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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q/A
Amendment
No. 1
(Mark
One)
☒ |
QUARTERLY
REPORT according to SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended January 31, 2024
☐ |
TRANSITION
REPORT according to SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
For
the transition period from ________ to ___________.
Commission
file number: 0-9483
SPARTA
COMMERCIAL SERVICES, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
30-0298178 |
(State or other jurisdiction
of |
|
(I.R.S. Employer |
incorporation or organization) |
|
Identification No.) |
555
Fifth Avenue, 14th Floor, New York, NY 10017
(Address
of principal executive offices) (Zip Code)
(212)
239-2666
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common stock, $.001 par
value |
|
SRCO |
|
Pink Open Market |
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 and posted pursuant
to Rule 504 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to file such files). ☒ Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”,
“smaller reporting company” and “emerging growth 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
As
of January 31, 2024, we had 26,141,023 shares of common stock issued and outstanding.
EXPLANATORY
NOTE
This
Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the three months ended January 31, 2024 as originally filed
with the Securities and Exchange Commission (the “SEC”) on March 25, 2024 (the “Original Filing”). Rule 10-01(d)
of Regulation S-X requires that interim financial statements included in quarterly reports on Form 10-Q be reviewed by an independent
public accountant. The Company was unable to obtain a review by its independent public accountant of its financial statements before
the Original Filing. Consequently, the consolidated financial statements in the Original Filing were not reviewed by an independent public
accountant in accordance with Statement of Auditing Standards No. 100, Interim Financial Information (“SAS100”). The financial
statements included herein have now been reviewed in accordance with SAS100 and the Company is filing this amended Form 10-Q/A.
Item
6 of Part II of this Amendment has been amended to include currently-dated certifications from our principal executive officer and principal
financial officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
Exhibit
101 provides the financial statements and related notes from the Filing formatted in XBRL (eXtensible Business Reporting Language).
This
Form 10-Q/A continues to describe conditions as of the date of the Original Filing. This Form 10-Q/A does not reflect events occurring after the date of the Original Filing
nor does it modify or update disclosures affected by subsequent events. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s
Form 10-K for the fiscal year ended April 30, 2023.
SPARTA
COMMERCIAL SERVICES, INC.
FORM
10-Q/A
FOR
THE QUARTER ENDED January 31, 2024
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
SPARTA
COMMERCIAL SERVICES, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF JANUARY 31, 2024, AND APRIL 30, 2023
(Unaudited)
| |
January 31, 2024 | | |
April 30, 2023 | |
ASSETS | |
| | |
| |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,417 | | |
$ | 4,028 | |
Accounts receivable | |
| 2,890 | | |
| - | |
Inventory | |
| 3,831 | | |
| - | |
Other current assets | |
| - | | |
| - | |
Total Current Assets | |
| 12,138 | | |
| 4,028 | |
Property and equipment, net of accumulated depreciation and amortization of $213,262 and $213,262, respectively | |
| - | | |
| - | |
Deposits - rent deposit | |
| 9,000 | | |
| 9,000 | |
Total assets | |
$ | 21,138 | | |
$ | 13,028 | |
LIABILITIES AND DEFICIT | |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Bank overdraft | |
$ | - - | | |
$ | 54,410 | |
Short Term Loan | |
| 1,585 | | |
| 1,585 | |
Accounts payable and accrued expenses | |
| 1,587,488 | | |
| 1,698,457 | |
Derivative liabilities | |
| 1,032,827 | | |
| 1,375,767 | |
Current portion notes payable | |
| 7,151,809 | | |
| 6,694,245 | |
Deferred revenue | |
| - | | |
| - | |
Total Current Liabilities | |
| 9,773,709 | | |
| 9,824,464 | |
| |
| | | |
| | |
Loans payable-related parties | |
| 615,537 | | |
| 435,753 | |
Total Long Term Liabilities | |
| 615,537 | | |
| 435,753 | |
Total liabilities | |
$ | 10,389,246 | | |
$ | 10,260,217 | |
Stockholders’ Deficit: | |
| | | |
| | |
Preferred stock, $0.001 par value; 10,000,000 shares authorized of which
35,850 shares have been designated as Series A convertible preferred stock, with a stated value of $100 per share, 125 and 125 shares
issued and outstanding as of January 31, 2024 and April 30, 2023, respectively | |
| 12,500 | | |
| 12,500 | |
Preferred stock C, 4,200,000
shares have been designated as Series C redeemable, convertible preferred, $0.001
par value, with a liquidation and redemption value of $1
per share, 1,919,157 and 1,979,157
shares issued and outstanding as of January 31, 2024 and April 30, 2023, respectively | |
| 1,919 | | |
| 1,979 | |
Preferred stock D, 2,000,000 shares have been designated as Series D redeemable,
convertible preferred, $0.001 par value, with a liquidation and redemption value of $1.00 per share, 400,877 and 937,701 shares issued
and outstanding as of January 31, 2024 and April 30, 2023, respectively | |
| 401 | | |
| 938 | |
Preferred stock, value | |
| 401 | | |
| 938 | |
Common stock, $0.001 par value; 750,000,000 shares authorized, and 26,141,023 and 23,045,205 shares issued and outstanding, respectively | |
| 26,141 | | |
| 23,045 | |
Common stock to be issued 25,417,133 and 23,704,788, respectively | |
| 26,322 | | |
| 23,705 | |
Additional paid-in-capital | |
| 55,378,252 | | |
| 54,872,206 | |
Accumulated deficit | |
| (66,791,131 | ) | |
| (66,150,857 | ) |
Total deficiency in stockholders’ equity | |
| (11,345,597 | ) | |
| (11,216,484 | ) |
Non-controlling interest | |
| 977,489 | | |
| 969,295 | |
Total Deficit | |
| (10,368,107 | ) | |
| (10,247,189 | ) |
Total Liabilities and Deficit | |
$ | 21,138 | | |
$ | 13,028 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
SPARTA
COMMERCIAL SERVICES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED JANUARY 31, 2024 AND 2023
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For three months ended January | | |
For nine months ended January | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue | |
| | |
| | |
| | |
| |
Information technology | |
$ | 30,071 | | |
$ | 60,120 | | |
$ | 128,142 | | |
$ | 173,559 | |
New World Health Brands | |
| 6,665 | | |
| 3,550 | | |
| 23,291 | | |
| 15,483 | |
Total Revenue | |
| 36,736 | | |
| 63,670 | | |
| 151,433 | | |
| 189,042 | |
Less Cost of goods sold | |
| 8,010 | | |
| 9,142 | | |
| 31,069 | | |
| 31,987 | |
Gross profit | |
$ | 28,725 | | |
$ | 54,528 | | |
$ | 120,363 | | |
$ | 157,055 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Compensation and Related Cost | |
| 128,229 | | |
| 248,614 | | |
| 428,021 | | |
| 594,300 | |
Consulting Fee | |
| 15,780 | | |
| 22,611 | | |
| 50,670 | | |
| 356,001 | |
Rent and lease | |
| 18,000 | | |
| 17,100 | | |
| 54,000 | | |
| 49,700 | |
Accounting and Legal | |
| 6,271 | | |
| 19,763 | | |
| 51,921 | | |
| 42,763 | |
General and administrative | |
| 78,722 | | |
| 95,607 | | |
| 282,273 | | |
| 238,659 | |
Research and Development | |
| - | | |
| - | | |
| - | | |
| - | |
Total operating expenses | |
| 247,003 | | |
| 403,695 | | |
$ | 866,886 | | |
$ | 1,281,423 | |
Loss from operations | |
$ | (218,278 | ) | |
$ | (349,167 | ) | |
$ | (746,523 | ) | |
$ | (1,124,368 | ) |
Other Income ( expense) | |
| | | |
| | | |
| | | |
| | |
Commission on municipal bonds | |
$ | 8,680 | | |
$ | 473 | | |
$ | 12,577 | | |
$ | 473 | |
Financing cost | |
| (149,517 | ) | |
| 2,305 | | |
| (434,385 | ) | |
| - | |
Write off convertible notes and bad debt | |
| 97,505 | | |
| (324,970 | ) | |
| 158,294 | | |
| 625,064 | |
Gain (loss) in changes in fair value of derivative liability | |
| 165,567 | | |
| 1,757,044 | | |
| 342,940 | | |
| 5,044,879 | |
Total other (income) expense | |
$ | 122,235 | | |
$ | 1,434,852 | | |
$ | 79,426 | | |
$ | 5,670,416 | |
Net income (loss) | |
| (96,043 | ) | |
| 1,085,685 | | |
| (667,097 | ) | |
| 4,546,048 | |
Net profit attributable to minority shareholder | |
| (3,514 | ) | |
| (3,080 | ) | |
| (8,195 | ) | |
| (9,794 | ) |
Preferred dividend | |
| - | | |
| | | |
| - | | |
| - | |
Net income (loss) attributed to common stockholders | |
$ | (99,556 | ) | |
$ | 1,082,605 | | |
$ | (675,291 | ) | |
$ | 4,536,254 | |
Basic and diluted loss per share: | |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations attributable to Sparta Commercial Services, Inc. common stockholders | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss attributable to Sparta Commercial Services, Inc. common stockholders | |
$ | (0.004 | ) | |
$ | (0.05 | ) | |
$ | (0.037 | ) | |
$ | 0.25 | |
Weighted average shares outstanding | |
| 25,432,999 | | |
| 19,686,822 | | |
| 18,074,511 | | |
| 18,074,511 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
SPARTA
COMMERCIAL SERVICES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF SHAREHOLDER’S DEFICITS
FOR
THE NINE MONTHS ENDED JANUARY 31, 2024 AND 2023
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Series
A | | |
Series
C | | |
Series
D | | |
| | |
| | |
Common
Stock | | |
Additional | | |
| | |
Non | | |
| |
| |
Preferred
Stock | | |
Preferred
Stock | | |
Preferred
Stock | | |
Common
Stock | | |
to
be issued | | |
Paid
in | | |
Accumulated | | |
controlling | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interest | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
April 30, 2023 | |
| 125 | | |
$ | 12,500 | | |
| 1,979,157 | | |
$ | 1,979 | | |
| 937,701 | | |
$ | 938 | | |
| 23,045,205 | | |
$ | 23,045 | | |
| 23,704,788 | | |
$ | 23,705 | | |
$ | 54,872,206 | | |
$ | (66,150,857 | ) | |
$ | 969,295 | | |
$ | (10,247,189 | ) |
Issuance
of Preferred and Common Stock for Cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,133,000 | | |
| 1,133 | | |
| 103,867 | | |
| | | |
| | | |
| 105,000 | |
Conversion
of notes to common shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 75,000 | | |
| 75 | | |
| | | |
| | | |
| 6,900 | | |
| | | |
| | | |
| 6,975 | |
Issuance
of common shares for cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 830,906 | | |
| 831 | | |
| (830,906 | ) | |
| (831 | ) | |
| 69,169 | | |
| | | |
| | | |
| 69,169 | |
Shares
issued for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | |
Conversion
of convertible notes | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | |
Preferred
dividend | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| (211,343 | ) | |
| 2,709 | | |
| (208,643 | ) |
Balance
July 31, 2023 | |
| 125 | | |
| 12,500 | | |
| 1,979,157 | | |
| 1,979 | | |
| 937,701 | | |
| 938 | | |
| 23,951,111 | | |
| 23,951 | | |
| 24,006,882 | | |
| 24,007 | | |
| 55,052,142 | | |
| (66,362,200 | ) | |
| 972,004 | | |
| (10,274,679 | ) |
Issuance
of Preferred and Common Stock for Cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 988,000 | | |
| 988 | | |
| 64,012 | | |
| | | |
| | | |
| 65,000 | |
Stocks
issued as a note holder incentive | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 54,000 | | |
| 54 | | |
| 4,946 | | |
| | | |
| | | |
| 5,000 | |
Issuance
of common shares for cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 25,000 | | |
| 25 | | |
| | | |
| | | |
| 3,850 | | |
| | | |
| | | |
| 3,875 | |
Preferred
dividend | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 347,345 | | |
| 347 | | |
| (347,345 | ) | |
| (347 | ) | |
| 24,653 | | |
| | | |
| | | |
| 24,653 | |
Net
loss for the quarter | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (364,392 | ) | |
| 1,972 | | |
| (362,420 | ) |
Balance
October 31, 2023 | |
| 125 | | |
| 12,500 | | |
| 1,979,157 | | |
| 1,979 | | |
| 937,701 | | |
| 938 | | |
| 24,323,456 | | |
| 24,323 | | |
| 24,701,537 | | |
| 24,702 | | |
| 55,149,603 | | |
| (66,726,592 | ) | |
| 973,976 | | |
| (10,538,571 | ) |
Balance | |
| 125 | | |
| 12,500 | | |
| 1,979,157 | | |
| 1,979 | | |
| 937,701 | | |
| 938 | | |
| 24,323,456 | | |
| 24,323 | | |
| 24,701,537 | | |
| 24,702 | | |
| 55,149,603 | | |
| (66,726,592 | ) | |
| 973,976 | | |
| (10,538,571 | ) |
Conversion
of notes payables | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 900,000 | | |
| 900 | | |
| 886,000 | | |
| 886 | | |
| 148,214 | | |
| | | |
| | | |
| 150,000 | |
Conversion
of preferred shares | |
| | | |
| | | |
| (60,000 | ) | |
| (60 | ) | |
| (536,824 | ) | |
| (537 | ) | |
| 767,578 | | |
| 768 | | |
| (170,754 | ) | |
| (171 | ) | |
| | | |
| | | |
| | | |
| -0 | |
Issuance
of shares for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 149,989 | | |
| 151 | | |
| | | |
| | | |
| 23,340 | | |
| | | |
| | | |
| 23,490 | |
Issuance
for cash received | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 904 | | |
| 57,095 | | |
| | | |
| | | |
| 57,999 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (99,556 | ) | |
| 3,514 | | |
| (96,043 | ) |
Prior period adjustments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 35,017 | | |
| | | |
| 35,017 | |
Balance
January 31, 2024 | |
| 125 | | |
$ | 12,500 | | |
| 1,919,157 | | |
$ | 1,919 | | |
| 400,877 | | |
$ | 401 | | |
| 26,141,023 | | |
$ | 26,141 | | |
| 25,416,783 | | |
$ | 26,662 | | |
$ | 55,378,252 | | |
$ | (66,791,131 | ) | |
$ | 977,489 | | |
$ | (10,368,107 | ) |
Balance
| |
| 125 | | |
$ | 12,500 | | |
| 1,919,157 | | |
$ | 1,919 | | |
| 400,877 | | |
$ | 401 | | |
| 26,141,023 | | |
$ | 26,141 | | |
| 25,416,783 | | |
$ | 26,662 | | |
$ | 55,378,252 | | |
$ | (66,791,131 | ) | |
$ | 977,489 | | |
$ | (10,368,107 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
April 30, 2022 | |
| 125 | | |
$ | 12,500 | | |
| 2,163,000 | | |
$ | 2,363 | | |
| 618,411 | | |
$ | 618 | | |
| 15,128,005 | | |
$ | 15,128 | | |
| 8,916,805 | | |
$ | 8,292 | | |
$ | 53,210,921 | | |
$ | (73,984,686 | ) | |
$ | 984,175 | | |
$ | (19,750,689 | ) |
Conversion
of Preferred to common shares | |
| | | |
| | | |
| (60,000 | ) | |
| (60 | ) | |
| | | |
| | | |
| 60,000 | | |
| 60 | | |
| | | |
| | | |
| 9,940 | | |
| | | |
| | | |
| 9,940 | |
Conversion
of notes to common shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| - | |
Issuance
of preferred shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | |
Issuance
of common shares for cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,824,771 | | |
| 1,824 | | |
| 93,175 | | |
| | | |
| | | |
| 94,999 | |
Issuance
of shares for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,594,960 | | |
| 1,595 | | |
| | | |
| | | |
| 243,786 | | |
| | | |
| | | |
| 245,381 | |
Stocks
issued for equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 518,333 | | |
| 518 | | |
| | | |
| | | |
| 44,128 | | |
| | | |
| | | |
| 44,646 | |
Net
loss for the quarter | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,101,351 | | |
| 3,924 | | |
| 1,105,275 | |
Balance
July 31, 2022 | |
| 125 | | |
| 12,500 | | |
| 2,103,000 | | |
| 2,303 | | |
| 618,411 | | |
| 618 | | |
| 17,301,298 | | |
| 17,301 | | |
| 10,741,576 | | |
| 10,116 | | |
| 53,601,950 | | |
| (72,883,335 | ) | |
| 988,099 | | |
| (18,250,448 | ) |
Conversion
of Preferred to common shares C | |
| | | |
| | | |
| (581,000 | ) | |
| (581 | ) | |
| | | |
| | | |
| 581,000 | | |
| 581 | | |
| | | |
| | | |
| 96,915 | | |
| | | |
| | | |
| 96,915 | |
Conversion
of Preferred to common shares D | |
| | | |
| | | |
| | | |
| | | |
| (141,000 | ) | |
| (141 | ) | |
| 141,000 | | |
| 141 | | |
| | | |
| | | |
| 141,053 | | |
| | | |
| | | |
| 141,053 | |
Stocks
issued as note holder incentive | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 212,500 | | |
| 213 | | |
| | | |
| | | |
| 19,388 | | |
| | | |
| | | |
| 19,601 | |
Issuance
of shares for equity | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 330,179 | | |
| 330 | | |
| | | |
| | | |
| 24,670 | | |
| | | |
| | | |
| 25,000 | |
Issuance
of common shares for cash | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 134,805 | | |
| 135 | | |
| 505,861 | | |
| 506 | | |
| 49,359 | | |
| - | | |
| | | |
| 50,000 | |
Net
loss for the quarter | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,352,298 | | |
| 2,789 | | |
| 2,355,087 | |
Balance
October 31, 2022 | |
| 125 | | |
| 12,500 | | |
| 1,522,000 | | |
| 1,722 | | |
| 477,411 | | |
| 477 | | |
| 18,700,782 | | |
| 18,701 | | |
| 11,247,437 | | |
| 10,622 | | |
| 53,933,335 | | |
| (70,531,037 | ) | |
| 990,888 | | |
| (15,562,792 | ) |
Balance
| |
| 125 | | |
| 12,500 | | |
| 1,522,000 | | |
| 1,722 | | |
| 477,411 | | |
| 477 | | |
| 18,700,782 | | |
| 18,701 | | |
| 11,247,437 | | |
| 10,622 | | |
| 53,933,335 | | |
| (70,531,037 | ) | |
| 990,888 | | |
| (15,562,792 | ) |
Conversion
of preferred shares | |
| | | |
| | | |
| (1,922,101 | ) | |
| (1,922 | ) | |
| | | |
| | | |
| 747,000 | | |
| 747 | | |
| 1,175,101.00 | | |
| 1,175.10 | | |
| 190,103 | | |
| | | |
| | | |
| 190,103 | |
Issuance
for Notes payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 378,909 | | |
| 379 | | |
| | | |
| | | |
| 34,160 | | |
| | | |
| | | |
| 34,539 | |
Issuance
of shares for equity | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 952,036 | | |
| 952 | | |
| | | |
| | | |
| 83,098 | | |
| | | |
| | | |
| 84,050 | |
Issuance
of stock for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 333,939 | | |
| 334 | | |
| | | |
| | | |
| 37,261 | | |
| | | |
| | | |
| 37,595 | |
Adjustment | |
| | | |
| | | |
| 2,379,258 | | |
| 2,179 | | |
| 460,343 | | |
| 461 | | |
| 468,783 | | |
| | | |
| 10,910,900 | | |
| 11,537 | | |
| 292,115 | | |
| | | |
| | | |
| 306,292 | |
Net
loss for the quarter | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (99,556 | ) | |
| 3,514 | | |
| (96,043 | ) |
Balance
January 31, 2023 | |
| 125 | | |
$ | 12,500 | | |
| 1,979,157 | | |
$ | 1,979 | | |
| 937,754 | | |
$ | 938 | | |
| 21,581,449 | | |
$ | 21,113 | | |
| 23,333,438 | | |
$ | 23,334 | | |
$ | 54,570,072 | | |
$ | (70,630,593 | ) | |
$ | 994,402 | | |
$ | (15,006,255 | ) |
Balance
| |
| 125 | | |
$ | 12,500 | | |
| 1,979,157 | | |
$ | 1,979 | | |
| 937,754 | | |
$ | 938 | | |
| 21,581,449 | | |
$ | 21,113 | | |
| 23,333,438 | | |
$ | 23,334 | | |
$ | 54,570,072 | | |
$ | (70,630,593 | ) | |
$ | 994,402 | | |
$ | (15,006,255 | ) |
See
accompanying notes to unaudited condensed consolidated financial statements.
SPARTA
COMMERCIAL SERVICES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR
THE NINE MONTHS ENDING JANUARY 31, 2024 AND 2023
(UNAUDITED)
| |
2024 | | |
2023 | |
| |
For nine months ended | |
| |
2024 | | |
2023 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net Income ( loss ) | |
$ | (667,097 | ) | |
$ | 4,546,048 | |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| - | | |
| | |
Depreciation and amortization | |
| - | | |
| - | |
Loss (Gain) from change in fair value of derivative liabilities | |
| (342,940 | ) | |
| (5,044,879 | ) |
Amortization of debt discount | |
| - | | |
| - | |
Non-cash financing cost | |
| 434,385 | | |
| - | |
Non-cash consulting fees | |
| - | | |
| 2,480 | |
Write off promissory notes | |
| (158,294 | ) | |
| (625,064 | ) |
Non-cash services rendered (shares issued) | |
| 48,144 | | |
| | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (2,890 | ) | |
| (2,168 | ) |
Inventory | |
| (3,831 | ) | |
| 3,166 | |
Accounts payable and accrued expenses | |
| (110,969 | ) | |
| 78,215 | |
Accrued interest | |
| 304,249 | | |
| | |
Deferred revenue | |
| - | | |
| (5,348 | ) |
Net cash used in operating activities | |
$ | (499,244 | ) | |
$ | (1,047,550 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Bank overdraft | |
$ | (54,410 | ) | |
$ | 13,895 | |
Proceeds from sale of stock net of conversion | |
| 301,043 | | |
| 135,000 | |
Proceeds from notes payable | |
| 254,000 | | |
| - | |
Proceeds from related party notes | |
| - | | |
| (37,650 | ) |
Payments on related party notes | |
| | | |
| - | |
Net adjustments /conversion of promissory notes | |
| - | | |
| 936,600 | |
Net cash provided by financing activities | |
$ | 500,633 | | |
$ | 1,047,845 | |
| |
| | | |
| | |
Net (decrease) increase in cash | |
$ | 1,389 | | |
$ | 295 | |
| |
| | | |
| | |
Cash and cash equivalents, beginning of period | |
| 4,028 | | |
| 317 | |
Cash and cash equivalents, end of period | |
$ | 5,417 | | |
$ | 612 | |
| |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest | |
| - | | |
| - | |
Income taxes | |
| - | | |
| - | |
See
accompanying notes to unaudited condensed consolidated financial statements.
SPARTA
COMMERCIAL SERVICES, INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY
31, 2023
(UNAUDITED)
NOTE
A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A
summary of the significant accounting policies applied in the preparation of the accompanying unaudited condensed consolidated financial
statements follows.
Business
General
Overview
Sparta
Commercial Services, Inc. (“Sparta,” “we,” “us,” or the “Company”) is a Nevada corporation
with headquarters in New York City. We are a multi-disciplined parent corporation operating across three business sectors – Financial
Services, E-Commerce & Mobile Technology, and Health and Wellness.
Sparta’s
historic roots were in the Powersports industry until the financial crisis that began 2008. The Company provided consumer retail
installment loans and leases through authorized motorcycle dealerships in 33 states, with financing lines of credit provided by
institutional lenders. In 2007, the Company introduced a Municipal Financing program which has financed over 100 jurisdictions to
date.
Vehicle
History Reports are a staple of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is
intended for personal, business or recreational use, Sparta’s Vehicle History Reports are highly regarded for accuracy and
completeness and have been sold across all 50 states and in 62 countries worldwide.
With
iMobile App, the Company additionally provides mobile technology services, including web and mobile application creation,
development and management, text messaging services, CRM (Customer Relationship Management) tools, and custom kitchen ordering
systems for a wide range of businesses to increase revenue, build brand recognition, and improve customer engagement.
Sparta’s
subsidiary, New World Health Brands, Inc., offers high quality dietary supplements.
Sparta’s
subsidiary, Sparta Crypto, Inc., is in the process of completing a proprietary state-of-the-art platform designed to connect users of
widely adopted digital currencies with sellers of various goods and services; and has completed and tested a cryptocurrency payment gateway
called SpartaPayIQ. Agoge Global USA, Inc. (“Agoge”) was formed as a subsidiary of Sparta Crypto, Inc. in December 2022 and
entered into a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border transactions between importers and exporters
of goods from the U.S. and Brazil and is expected to launch in last fiscal quarter of 2024
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements as of January 31, 2024 and for the nine months ended January 31, 2024
and 2023 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission, including
Form 10-Q and Regulation S-K. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and
adjustments), which are, in the opinion of management, necessary to fairly present the operating results for the respective periods.
Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been omitted pursuant to such rules and regulations. The Company believes that
the disclosures provided are adequate to make the information presented not misleading.
These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and explanatory notes for the year ended April 30, 2023 as disclosed in the Company’s Form 10-K for that year as filed with the
Securities and Exchange Commission on August 15, 2023.
The
results of operations for the nine months ended January 31, 2024 are not necessarily indicative of the results to be expected for any
other interim period or the full year ending April 30, 2024.
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All material intercompany
transactions and balances have been eliminated in consolidation. The third-party ownership of the Company’s subsidiary is accounted
for as noncontrolling interest in the consolidated financial statements. Changes in the noncontrolling interest are reported in the statement
of changes in deficit.
Estimates
These
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America,
which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures
of revenues and expenses for the said period. Accordingly, actual results could differ from those estimates.
Revenue
Recognition
During
the first quarter of 2018, the Company adopted A.S.U. 2014-09, Revenue from Contracts with Customers (Topic 606), using the cumulative-effect
method. The new standard requires an entity to recognize revenue when it transfers 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. The adoption did
not impact our consolidated financial statements other than enhancing our disclosures related to our revenue-generating activities.
The
Company acts as a principal in its revenue transactions as it is the primary obligor.
SCHEDULE OF DISAGGREGATION REVENUE
| |
3-months ended | | |
9-months ended | |
Revenue | |
Jan 2024 | | |
Jan 2023 | | |
Jan 2024 | | |
Jan 2023 | |
Information technology | |
$ | 30,071 | | |
$ | 60,120 | | |
$ | 128,142 | | |
$ | 173,559 | |
New World Health | |
$ | 6,665 | | |
$ | 3,550 | | |
$ | 23,291 | | |
$ | 15,483 | |
Total | |
| 36,736 | | |
| 63,670 | | |
| 151,433 | | |
| 189,042 | |
Revenues
from mobile app products and New World Health Brands products are generally recognized upon delivery. Revenues from History Reports are
typically recognized upon delivery/download. Prepayments received from customers before delivery (if any) are recognized as deferred
revenue and recognized upon delivery. The Company records deferred revenues when cash payments are received or due before our performance,
including refundable amounts.
Cash
Equivalents
All
liquid investments with three months or less maturity are cash equivalents for the accompanying financial statements.
Fair
Value Measurements
The
Company has adopted ASC 820, “Fair Value Measurements (“ASC 820”).” ASC 820 establishes a three-level
fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The scale gives the highest priority
to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs to fair value measurements of certain assets
and Liabilities. The three levels of the fair value hierarchy under ASC 820 are described below:
|
● |
Level 1 — Quoted
prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities, derivative
contracts traded in an active exchange market, and certain highly liquid securities actively traded in over-the-counter markets. |
|
● |
Level 2 — Quoted
prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active;
and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|
● |
Level 3 — Unobservable
inputs supported by little or no market activity and significant to the fair value measurements. Level 3 assets and liabilities include
financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based
on significant unobservable inputs, as well as management judgments or estimates that are significant to the valuation. |
This
hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining
fair value. Observable inputs may not always be available for some products or in certain market conditions.
Income
Taxes
We
utilize ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events included in the financial statements or tax returns. Under this method, deferred income taxes are recognized
for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting
amounts at year-end based on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to
affect taxable income.
The
Company recognizes the impact of a position in the financial statements only if that position is more likely than not to be sustained
upon examination by taxing authorities based on the technical merits of the position. Our practice recognizes interest or penalties related
to income tax matters in income tax expense.
Stock-Based
Compensation
We
account for our stock-based compensation under ASC 718 “Compensation–Stock Compensation” using the fair value-based
method. Under this method, compensation cost is measured at the grant date based on the value of the award. It is recognized over the
service period, usually the vesting period. This guidance establishes standards for accounting transactions in which an entity exchanges
its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods
or services based on the fair value of the entity’s equity instruments, or the issuance of those equity instruments may settle
that.
We
use the fair value method for equity instruments granted to non-employees and the Black-Scholes model to measure options’ fair
value. The stock-based fair value compensation is determined as of the date of the grant or at which the performance of the services
is completed (measurement date) and is recognized over the vesting periods.
Inventories
The
Company’s inventories represent finished goods, consisting of available products. They are accounted for using the first-in, first-out
(FIFO) method and valued at the lower of cost or net realizable value. Inventory consists of finished goods for the Company’s New
World Health business.
Property
and Equipment
Property
and equipment are recorded at cost. Minor additions and renewals are expensed in the year incurred. Significant additions and renewals
are capitalized and depreciated over their estimated useful lives. Depreciation is calculated using the straight-line method over the
estimated useful lives. The estimated useful lives of significant depreciable assets are as follows:
SCHEDULE
OF ESTIMATED USEFUL OF PROPERTY AND EQUIPMENT
|
|
Leasehold improvements |
3 years |
Furniture and fixtures |
7 years |
Website costs |
3 years |
Computer Equipment |
5 years |
Estimated Useful of Property and Equipment |
5 years |
Concentrations
of Credit Risk
Financial
instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash
equivalents, and receivables. The Company places its cash and temporary cash investments with high-credit quality institutions. At times,
such investments may be more than the FDIC insurance limit.
Net
Loss Per Share
The
Company uses ASC 260-10, “Earnings Per Share” for calculating the basic and diluted loss per share. The Company computes
basic loss per share by dividing net loss and net loss attributable to common shareholders by the weighted average number of common shares
outstanding. Common equivalent shares are excluded from the computation of net loss per share if their effect is anti-dilutive.
Derivative
Liabilities
The
Company assessed the classification of its derivative financial instruments as of January 31, 2024, and April 30, 2024, which consist
of convertible instruments and rights to shares of the Company’s common stock. It determined that such derivatives meet the criteria
for liability classification under ASC 815.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed conventional, as described.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards
for “Accounting for Derivative Instruments and Hedging Activities.”
The
Company assessed the classification of its derivative financial instruments as of January 31, 2024 and April 30, 2023, which consist
of convertible instruments and rights to shares of the Company’s common stock and determined that such derivatives meet the criteria
for liability classification under ASC 815.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed to be conventional, as described.
Reclassifications
Certain
reclassifications have been made to conform with prior periods’ data to the current presentation. These reclassifications did not
affect reported losses.
Recent
Accounting Pronouncements-
No
recent pronouncements have been made or adopted in the quarter ended January 31, 2024. All of the pronouncements that affect our business
have been adopted.
NOTE
B – GOING CONCERN MATTERS
The
accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the
realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying unaudited condensed
consolidated financial statements, the Company has incurred recurring losses and generated negative cash flows from operating activities
since inception. As of January 31, 2024, the Company had an accumulated deficit of $66,791,131 and a working capital deficit (total current
liabilities exceeded total current assets) of $9,761,571. The Company’s cash balance and revenues generated are not currently sufficient
and cannot be projected to cover its operating expenses for the next twelve months from the filing date of this report. These factors
among others raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the
issuance of these financial statements.
The
Company’s existence is dependent upon management’s ability to develop profitable operations. Management is devoting substantially
all of its efforts to developing its business and raising capital and there can be no assurance that the Company’s efforts will
be successful. No assurance can be given that management’s actions will result in profitable operations or the resolution of its
liquidity problems. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might
result should the Company be unable to continue as a going concern.
In
order to improve the Company’s liquidity, the Company’s management is actively pursuing additional equity financing through
discussions with investment bankers and private investors. There can be no assurance that the Company will be successful in its effort
to secure additional equity financing.
The
Company’s existence depends on management’s ability to develop profitable operations. Management is devoting substantially
all its efforts to growing its business and raising capital, and there can be no assurance that the Company’s efforts will be successful.
The management’s actions are not guaranteed to result in profitable operations or resolve liquidity problems. The accompanying
unaudited condensed consolidated financial statements do not include any adjustments that might result should the Company be unable to
continue as a going concern.
The
Company’s management actively pursues additional equity financing through discussions with investment bankers and private investors.
There can be no assurance that the Company will be successful in its effort to secure additional equity financing.
NOTE
C – NOTES PAYABLE AND DERIVATIVES
The
Company has numerous outstanding notes payable to various parties. The notes bear interest at rates of 5% - 20% per year and are summarized
as follows:
SCHEDULE
OF NOTES PAYABLE
Notes Payable | |
January 31, 2024 | | |
April 30, 2023 | |
Notes convertible at holder’s option | |
$ | 2,735,697 | | |
$ | 2,103,256 | |
Notes convertible at Company’s option | |
| 335,700 | | |
| 335,700 | |
Non-convertible notes payable | |
| 2,438,308 | | |
| 2,659,519 | |
Subtotal | |
| 5,509,705 | | |
| 5,098,475 | |
Total | |
$ | 5,509,705 | | |
$ | 5,098,475 | |
The
balance of accrued interest of the above notes as of January 31, 2024, and April 30, 2023, were 1,642,104 and $1,595,624, respectively, an increase of $46,480 primarily due to interest
expenses on notes accrued.
Certain
notes payable contains variable conversion rates, and the conversion features are classified as derivative liabilities. The conversion
prices are based on the market price of the Company’s common stock, at discounts of 30% - 48% to market value.
The
Company’s derivative financial instruments are embedded derivatives related to the outstanding short-term Convertible Notes Payable.
These embedded derivatives included certain conversion features indexed to the Company’s common stock. The accounting treatment
of derivative financial instruments requires that the Company record the derivatives and related items at their fair values as of the
inception date of the Convertible Notes Payable and at fair value as of each subsequent balance sheet date. In addition, under the provisions
of Accounting Standards Codification subtopic 815-40, Derivatives and Hedging; Contracts in Entity’s Own Equity (“ASC 815-40”),
as a result of entering into the Convertible Notes Payable, the Company is required to classify all other non-employee stock options
and warrants as derivative liabilities and mark them to market at each reporting date. Any change in fair value, including modifications
of terms, will be recorded as non-operating, non-cash income, or expense at each reporting date. If the fair value of the derivatives
is higher at the subsequent balance sheet date, the Company will record a non-operating, non-cash charge. If the fair value of the products
is lower at the subsequent balance sheet date, the Company will record non-operating, non-cash income. These Notes are subject to a six-year
Statute of Limitations in which to bring any potential claims.
The
change in fair value of the derivative liabilities on January 31, 2024, was calculated with the following average assumptions using a
Black-Scholes option pricing model are as follows:
SCHEDULE
OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION
Significant Assumptions: | |
| |
| | |
| |
| |
| | |
Risk-free interest rate | |
Ranging from | |
| 0.16% to 0.2 | % |
Expected stock price volatility | |
Ranging from | |
| 155 to 270 | % |
Expected dividend payout | |
| |
| 0 | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
Changes
in derivative liability during the three months ended January 31, 2024, and 2023 were:
SCHEDULE
OF CHANGES IN DERIVATIVE LIABILITIES
| |
January 31, | | |
January 31, | |
| |
2024 | | |
2023 | |
Balance, beginning of year | |
$ | 1,375,767 | | |
$ | 9,549,640 | |
Derivative liability extinguished | |
| (260,425 | ) | |
| (336,418 | ) |
Derivative financial liability arising on the issuance of convertible notes and warrants | |
| | | |
| - | |
Fair value adjustments | |
| (82,515 | ) | |
| (4,168,344 | ) |
Balance, end of period | |
$ | 1,032,827 | | |
$ | 4,504,762 | |
NOTE
D – LOANS PAYABLE TO RELATED PARTIES
As
of January 31, 2024, and April 30, 2023, aggregated loans and notes payable, without demand and with no interest, to officers, directors,
and other related parties were $615,537 and $435,753, respectively.
NOTE
E – EQUITY TRANSACTIONS
Preferred
Stock
The
Company is authorized to issue 10,000,000 shares
of preferred stock with $0.001 par
value per share, of which 35,850 shares
have been designated as Series A convertible preferred stock with a $100 stated
value per share; 1,000 shares have been designated as Series B Preferred Stock with a $10,000 per share liquidation value; 4,200,000 shares
have been designated as Series C Preferred Stock with a $1.00 per
share liquidation value, and 2,000,000 shares
have been designated as Series D Preferred Stock with a $1 per
share liquidation value..
During
the nine months ended January 31, 2024, the Company:
|
● |
Sold to eleven accredited
investors 2,230,094 shares of common stock for cash of $381,929, actual shares were not issued yet and recorded as common stock to
be issued. |
|
● |
Issued 60,000 shares valued at $10,000 upon the conversion
of preferred series C shares |
|
● |
Issued 536,824 shares valued at $134,206 upon the conversion
of preferred series D shares |
Common
Stock:
The
Company is authorized to issue 750,000,000
shares of common stock, $0.001
par value. As of January 31, 2024 and April 30, 2023 the Company’s issued and outstanding shares are 26,141,023 and 23,045,205
respectively.
During
the nine months ended January 31, 2024, the Company:
|
● |
Sold
2,976,906 shares valued at $243,875 issued for cash. |
|
● |
Issued 346,995
shares to accredited investors for cash |
|
● |
Issued 767,578
shares upon the conversion of shares of Series C and Series D Convertible Preferred Stock. |
|
● |
Issued 1,861,000 shares valued at $156,975
to accredited investors upon conversion of promissory notes |
|
● |
Issued 497,995 shares for consulting
services valued at $48,491 |
NOTE
F – FAIR VALUE MEASUREMENTS
The
Company follows the guidelines established according to ASC 820, which established a framework for measuring fair value and expands disclosure
about fair value measurements. ASC 820 defines fair value as the amount received for an asset or paid to transfer a liability (i.e.,
an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs
and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may
be used:
Level
1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. The
fair value hierarchy gives the highest priority to Level 1 inputs.
Level
2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.
Level
3: Unobservable inputs when there is little or no market data available, thereby requiring an entity to develop its own assumptions.
The fair value hierarchy gives the lowest priority to Level 3 inputs.
The
table below summarizes the fair values of financial liabilities as of January 31, 2024:
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
January 31, 2024 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,032,827 | | |
| - | | |
| - | | |
$ | 1,032,837 | |
Fair
values of financial liabilities as of April 30, 2022, are as follows:
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
April 30, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,375,767 | | |
| - | | |
| - | | |
$ | 1,375,767 | |
The
following is a description of the valuation methodologies used for these items:
Derivative
liabilities — these instruments consist of certain variable conversion features related to notes payable obligations and certain
outstanding warrants. These instruments were valued using pricing models incorporating the Company’s stock price, volatility, U.S.
risk-free rate, dividend rate, and estimated life.
The
Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair
value following A.S.C. Topic 825, “The Fair Value Option for Financial Issuances.”
NOTE
G – PROPERTY AND EQUIPMENT
Significant
classes of property and equipment on January 31, 2024, and April 30, 2023, consist of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
January 31, 2024 | | |
April 30, 2023 | |
Computer equipment, software and furniture | |
$ | 213,262 | | |
$ | 213,262 | |
Less: accumulated depreciation | |
| (213,262 | ) | |
| (213,262 | ) |
Net property and equipment | |
$ | - | | |
$ | - | |
All
equipment is fully depreciated as of January 31, 2023, and 2022. No additional investment in equipment for both fiscal years.
NOTE
H – WARRANTS:
No
warrants were issued to employees or services. As of January
31, 2024, a total of 9,229,370 warrants were vested. The computed fair value was $211,614.
NOTE
I – COMMITMENTS AND CONTINGENCIES
Operating
Lease Commitments
Our
executive offices are located in New York, NY. We have an agreement for use of office space at this location under a sublease which expired
on July 31, 2018, and continues on a month-to-month basis thereafter. The monthly base rent is $5,100.
Rent
expense was $54,000 and 49,700 for the nine months period ending January 31, 2024 and 2023, respectively.
Litigation
The
Company is subject to legal proceedings and claims arising in its business’s ordinary course. Sparta can make no representations
about the potential outcome of such proceedings.
As
of January 31, 2024, we have not been named as parties to any further legal proceedings except those disclosed prior and updated below.
From time to time, we may become involved in other legal proceedings, which sometimes arise due to the very nature of and in the ordinary
course of this business.
By
way of background, the Company had received notices dated April 1, 2016, May 13, 2016, and July 22, 2016, from two lenders claiming defaults
relating to conversion requests of $8,365.00 in principal plus interest, attorney fees, and $5,000.00 in principal plus interest also
seeking stock conversions aside from the stated principal and interest concerning notes in the total amounts of $55,125.00 and $27,500.00,
respectively, which the Company has declined to process and believes it has valid, meritorious defenses in that regard. The Company believes
these claims are contingent and unliquidated and disputes the same. While there can be no assurances that the Company would prevail in
any potential litigation concerning allegations brought against the Company, these potential liabilities have been recorded in the unaudited
condensed consolidated financial statements.
For
the above claims, on September 22, 2016, a motion for summary judgment instead of complaint was filed in the Supreme Court in the State
of New York: County of Kings against the Company by a lender for the amount of $102,170.82 in principal and stock conversion interest,
plus fees and costs. Plaintiff’s motion for summary judgment instead of complaint was denied on May 5, 2017. On August 22, 2018,
Plaintiff brought a second motion seeking summary judgment on the liability issue, again denied by the Court on March 14, 2019. The most
recent appearance in this matter had been scheduled for March 13, 2020, at which time the Court marked the case “adjourned without
a date” due to the restrictions imposed on the Courts arising from the COVID-19 pandemic. To date, no further Court appearances
have been scheduled in this matter. However, most notably, a favorable decision from the New York State Court of Appeals regarding the
same types of transactions has since been determined to be criminally usurious and, therefore, unenforceable management believes. These
were the very same defenses raised on behalf of the Company. On December 14, 2023 a Stipulation of Discontinuance was filed in New York
State Supreme Court: Kings County wherein the parties agreed to the discontinuance of any and all claims against the other with prejudice
and with full waivers and releases. Therefore, this matter has been fully resolved.
NOTE
J – SUBSEQUENT EVENTS
The
Company had evaluated subsequent events for recognition and disclosure as of June 14, 2024 when the financial statements were available
to be issued.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
The
following discussion of our financial condition and results of operations should be read in conjunction with (1) our interim unaudited
condensed consolidated financial statements and their explanatory notes included as part of this quarterly Report and (2) our annual
audited consolidated financial statements and explanatory notes for the year ended April 30, 2023, as disclosed in our annual Report
on Form 10-K for that year as filed with the S.E.C.
“Forward-Looking”
Information
This
Report on Form 10-Q contains various statements that may constitute “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, Rule 175 promulgated thereunder, Section 21E of the Securities Exchange Act of 1934, as
amended, and Rule 3b-6 promulgated thereunder which represent our expectations and beliefs, including, but not limited to statements
concerning the Company’s business and financial plans and prospects and are intended to be covered by the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, objectives, assumptions,
future events, or performances are not historical facts and may be forward-looking. The words “believe,” “expect,”
“anticipate,” “estimate,” “project,” and other similar expressions can, but do not always, identify
forward-looking statements, which speak only as of the date such statement was made. We base these forward-looking statements on our
current expectations and projections about future events, our assumptions, and our knowledge of facts when the statements are made. These
statements, by their nature, involve substantial risks and uncertainties, sure of which are beyond our control, and actual results may
differ materially depending on various important factors. Risks and uncertainties that could cause our financial performance to differ
materially from our goals, plans, expectations, and projections expressed in forward-looking statements include those outlined in our
filings with the Securities and Exchange Commission (“S.E.C.”), including Item 1A of the Company’s Annual Report of
Form 10-K for the year ended April 30, 2023. Forward-looking statements speak only as of the date they are made. The Company does not
undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements
are made or to reflect the occurrence of unanticipated events. It would be best to consider any forward-looking statements in light of
this explanation, and we caution you about relying on them.
General
Overview
Sparta
Commercial Services, Inc. (“Sparta,” “we,” “us,” or the “Company”) is a Nevada corporation
with headquarters in New York City, www.spartacommercial.com. We are a multi-disciplined parent corporation operating across three
business sectors – Financial Services, E-Commerce & Mobile Technology, and Health and Wellness, (www.spartacommercial.com).
Sparta’s
roots are in the Powersports industry. The Company provided retail installment loans and leases through authorized motorcycle dealerships
in 33 states, with financing lines of credit provided by institutional lenders. The Company also created and maintained a full underwriting
and servicing platform for its portfolio. Notwithstanding the discontinuance of our initial focus on consumer loans and leases post Lehman
and during the 2008 financial crisis; in 2007, the Company had introduced a new initiative which continued without interruption, Municipal
Financing, (www.spartamunicipal.com), which has financed over 100 jurisdictions to date. Sparta’s Municipal Finance program
is also currently available to all nonprofit organizations, institutions and entities. All nonprofit organizations which adhere to IRS
guidelines, including 501 (c) 3 of the Internal Revenue Code, are eligible. Both public nonprofits, also known as public charities supported
with publicly collected funds, and private nonprofits, also known as private foundations supported by an individual or business entity,
qualify for the program.
Vehicle
History Reports are a staple of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is intended
for business or recreational use, Sparta’s Vehicle History Reports are highly regarded for accuracy and completeness and have been
sold across all 50 states and in 62 countries worldwide.
They
provide a trusted layer of assurance to vehicle buyers and are available online and at a range of various dealership websites and
showrooms. They include Cyclechex (Motorcycle History Reports at www.cyclechex.com ). RVchex (Recreational Vehicle History
Reports at www.rvchex.com), and Truckchex (Heavy Duty Truck History Reports at www.truckchex.com). Consumers,
retailers, auction houses, banks and insurance companies alike scrutinize title history reports for the vital information needed and
factored into crucial business decisions that affect the bottom line.
The
Company’s E-Commerce and Mobile Technology subsidiary name change to iMobile Solutions, Inc., from Specialty Reports, Inc., in
2016, signifies its ever-broadening service offerings in the evolving technology landscape. With iMobile App (www.imobileapp.com),
the Company provides mobile technology services, including web and mobile application creation, development and management for a wide
range of businesses to increase revenue, build brand recognition, and improve customer engagement. Our ever-broadening business base
of mobile application includes vehicle dealerships and racetracks, private clubs and country clubs, schools and entertainment venues,
restaurants and grocery stores, as well as various other merchant types. (www.imobileapp.com/app-gallery). The Company also designs,
launches, maintains and hosts websites for businesses incorporating SEO (search engine optimization), social media marketing, and online
reviews to improve their presence online. We provide specific, tailored action plans for our clients’ websites that include services
such as eCommerce, CRM (Customer Relationship Management) development and integration. This custom software not only helps businesses
communicate with customers but can also be inward-facing used for employees to communicate internally. The CRM software can be web based,
integrated with a mobile app, or both. We work with clients to understand their unique needs and incorporate the features and requirements
that are most important to them and will facilitate their business growth and success. Correspondingly, the Company designs and builds
custom kitchen ordering software for independent grocery stores, delicatessens, and other customer-facing food service businesses. The
software can be designed for use in a combination of ways including mobile devices and in-store ordering. The kitchen ordering software
is enabled with payment integration, text messaging notification, wireless printing, and other features. iMobile Solutions, Inc. provides
a turn-key solution for any business looking to simplify or streamline their kitchen ordering process. Additionally, we offer text messaging
services, which supplement business marketing strategies both to gain and retain brand loyalty among its clients, customers and investors.
Our text messaging platform allows our clients to easily manage, schedule and analyze text message performance.
Sparta
created its subsidiary, New World Health Brands, Inc., in April 2019, initially offering cannabidiol products which we ceased offering
effective March 31, 2023. Sparta’s response to the onset of the COVID 19 pandemic in early 2020 quickly took shape with thorough
investigations into evolving customer trends in health and wellness. As a result, we expanded New World Health Brands and developed a
new product line of natural dietary supplements.
In
August 2020, we launched an online B to C website: www.newworldhealthbrands.com, featuring high quality dietary supplements, including
vitamins and minerals, such as, Iodine for children and adults, Boron, copper/Zinc/Selenium, Magnesium, Spermidine, Vitamin B Complex,
Vitamin C and PQQ. We continue to study the market as we consider new products to add to our offerings. To ensure the safety and quality
of our products, all health and wellness offerings are exclusively sourced and manufactured in the United States and adhere to strict
U.S standards and guidelines. Sparta’s commitment to high standards and transparency are tantamount to being a trusted brand.
Sparta’s
subsidiary, Sparta Crypto, Inc., www.SpartaCrypto.com, was established in September 2020 and is in the process of completing
a proprietary state-of-the-art platform designed to connect users of widely adopted digital currencies with sellers of various goods
and services. The platform is scheduled to launch in 2023 and the Company can make no assurances that the described plan will reach
implementation. In addition, the Company has completed and tested a cryptocurrency payment gateway called SpartaPayIQ, www.SpartaPayIQ.com,
which is functional and was formally announced on March 3, 2022. Subsequently, SpartaPayIQ is the transactional engine behind Sparta
Crypto and Agoge Global USA, Inc. (“Agoge”). Agoge was formed as a subsidiary of Sparta Crypto, Inc. in December 2022
and entered in to a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border transactions between importers and
exporters of goods from the U.S. and Brazil.
In
addition, Agoge Global USA provides business intermediary services to global importers and exporters of goods and services. These business-to-business
services provided through our joint venture agreement with WeDev include, but are not limited to, industry introductions, providing tax
and regulatory compliance guidance, import and export documentation assistance, reselling services in other jurisdictions, and facilitation
of cross-border transactions.
RESULTS
OF OPERATIONS
Comparison
of the nine Months Ended January 31, 2024, and 2023
For
the nine months ended January 31, 2024, and 2023, we have generated limited sales revenues, incurred significant expenses, and sustained
substantial operating losses.
Revenues
Revenues
totaled $151,433 during the nine months ending January 31, 2024, compared to $189,042 during the nine months ending January 31, 2023.
Revenues from information technology were down by $37,609 or 20% and sales of New World Health Products remain on the same level for both
periods. This decrease was due primarily to a reduction in mobile application fees.
Cost
of Revenue
The
revenue consists of costs and fees paid to third parties to construct and maintain mobile apps and payments for subscription services
related to vehicle history reports and the cost of goods purchased for New World Health Brand products. The cost of revenue was $31,987
during the nine months ended January 31, 2023, compared to $31,069 during the nine months ended January 31, 2024.
Operating
Expenses
Operating
expenses were $893,386 during the nine months ended January 31, 2024, compared to $1,281,423 during the nine months ended January 31,
2023, a decrease of $388,037 or 30%, primarily due decrease in compensation and consulting fees in the current period. General office expenses
increased by $70,114 was due mainly to software development cost for the new business venture in Sparta Crypto.
Expenses
incurred during the current nine months period consisted primarily of the following expenses:
| |
January 31, 2024 | | |
January 31, 2023 | | |
Increase (Decrease) | | |
% | |
Compensation, option, and related cost | |
$ | 428,021 | | |
$ | 594,300 | | |
$ | (166,279 | ) | |
| (28 | )% |
Accounting, audit and professional fees | |
| 51,921 | | |
| 42,763 | | |
| 9,158 | | |
| 21 | % |
Consulting Fees | |
| 50,670 | | |
| 356,001 | | |
| (305,331 | ) | |
| (86 | )% |
Rent and Utilities | |
| 54,000 | | |
| 49,700 | | |
| 4,300 | | |
| 9 | % |
General office expenses | |
| 282,273 | | |
| 238,659 | | |
| 43,614 | | |
| 18 | % |
Research and development | |
| - | | |
| | | |
| | | |
| | |
| |
$ | 866,886 | | |
$ | 1,281,423 | | |
$ | (414,537 | ) | |
| (32 | )% |
Other
(income) expense
Other
income is comprised primarily of writing off some convertible notes of $158,294, which were expired and no longer an obligation for
the company and financing costs of $434,385 offset by gain in valuation in fair value of our derivative liabilities of $342,940. In
the previous year, debt forgiveness of $625,064, and a loss on the change in fair value of our derivative liabilities was
$5,044,879 resulted in net of $5,590,990 or 99% decrease in other income.
Net
income (loss)
Our
net loss attributable to common stockholders for the nine months ended January 31, 2024, was $675,291 compared to a net income of $4,536,254
for the nine months ended January 31, 2023, primarily due to the change in valuation of derivative liabilities for this period as compared
to nine months ending January 31, 2023, we have a gain in valuation in fair value of derivative liabilities of $5,044,879 compared to
2024 loss of $342,940.
LIQUIDITY
AND CAPITAL RESOURCES
As
of January 31, 2024, we had an accumulated deficit of $66,791,131. The net cash flow used by operations was $499,244 for the nine months
ending January 31, 2024. This deficit results primarily from our net loss of $667,097 with loss in fair valuation of derivative liabilities
of $342,940 as the significant item in our cash flow.
We
met our cash requirements during the period through proceeds from the issuance of stock for a total of $301,043, proceeds from notes
payable for a net total of $254,000 of Promissory notes to equity.
We
anticipate minimal research and development expenditures or expect the sale or acquisition of any significant property, plant, or equipment
during the next twelve months. On January 31, 2024, we had five full-time employees, three part-time employees, and one intern. If we
fully implement our business plan, our employment base may increase during the next twelve months. As we continue to expand, we will
incur additional costs for personnel. This potential increase in personnel is dependent upon our generating increased revenues and obtaining
sources of financing. We are still determining if we will successfully raise the necessary funds or generate revenues sufficient to fund
the potential increase in the number of employees. A union does not represent our employees.
While
we have raised capital to meet our working capital and financing needs in the past, additional financing is required to meet our current
and potential future cash flow deficits from operations.
We
continue to seek additional financing, whether in the form of senior debt, subordinated debt, or equity. We currently have no commitments
for financing that are not at the investor’s election. There is no guarantee that we will successfully raise funds required to
support our operations.
We
will need approximately $1,000,000 in addition to our normal operating cash flow to conduct operations during the next twelve months.
However, there can be no assurance that additional private or public financing, including debt or equity financing, will be available
as needed or, if available, on terms favorable to us. Any additional equity financing may be dilutive to stockholders. Such additional
equity securities may have rights, preferences, or privileges that are senior to those of our existing common or preferred stock. Furthermore,
if available, debt financing will require the payment of interest. However, it may involve restrictive covenants limiting our operating
flexibility if we cannot generate sufficient liquidity from operations or raise enough capital resources on acceptable terms. In that
case, this could have a material adverse effect on our business, results of operations, liquidity, and financial condition. We must adjust
our planned operations and development on a more limited scale.
The
effect of inflation on our revenue and operating results was not significant. Our operations are located in North America, and no seasonal
aspects would have a material impact on our financial condition or results of operations.
GOING
CONCERN ISSUES
The
Company’s historical losses and the lack of revenues raise substantial doubts about the Company’s ability to continue as
a going concern. We cannot assure that our business operations will develop and provide us with significant cash to continue operations.
If we cannot build our business, we have to discontinue operations or cease to exist, which would be detrimental to the value of the
Company’s common stock.
To
improve the Company’s liquidity, the Company’s management is actively pursuing additional financing through discussions with
investment bankers, financial institutions, and private investors. There can be no assurance that the Company will be successful in its
effort to secure additional financing.
We
continue to experience net operating losses. Our ability to continue as a going concern is subject to our ability to develop profitable
operations. We are devoting all our efforts to growing our business and raising capital. Our net operating losses increase the difficulty
in meeting such goals, and there can be no assurance that such methods will prove successful.
The
primary issues management will focus on in the immediate future include: seeking additional credit facilities from institutional lenders,
institutional investors for debt or equity investments in our Company, short-term interim debt financing: and private placements of debt
and equity securities with accredited investors.
To
address these issues, we have engaged a financial advisory firm to advise and assist us in negotiating and raising capital.
INFLATION
The
impact of inflation on the costs of the Company and the ability to pass on cost increases to its customers over time is dependent upon
market conditions. The Company is not aware of any inflationary pressures that have had any significant impact on the Company’s
operations over the past quarter, and the Company does not anticipate that inflationary factors will have a substantial effect on future
operations.
OFF-BALANCE
SHEET ARRANGEMENTS
The
Company does not maintain off-balance sheet arrangements or participate in non-exchange traded contracts requiring fair value accounting
treatment.
CRITICAL
ACCOUNTING POLICIES
The
preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires us
to make estimates and judgments that affect our reported assets, liabilities, revenues, and expenses and the disclosure of contingent
assets and liabilities. We base our estimates and judgments on historical experience and various other assumptions we believe to be reasonable
under the circumstances. Future events, however, may differ markedly from our current expectations and assumptions. While several significant
accounting policies affect our financial statements, the following critical accounting policy involves the most complex, difficult, and
subjective estimates and judgments.
Revenue
Recognition
During
the first quarter of 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), using the cumulative-effect
method. The new standard requires an entity to recognize revenue when it transfers 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. The adoption did
not impact our consolidated financial statements other than the enhancement of our disclosures related to our revenue-generating activities.
The
Company acts as a principal in its revenue transactions as it is the primary obligor.
Revenues
from mobile app products and New World Health Brands products are generally recognized upon delivery. Revenues from History Reports are
generally recognized upon delivery/download. Prepayments received from customers before delivery (if any) are recognized as deferred
revenue and recognized upon delivery. The Company records deferred revenues when cash payments are received or due before our performance,
including refundable amounts.
Information
Technology:
The
Company recognizes revenue when the following criteria have been met:
|
● |
Persuasive
evidence of an arrangement exists. |
|
● |
No
significant Company obligations remain. |
|
● |
Collection
of the related receivable is reasonably assured. |
|
● |
The
fees are fixed or determinable. |
The
Company acts as a principal in its revenue transactions as it is the primary obligor.
Revenues
from mobile app products are generally recognized upon delivery. Revenues from History Reports are generally recognized upon delivery/download.
Prepayments received from customers before delivery (if any) are recognized as deferred revenue and recognized upon delivery.
New
World Health Brands:
Revenues
from New World Health Brands products are generally recognized upon delivery.
Stock-Based
Compensation
The
Company adopted Financial Accounting Standards Board Accounting Standard Codification Topic 718 (“ASC 718-10”), which
records compensation expense on a straight-line basis, generally over the explicit service period of three to five years.
ASC
718-10 requires companies to estimate the fair value of share-based payment awards on the grant date using an option-pricing model. The
value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in
the Company’s Consolidated Statement of Operations. The Company is using the Black-Scholes option-pricing model as its method of
valuation for share-based awards. The Company’s determination of the fair value of share-based payment awards on the date of grant
using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding several highly complex
and subjective variables. These variables include but are not limited to the Company’s expected stock price volatility over the
awards term and other market variables, such as the risk-free interest rate.
Inventories
Inventory
comprises finished goods for the Company’s New World Health Brands business. The Company’s inventories represent finished
goods, consisting of products available for sale. They are accounted for using the first-in, first-out (FIFO) method and valued at the
lower cost or net realizable value.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards
for “Accounting for Derivative Instruments and Hedging Activities” (“ASC 815-40”).
ASC
815-40 provides that, among other things, generally, if an event is not within the entity’s control and could or require net cash
settlement, then the contract shall be classified as an asset or a liability. The Company accounts for convertible instruments (when
it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional
standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional
standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts
to convertible notes for the intrinsic value of conversion options embedded in debt instruments based on the differences between the
fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded
in the note. The Company also records, when necessary, deemed dividends for the intrinsic value of conversion options embedded in preferred
shares based upon the differences between the underlying common stock’s fair value at the note transaction’s commitment date
and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related
debt to their earliest redemption date.
Derivative
Liabilities
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed conventional, as described.
RECENT
ACCOUNTING PRONOUNCEMENTS
For
information regarding recent accounting pronouncements and their effect on the Company, see “Recent Accounting Pronouncements”
in Note A of the Notes to Consolidated Financial Statements contained herein.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act, that are designed to ensure
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported within the periods specified in the SEC’s rules and forms and that such information is accumulated and
communicated to our management, including our Chief Executive Officer and Principal Financial Officer, as appropriate to allow timely
decisions regarding required disclosure. Under the supervision and participation of our management, including our Chief Executive Officer
and Principal Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures as of January 31, 2024. Based
on the evaluation of these disclosure controls and procedures and in light of the material weaknesses found in our internal controls,
the Chief Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were not effective.
Management
Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f)
of the Exchange Act. Under the supervision and with the participation of our Chief Executive Officer and Principal Financial Officer,
we evaluated the effectiveness of our internal control over financial reporting as of January 31, 2024, using the criteria established
in the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on
a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting
that is less severe than a material weakness yet necessary enough to merit attention by those responsible for oversight of the Company’s
financial reporting. In our assessment of the effectiveness of internal control over financial reporting as of January 31, 2024, we determined
that control deficiencies existed that constituted material weaknesses, as described below:
●
lack of documented policies and procedures;
●
we have no audit committee;
●
there is a risk of management override, given that our officers have a high degree of involvement in our day-to-day operations;
●
there is no effective separation of duties, which includes monitoring controls, between the members of management.
Due
to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. As a result,
we have been unable to improve our internal controls over financial reporting during the year ending January 31, 2024. However, to the
extent possible, we will implement procedures to ensure that the initiation of transactions, the custody of assets, and the recording
of transactions will be performed by separate individuals. Management is currently evaluating the steps to address these material weaknesses.
Accordingly,
these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements
will not be prevented or detected on a timely basis by our internal controls.
As
a result of the material weaknesses described above, management has concluded that we did not maintain effective internal control over
financial reporting as of January 31, 2024, based on criteria established in Internal Control Integrated Framework issued by COSO.
In
light of these significant deficiencies, we performed additional analyses and procedures to conclude that our consolidated financial
statements for the year ended April 30, 2023, included in this quarterly report on Form 10-Q, were fairly stated in accordance with U.S.
GAAP. Accordingly, management believes that despite our significant deficiency, our consolidated financial statements for the nine months
ended January 31, 2024, are fairly stated, in all material respects, in accordance with U.S. GAAP.
This
annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control
over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting
firm pursuant to rules of the Securities and Exchange Commission that permit a smaller reporting company to provide only management’s
report in its annual report.
Statement of Auditing Standards No. 100, Interim Financial Information (“SAS100”)
requires a registrant to engage an independent accountant to review the registrant’s interim financial information. The financial
statements included in this filing has not been subject to a review by its independent public accountant
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
As
of January 31, 2024, we have not been named as parties to any further legal proceedings except those disclosed prior and updated below.
From time to time, we may become involved in other legal proceedings, which sometimes arise due to the very nature of and in the ordinary
course of this business.
By
way of background, the Company had received notices dated April 1, 2016, May 13, 2016, and July 22, 2016, from two lenders claiming defaults
relating to conversion requests of $8,365.00 in principal plus interest, attorney fees, and $5,000.00 in principal plus interest also
seeking stock conversions aside from the stated principal and interest concerning notes in the total amounts of $55,125.00 and $27,500.00,
respectively, which the Company has declined to process and believes it has valid, meritorious defenses in that regard. The Company believes
these claims are contingent and unliquidated and disputes the same. While there can be no assurances that the Company would prevail in
any potential litigation concerning allegations brought against the Company, these potential liabilities have been recorded in the unaudited
condensed consolidated financial statements.
Concerning
the above claims, on September 22, 2016, a motion for summary judgment in lieu of complaint was filed in the Supreme Court in the State
of New York: County of Kings against the Company by a lender for the amount of $102,170.82 in principal and stock conversion interest,
plus fees and costs. Plaintiff’s motion for summary judgment in lieu of complaint was denied on May 5, 2017. On August 22, 2018,
Plaintiff brought a second motion seeking summary judgment on the liability issue, again denied by the Court on March 14, 2019. The most
recent appearance in this matter had been scheduled for March 13, 2020, at which time the Court marked the case “adjourned without
a date” due to the restrictions imposed on the Courts arising from the COVID-19 pandemic. To date, no further Court appearances
have been scheduled in this matter. However, most notably, a favorable decision from the New York State Court of Appeals regarding the
same types of transactions has since been determined to be criminally usurious and, therefore, unenforceable management believes. These
were the very same defenses raised on behalf of the Company.
ITEM
1A. RISK FACTORS
We
are subject to certain risks and uncertainties in our business operations, including those described below. The risks and uncertainties
described below are not the only risks we face. Additional risks and uncertainties not presently known or deemed immaterial may also
impair our business operations. A description of factors that could materially affect our business, financial condition, or operating
results was included in Item 1A, “Risk Factors,” of our Form 10-K for the year ended April 30, 2023, and is incorporated
herein by reference.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Each
issuance and sale of securities described below was deemed exempt from registration under the Securities Act in reliance on Section 4(a)(2)
of the Securities Act of 1933, as amended, as transactions by an issuer not involving a public offering. No advertising or general solicitation
was employed in offering the securities. Each purchaser is a sophisticated investor (as described in Rule 506(b) (2) (ii) of Regulation
D) or an accredited investor (as defined in Rule 501 of Regulation D). Each received adequate information about the Company or had access
to such information, through employment or other relationships, to such information.
Sales
of Preferred Stock, Common Stock, and Warrants:
During
the nine months that ended January 31, 2024 the Company:
|
● |
Sold
to eleven accredited investors 2,230,094 shares of common stock for cash of $381,929. |
|
● |
Entered
into promissory notes with five accredited investors totaling $254,000. |
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
5. OTHER INFORMATION
Not
applicable.
ITEM
6. EXHIBITS
The
following exhibits are filed with this Report:
*Filed
herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant caused this Report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
SPARTA
COMMERCIAL SERVICES, INC. |
|
|
Date:
June 14, 2024 |
By: |
/s/
Anthony L. Havens |
|
|
Anthony
L. Havens, Chief Executive Officer, |
|
|
Principal
financial and accounting officer |
EXHIBIT
31.1
CERTIFICATIONS
I,
Anthony L. Havens, certify that:
1.
I have reviewed this Report on Form 10-Q/A for the period ended January 31, 2024 of Sparta Commercial Services, Inc.;
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.
As the registrant’s sole certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange 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 my supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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
my 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 my 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.
As the registrant’s sole certifying officer, I have disclosed, based on my 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.
Date:
June 14, 2024
|
/s/
Anthony L. Havens |
|
Anthony
L. Havens |
|
Chief
Executive Officer, principal executive officer |
EXHIBIT
31.2
CERTIFICATIONS
I,
Anthony L. Havens, certify that:
1.
I have reviewed this Report on Form 10-Q/A for the period ended January 31, 2024 of Sparta Commercial Services, Inc.;
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.
As the registrant’s sole certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange 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 my supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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
my 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 my 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.
As the registrant’s sole certifying officer, I have disclosed, based on my 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.
Date:
June 14, 2024
|
/s/
Anthony L. Havens |
|
Anthony
L. Havens |
|
Principal
financial and accounting officer |
EXHIBIT
32.1
CERTIFICATION
PURSUANT
TO 18 U.S.C. SECTION 1350
In
connection with the Quarterly Report of Sparta Commercial Services, Inc. (the “Company”) on Form 10-Q/A for the period ended
January 31, 2024, as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Anthony
L. Havens, Chief Executive Officer and principal financial and accounting officer of the Company, do hereby certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and |
|
|
(2) |
The information contained
in the Report fairly presents, in all material respects, the financial conditions and results of operations of the Company. |
Date:
June 14, 2024
|
/s/
Anthony L. Havens |
|
Anthony
L. Havens, Chief Executive Officer, |
|
Principal
executive officer, principal financial and accounting officer |
v3.24.1.1.u2
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|
9 Months Ended |
Jan. 31, 2024
shares
|
Cover [Abstract] |
|
Document Type |
10-Q/A
|
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true
|
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This
Form 10-Q/A amends the Company’s Quarterly Report on Form 10-Q for the three months ended January 31, 2024 as originally filed
with the Securities and Exchange Commission (the “SEC”) on March 25, 2024 (the “Original Filing”). Rule 10-01(d)
of Regulation S-X requires that interim financial statements included in quarterly reports on Form 10-Q be reviewed by an independent
public accountant. The Company was unable to obtain a review by its independent public accountant of its financial statements before
the Original Filing. Consequently, the consolidated financial statements in the Original Filing were not reviewed by an independent public
accountant in accordance with Statement of Auditing Standards No. 100, Interim Financial Information (“SAS100”). The financial
statements included herein have now been reviewed in accordance with SAS100 and the Company is filing this amended Form 10-Q/A.
|
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|
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false
|
Document Period End Date |
Jan. 31, 2024
|
Document Fiscal Period Focus |
Q3
|
Document Fiscal Year Focus |
2024
|
Current Fiscal Year End Date |
--04-30
|
Entity File Number |
0-9483
|
Entity Registrant Name |
SPARTA
COMMERCIAL SERVICES, INC.
|
Entity Central Index Key |
0000318299
|
Entity Tax Identification Number |
30-0298178
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
555
Fifth Avenue
|
Entity Address, Address Line Two |
14th Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10017
|
City Area Code |
(212)
|
Local Phone Number |
239-2666
|
Title of 12(b) Security |
Common stock, $.001 par
value
|
Trading Symbol |
SRCO
|
Entity Current Reporting Status |
Yes
|
Entity Interactive Data Current |
Yes
|
Entity Filer Category |
Non-accelerated Filer
|
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true
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jan. 31, 2024 |
Apr. 30, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 5,417
|
$ 4,028
|
Accounts receivable |
2,890
|
|
Inventory |
3,831
|
|
Other current assets |
|
|
Total Current Assets |
12,138
|
4,028
|
Property and equipment, net of accumulated depreciation and amortization of $213,262 and $213,262, respectively |
|
|
Deposits - rent deposit |
9,000
|
9,000
|
Total assets |
21,138
|
13,028
|
Current Liabilities |
|
|
Bank overdraft |
|
54,410
|
Short Term Loan |
1,585
|
1,585
|
Accounts payable and accrued expenses |
1,587,488
|
1,698,457
|
Derivative liabilities |
1,032,827
|
1,375,767
|
Current portion notes payable |
7,151,809
|
6,694,245
|
Deferred revenue |
|
|
Total Current Liabilities |
9,773,709
|
9,824,464
|
Total Long Term Liabilities |
615,537
|
435,753
|
Total liabilities |
10,389,246
|
10,260,217
|
Stockholders’ Deficit: |
|
|
Common stock, $0.001 par value; 750,000,000 shares authorized, and 26,141,023 and 23,045,205 shares issued and outstanding, respectively |
26,141
|
23,045
|
Common stock to be issued 25,417,133 and 23,704,788, respectively |
26,322
|
23,705
|
Additional paid-in-capital |
55,378,252
|
54,872,206
|
Accumulated deficit |
(66,791,131)
|
(66,150,857)
|
Total deficiency in stockholders’ equity |
(11,345,597)
|
(11,216,484)
|
Non-controlling interest |
977,489
|
969,295
|
Total Deficit |
(10,368,107)
|
(10,247,189)
|
Total Liabilities and Deficit |
21,138
|
13,028
|
Series A Convertible Preferred Stock [Member] |
|
|
Stockholders’ Deficit: |
|
|
Preferred stock, value |
12,500
|
12,500
|
Series C Preferred Stock [Member] |
|
|
Stockholders’ Deficit: |
|
|
Preferred stock, value |
1,919
|
1,979
|
Series D Preferred Stock [Member] |
|
|
Stockholders’ Deficit: |
|
|
Preferred stock, value |
401
|
938
|
Related Party [Member] |
|
|
Current Liabilities |
|
|
Loans payable-related parties |
$ 615,537
|
$ 435,753
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
|
Jan. 31, 2024 |
Apr. 30, 2023 |
Property and equipment, net of accumulated depreciation and amortization |
$ 213,262
|
$ 213,262
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares designated |
10,000,000
|
10,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
750,000,000
|
750,000,000
|
Common stock shares issued |
26,141,023
|
23,045,205
|
Common stock shares outstanding |
26,141,023
|
23,045,205
|
Common stock to be issued |
25,417,133
|
23,704,788
|
Series A Convertible Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 100
|
$ 100
|
Preferred stock, shares designated |
35,850
|
35,850
|
Preferred stock, shares issued |
125
|
125
|
Preferred stock, shares outstanding |
125
|
125
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
|
$ 0.001
|
Preferred stock, shares designated |
4,200,000
|
4,200,000
|
Preferred stock, shares issued |
1,919,157
|
1,979,157
|
Preferred stock, shares outstanding |
1,919,157
|
1,979,157
|
Preferred stock, liquidation and redemption value per share |
$ 1.00
|
$ 1
|
Series D Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares designated |
2,000,000
|
2,000,000
|
Preferred stock, shares issued |
400,877
|
937,701
|
Preferred stock, shares outstanding |
400,877
|
937,701
|
Preferred stock, liquidation and redemption value per share |
$ 1.00
|
$ 1.00
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Revenue |
|
|
|
|
Total Revenue |
$ 36,736
|
$ 63,670
|
$ 151,433
|
$ 189,042
|
Less Cost of goods sold |
8,010
|
9,142
|
31,069
|
31,987
|
Gross profit |
28,725
|
54,528
|
120,363
|
157,055
|
Operating expenses: |
|
|
|
|
Compensation and Related Cost |
128,229
|
248,614
|
428,021
|
594,300
|
Consulting Fee |
15,780
|
22,611
|
50,670
|
356,001
|
Rent and lease |
18,000
|
17,100
|
54,000
|
49,700
|
Accounting and Legal |
6,271
|
19,763
|
51,921
|
42,763
|
General and administrative |
78,722
|
95,607
|
282,273
|
238,659
|
Research and Development |
|
|
|
|
Total operating expenses |
247,003
|
403,695
|
866,886
|
1,281,423
|
Loss from operations |
(218,278)
|
(349,167)
|
(746,523)
|
(1,124,368)
|
Other Income ( expense) |
|
|
|
|
Commission on municipal bonds |
8,680
|
473
|
12,577
|
473
|
Financing cost |
(149,517)
|
2,305
|
(434,385)
|
|
Write off convertible notes and bad debt |
97,505
|
(324,970)
|
158,294
|
625,064
|
Gain (loss) in changes in fair value of derivative liability |
165,567
|
1,757,044
|
342,940
|
5,044,879
|
Total other (income) expense |
122,235
|
1,434,852
|
79,426
|
5,670,416
|
Net income (loss) |
(96,043)
|
1,085,685
|
(667,097)
|
4,546,048
|
Net profit attributable to minority shareholder |
(3,514)
|
(3,080)
|
(8,195)
|
(9,794)
|
Preferred dividend |
|
|
|
|
Net income (loss) attributed to common stockholders |
$ (99,556)
|
$ 1,082,605
|
$ (675,291)
|
$ 4,536,254
|
Basic and diluted loss per share: |
|
|
|
|
Loss from continuing operations attributable to Sparta Commercial Services, Inc. common stockholders, basic |
|
|
|
|
Loss from continuing operations attributable to Sparta Commercial Services, Inc. common stockholders, diluted |
|
|
|
|
Net loss attributable to Sparta Commercial Services, Inc. common stockholders, basic |
(0.004)
|
(0.05)
|
(0.037)
|
0.25
|
Net loss attributable to Sparta Commercial Services, Inc. common stockholders, diluted |
$ (0.004)
|
$ (0.05)
|
$ (0.037)
|
$ 0.25
|
Weighted average shares outstanding, basic |
25,432,999
|
19,686,822
|
18,074,511
|
18,074,511
|
Weighted average shares outstanding, diluted |
25,432,999
|
19,686,822
|
18,074,511
|
18,074,511
|
Information technology [Member] |
|
|
|
|
Revenue |
|
|
|
|
Total Revenue |
$ 30,071
|
$ 60,120
|
$ 128,142
|
$ 173,559
|
New World Health [Member] |
|
|
|
|
Revenue |
|
|
|
|
Total Revenue |
$ 6,665
|
$ 3,550
|
$ 23,291
|
$ 15,483
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Shareholder's Deficits - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series C Preferred Stock [Member]
|
Preferred Stock [Member]
Series D Preferred Stock [Member]
|
Common Stock [Member] |
Common Stock to be Issued [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Apr. 30, 2022 |
$ 12,500
|
$ 2,363
|
$ 618
|
$ 15,128
|
$ 8,292
|
$ 53,210,921
|
$ (73,984,686)
|
$ 984,175
|
$ (19,750,689)
|
Balance, shares at Apr. 30, 2022 |
125
|
2,163,000
|
618,411
|
15,128,005
|
8,916,805
|
|
|
|
|
Conversion of notes to common shares |
|
|
|
|
|
|
|
|
|
Issuance of common shares for cash |
|
|
|
|
$ 1,824
|
93,175
|
|
|
94,999
|
Issuance of stock for services, shares |
|
|
|
|
1,824,771
|
|
|
|
|
Shares issued for services |
|
|
|
$ (1,595)
|
|
(243,786)
|
|
|
(245,381)
|
Conversion of Preferred to common shares |
|
$ (60)
|
|
60
|
|
9,940
|
|
|
9,940
|
Net loss for the quarter |
|
|
|
|
|
|
1,101,351
|
3,924
|
1,105,275
|
Issuance of stock for services |
|
|
|
1,595
|
|
243,786
|
|
|
245,381
|
Issuance of preferred shares |
|
|
|
|
|
|
|
|
|
Issuance of shares for equity |
|
|
|
518
|
|
44,128
|
|
|
44,646
|
Balance at Jul. 31, 2022 |
$ 12,500
|
$ 2,303
|
$ 618
|
$ 17,301
|
$ 10,116
|
53,601,950
|
(72,883,335)
|
988,099
|
(18,250,448)
|
Balance, shares at Jul. 31, 2022 |
125
|
2,103,000
|
618,411
|
17,301,298
|
10,741,576
|
|
|
|
|
Balance at Apr. 30, 2022 |
$ 12,500
|
$ 2,363
|
$ 618
|
$ 15,128
|
$ 8,292
|
53,210,921
|
(73,984,686)
|
984,175
|
(19,750,689)
|
Balance, shares at Apr. 30, 2022 |
125
|
2,163,000
|
618,411
|
15,128,005
|
8,916,805
|
|
|
|
|
Issuance of shares for services, shares |
|
|
|
1,594,960
|
|
|
|
|
|
Conversion of Preferred to common shares, shares |
|
(60,000)
|
|
60,000
|
|
|
|
|
|
Issuance of shares for equity, shares |
|
|
|
518,333
|
|
|
|
|
|
Balance at Jul. 31, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 23,951
|
$ 24,007
|
55,052,142
|
(66,362,200)
|
972,004
|
(10,274,679)
|
Balance, shares at Jul. 31, 2023 |
125
|
1,979,157
|
937,701
|
23,951,111
|
24,006,882
|
|
|
|
|
Balance at Jul. 31, 2022 |
$ 12,500
|
$ 2,303
|
$ 618
|
$ 17,301
|
$ 10,116
|
53,601,950
|
(72,883,335)
|
988,099
|
(18,250,448)
|
Balance, shares at Jul. 31, 2022 |
125
|
2,103,000
|
618,411
|
17,301,298
|
10,741,576
|
|
|
|
|
Net loss for the quarter |
|
|
|
|
|
|
2,352,298
|
2,789
|
2,355,087
|
Issuance of shares for equity |
|
|
|
$ 330
|
|
24,670
|
|
|
25,000
|
Issuance of shares for equity, shares |
|
|
|
330,179
|
|
|
|
|
|
Conversion of Preferred to common shares C |
|
$ (581)
|
|
$ 581
|
|
96,915
|
|
|
96,915
|
Conversion of Preferred to common shares C, shares |
|
(581,000)
|
|
581,000
|
|
|
|
|
|
Conversion of Preferred to common shares D |
|
|
$ (141)
|
$ 141
|
|
141,053
|
|
|
141,053
|
Conversion of Preferred to common shares D, shares |
|
|
(141,000)
|
141,000
|
|
|
|
|
|
Stocks issued as note holder incentive |
|
|
|
$ 213
|
|
19,388
|
|
|
19,601
|
Stocks issued as note holder incentive, shares |
|
|
|
212,500
|
|
|
|
|
|
Issuance of common shares for cash |
|
|
|
$ 135
|
506
|
49,359
|
|
|
50,000
|
Issuance of common shares for cash, shares |
|
|
|
134,805
|
|
|
|
|
|
Balance at Oct. 31, 2022 |
$ 12,500
|
$ 1,722
|
$ 477
|
$ 18,701
|
$ 10,622
|
53,933,335
|
(70,531,037)
|
990,888
|
(15,562,792)
|
Balance, shares at Oct. 31, 2022 |
125
|
1,522,000
|
477,411
|
18,700,782
|
11,247,437
|
|
|
|
|
Issuance of stock for services, shares |
|
|
|
333,939
|
|
|
|
|
|
Shares issued for services |
|
|
|
$ (334)
|
|
(37,261)
|
|
|
(37,595)
|
Net loss for the quarter |
|
|
|
|
|
|
(99,556)
|
3,514
|
(96,043)
|
Issuance of stock for services |
|
|
|
334
|
|
37,261
|
|
|
37,595
|
Issuance of shares for equity |
|
|
|
$ 952
|
|
83,098
|
|
|
84,050
|
Issuance of shares for equity, shares |
|
|
|
952,036
|
|
|
|
|
|
Conversion of preferred shares |
|
$ (1,922)
|
|
$ 747
|
$ 1,175.10
|
190,103
|
|
|
190,103
|
Conversion of preferred shares, shares |
|
(1,922,101)
|
|
747,000
|
1,175,101.00
|
|
|
|
|
Issuance for Notes payable |
|
|
|
$ 379
|
|
34,160
|
|
|
34,539
|
Issuance for Notes payable, shares |
|
|
|
378,909
|
|
|
|
|
|
Adjustment |
|
$ 2,179
|
$ 461
|
|
$ 11,537
|
292,115
|
|
|
306,292
|
Adjustment, shares |
|
2,379,258
|
460,343
|
468,783
|
10,910,900
|
|
|
|
|
Balance at Jan. 31, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 21,113
|
$ 23,334
|
54,570,072
|
(70,630,593)
|
994,402
|
(15,006,255)
|
Balance, shares at Jan. 31, 2023 |
125
|
1,979,157
|
937,754
|
21,581,449
|
23,333,438
|
|
|
|
|
Balance at Apr. 30, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 23,045
|
$ 23,705
|
54,872,206
|
(66,150,857)
|
969,295
|
(10,247,189)
|
Balance, shares at Apr. 30, 2023 |
125
|
1,979,157
|
937,701
|
23,045,205
|
23,704,788
|
|
|
|
|
Issuance of Preferred and Common Stock for Cash |
|
|
|
|
$ 1,133
|
103,867
|
|
|
105,000
|
Issuance of Preferred and Common Stock for Cash, shares |
|
|
|
|
1,133,000
|
|
|
|
|
Conversion of notes to common shares |
|
|
|
$ 75
|
|
6,900
|
|
|
6,975
|
Conversion of notes to common shares, shares |
|
|
|
75,000
|
|
|
|
|
|
Issuance of common shares for cash |
|
|
|
$ 831
|
$ (831)
|
69,169
|
|
|
69,169
|
Issuance of stock for services, shares |
|
|
|
830,906
|
(830,906)
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
|
Conversion of Preferred to common shares |
|
|
|
|
|
|
|
|
|
Preferred dividend |
|
|
|
|
|
|
|
|
|
Net loss for the quarter |
|
|
|
|
|
|
(211,343)
|
2,709
|
(208,643)
|
Issuance of stock for services |
|
|
|
|
|
|
|
|
|
Balance at Jul. 31, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 23,951
|
$ 24,007
|
55,052,142
|
(66,362,200)
|
972,004
|
(10,274,679)
|
Balance, shares at Jul. 31, 2023 |
125
|
1,979,157
|
937,701
|
23,951,111
|
24,006,882
|
|
|
|
|
Balance at Apr. 30, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 23,045
|
$ 23,705
|
54,872,206
|
(66,150,857)
|
969,295
|
(10,247,189)
|
Balance, shares at Apr. 30, 2023 |
125
|
1,979,157
|
937,701
|
23,045,205
|
23,704,788
|
|
|
|
|
Issuance of common shares for cash |
|
|
|
$ 243,875
|
|
|
|
|
|
Issuance of stock for services, shares |
|
|
|
2,976,906
|
|
|
|
|
|
Shares issued for services |
|
|
|
$ (48,491)
|
|
|
|
|
|
Issuance of stock for services |
|
|
|
$ 48,491
|
|
|
|
|
|
Issuance of shares for services, shares |
|
|
|
497,995
|
|
|
|
|
|
Balance at Jan. 31, 2024 |
$ 12,500
|
$ 1,919
|
$ 401
|
$ 26,141
|
$ 26,662
|
55,378,252
|
(66,791,131)
|
977,489
|
(10,368,107)
|
Balance, shares at Jan. 31, 2024 |
125
|
1,919,157
|
400,877
|
26,141,023
|
25,416,783
|
|
|
|
|
Balance at Jul. 31, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 23,951
|
$ 24,007
|
55,052,142
|
(66,362,200)
|
972,004
|
(10,274,679)
|
Balance, shares at Jul. 31, 2023 |
125
|
1,979,157
|
937,701
|
23,951,111
|
24,006,882
|
|
|
|
|
Issuance of Preferred and Common Stock for Cash |
|
|
|
|
$ 988
|
64,012
|
|
|
65,000
|
Issuance of Preferred and Common Stock for Cash, shares |
|
|
|
|
988,000
|
|
|
|
|
Issuance of common shares for cash |
|
|
|
$ 25
|
|
3,850
|
|
|
3,875
|
Issuance of stock for services, shares |
|
|
|
25,000
|
|
|
|
|
|
Preferred dividend |
|
|
|
$ 347
|
$ (347)
|
24,653
|
|
|
24,653
|
Net loss for the quarter |
|
|
|
|
|
|
(364,392)
|
1,972
|
(362,420)
|
Stocks issued as a note holder incentive |
|
|
|
|
$ 54
|
4,946
|
|
|
5,000
|
Stocks issued as a note holder incentive, shares |
|
|
|
|
54,000
|
|
|
|
|
Preferred dividend, shares |
|
|
|
347,345
|
(347,345)
|
|
|
|
|
Balance at Oct. 31, 2023 |
$ 12,500
|
$ 1,979
|
$ 938
|
$ 24,323
|
$ 24,702
|
55,149,603
|
(66,726,592)
|
973,976
|
(10,538,571)
|
Balance, shares at Oct. 31, 2023 |
125
|
1,979,157
|
937,701
|
24,323,456
|
24,701,537
|
|
|
|
|
Shares issued for services |
|
|
|
$ (151)
|
|
(23,340)
|
|
|
(23,490)
|
Net loss for the quarter |
|
|
|
|
|
|
(99,556)
|
3,514
|
(96,043)
|
Conversion of notes payables |
|
|
|
$ 900
|
$ 886
|
148,214
|
|
|
150,000
|
Conversion of notes payables, shares |
|
|
|
900,000
|
886,000
|
|
|
|
|
Conversion of preferred shares |
|
$ (60)
|
$ (537)
|
$ 768
|
$ (171)
|
|
|
|
(0)
|
Conversion of preferred shares, shares |
|
(60,000)
|
(536,824)
|
767,578
|
(170,754)
|
|
|
|
|
Issuance of stock for services |
|
|
|
$ 151
|
|
23,340
|
|
|
23,490
|
Issuance of shares for services, shares |
|
|
|
149,989
|
|
|
|
|
|
Issuance for cash received |
|
|
|
|
$ 904
|
57,095
|
|
|
57,999
|
Prior period adjustments |
|
|
|
|
|
|
35,017
|
|
35,017
|
Balance at Jan. 31, 2024 |
$ 12,500
|
$ 1,919
|
$ 401
|
$ 26,141
|
$ 26,662
|
$ 55,378,252
|
$ (66,791,131)
|
$ 977,489
|
$ (10,368,107)
|
Balance, shares at Jan. 31, 2024 |
125
|
1,919,157
|
400,877
|
26,141,023
|
25,416,783
|
|
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Jan. 31, 2024 |
Jan. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net Income ( loss ) |
$ (667,097)
|
$ 4,546,048
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
|
|
Loss (Gain) from change in fair value of derivative liabilities |
(342,940)
|
(5,044,879)
|
Amortization of debt discount |
|
|
Non-cash financing cost |
434,385
|
|
Non-cash consulting fees |
|
2,480
|
Write off promissory notes |
(158,294)
|
(625,064)
|
Non-cash services rendered (shares issued) |
48,144
|
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
(2,890)
|
(2,168)
|
Inventory |
(3,831)
|
3,166
|
Accounts payable and accrued expenses |
(110,969)
|
78,215
|
Accrued interest |
304,249
|
|
Deferred revenue |
|
(5,348)
|
Net cash used in operating activities |
(499,244)
|
(1,047,550)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Bank overdraft |
(54,410)
|
13,895
|
Proceeds from sale of stock net of conversion |
301,043
|
135,000
|
Proceeds from notes payable |
254,000
|
|
Proceeds from related party notes |
|
(37,650)
|
Payments on related party notes |
|
|
Net adjustments /conversion of promissory notes |
|
936,600
|
Net cash provided by financing activities |
500,633
|
1,047,845
|
Net (decrease) increase in cash |
1,389
|
295
|
Cash and cash equivalents, beginning of period |
4,028
|
317
|
Cash and cash equivalents, end of period |
5,417
|
612
|
Cash paid for: |
|
|
Interest |
|
|
Income taxes |
|
|
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Jan. 31, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A
summary of the significant accounting policies applied in the preparation of the accompanying unaudited condensed consolidated financial
statements follows.
Business
General
Overview
Sparta
Commercial Services, Inc. (“Sparta,” “we,” “us,” or the “Company”) is a Nevada corporation
with headquarters in New York City. We are a multi-disciplined parent corporation operating across three business sectors – Financial
Services, E-Commerce & Mobile Technology, and Health and Wellness.
Sparta’s
historic roots were in the Powersports industry until the financial crisis that began 2008. The Company provided consumer retail
installment loans and leases through authorized motorcycle dealerships in 33 states, with financing lines of credit provided by
institutional lenders. In 2007, the Company introduced a Municipal Financing program which has financed over 100 jurisdictions to
date.
Vehicle
History Reports are a staple of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is
intended for personal, business or recreational use, Sparta’s Vehicle History Reports are highly regarded for accuracy and
completeness and have been sold across all 50 states and in 62 countries worldwide.
With
iMobile App, the Company additionally provides mobile technology services, including web and mobile application creation,
development and management, text messaging services, CRM (Customer Relationship Management) tools, and custom kitchen ordering
systems for a wide range of businesses to increase revenue, build brand recognition, and improve customer engagement.
Sparta’s
subsidiary, New World Health Brands, Inc., offers high quality dietary supplements.
Sparta’s
subsidiary, Sparta Crypto, Inc., is in the process of completing a proprietary state-of-the-art platform designed to connect users of
widely adopted digital currencies with sellers of various goods and services; and has completed and tested a cryptocurrency payment gateway
called SpartaPayIQ. Agoge Global USA, Inc. (“Agoge”) was formed as a subsidiary of Sparta Crypto, Inc. in December 2022 and
entered into a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border transactions between importers and exporters
of goods from the U.S. and Brazil and is expected to launch in last fiscal quarter of 2024
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements as of January 31, 2024 and for the nine months ended January 31, 2024
and 2023 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission, including
Form 10-Q and Regulation S-K. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and
adjustments), which are, in the opinion of management, necessary to fairly present the operating results for the respective periods.
Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been omitted pursuant to such rules and regulations. The Company believes that
the disclosures provided are adequate to make the information presented not misleading.
These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and explanatory notes for the year ended April 30, 2023 as disclosed in the Company’s Form 10-K for that year as filed with the
Securities and Exchange Commission on August 15, 2023.
The
results of operations for the nine months ended January 31, 2024 are not necessarily indicative of the results to be expected for any
other interim period or the full year ending April 30, 2024.
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All material intercompany
transactions and balances have been eliminated in consolidation. The third-party ownership of the Company’s subsidiary is accounted
for as noncontrolling interest in the consolidated financial statements. Changes in the noncontrolling interest are reported in the statement
of changes in deficit.
Estimates
These
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America,
which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures
of revenues and expenses for the said period. Accordingly, actual results could differ from those estimates.
Revenue
Recognition
During
the first quarter of 2018, the Company adopted A.S.U. 2014-09, Revenue from Contracts with Customers (Topic 606), using the cumulative-effect
method. The new standard requires an entity to recognize revenue when it transfers 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. The adoption did
not impact our consolidated financial statements other than enhancing our disclosures related to our revenue-generating activities.
The
Company acts as a principal in its revenue transactions as it is the primary obligor.
SCHEDULE OF DISAGGREGATION REVENUE
| |
3-months ended | | |
9-months ended | |
Revenue | |
Jan 2024 | | |
Jan 2023 | | |
Jan 2024 | | |
Jan 2023 | |
Information technology | |
$ | 30,071 | | |
$ | 60,120 | | |
$ | 128,142 | | |
$ | 173,559 | |
New World Health | |
$ | 6,665 | | |
$ | 3,550 | | |
$ | 23,291 | | |
$ | 15,483 | |
Total | |
| 36,736 | | |
| 63,670 | | |
| 151,433 | | |
| 189,042 | |
Revenues
from mobile app products and New World Health Brands products are generally recognized upon delivery. Revenues from History Reports are
typically recognized upon delivery/download. Prepayments received from customers before delivery (if any) are recognized as deferred
revenue and recognized upon delivery. The Company records deferred revenues when cash payments are received or due before our performance,
including refundable amounts.
Cash
Equivalents
All
liquid investments with three months or less maturity are cash equivalents for the accompanying financial statements.
Fair
Value Measurements
The
Company has adopted ASC 820, “Fair Value Measurements (“ASC 820”).” ASC 820 establishes a three-level
fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The scale gives the highest priority
to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs to fair value measurements of certain assets
and Liabilities. The three levels of the fair value hierarchy under ASC 820 are described below:
|
● |
Level 1 — Quoted
prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities, derivative
contracts traded in an active exchange market, and certain highly liquid securities actively traded in over-the-counter markets. |
|
● |
Level 2 — Quoted
prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active;
and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|
● |
Level 3 — Unobservable
inputs supported by little or no market activity and significant to the fair value measurements. Level 3 assets and liabilities include
financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based
on significant unobservable inputs, as well as management judgments or estimates that are significant to the valuation. |
This
hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining
fair value. Observable inputs may not always be available for some products or in certain market conditions.
Income
Taxes
We
utilize ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events included in the financial statements or tax returns. Under this method, deferred income taxes are recognized
for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting
amounts at year-end based on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to
affect taxable income.
The
Company recognizes the impact of a position in the financial statements only if that position is more likely than not to be sustained
upon examination by taxing authorities based on the technical merits of the position. Our practice recognizes interest or penalties related
to income tax matters in income tax expense.
Stock-Based
Compensation
We
account for our stock-based compensation under ASC 718 “Compensation–Stock Compensation” using the fair value-based
method. Under this method, compensation cost is measured at the grant date based on the value of the award. It is recognized over the
service period, usually the vesting period. This guidance establishes standards for accounting transactions in which an entity exchanges
its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods
or services based on the fair value of the entity’s equity instruments, or the issuance of those equity instruments may settle
that.
We
use the fair value method for equity instruments granted to non-employees and the Black-Scholes model to measure options’ fair
value. The stock-based fair value compensation is determined as of the date of the grant or at which the performance of the services
is completed (measurement date) and is recognized over the vesting periods.
Inventories
The
Company’s inventories represent finished goods, consisting of available products. They are accounted for using the first-in, first-out
(FIFO) method and valued at the lower of cost or net realizable value. Inventory consists of finished goods for the Company’s New
World Health business.
Property
and Equipment
Property
and equipment are recorded at cost. Minor additions and renewals are expensed in the year incurred. Significant additions and renewals
are capitalized and depreciated over their estimated useful lives. Depreciation is calculated using the straight-line method over the
estimated useful lives. The estimated useful lives of significant depreciable assets are as follows:
SCHEDULE
OF ESTIMATED USEFUL OF PROPERTY AND EQUIPMENT
|
|
Leasehold improvements |
3 years |
Furniture and fixtures |
7 years |
Website costs |
3 years |
Computer Equipment |
5 years |
Estimated Useful of Property and Equipment |
5 years |
Concentrations
of Credit Risk
Financial
instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash
equivalents, and receivables. The Company places its cash and temporary cash investments with high-credit quality institutions. At times,
such investments may be more than the FDIC insurance limit.
Net
Loss Per Share
The
Company uses ASC 260-10, “Earnings Per Share” for calculating the basic and diluted loss per share. The Company computes
basic loss per share by dividing net loss and net loss attributable to common shareholders by the weighted average number of common shares
outstanding. Common equivalent shares are excluded from the computation of net loss per share if their effect is anti-dilutive.
Derivative
Liabilities
The
Company assessed the classification of its derivative financial instruments as of January 31, 2024, and April 30, 2024, which consist
of convertible instruments and rights to shares of the Company’s common stock. It determined that such derivatives meet the criteria
for liability classification under ASC 815.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed conventional, as described.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards
for “Accounting for Derivative Instruments and Hedging Activities.”
The
Company assessed the classification of its derivative financial instruments as of January 31, 2024 and April 30, 2023, which consist
of convertible instruments and rights to shares of the Company’s common stock and determined that such derivatives meet the criteria
for liability classification under ASC 815.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed to be conventional, as described.
Reclassifications
Certain
reclassifications have been made to conform with prior periods’ data to the current presentation. These reclassifications did not
affect reported losses.
Recent
Accounting Pronouncements-
No
recent pronouncements have been made or adopted in the quarter ended January 31, 2024. All of the pronouncements that affect our business
have been adopted.
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v3.24.1.1.u2
GOING CONCERN MATTERS
|
9 Months Ended |
Jan. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN MATTERS |
NOTE
B – GOING CONCERN MATTERS
The
accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the
realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying unaudited condensed
consolidated financial statements, the Company has incurred recurring losses and generated negative cash flows from operating activities
since inception. As of January 31, 2024, the Company had an accumulated deficit of $66,791,131 and a working capital deficit (total current
liabilities exceeded total current assets) of $9,761,571. The Company’s cash balance and revenues generated are not currently sufficient
and cannot be projected to cover its operating expenses for the next twelve months from the filing date of this report. These factors
among others raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the
issuance of these financial statements.
The
Company’s existence is dependent upon management’s ability to develop profitable operations. Management is devoting substantially
all of its efforts to developing its business and raising capital and there can be no assurance that the Company’s efforts will
be successful. No assurance can be given that management’s actions will result in profitable operations or the resolution of its
liquidity problems. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might
result should the Company be unable to continue as a going concern.
In
order to improve the Company’s liquidity, the Company’s management is actively pursuing additional equity financing through
discussions with investment bankers and private investors. There can be no assurance that the Company will be successful in its effort
to secure additional equity financing.
The
Company’s existence depends on management’s ability to develop profitable operations. Management is devoting substantially
all its efforts to growing its business and raising capital, and there can be no assurance that the Company’s efforts will be successful.
The management’s actions are not guaranteed to result in profitable operations or resolve liquidity problems. The accompanying
unaudited condensed consolidated financial statements do not include any adjustments that might result should the Company be unable to
continue as a going concern.
The
Company’s management actively pursues additional equity financing through discussions with investment bankers and private investors.
There can be no assurance that the Company will be successful in its effort to secure additional equity financing.
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v3.24.1.1.u2
NOTES PAYABLE AND DERIVATIVES
|
9 Months Ended |
Jan. 31, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE AND DERIVATIVES |
NOTE
C – NOTES PAYABLE AND DERIVATIVES
The
Company has numerous outstanding notes payable to various parties. The notes bear interest at rates of 5% - 20% per year and are summarized
as follows:
SCHEDULE
OF NOTES PAYABLE
Notes Payable | |
January 31, 2024 | | |
April 30, 2023 | |
Notes convertible at holder’s option | |
$ | 2,735,697 | | |
$ | 2,103,256 | |
Notes convertible at Company’s option | |
| 335,700 | | |
| 335,700 | |
Non-convertible notes payable | |
| 2,438,308 | | |
| 2,659,519 | |
Subtotal | |
| 5,509,705 | | |
| 5,098,475 | |
Total | |
$ | 5,509,705 | | |
$ | 5,098,475 | |
The
balance of accrued interest of the above notes as of January 31, 2024, and April 30, 2023, were 1,642,104 and $1,595,624, respectively, an increase of $46,480 primarily due to interest
expenses on notes accrued.
Certain
notes payable contains variable conversion rates, and the conversion features are classified as derivative liabilities. The conversion
prices are based on the market price of the Company’s common stock, at discounts of 30% - 48% to market value.
The
Company’s derivative financial instruments are embedded derivatives related to the outstanding short-term Convertible Notes Payable.
These embedded derivatives included certain conversion features indexed to the Company’s common stock. The accounting treatment
of derivative financial instruments requires that the Company record the derivatives and related items at their fair values as of the
inception date of the Convertible Notes Payable and at fair value as of each subsequent balance sheet date. In addition, under the provisions
of Accounting Standards Codification subtopic 815-40, Derivatives and Hedging; Contracts in Entity’s Own Equity (“ASC 815-40”),
as a result of entering into the Convertible Notes Payable, the Company is required to classify all other non-employee stock options
and warrants as derivative liabilities and mark them to market at each reporting date. Any change in fair value, including modifications
of terms, will be recorded as non-operating, non-cash income, or expense at each reporting date. If the fair value of the derivatives
is higher at the subsequent balance sheet date, the Company will record a non-operating, non-cash charge. If the fair value of the products
is lower at the subsequent balance sheet date, the Company will record non-operating, non-cash income. These Notes are subject to a six-year
Statute of Limitations in which to bring any potential claims.
The
change in fair value of the derivative liabilities on January 31, 2024, was calculated with the following average assumptions using a
Black-Scholes option pricing model are as follows:
SCHEDULE
OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION
Significant Assumptions: | |
| |
| | |
| |
| |
| | |
Risk-free interest rate | |
Ranging from | |
| 0.16% to 0.2 | % |
Expected stock price volatility | |
Ranging from | |
| 155 to 270 | % |
Expected dividend payout | |
| |
| 0 | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
Changes
in derivative liability during the three months ended January 31, 2024, and 2023 were:
SCHEDULE
OF CHANGES IN DERIVATIVE LIABILITIES
| |
January 31, | | |
January 31, | |
| |
2024 | | |
2023 | |
Balance, beginning of year | |
$ | 1,375,767 | | |
$ | 9,549,640 | |
Derivative liability extinguished | |
| (260,425 | ) | |
| (336,418 | ) |
Derivative financial liability arising on the issuance of convertible notes and warrants | |
| | | |
| - | |
Fair value adjustments | |
| (82,515 | ) | |
| (4,168,344 | ) |
Balance, end of period | |
$ | 1,032,827 | | |
$ | 4,504,762 | |
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v3.24.1.1.u2
LOANS PAYABLE TO RELATED PARTIES
|
9 Months Ended |
Jan. 31, 2024 |
Related Party Transactions [Abstract] |
|
LOANS PAYABLE TO RELATED PARTIES |
NOTE
D – LOANS PAYABLE TO RELATED PARTIES
As
of January 31, 2024, and April 30, 2023, aggregated loans and notes payable, without demand and with no interest, to officers, directors,
and other related parties were $615,537 and $435,753, respectively.
|
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v3.24.1.1.u2
EQUITY TRANSACTIONS
|
9 Months Ended |
Jan. 31, 2024 |
Equity [Abstract] |
|
EQUITY TRANSACTIONS |
NOTE
E – EQUITY TRANSACTIONS
Preferred
Stock
The
Company is authorized to issue 10,000,000 shares
of preferred stock with $0.001 par
value per share, of which 35,850 shares
have been designated as Series A convertible preferred stock with a $100 stated
value per share; 1,000 shares have been designated as Series B Preferred Stock with a $10,000 per share liquidation value; 4,200,000 shares
have been designated as Series C Preferred Stock with a $1.00 per
share liquidation value, and 2,000,000 shares
have been designated as Series D Preferred Stock with a $1 per
share liquidation value..
During
the nine months ended January 31, 2024, the Company:
|
● |
Sold to eleven accredited
investors 2,230,094 shares of common stock for cash of $381,929, actual shares were not issued yet and recorded as common stock to
be issued. |
|
● |
Issued 60,000 shares valued at $10,000 upon the conversion
of preferred series C shares |
|
● |
Issued 536,824 shares valued at $134,206 upon the conversion
of preferred series D shares |
Common
Stock:
The
Company is authorized to issue 750,000,000
shares of common stock, $0.001
par value. As of January 31, 2024 and April 30, 2023 the Company’s issued and outstanding shares are 26,141,023 and 23,045,205
respectively.
During
the nine months ended January 31, 2024, the Company:
|
● |
Sold
2,976,906 shares valued at $243,875 issued for cash. |
|
● |
Issued 346,995
shares to accredited investors for cash |
|
● |
Issued 767,578
shares upon the conversion of shares of Series C and Series D Convertible Preferred Stock. |
|
● |
Issued 1,861,000 shares valued at $156,975
to accredited investors upon conversion of promissory notes |
|
● |
Issued 497,995 shares for consulting
services valued at $48,491 |
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v3.24.1.1.u2
FAIR VALUE MEASUREMENTS
|
9 Months Ended |
Jan. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
F – FAIR VALUE MEASUREMENTS
The
Company follows the guidelines established according to ASC 820, which established a framework for measuring fair value and expands disclosure
about fair value measurements. ASC 820 defines fair value as the amount received for an asset or paid to transfer a liability (i.e.,
an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs
and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes the following three levels of inputs that may
be used:
Level
1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. The
fair value hierarchy gives the highest priority to Level 1 inputs.
Level
2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.
Level
3: Unobservable inputs when there is little or no market data available, thereby requiring an entity to develop its own assumptions.
The fair value hierarchy gives the lowest priority to Level 3 inputs.
The
table below summarizes the fair values of financial liabilities as of January 31, 2024:
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
January 31, 2024 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,032,827 | | |
| - | | |
| - | | |
$ | 1,032,837 | |
Fair
values of financial liabilities as of April 30, 2022, are as follows:
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
April 30, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,375,767 | | |
| - | | |
| - | | |
$ | 1,375,767 | |
The
following is a description of the valuation methodologies used for these items:
Derivative
liabilities — these instruments consist of certain variable conversion features related to notes payable obligations and certain
outstanding warrants. These instruments were valued using pricing models incorporating the Company’s stock price, volatility, U.S.
risk-free rate, dividend rate, and estimated life.
The
Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair
value following A.S.C. Topic 825, “The Fair Value Option for Financial Issuances.”
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Jan. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
G – PROPERTY AND EQUIPMENT
Significant
classes of property and equipment on January 31, 2024, and April 30, 2023, consist of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
January 31, 2024 | | |
April 30, 2023 | |
Computer equipment, software and furniture | |
$ | 213,262 | | |
$ | 213,262 | |
Less: accumulated depreciation | |
| (213,262 | ) | |
| (213,262 | ) |
Net property and equipment | |
$ | - | | |
$ | - | |
All
equipment is fully depreciated as of January 31, 2023, and 2022. No additional investment in equipment for both fiscal years.
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v3.24.1.1.u2
WARRANTS
|
9 Months Ended |
Jan. 31, 2024 |
Warrants |
|
WARRANTS |
NOTE
H – WARRANTS:
No
warrants were issued to employees or services. As of January
31, 2024, a total of 9,229,370 warrants were vested. The computed fair value was $211,614.
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Jan. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
I – COMMITMENTS AND CONTINGENCIES
Operating
Lease Commitments
Our
executive offices are located in New York, NY. We have an agreement for use of office space at this location under a sublease which expired
on July 31, 2018, and continues on a month-to-month basis thereafter. The monthly base rent is $5,100.
Rent
expense was $54,000 and 49,700 for the nine months period ending January 31, 2024 and 2023, respectively.
Litigation
The
Company is subject to legal proceedings and claims arising in its business’s ordinary course. Sparta can make no representations
about the potential outcome of such proceedings.
As
of January 31, 2024, we have not been named as parties to any further legal proceedings except those disclosed prior and updated below.
From time to time, we may become involved in other legal proceedings, which sometimes arise due to the very nature of and in the ordinary
course of this business.
By
way of background, the Company had received notices dated April 1, 2016, May 13, 2016, and July 22, 2016, from two lenders claiming defaults
relating to conversion requests of $8,365.00 in principal plus interest, attorney fees, and $5,000.00 in principal plus interest also
seeking stock conversions aside from the stated principal and interest concerning notes in the total amounts of $55,125.00 and $27,500.00,
respectively, which the Company has declined to process and believes it has valid, meritorious defenses in that regard. The Company believes
these claims are contingent and unliquidated and disputes the same. While there can be no assurances that the Company would prevail in
any potential litigation concerning allegations brought against the Company, these potential liabilities have been recorded in the unaudited
condensed consolidated financial statements.
For
the above claims, on September 22, 2016, a motion for summary judgment instead of complaint was filed in the Supreme Court in the State
of New York: County of Kings against the Company by a lender for the amount of $102,170.82 in principal and stock conversion interest,
plus fees and costs. Plaintiff’s motion for summary judgment instead of complaint was denied on May 5, 2017. On August 22, 2018,
Plaintiff brought a second motion seeking summary judgment on the liability issue, again denied by the Court on March 14, 2019. The most
recent appearance in this matter had been scheduled for March 13, 2020, at which time the Court marked the case “adjourned without
a date” due to the restrictions imposed on the Courts arising from the COVID-19 pandemic. To date, no further Court appearances
have been scheduled in this matter. However, most notably, a favorable decision from the New York State Court of Appeals regarding the
same types of transactions has since been determined to be criminally usurious and, therefore, unenforceable management believes. These
were the very same defenses raised on behalf of the Company. On December 14, 2023 a Stipulation of Discontinuance was filed in New York
State Supreme Court: Kings County wherein the parties agreed to the discontinuance of any and all claims against the other with prejudice
and with full waivers and releases. Therefore, this matter has been fully resolved.
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
9 Months Ended |
Jan. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
J – SUBSEQUENT EVENTS
The
Company had evaluated subsequent events for recognition and disclosure as of June 14, 2024 when the financial statements were available
to be issued.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Jan. 31, 2024 |
Accounting Policies [Abstract] |
|
Business |
Business
General
Overview
Sparta
Commercial Services, Inc. (“Sparta,” “we,” “us,” or the “Company”) is a Nevada corporation
with headquarters in New York City. We are a multi-disciplined parent corporation operating across three business sectors – Financial
Services, E-Commerce & Mobile Technology, and Health and Wellness.
Sparta’s
historic roots were in the Powersports industry until the financial crisis that began 2008. The Company provided consumer retail
installment loans and leases through authorized motorcycle dealerships in 33 states, with financing lines of credit provided by
institutional lenders. In 2007, the Company introduced a Municipal Financing program which has financed over 100 jurisdictions to
date.
Vehicle
History Reports are a staple of Sparta’s E-Commerce Technology subsidiary iMobile Solutions, Inc. Whether a vehicle is
intended for personal, business or recreational use, Sparta’s Vehicle History Reports are highly regarded for accuracy and
completeness and have been sold across all 50 states and in 62 countries worldwide.
With
iMobile App, the Company additionally provides mobile technology services, including web and mobile application creation,
development and management, text messaging services, CRM (Customer Relationship Management) tools, and custom kitchen ordering
systems for a wide range of businesses to increase revenue, build brand recognition, and improve customer engagement.
Sparta’s
subsidiary, New World Health Brands, Inc., offers high quality dietary supplements.
Sparta’s
subsidiary, Sparta Crypto, Inc., is in the process of completing a proprietary state-of-the-art platform designed to connect users of
widely adopted digital currencies with sellers of various goods and services; and has completed and tested a cryptocurrency payment gateway
called SpartaPayIQ. Agoge Global USA, Inc. (“Agoge”) was formed as a subsidiary of Sparta Crypto, Inc. in December 2022 and
entered into a Joint Venture Agreement with WeDev Group of Brazil to facilitate cross-border transactions between importers and exporters
of goods from the U.S. and Brazil and is expected to launch in last fiscal quarter of 2024
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements as of January 31, 2024 and for the nine months ended January 31, 2024
and 2023 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission, including
Form 10-Q and Regulation S-K. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and
adjustments), which are, in the opinion of management, necessary to fairly present the operating results for the respective periods.
Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been omitted pursuant to such rules and regulations. The Company believes that
the disclosures provided are adequate to make the information presented not misleading.
These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and explanatory notes for the year ended April 30, 2023 as disclosed in the Company’s Form 10-K for that year as filed with the
Securities and Exchange Commission on August 15, 2023.
The
results of operations for the nine months ended January 31, 2024 are not necessarily indicative of the results to be expected for any
other interim period or the full year ending April 30, 2024.
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All material intercompany
transactions and balances have been eliminated in consolidation. The third-party ownership of the Company’s subsidiary is accounted
for as noncontrolling interest in the consolidated financial statements. Changes in the noncontrolling interest are reported in the statement
of changes in deficit.
|
Estimates |
Estimates
These
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America,
which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures
of revenues and expenses for the said period. Accordingly, actual results could differ from those estimates.
|
Revenue Recognition |
Revenue
Recognition
During
the first quarter of 2018, the Company adopted A.S.U. 2014-09, Revenue from Contracts with Customers (Topic 606), using the cumulative-effect
method. The new standard requires an entity to recognize revenue when it transfers 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. The adoption did
not impact our consolidated financial statements other than enhancing our disclosures related to our revenue-generating activities.
The
Company acts as a principal in its revenue transactions as it is the primary obligor.
SCHEDULE OF DISAGGREGATION REVENUE
| |
3-months ended | | |
9-months ended | |
Revenue | |
Jan 2024 | | |
Jan 2023 | | |
Jan 2024 | | |
Jan 2023 | |
Information technology | |
$ | 30,071 | | |
$ | 60,120 | | |
$ | 128,142 | | |
$ | 173,559 | |
New World Health | |
$ | 6,665 | | |
$ | 3,550 | | |
$ | 23,291 | | |
$ | 15,483 | |
Total | |
| 36,736 | | |
| 63,670 | | |
| 151,433 | | |
| 189,042 | |
Revenues
from mobile app products and New World Health Brands products are generally recognized upon delivery. Revenues from History Reports are
typically recognized upon delivery/download. Prepayments received from customers before delivery (if any) are recognized as deferred
revenue and recognized upon delivery. The Company records deferred revenues when cash payments are received or due before our performance,
including refundable amounts.
|
Cash Equivalents |
Cash
Equivalents
All
liquid investments with three months or less maturity are cash equivalents for the accompanying financial statements.
|
Fair Value Measurements |
Fair
Value Measurements
The
Company has adopted ASC 820, “Fair Value Measurements (“ASC 820”).” ASC 820 establishes a three-level
fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The scale gives the highest priority
to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs to fair value measurements of certain assets
and Liabilities. The three levels of the fair value hierarchy under ASC 820 are described below:
|
● |
Level 1 — Quoted
prices for identical instruments in active markets. Level 1 assets and liabilities include debt and equity securities, derivative
contracts traded in an active exchange market, and certain highly liquid securities actively traded in over-the-counter markets. |
|
● |
Level 2 — Quoted
prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active;
and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. |
|
● |
Level 3 — Unobservable
inputs supported by little or no market activity and significant to the fair value measurements. Level 3 assets and liabilities include
financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques based
on significant unobservable inputs, as well as management judgments or estimates that are significant to the valuation. |
This
hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining
fair value. Observable inputs may not always be available for some products or in certain market conditions.
|
Income Taxes |
Income
Taxes
We
utilize ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events included in the financial statements or tax returns. Under this method, deferred income taxes are recognized
for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting
amounts at year-end based on enacted laws and statutory tax rates applicable to the periods in which the differences are expected to
affect taxable income.
The
Company recognizes the impact of a position in the financial statements only if that position is more likely than not to be sustained
upon examination by taxing authorities based on the technical merits of the position. Our practice recognizes interest or penalties related
to income tax matters in income tax expense.
|
Stock-Based Compensation |
Stock-Based
Compensation
We
account for our stock-based compensation under ASC 718 “Compensation–Stock Compensation” using the fair value-based
method. Under this method, compensation cost is measured at the grant date based on the value of the award. It is recognized over the
service period, usually the vesting period. This guidance establishes standards for accounting transactions in which an entity exchanges
its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods
or services based on the fair value of the entity’s equity instruments, or the issuance of those equity instruments may settle
that.
We
use the fair value method for equity instruments granted to non-employees and the Black-Scholes model to measure options’ fair
value. The stock-based fair value compensation is determined as of the date of the grant or at which the performance of the services
is completed (measurement date) and is recognized over the vesting periods.
|
Inventories |
Inventories
The
Company’s inventories represent finished goods, consisting of available products. They are accounted for using the first-in, first-out
(FIFO) method and valued at the lower of cost or net realizable value. Inventory consists of finished goods for the Company’s New
World Health business.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are recorded at cost. Minor additions and renewals are expensed in the year incurred. Significant additions and renewals
are capitalized and depreciated over their estimated useful lives. Depreciation is calculated using the straight-line method over the
estimated useful lives. The estimated useful lives of significant depreciable assets are as follows:
SCHEDULE
OF ESTIMATED USEFUL OF PROPERTY AND EQUIPMENT
|
|
Leasehold improvements |
3 years |
Furniture and fixtures |
7 years |
Website costs |
3 years |
Computer Equipment |
5 years |
Estimated Useful of Property and Equipment |
5 years |
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk
Financial
instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash
equivalents, and receivables. The Company places its cash and temporary cash investments with high-credit quality institutions. At times,
such investments may be more than the FDIC insurance limit.
|
Net Loss Per Share |
Net
Loss Per Share
The
Company uses ASC 260-10, “Earnings Per Share” for calculating the basic and diluted loss per share. The Company computes
basic loss per share by dividing net loss and net loss attributable to common shareholders by the weighted average number of common shares
outstanding. Common equivalent shares are excluded from the computation of net loss per share if their effect is anti-dilutive.
|
Derivative Liabilities |
Derivative
Liabilities
The
Company assessed the classification of its derivative financial instruments as of January 31, 2024, and April 30, 2024, which consist
of convertible instruments and rights to shares of the Company’s common stock. It determined that such derivatives meet the criteria
for liability classification under ASC 815.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed conventional, as described.
|
Convertible Instruments |
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards
for “Accounting for Derivative Instruments and Hedging Activities.”
The
Company assessed the classification of its derivative financial instruments as of January 31, 2024 and April 30, 2023, which consist
of convertible instruments and rights to shares of the Company’s common stock and determined that such derivatives meet the criteria
for liability classification under ASC 815.
ASC
815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and
account for them as freestanding derivative financial instruments. These three criteria include circumstances in which (a) the economic
characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and
risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is
not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported
in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered
a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument
is deemed to be conventional, as described.
|
Reclassifications |
Reclassifications
Certain
reclassifications have been made to conform with prior periods’ data to the current presentation. These reclassifications did not
affect reported losses.
|
Recent Accounting Pronouncements- |
Recent
Accounting Pronouncements-
No
recent pronouncements have been made or adopted in the quarter ended January 31, 2024. All of the pronouncements that affect our business
have been adopted.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Jan. 31, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF DISAGGREGATION REVENUE |
The
Company acts as a principal in its revenue transactions as it is the primary obligor.
SCHEDULE OF DISAGGREGATION REVENUE
| |
3-months ended | | |
9-months ended | |
Revenue | |
Jan 2024 | | |
Jan 2023 | | |
Jan 2024 | | |
Jan 2023 | |
Information technology | |
$ | 30,071 | | |
$ | 60,120 | | |
$ | 128,142 | | |
$ | 173,559 | |
New World Health | |
$ | 6,665 | | |
$ | 3,550 | | |
$ | 23,291 | | |
$ | 15,483 | |
Total | |
| 36,736 | | |
| 63,670 | | |
| 151,433 | | |
| 189,042 | |
|
SCHEDULE OF ESTIMATED USEFUL OF PROPERTY AND EQUIPMENT |
SCHEDULE
OF ESTIMATED USEFUL OF PROPERTY AND EQUIPMENT
|
|
Leasehold improvements |
3 years |
Furniture and fixtures |
7 years |
Website costs |
3 years |
Computer Equipment |
5 years |
Estimated Useful of Property and Equipment |
5 years |
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v3.24.1.1.u2
NOTES PAYABLE AND DERIVATIVES (Tables)
|
9 Months Ended |
Jan. 31, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE |
The
Company has numerous outstanding notes payable to various parties. The notes bear interest at rates of 5% - 20% per year and are summarized
as follows:
SCHEDULE
OF NOTES PAYABLE
Notes Payable | |
January 31, 2024 | | |
April 30, 2023 | |
Notes convertible at holder’s option | |
$ | 2,735,697 | | |
$ | 2,103,256 | |
Notes convertible at Company’s option | |
| 335,700 | | |
| 335,700 | |
Non-convertible notes payable | |
| 2,438,308 | | |
| 2,659,519 | |
Subtotal | |
| 5,509,705 | | |
| 5,098,475 | |
Total | |
$ | 5,509,705 | | |
$ | 5,098,475 | |
|
SCHEDULE OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION |
The
change in fair value of the derivative liabilities on January 31, 2024, was calculated with the following average assumptions using a
Black-Scholes option pricing model are as follows:
SCHEDULE
OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION
Significant Assumptions: | |
| |
| | |
| |
| |
| | |
Risk-free interest rate | |
Ranging from | |
| 0.16% to 0.2 | % |
Expected stock price volatility | |
Ranging from | |
| 155 to 270 | % |
Expected dividend payout | |
| |
| 0 | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
Expected life in years | |
Ranging from | |
| 0.25 to 3.0 Years | |
|
SCHEDULE OF CHANGES IN DERIVATIVE LIABILITIES |
Changes
in derivative liability during the three months ended January 31, 2024, and 2023 were:
SCHEDULE
OF CHANGES IN DERIVATIVE LIABILITIES
| |
January 31, | | |
January 31, | |
| |
2024 | | |
2023 | |
Balance, beginning of year | |
$ | 1,375,767 | | |
$ | 9,549,640 | |
Derivative liability extinguished | |
| (260,425 | ) | |
| (336,418 | ) |
Derivative financial liability arising on the issuance of convertible notes and warrants | |
| | | |
| - | |
Fair value adjustments | |
| (82,515 | ) | |
| (4,168,344 | ) |
Balance, end of period | |
$ | 1,032,827 | | |
$ | 4,504,762 | |
|
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FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Jan. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES |
The
table below summarizes the fair values of financial liabilities as of January 31, 2024:
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
January 31, 2024 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,032,827 | | |
| - | | |
| - | | |
$ | 1,032,837 | |
Fair
values of financial liabilities as of April 30, 2022, are as follows:
| |
Fair Value at | | |
Fair Value Measurement Using | |
| |
April 30, 2023 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Derivative liabilities | |
$ | 1,375,767 | | |
| - | | |
| - | | |
$ | 1,375,767 | |
|
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PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
Jan. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Significant
classes of property and equipment on January 31, 2024, and April 30, 2023, consist of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
January 31, 2024 | | |
April 30, 2023 | |
Computer equipment, software and furniture | |
$ | 213,262 | | |
$ | 213,262 | |
Less: accumulated depreciation | |
| (213,262 | ) | |
| (213,262 | ) |
Net property and equipment | |
$ | - | | |
$ | - | |
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v3.24.1.1.u2
SCHEDULE OF DISAGGREGATION REVENUE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Product Information [Line Items] |
|
|
|
|
Total |
$ 36,736
|
$ 63,670
|
$ 151,433
|
$ 189,042
|
Information technology [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
30,071
|
60,120
|
128,142
|
173,559
|
New World Health [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
$ 6,665
|
$ 3,550
|
$ 23,291
|
$ 15,483
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v3.24.1.1.u2
SCHEDULE OF NOTES PAYABLE (Details) - USD ($)
|
Jan. 31, 2024 |
Apr. 30, 2023 |
Debt Instrument [Line Items] |
|
|
Subtotal |
$ 5,509,705
|
$ 5,098,475
|
Total |
5,509,705
|
5,098,475
|
Notes Convertible at Holders Option [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Subtotal |
2,735,697
|
2,103,256
|
Notes Convertible at Companys Option [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Subtotal |
335,700
|
335,700
|
Non Convertible Notes Payable [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Subtotal |
$ 2,438,308
|
$ 2,659,519
|
Minimum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt instrument, interest rate |
5.00%
|
|
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|
|
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|
|
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20.00%
|
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v3.24.1.1.u2
SCHEDULE OF DERIVATIVE LIABILITIES ASSUMPTIONS USING BLACK-SCHOLES OPTION (Details)
|
9 Months Ended |
Jan. 31, 2024 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
0.16
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
0.2
|
Measurement Input, Price Volatility [Member] | Minimum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
155
|
Measurement Input, Price Volatility [Member] | Maximum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
270
|
Measurement Input Dividend Payout [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected dividend payout |
0
|
Measurement Input, Expected Term [Member] | Minimum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected life |
3 months
|
Measurement Input, Expected Term [Member] | Maximum [Member] |
|
Debt Instrument [Line Items] |
|
Derivative liability, measurement input, expected life |
3 years
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v3.24.1.1.u2
SCHEDULE OF CHANGES IN DERIVATIVE LIABILITIES (Details) - USD ($)
|
9 Months Ended |
Jan. 31, 2024 |
Jan. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Balance, beginning of year |
$ 1,375,767
|
$ 9,549,640
|
Derivative liability extinguished |
(260,425)
|
(336,418)
|
Derivative financial liability arising on the issuance of convertible notes and warrants |
|
|
Fair value adjustments |
(82,515)
|
(4,168,344)
|
Balance, end of period |
$ 1,032,827
|
$ 4,504,762
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v3.24.1.1.u2
EQUITY TRANSACTIONS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
15 Months Ended |
|
Jan. 31, 2024 |
Oct. 31, 2023 |
Jul. 31, 2023 |
Jan. 31, 2023 |
Jul. 31, 2022 |
Jan. 31, 2024 |
Jul. 31, 2023 |
Apr. 30, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
10,000,000
|
|
|
|
|
10,000,000
|
|
10,000,000
|
Preferred stock par value |
$ 0.001
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
Common stock, shares authorized |
750,000,000
|
|
|
|
|
750,000,000
|
|
750,000,000
|
Common stock, par value |
$ 0.001
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
Common stock, shares issued |
26,141,023
|
|
|
|
|
26,141,023
|
|
23,045,205
|
Common stock, shares outstanding |
26,141,023
|
|
|
|
|
26,141,023
|
|
23,045,205
|
Cash value of stock sold |
|
$ 3,875
|
$ 69,169
|
|
$ 94,999
|
|
|
|
Value of stock sold for services |
$ 23,490
|
|
|
$ 37,595
|
245,381
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of shares issued |
|
25,000
|
830,906
|
333,939
|
|
2,976,906
|
|
|
Cash value of stock sold |
|
$ 25
|
$ 831
|
|
|
$ 243,875
|
|
|
Number of stock sold for services |
149,989
|
|
|
|
|
497,995
|
1,594,960
|
|
Value of stock sold for services |
$ 151
|
|
|
$ 334
|
$ 1,595
|
$ 48,491
|
|
|
Common Stock [Member] | Series C And Series D Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Conversion stock shares issued |
|
|
|
|
|
767,578
|
|
|
Eleven Accredited Investors [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Sale of stock, shares |
|
|
|
|
|
2,230,094
|
|
|
Sale of stock, value |
|
|
|
|
|
$ 381,929
|
|
|
Accredited Investors [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
346,995
|
|
|
Number of shares converted |
|
|
|
|
|
1,861,000
|
|
|
Value of shares converted |
|
|
|
|
|
$ 156,975
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
35,850
|
|
|
|
|
35,850
|
|
35,850
|
Preferred stock par value |
$ 100
|
|
|
|
|
$ 100
|
|
$ 100
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
1,000
|
|
|
|
|
1,000
|
|
|
Liquidation value |
$ 10,000
|
|
|
|
|
$ 10,000
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
4,200,000
|
|
|
|
|
4,200,000
|
|
4,200,000
|
Preferred stock par value |
|
|
|
|
|
|
|
$ 0.001
|
Liquidation value |
$ 1.00
|
|
|
|
|
$ 1.00
|
|
$ 1
|
Number of shares issued conversion of perferred stock, shares |
|
|
|
|
|
60,000
|
|
|
Number of shares issued conversion of perferred stock, value |
|
|
|
|
|
$ 10,000
|
|
|
Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock shares authorized |
2,000,000
|
|
|
|
|
2,000,000
|
|
2,000,000
|
Preferred stock par value |
$ 0.001
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
Liquidation value |
$ 1.00
|
|
|
|
|
$ 1.00
|
|
$ 1.00
|
Number of shares issued conversion of perferred stock, shares |
|
|
|
|
|
536,824
|
|
|
Number of shares issued conversion of perferred stock, value |
|
|
|
|
|
$ 134,206
|
|
|
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v3.24.1.1.u2
SCHEDULE OF FAIR VALUES OF FINANCIAL LIABILITIES (Details) - USD ($)
|
Jan. 31, 2024 |
Apr. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
$ 1,032,827
|
$ 1,375,767
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Derivative liabilities |
$ 1,032,837
|
$ 1,375,767
|
X |
- DefinitionFair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.
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COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
4 Months Ended |
9 Months Ended |
Sep. 22, 2016 |
Jul. 22, 2016 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Rent expenses |
|
|
$ 54,000
|
$ 49,700
|
Lender [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Promissory note amount |
|
$ 8,365.00
|
|
|
Lender claiming total amount |
$ 102,170.82
|
|
|
|
Lender Two [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Promissory note amount |
|
|
27,500.00
|
|
Lender claiming total amount |
|
$ 5,000.00
|
|
|
Lender One [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Promissory note amount |
|
|
55,125.00
|
|
Executive Office Space [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Rent expenses |
|
|
$ 5,100
|
|
X |
- DefinitionAmount of damages awarded to the plaintiff in the legal matter.
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