Can I cancel H1B to H4, before petition is approved? As I got job on H1B with another company.

I have applied for H1B to H4 conversion on 13th Oct 2017 (10 days back) and I did not receive the receipt number yet.
Now I got a job on H1 through another company and they wanted to do H1B transfer.
I have below questions, please reply me?

  1. Can I proceed with H1B transfer with another company now?
  2. Can I cancel the H4 petition? If Yes, what is the procedure for doing this?
  3. When actually I will be on H4? Will I be on H1B or H4 until I receive my H4 conversion approval?
  4. What happens if both H1B to H4 conversion petition and H1B transfer with another company happens in parallel?
  5. Can you please suggest me the options available now?