MMEX Resources Corp. Files 2024 10-K

TL;DR

MMEX Resources filed its 2024 10-K. Check financials.

AI Summary

MMEX Resources Corp. filed its 10-K for the fiscal year ending April 30, 2024. The company, formerly known as MMEX Mining Corp. and Management Energy, Inc., is incorporated in Nevada and operates in the services allied to motion picture production sector. Its principal business address is in Fort Stockton, Texas.

Why It Matters

This filing provides a comprehensive overview of MMEX Resources Corp.'s financial performance and business operations for the past fiscal year, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Numbers

• 0430 — Fiscal Year End (Indicates the end of the reporting period for the 10-K.)
• 20240430 — Conformed Period of Report (Specifies the exact period covered by the 10-K filing.)
• 20240729 — Filed as of Date (The date the 10-K was officially filed with the SEC.)

Key Players & Entities

• MMEX Resources Corp. (company) — Filer
• MMEX Mining Corp. (company) — Former company name
• Management Energy, Inc. (company) — Former company name
• Fort Stockton, TX (location) — Business and mailing address
• 79735 (zip_code) — Business and mailing address zip code
• 855-880-0400 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.001 — the Exchange Act: Class A Common Stock, $0.001 par value Indicate by check mark if th
• $226,875 — determined at trial, but not less than $226,875 plus interest and other damages under t
• $0.0001 — n stock as reported on the OTC Pink was $0.0001. The number of holders of record of th
• $5 — rities with a market price of less than $5.00, other than securities registered on
• $5.00 — as defined in Rule 3a51-1) of less than $5.00 per share, subject to certain exception

Filing Documents

• mmex_10k.htm (10-K) — 1203KB
• mmex_ex311.htm (EX-31.1) — 13KB
• mmex_ex321.htm (EX-32.1) — 5KB
• mmex_10kimg1.jpg (GRAPHIC) — 8KB
• 0001477932-24-004414.txt ( ) — 5670KB
• mmex-20240430.xsd (EX-101.SCH) — 66KB
• mmex-20240430_lab.xml (EX-101.LAB) — 336KB
• mmex-20240430_cal.xml (EX-101.CAL) — 43KB
• mmex-20240430_pre.xml (EX-101.PRE) — 284KB
• mmex-20240430_def.xml (EX-101.DEF) — 200KB
• mmex_10k_htm.xml (XML) — 827KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 6 Item 2.

Properties

Properties 7 Item 3.

Legal Proceedings

Legal Proceedings 7 Item 4. Mine Safety Disclosures 7 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 8 Item 6. [Reserved] 9 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 13 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 13

Controls and Procedures

Controls and Procedures 13 Item 9B. Other Information 14 PART III Item 10. Directors, Executive Officers and Corporate Governance 15 Item 11.

Executive Compensation

Executive Compensation 16 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 16 Item 13. Certain Relationships and Related Transactions, and Director Independence 18 Item 14. Principal Accounting Fees and Services 22 Item 15. Exhibits 23

SIGNATURES

SIGNATURES 24 2 Table of Contents PART I Special Note Regarding Forward-Looking Statements This Annual Report contains certain forward-looking statements. When used in this Annual Report or in any other presentation, statements which are not historical in nature, including the words "anticipate," "estimate," "should," "expect," "believe," "intend," "may," "project," "plan" or "continue," and similar expressions are intended to identify forward-looking statements. They also include statements containing a projection of revenues, earnings or losses, capital expenditures, dividends, capital structure or other financial terms. The forward-looking statements in this Annual Report are based upon our management's beliefs, assumptions and expectations of our future operations and economic performance, taking into account the information currently available to them. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition we express or imply in any forward-looking statements. These forward-looking statements are based on our current plans and expectations and are subject to a number of uncertainties and risks that could significantly affect current plans and expectations and our future financial condition and results. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Annual Report might not occur. We qualify any and all of our forward-looking statements entirely by these cautionary factors. As a consequence, current plans, anticipated actions and future financial conditions and results ma

: 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. 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 blue hydrogen from natural gas and utilize the hydrogen to produce electric power and a third which plans to produce green hydrogen converted to green ammonia in the United States and internationally. These three special purpose entities will be operating respectively as Pecos Clean Fuels & Transport, LLC, Trans Permian H2Hub, LLC and Hydrogen Global, LLC. The planned projects are designed to be powered by solar and wind renewable energy. Our portfolio contains the following planned projects: Pecos Clean Fuel & Transport, LLC Project 1: Pecos Clean Fuels & Transport, LLC -Ultra Clean Fuels Refining-Pecos County, Texas We have teamed with Polaris Engineering to develop an ultra-clean transportation fuel, up to 11,600 barrel per day feedrate crude oil refining facility at our Pecos County, Texas site to produce zero sulfur 87 gasoline, ultra-low sulfur diesel and low-sulphur fuel oil, utilizing the Polaris Ultra FuelsTM patented concept, which removes over 95% emissions of a standard refinery along with planned carbon capture features. The Ultra Fuels TM concept, with capex and technical details completed in the Front-End Load-2 ("FEL-2") study, features modular facilities to take advantage of proximity to Permian Basin fuel markets and to locate directly near

Legal Proceedings

Legal Proceedings See Item 3 of this Report.

: Risk Factors

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

: Unresolved Staff Comments

Item 1B: Unresolved Staff Comments. None.

: Cybersecurity

Item 1C: Cybersecurity Cybersecurity threats have not materially affected, and are not reasonably likely to affect, the Company, including its business strategy, results of operations or financial condition. The Company is not aware of any material security breach to date. Accordingly, the Company has not incurred any expenses over the last two years relating to information security breaches. The occurrence of cyber-incidents, or a deficiency in our cybersecurity or in those of any of our third-party service providers could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information and systems, or damage to our business relationships or reputation, all of which could negatively impact our business and results of operations. There can be no assurance that the Company's third-party vendors' and service providers' cybersecurity risk management processes, including their policies, controls or procedures, will be effective in protecting the Company's system and information. 6 Table of Contents

: 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.

: Legal Proceedings

Item 3: Legal Proceedings The Company previously issued a convertible note dated February 25, 2023 (the "Sabby Note") to Sabby Volatility Warrant Master Fund, Ltd. ("Sabby"), which also holds the Company's Series B Preferred Stock and substantial warrants to purchase shares of the Company's common stock. On June 1, 2023, the Company was served notice that Sabby had filed a lawsuit in a New York Supreme Court, alleging breach of contract, fraud, and failure to maintain and deliver shares under the Sabby Note. Sabby is seeking monetary damages in an amount to be determined at trial, but not less than $226,875 plus interest and other damages under the Sabby Note, plus attorney's fees and costs of the lawsuit. The Company filed its Original Answer on July, 1, 2023 pursuant to 22 New York Rules and Regulation 202.8 B, denying each and every material allegation contained in Plaintiff's Complaint and demanded strict proof thereof. In its Original Answer, the Company reserves the right to amend its Answer to assert additional defenses, counterclaims and third-party claims, as may be required upon the completion of reasonable discovery and investigation. 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 Company is in compliance with the Court's September 13, 2023 Order. As a consequence of the Sabby Note acceleration, the Company's obligations under other outstanding indebtedness may become accelerated pursuant to the event of default provisions thereunder. Some of these instruments are already past due and reflected as notes currently in default on the Compa

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures Not Applicable. 7 Table of Contents PART II

: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

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 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 OTC Pink tier. The following table indicates the quarterly high and low bid price for our common stock for the fiscal years ending April 30, 2024 and 2023. 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, 2023 High Low Quarter ended July 31, 2022 $ 0.160 $ 0.0400 Quarter ended October 31, 2022 $ 0.069 $ 0.0211 Quarter ended January 31, 2023 $ 0.039 $ 0.0089 Quarter Ended April 30, 2023 $ 0.011 $ 0.0002 Fiscal year ended April 30, 2024 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 On July 26, 2024, the closing bid price of our common stock as reported on the OTC Pink was $0.0001. The number of holders of record of the Company's common stock as of April 30, 2024 was 160 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 f

: [Reserved]

Item 6: [Reserved] Not applicable 9 Table of Contents

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

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 harb