EDGAR 10-K Filing

Company CIK: 1440799
Filing Year: 2025
Filename: 1440799_10-K_2025_0001477932-25-005291.json

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ITEM 1. BUSINESS
Item 1: Business
Company Information and Business Plan
MMEX Resources Corporation (“MMEX”) was formed as a Nevada corporation in 2005. The current management team lead an acquisition of the Company (then named Management Energy, Inc.) through a reverse merger completed in 2010 and thereafter changed the Company’s name to MMEX Resources Corporation.
MMEX is focused on the development, financing, construction, and operation of clean fuels infrastructure projects powered by renewable energy. MMEX has formed special purpose limited liability companies to implement its planned projects.
Pecos Clean Fuels & Transport, LLC
The Company has teamed with Polaris Engineering to develop an ultra-clean transportation fuels refinery, up to 11,600 barrel per day federate crude oil refining facility at our Pecos County, Texas site. The planned product slate will consist of transportation grade finished products, including zero sulfur 87° gasoline, ultra-low sulfur diesel and low-sulfur fuel oil. In addition, to finished products, the Ultra Fuel® configuration has expected criteria pollutant emissions that are on the order of 95% lower than those of a traditional refinery in the US Gulf Coast. A companion project planned by MMEX, is a Blue Hydrogen project, converting natural gas to hydrogen to produce power and if implemented will provide the refinery with hydrogen for fuel gas and thus eliminate CO2 emissions. The Ultra Fuels® configuration, with capex and technical details completed in the Front-End Load-2 (“FEL-2”) engineering package, features modular design features to take advantage of proximity to Permian Basin fuel markets and to locate directly near crude oil production areas near the Company’s owned 126-acre site. Because equipment is fabricated in modular units and shipped to site, this allows for an 18-month project completion time-frame and more rapid implementation. The modular concept with reduced footprint, as well as lower emissions, also allowed for faster permitting which we obtained for this facility from the Texas Commission on Environmental Quality on February 18, 2022.
Trans Permian H2Hub, LLC
The Company is in planning discussions with a super major oil company (the “Super Major”) to utilize its natural gas in the Permian Basin to develop a Natural Gas to Power Project at the Company’s Pecos County, Texas site. The Project plans to utilize a portion of the Super Major’s significant natural gas production and transportation from the Permian in gas turbines and generators in a combined cycle configuration to produce electric power with 100% natural gas in Phase 1. In Phase 2 we plan to convert the natural gas into hydrogen utilizing a major international company’s reformer technology, with the existing gas turbines modified to utilize initially 75% hydrogen and 25% natural gas to generate electric power. The produced electric power in both Phases may be dispatched to a data center or dispatched to ERCOT Far West, the Texas power regional pricing and trading hub, or both. The project design also includes a CO2 capture and production facility with the CO2 marketed to another Super Major oil company. The Project plans to utilize wind and solar power as its source of energy. Additionally, the Project plans to utilize its hydrogen production as fuel gas for the Pecos Clean Fuels & Transport refinery project, and this fuel gas will generate zero CO2 emissions from the refinery.
Completion of these projects is dependent upon our obtaining the necessary capital for planning, construction and start-up costs. There is no assurance that such financing can be obtained on favorable terms.
Regulation
Our Pecos Clean Fuels project already has a construction permit from the TCEQ and does not require an operation permit. Although we do not believe our planned natural gas and hydrogen power projects will have any significant environmental or ecological impact, we will be subject to numerous environmental laws and regulations relating to the release of hazardous substances or solid wastes into the soil, groundwater, and surface water, and measures to control pollution of the environment. These laws generally regulate the generation, storage, treatment, transportation, and disposal of solid and hazardous waste. They also require corrective action, including investigation and remediation, at a facility where such waste may have been released or disposed. There are risks of accidental releases into the environment associated with our operations, such as releases of crude oil or hazardous substances from our pipelines or storage facilities. To the extent an event is not covered by our insurance policies, accidental releases could subject us to substantial liabilities arising from environmental cleanup and restoration costs, claims made by neighboring landowners and other third parties for personal injury and property damage, and fines or penalties for any related violations of environmental laws or regulations.
We expect to file with the Texas Commission on Environmental Quality (“TCEQ”) construction and operation permits for the Trans Permian Projects. We expect to employ carbon capture with the blue hydrogen in Phase 2 and have under discussion with a super major oil company the sequestration of the CO2 for EOR, which already has the requisite permits.
Our planned operations may also be subject to the Department of Homeland Security’s Chemical Facility Anti-Terrorism Standards, which are designed to regulate the security of high-risk chemical facilities, and to the Transportation Security Administration’s Pipeline Security Guidelines and Transportation Worker Identification Credential program. If applicable, we will have to have an internal program of inspection designed to monitor and enforce compliance with all of these requirements, and we will need to develop a Facility Security Plan as required under the relevant law. We will also have to have in place procedures to monitor compliance with all applicable laws and regulations regarding the security of all our facilities.
Our planned operations will also be subject to the requirements of the Occupational Safety and Health Act (“OSHA”) and comparable state statutes that regulate the protection of the health and safety of workers. In addition, the OSHA hazard communication standard requires that information be maintained about hazardous materials used or produced in operations and that this information be provided to employees, state and local government authorities and citizens. We may also become subject to OSHA Process Safety Management regulations, which are designed to prevent or minimize the consequences of catastrophic releases of toxic, reactive, flammable or explosive chemicals. We will take measures to ensure that our operations are in substantial compliance with OSHA requirements, including general industry standards, record keeping requirements, and monitoring of occupational exposure to regulated substances.
Employees
As of April 30, 2025, we had no employees but rather to reduce costs our key management team is working under consulting agreements. We contract for all professional services when needed.
Legal Proceedings
See Item 3 of this Report.

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ITEM 1A. RISK FACTORS
Item 1A: Risk Factors
As a smaller reporting company, we are not required to provide the information required by this Item.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B: Unresolved Staff Comments.
None.

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ITEM 2. PROPERTIES
Item 2: Properties
Our office address for mailing purposes is 3616 Far West Blvd. #117-321, Austin, Texas 78731. Our executive physical office is located at 3600 Dickinson, Fort Stockton, Texas, 79735 near the sites of our proposed clean fuels and hydrogen projects.
We own a total of approximately 1,081.45 acres in Pecos County, Texas that are the sites for our planned clean fuels and hydrogen projects.

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ITEM 3. LEGAL PROCEEDINGS
Item 3: Legal Proceedings
Sabby Volatility Warrant Master Fund, Ltd. (“Sabby”) commenced litigation against us in a New York State Court, alleging the Company’s breach of contract, fraud, and failure to maintain and deliver shares under the convertible note previously issued by the Company to Sabby. Sabby also holds the Company’s Series B Preferred Stock and substantial warrants to purchase shares of our Common Stock. During September 2023, the court granted Sabby’s request for an order (i) granting specific performance of Sabby’s past and future requests for conversion, (ii) enjoining the Company from issuing shares of its Common Stock until it has complied with the order and (iii) directing the Company’s transfer agent to take all actions necessary to enforce the order, including reserving shares issuable upon Sabby’s conversion of its outstanding note payable.
Sabby subsequently sought and obtained a default order of contempt, entered on October 20, 2023, which among other matters cited the Company’s failure to transfer shares without restriction and to reserve a sufficient number of shares of Common Stock to honor Sabby’s potential conversions of its convertible note, Series B Preferred Stock and warrants. Upon the Company’s motion to vacate the contempt order, the court vacated the contempt order on December 5, 2023.
On May 6, 2024, Sabby filed for an order of contempt against the Company for not complying with the Court’s Order issued September 13, 2023. The Company agreed in a Stipulation Resolving Motion for Contempt filed on June 10, 2024 with Sabby to increase its authorized shares reserves to 35 billion shares and to place into reserves for Sabby conversions, 10 billion shares. On July 17, 2024, the Parties agreed to a Stipulation withdrawing the Motion for Contempt. The litigation has entered the discovery phase pursuant to the court’s orders.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4: Mine Safety Disclosures
Not Applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Since April 10, 2018, our common stock has been listed on the OTC Pink, now known as the Pink Open Market under the symbol "MMEX". The OTC Market is a network of security dealers who buy and sell stock. The dealers are connected by a computer network that provides information on current “bids” and “asks”, as well as volume information. From November 2, 2017 through April 9, 2018, our Class A common stock was listed on the OTCQB and prior to November 2, 2017, our Class A common stock was quoted on the Pink Open Market tier. The following table indicates the quarterly high and low bid price for our common stock for the fiscal years ending April 30, 2025 and 2024. Such inter-dealer quotations do not necessarily represent actual transactions and do not reflect retail mark-ups, mark-downs or commissions.
Fiscal year ended April 30, 2024
High
Low
Quarter ended July 31, 2023
$ 0.0003
$ 0.0002
Quarter ended October 31, 2023
$ 0.0002
$ 0.0001
Quarter ended January 31, 2024
$ 0.0001
$ 0.0000
Quarter Ended April 30, 2024
$ 0.0002
$ 0.0001
Fiscal year ended April 30, 2025
Quarter ended July 31, 2024
$ 0.0001
$ 0.00
Quarter ended October 31, 2024
$ 0.0001
$ 0.00
Quarter ended January 31, 2025
$ 0.0001
$ 0.00
Quarter Ended April 30, 2025
$ 0.0001
$ 0.00
On July 29, 2025, the closing bid price of our common stock as reported on the Pink Open Market was $0.0001.
The number of holders of record of the Company's common stock as of April 30, 2025 was 161 as reported by our transfer agent. This number does not include an undetermined number of stockholders whose stock is held in "street" or "nominee" name.
We have not declared or paid any cash or other dividends on our common stock to date for the last two (2) fiscal years and have no intention of doing so in the foreseeable future.
We did not repurchase any of our equity securities during the fourth quarter of fiscal 2025.
Recent Sales of Unregistered Securities not previously reported in the Company's Form 10-Q
On May 14, 2025 the Company issued 125,000,000 shares of common stock in exchange for consulting services.
On July 10, 2025 the Company issued 250,000,000 shares of common stock in exchange for consulting services.
Outstanding Equity Awards at Fiscal Year-End
Plan Category
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)
Weighted Average Exercise Price of Outstanding Options, Warrants and Rights
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities in Column (a)
Equity Compensation Plans Approved by Security Holders
Equity Compensation Plans Not Approved by Security Holders
1,302,729
$ 0.000144
Total
1,302,729
$ 0.000144
Penny Stock
Our stock is considered to be a penny stock. The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a market price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; (b) contains a description of the broker’s or dealer’s duties to the customer and of the rights and remedies available to the customer with respect to a violation of such duties or other requirements of the securities laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary actions; (e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such other information and is in such form, including language, type size and format, as the SEC shall require by rule or regulation.
The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with: (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) a monthly account statement showing the market value of each penny stock held in the customer’s account. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written acknowledgment of the receipt of a risk disclosure statement, a written agreement as to transactions involving penny stocks, and a signed and dated copy of a written suitability statement.
These disclosure requirements may have the effect of reducing the trading activity for our common stock. Therefore, stockholders may have difficulty selling our securities.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6: [Reserved]
Not applicable

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under Special Note Regarding Forward-Looking Statements and Business sections in this Annual Report. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements.
The following discussion and analysis constitutes forward-looking statements for purposes of the Securities Act and the Exchange Act and as such involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect”, “estimate”, “anticipate”, “predict”, “believes”, “plan”, “seek”, “objective” and similar expressions are intended to identify forward-looking statements or elsewhere in this report. Important factors that could cause our actual results, performance or achievement to differ materially from our expectations are discussed in detail in Item 1 above. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by such factors. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Notwithstanding the foregoing, we are not entitled to rely on the safe harbor for forward looking statements under 27A of the Securities Act or 21E of the Exchange Act as long as our stock is classified as a penny stock within the meaning of Rule 3a51-1 of the Exchange Act. A penny stock is generally defined to be any equity security that has a market price (as defined in Rule 3a51-1) of less than $5.00 per share, subject to certain exceptions.
The following discussion should be read in conjunction with the Consolidated Financial Statements, including the notes thereto.
Overview
Business Overview
Since 2016, the focus of our business has been to build crude oil distillation units and refining facilities (CDUs) in the Permian Basin in West Texas. We revised our business plan in 2021 to move MMEX to clean energy production, leveraging our history, management and business relationships from the traditional energy sector.
Since 2021 MMEX has expanded its focus to the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy. We have formed three special purpose entities of the Company - one to transition from legacy refining transportation fuels by producing them as ultra clean fuels with carbon capture, a second which plans to produce electric power from natural gas in Phase 1 and to implement in Phase 2 utilization of the natural gas to produce hydrogen and power. The planned projects are designed to be powered by solar and wind renewable energy. We continue to review implementation of our clean fuels technology internationally.
Through April 30, 2025, we have had no revenues and have reported continuing losses from operations.
Results of Operations
We recorded a net loss of $2,299,458 or $(0.0002) per share, for fiscal year ended April 30, 2025, compared to a net loss of $8,194,086 or $(0.0011) per share, for the fiscal year ended April 30, 2024. As discussed below, the net income or loss for any fiscal year fluctuates materially due to non-operating gains and losses.
Revenues
We have not yet begun to generate revenues.
General and Administrative Expenses
Our general and administrative expenses increased $139,580 to $1,395,748 for the year ended April 30, 2025 from $1,256,168 for the year ended April 30, 2024. The increase resulted from a combination of higher consultant fee costs offset by lower legal fees..
Project Costs
Our project costs decreased $6,421 to $5,430 for the year ended April 30, 2025 from $11,851 for the year ended April 30, 2024. The levels of spending on our projects will vary from period to period based on availability of financing and will be expensed as project costs are incurred. During the year ended April 30, 2025, the decrease in project costs was because we did not have funding available to invest in our projects during the current year.
Depreciation and Amortization Expense
Our depreciation and amortization expenses were unchanged at $36,394 for the years ended April 30, 2025 and 2024 respectively. The expense results from the depreciation of land improvements and amortization of land easements.
Other Income (Expense)
Our interest expense increased $120,898 to $461,672 for the year ended April 30, 2025 from $340,774 for the year ended April 30, 2024. The increase is attributed to new debt agreements and debt issued with debt discounts being amortized to interest expense during the year ended April 30, 2025.
We reported a loss on extinguishment of debt of $400,214 for the year ended April 30, 2025 compared to a loss on extinguishment of debt of $819,346 for the year ended April 30, 2024. The gain/loss on extinguishment of debt generally results from the settlement and extinguishment of convertible notes payable and certain accounts payable and accrued expenses and can fluctuate over time as we are able to settle or pay off debt.
Net Income (Loss)
As a result of the above, we reported net losses of $2,299,458 and $2,464,533 for the years ended April 30, 2025 and 2024, respectively.
Deemed Dividend
During the year ended April 30, 2024 the conversion price of our Series B preferred stock was reduced from $0.05 to $0.000058 per share, which resulted in the recognition of a deemed dividend of $5,729,553 during the year ended April 30, 2024 in order to account for the change in fair value of the Series B preferred stock. During the year ended April 30, 2025 the conversion price of our Series B preferred stock remained at $0.000058, therefore no deemed dividend was recorded for the year ended April 30, 2025.
Net Income (Loss) Attributable to Common Shareholders
As a result of the deemed dividend, our net loss attributed to common shareholders was $2,299,458 and $8,194,086 for the years ended April 30, 2025 and 2024, respectively.
Liquidity and Capital Resources
Working Capital
As of April 30, 2025, we had current assets of $8,079, comprised of cash of $4,579 and prepaid expenses and other current assets of $3,500, and current liabilities of $4,795,043, resulting in a working capital deficit of $4,786,964.
Sources and Uses of Cash
Our sources and uses of cash for the years ended April 30, 2025 and 2024 were as follows:
Cash, Beginning of Year
$ 898
$ 10,363
Net Cash Used in Operating Activities
(380,107 )
(492,992 )
Net Cash Used in Investing Activities
-
-
Net Cash Provided by Financing Activities
383,788
483,527
Cash, End of Year
$ 4,579
$ 898
We used net cash of $380,107 in operating activities for the year ended April 30, 2025 as a result of our net loss of $2,299,458, our non-cash losses of $400,214, our increase in accounts payable of $212,287, and our increase in accounts payable and accrued expenses - related parties of $757,331, our increase in accrued expenses of $247,058, our increase in non-cash expenses totaling $302,961 and our decrease in prepaid expenses and other current assets of $500.
In comparison, we used net cash of $492,992 in operating activities for the year ended April 30, 2024 as a result of our net loss of $2,464,533, our non-cash losses of $819,346, our increase in accounts payable of $107,745, and our increase in accounts payable and accrued expenses - related parties of $769,583, our increase in accrued expenses of $66,914, our increase in non-cash expenses totaling $186,953 and our decrease in prepaid expenses and other current assets of $21,000.
We had no cash used in investing activities for the years ended April 30, 2025 and 2024, respectively.
Net cash provided by financing activities was $383,788 for the year ended April 30, 2025, comprised of proceeds from notes payable - related parties of $429,776 and proceeds from convertible notes payable - related parties of $1,300 partially offset by repayments of notes payable of $15,728 and repayments of notes payable - related parties of $31,560.
By comparison, net cash provided by financing activities was $483,527 for the year ended April 30, 2024, comprised of proceeds from notes payable of $395,000, proceeds from notes payable - related parties of $108,200, proceeds from convertible notes payable of $110,00 and proceeds from convertible notes payable - related parties of $50,000 partially offset by repayments of convertible notes payable of $158,790, repayments of notes payable of $13,685 and repayments of notes payable - related parties of $7,198.
Going Concern Uncertainty
Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. We have incurred continuous losses from operations, have an accumulated deficit of $83,220,849 and a total stockholders’ deficit of $5,982,885 at April 30, 2025, and have reported negative cash flows from operations since inception. In addition, as of April 30, 2025 we did not have the cash resources to meet our operating commitments for the next twelve months. We require capital investments to implement our business plan, including the development of our planned hydrogen projects. Additionally, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered by entrance into established markets and the competitive environment in which we operate.
We expect to continue to seek additional funding through private or public equity and debt financing. Our ability to continue as a going concern is dependent on our ability to generate sufficient cash from operations to meet our cash needs and/or to raise funds to finance ongoing operations and repay debt. However, there can be no assurance that we will be successful in our efforts to raise additional debt or equity capital and/or that our cash generated by our operations will be adequate to meet our needs. These factors, among others, raise substantial doubt that we will be able to continue as a going concern for a reasonable period of time.
The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company's ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Critical Accounting Policies
Our results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to inventories, investments, intangible assets, income taxes, financing operations, and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
For further information on our significant accounting policies see the notes to our consolidated financial statements included in this Annual Report. There were no material changes to our significant accounting policies during the year ended April 30, 2025 and there are no policies we deem to be critical accounting policies.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A: Quantitative and Qualitative Disclosures About Market Risk
As a smaller reporting company, we are not required to provide the information required by this item.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8: Financial Statements and Supplementary Data
The following financial statements are being filed with this report and are located immediately following the signature page.
Index to Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of April 30, 2025 and 2024
Consolidated Statements of Operations for the years ended April 30, 2025 and 2024
Consolidated Statements of Stockholders’ Deficit for the years ended April 30, 2025 and 2024
Consolidated Statements of Cash Flows for the years ended April 30, 2025 and 2024
Notes to Consolidated Financial Statements

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There have been no changes in or disagreements with our accountants on accounting and financial disclosures.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A(T): Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of April 30, 2025, our disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Management's Annual 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) under the Securities Exchange Act, as amended. Our management assessed the effectiveness of our internal control over financial reporting as of April 30, 2025. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control-Integrated Framework. Based on our evaluation, management concluded that we maintained effective internal control over financial reporting as of April 30, 2025, based on the COSO framework criteria. Management believes our processes and controls are sufficient to ensure the consolidated financial statements included in this Form 10-K were fairly stated in accordance with U.S. GAAP.
Changes in Internal Control Over Financial Reporting
Management has made changes to the Company's internal control over financial reporting through the date of this report and/or through the quarter ended April 30, 2025, that materially affected the Company's internal control over financial reporting. Specifically, management increased its accounting personnel and made numerous changes to its accounting processes which resulted in a segregation of duties and the implementation of reviews and monitoring activities which have added controls into the accounting processes and improved our financial reporting. Additionally, management established a formal written policy for the approval, identification, and authorization of related party transactions.
Limitations on Effectiveness of Controls and Procedures
Our management does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Independent Registered Accountant's Internal Control Attestation
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 temporary rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this annual report.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information
None.
Part III

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance
Directors and Executive Officers
The Board of Directors currently consists of two persons. Directors serve until the next annual meeting and until their successors are elected and qualified. The following table sets forth information about our directors and executive officers:
Name
Age
Office
Year First Elected Director
Jack W. Hanks
Director, Chief Executive Officer, President and Chief Financial Officer
Bruce N. Lemons
Director
________________________
Mr. Hanks has served as Director, Chief Executive Officer and President of the Company since the merger of Maple Carpenter Creek, LLC with the Company in September 2010. Mr. Hanks founded Maple Resources Corporation in 1986 and has been President or Chairman of the Board of Maple Resources since its inception. Mr. Hanks has also been the Executive Chairman of Maple Energy plc, a publicly listed company on the London Stock Exchange AIM and the Lima Bolsa. Prior to founding Maple Resources Corporation, Mr. Hanks was a partner in the Washington D.C. office of the law firm of Akin Gump Strauss Hauer & Feld LLP. Mr. Hanks graduated from the University of Texas at Austin with a law degree in 1971 and a petroleum land management degree in 1968. We believe that Mr. Hanks’ business, finance and management experience qualifies him to serve as a member of our board of directors.
Mr. Lemons has been a practicing lawyer in the mineral area for over 25 years. He has been a private investor in oil and gas and coal projects in the last several years, including in Maple Carpenter Creek, LLC and Maple Energy, plc and predecessor entities. Since 2002, Mr. Lemons has served as a director of Ansen, an electronics manufacturing company based in upstate New York. Mr. Lemons was a partner in the law firms of Holme Roberts & Owen and in Holland & Hart. Mr. Lemons graduated law school from Brigham Young University in 1980, where he was a member of law review, and holds undergraduate degrees in Economics and Political Science from Utah State University. We believe that Mr. Lemons’ business, finance and management experience qualifies him to serve as a member of our board of directors.
We are not aware of any “family relationships” (as defined in Item 401(d) of Regulation S-K promulgated by the SEC) among directors, executive officers, or persons nominated or chosen by us to become directors or executive officers.
The Board of Directors has determined that neither director is “independent” as such term is defined by the listing standards of Nasdaq and the rules of the SEC. Mr. Lemons is not “independent” due to his significant beneficial ownership of our common stock. Mr. Hanks is not “independent” due to his significant beneficial ownership of our common stock and his role as an executive officer of the Company.
Audit, Nominating and Compensation Committees
Because we are not listed on a securities exchange, we are not required to establish audit, nominating or compensation committees of the Board of Directors and we have not done so. In the event we elect to seek listing on a securities exchange, we will meet the corporate governance requirements imposed by a national securities exchange, including the appointment of an audit committee, nominating committee and compensation committee, the adoption of charters for each such committee and the appointment of independent directors to such committees as required by the requirements of such securities exchange.
Compensation of Directors
We do not currently pay any compensation to our directors, but we pay their expenses to attend our board meetings. During the fiscal year ended April 30, 2025, no director expenses were incurred.
No option awards were granted to our non-executive directors during the year ended April 30, 2025. There were no stock option awards outstanding at April 30, 2025 to our non-executive directors.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation
The following table sets forth the compensation paid or earned by our executive officers during the fiscal years ended April 30, 2025 and 2024.
Summary Compensation Table
Name and
Principal Position
Year
Salary
Bonus
Stock
Awards
Option
Awards
Non-Equity
Incentive Plan
Compensation
All Other Compensation
Total
Jack W. Hanks
$ -
$ -
$ -
$ -
$ -
$ -
$ -
Chief Executive Officer, President and Chief Financial Officer (1)
$ -
$ -
$ -
$ -
$ -
$ -
$ -
(1)
Mr. Hanks has served as Chief Executive Officer since September 21, 2010.
There are no employment agreements in place and no severance benefits are currently in place. During the years ended April 30, 2025 and 2024, we incurred consulting fees and expense reimbursement related to business development, financing and other corporate activities to Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, totaling $240,000 and $243,326, respectively. Amounts included in accrued expenses - related parties due to Maple Resources totaled $256,075 and $327,049 as of April 30, 2025 and 2024, respectively.
Outstanding Equity Awards at Fiscal Year-End
During the year ended April 30, 2025 we did not grant any stock awards. At April 30, 2025, we had no outstanding stock options or other equity awards issued to our executive officers.

---

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth as of July 29, 2025, the name and number of shares of the Company’s common stock beneficially owned by (i) each of the directors and named executive officers of the Company, (ii) beneficial owners of 5% or more of our common stock; and (iii) all the officers and directors as a group. Pursuant to the rules and regulations of the SEC, shares of common stock that an individual or group has a right to acquire within 60 days pursuant to the exercise of options or warrants are deemed to be outstanding for the purposes of computing the percentage ownership of such individual or group, but are not deemed to be outstanding for the purposes of computing the percentage ownership of any other person shown in the table.
SEC rules provide that, for purposes hereof, a person is considered the “beneficial owner” of shares with respect to which the person, directly or indirectly, has or shares the voting or investment power, irrespective of his/her/its economic interest in the shares. Unless otherwise noted, each person identified possesses sole voting and investment power over the shares listed, subject to community property laws.
The percentages in the table below are based on 11,465,977,507 shares of common stock outstanding on July 29, 2025. Shares of common stock subject to options and warrants that are exercisable within 60 days of July 29, 2025 are deemed beneficially owned by the person holding such options for the purposes of calculating the percentage of ownership of such person but are not treated as outstanding for the purpose of computing the percentage of any other person.
Name and Address of Beneficial Owners (1)
Shares
Percentage Ownership of Class
Voting Power (5)
Jack W. Hanks (2)(4)
7,541,514,158
65.77 %
54.90 %
Bruce N. Lemons (3)
189,696,455
1.65 %
0.005 %
_______________
(1)
Unless otherwise noted, the business address for each of the individuals set forth in the table is c/o MMEX Resources Corporation, 3600 Dickinson, Fort Stockton, Texas 79735.
(2)
Common shares for Mr. Hanks include: (i) 43 shares held by The Maple Gas Corporation, (ii) 136 shares held by Maple Structure Holdings, LLC, (iii) 911,511,091 shares held by Maple Resources Corporation and (iv) 6,629,962,888 shares issuable upon the exercise of outstanding warrants. This number excludes 527,750,085 shares owned by Leslie Doheny Hanks, the wife of Mr. Hanks, as to which Mr. Hanks disclaims any beneficial ownership [see also note (6)].
(3)
Common shares for Mr. Lemons include: (i) 1,147,645 shares held by BNL Family Trust (ii) 36 shares held by AAM Investments, LLC, and (iii) 188,548,774 shares issuable upon the exercise of outstanding warrants. Mr. Lemons and his family are the beneficiaries of BNL Family Trust. AAM Investments, LLC is indirectly owned by BNL Family Trust, a trust established for the benefit of Mr. Lemons and his family.
(4)
The holders of Series A Preferred Stock have 51% of the voting power of the outstanding shares of capital stock of the Company and this amount represents common stock ownership as of July 26, 2024 and does not take into account any shares of common stock subject to any exercises of options or warrants.

---

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions and Director Independence
Unless otherwise indicated, the terms of the following transactions between related parties were not determined as a result of arm’s length negotiations.
Contractual Agreements
Accounts payable and accrued expenses to related parties, consisting primarily of consulting fees and expense reimbursements payable, totaled $676,878 and $1,030,523 as of April 30, 2025 and 2024, respectively.
Effective July 1, 2019, we entered into a consulting agreement with Maple Resources Corporation (“Maple Resources”), a related party controlled by our President and CEO, that provides for payment of consulting fees and expense reimbursement related to business development, financing and other corporate activities. Effective March 1, 2021 the Maple Resources consulting agreement was amended to provide for monthly consulting fees of $20,000. During the year ended April 30, 2025, we incurred consulting fees and expense reimbursement to Maple Resources totaling $245,176 and we made repayments to Maple Resources of $139,835 and exchanged $260,491 of accrued liabilities for a convertible note payable. During the year ended April 30, 2024, we incurred consulting fees and expense reimbursement to Maple Resources totaling $260,973 and we made repayments to Maple Resources of $128,395 and converted $58,119 of accrued liabilities into 910,958,934 shares of common stock, which were valued at $273,288 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $215,169 was recognized and resulting in $175,150 still owed as of April 30, 2024.
In addition, the consulting agreement provides for the issuance to Maple Resources of shares of our common stock each month with a value of $5,000, with the number of shares issued based on the average closing price of the stock during the prior month. Effective August 1, 2024, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $7,500, with the number of shares issued based on the average closing price of the stock during the prior month. Effective April 8, 2025, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $7,500, with the number of shares issued based on a fixed rate of $0.000068. During the year ended April 30, 2025, we recorded $82,500 for accrued consulting fees and we issued no shares for payment, therefore $222,500 was owed as of April 30, 2025. During the year ended April 30, 2024, we recorded $60,000 for accrued consulting fees and we issued no shares for payment, therefore $140,000 was owed as of April 30, 2024.
During the year ended April 30, 2025, Maple Resources made advances of $36,668 to assist the Company with cash flow challenges, and made repayments to Maple Resources of $19,325 and exchanged $14,913 of advances for a convertible note resulting in $13,575 still owed as of April 30, 2025. During the year ended April 30, 2024, Maple Resources made advances of $7,235 to assist the Company with cash flow challenges, and made no repayments to Maple Resources resulting in $11,145 still owed as of April 30, 2024.
During the year ended April 30, 2025, we exchanged $260,491 of accounts payable with Maple Resources, $14,913 of advances from Maple Resources, $526,968 of debt with Maple Resources, and $5,493 advances with Jack Hanks (owner of Maple Resources) for a convertible note, which had a fair value of $1,019,959 therefore a loss of $212,094 was recognized. Amounts included in accounts payable and accrued expenses - related parties due to Maple Resources totaled $256,075 ($222,500 payable in stock) and $327,048 ($140,000 payable in stock) as of April 30, 2025 and 2024, respectively, which was inclusive of accrued interest due under the convertible notes described below.
During the year ended April 30, 2025, Jack Hanks, our President and CEO, made advances of $2,500 to assist the Company with cash flows challenges, and exchanged $5,493 of advances for a convertible note with Maple Resources resulting in $0 in accounts payable and accrued expenses - related parties as of April 30, 2025. During the year ended April 30, 2024, Jack Hanks, our President and CEO, made advances of $828 to assist the Company with cash flows challenges, and made repayments of $25 resulting in $2,993 in accounts payable and accrued expenses - related parties as of April 30, 2024.
Effective October 1, 2018, we entered into a consulting agreement with Leslie Doheny-Hanks, the wife of our President and CEO, to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. Effective August 1, 2024, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $3,500, with the number of shares issued based on the average closing price of the stock during the prior month. Effective April 8, 2025, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $3,500, with the number of shares issued based on a fixed rate of $0.000068. The related party consultant provides certain administrative and accounting services and is reimbursed for expenses paid on behalf of the Company.
During the year ended April 30, 2025 we recorded $39,000 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $81,126, in addition Mrs. Hanks made advances of $1,500 to assist with cash flow challenges and we made no repayments. During the year ended April 30, 2025 we exchanged $146,740 of payables and $7,345 of advances for a convertible note, which had a fair value of $181,820 therefore a loss of $27,735 was recognized resulting in $120,174 ($109,000 payable in stock) in accounts payable and accrued expenses - related parties as of April 30, 2025.
During the year ended April 30, 2024 Mrs. Hanks converted $40,614 of accrued liabilities into 636,588,339 shares of common stock, which were valued at $190,976 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $150,362 was recognized. During the year ended April 30, 2024 we recorded $30,000 for the amount payable in stock under the consulting agreement and recorded expense reimbursements owed to Mrs. Hanks of $84,896 and made repayments of $31,000. In addition, Mrs. Hanks made advances of $295 to assist with cash flow challenges and was still owed and included in accounts payable and accrued expenses - related parties as of April 30, 2024. During the year ended April 30, 2024 Mrs. Hanks converted $40,614 of accrued liabilities into 636,588,339 shares of common stock, which were valued at $190,976 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $150,362 was recognized.
Effective February 1, 2021 the Company entered into consulting agreements with three children of our President and CEO, which were amended as of December 31, 2021 to continue on a month-to-month basis. On March 15, 2025 the consulting fees were paused until further notice. During the year ended April 30, 2025 we incurred $108,500 for fees and expenses reimbursements to the children, we made repayments of $8,900 and exchanged $228,084 of accrued liabilities and $30,986 of debt for convertible notes with a fair value of $307,956, therefore a loss of $48,885 was recognized. During the year ended April 30, 2024 we incurred $126,796 for fees and expenses reimbursements to the children, we made repayments of $13,000 and converted $30,709 of accrued liabilities into 446,063,449 shares of common stock, which were valued at $119,712 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $89,003 was recognized. During the year ended April 30, 2024 we incurred $126,796 for fees and expenses reimbursements to the children, we made repayments of $13,000 and converted $30,709 of accrued liabilities into 446,063,449 shares of common stock, which were valued at $119,712 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $89,003 was recognized. Amounts included in accounts payable and accrued expenses - related parties due to the children totaled $0 and $128,484 as of April 30, 2025 and 2024, respectively.
Effective September 1, 2021, we entered into a consulting agreement with BNL Family Trust, a related party to Bruce Lemons, Director, to issue shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. Effective August 1, 2024, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $2,500, with the number of shares issued based on the average closing price of the stock during the prior month. Effective April 8, 2025, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $2,500, with the number of shares issued based on a fixed rate of $0.000068. During the year ended April 30, 2025 and 2024, we recorded $30,000, respectively for the amount payable in stock under the consulting agreement, therefore $100,000 was still owed and included in accounts payable and accrued expenses - related parties as of April 30, 2025. In addition, BNL Family Trust made advances of $5,200 to assist with cash flow challenges during the year ended April 30, 2025. During the year ended April 30, 2025, we exchanged $5,200 of advances and $14,442 of debt for a convertible note, which had a fair value of $24,449 therefore a loss of $4,807 was recognized. Amounts included in accounts payable and accrued expenses - related parties due to BNL Family Trust totaled $100,000 (all payable in stock) and $70,000 (all payable in stock) as of April 30, 2025 and 2024, respectively.
Effective November 1, 2020, we entered into a consulting agreement with Nabil Katabi, a shareholder of more than ten percent, to provide for monthly consulting fees of $10,000 and to issue shares of our common stock each month with a value of $2,000, with the number of shares issues based on the average closing price of the stock during the prior month. Effective April 30, 2023 the consulting agreement was amended to provide for monthly consulting fees of $20,000 and to issue shares of our common stock each month with a value of $5,000, with the number of shares issues based on the average closing price of the stock during the prior month. Effective August 1, 2024, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $7,500, with the number of shares issued based on the average closing price of the stock during the prior month. Effective April 8, 2025, the consulting agreement was amended to provide for the issuance of shares of our common stock each month with a value of $7,500, with the number of shares issued based on a fixed rate of $0.000068. During the year ended April 30, 2025, we recorded $344,762 ($82,500 payable in stock) for fees and expense reimbursements, we made repayments of $52,500 and exchanged $424,777 of payables, $16,220 of advances and $9,280 of debt for a convertible note, which had a fair value of $532,195 therefore a loss of $81,918 was recognized. During the year ended April 30, 2024, we recorded $532,130 ($92,000 payable in stock) for fees and expense reimbursements, we made repayments of $27,948 and converted $75,321 of accrual liabilities into 1,180,577,273 shares of common stock, which were valued at $308,157 based on the closing market price of the Company’s stock on the day of conversion, therefore a loss of $232,836 was recognized. During the year ended April 30, 2024, Nabil Katabi made advances of $16,220 to assist the Company with cash flow challenges, resulting in $16,220 which was exchange for a convertible note as of April 30, 2025. Amounts included in accounts payable and accrued expenses - related parties due to Nabil Katabi totaled $200,628 and $349,364 as of April 30, 2025 and 2024, respectively.
Convertible Notes Payable - Related Parties
Convertible notes payable - related parties consist of the following at April 30:
Convertible note payable with Maple Resources Corporation, matures on October 13, 2024, with interest at 5%, convertible into common shares of the Company [1]
$ -
$ 50,000
Convertible note payable with BNL Family Trust, matures on March 13, 2026, with interest at 18%, convertible into common shares of the Company [2]
-
-
Convertible note payable with Alpenglow Consulting, LLC, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [3]
172,228
-
Convertible note payable with CleanFit, LLC, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [4]
58,410
-
Convertible note payable with Lake of Silver, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [5]
77,318
-
Convertible note payable with Maple Resources Corporation, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [6]
1,019,959
-
Convertible note payable with BNL Family Trust, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [7]
24,449
-
Convertible note payable with Ha’Pu Wear, LLC, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [8]
181,820
-
Convertible note payable with Nabil Katabi, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [9]
532,195
-
Convertible note payable with Poppy, LLC, matures on April 8, 2028, with interest at 18%, convertible into common shares of the Company [10]
20,886
-
Less discount
-
-
Total
$ 2,087,265
$ 50,000
[1]
This convertible note was entered into on October 13, 2023 in exchange for cash of $50,000 and is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company. On September 17, 2024 this convertible note along with $1,712 of accrued interest was rolled into a new convertible note with a make-whole provision of 18% of the principal amount due in lieu of any stated interest. Therefore, $9,308 was recorded as debt discount to be amortized over the term of the new note due October 14, 2025. On April 8, 2025 this note was part of a convertible promissory note exchange agreement, see [6] below. As of April 30, 2025 and April 30, 2024 accrued interest on the convertible note was $0 and $753, respectively.
[2]
This convertible note was entered into on March 13, 2025 in exchange for cash of $1,300 with a make-whole provision of 18% of the principal amount due in lieu of any stated interest and is convertible into common shares of the Company at a conversion price equal to $0.000068 per share. On March 13, 2025 a debt discount of $234 was recorded for the make-whole provision to be amortized over the term of the note. On April 8, 2025 this note was part of a convertible promissory note exchange agreement, see [7] below. As of April 30, 2025 and April 30, 2024 accrued interest on the convertible note was $0 and $0, respectively.
[3]
This convertible promissory note was entered into on April 8, 2025 for $145,956 of principal plus $26,272 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $121,084 of accounts payable and $24,872 of outstanding promissory notes payable that had $1,032 of debt discount remaining to be amortized with this related party. The exchange was accounted for as debt extinguishment therefore we recognized a $27,304 loss on extinguishment of debt.
[4]
This convertible promissory note was entered into on April 8, 2025 for $49,500 of principal plus $8,910 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $49,500 of accounts payable with this related party. The exchange was accounted for as debt extinguishment therefore, we recognized a $8,910 loss on extinguishment of debt.
[5]
This convertible promissory note was entered into on April 8, 2025 for $65,524 of principal plus $11,794 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $57,500 of accounts payable and $8,024 of outstanding promissory notes payable that had $878 of debt discount remaining to be amortized with this related party. The exchange was accounted for as debt extinguishment therefore we recognized a $12,672 loss on extinguishment of debt.
[6]
This convertible promissory note was entered into on April 8, 2025 for $864,372 of principal plus $155,587 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $260,491 of accounts payable, $20,406 of advances, and $583,474 of outstanding promissory notes payable that had $56,507 of debt discount remaining to be amortized with this related party. The exchange was accounted for as debt extinguishment therefore we recognized a $212,095 loss on extinguishment of debt.
[7]
This convertible promissory note was entered into on April 8, 2025 for $20,719 of principal plus $3,730 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $5,200 of accounts payable and $15,519 of outstanding promissory notes payable that had $1,077 of debt discount remaining to be amortized with this related party. The exchange was accounted for as debt extinguishment therefore we recognized a $4,807 loss on extinguishment of debt.
[8]
This convertible promissory note was entered into on April 8, 2025 for $154,085 of principal plus $27,735 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $154,085 of accounts payable with this related party. The exchange was accounted for as debt extinguishment therefore, we recognized a $27,735 loss on extinguishment of debt.
[9]
This convertible promissory note was entered into on April 8, 2025 for $451,013 of principal plus $81,182 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $424,777 of accounts payable, $16,220 advances, and $10,016 of outstanding promissory notes payable that had $736 of debt discount remaining to be amortized with this related party. The exchange was accounted for as debt extinguishment therefore we recognized a $81,918 loss on extinguishment of debt.
[10]
This convertible promissory note was entered into on April 8, 2025 for $17,700 of principal plus $3,186 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $17,700 of outstanding promissory notes payable with this related party. The exchange was accounted for as debt extinguishment therefore, we recognized a $3,186 loss on extinguishment of debt.
Notes Payable - Related Parties, Currently in Default
Notes payable -related parties, currently in default consist of the following at:
April 30, 2025
April 30, 2024
Note payable to a related party with an issue date of April 25, 2023 with interest at 18% [1]
$ -
$ 17,700
[1]
Effective April 25, 2023, the Company entered into a promissory note with Poppy, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $15,000 and a maturity date of April 25, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $2,700 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 235,109,718 warrants, thus $11,991 of the $15,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On April 25, 2024 the note went into default as the due date had passed with no extension. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
Notes Payable - Related Parties
Notes payable - related parties consist of the following at:
April 30,
April 30,
Note payable to a related party with an issue date of May 7, 2023 with interest at 18% [1]
$ -
$ 11,800
Note payable to a related party with an issue date of May 16, 2023 with interest at 18% [2]
-
4,720
Note payable to a related party with an issue date of May 31, 2023 with interest at 18% [3]
-
7,552
Note payable to a related party with an issue date of June 6, 2023 with interest at 18% [4]
-
5,900
Note payable to a related party with an issue date of July 3, 2023 with interest at 18% [5]
-
5,900
Note payable to a related party with an issue date of November 3, 2023 with interest at 18% [6]
-
8,260
Note payable to a related party with an issue date of February 12, 2024 with interest at 18% [7]
-
2,006
Note payable to a related party with an issue date of March 17, 2024 with interest at 18% [8]
-
7,080
Note payable to a related party with an issue date of April 25, 2024 with interest at 18% [9]
-
8,260
Note payable to a related party with an issue date of April 26, 2024 with interest at 18% [10]
-
59,000
Note payable to a related party with an issue date of May 29, 2024 with interest at 18% [11]
-
-
Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [12]
-
-
Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [13]
-
-
Note payable to a related party with an issue date of June 4, 2024 with interest at 18% [14]
-
Note payable to a related party with an issue date of July 2, 2024 with interest at 18% [15]
-
-
Note payable to a related party with an issue date of July 8, 2024 with interest at 5% [16]
$60,000 draw on July 8, 2024
-
-
$60,000 draw on August 14, 2024
-
-
$60,000 draw on September 16, 2024
-
-
Note payable to a related party with an issue date of October 16, 2024 with interest at 18% [17]
$60,000 draw on October 20, 2024
-
-
$60,000 draw on November 20, 2024
-
-
$60,000 draw on December 19, 2024
-
-
Note payable to a related party with an issue date of September 13, 2024 with interest at 18% [18]
-
-
Total
-
120,478
Less discount
-
(47,152 )
Net
$ -
$ 73,326
[1]
Effective May 7, 2023, the Company entered into a promissory note with Lake of Silver, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $10,000 and a maturity date of May 7, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 156,739,812 warrants, thus $7,265 of the $10,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. On August 1, 2024 the note payable was amended to extend the maturity date to October 1, 2025 and included an additional 18%, in lieu of interest, of the principal plus the initial in lieu of interest amount. Accordingly, $2,124 was recorded as a debt discount on the amendment date to be recognized over the extended term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[2]
Effective May 16, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $4,000 and a maturity date of May 16, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $720 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 62,695,925 warrants, thus $3,198 of the $4,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. On August 1, 2024 the note payable was amended to extend the maturity date to October 1, 2025 and included an additional 18%, in lieu of interest, of the principal plus the initial in lieu of interest amount. Accordingly, $850 was recorded as a debt discount on the amendment date to be recognized over the extended term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[3]
Effective May 31, 2023, the Company entered into a promissory note with BNL Family Trust, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $6,400 and a maturity date of May 31, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,152 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 100,313,480 warrants, thus $5,386 of the $6,400 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. On August 1, 2024 the note payable was amended to extend the maturity date to October 1, 2025 and included an additional 18%, in lieu of interest, of the principal plus the initial in lieu of interest amount. Accordingly, $1,359 was recorded as a debt discount on the amendment date to be recognized over the extended term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[4]
Effective June 6, 2023, the Company entered into a promissory note with Nabil Katabi, a related party, through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $5,000 and a maturity date of June 6, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 78,369,906 warrants, thus $4,474 of the $5,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital (see Note 8) and an increase in debt discount. On August 1, 2024 the note payable was amended to extend the maturity date to October 1, 2025 and included an additional 18%, in lieu of interest, of the principal plus the initial in lieu of interest amount. Accordingly, $1,062 was recorded as a debt discount on the amendment date to be recognized over the extended term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[5]
Effective July 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with $5,000 consulting fee under a subscription agreement. On August 1, 2024 the note payable was amended to extend the maturity date to October 1, 2025 and included an additional 18%, in lieu of interest, of the principal plus the initial in lieu of interest amount. Accordingly, $1,062 was recorded as a debt discount on the amendment date to be recognized over the extended term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[6]
Effective November 3, 2023, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $7,000 and a maturity date of November 3, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,260 was recorded as a debt discount at the notes inception to be recognized over the term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[7]
Effective February 12, 2024, the Company entered into a promissory note with BNL Family Trust, a related party. The note has a principal amount of $1,700 and a maturity date of February 12, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $306 was recorded as a debt discount at the notes inception to be recognized over the term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[8]
Effective March 17, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $6,000 and a maturity date of March 17, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,080 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of April 30, 2025 the loan was paid back in full.
[9]
Effective April 25, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $7,000 and a maturity date of April 25, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,260 was recorded as a debt discount at the notes inception to be recognized over the term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[10]
Effective April 26, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $50,000 and a maturity date of April 26, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $9,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 1,247,609,946 warrants, thus $33,947 of the $50,000 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[11]
Effective May 29, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $50,000 and a maturity date of May 29, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $9,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[12]
Effective June 4, 2024, the Company entered into a promissory note with BNL Family Trust, a related party. The note has a principal amount of $2,600 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $468 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,443 of the $2,600 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[13]
Effective June 4, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $2,588 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $466 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[14]
Effective June 4, 2024, the Company entered into a promissory note with Nabil Katabi, a related party. The note has a principal amount of $2,588 and a maturity date of June 6, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $466 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 38,235,294 warrants, thus $1,439 of the $2,588 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[15]
Effective July 2, 2024, the Company entered into a promissory note with Alpenglow Consulting, LLC, a related party. The note has a principal amount of $5,000 and a maturity date of July 2, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $900 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of April 30, 2025 the loan was paid back in full.
[16]
Effective July 8, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $180,000 to be funded in three drawdowns of $60,000 each and a maturity date of July 8, 2025. In lieu of interest the Company is to pay the lender 5% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $9,000 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 2,647,058,824 warrants, thus $35,006 of the $60,000 in note proceeds, from the first drawdown, were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. All three drawdowns of $60,000 each for a total of $180,000 were made under the Note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[17]
Effective October 16, 2024, the Company entered into a promissory note with Maple Resources, a related party. The note has a principal amount of $180,000 to be funded in three drawdowns of $60,000 each and a maturity date of October 16, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $32,400 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 2,647,058,824 warrants, thus $35,006 of the $60,000 in note proceeds, from the first drawdown, were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. All three drawdowns of $60,000 each for a total of $180,000 were made under the Note. On April 8, 2025, this note was exchanged for a convertible promissory note and therefore had a zero balance as of April 30, 2025.
[18]
Effective September 13, 2024, the Company entered into a promissory note with Poppy, LLC, a related party with a principal amount of $5,000 and a maturity date of September 13, 2025. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $1,500 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, as of January 31, 2025 the loan was paid back in full.
Equity Activity - Related Parties
During the year ended April 30, 2025, the Company issued 5,408,823,530 warrants in consideration of debt and $74,332 of note proceeds were allocated to the warrants with an increase in additional paid-in capital.
During the year ended April 30, 2024, Maple Resources, Nabil Katabi and BNL Family Trust terminated 3,000,000 warrants each and the Company issued with 50,000,000 warrants to each entity as a replacement award. The Company accounted for this transaction as a cancellation of the previous award and issuance of a new award and recorded $28,200 worth of stock-based compensation to capture the difference in fair market value. In addition, and as specified above, the Company converted $204,763 of accrued liabilities into 3,174,187,995 shares of common stock valued at $892,133 and issued 398,119,123 warrants in consideration of debt; therefore, a $687,370 loss on extinguishment of debt was recognized and $20,323 of note proceeds were allocated to the warrants with an increase in additional paid-in capital.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14: Principal Accounting Fees and Services
Our independent auditors, M&K CPAs, PLLC ("M&K"), have no direct or indirect interest in the Company and have been the Company's Independent Registered Public Accounting Firm since 2009. The following table sets forth the fees billed and estimated fees for professional audit services provided by such firm for the fiscal years ended April 30, 2025 and 2024:
Audit Fees (a)
$ 30,400
$ 30,400
Audit-Related Fees (b)
$ -
$ -
Tax Fees (c)
$ -
$ -
All Other Fees
$ -
$ -
(a)
Includes fees for services related to the audits of our annual financial statements and the reviews of our interim financial statements and assistance with SEC filings.
(b)
Includes fees for services related to transaction due diligence and consultations with respect to compliance with Section 404 of the Sarbanes-Oxley Act.
(c)
Includes fees for services related to tax compliance, preparation and planning services (including U.S. federal, state and local returns) and tax examination assistance.
Our Board of Directors established a policy whereby the outside auditors are required to seek pre-approval on an annual basis of all audit, audit-related, tax and other services by providing a prior description of the services to be performed. For the year ended April 30, 2025, 100% of all audit-related services were pre-approved by the Board of Directors, which concluded that the provision of such services by M&K was compatible with the maintenance of that firm's independence in the conduct of its auditing functions.

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15: Exhibits
(a) (3) Exhibits
Exhibit No.
Description
3.1
Amended and Restated Articles of Incorporation (1)
3.2
Amended and Restated By-laws (1)
3.3
Amendment to Amended and Restated Articles of Incorporation (4)
3.4
Certificate of Designation of Series A Preferred Stock (9)
4.1
Form of Warrant to Purchase Common Stock (2)
4.2
10% Convertible Note due January 31, 2020, payable to Auctus Fund, LLC (6)
4.3
10% Convertible Note due February 20, 2020, payable to GS Capital Partners LLC(8)
4.4
Second Amendment to Promissory Notes, dated March 31, 2020, by and between MMEX Resources Corporation and GS Capital Partners LLC (10)
4.5
Sixth Amendment to Promissory Notes, dated February 22, 2021, by and between MMEX Resources Corporation and GS Capital Partners LLC (11)
4.6
10% Promissory Note due December 31, 2021, payable to GS Capital Partners, LLC (11)
4.7
10% Promissory Note due March 26, 2021, payable to GS Capital Partners, LLC (5)
4.8
10% Promissory Note due June 22, 2022, payable to GS Capital Partners, LLC (5)
4.9
Form of Series A Warrant (12)
4.10
Form of Pre-Funded Warrant (12)
4.11
Form of Placement Agent Warrant (12)
4.12
10% Convertible Note due June 7, 2023 payable to 1800 Diagonal Lending, LLC (13)
4.13
10% Convertible Note due August 15, 2023 payable to 1800 Diagonal Lending, LLC (13)
4.14
10% Convertible Note due July 26, 2023 payable to GS Capital Partners, LLC (13)
10.1
Stock Purchase Agreement, dated March 4, 2017, by and between MMEX Resources Corporation and Maple Resources Corporation
10.2
Option Agreement, dated December 11, 2018, by and among MMEX Resources Corporation, Maple Resources Corporation and BNL Family Trust (6)
10.3
Securities Purchase Agreement, dated July 15, 2021, by and between MMEX Resources Corporation and institutional investor (12)
21.1
Subsidiaries (3)
31.1
Certification by Chief Executive Officer and Chief Financial Officer of the Registrant, pursuant to 17 CFR 240.13a-14(a) or 17 CFR 240.15d-14(a).(11). *
32.1
Certification by Chief Executive Officer and Chief Financial Officer of the Registrant, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*
XBRL Instance Document.
101.SCH*
XBRL Taxonomy Extension Schema.
101.CAL*
XBRL Taxonomy Extension Calculation Linkbase.
101.DEF*
XBRL Taxonomy Extension Definition Linkbase.
101.LAB*
XBRL Taxonomy Extension Label Linkbase.
101.PRE*
XBRL Taxonomy Extension Presentation Linkbase.
________
*
Filed herewith.
(1)
Filed as exhibit to Report on Form 8-K filed on April 3, 2017.
(2)
Filed as exhibit to Report on Form 10-K filed on August 11, 2011.
(3)
See Note 1 to Financial Statements.
(4)
Filed as exhibit to 14C information statement on March 27, 2023
(5)
Filed as exhibit to Report on Form 10-K filed on July 29, 2021
(6)
Filed as exhibit to Report on Form 10-Q filed on March 12, 2019
(7)
Filed as exhibit to Report on Form 8-K filed on March 10, 2017.
(8)
Filed as exhibit to Report on Form 10-K filed on July 26, 2019.
(9)
Filed as exhibit to Report on Form 8-K filed on August 2, 2019.
(10)
Filed as exhibit to Report on Form 10-K filed on August 13, 2020
(11)
Filed as exhibit to Report on Form 10-Q filed on March 15, 2021
(12)
Filed as exhibit to Report on Form 8-K filed on July 19, 2021
(13)
Filed as exhibit to Report on Form 10Q filed on September 14, 2022