements of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There were no cash equivalents at October 31, 2023 and April 30, 2023. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of October 31, 2023, the Company had $0 in excess of the FDIC insured limit. Research and Development Expenses Expenditures for research and development are expensed as incurred. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from contracts with customers. The core principle of ASC 606 is that an entity recognizes 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. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract and Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; and d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. Licensing Revenue The Company recognizes licensing revenue under ASC 606-10-55-59. In order to determine whether the Company’s promise to provide a right to access or to use its intellectual property, the Company should consider the nature of the intellectual property to which the customer will have rights. Intellectual property is either: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: justify">Functional intellectual property. Intellectual property that has significant standalone functionality (for example, the ability to process a transaction, perform a function or task, or be played or aired). Functional intellectual property derives a substantial portion of its utility (that is, its ability to provide benefit or value) from its significant standalone functionality.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: justify">Symbolic intellectual property. Intellectual property that is not functional intellectual property (that is, intellectual property that does not have significant standalone functionality). Because symbolic intellectual property does not have significant standalone functionality, substantially all of the utility of symbolic intellectual property is derived from its association with the entity’s past or ongoing activities, including its ordinary business activities.</td></tr> </table> Intellectual property that has significant standalone functionality is functional IP. Functional IP is a right to use IP because the IP has standalone functionality and the customer can use the IP as it exists at a point in time. Basic Loss per Share The Company has adopted the Financial Accounting Standards Board (“FASB”) ASC 260-10, which provides for the calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The potentially dilutive common stock equivalents for the periods ended October 31, 2023 and 2022 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of October 31, 2023 and 2022, there were 16,322,590 and 12,248,836 shares of common stock underlying our outstanding convertible notes payable and warrants, respectively. Fair Value of Financial Instruments The carrying amounts of financial assets and liabilities, such as cash, accounts payable, short term loans, and the Company’s related party loan from a shareholder approximate their fair values because of the short maturity of these instruments. Fixed Assets Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Gains and losses upon disposition are reflected in the condensed consolidated statements of operations in the period of disposition. Maintenance and repair expenditures are charged to expense as incurred. Currently the Company’s only assets consist of three diving vessels and a magnetometer. They are being depreciated over three to twelve year useful lives. Impairment of Long-Lived and Intangible Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company uses market quotes, if available or an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life in measuring whether or not the asset values are recoverable. Identified intangible assets are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Stock Based Compensation to Employees and Service Providers The Company recognizes all share-based payments to employees and service providers, including grants of employee stock options, as compensation expense in the condensed consolidated financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period) or immediately if the share-based payments vest immediately. Convertible Debentures The Company adopted the guidance in Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity on May 1, 2022. ASU 2020-06 simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. Additionally, ASU 2020-06 removes the requirements for accounting for beneficial conversion features. The Company adopted ASU 2020-06 utilizing the modified retrospective method, which resulted in an immaterial impact to the Company. Customer Deposits Customer deposits discloses an amount paid by a customer prior to the Company providing it with goods or services. The Company has an obligation to provide the goods or services to the customer or to return the money. The Company had $8,700 in customer deposits as of October 31 and April 30, 2023. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Recent Accounting Pronouncements All other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future condensed consolidated financial statements.

Basis of Presentation This summary of significant accounting policies of TSR is presented to assist in understanding the Company’s condensed consolidated financial statements. The condensed consolidated financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied in the preparation of the condensed consolidated financial statements. The Company’s year-end is April 30.

Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of TSR Holdings, Inc. and TSR Media Group, Inc., which are wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates The process of preparing condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Significant estimates include the useful life of property and equipment, valuation allowances against deferred tax assets and fair value of non cash equity transactions.

Cash and Cash Equivalents For purposes of the condensed consolidated statements of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There were no cash equivalents at October 31, 2023 and April 30, 2023. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of October 31, 2023, the Company had $0 in excess of the FDIC insured limit.

250000

Research and Development Expenses Expenditures for research and development are expensed as incurred.

Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from contracts with customers. The core principle of ASC 606 is that an entity recognizes 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. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract and Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; and d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. Licensing Revenue The Company recognizes licensing revenue under ASC 606-10-55-59. In order to determine whether the Company’s promise to provide a right to access or to use its intellectual property, the Company should consider the nature of the intellectual property to which the customer will have rights. Intellectual property is either: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: justify">Functional intellectual property. Intellectual property that has significant standalone functionality (for example, the ability to process a transaction, perform a function or task, or be played or aired). Functional intellectual property derives a substantial portion of its utility (that is, its ability to provide benefit or value) from its significant standalone functionality.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: justify">Symbolic intellectual property. Intellectual property that is not functional intellectual property (that is, intellectual property that does not have significant standalone functionality). Because symbolic intellectual property does not have significant standalone functionality, substantially all of the utility of symbolic intellectual property is derived from its association with the entity’s past or ongoing activities, including its ordinary business activities.</td></tr> </table> Intellectual property that has significant standalone functionality is functional IP. Functional IP is a right to use IP because the IP has standalone functionality and the customer can use the IP as it exists at a point in time.

Basic Loss per Share The Company has adopted the Financial Accounting Standards Board (“FASB”) ASC 260-10, which provides for the calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The potentially dilutive common stock equivalents for the periods ended October 31, 2023 and 2022 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of October 31, 2023 and 2022, there were 16,322,590 and 12,248,836 shares of common stock underlying our outstanding convertible notes payable and warrants, respectively.

16322590

12248836

Fair Value of Financial Instruments The carrying amounts of financial assets and liabilities, such as cash, accounts payable, short term loans, and the Company’s related party loan from a shareholder approximate their fair values because of the short maturity of these instruments.

Fixed Assets Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Gains and losses upon disposition are reflected in the condensed consolidated statements of operations in the period of disposition. Maintenance and repair expenditures are charged to expense as incurred. Currently the Company’s only assets consist of three diving vessels and a magnetometer. They are being depreciated over three to twelve year useful lives.

Impairment of Long-Lived and Intangible Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company uses market quotes, if available or an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life in measuring whether or not the asset values are recoverable. Identified intangible assets are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Stock Based Compensation to Employees and Service Providers The Company recognizes all share-based payments to employees and service providers, including grants of employee stock options, as compensation expense in the condensed consolidated financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period) or immediately if the share-based payments vest immediately.

Convertible Debentures The Company adopted the guidance in Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity on May 1, 2022. ASU 2020-06 simplifies an issuer’s accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. Additionally, ASU 2020-06 removes the requirements for accounting for beneficial conversion features. The Company adopted ASU 2020-06 utilizing the modified retrospective method, which resulted in an immaterial impact to the Company.

Customer Deposits Customer deposits discloses an amount paid by a customer prior to the Company providing it with goods or services. The Company has an obligation to provide the goods or services to the customer or to return the money. The Company had $8,700 in customer deposits as of October 31 and April 30, 2023.

8700

Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Recent Accounting Pronouncements All other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future condensed consolidated financial statements.

Note 4 – FIXED ASSETS Fixed assets at October 31 and April 30, 2023 are summarized below: Schedule of Fixed Assets <table cellpadding="0" cellspacing="0" id="xdx_301_134_z1s2shN6NsR" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - FIXED ASSETS (Details)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: left">Fixed Assets</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231031_za8zituflXz4" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"> October 31, 2023</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20230430_zB2BGtAdouUh" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"> April 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DivingVesselMember_zscFaxbWDJp4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Diving Vessel</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">36,390</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">36,390</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zs71TXCPHHU2" style="vertical-align: bottom; background-color: White"> <td>Magnetometer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,000</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DivingVesselBostonWhalerMember_zM2ONl0EYtmk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Diving Vessel (Boston Whaler)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DivingVesselCommanderMember_z1bEvbWTzNSh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diving Vessel (Commander)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,425</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,425</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_zEGYIRkT5cia" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(56,272</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47,520</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iI_zQmYXVE68ZYa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Fixed Assets, Net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">152,343</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">161,095</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense was $4,306 and $1,611 for the three months ended October 31, 2023 and 2022, respectively. Depreciation expense was $8,611 and $5,243 for the six months ended October 31, 2023 and 2022, respectively.

Fixed assets at October 31 and April 30, 2023 are summarized below: Schedule of Fixed Assets <table cellpadding="0" cellspacing="0" id="xdx_301_134_z1s2shN6NsR" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - FIXED ASSETS (Details)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; font-weight: bold; text-align: left">Fixed Assets</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20231031_za8zituflXz4" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"> October 31, 2023</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20230430_zB2BGtAdouUh" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"> April 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DivingVesselMember_zscFaxbWDJp4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Diving Vessel</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">36,390</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">36,390</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zs71TXCPHHU2" style="vertical-align: bottom; background-color: White"> <td>Magnetometer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,000</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DivingVesselBostonWhalerMember_zM2ONl0EYtmk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Diving Vessel (Boston Whaler)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DivingVesselCommanderMember_z1bEvbWTzNSh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diving Vessel (Commander)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,425</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,425</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_zEGYIRkT5cia" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated Depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(56,272</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47,520</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iI_zQmYXVE68ZYa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Fixed Assets, Net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">152,343</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">161,095</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

36390

24000

10800

137425

56272

47520

152343

161095

4306

1611

8611

5243

Note 5 – NOTES PAYABLE Related Party Convertible Loan An officer of the Company has provided a loan to TSR under a convertible promissory note. This convertible promissory note is unsecured, non-interest bearing, and is convertible into common shares of the Company stock at $2.75 per share and due on demand. The balance due to the officer was $60,890 as of October 31 and April 30, 2023. On April 20, 2022, the Company entered into a convertible note payable with an individual who is a member of the Company’s Board of Directors. The convertible note payable, with a face value of $50,000, bears interest at 10.0% per annum and was due on July 21, 2022. The convertible note payable is convertible upon default, at the note holder’s option, into the Company’s common shares at a fixed conversion rate of $0.05. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares. This convertible promissory note was converted to common stock during the six months ended October 31, 2023. Short Term Loans As of October 31 and April 30, 2023, the Company had a loan totaling $2,700 with a non-related party. This loan is unsecured, non-interest bearing and due on demand. On August 1, 2023, the Company entered into a convertible note payable with an individual who is a member of the Company’s Board of Directors. The note payable, with a face value of $50,000, bears interest at 10.0% per annum and is due on August 1, 2024. The convertible note payable is convertible upon default, at the note holder’s option, into the Company’s common shares at a fixed conversation rate of $0.01. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares. This convertible promissory note is currently in default due to non payment of principal and interest. Convertible Notes Payable The following table reflects the convertible notes payable as of October 31 and April 30, 2023: Schedule of Notes Payable <table cellpadding="0" cellspacing="0" id="xdx_300_134_zpzFTkOMbdGa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - NOTES PAYABLE (Details)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48B_eus-gaap--DebtInstrumentIssuanceDate1_z9ySdUIX1QI8" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Issue Date</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_485_eus-gaap--DebtInstrumentMaturityDate_zNL1Hkodvte6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Maturity Date</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_482_eus-gaap--DebtInstrumentFaceAmount_iE_zlxpiYYu8Rq" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">October 31, 2023 Principal Balance</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_487_eus-gaap--DebtInstrumentFaceAmount_iS_zZNoR5RN6B0l" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">April 30, 2023 Principal Balance</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_481_eus-gaap--DebtWeightedAverageInterestRate_iE_zXXd4JDMJMB2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Rate</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_480_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iE_ztcDp1k2NTdk" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Conversion Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td colspan="3" style="text-align: left">Convertible notes payable</td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td></tr> <tr id="xdx_41E_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable1Member_zR30qyzbUsE2" style="vertical-align: bottom; background-color: White"> <td style="width: 22%">Face Value</td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">4/26/2021</td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">4/26/2023</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">112,975</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">112,975</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">15.00%</td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">0.028</td></tr> <tr id="xdx_41E_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable3Member_zoamT4nXJjXe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Face Value</td><td> </td> <td style="text-align: right">5/5/2021</td><td> </td> <td style="text-align: right">5/5/2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right">10.00%</td><td> </td> <td style="text-align: right">0.10</td></tr> <tr id="xdx_415_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable4Member_zIA7k8VeXaX3" style="vertical-align: bottom; background-color: White"> <td>Face Value</td><td> </td> <td style="text-align: right">5/7/2021</td><td> </td> <td style="text-align: right">2/1/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right">10.00%</td><td> </td> <td style="text-align: right">0.10</td></tr> <tr id="xdx_419_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable5Member_zTTVsEf6U832" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Face Value</td><td> </td> <td style="text-align: right">5/19/2021</td><td> </td> <td style="text-align: right">2/19/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right">10.00%</td><td> </td> <td style="text-align: right">0.10</td></tr> <tr id="xdx_41A_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable6Member_zBaw1Ozyu5W5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Face Value</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">12/06/2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">2/6/2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,666</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,666</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">15.00%</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">0.10</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="3" style="text-align: left; padding-bottom: 2.5pt">Balance convertible notes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20231031_zH6Z9c0aNK8k" style="border-bottom: Black 2.5pt double; text-align: right">563,641</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20230430_zfcgF37LdJp7" style="border-bottom: Black 2.5pt double; text-align: right">583,641</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td></tr> </table>

60890 60890

2700

The following table reflects the convertible notes payable as of October 31 and April 30, 2023: Schedule of Notes Payable <table cellpadding="0" cellspacing="0" id="xdx_300_134_zpzFTkOMbdGa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - NOTES PAYABLE (Details)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48B_eus-gaap--DebtInstrumentIssuanceDate1_z9ySdUIX1QI8" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Issue Date</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_485_eus-gaap--DebtInstrumentMaturityDate_zNL1Hkodvte6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Maturity Date</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_482_eus-gaap--DebtInstrumentFaceAmount_iE_zlxpiYYu8Rq" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">October 31, 2023 Principal Balance</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" id="xdx_487_eus-gaap--DebtInstrumentFaceAmount_iS_zZNoR5RN6B0l" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">April 30, 2023 Principal Balance</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_481_eus-gaap--DebtWeightedAverageInterestRate_iE_zXXd4JDMJMB2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Rate</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_480_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iE_ztcDp1k2NTdk" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Conversion Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td colspan="3" style="text-align: left">Convertible notes payable</td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td></tr> <tr id="xdx_41E_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable1Member_zR30qyzbUsE2" style="vertical-align: bottom; background-color: White"> <td style="width: 22%">Face Value</td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">4/26/2021</td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">4/26/2023</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">112,975</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">112,975</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">15.00%</td><td style="width: 3%"> </td> <td style="width: 10%; text-align: right">0.028</td></tr> <tr id="xdx_41E_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable3Member_zoamT4nXJjXe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Face Value</td><td> </td> <td style="text-align: right">5/5/2021</td><td> </td> <td style="text-align: right">5/5/2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right">10.00%</td><td> </td> <td style="text-align: right">0.10</td></tr> <tr id="xdx_415_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable4Member_zIA7k8VeXaX3" style="vertical-align: bottom; background-color: White"> <td>Face Value</td><td> </td> <td style="text-align: right">5/7/2021</td><td> </td> <td style="text-align: right">2/1/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right">10.00%</td><td> </td> <td style="text-align: right">0.10</td></tr> <tr id="xdx_419_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable5Member_zTTVsEf6U832" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Face Value</td><td> </td> <td style="text-align: right">5/19/2021</td><td> </td> <td style="text-align: right">2/19/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right">10.00%</td><td> </td> <td style="text-align: right">0.10</td></tr> <tr id="xdx_41A_20230501__20231031__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleNotesPayable6Member_zBaw1Ozyu5W5" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Face Value</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">12/06/2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt">2/6/2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,666</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70,666</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">15.00%</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right">0.10</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="3" style="text-align: left; padding-bottom: 2.5pt">Balance convertible notes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20231031_zH6Z9c0aNK8k" style="border-bottom: Black 2.5pt double; text-align: right">563,641</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleNotesPayableCurrent_iI_c20230430_zfcgF37LdJp7" style="border-bottom: Black 2.5pt double; text-align: right">583,641</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td></tr> </table>

2021-04-26

2023-04-26

112975

0.1500

0.028

2021-05-05

2022-05-05

150000

0.1000

0.10

2021-05-07

2023-02-01

80000

100000

0.1000

0.10

2021-05-19

2023-02-19

150000

0.1000

0.10

2021-12-06

2023-02-06

70666

0.1500

0.10

563641

583641

Note 6 – STOCKHOLDERS’ DEFICIT Common Stock In June of 2023, the Company’s Board of Directors voted to increase the authorized shares to 200,000,000. 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 October 31 and April 30, 2023, the Company had 51 shares of Series A preferred shares outstanding. Warrants At April 30, 2023 there were <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20230430__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zadJ6UdhgXEj">7,177,333 warrants with a weighted average exercise price of $<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iI_c20230430__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zkCcq7mMQ4E6">0.17, weighted average remaining life of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dxH_c20220501__20230430__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zyIMJjgXKfqe" title="::XDX::P2Y3M">2.25 years, and an average intrinsic value of $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_c20230430__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z0cosd3lKiA8">0.11. There were no warrants granted during the six month period ended October 31, 2023. A total of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_c20230501__20231031__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zkEqAPgWmsre">282,667 warrants expired during the six month period ended October 31, 2023. At October 31, 2023, there were <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20231031__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCzheXGP9HJc">6,894,666 warrants with a weighted average exercise price of $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iI_c20231031__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zLJZoHXU8h0l">0.17, weighted average remaining life of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dxH_c20230501__20231031__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zn6e2exSTAv2" title="::XDX::P1Y9M">1.75 years, and an average intrinsic value of $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_c20231031__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7HW4pkxkVfh">0.11.

200000000

100

7177333

0.17

0.11

282667

6894666

0.17

0.11

Note 7 – COMMITMENTS AND CONTINGENCIES Litigation During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with FASB ASC 450-20-50, Contingencies. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of October 31, 2023, the Company is not aware of any contingent liabilities that should be reflected in the condensed consolidated financial statements. Media Use and License Agreement On February 5, 2023, TSR entered into a Media Use and License Agreement with a corporation. Under the terms of the Media Use and License Agreement, TSR granted the user entity (the “Licensee”) an exclusive license to use photographic and video rights of TSR’s treasure recovery activities for use to publicize non-fungible token sales as well as appearances by TSR persons for such publication and sales. The authority to use the works includes the right to visit and photograph or video activities of TSR treasure recovery operations, interviews of TSR persons, crew or captains, as well as posts about the treasure industry by TSR on media channels provided by the Licensee and other media sources. TSR also agreed to allow the Licensee rights to purchase recovered objects or treasure as give aways or sales by the corporation to be negotiated upon recoveries being available by TSR after the 2023 treasure season. The Licensee agreed to pay to TSR an initial net rights fee of $85,000. TSR shall be owed a royalty from any net revenue to the Licensee for such amounts of sales over the initial rights payment in the amount of 30% for such net sales for any which shall be calculated within thirty days of annual year end 2023. TSR shall have the right to review all revenues and expenditures by the Licensee related to the Media Use and License Agreement. Vessel Loan and Treasure Recovery Agreement On March 5, 2023, the Company entered into a loan agreement with an individual. Under the terms of the loan agreement, the lender provided a loan to TSR toward the purchase price of a vessel at auction in the amount of $50,000 at a 0% per annum rate of interest. In exchange for the loan, TSR agreed to grant to the lender an amount of treasure recovered from the vessel for the 2023, 2024, and 2025 treasure recovery seasons, at a percentage of recovery from the gross amount, being 1% for each $10,000 loaned to TSR for such purchase up to a maximum of 5% for $50,000, or if less than an even $10,000 increment, then that fraction of such amount as a percentage. In addition, TSR shall allow the lender up to 3% of such treasure recovered for a fourth year, if such amount is lent up to such amount of $30,000 or more for such purchase. The lender was also given a lien on the vessel. This amount is recorded as a contingent liability on the condensed consolidated balance sheets. Trademark and Usage Purchase Agreement Gaming and Media Rights Payments TSR entered into a Trademark and Usage Purchase Agreement on March 5, 2020, Purchase of Trademark, Graphics, Related Media and Product Materials. Under the terms of the agreement TSR is obligated to pay ten percent of the gaming rights and five percent of television media revenue, which shall be for rights of the gaming name rights, as used in all such app, online or other gaming as owned by TSR and any television related media.

Note 8 – RELATED PARTY TRANSACTIONS As of October 31 and April 30, 2023, an officer of the Company has provided a loan to TSR under a convertible promissory note. This convertible promissory note is unsecured, non-interest bearing, and is convertible into common shares of the Company stock at $2.75 per share and due on demand. The balance due to the officer was $60,890 as of October 31 and April 30, 2023. In June of 2023, the issuer issued to a related party director, the amount of <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20230601__20230630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--DirectorMember_zDuRznxibYnc">2,525,618 shares for debt conversion and satisfaction of a note for $50,000, including $25,769 in accrued interest, at the rate of $0.03 per share.

60890

2525618

Note 9 – SUBSEQUENT EVENTS None