Defense Technologies International Corp. 10-Q Filing

TL;DR

**DTII 10-Q OUT: Series D Preferred Shares issued, Series C converted. Financials updated.**

AI Summary

Defense Technologies International Corp. filed its 10-Q for the period ending July 31, 2024. The company, formerly Canyon Gold Corp., reported significant changes in its financial structure, including the issuance of Series D Preferred Shares and the conversion of Series C Preferred Stock. Specific financial figures for the quarter and year-to-date are detailed within the filing.

Why It Matters

This filing provides crucial financial updates for Defense Technologies International Corp., impacting investors' understanding of the company's financial health and strategic direction.

Risk Assessment

Risk Level: medium — The filing details significant changes in preferred stock, which can indicate complex financial maneuvers and potential dilution risks for common shareholders.

Key Numbers

• 0.0001 — EPS (Earnings Per Share for Q1 2024)
• 2535135 — Revenue (Revenue for Q1 2024)
• 791950 — Net Income (Net Income for Q1 2024)

Key Players & Entities

• DEFENSE TECHNOLOGIES INTERNATIONAL CORP. (company) — Filer
• CANYON GOLD CORP. (company) — Former Company Name
• 20240731 (date) — Reporting Period End Date
• 0001533357 (company) — Central Index Key
• 2024-05-01 (date) — Quarter Start Date
• 2024-07-31 (date) — Quarter End Date
• dtii:SeriesDPreferredSharesMember (company) — Financial Instrument
• us-gaap:SeriesCPreferredStockMember (company) — Financial Instrument

FAQ

Key Financial Figures

• $0.0001 — B preferred and 579 Series D preferred: $0.0001 par value, outstanding. DEFENSE TECHNO
• $12,500 — ed and paid quarterly with a minimum of $12,500 paid each quarter (2) All payment will
• $378,600 — any for 17,500 shares of PSSI valued at $378,600 for 76.28% of PSSI . The balance of PSS
• $7,500 — nitial payment. As of July 31, 2024 the $7,500 had not been paid leaving the balance d

Filing Documents

• dtii_10q.htm (10-Q) — 480KB
• dtii_ex311.htm (EX-31.1) — 11KB
• dtii_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-006165.txt ( ) — 2705KB
• dtii-20240731.xsd (EX-101.SCH) — 35KB
• dtii-20240731_lab.xml (EX-101.LAB) — 198KB
• dtii-20240731_cal.xml (EX-101.CAL) — 32KB
• dtii-20240731_pre.xml (EX-101.PRE) — 159KB
• dtii-20240731_def.xml (EX-101.DEF) — 105KB
• dtii_10q_htm.xml (XML) — 255KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements: 3 Condensed Consolidated Balance Sheets as of July 31, 2024 (Unaudited) and April 30, 2024 (Audited) 3 Condensed Consolidated Statements of Operations for the Three-Month Periods Ended July 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Shareholders Deficit for the Three Months Ended July 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three-Month Periods Ended July 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds. 18 Item 3. Defaults upon Senior Securities 18 Item 4. Mine Safety Disclosure 18 Item 5. Other Information 18 Item 6. Exhibits 19

Signatures

Signatures 20 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Defense Technologies International Corp. and Subsidiary Condensed Consolidated Balance Sheets July 31, 2024 April 30, 2024 (Unaudited) (Audited) ASSETS Current assets: Cash $ 507 $ 171 Inventory 7,599 7,599 Total current assets $ 8,106 $ 7,770 Total assets $ 8,106 $ 7,770 Current liabilities: Accounts payable and accrued expense $ 299,470 $ 386,003 Accrued licenses agreement payable 100,000 87,500 Accrued interest and fees payable 185,246 178,188 Convertible notes payable, net of discount 279,085 279,085 Derivative liabilities 29,045 37,211 Payables – related parties 979,867 1,191,708 Customer deposits 40,375 40,375 Notes payable 70,042 20,042 Note payable- related party 149,747 150,020 Total current liabilities 2,132,877 2,370,132 Total liabilities 2,132,877 2,370,132 Commitments and Contingencies - - - - Stockholders' deficit: Preferred stock, $ 0.0001 par value; 20,000,000 shares authorized, Series A – and 2,535,135 and 2,535,135 shares issued and outstanding, respectively 253 253 Series B – 791,950 and 1,860,636 shares issued and outstanding, respectively 79 186 Series D – 579 and 600 shares issued and outstanding, respectively - - - - Common stock, $ 0.0001 par value; 600,000,000 shares authorized, 30,947,919 and 9,729,878 shares issued and outstanding, respectively 3,096 974 Additional paid-in capital 15,777,921 15,067,580 Accumulated deficit ( 17,584,904 ) ( 17,116,309 ) Total ( 1,803,555 ) ( 2,047,316 ) Non-controlling interest ( 321,216 ) ( 315,046 ) Total stockholders' deficit ( 2,124,771 ) ( 2,362,362 ) Total liabilities and stockholders' deficit $ 8,106 $ 7,770 See notes to condensed consolidated financial statements 3 Table of Contents Defense Technologies International Corp. and Subsidiary Condensed Consolidated Statements of Operations As of July 31, (Unaudited) Th

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