Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2019 | Mar. 22, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | REGI U S INC | |
Entity Central Index Key | 0000922330 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 105,743,040 | |
Trading Symbol | RGUS | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 60,567 | $ 111,823 |
Prepaid expenses | 27,714 | 27,470 |
Total current assets | 88,281 | 139,293 |
Furniture and equipment, net | 23,955 | 13,004 |
Total Assets | 112,236 | 152,297 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 614,846 | 315,957 |
Derivative Liability, net of unamortized discount of $59,368 and $0 respectively | 547,024 | |
Due to related parties | 115,196 | 106,823 |
Convertible promissory notes, net of unamortized discount of $229,716 and $15,959, respectively | 1,037,126 | 579,976 |
Convertible promissory notes - related parties, net of unamortized discount of $22,719 and $2,639, respectively | 107,050 | 58,361 |
Total current liabilities | 2,421,242 | 1,061,117 |
Long-term Liabilities | ||
Convertible promissory notes, net of unamortized discount of $9,139 and $507,699, respectively | 341,346 | 417,492 |
Convertible promissory notes - related parties, net of unamortized discount of $6,182 and $52,177, respectively | 146,733 | 84,401 |
Total long-term liabilities | 488,079 | 501,893 |
Total liabilities | 2,909,321 | 1,563,010 |
Commitments and Contingencies | ||
Stockholders' Deficit | ||
Common stock,150,000,000 shares authorized, no par value,105,743,040 and 99,698,583 shares issued and outstanding respectively | 23,450,259 | 22,956,578 |
Returnable shares issued 2,000,000 and 0 respectively | (114,000) | |
Accumulated deficit | (25,829,452) | (24,063,399) |
Accumulated other comprehensive loss | (358,675) | (358,675) |
Total REGI U.S., Inc stockholders' deficit | (2,851,868) | (1,465,496) |
Noncontrolling interest | 54,783 | 54,783 |
Total stockholders' deficit | (2,797,085) | (1,410,713) |
Total Liabilities and Stockholders' Deficit | $ 112,236 | $ 152,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Derivative liability, unamortized discount, current | $ 59,368 | $ 0 |
Convertible promissory notes, unamortized discount, current | 229,716 | 15,959 |
Convertible promissory notes - related parties, unamortized discount, current | 22,719 | 2,639 |
Convertible promissory notes, unamortized discount non-current | 9,139 | 507,699 |
Convertible promissory notes - related parties, unamortized discount, non-current | $ 6,182 | $ 52,177 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, no par value | ||
Common stock, shares issued | 105,743,040 | 99,698,583 |
Common stock, shares outstanding | 105,743,040 | 99,698,583 |
Returnable shares issued | 2,000,000 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Statement [Abstract] | ||||
Total Income from Sales | $ 35,000 | $ 75,000 | ||
Operating Expenses | ||||
Accounting and legal | 30,831 | 52,195 | 76,785 | 128,975 |
General and administrative expenses | 20,554 | 59,549 | 53,672 | 125,164 |
Research and development | 124,301 | 204,413 | 365,709 | 603,191 |
Shareholder communication | 13,124 | 40,536 | 50,467 | 89,604 |
Wages & Contractors | 72,296 | 34,418 | 238,833 | 185,918 |
Operating Loss | (226,106) | (391,111) | (710,466) | (1,132,852) |
Other Income (Expense) | ||||
Loss on debt settlement | (57,605) | (50,388) | ||
Misc Revenue | 15,000 | |||
Loss on issuance of note | (156,870) | (156,870) | ||
Change in derivative liability | (311,071) | (311,071) | ||
Interest expense | (237,081) | (281,137) | (552,258) | (478,417) |
Total Other Income (Expense) | (762,627) | (281,137) | (1,055,587) | (478,417) |
Net loss before noncontrolling interest | (988,733) | (672,248) | (1,766,053) | (1,611,269) |
Net Loss Attributed to Noncontrolling Interest | ||||
Net Loss Attributed to the Company | $ (988,733) | $ (672,248) | $ (1,766,053) | $ (1,611,269) |
Loss per share - basic and diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average number of common shares outstanding - basic and diluted | 103,289,817 | 91,538,504 | 101,865,541 | 86,696,000 |
Comprehensive loss: | ||||
Net Loss | $ (988,733) | $ (672,248) | $ (1,766,053) | $ (1,611,269) |
Translation adjustments | ||||
Comprehensive loss | (988,733) | (672,248) | (1,766,053) | (1,611,269) |
Comprehensive loss attributable Noncontrolling Interest | ||||
Comprehensive loss attributable to REGI U.S., Inc | $ (988,733) | $ (672,248) | $ (1,766,053) | $ (1,611,269) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Capital [Member] | Returanable Shares [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total Stockholders' Deficit [Member] | Noncontrolling Interest [Member] | Total |
Balance at Apr. 30, 2017 | $ 19,641,632 | $ (21,058,170) | $ (358,675) | $ (1,775,213) | $ 54,783 | $ (1,720,430) | |||
Balance, shares at Apr. 30, 2017 | 84,850,475 | (827,731) | |||||||
Net loss | (3,005,229) | (3,005,229) | (3,005,229) | ||||||
Shares issued for debt conversion | 1,507,300 | 1,507,300 | 1,507,300 | ||||||
Shares issued for debt conversion, shares | 8,210,839 | ||||||||
Beneficial conversion feature | 1,027,441 | 1,027,441 | 1,027,441 | ||||||
Stock-based compensation expense | 562,700 | 562,700 | 562,700 | ||||||
Stock-based compensation expense, shares | 3,310,000 | ||||||||
Stock options exercised | 15,500 | 15,500 | $ 15,500 | ||||||
Stock options exercised, shares | 155,000 | 155,000 | |||||||
Shares issued for asset purchase | |||||||||
Shares issued for asset purchase, shares | 3,172,269 | 827,731 | |||||||
Option compensation expense | 202,005 | 202,005 | 202,005 | ||||||
Balance at Apr. 30, 2018 | 22,956,578 | (24,063,399) | (358,675) | (1,465,496) | 54,783 | (1,410,713) | |||
Balance, shares at Apr. 30, 2018 | 99,698,583 | ||||||||
Net loss | (1,766,053) | (1,766,053) | (1,766,053) | ||||||
Shares issued for debt conversion | 371,831 | 371,831 | 371,831 | ||||||
Shares issued for debt conversion, shares | 4,004,457 | ||||||||
Beneficial conversion feature | 5,850 | 5,850 | 5,850 | ||||||
Returnable Shares Issued | 114,000 | (114,000) | |||||||
Returnable Shares Issued, shares | 2,000,000 | ||||||||
Shares issued for service | 2,000 | 2,000 | 2,000 | ||||||
Shares issued for service, shares | 40,000 | ||||||||
Balance at Jan. 01, 2019 | 23,450,259 | (114,000) | (25,829,452) | (358,675) | (2,851,868) | 54,783 | (2,797,085) | ||
Balance, shares at Jan. 01, 2019 | 105,743,040 | ||||||||
Balance at Apr. 30, 2018 | $ 22,956,578 | $ (24,063,399) | $ (358,675) | $ (1,465,496) | $ 54,783 | (1,410,713) | |||
Balance, shares at Apr. 30, 2018 | 99,698,583 | ||||||||
Net loss | $ 1,766,053 | ||||||||
Stock options exercised, shares | |||||||||
Balance at Jan. 31, 2019 | $ (2,797,085) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Apr. 30, 2018 | |
Operating Activities | |||||
Net loss | $ (988,733) | $ (672,248) | $ (1,766,053) | $ (1,611,269) | |
Adjustments to reconcile net loss to net cash from operating activities | |||||
Amortization of debt discount | 507,066 | 301,937 | |||
Amortization of promissory note fees | 16,933 | 35,598 | |||
Depreciation Expense | 4,049 | 4,301 | |||
Derivative discount recognized | 131,871 | ||||
Revenue recognized on donated equipment | (15,000) | ||||
Shares issued for service | 2,000 | 59,500 | |||
Service settled with convertible promissory notes | 16,357 | 143,923 | |||
Service settled with convertible promissory notes - related party | 79,332 | 88,768 | |||
Changes in non-cash working capital items | |||||
Prepaid expenses | (244) | (27,548) | |||
Accounts payable and accrued liabilities | 325,636 | 118,964 | |||
Derivative Liability | 311,069 | ||||
Due to related parties | 8,373 | (404) | |||
Net Cash used for Operating Activities | (378,611) | (886,230) | |||
Investing Activities | |||||
Purchase of furniture and equipment | (4,578) | ||||
Net Cash from (used for) Investing Activities | (4,578) | ||||
Financing Activities | |||||
Redemption of promissory note | (169,200) | (14,152) | |||
Issuance of common shares for option exercise | 15,500 | ||||
Issuance of convertible promissory notes | 496,555 | 1,027,845 | |||
Net Cash provided by financing activities | 327,355 | 1,029,193 | |||
Net Change in Cash and Cash Equivalents | (51,256) | 138,385 | |||
Cash and Cash Equivalents, Beginning | 111,823 | 67,818 | $ 67,818 | ||
Cash and Cash Equivalents, Ending | $ 60,567 | $ 206,203 | 60,567 | 206,203 | $ 111,823 |
Non-cash Items | |||||
Finder fee for promissory notes | 62,600 | ||||
Returnable shares issued | 114,000 | ||||
Discount on convertible promissory notes for beneficial conversion features | 5,850 | 1,004,514 | |||
Accounts payable settled with convertible promissory note | 3,000 | 17,436 | |||
Shares issued for note conversion | 371,831 | 1,372,276 | |||
Supplemental Disclosure of Cash Flow Information | |||||
Interest | 1,870 | ||||
Taxes |
Nature of Business
Nature of Business | 9 Months Ended |
Jan. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business REGI U.S., Inc. (“we”, “our”, the “Company”, “REGI”) has been engaged in the business of developing and building improved axial vane-type rotary devices for civilian, commercial and government applications with the marketing and intellectual rights in the U.S. Effective February 17, 2017 REGI purchased the worldwide marketing and intellectual rights, other than in the U.S., from Reg Technologies, Inc. (“Reg Tech”), a British Columbia company. $75,000 in revenue has been derived to date from REGI’s principal operations of research and development. REGI formed a wholly-owned subsidiary, Rad Max Technologies, Inc., on April 10, 2007 in the State of Washington. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of consolidation The accompanying unaudited interim consolidated financial statements of REGI have been prepared in accordance with accounting principles generally accepted in the United States of America, and should be read in conjunction with the audited financial statements and notes thereto for the year ended April 30, 2018 filed on Form 10-K with the SEC. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim period presented herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period. Notes to the unaudited consolidated financial statements which would substantially duplicate the disclosures contained in the audited consolidated financial statements for fiscal 2018 as reported in the Form 10-K, have been omitted. These financial statements include the accounts of the Company, its wholly owned subsidiary, RadMax Technologies, Inc. and it previous wholly owned subsidiary, Rand Energy Group Inc. (“Rand”). All significant inter-company balances and transactions have been eliminated upon consolidation. Investment in associates Investments in which the Company has the ability to exert significant influence but does not have control are accounted for using the equity method whereby the original cost of the investment is adjusted annually for the Company’s share of earnings, losses and dividends during the current year. The Company entered into a Mutual Accord and Purchase Agreement on March 7, 2018, to sell all of its interest in Minewest Silver & Gold Inc. (“Minewest”), a British Columbia company, in exchange for settlement of its outstanding debt of $7,217 to Minewest. The Company completed the final transfer of mining rights and Claim titles to Minewest on August 13, 2018. Risks and uncertainties The Company operates in an emerging industry that is subject to market acceptance and technological change. The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging business, including the potential risk of business failure. Cash and cash equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. Furniture and equipment Property and equipment are stated at cost, which includes the acquisition price and any direct costs to bring the asset into use at its intended location, less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method to write off the cost, net of any estimated residual value, over their estimated useful lives of the assets as follows: Office equipment 5 years and electronic equipment 2 years. Depreciation of office equipment is included in general and administrative expenses; Depreciation of research equipment is included in research and development expense. Financial instruments Fair Value The carrying values of cash and cash equivalents, amounts due to related parties and accounts payable approximate their fair values because of the short-term maturity of these financial instruments. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: - Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Derivative Liabilities The Company recognizes derivative liabilities in the balance sheet and measures those instruments at fair value. The accounting for changes in fair value depends on its intended use and designation and could entail recording the gain or loss through earnings when the gain or loss is realized. Per the guidance offer By ASC Topic 820 above the Company uses “Level 3 input valuation methodology”. Interest Rate Risk The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary assets and liabilities. Credit Risk The Company’s financial asset that is exposed to credit risk consists primarily of cash. To manage the risk, cash is placed with major financial institutions. Currency Risk The Company’s functional currency is the US dollar and the reporting currency is the US dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in US dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. For reporting purposes assets and liabilities with Canadian dollar as functional currency are translated into US dollar at the period end rates of exchange, and the results of the operations are translated at average rates of exchange for the period. The resulting translation adjustments are included in accumulated other comprehensive income in shareholders’ equity. Income taxes Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. Basic and diluted net loss per share Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible debt using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Stock-based compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718 which establishes the accounting treatment for transactions in which an entity exchanges its equity instruments for goods or services. Under the provisions of FASB ASC 718, share-based payment compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period). The Company accounts for share-based payments to non-employees in accordance with FASB ASC 505-50. Use of estimates The preparation of consolidated 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 amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, stock-based compensation and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities, and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Research and development costs Research and development costs are expensed as incurred. Related Parties In accordance with ASC 850 “Related Party Disclosure”, a party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Recent accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. Reclassifications Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the three months ended January 31, 2019. |
Going Concern
Going Concern | 9 Months Ended |
Jan. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 3. Going Concern The Company incurred net losses of $1,766,053 the nine months ended January 31, 2019 and has a working capital deficit of $2,309,006 and an accumulated deficit of $25,829,452 at January 31, 2019. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. As a result, the Company’s consolidated financial statements as of January 31, 2019 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company also receives interim support from related parties and plans to raise additional capital through debt and/or equity financings. There is no assurance that any of these activities will be successful. There continues to be insufficient funds to provide enough working capital to fund ongoing operations for the next twelve months. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment at January 31, 2019 and April 30, 2018 consists of the following: January 31, 2019 April 30, 2018 Equipment $ 22,040 $ 7,040 Furniture and fixtures 14,213 14,213 36,253 21,253 Less accumulated depreciation 12,298 8,249 $ 23,955 $ 13,004 Depreciation expense totaled $4,049 and $4,301 for the nine months ended January 31, 2019 and 2018, respectively. |
Secured Convertible Promissory
Secured Convertible Promissory Notes | 9 Months Ended |
Jan. 31, 2019 | |
Debt Disclosure [Abstract] | |
Secured Convertible Promissory Notes | 5. Secured Convertible Promissory Notes As of January 31, 2019, REGI has outstanding senior secured convertible promissory notes (the “Convertible Notes”) of $253,783 (net of unamortized discount of $28,901) issued to related parties and $1,378,472, (net of unamortized discount of $238,855) issued to non-related parties. As of April 30, 2018, REGI has outstanding Convertible Notes of $142,762 (net of unamortized discount of $54,816) issued to related parties and $997,468 (net of unamortized discount of $523,658) issued to non-related parties. During the nine months ended January 31, 2019 the Company issued Convertible Notes for service debt provided by related parties of $79,332 and $16,357 to non-related parties. During the nine months ended January 31, 2019 the Company issued Convertible Notes for cash proceeds of $39,200 to related parties and $457,355 to non-related parties while redeeming $16,000 of related parties and $150,000 or non-related parties Convertible Notes for cash. The Convertible Notes are secured against all assets of the Company, repayable two years after the issuance, bearing simple interest rate of 10% during the term of the notes and simple interest rate of 20% after the due date with the exception of one Convertible Note of $220,000 (net of unamortized discount of $14,861) repayable six months after issuance, bearing simple interest of 12% during the term of the note and simple interest rate of 24% after the due date. As of January 31, 2019, $17,436, $40,000, $1,682,576, $60,000 and $100,000 of the Convertible Notes are convertible at any time on or after ninety days from the issuance date into the Company’s common stocks at $0.174, $0.12, $0.10, $0.09 and $0.08 per share respectively. The Company analyzed the conversion option in the notes for derivative accounting treatment under ASC Topic 815, “Derivatives and Hedging,” and determined that the instrument does qualify for derivative accounting. The Company determined that the conversion option was subject to a beneficial conversion feature and during the nine months ended January 31, 2019 the company recorded amortization of the beneficial conversion feature of $507,066 as interest expense. |
Derivative Liability
Derivative Liability | 9 Months Ended |
Jan. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liability | 6. Derivative Liability The FASB has issued authoritative guidance whereby instruments which do not have fixed settlement provisions are deemed to be derivative instruments. Certain conversion features of convertible notes payable did not have fixed settlement provisions because the conversion price is variable. In addition, since the number of shares to be issued is not explicitly limited, the Company is unable to conclude that enough authorized and unissued shares are available to share settle the conversion option. In accordance with the FASB authoritative guidance, the conversion feature of the convertible note was separated from the host contract (i.e., the notes) and the fair value of the conversion price have been recognized as a derivative and will be re-measured at the end of every reporting period with the change in value reported in the statement of operations. The derivative liabilities were valued at the following dates using a Black-Scholes-Merton model with the following average assumptions: The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the derivative securities was determined by the remaining contractual life of the derivative instrument. For derivative instruments that already matured, the Company used the estimated life. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. The derivative liabilities were valued at the following dates using a Black-Scholes-Merton model with the following average assumptions: The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the derivative securities was determined by the remaining contractual life of the derivative instrument. For derivative instruments that already matured, the Company used the estimated life. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. During the nine months ended January 31, 2019, the Company recorded $547,024 in derivative liability net of $59,368 of unamortized discount as a result of conversion features from the issuance of new convertible notes payables (see Note 5). |
Related Parties
Related Parties | 9 Months Ended |
Jan. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | 7. Related Parties Amounts due to related parties are unsecured, non-interest bearing and due on demand. Related parties consist of the directors and officers and a former director of REGI and companies controlled or significantly influenced by these parties. As of January 31, 2019, there was $115,196 due to related parties. As of April 30, 2018, there was $106,823 due to related parties. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity a) Common Stock During the nine months ended January 31, 2019, non-related party convertible promissory notes of $270,658 and its accrued interest of $101,173 were converted into 4,004,457 shares of REGI’s common stock at between $0.04 and $0.10 per share. During the nine months ended January 31, 2019 non-related parties were issued 40,000 shares at $0.05 ($2,000) as payment for services and 2,000,000 shares at $0.057 ($114,000) as restricted assurance shares against an outstanding Convertible Note. During the nine months ended January 31, 2019, related party convertible promissory notes of $13,427 and its accrued interest of $855 were converted into 142,823 shares REGI’s common stock at $0.10 per share. During the year ended April 30, 2018 related party convertible promissory notes of $126,152 and accrued interest of $10,931 were converted into a total of 1,369,964 shares of REGI’s common stock at $0.10 per share, and convertible promissory notes of $755,185 and accrued interest of $41,173 were converted into a total of 1,054,779 shares of REGI’s common stock at $0.755 per share. During the twelve months ended April 30, 2018 non-related party convertible promissory notes of $531,940 and accrued interest of $26,569 were converted into 5,630,543 shares of common stock at $0.10 per share, principal of $3,848 and accrued interest of $623 were converted into 55,892 shares of common stock at $0.08 per share, principal of $10,000 and accrued interest of $879 were converted into 99,661 shares of commons stock at $0.12 per share. During the twelve months ended April 30, 2018 the Company issued 155,000 shares of its common stock for options exercised at $0.10 per share for a total of $15,500. Among the 155,000 shares of common stock, 55,000 were issued to a related party. During the twelve months ended April 30, 2018 the Company issued 3,310,000 shares of its common stock for services provided by the directors, officers, employees and consultants of the Company with the total value recorded at $562,700 based on the market trading price as of the issuance date. On November 2, 2017 the Company issued 3,172,269 shares of its common stock to Rand Energy. No value was assigned to these shares, as Rand Energy did not have any assets. These shares together with 827,721 shares of common stock initially owned by Rand Energy and recorded as the Company’s treasury shares, were transferred to the 49% shareholders of Rand Energy, as consideration for purchase of all of the 49% interest in Rand Energy, resulting in the Company owning 100% equity interest in Rand Energy. b) Common Stock Options and Warrants A summary of REGI’s stock option activities for the nine months ended January 31, 2019 and year ended April 30, 2018 are as follows: Nine months ended Year ended January 31, 2019 April 30, 2018 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of period 9,355,000 $ 0.52 9,138,000 $ 0.31 Granted - 1,900,000 1.17 Exercised - (155,000 ) 0.10 Forfeited or expired - (1,528,000 ) 0.20 Outstanding at end of period 9,355,000 $ 0.52 9,355,000 $ 0.52 Exercisable at end of period 9,163,750 $ 0.53 9,163,750 $ 0.53 The weighted average remaining contractual life of the options is 2.92 years at January 31, 2019, and 3.67 years at April 30, 2018. At January 31, 2019 and April 30, 2018 there were no warrants outstanding. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company is subject to the income tax laws of the United States and the States of Washington and Oregon, and uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company does not anticipate that the “Tax Reform Act” will have any substantial effect on the Company’s financial position in the near future. Deferred tax assets consist of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its reliability. The composition of REGI’s deferred tax assets at : January 31, 2019 April 30, 2018 Net operating loss carry-forward $ 5,038,954 $ 3,272,901 Deferred tax asset 1,058,180 Less: Valuation allowance (1,058,180 ) 687,309 (687,309 ) Net deferred tax asset $ - $ - |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events Management has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and notes no subsequent events to disclose. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of consolidation The accompanying unaudited interim consolidated financial statements of REGI have been prepared in accordance with accounting principles generally accepted in the United States of America, and should be read in conjunction with the audited financial statements and notes thereto for the year ended April 30, 2018 filed on Form 10-K with the SEC. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim period presented herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period. Notes to the unaudited consolidated financial statements which would substantially duplicate the disclosures contained in the audited consolidated financial statements for fiscal 2018 as reported in the Form 10-K, have been omitted. These financial statements include the accounts of the Company, its wholly owned subsidiary, RadMax Technologies, Inc. and it previous wholly owned subsidiary, Rand Energy Group Inc. (“Rand”). All significant inter-company balances and transactions have been eliminated upon consolidation. |
Investment in Associates | Investment in associates Investments in which the Company has the ability to exert significant influence but does not have control are accounted for using the equity method whereby the original cost of the investment is adjusted annually for the Company’s share of earnings, losses and dividends during the current year. The Company entered into a Mutual Accord and Purchase Agreement on March 7, 2018, to sell all of its interest in Minewest Silver & Gold Inc. (“Minewest”), a British Columbia company, in exchange for settlement of its outstanding debt of $7,217 to Minewest. The Company completed the final transfer of mining rights and Claim titles to Minewest on August 13, 2018. |
Risks and Uncertainties | Risks and uncertainties The Company operates in an emerging industry that is subject to market acceptance and technological change. The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging business, including the potential risk of business failure. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less. |
Revenue Recognition | Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. |
Furniture and Equipment | Furniture and equipment Property and equipment are stated at cost, which includes the acquisition price and any direct costs to bring the asset into use at its intended location, less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method to write off the cost, net of any estimated residual value, over their estimated useful lives of the assets as follows: Office equipment 5 years and electronic equipment 2 years. Depreciation of office equipment is included in general and administrative expenses; Depreciation of research equipment is included in research and development expense. |
Financial Instruments | Financial instruments Fair Value The carrying values of cash and cash equivalents, amounts due to related parties and accounts payable approximate their fair values because of the short-term maturity of these financial instruments. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: - Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Derivative Liabilities The Company recognizes derivative liabilities in the balance sheet and measures those instruments at fair value. The accounting for changes in fair value depends on its intended use and designation and could entail recording the gain or loss through earnings when the gain or loss is realized. Per the guidance offer By ASC Topic 820 above the Company uses “Level 3 input valuation methodology”. Interest Rate Risk The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary assets and liabilities. Credit Risk The Company’s financial asset that is exposed to credit risk consists primarily of cash. To manage the risk, cash is placed with major financial institutions. Currency Risk The Company’s functional currency is the US dollar and the reporting currency is the US dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in US dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. For reporting purposes assets and liabilities with Canadian dollar as functional currency are translated into US dollar at the period end rates of exchange, and the results of the operations are translated at average rates of exchange for the period. The resulting translation adjustments are included in accumulated other comprehensive income in shareholders’ equity. |
Income Taxes | Income taxes Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. |
Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible debt using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Stock-based Compensation | Stock-based compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718 which establishes the accounting treatment for transactions in which an entity exchanges its equity instruments for goods or services. Under the provisions of FASB ASC 718, share-based payment compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period). The Company accounts for share-based payments to non-employees in accordance with FASB ASC 505-50. |
Use of Estimates | Use of estimates The preparation of consolidated 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 amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, stock-based compensation and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities, and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Research and Development Costs | Research and development costs Research and development costs are expensed as incurred. |
Related Parties | Related Parties In accordance with ASC 850 “Related Party Disclosure”, a party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. |
Recent Accounting Pronouncements | Recent accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the three months ended January 31, 2019. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at January 31, 2019 and April 30, 2018 consists of the following: January 31, 2019 April 30, 2018 Equipment $ 22,040 $ 7,040 Furniture and fixtures 14,213 14,213 36,253 21,253 Less accumulated depreciation 12,298 8,249 $ 23,955 $ 13,004 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Jan. 31, 2019 | |
Equity [Abstract] | |
Summary of Stock Options Activity | A summary of REGI’s stock option activities for the nine months ended January 31, 2019 and year ended April 30, 2018 are as follows: Nine months ended Year ended January 31, 2019 April 30, 2018 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of period 9,355,000 $ 0.52 9,138,000 $ 0.31 Granted - 1,900,000 1.17 Exercised - (155,000 ) 0.10 Forfeited or expired - (1,528,000 ) 0.20 Outstanding at end of period 9,355,000 $ 0.52 9,355,000 $ 0.52 Exercisable at end of period 9,163,750 $ 0.53 9,163,750 $ 0.53 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | The composition of REGI’s deferred tax assets at : January 31, 2019 April 30, 2018 Net operating loss carry-forward $ 5,038,954 $ 3,272,901 Deferred tax asset 1,058,180 Less: Valuation allowance (1,058,180 ) 687,309 (687,309 ) Net deferred tax asset $ - $ - |
Nature of Business (Details Nar
Nature of Business (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Revenues | $ 35,000 | $ 75,000 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 07, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 |
Gain on debt settlement | $ (57,605) | $ (50,388) | |||
Office Equipment [Member] | |||||
Property plant and equipment, estimated useful lives | 5 years | ||||
Electronic Equipment [Member] | |||||
Property plant and equipment, estimated useful lives | 2 years | ||||
Minewest Silver and Gold Inc. [Member] | |||||
Gain on debt settlement | $ 7,217 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 988,733 | $ 672,248 | $ 1,766,053 | $ 1,611,269 | |
Working capital deficit | 2,309,006 | 2,309,006 | |||
Accumulated deficit | $ (25,829,452) | $ (25,829,452) | $ (24,063,399) |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 4,049 | $ 4,301 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Property and equipment, gross | $ 36,253 | $ 21,253 |
Less accumulated depreciation | 12,298 | 8,249 |
Property and equipment, net | 23,955 | 13,004 |
Equipment [Member] | ||
Property and equipment, gross | 22,040 | 7,040 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 14,213 | $ 14,213 |
Secured Convertible Promissor_2
Secured Convertible Promissory Notes (Details Narrative) - USD ($) | 8 Months Ended | 9 Months Ended | 12 Months Ended |
Jan. 01, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | |
Convertible promissory notes - related parties | $ 146,733 | $ 84,401 | |
Convertible promissory notes - related parties, unamortized discount | 6,182 | 52,177 | |
Convertible promissory notes | 341,346 | 417,492 | |
Interest expense | 507,066 | ||
Beneficial conversion feature | $ 5,850 | 1,027,441 | |
Secured Convertible Promissory Notes [Member] | |||
Convertible promissory notes - related parties | 253,783 | 142,762 | |
Convertible promissory notes - related parties, unamortized discount | 28,901 | 54,816 | |
Convertible promissory notes | 1,378,472 | 997,468 | |
Convertible promissory notes, unamortized discount | 238,855 | $ 523,658 | |
Convertible Notes [Member] | |||
Convertible promissory notes | 220,000 | ||
Convertible promissory notes, unamortized discount | 14,861 | ||
Service debt provided by related parties | 79,332 | ||
Services debt provided by non-related parties | 16,357 | ||
Proceeds from issuance of convertible promissory notes to related parties | 39,200 | ||
Proceeds from issuance of convertible promissory notes to non-related parties | 457,355 | ||
Redeemed value from related party | 16,000 | ||
Redeemed value from non-related party | $ 150,000 | ||
Debt maturity period, description | The Convertible Notes are secured against all assets of the Company, repayable two years after the issuance, bearing simple interest rate of 10% during the term of the notes and simple interest rate of 20% after the due date with the exception of one Convertible Note of $140,278 (net of unamortized discount of $3,012) repayable nine months after issuance, bearing simple interest of 2% during the term of the note and simple interest rate of 15% after the due date. | ||
Debt interest rate percentage | 12.00% | ||
Convertible Notes [Member] | After Due Date [Member] | |||
Debt interest rate percentage | 24.00% | ||
Promissory Notes One [Member] | |||
Convertible promissory notes | $ 17,436 | ||
Convertible price per shares | $ 0.174 | ||
Promissory Notes Two [Member] | |||
Convertible promissory notes | $ 40,000 | ||
Convertible price per shares | $ 0.12 | ||
Promissory Notes Three [Member] | |||
Convertible promissory notes | $ 1,682,576 | ||
Convertible price per shares | $ 0.10 | ||
Promissory Notes Four [Member] | |||
Convertible promissory notes | $ 60,000 | ||
Convertible price per shares | $ 0.09 | ||
Promissory Notes Five [Member] | |||
Convertible promissory notes | $ 100,000 | ||
Convertible price per shares | $ 0.08 |
Derivative Liability (Details N
Derivative Liability (Details Narrative) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative liability | $ 547,024 | |
Derivative liability, unamortized discount, current | $ 59,368 | $ 0 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Related Party Transactions [Abstract] | ||
Due to related parties | $ 115,196 | $ 106,823 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Nov. 02, 2017 | Jan. 01, 2019 | Jan. 31, 2019 | Jan. 31, 2018 | Apr. 30, 2018 |
Debt conversion converted instrument | $ 371,831 | $ 1,372,276 | |||
Shares issued for service | $ 2,000 | ||||
Stock issued for exercise of options, shares | 155,000 | ||||
Stock issued to related party | $ 15,500 | ||||
Treasury shares owned | 2,000,000 | 0 | |||
Option [Member] | |||||
Weighted average remaining contractual term | 2 years 11 months 1 day | 3 years 8 months 2 days | |||
Rand Energy [Member] | |||||
Ownership percentage | 49.00% | ||||
Rand Energy [Member] | |||||
Number of common shares issued | 3,172,269 | ||||
Treasury shares owned | 827,721 | ||||
Equity investment percentage | 100.00% | ||||
Related Party [Member] | |||||
Price per share | $ 0.10 | ||||
Stock issued for exercise of options, shares | 155,000 | ||||
Stock issued to related party | $ 15,500 | ||||
Number of common shares issued | 55,000 | ||||
Directors, Officers, Employees and Consultants [Member] | |||||
Number of shares issued for service, shares | 3,310,000 | ||||
Shares issued for service | $ 562,700 | ||||
Non-Related Party Convertible Promissory Notes [Member] | |||||
Debt conversion converted instrument | $ 270,658 | ||||
Accrued interest | $ 101,173 | ||||
Debt conversion converted instrument, shares | 4,004,457 | ||||
Number of shares issued for service, shares | 40,000 | ||||
Shares issued for service | $ 2,000 | ||||
Price per share | $ 0.05 | ||||
Non-Related Party Convertible Promissory Notes [Member] | Restricted Stock [Member] | |||||
Price per share | $ 0.057 | ||||
Stock issued during period, shares, restricted stock | 2,000,000 | ||||
Stock issued during period, value, restricted stock | $ 114,000 | ||||
Non-Related Party Convertible Promissory Notes [Member] | Common Stock One [Member] | |||||
Debt conversion converted instrument, price per share | $ 0.04 | ||||
Non-Related Party Convertible Promissory Notes [Member] | Common Stock Two [Member] | |||||
Debt conversion converted instrument, price per share | $ 0.10 | ||||
Related Party Convertible Promissory Notes [Member] | |||||
Debt conversion converted instrument | $ 13,427 | ||||
Accrued interest | $ 855 | ||||
Debt conversion converted instrument, shares | 142,823 | ||||
Debt conversion converted instrument, price per share | $ 0.10 | ||||
Related Party Convertible Promissory Note [Member] | |||||
Debt conversion converted instrument | 126,152 | ||||
Accrued interest | $ 10,931 | ||||
Debt conversion converted instrument, shares | 1,369,964 | ||||
Debt conversion converted instrument, price per share | $ 0.10 | ||||
Convertible Promissory Note [Member] | |||||
Debt conversion converted instrument | $ 755,185 | ||||
Accrued interest | $ 41,173 | ||||
Debt conversion converted instrument, shares | 1,054,779 | ||||
Debt conversion converted instrument, price per share | $ 0.755 | ||||
Non-Related Party Convertible Promissory Note [Member] | |||||
Debt conversion converted instrument | $ 531,940 | ||||
Accrued interest | $ 26,569 | ||||
Debt conversion converted instrument, shares | 5,630,543 | ||||
Debt conversion converted instrument, price per share | $ 0.10 | ||||
Non-Related Party Convertible Promissory Note One [Member] | |||||
Debt conversion converted instrument | $ 3,848 | ||||
Accrued interest | $ 623 | ||||
Debt conversion converted instrument, shares | 55,892 | ||||
Debt conversion converted instrument, price per share | $ 0.08 | ||||
Non-Related Party Convertible Promissory Note Two [Member] | |||||
Debt conversion converted instrument | $ 10,000 | ||||
Accrued interest | $ 879 | ||||
Debt conversion converted instrument, shares | 99,661 | ||||
Debt conversion converted instrument, price per share | $ 0.12 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Options Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Jan. 31, 2019 | Apr. 30, 2018 | |
Equity [Abstract] | ||
Options, Outstanding at beginning of period | 9,355,000 | 9,138,000 |
Options, Granted during the period | 1,900,000 | |
Options, Exercised during the period | (155,000) | |
Options, Forfeited or expired during the period | (1,528,000) | |
Options, Outstanding at end of period | 9,355,000 | 9,355,000 |
Options, Exercisable at end of period | 9,163,750 | 9,163,750 |
Weighted Average Exercise Price, Outstanding at beginning of period | $ 0.52 | $ 0.31 |
Weighted Average Exercise Price, Granted during the period | 1.17 | |
Weighted Average Exercise Price, Exercised during the period | 0.10 | |
Weighted Average Exercise Price, Forfeited or expired during the period | 0.20 | |
Weighted Average Exercise Price, Outstanding at end of period | 0.52 | 0.52 |
Weighted Average Exercise Price, Exercisable at end of period | $ 0.53 | $ 0.53 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 9 Months Ended |
Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income tax rate description | On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the "Tax Reform Act) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. |
Corporate tax rate | 21.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry-forward | $ 5,038,954 | $ 3,272,901 |
Deferred tax asset | 1,058,180 | 687,309 |
Less: Valuation allowance | (1,058,180) | (687,309) |
Net deferred tax asset |