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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.05 | 0.045 | 0.065 | 0.00 | 21:00:01 |
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
Nevada
|
Not Applicable
|
(State of corporation)
|
(I.R.S. Employer Identification Number)
|
Large accelerated filer | [ ] | Accelerated filer | [ ] |
Non-accelerated filer | [ ] | Smaller reporting company | [X] |
PART I — FINANCIAL INFORMATION
|
Page
|
|
Item 1.
|
Financial Statements:
|
|
Condensed Consolidated Balance Sheets for the Period Ended October 31, 2017 (Unaudited) and Year Ended April 30, 2017 (Audited)
|
3
|
|
Condensed Consolidated Statements of Operations for the Three and Six Month Periods Ended October 31, 2017 and 2016 (unaudited)
|
4
|
|
Condensed Consolidated Statements of Cash Flows for the Six Month Periods Ended October 31, 2017 and 2016 (unaudited)
|
5
|
|
Notes to Condensed Consolidated Financial Statements
|
6
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
15
|
Signatures
|
20
|
Defense Technologies International Corp.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
October 31, 2017
|
April 30, 2017
|
|||||||
ASSETS
|
(Unaudited)
|
(Audited)
|
||||||
Current assets:
|
||||||||
Cash
|
$
|
5
|
$
|
193
|
||||
Total current assets
|
5
|
193
|
||||||
Investments
|
378,600
|
378,600
|
||||||
Total assets
|
$
|
378,605
|
$
|
378,793
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
268,335
|
$
|
320,207
|
||||
Accrued licenses agreement payable
|
6,300
|
25,000
|
||||||
Accrued interest and fees payable
|
106,799
|
74,181
|
||||||
Accrued interest payable – related parties
|
--
|
13,953
|
||||||
Convertible notes payable, net of discount
|
714,264
|
594,772
|
||||||
Convertible notes payable – related parties
|
--
|
57,050
|
||||||
Notes payable – related parties
|
--
|
34,426
|
||||||
Derivative liabilities
|
329,271
|
823,452
|
||||||
Payables – related parties
|
438,560
|
334,753
|
||||||
Total current liabilities
|
1,863,533
|
2,277,794
|
||||||
Total liabilities
|
1,863,533
|
2,277,794
|
||||||
Commitments and Contingencies
|
--
|
--
|
||||||
Stockholders' deficit:
|
||||||||
Preferred stock, $0.0001 par value; 20,000,000 shares authorized,
Series A – 3,375,369 and 1,473,545 shares issued and outstanding, respectively |
337
|
147
|
||||||
Series B – 500,000 shares issued and outstanding, respectively
|
50
|
50
|
||||||
Total mezzanine equity
|
387
|
197
|
||||||
Common stock, $0.0001 par value; 200,000,000 shares
authorized, 199,365,345, net of treasury and 188,324,721 shares issued and outstanding, respectively |
19,934
|
18,833
|
||||||
Additional paid-in capital
|
5,016,293
|
4,663,537
|
||||||
Accumulated deficit
|
(6,526,375
|
)
|
(6,586,401
|
)
|
||||
Total
|
(1,489,761
|
)
|
(1,904,031
|
)
|
||||
Non-controlling interest
|
4,833
|
4,833
|
||||||
Total stockholders' deficit
|
(1,484,928
|
)
|
(1,899,198
|
)
|
||||
Total liabilities and stockholders' deficit
|
$
|
378,605
|
$
|
378,793
|
Defense Technologies International Corp.
|
Condensed Consolidated Statements of Operations
|
(Unaudited)
|
Three Months ended October 31, |
Six Months Ended October 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Expenses:
|
||||||||||||||||
General and administrative
|
$
|
85,474
|
$
|
290,008
|
$
|
241,917
|
$
|
968,346
|
||||||||
Research and development
|
-
|
1,452
|
--
|
1,452
|
||||||||||||
Total expenses
|
85,474
|
291,460
|
241,917
|
969,798
|
||||||||||||
Loss from operations
|
(85,474
|
)
|
(291,460
|
)
|
(241,917
|
)
|
(969,798
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(15,661
|
)
|
(113,466
|
)
|
(98,379
|
)
|
(438,361
|
)
|
||||||||
Gain (loss) on derivative liability
|
244,013
|
(174,907
|
)
|
463,026
|
1,323,152
|
|||||||||||
Gain on extinguishment of debt
|
--
|
189,786
|
(62,704
|
)
|
311,189
|
|||||||||||
Total other income (expense)
|
228,520
|
(118,587
|
)
|
301,943
|
1,195,980
|
|||||||||||
Income (loss) before income taxes
|
143,046
|
(410,047
|
)
|
60,026
|
226,182
|
|||||||||||
Provision for income taxes
|
-
|
-
|
--
|
|||||||||||||
Net income (loss) before non-controlling interest
|
143,046
|
(410,047
|
)
|
60,026
|
226,182
|
|||||||||||
Non- controlling interest in net loss of the consolidated subsidiary
|
--
|
--
|
--
|
--
|
||||||||||||
Net income (loss) attributed to the Company
|
$
|
143,046
|
$
|
(410,047
|
)
|
$
|
60,026
|
$
|
226,182
|
|||||||
Net income (loss) per common share:
|
||||||||||||||||
Basic
|
$
|
0.00
|
$
|
0.02
|
$
|
0.00
|
$
|
(0.01
|
)
|
|||||||
Diluted
|
$
|
0.00
|
$
|
0.02
|
$
|
0.00
|
$
|
(0.01
|
)
|
|||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
195,847,698
|
26,922,578
|
194,088,366
|
25,009,972
|
||||||||||||
Diluted
|
449,239,471
|
26,922,578
|
447,979,543
|
32,165,511
|
||||||||||||
Defense Technologies International Corp.
|
Condensed Consolidated Statements of Cash Flows
|
(Unaudited)
|
Six Months Ended October 31,
|
||||||||
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
60,026
|
$
|
226,182
|
||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Common shares issued for services
|
27,996
|
570,110
|
||||||
Stock options issued for service
|
9,056
|
|||||||
Imputed interest on convertible notes payable
|
-
|
1,125
|
||||||
Amortization of debt discount to interest expense
|
108,206
|
409,396
|
||||||
Debt extension penalty added to note principal
|
--
|
5,000
|
||||||
(Gain) loss on derivative liability
|
(463,026
|
)
|
(1,323,152
|
)
|
||||
(Gain) on extinguishment of debt
|
--
|
(311,189
|
)
|
|||||
Change in operating assets and liabilities:
|
||||||||
Increase in prepaid expenses
|
15,000
|
(2,125
|
)
|
|||||
Increase (decrease) in accounts payable
|
(9,450
|
)
|
67,284
|
|||||
Increase (decrease) in accrued interest and fees payable
|
--
|
(15,310
|
)
|
|||||
Increase in accrued interest payable – related parties
|
--
|
3,351
|
||||||
Increase in payables – related parties
|
151,060
|
66,195
|
||||||
Net cash provided by (used in) operating activities
|
(110,188
|
)
|
(294,177
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from convertible notes payable
|
110,000
|
423,590
|
||||||
Repayment of convertible notes payable
|
--
|
(117,894
|
)
|
|||||
Payment of debt issuance costs
|
--
|
(11,500
|
)
|
|||||
Net cash provided by (used in) financing activities
|
110,000
|
294,196
|
||||||
Net increase (decrease) in cash
|
(188
|
)
|
19
|
|||||
Cash at beginning of period
|
193
|
23
|
||||||
Cash at end of period
|
$
|
5
|
$
|
42
|
||||
Supplement Disclosures
|
||||||||
Interest Paid
|
$
|
---
|
--
|
|||||
Income tax Paid
|
$
|
--
|
$
|
--
|
||||
Noncash financing and investing activities
|
||||||||
Common stock issued for convertible debt
|
$
|
13,890
|
$
|
--
|
||||
Common stock issued for accrued interest and fees
|
$
|
--
|
$
|
--
|
||||
Preferred shares issued for conversion of debt
|
$
|
190,383
|
$
|
--
|
||||
Common stock retired to treasury
|
$
|
1,178
|
$
|
--
|
||||
Derivative liability on debt conversion
|
$
|
121,779
|
$
|
--
|
Level 1 – |
Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.
|
Level 2 - |
Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.
|
Level 3 – |
Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value.
|
Fair value of derivative liability as of April 30, 2017
|
$
|
823,452
|
||
Debt discount related to new debt
|
61,921
|
|||
Day one measurement of new debt
|
28,702
|
|||
Change in fair value of the derivative
|
(463,026
|
)
|
||
Conversion of debt to shares of common stock and repayment of debt
|
(121,778
|
)
|
||
Balance at October 31, 2017
|
$
|
329,271
|
Risk-free interest rate
|
0.10
|
%
|
||
Expected life in years
|
0.01 - 0.71
|
|||
Dividend yield
|
0
|
%
|
||
Expected volatility
|
475.00% - 493.00
|
%
|
Risk free interest rate
|
.68
|
%
|
||
Expected life in years
|
2.0
|
|||
Dividend yield
|
0
|
%
|
||
Expected volatility
|
137.99
|
%
|
Shares |
Weighted Average Exercise Price |
Weighted Average
Remaining Contract Term (Years) |
Aggregate Intrinsic Value |
|||||||||||||
Outstanding at April 30, 2017
|
1,300.000
|
$
|
1.385
|
1.07
|
$
|
--
|
||||||||||
Granted
|
--
|
$
|
--
|
|||||||||||||
Exercised
|
-
|
$
|
-
|
|||||||||||||
Forfeited or expired
|
-
|
$
|
-
|
|||||||||||||
Outstanding and exercisable
at October 31, 2017 |
1,300,000 |
$
|
1.385
|
0.57 |
$
|
--
|
a)
|
Administration Agreement with EMAC Handels AG, renewed effective May 1, 2014 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 350,000 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.
|
d)
|
Administration and Management Agreement of PSSI signed January 12, 2017 for a three-year term, with RAB Investments AG, for general fees of $5,000 per month, office rent of $250 and telephone of $125 beginning January 2017, the issuance of 3,000,000 common shares of PSSI and a 12% royalty calculated on defines sales revenues payable within 10 days after the monthly sales.
|
e)
|
Service Agreement of PSSI signed January 12, 2017 with Merrill W. Moses, President, Director and CEO, for services of $2,500 per month beginning February 2017 and the issuance of 500,000 common shares of PSSI. No term of the agreement is specified.
|
f)
|
Business Development and Consulting Agreement of PSSI signed January 15, 2017 for a twelve-month term, with WSMG Advisors, Inc., for finder's fees of 10% of funding raised for PSSI and the issuance of 1,500,000 common shares of PSSI.
|
DEFENSE TECHNOLOGIES INTERNATIONAL CORP. | |||
Date:
December 14, 2017
|
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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