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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Defense Technologies International Corporation (PK) | USOTC:DTII | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0145 | -23.77% | 0.0465 | 0.045 | 0.065 | 0.065 | 0.046 | 0.065 | 51,410 | 21:00:00 |
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
Not Applicable
|
(State or jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number
|
Large accelerated filer
|
[ ] |
Accelerated filer
|
[ ]
|
|
Non-accelerated filer
|
[ ]
|
Smaller reporting company
|
[X]
|
|
(Do not check if a smaller reporting company)
|
PART I — FINANCIAL INFORMATION
|
Page
|
|
Item 1.
|
Financial Statements:
|
|
Condensed Consolidated Balance Sheets
|
3
|
|
Condensed Consolidated Statements of Operations
|
4
|
|
Condensed Consolidated Statements of Cash Flows
|
5
|
|
Notes to Condensed Consolidated Financial Statements
|
6
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
19
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
23
|
Item 4.
|
Controls and Procedures
|
23
|
PART II — OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
24
|
Item 1A.
|
Risk Factors
|
24
|
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
24
|
Item 3.
|
Defaults upon Senior Securities
|
24
|
Item 4.
|
Mine Safety Disclosure
|
24
|
Item 5.
|
Other Information
|
24
|
Item 6.
|
Exhibits
|
25
|
Signatures
|
26
|
Defense Technologies International Corp.
(Formerly Canyon Gold Corp.)
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
October 31,
2016 |
April 30,
2016 |
|||||||
ASSETS
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash
|
$
|
42
|
$
|
23
|
||||
Prepaid expenses
|
4,000
|
18,169
|
||||||
Total current assets
|
4,042
|
18,192
|
||||||
License agreement
|
378,600
|
-
|
||||||
Total assets
|
$
|
382,642
|
$
|
18,192
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
281,957
|
$
|
150,362
|
||||
Accrued license agreement payments
|
378,600
|
-
|
||||||
Accrued interest and fees payable
|
26,700
|
63,979
|
||||||
Accrued interest payable – related parties
|
21,197
|
17,846
|
||||||
Convertible notes payable, net of discount
|
449,915
|
63,486
|
||||||
Convertible notes payable – related parties
|
57,050
|
57,050
|
||||||
Notes payable – related parties
|
79,656
|
79,656
|
||||||
Derivative liabilities
|
303,635
|
2,081,931
|
||||||
Payables – related parties
|
631,654
|
565,459
|
||||||
Total current liabilities
|
2,230,364
|
3,079,769
|
||||||
Total liabilities
|
2,230,364
|
3,079,769
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' deficit:
|
||||||||
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 1,100,000 shares issued and outstanding, respectively
|
110
|
110
|
||||||
Common stock, $0.0001 par value; 200,000,000 shares authorized, 26,576,056 and 21,249,676 shares issued and outstanding, respectively
|
2,658
|
2,125
|
||||||
Additional paid-in capital
|
2,435,108
|
1,447,968
|
||||||
Accumulated deficit
|
(4,285,598
|
)
|
(4,511,780
|
)
|
||||
Total stockholders' deficit
|
(1,847,722
|
)
|
(3,061,577
|
)
|
||||
Total liabilities and stockholders' deficit
|
$
|
382,642
|
$
|
18,192
|
Defense Technologies International Corp.
(Formerly Canyon Gold Corp.)
|
Condensed Consolidated Statements of Operations
|
(Unaudited)
|
Three Months Ended
October 31, |
Six Months Ended
October 31, |
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Expenses:
|
||||||||||||||||
General and administrative
|
290,008
|
45,690
|
968,346
|
117,161
|
||||||||||||
Exploration costs
|
1,452
|
1,725
|
1,452
|
3,375
|
||||||||||||
Total expenses
|
291,460
|
47,415
|
969,798
|
120,536
|
||||||||||||
Loss from operations
|
(291,460
|
)
|
(47,415
|
)
|
(969,798
|
)
|
(120,536
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(133,466
|
)
|
(62,006
|
)
|
(438,361
|
)
|
(90,420
|
)
|
||||||||
Gain (loss) on derivative liability
|
(174,907
|
)
|
(70,567
|
)
|
1,323,152
|
(144,941
|
)
|
|||||||||
Gain on extinguishment of debt
|
189,786
|
92,712
|
311,189
|
155,459
|
||||||||||||
Total other income (expense)
|
(118,587
|
)
|
(39,861
|
)
|
1,195,980
|
(79,902
|
)
|
|||||||||
Income (loss) before income taxes
|
(410,047
|
)
|
(87,276
|
)
|
226,182
|
(200,438
|
)
|
|||||||||
Provision for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Net income (loss)
|
$
|
(410,047
|
)
|
$
|
(87,276
|
)
|
$
|
226,182
|
$
|
(200,438
|
)
|
Defense Technologies International Corp.
(Formerly Canyon Gold Corp.)
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited)
|
Six Months Ended
October 31, |
||||||||
2016
|
2015
|
|||||||
Net income (loss)
|
$
|
226,182
|
$
|
(200,438
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Common shares issued for services
|
570,110
|
-
|
||||||
Stock options issued for services
|
9,056
|
-
|
||||||
Imputed interest on convertible notes payable
|
1,125
|
1,125
|
||||||
Amortization of debt discount to interest expense
|
409,296
|
16,585
|
||||||
Debt extension penalty added to note principal
|
5,000
|
-
|
||||||
(Gain) loss on derivative liability
|
(1,323,152
|
)
|
144,941
|
|||||
(Gain) on extinguishment of debt
|
(311,189
|
)
|
(155,459
|
)
|
||||
Change in operating assets and liabilities:
|
||||||||
Increase in prepaid expenses
|
(2,125
|
)
|
(5,642
|
)
|
||||
Increase in accounts payable
|
67,284
|
49,130
|
||||||
Decrease in accrued interest and fees payable
|
(15,310
|
)
|
(1,169
|
)
|
||||
Increase in accrued interest payable – related parties
|
3,351
|
3,351
|
||||||
Increase in payables – related parties
|
66,195
|
191,379
|
||||||
Net cash provided by (used in) operating activities
|
(294,177
|
)
|
43,803
|
|||||
Cash flows from investing activities:
|
||||||||
Net cash provided by investing activities
|
-
|
-
|
||||||
Cash flows from financing activities:
|
||||||||
Proceeds from convertible notes payable
|
423,590
|
-
|
||||||
Repayment of convertible notes payable
|
(117,894
|
)
|
(43,986
|
)
|
||||
Payment of debt issuance costs
|
(11,500
|
)
|
-
|
|||||
Net cash provided by (used in) financing activities
|
294,196
|
(43,986
|
)
|
|||||
Net increase (decrease) in cash
|
19
|
(183
|
)
|
|||||
Cash at beginning of period
|
23
|
183
|
||||||
Cash at end of period
|
$
|
42
|
$
|
-
|
Three Months Ended
October 31,
|
Six Months Ended
October 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Weighted average number of shares outstanding - basic
|
26,922,578
|
21,049,682
|
25,009,972
|
20,988,445
|
||||||||||||
Dilutive effect of convertible debt
|
-
|
-
|
7,155,539
|
-
|
||||||||||||
Weighted average number of shares outstanding - diluted
|
26,922,578
|
21,049,682
|
32,165,511
|
20,988,445
|
October 31,
2016 |
April 30,
2016 |
|||||||
Note payable to related party, no interest, convertible into common stock of the Company at $0.10 per share, imputed interest at 9% per annum
|
$
|
25,000
|
$
|
25,000
|
||||
Note payable to related party, interest at 6%, convertible into common stock of the Company at $0.10 per share
|
32,050
|
32,050
|
||||||
$
|
57,050
|
$
|
57,050
|
October 31,
2016 |
April 30,
2016 |
|||||||
Note payable to related party, with interest at 6% per annum, due September 15, 2013
|
$
|
24,656
|
$
|
24,656
|
||||
Note payable to related party, with interest at 6% per annum, due March 8, 2014
|
7,500
|
7,500
|
||||||
Note payable to related party, with interest at 6% per annum, due December 5, 2013
|
47,500
|
47,500
|
||||||
$
|
79,656
|
$
|
79,656
|
October 31,
2016 |
April 30,
2016
|
|||||||
Note payable, amended April 30, 2016, with interest at 6% per annum, convertible into common stock of the Company at $0.05 per share 90 days from demand
|
$
|
11,000
|
$
|
11,000
|
||||
Note payable, amended April 30, 2016, with interest at 6% per annum, convertible into common stock of the Company at $0.05 per share 90 days from demand
|
9,000
|
9,000
|
||||||
Note payable, amended April 30, 2016, with interest at 6% per annum, convertible into common stock of the Company at $0.05 per share 90 days from demand
|
91,150
|
141,150
|
||||||
Note payable, amended April 30, 2016, with interest at 6% per annum, convertible into common stock of the Company at $0.05 per share 90 days from demand
|
14,500
|
14,500
|
||||||
Note payable, amended April 30, 2016, with interest at 6% per annum, convertible into common stock of the Company at $0.05 per share 90 days from demand
|
20,000
|
20,000
|
||||||
Note payable, with interest at 6% per annum, convertible into common stock of the Company at $0.05 per share
|
17,000
|
17,000
|
||||||
Note payable, with interest at 6% per annum, convertible into common stock of the Company at $0.05 per share
|
53,650
|
-
|
||||||
Note payable to institutional investor, with interest at 10% per annum, convertible into common stock of the Company at a defined conversion price
|
25,000
|
-
|
||||||
Note payable to institutional investor, with interest at 8% per annum, convertible into common stock of the Company at a fixed conversion price of $0.25 per share
|
200,000
|
-
|
||||||
Note payable, with interest at 6% per annum, convertible into common stock of the Company at $0.10 per share
|
23,750
|
-
|
||||||
Note payable to institutional investor, with interest at 12% per annum, convertible into common stock of the Company at a defined conversion price
|
25,000
|
-
|
||||||
Note payable to institutional investor, with interest at 8% per annum, convertible into common stock of the Company at a defined conversion price
|
37,000
|
-
|
||||||
Note payable to institutional investor, with interest at 9% per annum, convertible after 180 days into common stock of the Company at a defined conversion price
|
35,000
|
-
|
||||||
Note payable to institutional investor, with interest at 9% per annum, convertible after 180 days into common stock of the Company at a defined conversion price
|
40,000 | - | ||||||
Advances combined in note payable in November 2016
|
4,190
|
-
|
||||||
Note payable to institutional investor repaid in August 2016
|
-
|
41,000
|
||||||
Note payable to institutional investor repaid in July 2016
|
-
|
55,500
|
||||||
Note payable to institutional investor repaid in July 2016
|
-
|
39,000
|
||||||
Total
|
606,240
|
348,150
|
||||||
Less discount
|
(156,325
|
)
|
(284,664
|
)
|
||||
$
|
449,915
|
$
|
63,486
|
Balance at April 30, 2016
|
$
|
2,081,931
|
||
Issuance of new debt
|
112,189
|
|||
Gain on derivative liability
|
(1,323,152
|
)
|
||
Conversion of debt to shares of common stock and repayment of debt
|
(567,333
|
)
|
||
Balance at October 31, 2016
|
$
|
303,635
|
Risk-free interest rate
|
0.34 – 0.59%
|
Expected life in years
|
0.11 - 0.76
|
Dividend yield
|
0%
|
Expected volatility
|
130.03% - 354.88%
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Derivative liabilities
|
$
|
303,635
|
$
|
-
|
$
|
-
|
$
|
303,635
|
||||||||
Convertible notes payable, net
|
449,915
|
-
|
-
|
449,915
|
||||||||||||
Total liabilities measured at fair value
|
$
|
753,550
|
$
|
-
|
$
|
-
|
$
|
753,550
|
Risk free interest rate
|
.55 - .68%
|
Expected life in years
|
1.0 - 2.0
|
Dividend yield
|
0%
|
Expected volatility
|
137.99 – 351.37%
|
Shares |
Weighted
Average Exercise
Price
|
Weighted
Average
Remaining Contract
Term
(Years) |
Aggregate Intrinsic Value |
||||||||
Outstanding at April 30, 2016
|
1,068,333
|
$
|
1.56
|
||||||||
Granted
|
300,000
|
$
|
0.58
|
||||||||
Exercised
|
(68,333
|
)
|
$
|
0.60
|
|||||||
Forfeited or expired
|
-
|
$
|
-
|
||||||||
Outstanding and exercisable at October 31, 2016
|
1,300,000
|
$
|
1.39
|
1.57
|
$ |
-
|
a)
|
Administration Agreement with EMAC Handels AG, renewed effective May 1, 2015 for a period of three years. Monthly fee for administration services of $5,000, office rent of $250 and office supplies of $125. Extraordinary expenses are invoiced by EMAC on a quarterly basis. The fee may be paid in cash and or with common stock.
|
b)
|
Service Agreement signed April 25, 2016 with Merrill W. Moses, President, Director and CEO, for services of $7,500 per month beginning May 2016 and the issuance of a total 700,000 restricted common shares of the Company. The fees may be paid in cash and or with common stock.
|
c)
|
Service Agreement signed May 20, 2016 with Charles C. Hooper, Director, for services of $5,000 per month beginning May 2016 and the issuance of 250,000 restricted common shares of the Company. The fees may be paid in cash and or with common stock.
|
Stockholders' deficit:
|
||||||||||||
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 1,100,000 shares issued and outstanding
|
110
|
110
|
||||||||||
Common stock, $0.0001 par value; 200,000,000 shares authorized, 24,496,056 and 21,249,676 shares issued and outstanding, respectively
|
2,450
|
2,450
|
||||||||||
Additional paid-in capital
|
2,117,489
|
9,056
|
2,126,545
|
|||||||||
Accumulated deficit
|
(3,712,574
|
)
|
(162,977
|
)
|
(3,875,551
|
)
|
||||||
Total stockholders' deficit
|
(1,592,525
|
)
|
(153,921
|
)
|
(1,746,446
|
)
|
||||||
Total liabilities and stockholders' deficit
|
$
|
1,475,756
|
$
|
(1,466,706
|
)
|
$
|
9,050
|
Defense Technologies International Corp.
(Formerly Canyon Gold Corp.)
|
||||||||||||
Condensed Consolidated Statement of Operations
|
||||||||||||
Three Months Ended July 31, 2016 (Unaudited)
|
||||||||||||
As Previously
Reported |
Restatement
Adjustments |
As
Restated |
||||||||||
Revenue
|
$
|
-
|
$
|
-
|
||||||||
Expenses:
|
||||||||||||
General and administrative
|
513,682
|
$ |
164,656
|
678,338
|
||||||||
Research and development
|
3,277
|
(3,277
|
)
|
-
|
||||||||
Total expenses
|
516,959
|
161,379
|
678,338
|
|||||||||
Loss from operations
|
(516,959
|
)
|
(161,379
|
)
|
(678,338
|
)
|
||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(303,297
|
)
|
(1,598
|
)
|
(304,895
|
)
|
||||||
Gain (loss) on derivative liability
|
1,498,059
|
1,498,059
|
||||||||||
Gain on extinguishment of debt
|
121,403
|
121,403
|
||||||||||
Total other income (expense)
|
1,316,165
|
(1,598
|
)
|
1,314,567
|
||||||||
Income (loss) before income taxes
|
799,206
|
(162,977
|
)
|
636,229
|
||||||||
Provision for income taxes
|
-
|
-
|
||||||||||
Net income (loss)
|
$
|
799,206
|
$
|
(162,977
|
)
|
$
|
636,229
|
|||||
Net income (loss) per common share:
|
||||||||||||
Basic
|
$
|
0.03
|
$
|
0.03
|
||||||||
Diluted
|
$
|
0.03
|
$
|
(0.01
|
)
|
$
|
0.02
|
|||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
23,097,363
|
23,097,363
|
||||||||||
Diluted
|
32,267,573
|
32,267,573
|
DEFENSE TECHNOLOGIES INTERNATIONAL CORP.
|
|
Date:
December 15, 2016
|
By:
/S/ Merrill W. Moses
|
Merrill W. Moses
|
|
Chief Executive Officer
|
|
Acting Chief Financial Officer
|
1 Year Defense Technologies (PK) Chart |
1 Month Defense Technologies (PK) Chart |
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