Quarterly Report (10-q)

Date : 03/13/2018 @ 11:32AM
Source : Edgar (US Regulatory)
Stock : Defense Technologies International Corp. (DTII)
Quote : 0.37  0.0225 (6.47%) @ 4:00PM
Defense Technologies share price Chart

Quarterly Report (10-q)



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q


(Mark One)

[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended January 31, 2018

[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to ____

Commission File Number 000-54851

DEFENSE TECHNOLOGIES INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
 
Delaware
             99-0363802
(State of Incorporation)
                        (I.R.S. Employer Identification Number)
 
4730 South Fort Apache Road, Suite 300, Las Vegas, Nevada 89147
(Address of principal executive offices)

(800) 520-9485
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   [X]     No  [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  [X]    No  [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company

 
Large accelerated filer
[   ]
Accelerated filer
[   ]
 
Non-accelerated filer
[   ]
Smaller reporting company
[X]
   
 
Emerging Growth Company
[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  [   ]   No  [X]

As of March 13, 2018, there were 132,910 shares of the registrant's common stock, and 3,375,369 Series A preferred and 520,000 Series B preferred; $0.0001 par value, outstanding

DEFENSE TECHNOLOGIES INTERNATIONAL CORP.
FORM 10-Q

FOR THE THREE AND NINE MONTH PERIODS ENDED JANUARY31, 2018 AND 2017
TABLE OF CONTENTS


 
PART  I    —   FINANCIAL INFORMATION
Page
     
Item 1.
Financial Statements:
 
     
 
Condensed Consolidated Balance Sheets as of January 31, 2018 (Unaudited) and  April 30, 2017 (Audited)
3
     
 
Condensed Consolidated Statements of Operations for the Three and Nine Month Periods Ended January 31, 2018 and 2017 (unaudited)
4
     
 
Condensed Consolidated Statements of Cash Flows for the Nine Month Periods Ended January 31, 2018 and 2017 (unaudited)
5
     
 
Notes to Condensed Consolidated Financial Statements
6
     
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations.
15
     
 
Signatures
20
2

 
PART  I   —   FINANCIAL INFORMATION
Item 1.    Financial Statements
 
Defense Technologies International Corp.
 
Condensed Consolidated Balance Sheets
 
   
   
January 31,
2018
   
April 30,
2017
 
ASSETS
 
(Unaudited)
   
(Audited)
 
Current assets:
           
   Cash
 
$
981
   
$
193
 
   Total current assets
   
981
     
193
 
                 
Investments
   
378,600
     
378,600
 
Total assets
 
$
379,581
   
$
378,793
 
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
         
Current liabilities:
               
   Accounts payable
 
$
272,161
   
$
320,207
 
   Accrued licenses agreement payable
   
6,300
     
25,000
 
   Accrued interest and fees payable
   
123,510
     
74,181
 
   Accrued interest payable – related parties
   
--
     
13,953
 
   Convertible notes payable, net of discount
   
734,954
     
594,772
 
   Convertible notes payable – related parties
   
--
     
57,050
 
   Notes payable – related parties
   
--
     
34,426
 
   Derivative liabilities
   
806,437
     
823,452
 
   Payables – related parties
   
492,993
     
334,753
 
                 
   Total current liabilities
   
2,436,355
     
2,277,794
 
                 
   Total liabilities
   
2,436,355
     
2,277,794
 
                 
Commitments and Contingencies
   
--
     
--
 
                 
Stockholders' deficit:
               
   Preferred stock, $0.0001 par value; 20,000,000 shares authorized, Series A – 3,375,369 and 1,473,545 shares issued and outstanding, respectively
   
337
     
147
 
      Series B – 520,000 shares issued and outstanding, respectively
   
52
     
50
 
                 
   Common stock, $0.0001 par value; 200,000,000 shares authorized, 132,910, net of treasury and 125,550 shares issued and outstanding, respectively
   
13
     
13
 
   Additional paid-in capital
   
5,036,216
     
4,682,357
 
   Accumulated deficit
   
(7,098,226
)
   
(6,586,401
)
         Total
   
(2,061,607
)
   
(1,904,031
)
      Non-controlling interest
   
4,833
     
4,833
 
   Total stockholders' deficit
   
(2,056,774
)
   
(1,899,198
)
                 
Total liabilities and stockholders' deficit
 
$
378,581
   
$
378,793
 

See notes to condensed consolidated financial statements
3


 
 
Defense Technologies International Corp.
Condensed Consolidated Statements of Operations
(Unaudited)

   
Three Months ended
January 31,
   
Nine Months Ended
January 31,
 
   
2018
   
2017
   
2018
   
2017
 
Expenses:
                       
   General and administrative
 
$
62,776
   
$
192,337
   
$
305,192
   
$
1,160,683
 
   Research and development
   
--
     
--
     
--
     
1,452
 
                                 
   Total expenses
   
62,776
     
192,337
     
305,192
     
1,162,135
 
                                 
Loss from operations
   
(62,776
)
   
(192,337
)
   
(305,192
)
   
(1,162,135
)
                                 
Other income (expense):
                               
   Interest expense
   
(31,910
)
   
(117,280
)
   
(129,790
)
   
(555,641
)
   Gain (loss) on derivative liability
   
(477,166
)
   
(238,802
)
   
(14,140
)
   
1,084,350
 
    Gain (loss) on notes
   
--
     
---
     
(62,703
)
   
--
 
   Gain on extinguishment of debt
   
--
     
48,429
     
--
     
359,618
 
                                 
   Total other income (expense)
   
(509,076
)
   
(307,653
)
   
(206,633
)
   
888,327
 
                                 
Income (loss) before income taxes
   
(571,852
)
   
(499,990
)
   
(511,825
)
   
(273,808
)
                                 
Provision for income taxes
   
--
     
--
     
--
     
--
 
                                 
Net income (loss) before non-controlling interest
   
(571, 852
)
   
(499,990
)
   
(511,825
)
   
(273,808
)
                                 
Non- controlling interest in net loss of the consolidated subsidiary
   
4,833
     
3,313
     
4,833
     
3,313
 
                                 
Net income (loss) attributed to the Company
 
$
(567,019
)
 
$
(496,677
)
 
$
(506,992
)
 
$
(270,495
)
                                 
Net loss per common share:
                               
   Basic and diluted
 
$
( 4.38
)
 
$
(24.30
)
 
$
( 3.90
)
 
$
(15.33
)
                                 
Weighted average common shares outstanding:
                               
   Basic and diluted
   
130,565
     
20,578
     
129,780
     
17,859
 
 
See notes to condensed consolidated financial statements
4

 
Defense Technologies International Corp.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

   
Nine Months Ended
January 31,
 
   
2018
   
2017
 
Cash flows from operating activities:
           
   Net income (loss)
 
$
(511,825
)
 
$
(273,808
)
   Adjustments to reconcile net income (loss) to net cash by (used in) operating activities:
               
      Common shares issued for services
   
27,996
     
591,880
 
      Stock options issued for service
   
--
     
9,056
 
      Imputed interest on convertible notes payable
   
--
     
1,687
 
       Share issuance for payment extension
   
2
     
--
 
      Amortization of debt discount to interest expense
   
123,396
     
508,5463
 
      Debt extension penalty added to note principal
   
--
     
55,000
 
      (Gain) loss on derivative liability
   
14,140
     
(1,084,350
)
      (Gain) on extinguishment of debt
   
--
     
(359,618
)
      Change in operating assets and liabilities:
               
         Increase in prepaid expenses
   
15,000
     
875
 
         Increase (decrease) in accounts payable
   
11,091
     
72,315
 
         Increase (decrease) in accrued interest and fees payable
   
--
     
10,109
 
         Increase in accrued interest payable – related parties
   
--
     
4,813
 
         Increase in payables – related parties
   
205,488
     
125,945
 
   Net cash provided by (used in) operating activities
   
(114,712
)
   
(331,433
)
                 
Cash flows from financing activities:
               
   Proceeds from convertible notes payable
   
115,500
     
477,940
 
   Repayment of convertible notes payable
   
--
     
(132,894
)
   Payment of debt issuance costs
   
--
     
(13,500
)
                 
   Net cash provided by (used in) financing activities
   
115,500
     
331,546
 
                 
Net increase (decrease) in cash
   
788
     
113
 
                 
Cash at beginning of period
   
193
     
23
 
Cash at end of period
 
$
981
   
$
136
 
                 
Supplement Disclosures
               
  Interest Paid
 
$
---
     
--
 
  Income tax Paid
 
$
--
   
$
--
 
                 
Noncash financing and investing activities
               
   Common stock issued for convertible debt
 
$
13,890
   
$
--
 
   Common stock issued for accrued interest and fees
 
$
--
   
$
--
 
   Preferred shares issued for conversion of debt
 
$
190,383
   
$
--
 
   Common stock retired to treasury
 
$
1,178
   
$
--
 
    Derivative liability on debt conversion
 
$
121,779
   
$
--
 


See notes to condensed consolidated financial statements
5

 
Defense Technologies International Corp.
Notes to Condensed Consolidated Financial Statements
January 31, 2018
(Unaudited)


NOTE -1. BASIS OF PRESENTATION AND ORGANIZATION

Defense Technologies International Corp. (the "Company ") was incorporated in the State of Delaware on May 27, 1998.  Effective June 15, 2016, the Company changed its name to Defense Technologies International Corp. from Canyon Gold Corp. to more fully represent the Company's expansion goals into the advanced technology sector.

Effective July 15, 2016, the Company executed documents intended to finalize the acquisition of 100% of Defense Technology Corporation, a privately held Colorado company ("DTC"), a developer of defense, detection and protection products to improve security for Anchor schools and other public facilities.  DTC has informed us that it is unable to complete the required audited financial statements.  Accordingly, the Company will not be able to consolidate DTC's financial statements into its audited financial statements. After a thorough review of the situation and discussions with DTC, we have mutually agreed to rescind the acquisition of DTC and entered into a Rescission Agreement and Mutual Release (the "Rescission Agreement"), effective October 17, 2016.

In connection with the Rescission Agreement with the Company, DTC rescinded its agreement with the inventor and developer of the technology and assets that were subject to the original agreement between the Company and DTC.  On October 19, 2016, the Company entered into a new Definitive Agreement with Controlled Capture Systems, LLC ("CCS"), representing the inventor of the technology and assets previously acquired by DTC, that included a new exclusive Patent License Agreement and Independent Contractor agreement.  Under the license agreement with CCS, the Company acquired the world-wide exclusive rights and privileges to the CCS security technology, patents, products and improvements.  The Company agreed to pay CCS an initial licensing fee of $25,000 and to pay ongoing royalties as defined in the Definitive Agreement.

Effective January 12, 2017, Passive Security Scan, Inc. ("PSSI") was incorporated in the state of Utah as subsidiary controlled by the Company.  The Company transferred to PSSI its exclusive world-wide license to the defense, detection and protection security products previously acquired by the Company.  The Company currently owns 79.8% of PSSI with 20.2% acquired by several individuals and entities.  The Company plans to continue the development of the technology and conduct all sales and marketing activities in PSSI.

On January 19, 2018 the Board of Directors, with the approval of a majority of the shareholders, passed a resolution to effect a reverse split of the Company's outstanding common stock on a 1 share for 1,500 shares (1:1500) basis. We anticipate that the split will become effective with FINRA on March 20, 2018, or as soon thereafter as practicable. The number of shares in the financials are reflective of the reverse split.

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States.  The Company's fiscal year end is April 30.

The interim condensed consolidated financial statements have been prepared without audit in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission ("SEC") Form 10-Q.  They do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.  Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto for the year ended April 30, 2017 included in its Annual Report on Form 10-K filed with the SEC.
6


The interim condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company's consolidated financial position as of January 31, 2018, the consolidated results of its operations and its consolidated cash flows for the nine months ended January 31, 2018 and 2017.  The results of operations for any interim period are not necessarily indicative of the results to be expected for the full fiscal year.

Consolidation and Non-Controlling Interest

These consolidated financial statements include the accounts of the Company, and its majority-owned subsidiary, PSSI, from its formation on January 15, 2017 to date.  All inter-company transactions and balances have been eliminated.

The non-controlling interest in PSSI, representing 7,941,436 common shares, or 20.2%, was acquired by several individuals and entities, including related parties, in exchange for services and accrued expenses totaling $15,935.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Impairment of Long-Lived Assets

We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows.  If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.  Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. As of January 31, 2018 and 2017 no impairment of asset was necessary.

Net Income (Loss) per Common Share

Basic net income or loss per common share is calculated by dividing the Company's net income or loss by the weighted average number of common shares outstanding during the period.  Diluted net income or loss per common share is calculated by dividing the Company's net income or loss by sum of the weighted average number of common shares outstanding and the dilutive potential common share equivalents then outstanding.  Potential dilutive common share equivalents consist of shares issuable upon exercise of outstanding stock options and warrants, using the treasury stock method and the average market price per share during the period, and conversion of convertible debt, using the if converted method.  As of January 31, 2018, the Company had 187,547 potential shares issuable under outstanding options, warrants and convertible debt. With a loss in operations for the nine-month period ended January 31, 2018, the additional shares were determined to be anti-dilutive.

Reclassifications

Certain amounts in the 2017 consolidated financial statements have been reclassified to conform with the current year presentation to effect a reverse split of the Company's outstanding common stock on a 1 share for 1,500 shares (1:1500) basis.
7


Recent Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)". The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2018 and are to be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. The Company is currently unable to determine the impact on its consolidated financial statements of the adoption of this new accounting pronouncement.

In March 2016, the FASB issued ASU No. 2016-09, "Stock Compensation (Topic 718)", which is intended to simplify several aspects of the accounting for share-based payment award transactions, including the income tax impacts, the classification on the statement of cash flows, and forfeitures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods. The has determined there is no impact on its consolidated financial statements of the adoption of this new accounting pronouncement.

NOTE- 2 GOING CONCERN

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to a going concern.  Through January 31, 2018, the Company has no revenues, has accumulated deficit of $7,098,226 and a working capital deficit of $2,435,374 and expects to incur further losses in the development of its business, all of which cast substantial doubt about the Company's ability to continue as a going concern.  Management plans to continue to provide for the Company's capital needs during the year ending April 30, 2018 by issuing debt and equity securities and by the continued support of its related parties.  The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.  There is no assurance that funding will be available to continue the Company's business operations.

NOTE – 3: INVESTMENTS

Effective January 12, 2017, Passive Security Scan, Inc. ("PSSI") was incorporated in the state of Utah as subsidiary controlled by the Company.  The Company transferred to PSSI its exclusive world-wide license to the defense, detection and protection security products previously acquired by the Company for 15,000,000 shares of PSSI valued at $378,600 for 79.8% of PSSI. The balance of PSSI was acquired by several individuals and entities.  The Company plans to continue the development of the technology and conduct all sales and marketing activities in PSSI.

NOTE -4:  RELATED PARTY TRANSACTIONS

Management and administrative services are currently compensated as per a Service Agreement between the Company and its Chief Executive Officer and Director executed on April 25, 2016, a Service Agreement between the Company and a Director executed on May 20, 2016, and an Administration Agreement with a related party executed on March 15, 2011 and renewed on May 1, 2015, whereby the fee is based on services provided and invoiced by the related parties on a monthly basis and the fees are paid in cash when possible or with common stock.  The Company also, from time to time, has some of its expenses paid by related parties with the intent to repay.  These types of transactions, when incurred, result in payables to related parties in the Company's consolidated financial statements as a necessary part of funding the Company's operations.

As of January 31, 2018, and April 30, 2017, the Company had payable balances due to related parties totaling $492,993 and $334,753, respectively, which resulted from transactions with these related parties and other significant shareholders.
8


During the nine-month period ended January 31, 2018 the Company issued 1,750,824 series A preferred shares to a related party with a value of $175,182 for the retirement of convertible debt of $57,050, notes payable of $34,426, interest of $23,487 and payables of $37,719, accounts payable of $7,500 and prepaid of $15,000.

During the nine-month period ended January 31, 2018 the Company issued 152,000 shares of series A preferred to a related party for $15,200 in accounts payable.

On May 1, 2016 the Company issued 233 of its common shares, valued at $105,000, to its Chief Executive Officer pursuant to his Service Agreement.

NOTE – 5: CONVERTIBLE DEBT

On April 30, 2016, the convertible notes payable with principal balances of $11,000, $9,000, $141,150, $14,500, and $20,000 were amended to establish a conversion price of $0.05 per share, interest at 6% retroactive to the original issuance date of the notes, and a conversion date of 90 days from demand of the lender.  The amendments were determined to be extinguishments of the prior debt and the issuance of new debt in accordance with ASC 470-50, Debt – Modifications and Extinguishments , resulting in a loss on extinguishment of debt totaling $33,237.  In addition, the Company recorded a debt discount and a beneficial conversion feature totaling $195,650 at the inception of the new debt.

On March 10, 2016, the Company entered into a convertible promissory note for $17,000, which bears interest at an annual rate of 6% and is convertible into shares of the Company's common stock at $0.05 per share.  The Company recorded a debt discount and a beneficial conversion feature of $17,000 at the inception of the note.

On February 4, 2016, the Company entered into a convertible promissory note with an institutional investor for $41,000, which matures on February 4, 2017.  The Company may repay the note at any time on or before the date that is 120 days after the date of the note.  If the Company does not repay the note during the first 120 days, a one-time interest charge of 12% will be charged.  After the first 120 days, the note may be prepaid by the Company with the prior written consent of the investor at 125% of the principal owed. The investor has the right, after the first 180 days of the note, to convert the note and accrued interest in whole or in part into shares of the common stock of the Company at a price per share equal to 60% (representing a discount rate of 40%) of the lowest bid price of the Company's common stock during the 60 consecutive trading days immediately preceding the date of the conversion notice.  At the inception of the convertible note to institutional investor, the Company paid debt issuance costs of $2,500, and recorded a debt discount of $41,000, including an original issue discount of $3,500, a derivative liability of $78,034 related to the conversion feature, and a loss on derivative liability of $40,534.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

On July 31, 2016, the Company entered into a convertible promissory note for $53,650, which has no defined maturity date.  The note bears interest at an annual rate of 6% and is payable only on conversion into shares of the Company's common stock at $0.10 per share.

On June 8, 2016, the Company entered into a convertible promissory note with an institutional investor for $25,000, which bears interest at an annual rate of 10% and matures on December 9, 2016.  The note holder has the right, after a period of 180 days of the note, to convert the note and accrued interest into shares of the common stock of the Company at a discounted price per share equal to 50% to 65% of the market price of the Company's common stock, depending upon the stock's liquidity as determined by the note holder's broker.  At the inception of the convertible note, the Company paid debt issuance costs of $2,500, recorded a debt discount of $22,500, and recorded a derivative liability of $51,553 related to the conversion feature, and a loss on derivative liability of $29,053.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

On July 18, 2016, the Company entered into a Senior Secured Convertible Promissory Note with an institutional investor for $189,000, with net proceeds to the Company of $175,000.  The note bears interest at an annual rate of 8%, matures on January 17, 2017 and is convertible into common shares of the Company after six months at a fixed conversion price of $0.25 per share.  In the event of default, the conversion price changes to a variable price based on a defined discount to the market price of the Company's common stock.  The net proceeds were used to retire two outstanding convertible promissory notes and to provide working capital.
9


On May 25, 2017, the Company entered into a Convertible Promissory Note with an institutional investor for $56,500, with net proceeds to the Company of $52,000.  The note bears interest at an annual rate of 2%, matures on May 25, 2018 and is convertible into common shares of the Company after twelve months at a variable conversion price equal to 55% multiplied by the lowest one-day trading price of the Company's common stock during the twenty trading days prior to the conversion date. At the inception of the convertible note, the Company paid debt issuance costs of $4,500, recorded a debt discount of $47,500 and a loss on note issuance of $50,959.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

On July 17, 2017, the Company entered into a Convertible Promissory Note amendment with an institutional investor for $ $25,000.  The note bears interest at an annual rate of 15%, as part of the note that is in default.  The note is convertible into common shares of the Company at a variable conversion price equal to 60% multiplied by the lowest one-day trading price of the Company's common stock during the twenty one trading days prior to the conversion date. At the inception of the convertible note, the recorded a debt discount of $22,920.

On July 24, 2017, the Company entered into a Convertible Promissory Note with an institutional investor for $15,000.  The note bears interest at an annual rate of 2%, matures on May 25, 2018 and is convertible into common shares of the Company after twelve months at a variable conversion price equal to 55% multiplied by the lowest one-day trading price of the Company's common stock during the twenty trading days prior to the conversion date. At the inception of the convertible note, the Company recorded a debt discount of $15,000and a loss on note issuance of $11,717.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

On July 24, 2017, the Company entered into a Funding Agreement with RAB Investments AG, a current lender and stockholder located in Zug, Switzerland, which is intended to provide necessary funding towards the initial production of our Offender Alert Passive Scan. The Funding Agreement calls for RAB to fund a minimum of $50,000 to a maximum of $150,000 on a "best efforts basis," with a first tranche of $25,000 to be completed during August 2017. In exchange for the funds, DTIC will issue convertible notes that may be converted into common stock of the Company at a discount of 25%, based on the 10-day average trading value of Company shares at the time of the initial conversion.  The notes may be converted at any time, in whole or partially, but all conversions must be at the same rate as the initial conversion.  No funding has been provided as of the date of this filing and there is no assurance that funds will be provided.

On September 11, 2017, the Company entered into a Convertible Promissory Note with an institutional investor for $5,000.  The note bears interest at an annual rate of 15% and is convertible into common shares of the Company after twelve months at a variable conversion price equal to 55% multiplied by the lowest one-day trading price of the Company's common stock during the twenty trading days prior to the conversion date. At the inception of the convertible note, the Company recorded a debt discount of $5,000, and recorded a derivative liability of $23,828 related to the conversion feature, and a loss on note issuance of $18,828.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.

On September 28, 2017, the Company entered into a Convertible Promissory Note with an institutional investor for $2,500.  The note bears interest at an annual rate of 12%, matures on May 25, 2018 and is convertible into common shares of the Company after twelve months at a variable conversion price equal to 60% multiplied by the lowest one-day trading price of the Company's common stock during the twenty one trading days prior to the conversion date. At the inception of the convertible note, the Company recorded a debt discount of $2,500 and a loss on note issuance of $4,875.  Interest expense for the amortization of the debt discount is calculated on a straight-line basis over the life of the convertible note.
10


On December 12, 2017, the Company entered into a Convertible Promissory Note with an institutional investor for $3,000.  The note bears interest at an annual rate of 2%, matures on May 25, 2018 and is convertible into common shares of the Company after twelve months at a variable conversion price equal to 55% multiplied by the lowest one-day trading price of the Company's common stock during the twenty one trading days prior to the conversion date.

On January 31, 2018, the Company entered into a Convertible Promissory Note with an institutional investor for $5,500.  The note bears interest at an annual rate of 6%, matures on August 1, 2018 and is convertible into common shares of the Company at $0.01 per share. During the period ended January 31, 2018 the Company was advanced $2,500 of the note.

Pursuant to a Securities Purchase Agreement dated July 18, 2016 (the "July 2016 SPA", the Company entered into a Senior Secured Convertible Promissory Note (the "July 2016 Note") with Firstfire Global Opportunities Fund, LLC ("Firstfire) for $189,000.  The July 2016 Note was in default with respect to the maturity date, and the Company was in default on certain terms of the July 2016 SPA, including calculation of exercise prices on Firstfire debt conversions and limitations on the Company entering into subsequent "Variable Rate Transactions."  On August 9, 2017, the Company and Firstfire entered into a Waiver and Settlement Agreement whereby the Company will issue an additional 8,667 shares of its common stock to Firstfire to cure the deficiency of shares previously issued in the debt conversions.  Further, Firstfire agreed to waive any default with respect to the subsequent variable rate transactions. As of January 31, 2018 the shares had not been issued.

During the nine months ended January31, 2018, the Company issued a total of 58,771 shares of its common stock in the conversion of $8,090 in convertible notes principal and $5,800 in accrued interest payable and fees.

As of January31, 2018, and April 30, 2017, the convertible debt outstanding, net of discount, was $734,954 and $594,772, respectively.

NOTE – 6:  FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES

As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The three levels of the fair value hierarchy are as follows:

Level 1    –
Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.
   
Level 2   –
Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.
   
Level 3     –
Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value.

11

As of January31, 2018, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments.

The following table represents the change in the fair value of the derivative liabilities during the year ended January31, 2018:

   
Level 1
   
Level 2
   
Level 3
 
Fair value of derivative liability as of April 30, 2017
 
$
--
   
$
--
   
$
823,452
 
Debt discount related to new debt
   
--
     
--
     
61,921
 
Day one measurement of new debt
   
--
     
--
     
28,702
 
Change in fair value of the derivative
   
--
     
--
     
14,140
 
Conversion of debt to shares of common stock   and repayment of debt
   
--
     
--
     
(121,778
)
                         
Balance at January31, 2018
 
$
--
   
$
--
   
$
806,437
 

The estimated fair value of the derivative liabilities at January31, 2018 was calculated using the Black-Scholes pricing model with the following assumptions:

Risk-free interest rate
0.10%
Expected life in years
0.01 - 0.71
Dividend yield
0%
Expected volatility
475.00% - 493.00%


NOTE – 7: EQUITY

Common Stock

On August 10, 2017, a shareholder returned to the Company 3,167 share of common stock to be cancelled. Subsequent to the returning of these shares, the Company issued 3,167 shares to Mark Taggatz for service.

Effective July 5, 2017, EMAC returned 7,850 common shares of the Company that were previously issued in payment for certain mineral lease properties in Nevada.

In June 2017, the Company entered into a ninety-day Business Consulting Agreement with Mark Taggatz ("Taggatz") for the development and commercialization of the Company's progressive scan technology.  The Company is to pay Taggatz fees totaling $37,500, payable in common stock of the Company.  The Company issued 9,333 shares of its common stock in July 2017 in for payment of $28,000 of this obligation.

During the nine-month period ended January31, 2018, the Company issued 5,877 shares of its common stock in the conversion of debt and interest of $13,890.
12


Preferred Stock

The Company has 20,000,000 shares of $0.0001 par value preferred stock authorized and has designated Series A and Series B preferred stock.  Each share of the Series A preferred stock is convertible into ten common shares and carries voting rights on the basis of 100 votes per share.  Each share of the Series B preferred stock is convertible into ten common shares and carries no voting rights.

Effective June 12, 2017, the Company issued 1,309,380 shares of Series A preferred stock to EMAC for consideration totaling $130,938: convertible note payable of $25,000; three notes payable totaling $34,426; accrued interest payable of $18,718; payables – related parties of $22,794 and prepayment of services of $30,000 for the months of May 2017 through January2017.  The accrued interest payable included interest on the $25,000 convertible note payable compounded at 6% per annum retroactive to January 1, 2012, as negotiated between the parties.

Effective June 12, 2017, the Company issued 442,444 shares of Series A preferred stock to a related party lender in payment of Company indebtedness totaling $44,244: convertible note payable of $32,050; accrued interest payable of $4,694 and repayment of accounts payable of $7,500.

Effective June 12, 2017, the Company issued 152,000 shares of Series A preferred stock to a related party in repayment of accrued services of $15,200.

Effective December 14, 2017, the Company issued 20,000 shares of Series B preferred stock to Controlled Capture Systems, LLC to extend the exclusive rights to the Passive Security Scan to March 15, 2018.

As of January31, 2018 the Company had 3,375,365 Series A and 520,000 Series B preferred share issued and outstanding.
 
NOTE – 8: STOCK OPTIONS AND WARRANTS

During the year ended April 30, 2016, the Company issued options to a consultant to purchase a total of 667 shares of the Company's common stock and warrants to a lender to purchase 46 shares of the Company's common stock.

During the nine months ended January31, 2016, the Company issued warrants to a lender to purchase 167 shares of the Company's common stock at an exercise price of $900 per share.  The warrants vested upon grant and expire on July 17, 2018.  The Company estimated the grant date fair value of the warrants at $14,365 using the Black-Scholes option-pricing model and charged the amount to debt discount.

The following assumptions were used in estimating the value of the warrants:

Risk free interest rate
.68%
Expected life in years
2.0
Dividend yield
0%
Expected volatility
137.99%

13

A summary of the Company's stock options and warrants as of January31, 2018, and changes during the nine months then ended is as follows:

   



Shares
   

Weighted
Average
Exercise Price
   
Weighted Average
Remaining
Contract Term
(Years)
   


Aggregate
Intrinsic
Value
 
                         
Outstanding at April 30, 2017
   
867
   
$
1.385
     
1.07
   
$
--
 
Granted
   
--
   
$
--
                 
Exercised
   
-
   
$
-
                 
Forfeited or expired
   
-
   
$
-
                 
                                 
Outstanding and exercisable at January31, 2018
   
867
   
$
1.385
     
0.57
   
$
--
 

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on our closing stock price of $0.0031 as of January31, 2018, which would have been received by the holders of in-the-money options had the option holders exercised their options as of that date.  

NOTE – 9:  COMMITMENTS AND CONTINGENCIES

The Company has the following material commitments as of January31, 2018:

a)  
Administration Agreement with EMAC Handels AG, renewed effective May 1, 2014 for a period of three years and was renewed on April 30, 2017. Monthly fee for administration services of $5,000, office rent of $250 and office supplies of $125.  Extraordinary expenses are invoiced by EMAC on a quarterly basis.  The fee may be paid in cash and or with common stock.

b)  
Service Agreement signed April 25, 2016 with Merrill W. Moses, President, Director and CEO, for services of $7,500 per month beginning May 2016 and the issuance of 233 restricted common shares of the Company.  The fees may be paid in cash and or with common stock.

c)  
Service Agreement signed May 20, 2016 with Charles C. Hooper, Director, for services of $5,000 per month beginning May 2016 and the issuance of 167 restricted common shares of the Company.  The fees may be paid in cash and or with common stock.

d)  
Administration and Management Agreement of PSSI signed January 12, 2017 for a three-year term, with RAB Investments AG, for general fees of $5,000 per month, office rent of $250 and telephone of $125 beginning January 2017, the issuance of 2,000 common shares of PSSI and a 12% royalty calculated on defines sales revenues payable within 10 days after the monthly sales.
   
e)
Service Agreement of PSSI signed January 12, 2017 with Merrill W. Moses, President, Director and CEO, for services of $2,500 per month beginning February 2017 and the issuance of 333 common shares of PSSI. No term of the agreement is specified.
   
f)
Business Development and Consulting Agreement of PSSI signed January 15, 2017 for a twelve-month term, with WSMG Advisors, Inc., for finder's fees of 10% of funding raised for PSSI and the issuance of 1, 000 common shares of PSSI.

 1 0:  SUBSEQUENT EVENTS

On February 16, 2018 the Company entered into a convertible loan agreement for $20,000. The note bears interest of 6% and is convertible after 6 months into the common stock of the Company at a 50% discount of the average 10day trading prices 10 days prior to conversion.

The Company has evaluated subsequent events to determine events occurring after January 31, 2018 through March 13, 2018 that would have a material impact on the Company's financial results and determined there were none except noted above.

14

 
ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

The following information should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q.

Defense Technologies International Corp. (the "Company ") was incorporated in the State of Delaware on May 27, 1998.  Effective June 15, 2016, the Company changed its name to Defense Technologies International Corp. from Canyon Gold Corp. to more fully represent the Company's expansion goals into the advanced technology sector.

Effective July 15, 2016, the Company executed documents intended to finalize the acquisition of 100% of Defense Technology Corporation, a privately held Colorado company ("DTC"), a developer of defense, detection, and protection products to improve security for Anchor schools and other public facilities.  DTC has informed us that it is unable to complete the required audited financial statements.  Accordingly, the Company will not be able to consolidate DTC's financial statements into its audited financial statements. After a thorough review of the situation and discussions with DTC, we have mutually agreed to rescind the acquisition of DTC and entered into a Rescission Agreement and Mutual Release (the "Rescission Agreement"), effective October 17, 2016.

In connection with the Rescission Agreement with the Company, DTC rescinded its agreement with the inventor and developer of the technology and assets that were subject to the original agreement between the Company and DTC.  On October 19, 2016, the Company entered into a new Definitive Agreement with Controlled Capture Systems, LLC ("CCS"), representing the inventor of the technology and assets previously acquired by DTC, that included a new exclusive Patent License Agreement and Independent Contractor agreement.  Under the license agreement with CCS, the Company acquired the world-wide exclusive rights and privileges to the CCS security technology, patents, products and improvements.  The Company agreed to pay CCS an initial licensing fee of $25,000 and to pay ongoing royalties as defined in the Definitive Agreement.

Effective January 12, 2017, Passive Security Scan, Inc. ("PSSI") was incorporated in the state of Utah as subsidiary controlled by the Company.  The Company transferred to PSSI its exclusive world-wide license to the defense, detection and protection security products previously acquired by the Company.  The Company owns 79.8% of PSSI with 20.2% acquired by several individuals and entities.  The Company plans to continue the development of the technology and conduct all sales and marketing activities in PSSI.

On January 19, 2018 the Board of Directors, with the approval of a majority of the shareholders, passed a resolution to effect a reverse split of the Company's outstanding common stock on a 1 share for 1,500 shares (1:1500) basis. We anticipate that the split will become effective on March 20, 2018, or as soon thereafter as practicable.
                 
Forward Looking and Cautionary Statements

This report contains forward-looking statements relating to future events or our future financial performance.  In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar terms, variations of such terms or the negative of such terms.  These statements are only predictions and involve known and unknown risks, uncertainties and other factors.  Although forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment, actual results could differ materially from those anticipated in such statements.  Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Results of Operations

We currently have no sources of operating revenues. Accordingly, no revenues were recorded for the three and nine months ended January 31, 2018 and 2017.
15


Our general and administrative expenses decreased $62,776 and $305,192 for the three and nine months ended January 31, 2018 compared to $192,337 and $1,160,683 for the same period ended January31, 2017.  The decrease was due primarily to lower cost of legal accounting and professional fees.

The Company did not incur research and development costs in the three and nine months ended January31, 2018 compared to research and development costs of $1,452 in both the three and nine months ended January31, 2017.

Interest expenses incurred in the three and nine months ended January 31, 2018 was $31,910 and $129,790 compared to $117,280 and $555,641 for the three and nine months ended January 31, 2017.  The decrease was attributable to lower cost of debt discounts and loan conversion for equity.

Losses on derivative liability of $477,166 and  $14,140 was incurred in the three and nine months period ended January31, 2018, compared to a loss of $ 238,802 and a gain of $1,084,350 for the three and nine months ended January31, 2017.  We estimate the fair value of the derivative for the conversion feature of our convertible notes payable using the Black-Scholes pricing model at the inception of the debt, at the date of conversions to equity, cash payments and at each reporting date, recording a derivative liability, debt discount and a gain or loss on change in derivative liability as applicable.  These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility, and variable conversion prices based on market prices as defined in the respective loan agreements.  These inputs are subject to significant changes from period to period; therefore, the estimated fair value of the derivative liability will fluctuate from period to period and the fluctuation may be material.

We recognized a loss on extinguishment of debt of zero for the three and nine months ended January 31, 2018, and a gain of $48,429 and $359,618 for the same periods in 2017.  The gain on extinguishment of debt resulted primarily as a result of the elimination of derivative liabilities upon debt extinguishment.

Total other expenses for the three and nine months periods ended January 31, 2018 was $509,076 and $206,633, compared to, total other expense of $307,653 for the three months and other income of  $888,327 for the nine months period in 2017. The variance is primarily due to the gain in derivative liability of $1,084,350 in the 2017 nine-month period compared to the loss of $14,140 in the 2018 nine-month period along with derivative liability losses of $477,166 during the three months period in 2018 compared to a $238,802 loss for the three months period in 2017.

Net loss before non-controlling interest for the three months ended January 31, 20118 was $571,852 compared to $499,990 for the 2017 period. For the nine-month periods ended January 31, 2018 and 2017, net loss before non-controlling interest was $511,825 and $273,808, respectively. After adjusting for our consolidated subsidiary, net loss for the three months ended January 31, 2018 and 2017 was $567,019 and $496,677, respectively, and for the nine month periods, the net loss was $506,992 for 2018 and $270,495 in 2017.

Liquidity and Capital Resources

At January 31, 2018, we had total current assets of $981, and total current liabilities of $2,436,335, resulting in a working capital deficit of $2,435,574.  Included in our current liabilities and working capital deficit at January 31, 2018 are derivative liabilities totaling $806,437 related to the conversion features of certain of our convertible notes payable and convertible notes of $734,954, net of discount.

Our current liabilities as of January 31, 2018 is comprised of amounts due to related parties of $492,988.  We anticipate that in the short-term, operating funds will continue to be provided by related parties and other lenders.

At January 31, 2018, we had total convertible notes payable of $740,593, less discount of $5,639.  Several of the note agreements require repayment through conversion of principal and interest into shares of the Company's common stock.  We anticipate, therefore, converting these notes payable into shares of our common stock without the need for replacement financing; however, there can be no assurance that we will be successful in accomplishing this.
16


During the nine months ended January 31, 2018, net cash used in operating activities was $114,712 compared to net cash used of $331,433 for the same period in 2017. The decrease in 2018 over 2017 was due to lower amortization of debt discount, lower gain on derivative liability offset by a loss lower in 2018 than the gain offset by the derivative in 2017.

During the nine months ended January 31, 2018, net cash provided by financing activities was $115,500, comprised of proceeds from convertible notes payable of $115,500, This compares to net cash provided in the same period in 2017 of $331,456 consisting of $477,940 in proceeds from convertible notes, partially offset by repayment of convertible notes payable of $132,894 and payment of debt issuance costs of $13,500.

We have not realized any revenues since inception and paid expenses and costs with proceeds from the issuance of securities as well as by loans from investor, stockholders and other related parties.

Our immediate goal is to provide funding for the completion of the initial production of the Offender Alert Passive Scan licensed from CCS.  The Offender Alert Passive Scan is an advanced passive scanning system for detecting and identifying concealed threats.

We believe a related party and other lenders will provide sufficient funds to carry on general operations in the near term and fund DTC's production and sales.  We expect to raise additional funds from the sale of securities, stockholder loans and convertible debt.  However, we may not be successful in our efforts to obtain financing to carry out our business plan.

As of January 31, 2018, we did not have sufficient cash to fund our operations for the next twelve months.

See the notes to our condensed consolidated financial statements for a discussion of recently issued accounting pronouncements that we have either implemented or that may have a material future impact on our financial position or results of operations.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a 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 is material to stockholders.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk.

This item is not required for a smaller reporting company.

Item 4.    Controls and Procedures.

Evaluation of Disclosure Controls and Procedures .  As of the end of the period covered by this report, we conducted 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 the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) ("Exchange Act").  Based on this evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were not effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, in a manner that allows timely decisions regarding required disclosures.
17


We operate with a limited number of accounting and financial personnel.  Although we retain the services of an experienced certified public accountant, we have been unable to implement proper segregation of duties over certain accounting and financial reporting processes, including timely and proper documentation of material transactions and agreements.  We believe these control deficiencies represent material weaknesses in internal control over financial reporting.

Despite the material weaknesses in financial reporting noted above, we believe that our consolidated financial statements included in this report fairly present our financial position, results of operations and cash flows as of and for the periods presented in all material respects.

Changes in Internal Control over Financial Reporting .  There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


PART II — OTHER INFORMATION


Item 1.    Legal Proceedings

There are no material pending legal proceedings to which we are a party or to which any of our property is subject and, to the best of our knowledge, no such actions against us are contemplated or threatened.

Item 1A.    Risk Factors

This item is not required for a smaller reporting company.

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

During the nine-month period ended January31, 2017 the Company issued 9,333 shares of its common stock to one individual with a value of $28,000 for accounts payable and stock-based compensation.

During the nine-month period ended January31, 2017, the Company issued 5,877 shares of its common stock in the conversion of debt and interest of $13,890.

On August 10, 2017, a shareholder returned to the Company 3,167 share of common stock to be cancelled. Subsequent to the returning of these shares, the Company issued 3,167 shares to Mark Taggatz for service.

Effective July 5, 2017, EMAC returned 7,850 common shares of the Company that were previously issued in payment for certain mineral lease properties in Nevada.

Item 3.   Defaults Upon Senior Securities

This item is not applicable.

Item 4.   Mine Safety Disclosure

This item is not applicable.

Item 5.   Other Information

Not applicable

18

Item 6.   Exhibits

The following exhibits are filed as part of this report:

Exhibit No .
Description of Exhibit  
   
31.1
Section 302 Certification of Chief Executive Officer and Chief Financial Officer
   
32.1
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
   
101 INS*
XBRL Instance Document
   
101SCH*
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


* The XBRL related information in Exhibit 101 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Exchange Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
19


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DEFENSE TECHNOLOGIES INTERNATIONAL CORP.



Date: March  13, 2018
By:   /S/ MERRILL W. Moses
 
Merrill W. Moses
 
Chief Executive Officer
 
Acting Chief Financial Officer
 
 
 
20



 

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