Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2020 | Apr. 20, 2020 | |
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, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 121,393,082 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 102,935 | $ 19,044 |
Accounts receivable | 32,021 | 10,000 |
Prepaid expenses | 8,056 | 8,683 |
Inventory | 6,604 | |
Other receivables, net of allowance for uncollectible accounts | 4,675 | 4,675 |
TOTAL CURRENT ASSETS | 154,291 | 42,402 |
FURNITURE AND EQUIPMENT, NET | 116,048 | 20,968 |
DEPOSIT | 2,000 | |
TOTAL ASSETS | 272,339 | 63,370 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 756,426 | 769,454 |
Due to related parties | 53,099 | 53,099 |
Deferred revenue | 25,000 | 25,000 |
Derivative liability, net of unamortized discount of $Nil and $20,470, respectively | 306,696 | |
Convertible promissory notes, current portion - net of unamortized discount of $2,062 and $160,065, respectively | 569,421 | 1,087,613 |
Other notes payable, current portion | 46,960 | 25,000 |
TOTAL CURRENT LIABILITIES | 1,450,906 | 2,266,862 |
LONG-TERM LIABILITIES: | ||
Convertible promissory notes - long term portion, net of unamortized discount of $144,081 and $5,570, respectively | 969,034 | 415,792 |
Other notes payable, long term portion | 315,950 | 15,969 |
TOTAL LONG-TERM LIABILITIES | 1,284,984 | 431,761 |
TOTAL LIABILITIES | 2,735,890 | 2,698,623 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock, no par value; unlimited shares authorized; 118,358,476 and 108,911,309 shares issued and outstanding, respectively | 25,164,119 | 24,091,017 |
Returnable shares issued Nil and 2,000,000 shares, respectively | (114,000) | |
Shares to be issued | 19,117 | |
Accumulated deficit | (27,319,678) | (26,323,395) |
Accumulated other comprehensive loss | (362,775) | (362,775) |
TOTAL REGI US, Inc. stockholders' deficit | (2,518,334) | (2,690,036) |
Non-controlling interest | 54,783 | 54,783 |
TOTAL STOCKHOLDERS' DEFICIT | (2,463,551) | (2,635,253) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 272,339 | $ 63,370 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Apr. 30, 2019 | |
Statement of Financial Position [Abstract] | ||
Derivative liability, net of unamortized discount, current | $ 20,470 | |
Convertible promissory notes, current portion - net of unamortized discount | 2,062 | 160,065 |
Convertible promissory notes - long term portion, net of unamortized discount | $ 144,081 | $ 5,570 |
Common stock, no par value | ||
Common stock, shares authorized | Unlimited | Unlimited |
Common stock, shares issued | 118,358,476 | 108,911,309 |
Common stock, shares outstanding | 118,358,476 | 108,911,309 |
Returnable shares issued | 2,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Statement [Abstract] | ||||
REVENUE | $ 37,750 | $ 35,000 | $ 62,750 | $ 75,000 |
COST OF REVENUE | 18,188 | 18,188 | ||
GROSS MARGIN | 19,562 | 35,000 | 44,562 | 75,000 |
OPERATING EXPENSE | ||||
Accounting and legal | 25,126 | 30,831 | 72,980 | 76,785 |
Compensation and consulting | 232,059 | 72,296 | 395,333 | 238,833 |
Stockholder relations | (357) | 13,124 | 54,849 | 50,467 |
Depreciation and amortization | 7,058 | 946 | 12,061 | 4,049 |
Stock-based compensation | 19,740 | 217,701 | ||
General and administrative expenses | 9,692 | 19,608 | 63,366 | 49,623 |
Research and development | (115,675) | 124,301 | 76,034 | 365,709 |
TOTAL OPERATING EXPENSES | 177,643 | 261,106 | 892,324 | 785,466 |
LOSS FROM OPERATIONS | (158,081) | (226,106) | (847,762) | (710,466) |
OTHER INCOME (EXPENSE) | ||||
Interest and financing expense | (33,127) | (237,081) | (96,324) | (552,258) |
Interest expense, related party | (28,331) | (78,316) | ||
Amortization of derivative and debt discount | (48,540) | (225,634) | ||
Loss on issuance of note | (156,870) | (156,870) | ||
Loss on extinguishment of debt | (75,413) | (75,413) | ||
Loss on settlement of debt | (57,605) | (50,388) | ||
Loss on change in fair value of derivative liability | (311,071) | 327,166 | (311,071) | |
Miscellaneous revenue | 15,000 | |||
TOTAL OTHER INCOME (EXPENSE) | (185,411) | (762,627) | (148,521) | (1,055,587) |
NET LOSS | $ (343,492) | $ (988,733) | $ (996,283) | $ (1,766,053) |
Loss per share - basic and diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average number of common shares outstanding - basic and diluted | 111,705,233 | 103,289,817 | 108,033,606 | 101,865,541 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Returnable Shares [Member] | Shares to be Issued [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total Stockholders' Deficit [Member] | Non-controlling Interest [Member] | Total |
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 | (434,942) | (434,942) | (434,942) | |||||
Shares issued for debt conversion | $ 12,963 | 12,963 | 12,963 | |||||
Shares issued for debt conversion, shares | 129,672 | |||||||
Beneficial conversion feature | $ 5,850 | 5,850 | 5,850 | |||||
Balance at Jul. 31, 2018 | $ 22,975,391 | (24,498,341) | (358,675) | (1,881,625) | 54,783 | (1,826,842) | ||
Balance, shares at Jul. 31, 2018 | 99,828,255 | |||||||
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) | |||||||
Balance at Jan. 31, 2019 | $ 23,450,259 | (114,000) | (25,829,452) | (358,675) | (2,851,868) | 54,783 | (2,797,085) | |
Balance, shares at Jan. 31, 2019 | 105,743,040 | |||||||
Balance at Jul. 31, 2018 | $ 22,975,391 | (24,498,341) | (358,675) | (1,881,625) | 54,783 | (1,826,842) | ||
Balance, shares at Jul. 31, 2018 | 99,828,255 | |||||||
Net loss | (342,379) | (342,379) | (342,379) | |||||
Shares issued for debt conversion | $ 63,275 | 63,275 | 63,275 | |||||
Shares issued for debt conversion, shares | 737,189 | |||||||
Shares issued for debt conversion, related parties | $ 120,000 | 120,000 | 120,000 | |||||
Shares issued for debt conversion, related parties, shares | 1,200,000 | |||||||
Balance at Oct. 31, 2018 | $ 23,158,666 | (24,840,720) | (358,675) | (2,040,729) | 54,783 | (1,985,946) | ||
Balance, shares at Oct. 31, 2018 | 101,765,444 | |||||||
Net loss | (988,733) | (988,733) | (988,733) | |||||
Shares issued for debt conversion | $ 175,593 | 175,593 | 175,593 | |||||
Shares issued for debt conversion, shares | 1,937,596 | |||||||
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. 31, 2019 | $ 23,450,259 | (114,000) | (25,829,452) | (358,675) | (2,851,868) | 54,783 | $ (2,797,085) | |
Balance, shares at Jan. 31, 2019 | 105,743,040 | |||||||
Balance at Apr. 30, 2019 | $ 24,091,017 | (114,000) | 19,117 | (26,323,395) | (362,775) | (2,690,036) | 54,783 | (2,635,253) |
Balance, shares at Apr. 30, 2019 | 108,911,309 | |||||||
Net loss | (261,356) | (261,356) | (261,356) | |||||
Share based compensation | 48,084 | 48,084 | 48,084 | |||||
Shares issued for common shares and warrants | 20,000 | 20,000 | 20,000 | |||||
Shares issued for common shares and warrants, shares | ||||||||
Shares issued for debt conversion | $ 24,566 | 24,566 | 24,566 | |||||
Shares issued for debt conversion, shares | 156,432 | |||||||
Beneficial conversion feature | $ 30,000 | 30,000 | 30,000 | |||||
Shares to be issued | $ 19,117 | (8,737) | 10,380 | 10,380 | ||||
Shares to be issued, shares | 251,167 | |||||||
Returnable shares cancelled | $ (114,000) | 114,000 | ||||||
Returnable shares cancelled, shares | (2,000,000) | |||||||
Balance at Jul. 31, 2019 | $ 24,098,784 | 30,380 | (26,584,751) | (362,775) | (2,818,362) | 54,783 | (2,763,579) | |
Balance, shares at Jul. 31, 2019 | 107,318,908 | |||||||
Balance at Apr. 30, 2019 | $ 24,091,017 | (114,000) | 19,117 | (26,323,395) | (362,775) | (2,690,036) | 54,783 | (2,635,253) |
Balance, shares at Apr. 30, 2019 | 108,911,309 | |||||||
Net loss | (996,283) | |||||||
Balance at Jan. 31, 2020 | $ 25,164,119 | (27,319,678) | (362,775) | (2,518,334) | 54,783 | (2,463,551) | ||
Balance, shares at Jan. 31, 2020 | 118,358,476 | |||||||
Balance at Jul. 31, 2019 | $ 24,098,784 | 30,380 | (26,584,751) | (362,775) | (2,818,362) | 54,783 | (2,763,579) | |
Balance, shares at Jul. 31, 2019 | 107,318,908 | |||||||
Net loss | (391,435) | (391,435) | (391,435) | |||||
Share based compensation | 149,877 | 149,877 | 149,877 | |||||
Shares issued for common shares and warrants | $ 120,000 | 264,830 | 384,830 | 384,830 | ||||
Shares issued for common shares and warrants, shares | 2,400,000 | |||||||
Shares issued for debt conversion | $ 63,000 | (30,380) | 32,620 | 32,620 | ||||
Shares issued for debt conversion, shares | 550,000 | |||||||
Shares issued for accrued liabilities | $ 19,740 | 19,740 | 19,740 | |||||
Shares issued for accrued liabilities, shares | 300,000 | |||||||
Beneficial conversion feature | $ 85,934 | 85,934 | 85,934 | |||||
Balance at Oct. 31, 2019 | $ 24,537,335 | 264,830 | (26,976,186) | (362,775) | (2,536,796) | 54,783 | (2,482,013) | |
Balance, shares at Oct. 31, 2019 | 110,568,908 | |||||||
Net loss | (343,492) | (343,492) | (343,492) | |||||
Shares issued for common shares and warrants | $ 272,600 | (260,000) | 12,600 | 12,600 | ||||
Shares issued for common shares and warrants, shares | 5,322,860 | |||||||
Shares issued for debt conversion | $ 203,143 | (4,830) | 198,313 | 198,313 | ||||
Shares issued for debt conversion, shares | 2,388,175 | |||||||
Shares issued for accrued liabilities | $ 5,890 | 5,890 | 5,890 | |||||
Shares issued for accrued liabilities, shares | 78,533 | |||||||
Extinguishment of debt | $ 75,413 | 75,413 | 75,413 | |||||
Beneficial conversion feature | 69,738 | 69,738 | 69,738 | |||||
Shares issued for service | ||||||||
Shares issued for service, shares | ||||||||
Balance at Jan. 31, 2020 | $ 25,164,119 | $ (27,319,678) | $ (362,775) | $ (2,518,334) | $ 54,783 | $ (2,463,551) | ||
Balance, shares at Jan. 31, 2020 | 118,358,476 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (996,283) | $ (1,766,053) |
Adjustments to reconcile net loss to cash used by operating activities | ||
Amortization of debt discount and promissory note fees | 225,634 | 523,999 |
Loss on initial recording of derivative liability | 131,871 | |
Change in fair value of derivative liability | (327,166) | 311,071 |
Gain recognized on donated equipment | (15,000) | |
Loss on extinguishment of convertible notes | 75,413 | |
Depreciation | 12,061 | 4,049 |
Share based compensation and shares issued for service | 197,961 | 2,000 |
Convertible promissory notes issued for services | 300 | 16,357 |
Convertible promissory notes, related party issued for services | 75,000 | 79,332 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 627 | (244) |
Accounts receivable and other current assets | (22,021) | |
Inventory | (6,604) | |
Deposit | (2,000) | |
Accounts payable, accrued interest and other accrued liabilities | 209,510 | 325,636 |
Derivative liability | 311,069 | |
Accrued interest | 54,059 | |
Due to related parties | 8,373 | |
Net cash used by operating activities | (503,509) | (378,611) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of furniture and equipment | (5,601) | |
Net cash used by investing activities | (5,601) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from promissory note, related party | 225,000 | |
Repayment of promissory note, related party | (479) | |
Repayment of equipment loans | (4,120) | |
Proceeds from sales of common stock and warrants | 132,600 | |
Proceeds from subscription of common stock | 260,000 | 496,555 |
Proceeds from issuance of convertible promissory notes | ||
Repayment of convertible promissory notes | (220,000) | (169,200) |
Proceeds from issuance of convertible promissory notes, related party | 200,000 | |
Net cash provided by financing activities | 593,001 | 327,355 |
Net increase (decrease) in cash and cash equivalents | 83,891 | (51,256) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 19,044 | 111,823 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 102,935 | 60,567 |
Cash payments for: | ||
Interest | ||
Taxes | ||
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Shares issued for conversion of promissory notes | 285,879 | 371,831 |
Shares issued (returned) from security deposit | (114,000) | 114,000 |
Discount on promissory notes for beneficial conversion features | 185,670 | 5,850 |
Purchase of equipment with note payable | 101,540 | |
Accounts payable and accrued liabilities settled with convertible notes | 98,070 | 3,000 |
Shares issued for accrued liabilities | 29,740 | |
Shares to be issued settled with common shares | 19,117 | |
Convertible notes settled with shares to be issued | 4,830 | |
Shares issued for vendor payables | 96,898 | |
Reclassification of rent deposit | $ 2,000 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1) NATURE OF OPERATIONS 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 United States. 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. 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, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2) SIGNFICANT ACCOUNTING POLICIES Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. Principles of consolidation These financial statements include the accounts of the Company, its wholly owned subsidiary RadMax Technologies, Inc., and its previously 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 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 For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents. Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers. Revenue is recognized using the following five-step model: (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 applies this model when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Under Topic 606, a performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The Company’s contracts with customers typically contain a single performance obligation. A contract’s transaction price is recognized as revenue when, or as, the performance obligation is satisfied. The Company considers the contractual consideration payable by the customer when determining the transaction price of each contract. Revenue is recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates. Shipping estimates are determined by utilizing shipping costs provided by the various service providers websites based on number of packages, weight and destination. Shipping costs are included in the cost of goods sold as the revenue is captured in total sales. The Company receives payments from customers based on the terms established in the Company’s contracts. When amounts are billed before a performance obligation has been satisfied, they are included in deferred revenue. Performance obligations for product sales are satisfied as of a point in time. Revenue is recognized when control of the product transfers to the customer, generally upon product shipment. Performance obligations for site support and engineering services are satisfied over-time if the customer receives the benefits as we perform work and we have a contractual right to payment. Revenue recognized on an over-time basis is based on costs incurred to date relative to milestones and total estimated costs at completion to measure progress. The Company product revenue includes compressors and expanders. The Company also provides direct site support and engineering services to customers, such as repair and upgrade of its products. During the year ended April 30, 2019, the Company’s revenue was $60,000 from sale of prototypes. During the nine months ended January 31, 2020, revenue was earned from contract with two customers. As of January 31, 2020, the Company had a deferred revenue balance of $25,000 from these customers related to deliverables in progress at that date. 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 amortization. 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 3 years. Fair value of financial instruments 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. Fair value measurements 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. When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. Derivative instruments The Company has financing arrangements that contain freestanding derivative instruments or hybrid instruments that contained embedded derivative features. In accordance with U.S. GAAP, derivative instruments and hybrid instruments are recognized as either assets or liabilities in the Company’s balance sheet and are measured at fair value with gains or losses recognized in earnings depending on the nature of the derivative or hybrid instruments. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and recognized at fair value with changes in fair value recognized as either a gain or loss in earnings if they can be reliably measured. When the fair value of embedded derivative features cannot be reliably measured, the Company measures and reports the entire hybrid instrument at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative instruments and hybrid instruments based on available market data using a Binomial model, giving consideration to all of the rights and obligations of each instrument and precluding the use of “blockage” discounts or premiums in determining the fair value of a large block of financial instruments. Fair value under these conditions does not necessarily represent fair value determined using valuation standards that give consideration to blockage discounts and other factors that may be considered by market participants in establishing fair value. 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 the Company’s consolidated statements of operations and comprehensive loss and stated in US dollars. 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 carryforwards. 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, measurement of the value of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. Non-employee stock-based compensation is granted at the Board of Director’s discretion to award select consultants for exceptional performance. Prior to issuance of the awards, the Company is not under any obligation to issue the stock options. The award vests over a specified period determined by the Company’s Board of Directors. The measurement date of the grant is also the date of the award. The fair value of options is expensed ratably during the specified vesting period. The Company estimates the fair value of employee stock option awards on the date of grant using a Black-Scholes valuation model which requires management to make certain assumptions regarding: (i) the expected volatility in the market price of the Company’s common stock; (ii) dividend yield; (iii) risk-free interest rates; and (iv) the period of time employees are expected to hold the award prior to exercised (referred to as the expected holding period). The expected volatility under this valuation model is based on the current and historical implied volatilities of the Company’s common stock. The dividend yield is based on the approved annual dividend rate in effect and current market price of the underlying common stock at the time of grant. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for bonds with maturities ranging from one month to five years. The expected holding period of the awards granted is estimated using the historical exercise behavior of employees. In addition, the Company estimates the expected impact of forfeited awards and recognize stock-based compensation cost only for those awards expected to vest. The Company utilizes historical experience to estimate projected forfeitures. If actual forfeitures are materially different from estimates, stock-based compensation expense could be significantly different from what we have recorded in the current period. The cumulative effect on current and prior periods of a change in the estimated forfeiture rate is recognized as compensation cost in the period of the revision. The Company has adopted ASC 2018-07 for non-employee stock-based compensation. Stock Granted to Employees and Non-Employees in Lieu of Cash Payments The Company periodically issues shares of its common stock in lieu of cash payments to certain consultants, vendors and employees. The Company follows financial accounting standards that require the measurement of the value of services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. Use of estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to long-lived asset impairments and stock-based compensation valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations. 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. 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 and nine months ended January 31, 2020. There is no impact to net income from the reclassification. New Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 aligns accounting for share-based payment transactions for acquiring goods and services from nonemployees with transaction with employees. The update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has elected early adoption of ASC 2018-07 for non-employee stock-based compensation. In February 2016, the FASB issued ASU 2016-02 Leases (Subtopic 842), which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by most leases. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The ASU is effective for the Company in the first quarter of fiscal year 2020. The Company currently holds no leases subject to ASU 2016-02. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
Going Concern
Going Concern | 9 Months Ended |
Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 3) GOING CONCERN The Company incurred a net loss of $996,283 for the nine months ended January 31, 2020 and has a working capital deficit of $1,296,615 and an accumulated deficit of $27,319,678 on January 31, 2020. 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, 2020 and for the three months ended 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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 4) EARNINGS PER SHARE Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants. The outstanding securities at January 31, 2020 and April 30, 2019 that could have a dilutive effect are as follows: January 31, 2020 April 30, 2019 Stock options 10,225,000 8,200,000 Warrants 9,191,432 - Convertible notes and accrued interest, non-related parties 17,980,060 19,520,948 Convertible notes and accrued interest, related parties 12,689,031 5,881,314 TOTAL POSSIBLE DILUTIVE SHARES 50,085,523 33,602,262 For the three and nine months ended January 31, 2020 and 2019, respectively, the effect of the Company’s outstanding stock options would have been anti-dilutive and so are excluded in the diluted EPS. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5) FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents and conversion notes approximate fair value due to their limited time to maturity or ability to immediately convert them to cash in the normal course. The carrying values of convertible notes is net of a discount and does not reflect fair value of similar instruments. The approximate fair value of the convertible notes and accrued interest based upon the number of shares into which the notes and accrued interest are convertible and $1,978,836 using the closing price per share of stock at January 31, 2020 and April 30, 2019, respectively. The table below sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of January 31, 2020 and April 30, 2019, respectively, and the fair value calculation input hierarchy that the Company has determined has applied to each asset and liability category. January 31, 2020 April 30, 2019 Input Hierarchy Level Liabilities: Conversion option derivative $ Nil $ 306,696 Level 3 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Jan. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6) PROPERTY AND EQUIPMENT Property and equipment at January 31, 2020 and April 30, 2019 consists of the following: January 31, 2020 April 30, 2019 Equipment $ 129,181 $ 22,040 Furniture and fixtures 14,213 14,213 143,394 36,253 Less accumulated depreciation (27,346 ) (15,285 ) TOTAL PROPERTY AND EQUIPMENT $ 116,048 $ 20,968 Depreciation expense totaled $7,058 and $946 for the three months ended January 31, 2020 and 2019, respectively. Depreciation expense was $12,061 and $4,049 for the nine months ended January 31, 2020 and 2019, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Jan. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 7) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities at April 30, 2019 consist of the following: Related party Non-related party Total Accounts payable $ 96,721 $ 46,029 $ 142,750 Interest payable 33,641 168,726 202,367 Other accrued liabilities 287,425 136,912 424,337 $ 417,787 $ 351,667 $ 769,454 Accounts payable and accrued liabilities at January 31, 2020 consist of the following: Related party Non-related party Total Accounts payable $ 79,828 $ 10,254 $ 90,082 Interest payable 68,470 90,299 158,769 Other accrued liabilities 350,471 157,104 507,575 $ 498,769 $ 257,657 $ 756,426 Related parties are the officers of the Company, companies with common directors or owners, and companies indirectly controlled by directors or officers of the Company. Amounts owed to directors or officers of the Company as of January 31, 2020 and April 30, 2019 are the result of consulting fees that are disclosed as director or executive compensation above, including amounts paid for benefit of the Company and represents out-of-pocket expenses that were not paid as of January 31, 2020 and April 30, 2019 respectively. The Company does not have written agreements relating to related party advances, except as delineated in several on-demand promissory and convertible promissory notes, related parties (Note 9 and Note 11). The balances are non-interest bearing, unsecured and due on demand per verbal agreements with these related parties. During the three months ended January 31, 2020, the Company recognized $Nil of management fees and salaries and $Nil of payroll tax expense for related parties. During the three months ended January 31, 2019, the Company recognized $24,847of management fees and salaries and $Nil of payroll tax expense for related parties. During the nine months ended January 31, 2020, the Company recognized $95,656 of management fees and salaries, $9,075 of payroll tax expense and $19,740 of directors fees for related parties. During the nine months ended January 31, 2019, the Company recognized $187,507 of management fees and salaries and $9,283 of payroll tax expense for related parties. The amounts owed to related parties include accrued payroll and payroll taxes which, as of January 31, 2020 and April 30, 2019, were $350,471 and $287,425, respectively. |
Due to Related Parties
Due to Related Parties | 9 Months Ended |
Jan. 31, 2020 | |
Related Party Transactions [Abstract] | |
Due to Related Parties | 8) DUE TO RELATED PARTIES Related parties are the officers of the Company, companies with common directors or owners, and include companies indirectly controlled by directors or officers of the Company. During the three months ended January 31, 2020, changes to the amounts owed to/by related parties are as follows: April 30, 2019 (Repayment)/Loan January 31, 2020 Due to Minewest $ - $ - $ - Due from Linux Gold Corp. (191 ) - (191 ) Due to IAS Energy, Inc. 7,431 - 7,431 Due to Information Highway, Inc. 18,792 - 18,792 Due to Teryl Resources Corp. 27,067 - 27,067 Total $ 53,099 $ - $ 53,099 |
Secured Convertible Promissory
Secured Convertible Promissory Notes | 9 Months Ended |
Jan. 31, 2020 | |
Debt Disclosure [Abstract] | |
Secured Convertible Promissory Notes | 9) SECURED CONVERTIBLE PROMISSORY NOTES THREE AND NINE MONTHS ENDED JANUARY 31, 2019 As of January 31, 2019, REGI had 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. During the nine months ended January 31, 2019 the Company issued Convertible Notes for service debt provided by related parties of $79,332and $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 $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. As of January 31, 2019, $17,436, $40,800, $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 not 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 $113,692 as interest expense. On November 30, 2018, the Company issued a Convertible Note to Labrys Fund LP (the “Labrys Note”) in the amount of $220,000, of which $198,000 of the actual amount was received in cash proceeds by the company and the remaining $22,000 was recognized as an Original Issuance Discount, to be amortized over the life of the note. The Labrys Note was due on May 30, 2019 and bore simple interest of 12% per annum. The Labrys Note allowed the holder to convert outstanding debt to shares of the Company’s common stock at a price other than a fixed conversion price per share. The conversion price of the Labrys Note is 60% of the lowest traded price of the Company’s common stock during the twenty consecutive trading day period immediately preceding any conversion notice. Management has determined that these provisions cause the conversion options to require derivative liability accounting (Note 10). In connection with Labrys Note, the Company also issued 2,000,000 shares of common stock (the “Returnable Shares”) to the holder as a commitment fee, provided however, the Returnable Shares must be returned to the Company’s treasury if the Note is fully repaid prior to 180 days after the issuance date. During the nine months ended January 31, 2020, the Company issued to related parties, two secured promissory notes in the amounts of $150,000 and $75,000, respectively. See Note 11 for further discussion. The Company used $220,000 of the proceeds from the notes to pay the outstanding balance of the Labrys Note. On June 5, 2019, Labrys returned 2,000,000 shares of common stock as the Labrys Note was repaid prior to 180 days of issuance. THREE AND NINE MONTHS ENDED JANUARY 31, 2020 The following is a summary of the activity related to the Convertible notes for the three months ended January 31, 2020: Number of notes Non-related party Related party Total Weighted average conversion price Beginning balance 129 $ 1,070,882 $ 671,683 $ 1,742,565 $ 0.06 Convertible notes issued for accounts payable 2 300 - 300 0.05 Convertible notes issued for accrued liabilities 6 500 10,000 10,500 0.05 Convertible notes issued for cash 0.06 Convertible notes issued (retired) for other debt, net 2 (500 ) - (500 ) 0.10 Conversion of notes for common shares (18 ) (159,275 ) (159,275 ) 0.11 Rollover of convertible notes (20 ) (305,500 ) (74,768 ) (380,268 ) 0.10 Issuance of convertible notes for rollover and accrued interest 12 382,476 88,800 471,276 0.05 Ending balance 113 $ 988,883 $ 695,715 $ 1,684,598 $ 0.06 The following is a summary of the activity related to the Convertible Notes for the nine months ended January 31, 2020. Number of notes Non-related party Related party Total Weighted average conversion price Beginning balance 146 $ 1,334,358 $ 334,683 $ 1,669,041 $ 0.10 Convertible notes issued for services 1 - 75,000 75,000 0.05 Convertible notes issued for accounts payable 2 300 20,000 20,300 0.05 Convertible notes issued for accrued liabilities 6 1,000 40,000 41,000 0.05 Convertible notes issued for cash 4 - 200,000 200,000 0.06 Convertible notes issued (retired) for other debt, net (3 ) 751 - 751 0.10 Repayment of convertible notes (1 ) (220,000 ) - (220,000 ) 0.07 Conversion of notes for common shares (34 ) (238,272 ) - (238,272 ) 0.11 Rollover of convertible notes (32 ) (474,349 ) (134,768 ) (609,117 ) 0.10 Issuance of convertible notes for rollover and accrued interest 24 585,095 160,800 745,895 0.05 Ending balance 113 $ 988,883 $ 695,715 $ 1,684,598 $ 0.06 The conversion price exceeded the closing price of the Company’s common stock on the date of issuance of several Convertible Notes for the nine months ended January 31, 2020. The Company determined the notes were subject to a beneficial conversion feature provisions and recorded a discount of beneficial conversion feature which shall be amortized over the remaining life of the respective note. The following is a summary of the activity related to the unamortized discount of beneficial conversion feature for the three months ended January 31, 2020: Non-related party Related party Total Beginning balance $ 89,328 $ 35,619 $ 124,947 Establish beneficial conversion feature 41,216 28,520 69,736 Amortization of beneficial conversion feature (38,037 ) (10,503 ) (48,540 ) Ending balance $ 92,507 $ 53,636 $ 146,143 The following is a summary of the activity related to the unamortized discount of beneficial conversion feature for the nine months ended January 31, 2020: Non-related party Related party Total Beginning balance $ 125,660 $ 31,390 $ 157,050 Establish beneficial conversion feature 121,592 64,078 185,670 Amortization of beneficial conversion feature (154,745 ) (41,832 ) (196,577 ) Ending balance $ 92,507 $ 53,636 $ 146,143 At January 31, 2020, balances on the secured convertible promissory notes are as follows: Principal balance Unamortized discount of beneficial conversion feature Net Related parties $ 695,715 $ (48,142 ) $ 647,573 Non-related parties 988,883 (98,001 ) 890,882 1,684,598 (146,143 ) 1,538,455 Less current portion (571,483 ) 2,062 (569,421 ) Convertible promissory note-long term portion $ 1,113,115 $ (144,081 ) $ 969,034 CONVERSION EQUIVALENTS The aggregate principal and accrued interest balance due to convertible note holders is convertible at any time after the original issue date into a number of shares of the Company’s common stock, determined by dividing the amount to be converted by a weighted average conversion price. As of January 31, 2020, the aggregate principal and accrued interest balance is convertible to common shares of the Company’s stock as follows: Principal Interest Total Average conversion price Conversion equivalents Related parties $ 695,715 $ 50,840 $ 746,555 $ 0.059 12,689,031 Non-related parties 988,883 90,299 1,079,182 0.060 17,980,060 $ 1,684,598 $ 141,139 $ 1,825,737 $ 0.060 30,669,091 |
Derivative Liability
Derivative Liability | 9 Months Ended |
Jan. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liability | 10) DERIVATIVE LIABILITY On April 18, 2018 and November 30, 2018, respectively, the Company issued two convertible notes (The Labrys Note and the First Fire Note, respectively) which contained provisions allowing holders of the notes to convert outstanding debt to shares of the Company’s common stock at a price other than a fixed conversion price per share (Note 9). Management has determined that these provisions cause the conversion options to require derivative liability accounting. The First Fire Note contained provisions which, after 180 days from the date of issuance, called for the debt conversion exercise price to be the lower of $0.10 per share or seventy-five percent (75%) of the lowest traded price of the Company’s common stock during the twenty consecutive trade days immediately preceding the date of a conversion. Management valued that portion of derivative liability associated with the First Fire Note at fair value of the derivative at the earliest date in which the holder of the note would have been eligible to convert the note to shares of the Company’s stock. The Company utilized the assumptions in determining fair value of the initial derivative liability associated with the First Fire Note: Stock price $ 0.0675 Conversion price 0.045075 Expected volatility 122.25 % Expected term (years) 0.337 Risk free rate 2.28 % Fair value of conversion option derivative units $ 106,117 The Company recognized loss on initial recording of the conversion derivative liability of $106,117 and concurrently recorded an unamortized discount on the derivative liability of $150,000, to be amortized over the remaining life of the note. The unamortized discount on the derivative liability was charged to the “Capital” account. On November 19, 2018, the Company issued the Labrys Note, the proceeds of which paid the remaining outstanding balance of the First Fire Note. The Labrys Note contained provisions which called for the debt conversion exercise price to be sixty percent (60%) of the lowest traded price of the Company’s common stock during the twenty consecutive trade days immediately preceding the date of a conversion. The Company utilized the following assumptions in determining fair value of the initial derivative liability associated with the Labrys Note: Stock price $ 0.0569 Conversion price 0.024 Expected volatility 167.6 % Expected term (years) 0.5 Risk free rate 2.52 % Fair value of conversion option derivative units $ 351,870 The Company recognized loss on initial recording of the conversion derivative liability associated with the Labrys Note in the amount of $351,870 and concurrently recorded an unamortized discount on the derivative liability of $195,000, to be amortized over the remaining life of the note. The unamortized discount on the derivative liability was charged to the “Capital” account. At April 30, 2019, the fair value of conversion option derivative units was estimated at the period’s end using the Binomial option pricing model using the following assumptions: Stock price $ 0.0779 Conversion price 0.032 Expected volatility 28.68 % Expected term (years) 0.052 Risk free rate 2.46 % Fair value of conversion option derivative units $ 327,166 Below is the detail of change in conversion option liability balance for the nine months ended January 31, 2020 and year ended April 30, 2019, respectively: For the nine For the year ended January 31, 2020 April 30, 2019 Beginning balance $ 306,696 $ - Initial loss on fair value of derivative liability - 457,986 Initial fair value of derivative discount - (345,000 ) Amortization of derivative discount 20,470 310,090 Revaluation of conversion option liability resulting from extinguishment of convertible debt (327,166 ) (91,677 ) Net change in fair value of conversion option liability - (24,703 ) Ending balance $ - $ 306,696 |
Other Notes Payable
Other Notes Payable | 9 Months Ended |
Jan. 31, 2020 | |
Debt Disclosure [Abstract] | |
Other Notes Payable | 11) OTHER NOTES PAYABLE On September 25, 2018, the Company entered into a promissory note with a director of the Company’s board. The term of the agreement is five (5) years and has principal and interest payments of $445 per month. The agreement has a stated interest rate of 12% per annum. On March 12, 2019, the Chief Executive Officer also loaned $10,000 to the Company, payable on demand and bearing simple interest at 12% per annum. On April 23, 2019, a current member of the Company’s Board of Directors loaned $15,000 to the Company, payable on demand and being simple interest at 12% per annum. On May 30, 2019, the Company issued to related parties, two secured promissory notes in the amounts of $150,000 and $75,000, respectively. The notes bear interest at ten percent (10%) per annum and are due and payable on May 30, 2021. The notes are secured by a General Security Agreement dated May 30, 2019. The Company used $220,000 of the proceeds from the notes to pay the balance of the Labrys note (Note 9). On September 19, 2019, the Company executed an Equipment Finance Agreement with U.S. Bank Equipment Finance in the amount of $88,140 for purchase of a milling center. The note which bears interest at 4.47% per annum is secured by the equipment and is payable in sixty (60) monthly installments of $1,642 commencing on November 25, 2019. At January 31, 2020, balances on the other notes payable are as follows: Related party Non-related party Current Portion Total Promissory note – September 25, 2018 $ 15,490 $ - $ (3,675 ) $ 11,815 Demand note – April 23, 2019 15,000 - (15,000 ) - Demand note – May 30, 2019 10,000 - (10,000 ) - Promissory note – May 30, 2019 150,000 - - 150,000 Promissory note – May 30, 2019 75,000 - - 75,000 Equipment Finance Agreement – September 19, 2019 - 84,184 (16,272 ) 67,912 Equipment Finance Agreement – December 3, 2019 - 13,236 (2,013 ) 11,223 TOTAL NOTES PAYABLE $ 265,490 $ 97,420 (46,960 ) $ 315,950 At January 31, 2020, principal payments on the other notes payable are due as follows: Related party Non-related party Total Year ending January 31, 2021 $ 28,675 $ 18,285 $ 46,960 Year ending January 31, 2022 229,147 19,113 248,260 Year ending January 31, 2023 4,673 19,979 24,652 Year ending January 31, 2024 2,995 20,884 23,879 Year ending January 31, 2025 - 16,886 16,886 Thereafter - 2,273 2,273 TOTAL NOTES PAYABLE $ 265,490 $ 97,420 $ 362,910 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 12) STOCKHOLDERS’ EQUITY Issuance of common stock on exercise of convertible of notes, related parties During the nine months ended January 31, 2019, convertible promissory notes, related parties of $100,000 and accrued interest of $20,000 were converted to 1,200,000 shares of the Company’s common stock at $0.10 per share. Issuance of common stock on exercise of convertible notes, non-related parties For the nine months ended January 31, 2019, convertible promissory notes, non-related party of $209,859 and accrued interest of $41,972 were converted to 2,804,457 shares of the Company’s common stock at $0.08 to $0.10 per share. For the nine months ended January 31, 2020, thirty-four holders elected to convert non-related party notes with an aggregate principal balance of $238,272 and accrued interest of $52,437 into 3,094,607 common shares pursuant to the terms of the agreements at a average conversion price of $0.094 per share. Common shares issued for common stock and warrants The Company received proceeds of $14,000 pursuant to the terms of a Private Placement a price of $0.07 per unit for 200,000 shares of its Common Stock and warrants to purchase an additional 200,000 shares of its common stock to an investor pursuant to a private placement of its securities. The offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.07. Each unit consisted of one share of common stock and one warrant to purchase an additional share of common stock. Warrants issued pursuant to the offering entitle the holder thereof to purchase shares of common stock for the price of $0.15 per share. The term of each warrant is for eighteen months commencing with its subscription date of June 1, 2019. On August 1, 2019, the Company issued 400,000 shares of its common stock, and warrants to purchase an additional 400,000 shares of its common stock to an investor pursuant to a private placement of its securities (the “2019 Offering”). The 2019 Offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.05. Each unit consisted of one shares of common stock and one warrants to purchase an additional share of common stock. Warrants issued pursuant to the 2019 Offering entitle the holders thereof to purchase shares of common stock for the price of $0.10 per share. The term of each warrant is for eighteen months commencing with its issuance date. The Company raised a total of $20,000 to date pursuant to the 2019 Offering. On October 15, 2019, the Company received from an investor proceeds of $10,000 pursuant to the terms of a Private Placement for sale of units for 142,860 shares of its Common Stock and warrants to purchase an additional 142,860 shares of its common stock. The offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.07. Each unit consisted of one share of common stock and one warrant to purchase an additional share of common stock. Warrants issued pursuant to the offering entitle the holder thereof to purchase shares of common stock for the price of $0.15 per share. The term of each warrant is for eighteen months commencing with its issuance date of October 15, 2019. On October 31, 2019, the Company received from an investor proceeds of $250,000 pursuant to the terms of a Private Placement for sales of units for 5,000,000 shares of its Common Stock and warrants to purchase an additional 5,000,000 shares of its common stock. The offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.05. Each unit consisted of one share of common stock and one warrant to purchase an additional share of common stock. Warrants issued pursuant to the offering entitle the holder thereof to purchase shares of common stock for the price of $0.10 per share. The term of each warrant is for eighteen months commencing with its subscription date of September 30, 2019. Between November 15 and November 27, 2019, the Company issued 5,191,160 shares of its common stock for Shares to Be Issued with a balance of $264,830 in consideration of proceeds from private placements and conversion of promissory notes prior to October 31, 2019. For the three months ended January 31, 2020, the Company received from investor proceeds of $12,600 pursuant to the terms of two Private Placements for sales of units for 180,000 shares of its Common Stock and warrants to purchase an additional 180,000 shares of its common stock. The offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.07. Each unit consisted of one share of common stock and one warrant to purchase an additional share of common stock. Warrants issued pursuant to the offering entitle the holder thereof to purchase shares of common stock for the price of $0.15 per share. The term of each warrant is for eighteen months commencing with its subscription date of December 30, 2019. Common Shares Issued In Lieu of Cash for Services On November 22, 2019, the Company issued 78,533 shares of its common stock in lieu of cash payment for services. The value of the shares issued was $5,890, based on a price of $0.075 per share which approximates the fair value on the date of issuance. During the three months ended January 31, 2020 and 2019, respectively, there were no other shares of common stock issued for services. Common shares issued for exercise of options During the three and nine months ended January 31, 2020 and 2019, respectively, there were no shares of common stock issued for exercise of options. Returnable shares On May 30, 2019, the Company issued to related parties, two secured promissory notes in the amounts of $150,000 and $75,000, respectively. The notes bear interest at ten percent (10%) per annum and are due and payable on May 30, 2021. The notes are secured by a General Security Agreement dated May 30, 2019. The Company used $220,000 of the proceeds from the notes to pay the balance of the Labrys note (Note 10). On June 5, 2019, Labrys returned 2,000,000 shares previously issued as collateral on its convertible promissory note. |
Shares to be Issued
Shares to be Issued | 9 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Shares to be Issued | 13) SHARES TO BE ISSUED Between May 7 and June 5, 2019, the Company issued 251,167 shares of its common stock for Shares to Be Issued with a balance of $19,117 in consideration of the proceeds from a private placement and conversion of promissory notes prior to April 30, 2019. As of January 31, 2020 and April 30, 2019, the balance of Shares to be Issued was $Nil and $19,117, respectively. |
Stock Options
Stock Options | 9 Months Ended |
Jan. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options | 14) STOCK OPTIONS On August 12, 2016, the Company approved the 2016 Stock Option Plan to issue up to 5,000,000 shares to certain key directors and employees. Pursuant to the Plan, the Company has granted stock options to certain directors, consultants and employees. This Stock Option Plan was amended to issue up to 15,000,000 shares. All options granted by the Company under the 2016 Plan vested immediately. The Stock Option Plan has a fixed maximum percentage of 10% of the Company’s outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically increases as the total number of shares outstanding increase. The number of shares subject to the Stock Option Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company’s common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company’s assets. The Stock Option plan also has terms and conditions, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock’s fair value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a ten-year maximum term and varying vesting periods as determined by the Board. On June 6, 2019, the Board of Directors authorized the grant of 500,000 options to purchase shares of common stock of the Company for services to an officer of the Company. The Company estimated the fair value of this option grants using the Black-Scholes model with the following information and assumptions: Options issued 500,000 Exercise price (Weighted average) $ 0.935 Stock price $ 0.075 Expected volatility 217.24 % Expected term (years) 5 years Risk free rate 1.88 % Fair value of options issued $ 48,084 The options vest upon grant, and are exercisable at the following prices: Options Exercise price 50,000 $ 0.10 50,000 0.20 25,000 0.35 25,000 0.50 50,000 0.75 50,000 1.00 125,000 1.25 125,000 1.50 500,000 $ 0.94 The expiration date of the options is June 6, 2024. The fair value of the options is $48,084 and is recognized as stock-based compensation for the nine months ended January 31, 2020. These costs are classified as management and administrative expense. On October 1, 2019, REGI granted an aggregate of 625,000 common stock options to directors, employees and consultants. The Company estimated the fair value of these option grants using the Black-Scholes model with the following information and assumptions: Options issued 625,000 Exercise price (Weighted average) $ 0.15 Stock price $ 0.07 Expected volatility 217.79 % Expected term (years) 5 years Risk free rate 1.51 % Fair value of options issued $ 61,429 The options vest upon grant, and are exercisable at the following prices: Options Exercise price 325,000 $ 0.10 300,000 0.20 625,000 $ 0.15 The expiration date of the options is October 1, 2024. The fair value of the options is $61,429 and is recognized as stock-based compensation for the nine ended January 31, 2020. These costs are classified as management and administrative expense. On October 2, 2019, REGI granted an aggregate of 900,000 common stock options to directors. The Company estimated the fair value of these option grants using the Black-Scholes model with the following information and assumptions: Options issued 900,000 Exercise price (Weighted average) $ 0.15 Stock price $ 0.08 Expected volatility 217.85 % Expected term (years) 5 years Risk free rate 1.43 % Fair value of options issued $ 88,448 The options vest upon grant, and are exercisable at the following prices: Options Exercise price 450,000 $ 0.10 450,000 0.20 900,000 $ 0.15 The expiration date of the options is October 2, 2024. The fair value of the options is $88,448 and is recognized as stock-based compensation for the nine months ended January 31, 2020. These costs are classified as management and administrative expense. The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plans: For the three months ended January 31, 2020 2019 Options Price (a) Options Price (a) Beginning balance 8,700,000 $ 0.52 9,355,000 $ 0.52 Issued 1,525,000 0.15 - - Exercised - - - - Expired - - Ending balance 10,225,000 $ 0.51 9,355,000 $ 0.52 Exercisable at end of period 10,225,000 $ 0.51 9,163,750 $ 0.53 For the nine months ended January 31, 2020 2019 Options Price (a) Options Price (a) Beginning balance 8,200,000 $ 0.52 9,355,000 $ 0.52 Issued 2,025,000 0.15 - - Exercised - - - - Expired - - Ending balance 10,225,000 $ 0.51 9,355,000 $ 0.52 Exercisable at end of period 10,225,000 $ 0.51 9,163,750 $ 0.53 (a) Weighted average exercise price. The following table summarizes additional information about the options under the Company’s Stock Option Plan as of January 31, 2020: Options outstanding and exercisable Date of Grant Shares Price Remaining Term August 12, 2016 3,700,000 $ 0.52 1.47 January 1, 2017 2,800,000 0.14 1.92 March 1, 2017 1,200,000 0.58 3.08 April 30, 2018 500,000 3.00 3.25 June 6, 2019 500,000 0.94 4.35 October 1, 2019 625,000 0.15 4.67 October 2, 2019 900,000 0.15 4.67 Total options 10,225,000 $ 0.51 2.49 The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of January 31, 2020 and January 31, 2019, respectively, there was no unrecognized compensation cost related to stock-based options and awards. The intrinsic value of exercisable options at January 31, 2020 and April 30, 2019, was $Nil and $Nil, respectively. |
Warrants
Warrants | 9 Months Ended |
Jan. 31, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 15) WARRANTS The following is a summary of activity for warrants to purchase shares of the Company’s stock through January 31, 2020: Warrants Weighted average Balance outstanding at April 30, 2019 - $ - Issued 9,191,432 0.11 Expired - - Balance outstanding at January 31, 2020 9,191,432 $ 0.11 The Company occasionally offers to investors the sale of “units” of the Company’s securities at the specified price per unit. The units consisting of one share of common stock and one warrant to purchase an additional share of common stock. The Company does not allocate a portion of the purchase price between the shares and warrants when the “units” are purchased and records the net proceeds of the offering to its “Capital” account. The composition of the Company’s warrants outstanding at January 31, 2020 is as follows: Issue date Expiration date Warrants Price Remaining Term May 1, 2019 November 1, 2020 200,000 $ 0.15 0.75 June 1, 2019 March 30, 2020 2,000,000 0.10 1.16 July 10, 2019 January 10, 2021 400,000 0.10 0.95 September 30, 2019 March 31, 2021 5,000,000 0.10 1.16 October 15, 2019 April 15, 2021 142,860 0.15 1.21 December 30, 2019 June 30, 2021 1,318,572 0.15 1.41 December 31, 2019 June 30, 2021 130,000 0.15 1.41 Total warrants 9,191,432 $ 0.11 1.19 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16) SUBSEQUENT EVENTS Management has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and determined that no material subsequent events exist other than the following. On February 10, 2020, the Company issued 54,700 shares of its common stock in lieu of cash payment to two vendors whose accounts payable totaled $3,290. On February 10, 2020, the Company issued 100,566 shares of its common stock with a fair value of $5,338 to two employees through direct purchases via accrued payroll deductions. On February 25, 2020, the Company issued 100,000 shares of its common stock with a fair value of $7,000 to an employee pursuant to terms of an employment agreement. Between April 3, 2020 and April 10, 2020, five holders elected to convert non-related party notes with an aggregate balance of $34,734 including accrued interest of $5,789 into 347,340 common shares of the Company’s stock pursuant to the terms of their respective agreements at an average conversion price of $0.10 per share. On April 3, 2020, two holders elected to convert related party notes with an aggregate balance of $43,200 including accrued interest of $7,200 into 432,000 common shares of the Company’s stock pursuant to the terms of their respective agreements at an average conversion price of $0.10 per share. On March 4, 2020, the Company received from an investor proceeds of $100,000 pursuant to the terms of a Private Placement for sales of units for 2,000,000 shares of its Common Stock and warrants to purchase an additional 2,000,000 shares of its common stock. The offering consisted of the sale of “units” of the Company’s securities at the per unit price of $0.05. Each unit consisted of one share of common stock and one warrant to purchase an additional share of common stock. Warrants issued pursuant to the offering entitle the holder thereof to purchase shares of common stock for the price of $0.10 per share. The term of each warrant is for eighteen months commencing with its subscription date of February 3, 2020. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. |
Principles of Consolidation | Principles of consolidation These financial statements include the accounts of the Company, its wholly owned subsidiary RadMax Technologies, Inc., and its previously 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 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 For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents. |
Revenue Recognition | Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers. Revenue is recognized using the following five-step model: (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 applies this model when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Under Topic 606, a performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The Company’s contracts with customers typically contain a single performance obligation. A contract’s transaction price is recognized as revenue when, or as, the performance obligation is satisfied. The Company considers the contractual consideration payable by the customer when determining the transaction price of each contract. Revenue is recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates. Shipping estimates are determined by utilizing shipping costs provided by the various service providers websites based on number of packages, weight and destination. Shipping costs are included in the cost of goods sold as the revenue is captured in total sales. The Company receives payments from customers based on the terms established in the Company’s contracts. When amounts are billed before a performance obligation has been satisfied, they are included in deferred revenue. Performance obligations for product sales are satisfied as of a point in time. Revenue is recognized when control of the product transfers to the customer, generally upon product shipment. Performance obligations for site support and engineering services are satisfied over-time if the customer receives the benefits as we perform work and we have a contractual right to payment. Revenue recognized on an over-time basis is based on costs incurred to date relative to milestones and total estimated costs at completion to measure progress. The Company product revenue includes compressors and expanders. The Company also provides direct site support and engineering services to customers, such as repair and upgrade of its products. During the year ended April 30, 2019, the Company’s revenue was $60,000 from sale of prototypes. During the nine months ended January 31, 2020, revenue was earned from contract with two customers. As of January 31, 2020, the Company had a deferred revenue balance of $25,000 from these customers related to deliverables in progress at that date. |
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 amortization. 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 3 years. |
Fair Value of Financial Instruments | Fair value of financial instruments 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. |
Fair Value Measurements | Fair value measurements 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. When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. |
Derivative Instruments | Derivative instruments The Company has financing arrangements that contain freestanding derivative instruments or hybrid instruments that contained embedded derivative features. In accordance with U.S. GAAP, derivative instruments and hybrid instruments are recognized as either assets or liabilities in the Company’s balance sheet and are measured at fair value with gains or losses recognized in earnings depending on the nature of the derivative or hybrid instruments. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and recognized at fair value with changes in fair value recognized as either a gain or loss in earnings if they can be reliably measured. When the fair value of embedded derivative features cannot be reliably measured, the Company measures and reports the entire hybrid instrument at fair value with changes in fair value recognized as either a gain or loss in earnings. The Company determines the fair value of derivative instruments and hybrid instruments based on available market data using a Binomial model, giving consideration to all of the rights and obligations of each instrument and precluding the use of “blockage” discounts or premiums in determining the fair value of a large block of financial instruments. Fair value under these conditions does not necessarily represent fair value determined using valuation standards that give consideration to blockage discounts and other factors that may be considered by market participants in establishing fair value. |
Interest Rate Risk | 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 | 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 | 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 the Company’s consolidated statements of operations and comprehensive loss and stated in US dollars. |
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 carryforwards. 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, measurement of the value of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. Non-employee stock-based compensation is granted at the Board of Director’s discretion to award select consultants for exceptional performance. Prior to issuance of the awards, the Company is not under any obligation to issue the stock options. The award vests over a specified period determined by the Company’s Board of Directors. The measurement date of the grant is also the date of the award. The fair value of options is expensed ratably during the specified vesting period. The Company estimates the fair value of employee stock option awards on the date of grant using a Black-Scholes valuation model which requires management to make certain assumptions regarding: (i) the expected volatility in the market price of the Company’s common stock; (ii) dividend yield; (iii) risk-free interest rates; and (iv) the period of time employees are expected to hold the award prior to exercised (referred to as the expected holding period). The expected volatility under this valuation model is based on the current and historical implied volatilities of the Company’s common stock. The dividend yield is based on the approved annual dividend rate in effect and current market price of the underlying common stock at the time of grant. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for bonds with maturities ranging from one month to five years. The expected holding period of the awards granted is estimated using the historical exercise behavior of employees. In addition, the Company estimates the expected impact of forfeited awards and recognize stock-based compensation cost only for those awards expected to vest. The Company utilizes historical experience to estimate projected forfeitures. If actual forfeitures are materially different from estimates, stock-based compensation expense could be significantly different from what we have recorded in the current period. The cumulative effect on current and prior periods of a change in the estimated forfeiture rate is recognized as compensation cost in the period of the revision. The Company has adopted ASC 2018-07 for non-employee stock-based compensation. |
Stock Granted to Employees and Non-employees in Lieu of Cash Payments | Stock Granted to Employees and Non-Employees in Lieu of Cash Payments The Company periodically issues shares of its common stock in lieu of cash payments to certain consultants, vendors and employees. The Company follows financial accounting standards that require the measurement of the value of services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. |
Use of Estimates | Use of estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to long-lived asset impairments and stock-based compensation valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations. |
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. |
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 and nine months ended January 31, 2020. There is no impact to net income from the reclassification. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting. ASU No. 2018-07 aligns accounting for share-based payment transactions for acquiring goods and services from nonemployees with transaction with employees. The update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company has elected early adoption of ASC 2018-07 for non-employee stock-based compensation. In February 2016, the FASB issued ASU 2016-02 Leases (Subtopic 842), which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by most leases. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The ASU is effective for the Company in the first quarter of fiscal year 2020. The Company currently holds no leases subject to ASU 2016-02. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Outstanding Securities | The outstanding securities at January 31, 2020 and April 30, 2019 that could have a dilutive effect are as follows: January 31, 2020 April 30, 2019 Stock options 10,225,000 8,200,000 Warrants 9,191,432 - Convertible notes and accrued interest, non-related parties 17,980,060 19,520,948 Convertible notes and accrued interest, related parties 12,689,031 5,881,314 TOTAL POSSIBLE DILUTIVE SHARES 50,085,523 33,602,262 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Accounted at Fair Value on Recurring Basis | The table below sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of January 31, 2020 and April 30, 2019, respectively, and the fair value calculation input hierarchy that the Company has determined has applied to each asset and liability category. January 31, 2020 April 30, 2019 Input Hierarchy Level Liabilities: Conversion option derivative $ Nil $ 306,696 Level 3 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at January 31, 2020 and April 30, 2019 consists of the following: January 31, 2020 April 30, 2019 Equipment $ 129,181 $ 22,040 Furniture and fixtures 14,213 14,213 143,394 36,253 Less accumulated depreciation (27,346 ) (15,285 ) TOTAL PROPERTY AND EQUIPMENT $ 116,048 $ 20,968 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities at April 30, 2019 consist of the following: Related party Non-related party Total Accounts payable $ 96,721 $ 46,029 $ 142,750 Interest payable 33,641 168,726 202,367 Other accrued liabilities 287,425 136,912 424,337 $ 417,787 $ 351,667 $ 769,454 Accounts payable and accrued liabilities at January 31, 2020 consist of the following: Related party Non-related party Total Accounts payable $ 79,828 $ 10,254 $ 90,082 Interest payable 68,470 90,299 158,769 Other accrued liabilities 350,471 157,104 507,575 $ 498,769 $ 257,657 $ 756,426 |
Due to Related Parties (Tables)
Due to Related Parties (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Changes to Amounts Owed to/by Related Parties | During the three months ended January 31, 2020, changes to the amounts owed to/by related parties are as follows: April 30, 2019 (Repayment)/Loan January 31, 2020 Due to Minewest $ - $ - $ - Due from Linux Gold Corp. (191 ) - (191 ) Due to IAS Energy, Inc. 7,431 - 7,431 Due to Information Highway, Inc. 18,792 - 18,792 Due to Teryl Resources Corp. 27,067 - 27,067 Total $ 53,099 $ - $ 53,099 |
Secured Convertible Promissor_2
Secured Convertible Promissory Notes (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Activity Related to Convertible Notes | The following is a summary of the activity related to the Convertible notes for the three months ended January 31, 2020: Number of notes Non-related party Related party Total Weighted average conversion price Beginning balance 129 $ 1,070,882 $ 671,683 $ 1,742,565 $ 0.06 Convertible notes issued for accounts payable 2 300 - 300 0.05 Convertible notes issued for accrued liabilities 6 500 10,000 10,500 0.05 Convertible notes issued for cash 0.06 Convertible notes issued (retired) for other debt, net 2 (500 ) - (500 ) 0.10 Conversion of notes for common shares (18 ) (159,275 ) (159,275 ) 0.11 Rollover of convertible notes (20 ) (305,500 ) (74,768 ) (380,268 ) 0.10 Issuance of convertible notes for rollover and accrued interest 12 382,476 88,800 471,276 0.05 Ending balance 113 $ 988,883 $ 695,715 $ 1,684,598 $ 0.06 The following is a summary of the activity related to the Convertible Notes for the nine months ended January 31, 2020. Number of notes Non-related party Related party Total Weighted average conversion price Beginning balance 146 $ 1,334,358 $ 334,683 $ 1,669,041 $ 0.10 Convertible notes issued for services 1 - 75,000 75,000 0.05 Convertible notes issued for accounts payable 2 300 20,000 20,300 0.05 Convertible notes issued for accrued liabilities 6 1,000 40,000 41,000 0.05 Convertible notes issued for cash 4 - 200,000 200,000 0.06 Convertible notes issued (retired) for other debt, net (3 ) 751 - 751 0.10 Repayment of convertible notes (1 ) (220,000 ) - (220,000 ) 0.07 Conversion of notes for common shares (34 ) (238,272 ) - (238,272 ) 0.11 Rollover of convertible notes (32 ) (474,349 ) (134,768 ) (609,117 ) 0.10 Issuance of convertible notes for rollover and accrued interest 24 585,095 160,800 745,895 0.05 Ending balance 113 $ 988,883 $ 695,715 $ 1,684,598 $ 0.06 |
Summary of Activity Related to Unamortized Discount of Beneficial Conversion Feature | The following is a summary of the activity related to the unamortized discount of beneficial conversion feature for the three months ended January 31, 2020: Non-related party Related party Total Beginning balance $ 89,328 $ 35,619 $ 124,947 Establish beneficial conversion feature 41,216 28,520 69,736 Amortization of beneficial conversion feature (38,037 ) (10,503 ) (48,540 ) Ending balance $ 92,507 $ 53,636 $ 146,143 The following is a summary of the activity related to the unamortized discount of beneficial conversion feature for the nine months ended January 31, 2020: Non-related party Related party Total Beginning balance $ 125,660 $ 31,390 $ 157,050 Establish beneficial conversion feature 121,592 64,078 185,670 Amortization of beneficial conversion feature (154,745 ) (41,832 ) (196,577 ) Ending balance $ 92,507 $ 53,636 $ 146,143 |
Schedule of Secured Convertible Promissory Notes | At January 31, 2020, balances on the secured convertible promissory notes are as follows: Principal balance Unamortized discount of beneficial conversion feature Net Related parties $ 695,715 $ (48,142 ) $ 647,573 Non-related parties 988,883 (98,001 ) 890,882 1,684,598 (146,143 ) 1,538,455 Less current portion (571,483 ) 2,062 (569,421 ) Convertible promissory note-long term portion $ 1,113,115 $ (144,081 ) $ 969,034 |
Schedule of Aggregate Principal and Accrued Interest Balance | As of January 31, 2020, the aggregate principal and accrued interest balance is convertible to common shares of the Company’s stock as follows: Principal Interest Total Average conversion price Conversion equivalents Related parties $ 695,715 $ 50,840 $ 746,555 $ 0.059 12,689,031 Non-related parties 988,883 90,299 1,079,182 0.060 17,980,060 $ 1,684,598 $ 141,139 $ 1,825,737 $ 0.060 30,669,091 |
Derivative Liability (Tables)
Derivative Liability (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Schedule of Fair Value of Assumptions of Derivatives | At April 30, 2019, the fair value of conversion option derivative units was estimated at the period’s end using the Binomial option pricing model using the following assumptions: Stock price $ 0.0779 Conversion price 0.032 Expected volatility 28.68 % Expected term (years) 0.052 Risk free rate 2.46 % Fair value of conversion option derivative units $ 327,166 |
Schedule of Change in Conversion Option Liability | Below is the detail of change in conversion option liability balance for the nine months ended January 31, 2020 and year ended April 30, 2019, respectively: For the nine For the year ended January 31, 2020 April 30, 2019 Beginning balance $ 306,696 $ - Initial loss on fair value of derivative liability - 457,986 Initial fair value of derivative discount - (345,000 ) Amortization of derivative discount 20,470 310,090 Revaluation of conversion option liability resulting from extinguishment of convertible debt (327,166 ) (91,677 ) Net change in fair value of conversion option liability - (24,703 ) Ending balance $ - $ 306,696 |
First Fire Note [Member] | |
Schedule of Fair Value of Assumptions of Derivatives | The Company utilized the assumptions in determining fair value of the initial derivative liability associated with the First Fire Note: Stock price $ 0.0675 Conversion price 0.045075 Expected volatility 122.25 % Expected term (years) 0.337 Risk free rate 2.28 % Fair value of conversion option derivative units $ 106,117 |
Labrys Note [Member] | |
Schedule of Fair Value of Assumptions of Derivatives | The Company utilized the following assumptions in determining fair value of the initial derivative liability associated with the Labrys Note: Stock price $ 0.0569 Conversion price 0.024 Expected volatility 167.6 % Expected term (years) 0.5 Risk free rate 2.52 % Fair value of conversion option derivative units $ 351,870 |
Other Notes Payable (Tables)
Other Notes Payable (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Other Notes Payable | At January 31, 2020, balances on the other notes payable are as follows: Related party Non-related party Current Portion Total Promissory note – September 25, 2018 $ 15,490 $ - $ (3,675 ) $ 11,815 Demand note – April 23, 2019 15,000 - (15,000 ) - Demand note – May 30, 2019 10,000 - (10,000 ) - Promissory note – May 30, 2019 150,000 - - 150,000 Promissory note – May 30, 2019 75,000 - - 75,000 Equipment Finance Agreement – September 19, 2019 - 84,184 (16,272 ) 67,912 Equipment Finance Agreement – December 3, 2019 - 13,236 (2,013 ) 11,223 TOTAL NOTES PAYABLE $ 265,490 $ 97,420 (46,960 ) $ 315,950 |
Schedule of Principal Payments on the Other Notes Payable | At January 31, 2020, principal payments on the other notes payable are due as follows: Related party Non-related party Total Year ending January 31, 2021 $ 28,675 $ 18,285 $ 46,960 Year ending January 31, 2022 229,147 19,113 248,260 Year ending January 31, 2023 4,673 19,979 24,652 Year ending January 31, 2024 2,995 20,884 23,879 Year ending January 31, 2025 - 16,886 16,886 Thereafter - 2,273 2,273 TOTAL NOTES PAYABLE $ 265,490 $ 97,420 $ 362,910 |
Stock Options (Tables)
Stock Options (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Summary of Options Issued and Outstanding in Conjunction with Stock Option Plan | The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plans: For the three months ended January 31, 2020 2019 Options Price (a) Options Price (a) Beginning balance 8,700,000 $ 0.52 9,355,000 $ 0.52 Issued 1,525,000 0.15 - - Exercised - - - - Expired - - Ending balance 10,225,000 $ 0.51 9,355,000 $ 0.52 Exercisable at end of period 10,225,000 $ 0.51 9,163,750 $ 0.53 For the nine months ended January 31, 2020 2019 Options Price (a) Options Price (a) Beginning balance 8,200,000 $ 0.52 9,355,000 $ 0.52 Issued 2,025,000 0.15 - - Exercised - - - - Expired - - Ending balance 10,225,000 $ 0.51 9,355,000 $ 0.52 Exercisable at end of period 10,225,000 $ 0.51 9,163,750 $ 0.53 (a) Weighted average exercise price. |
Summary of Additional Information about Options Under Stock Option Plan | The following table summarizes additional information about the options under the Company’s Stock Option Plan as of January 31, 2020: Options outstanding and exercisable Date of Grant Shares Price Remaining Term August 12, 2016 3,700,000 $ 0.52 1.47 January 1, 2017 2,800,000 0.14 1.92 March 1, 2017 1,200,000 0.58 3.08 April 30, 2018 500,000 3.00 3.25 June 6, 2019 500,000 0.94 4.35 October 1, 2019 625,000 0.15 4.67 October 2, 2019 900,000 0.15 4.67 Total options 10,225,000 $ 0.51 2.49 |
June 6, 2019 [Member] | |
Summary of Fair Value of Option Grants Using Black-Scholes Model | The Company estimated the fair value of this option grants using the Black-Scholes model with the following information and assumptions: Options issued 500,000 Exercise price (Weighted average) $ 0.935 Stock price $ 0.075 Expected volatility 217.24 % Expected term (years) 5 years Risk free rate 1.88 % Fair value of options issued $ 48,084 |
Summary of Options Vest Upon Grant and Exercisable | The options vest upon grant, and are exercisable at the following prices: Options Exercise price 50,000 $ 0.10 50,000 0.20 25,000 0.35 25,000 0.50 50,000 0.75 50,000 1.00 125,000 1.25 125,000 1.50 500,000 $ 0.94 |
October 1, 2019 [Member] | |
Summary of Fair Value of Option Grants Using Black-Scholes Model | The Company estimated the fair value of these option grants using the Black-Scholes model with the following information and assumptions: Options issued 625,000 Exercise price (Weighted average) $ 0.15 Stock price $ 0.07 Expected volatility 217.79 % Expected term (years) 5 years Risk free rate 1.51 % Fair value of options issued $ 61,429 |
Summary of Options Vest Upon Grant and Exercisable | The options vest upon grant, and are exercisable at the following prices: Options Exercise price 325,000 $ 0.10 300,000 0.20 625,000 $ 0.15 |
October 2, 2019 [Member] | |
Summary of Fair Value of Option Grants Using Black-Scholes Model | The Company estimated the fair value of these option grants using the Black-Scholes model with the following information and assumptions: Options issued 900,000 Exercise price (Weighted average) $ 0.15 Stock price $ 0.08 Expected volatility 217.85 % Expected term (years) 5 years Risk free rate 1.43 % Fair value of options issued $ 88,448 |
Summary of Options Vest Upon Grant and Exercisable | The options vest upon grant, and are exercisable at the following prices: Options Exercise price 450,000 $ 0.10 450,000 0.20 900,000 $ 0.15 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of Activity for Warrants to Purchase Shares | The following is a summary of activity for warrants to purchase shares of the Company’s stock through January 31, 2020: Warrants Weighted average Balance outstanding at April 30, 2019 - $ - Issued 9,191,432 0.11 Expired - - Balance outstanding at January 31, 2020 9,191,432 $ 0.11 |
Schedule of Warrants Outstanding | The composition of the Company’s warrants outstanding at January 31, 2020 is as follows: Issue date Expiration date Warrants Price Remaining Term May 1, 2019 November 1, 2020 200,000 $ 0.15 0.75 June 1, 2019 March 30, 2020 2,000,000 0.10 1.16 July 10, 2019 January 10, 2021 400,000 0.10 0.95 September 30, 2019 March 31, 2021 5,000,000 0.10 1.16 October 15, 2019 April 15, 2021 142,860 0.15 1.21 December 30, 2019 June 30, 2021 1,318,572 0.15 1.41 December 31, 2019 June 30, 2021 130,000 0.15 1.41 Total warrants 9,191,432 $ 0.11 1.19 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 07, 2018 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 |
Gain on debt settlement | $ (75,413) | $ (75,413) | ||||
Revenue from sale | 37,750 | $ 35,000 | 62,750 | $ 75,000 | $ 60,000 | |
Deferred revenue | $ 25,000 | $ 25,000 | $ 25,000 | |||
Office Equipment [Member] | ||||||
Property plant and equipment, estimated useful lives | 5 years | |||||
Electronic Equipment [Member] | ||||||
Property plant and equipment, estimated useful lives | 3 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, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Net loss | $ (343,492) | $ (391,435) | $ (261,356) | $ (988,733) | $ (342,379) | $ (434,942) | $ (996,283) | $ (1,766,053) | |
Working capital | (1,296,615) | (1,296,615) | |||||||
Accumulated deficit | $ (27,319,678) | $ (27,319,678) | $ (26,323,395) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Outstanding Securities (Details) - shares | 9 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Apr. 30, 2019 | |
TOTAL POSSIBLE DILUTIVE SHARES | 50,085,523 | 33,602,262 |
Stock Options [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 10,225,000 | 8,200,000 |
Warrants [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 9,191,432 | |
Convertible Notes and Accrued Interest Non-Related Parties [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 17,980,060 | 19,520,948 |
Convertible Notes and Accrued Interest Related Parties [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 12,689,031 | 5,881,314 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details Narrative) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Fair Value Disclosures [Abstract] | ||
Fair Value of Convertible Notes and Accrued Interest | $ 2,269,423 | $ 1,978,836 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Accounted at Fair Value on Recurring Basis (Details) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Conversion option derivative | $ 306,696 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 7,058 | $ 946 | $ 12,061 | $ 4,049 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Property and equipment, gross | $ 143,394 | $ 36,253 |
Less accumulated depreciation | (27,346) | (15,285) |
TOTAL PROPERTY AND EQUIPMENT | 116,048 | 20,968 |
Equipment [Member] | ||
Property and equipment, gross | 129,181 | 22,040 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 14,213 | $ 14,213 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Management fees and salaries recognized | $ 24,847 | $ 95,656 | $ 187,507 | ||
Payroll tax expense for related parties | 9,075 | $ 9,283 | |||
Directors fees for related parties | 19,740 | ||||
Accrued payroll and taxes | 507,575 | 507,575 | $ 424,337 | ||
Related Party [Member] | |||||
Accrued payroll and taxes | $ 350,471 | $ 350,471 | $ 287,425 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Accounts payable | $ 90,082 | $ 142,750 |
Interest payable | 158,769 | 202,367 |
Other accrued liabilities | 507,575 | 424,337 |
Accounts payable and accrued liabilities | 756,426 | 769,454 |
Related Party [Member] | ||
Accounts payable | 79,828 | 96,721 |
Interest payable | 68,470 | 33,641 |
Other accrued liabilities | 350,471 | 287,425 |
Accounts payable and accrued liabilities | 498,769 | 417,787 |
Non-Related Party [Member] | ||
Accounts payable | 10,254 | 46,029 |
Interest payable | 90,299 | 168,726 |
Other accrued liabilities | 157,104 | 136,912 |
Accounts payable and accrued liabilities | $ 257,657 | $ 351,667 |
Due to Related Parties - Schedu
Due to Related Parties - Schedule of Changes to Amounts Owed to/by Related Parties (Details) - USD ($) | 9 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 53,099 | $ 53,099 | |
(Repayment)/Loan to/by related parties | 479 | ||
Minewest [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | |||
(Repayment)/Loan to/by related parties | |||
Linux Gold Corp. [Member] | |||
Related Party Transaction [Line Items] | |||
(Repayment)/Loan to/by related parties | |||
Due from related parties | (191) | (191) | |
IAS Energy, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 7,431 | 7,431 | |
(Repayment)/Loan to/by related parties | |||
Information Highway, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 18,792 | 18,792 | |
(Repayment)/Loan to/by related parties | |||
Teryl Resources Corp. [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 27,067 | $ 27,067 | |
(Repayment)/Loan to/by related parties |
Secured Convertible Promissor_3
Secured Convertible Promissory Notes (Details Narrative) - USD ($) | Nov. 27, 2019 | Jun. 05, 2019 | May 30, 2019 | Jan. 31, 2019 | Nov. 30, 2018 | Jun. 05, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Oct. 31, 2019 | Apr. 30, 2019 |
Convertible promissory notes | $ 969,034 | $ 969,034 | $ 415,792 | |||||||||
Convertible promissory notes, unamortized discount | $ 146,143 | 146,143 | $ 124,947 | $ 157,050 | ||||||||
Proceeds from convertible notes | ||||||||||||
Convertible price per shares | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.10 | ||||||||
Debt instrument, conversion amount | $ 285,879 | 371,831 | ||||||||||
Interest expense | $ 33,127 | $ 237,081 | $ 96,324 | 552,258 | ||||||||
Common stock shares issued | 5,191,160 | 251,167 | ||||||||||
Related Parties [Member] | ||||||||||||
Convertible price per shares | $ 0.059 | $ 0.059 | ||||||||||
Non-Related Parties [Member] | ||||||||||||
Convertible price per shares | $ 0.060 | $ 0.060 | ||||||||||
Secured Convertible Promissory Notes [Member] | ||||||||||||
Convertible promissory notes - related parties | $ 253,783 | 253,783 | 253,783 | |||||||||
Convertible promissory notes - related parties, unamortized discount | 28,901 | 28,901 | 28,901 | |||||||||
Convertible promissory notes | 1,378,472 | $ 969,034 | 1,378,472 | $ 969,034 | 1,378,472 | |||||||
Convertible promissory notes, unamortized discount | $ 238,855 | 146,143 | $ 238,855 | 146,143 | $ 238,855 | |||||||
Debt instrument term | 2 years | |||||||||||
Convertible price per shares | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||
Interest expense | $ 113,692 | |||||||||||
Secured Convertible Promissory Notes [Member] | Labrys Fund LP [Member] | ||||||||||||
Repayments of notes payable | 220,000 | |||||||||||
Secured Convertible Promissory Notes [Member] | Related Parties [Member] | ||||||||||||
Convertible promissory notes, unamortized discount | 48,142 | 48,142 | ||||||||||
Convertible promissory notes issued for service debt | 79,332 | |||||||||||
Proceeds from convertible notes | 39,200 | |||||||||||
Debt redeemed for cash | 16,000 | |||||||||||
Secured Convertible Promissory Notes [Member] | Non-Related Parties [Member] | ||||||||||||
Convertible promissory notes, unamortized discount | 98,001 | 98,001 | ||||||||||
Convertible promissory notes issued for service debt | 16,357 | |||||||||||
Proceeds from convertible notes | 457,355 | |||||||||||
Debt redeemed for cash | $ 150,000 | |||||||||||
Secured Convertible Notes [Member] | After Due Date [Member] | ||||||||||||
Debt interest rate percentage | 20.00% | 20.00% | 20.00% | |||||||||
One Convertible Note [Member] | ||||||||||||
Convertible promissory notes | $ 140,278 | $ 140,278 | $ 140,278 | |||||||||
Convertible promissory notes, unamortized discount | $ 3,012 | $ 3,012 | $ 3,012 | |||||||||
Debt interest rate percentage | 2.00% | 2.00% | 2.00% | |||||||||
One Convertible Note [Member] | After Due Date [Member] | ||||||||||||
Debt interest rate percentage | 15.00% | 15.00% | 15.00% | |||||||||
Secured Convertible Promissory Notes One [Member] | ||||||||||||
Convertible promissory notes | $ 150,000 | |||||||||||
Convertible price per shares | $ 0.174 | $ 0.174 | $ 0.174 | |||||||||
Debt interest rate percentage | 10.00% | |||||||||||
Debt instrument, conversion amount | $ 17,436 | |||||||||||
Debt maturity date | May 30, 2021 | |||||||||||
Secured Convertible Promissory Notes One [Member] | Labrys Fund LP [Member] | ||||||||||||
Convertible promissory notes | 150,000 | 150,000 | ||||||||||
Secured Convertible Promissory Notes Two [Member] | ||||||||||||
Convertible promissory notes | $ 75,000 | |||||||||||
Convertible price per shares | $ 0.12 | 0.12 | 0.12 | |||||||||
Debt interest rate percentage | 10.00% | |||||||||||
Debt instrument, conversion amount | $ 40,800 | |||||||||||
Debt maturity date | May 30, 2021 | |||||||||||
Secured Convertible Promissory Notes Two [Member] | Labrys Fund LP [Member] | ||||||||||||
Convertible promissory notes | $ 75,000 | $ 75,000 | ||||||||||
Secured Convertible Promissory Notes 3 [Member] | ||||||||||||
Convertible price per shares | $ 0.10 | 0.10 | 0.10 | |||||||||
Debt instrument, conversion amount | $ 1,682,576 | |||||||||||
Secured Convertible Promissory Notes 4 [Member] | ||||||||||||
Convertible price per shares | $ 0.09 | 0.09 | 0.09 | |||||||||
Debt instrument, conversion amount | $ 60,000 | |||||||||||
Secured Convertible Promissory Notes 5 [Member] | ||||||||||||
Convertible price per shares | $ 0.08 | $ 0.08 | $ 0.08 | |||||||||
Debt instrument, conversion amount | $ 100,000 | |||||||||||
Convertible Notes [Member] | Labrys Fund LP [Member] | ||||||||||||
Proceeds from convertible notes | $ 198,000 | |||||||||||
Debt interest rate percentage | 12.00% | |||||||||||
Debt face amount | $ 220,000 | |||||||||||
Original issuance discount | $ 22,000 | |||||||||||
Debt maturity date | May 30, 2019 | |||||||||||
Debt conversion threshold trading percentage | 60.00% | |||||||||||
Convertible Notes [Member] | Labrys Fund LP [Member] | Returnable Shares [Member] | ||||||||||||
Common stock shares issued | 2,000,000 | |||||||||||
Number of common stock shares returned | 2,000,000 |
Secured Convertible Promissor_4
Secured Convertible Promissory Notes - Summary of Activity Related to Convertible Notes (Details) | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2020USD ($)Notes$ / shares | Jan. 31, 2020USD ($)Notes$ / shares | Jan. 31, 2019USD ($) | |
Beginning balance | $ 1,742,565 | $ 1,669,041 | |
Convertible notes issued for services | 75,000 | ||
Convertible notes issued for accounts payable | 300 | 20,300 | |
Convertible notes issued for accrued liabilities | 10,500 | 41,000 | |
Convertible notes issued for cash | 200,000 | ||
Convertible notes issued (retired) for other debt, net | (500) | 751 | |
Repayment of convertible notes | (220,000) | $ (169,200) | |
Conversion of notes for common shares | (159,275) | (238,272) | |
Rollover of convertible notes | (380,268) | (609,117) | |
Issuance of convertible notes for rollover and accrued interest | 471,276 | 745,895 | |
Ending balance | $ 1,684,598 | $ 1,684,598 | |
Number of notes, Beginning balance | Notes | 129 | 146 | |
Number of notes, Convertible notes issued for services | Notes | 1 | ||
Number of notes, Convertible notes issued for accounts payable | Notes | 2 | 2 | |
Number of notes, Convertible notes issued for accrued liabilities | Notes | 6 | 6 | |
Number of notes, Convertible notes issued for cash | Notes | 4 | ||
Number of notes, Convertible notes issued (retired) for other debt, net | Notes | 2 | (3) | |
Number of notes, Repayment of convertible notes | Notes | (1) | ||
Number of notes, Conversion of notes for common shares | Notes | (18) | (34) | |
Number of notes, Rollover of convertible notes | Notes | (20) | (32) | |
Number of notes, Issuance of convertible notes for rollover and accrued interest | Notes | 12 | 24 | |
Number of notes, Ending balance | Notes | 113 | 113 | |
Weighted average conversion price, Beginning balance | $ / shares | $ 0.06 | $ 0.10 | |
Weighted average conversion price, Convertible notes issued for services | $ / shares | 0.05 | ||
Weighted average conversion price, Convertible notes issued for accounts payable | $ / shares | 0.05 | 0.05 | |
Weighted average conversion price, Convertible notes issued for accrued liabilities | $ / shares | 0.05 | 0.05 | |
Weighted average conversion price, Convertible notes issued for cash | $ / shares | 0.06 | 0.06 | |
Weighted average conversion price, Convertible notes issued (retired) for other debt, net | $ / shares | 0.10 | 0.10 | |
Weighted average conversion price, Repayment of convertible notes | $ / shares | 0.07 | ||
Weighted average conversion price, Conversion of notes for common shares | $ / shares | 0.11 | 0.11 | |
Weighted average conversion price, Rollover of convertible notes | $ / shares | 0.10 | 0.10 | |
Weighted average conversion price, Issuance of convertible notes for rollover and accrued interest | $ / shares | 0.05 | 0.05 | |
Weighted average conversion price, Ending balance | $ / shares | $ 0.06 | $ 0.06 | |
Non-Related Party [Member] | |||
Beginning balance | $ 1,070,882 | $ 1,334,358 | |
Convertible notes issued for services | |||
Convertible notes issued for accounts payable | 300 | 300 | |
Convertible notes issued for accrued liabilities | 500 | 1,000 | |
Convertible notes issued for cash | |||
Convertible notes issued (retired) for other debt, net | (500) | 751 | |
Repayment of convertible notes | (220,000) | ||
Conversion of notes for common shares | (159,275) | (238,272) | |
Rollover of convertible notes | (305,500) | (474,349) | |
Issuance of convertible notes for rollover and accrued interest | 382,476 | 585,095 | |
Ending balance | 988,883 | 988,883 | |
Related Party [Member] | |||
Beginning balance | 671,683 | 334,683 | |
Convertible notes issued for services | 75,000 | ||
Convertible notes issued for accounts payable | 20,000 | ||
Convertible notes issued for accrued liabilities | 10,000 | 40,000 | |
Convertible notes issued for cash | 200,000 | ||
Convertible notes issued (retired) for other debt, net | |||
Repayment of convertible notes | |||
Conversion of notes for common shares | |||
Rollover of convertible notes | (74,768) | (134,768) | |
Issuance of convertible notes for rollover and accrued interest | 88,800 | 160,800 | |
Ending balance | $ 695,715 | $ 695,715 |
Secured Convertible Promissor_5
Secured Convertible Promissory Notes - Summary of Activity Related to Unamortized Discount of Beneficial Conversion Feature (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Jan. 31, 2020 | Jan. 31, 2020 | |
Beginning balance | $ 124,947 | $ 157,050 |
Establish beneficial conversion feature | 69,736 | 185,670 |
Amortization of beneficial conversion feature | (48,540) | (196,577) |
Ending balance | 146,143 | 146,143 |
Non-Related Party [Member] | ||
Beginning balance | 89,328 | 125,660 |
Establish beneficial conversion feature | 41,216 | 121,592 |
Amortization of beneficial conversion feature | (38,037) | (154,745) |
Ending balance | 92,507 | 92,507 |
Related Party [Member] | ||
Beginning balance | 35,619 | 31,390 |
Establish beneficial conversion feature | 28,520 | 64,078 |
Amortization of beneficial conversion feature | (10,503) | (41,832) |
Ending balance | $ 53,636 | $ 53,636 |
Secured Convertible Promissor_6
Secured Convertible Promissory Notes - Schedule of Secured Convertible Promissory Notes (Details) - USD ($) | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 |
Principal balance, Net | $ 362,910 | |||
Unamortized discount of beneficial conversion feature, Net | (146,143) | $ (124,947) | $ (157,050) | |
Convertible promissory note, Net | 1,684,598 | $ 1,742,565 | 1,669,041 | |
Less - Convertible promissory note, current | (569,421) | (1,087,613) | ||
Convertible promissory note, non-current | 969,034 | $ 415,792 | ||
Secured Convertible Promissory Notes [Member] | ||||
Principal balance, Net | 1,684,598 | |||
Less - Principal balance, current | (571,483) | |||
Principal balance, non-current | 1,113,115 | |||
Unamortized discount of beneficial conversion feature, Net | (146,143) | $ (238,855) | ||
Less - Unamortized discount of beneficial conversion feature, current | 2,062 | |||
Unamortized discount of beneficial conversion feature, non-current | (144,081) | |||
Convertible promissory note, Net | 1,538,455 | |||
Less - Convertible promissory note, current | (569,421) | |||
Convertible promissory note, non-current | 969,034 | $ 1,378,472 | ||
Secured Convertible Promissory Notes [Member] | Related Parties [Member] | ||||
Principal balance, Net | 695,715 | |||
Unamortized discount of beneficial conversion feature, Net | (48,142) | |||
Convertible promissory note, Net | 647,573 | |||
Secured Convertible Promissory Notes [Member] | Non-Related Parties [Member] | ||||
Principal balance, Net | 988,883 | |||
Unamortized discount of beneficial conversion feature, Net | (98,001) | |||
Convertible promissory note, Net | $ 890,882 |
Secured Convertible Promissor_7
Secured Convertible Promissory Notes - Schedule of Aggregate Principal and Accrued Interest Balance (Details) - USD ($) | 9 Months Ended | ||
Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | |
Principal | $ 1,684,598 | ||
Interest | 141,139 | ||
Total | $ 1,825,737 | ||
Average conversion price | $ 0.06 | $ 0.06 | $ 0.10 |
Conversion equivalents | 30,669,091 | ||
Related Parties [Member] | |||
Principal | $ 695,715 | ||
Interest | 50,840 | ||
Total | $ 746,555 | ||
Average conversion price | $ 0.059 | ||
Conversion equivalents | 12,689,031 | ||
Non-Related Parties [Member] | |||
Principal | $ 988,883 | ||
Interest | 90,299 | ||
Total | $ 1,079,182 | ||
Average conversion price | $ 0.060 | ||
Conversion equivalents | 17,980,060 |
Derivative Liability (Details N
Derivative Liability (Details Narrative) - USD ($) | Nov. 30, 2018 | Nov. 19, 2018 | Apr. 18, 2018 | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Apr. 30, 2018 |
Debt conversion price per share | $ 0.06 | $ 0.06 | $ 0.10 | ||||
Derivative liability | $ 306,696 | ||||||
First Fire Note [Member] | |||||||
Debt conversion price per share | $ 0.10 | $ 0.10 | |||||
Debt conversion threshold trading percentage | 75.00% | 75.00% | |||||
Derivative liability | $ 106,117 | $ 106,117 | |||||
Derivative liability, unamortized discount, current | $ 150,000 | $ 150,000 | |||||
Labrys Note [Member] | |||||||
Debt conversion threshold trading percentage | 60.00% | ||||||
Derivative liability | $ 351,870 | ||||||
Derivative liability, unamortized discount, current | $ 195,000 |
Derivative Liability - Schedule
Derivative Liability - Schedule of Fair Value of Assumptions of Derivatives (Details) | Nov. 30, 2018USD ($)$ / shares | Nov. 19, 2018USD ($)$ / shares | Apr. 18, 2018USD ($)$ / shares | Apr. 30, 2019USD ($)$ / shares | Jan. 31, 2020USD ($) | Apr. 30, 2018USD ($) |
Fair value of conversion option derivative units | $ | $ 306,696 | |||||
Derivative Liabilities [Member] | ||||||
Fair value of conversion option derivative units | $ | $ 327,166 | |||||
Stock Price [Member] | Derivative Liabilities [Member] | ||||||
Derivative liability measurement input | 0.0779 | |||||
Conversion Price [Member] | Derivative Liabilities [Member] | ||||||
Derivative liability measurement input | 0.032 | |||||
Expected Volatility [Member] | Derivative Liabilities [Member] | ||||||
Derivative liability measurement input | 28.68 | |||||
Expected Term (Years) [Member] | Derivative Liabilities [Member] | ||||||
Derivative liability measurement input, term | 6 months 7 days | |||||
Risk Free Rate [Member] | Derivative Liabilities [Member] | ||||||
Derivative liability measurement input | 2.46 | |||||
First Fire Note [Member] | ||||||
Fair value of conversion option derivative units | $ | $ 106,117 | $ 106,117 | ||||
First Fire Note [Member] | Stock Price [Member] | ||||||
Derivative liability measurement input | 0.0675 | 0.0675 | ||||
First Fire Note [Member] | Conversion Price [Member] | ||||||
Derivative liability measurement input | 0.045075 | 0.045075 | ||||
First Fire Note [Member] | Expected Volatility [Member] | ||||||
Derivative liability measurement input | 122.25 | 122.25 | ||||
First Fire Note [Member] | Expected Term (Years) [Member] | ||||||
Derivative liability measurement input, term | 40 months 13 days | 40 months 13 days | ||||
First Fire Note [Member] | Risk Free Rate [Member] | ||||||
Derivative liability measurement input | 2.28 | 2.28 | ||||
Labrys Note [Member] | ||||||
Fair value of conversion option derivative units | $ | $ 351,870 | |||||
Labrys Note [Member] | Stock Price [Member] | ||||||
Derivative liability measurement input | 0.0569 | |||||
Labrys Note [Member] | Conversion Price [Member] | ||||||
Derivative liability measurement input | 0.024 | |||||
Labrys Note [Member] | Expected Volatility [Member] | ||||||
Derivative liability measurement input | 167.6 | |||||
Labrys Note [Member] | Expected Term (Years) [Member] | ||||||
Derivative liability measurement input, term | 6 months | |||||
Labrys Note [Member] | Risk Free Rate [Member] | ||||||
Derivative liability measurement input | 2.52 |
Derivative Liability - Schedu_2
Derivative Liability - Schedule of Change in Conversion Option Liability (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Apr. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Beginning balance | $ 306,696 | |
Initial loss on fair value of derivative liability | 457,986 | |
Initial fair value of derivative discount | (345,000) | |
Amortization of derivative discount | 20,470 | 310,090 |
Revaluation of conversion option liability resulting from extinguishment of convertible debt | (327,166) | (91,677) |
Net change in fair value of conversion option liability | (24,703) | |
Ending balance | $ 306,696 |
Other Notes Payable (Details Na
Other Notes Payable (Details Narrative) - USD ($) | Sep. 19, 2019 | May 30, 2019 | Sep. 25, 2018 | May 30, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | Apr. 23, 2019 | Mar. 12, 2019 |
Debt instrument, periodic payment | $ 1,825,737 | ||||||||
Convertible promissory notes | 969,034 | $ 415,792 | |||||||
Purchase of equipment with note payable | 101,540 | ||||||||
Equipment Finance Agreement [Member] | U.S. Bank Equipment Finance [Member] | |||||||||
Debt instrument, periodic payment | $ 1,642 | ||||||||
Debt interest rate percentage | 4.47% | ||||||||
Purchase of equipment with note payable | $ 88,140 | ||||||||
Debt instrument monthly installment | Payable in sixty (60) monthly installments of $1,642 commencing on November 25, 2019. | ||||||||
Debt instrument commencing date | Nov. 25, 2019 | ||||||||
Labrys Fund LP [Member] | |||||||||
Proceeds from notes payable | $ 220,000 | ||||||||
Chief Executive Officer [Member] | |||||||||
Debt interest rate percentage | 12.00% | ||||||||
Loans payable on demand | $ 10,000 | ||||||||
Current Member of Board of Directors [Member] | |||||||||
Debt interest rate percentage | 12.00% | ||||||||
Loans payable on demand | $ 15,000 | ||||||||
Promissory Note [Member] | Director [Member] | |||||||||
Debt instrument term | 5 years | ||||||||
Debt instrument, periodic payment | $ 445 | ||||||||
Debt interest rate percentage | 12.00% | ||||||||
Secured Convertible Promissory Notes One [Member] | |||||||||
Debt interest rate percentage | 10.00% | 10.00% | |||||||
Convertible promissory notes | $ 150,000 | $ 150,000 | |||||||
Debt maturity date | May 30, 2021 | ||||||||
Secured Convertible Promissory Notes One [Member] | Labrys Fund LP [Member] | |||||||||
Convertible promissory notes | 150,000 | ||||||||
Secured Convertible Promissory Notes Two [Member] | |||||||||
Debt interest rate percentage | 10.00% | 10.00% | |||||||
Convertible promissory notes | $ 75,000 | $ 75,000 | |||||||
Debt maturity date | May 30, 2021 | ||||||||
Secured Convertible Promissory Notes Two [Member] | Labrys Fund LP [Member] | |||||||||
Convertible promissory notes | $ 75,000 |
Other Notes Payable - Schedule
Other Notes Payable - Schedule of Other Notes Payable (Details) - USD ($) | Jan. 31, 2020 | Apr. 30, 2019 |
Current Portion | $ (46,960) | $ (25,000) |
TOTAL NOTES PAYABLE | 315,950 | $ 15,969 |
Related Party [Member] | ||
Non-Current Portion | 265,490 | |
Non-Related Party [Member] | ||
Non-Current Portion | 97,420 | |
Promissory Note - September 25, 2018 [Member] | ||
Current Portion | (3,675) | |
TOTAL NOTES PAYABLE | 11,815 | |
Promissory Note - September 25, 2018 [Member] | Related Party [Member] | ||
Non-Current Portion | 15,490 | |
Promissory Note - September 25, 2018 [Member] | Non-Related Party [Member] | ||
Non-Current Portion | ||
Demand Note - April 23, 2019 [Member] | ||
Current Portion | (15,000) | |
TOTAL NOTES PAYABLE | ||
Demand Note - April 23, 2019 [Member] | Related Party [Member] | ||
Non-Current Portion | 15,000 | |
Demand Note - April 23, 2019 [Member] | Non-Related Party [Member] | ||
Non-Current Portion | ||
Demand Note - May 30, 2019 [Member] | ||
Current Portion | (10,000) | |
TOTAL NOTES PAYABLE | ||
Demand Note - May 30, 2019 [Member] | Related Party [Member] | ||
Non-Current Portion | 10,000 | |
Demand Note - May 30, 2019 [Member] | Non-Related Party [Member] | ||
Non-Current Portion | ||
Promissory Note - May 30, 2019 [Member] | ||
Current Portion | ||
TOTAL NOTES PAYABLE | 150,000 | |
Promissory Note - May 30, 2019 [Member] | Related Party [Member] | ||
Non-Current Portion | 150,000 | |
Promissory Note - May 30, 2019 [Member] | Non-Related Party [Member] | ||
Non-Current Portion | ||
Promissory Note - May 30, 2019 (1) [Member] | ||
Current Portion | ||
TOTAL NOTES PAYABLE | 75,000 | |
Promissory Note - May 30, 2019 (1) [Member] | Related Party [Member] | ||
Non-Current Portion | 75,000 | |
Promissory Note - May 30, 2019 (1) [Member] | Non-Related Party [Member] | ||
Non-Current Portion | ||
Equipment Finance Agreement - September 19, 2019 [Member] | ||
Current Portion | (16,272) | |
TOTAL NOTES PAYABLE | 67,912 | |
Equipment Finance Agreement - September 19, 2019 [Member] | Related Party [Member] | ||
Non-Current Portion | ||
Equipment Finance Agreement - September 19, 2019 [Member] | Non-Related Party [Member] | ||
Non-Current Portion | 84,184 | |
Equipment Finance Agreement - December 3, 2019 [Member] | ||
Current Portion | (2,013) | |
TOTAL NOTES PAYABLE | 11,223 | |
Equipment Finance Agreement - December 3, 2019 [Member] | Related Party [Member] | ||
Non-Current Portion | ||
Equipment Finance Agreement - December 3, 2019 [Member] | Non-Related Party [Member] | ||
Non-Current Portion | $ 13,236 |
Other Notes Payable - Schedul_2
Other Notes Payable - Schedule of Principal Payments on the Other Notes Payable (Details) | Jan. 31, 2020USD ($) |
Year ending January 31, 2021 | $ 46,960 |
Year ending January 31, 2022 | 248,260 |
Year ending January 31, 2023 | 24,652 |
Year ending January 31, 2024 | 23,879 |
Year ending January 31, 2025 | 16,886 |
Thereafter | 2,273 |
TOTAL NOTES PAYABLE | 362,910 |
Related Party [Member] | |
Year ending January 31, 2021 | 28,675 |
Year ending January 31, 2022 | 229,147 |
Year ending January 31, 2023 | 4,673 |
Year ending January 31, 2024 | 2,995 |
Year ending January 31, 2025 | |
Thereafter | |
TOTAL NOTES PAYABLE | 265,490 |
Non-Related Party [Member] | |
Year ending January 31, 2021 | 18,285 |
Year ending January 31, 2022 | 19,113 |
Year ending January 31, 2023 | 19,979 |
Year ending January 31, 2024 | 20,884 |
Year ending January 31, 2025 | 16,886 |
Thereafter | 2,273 |
TOTAL NOTES PAYABLE | $ 97,420 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Nov. 27, 2019 | Nov. 22, 2019 | Oct. 31, 2019 | Oct. 15, 2019 | Aug. 02, 2019 | Jun. 05, 2019 | May 30, 2019 | Jun. 05, 2019 | May 30, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 |
Convertible promissory notes | $ 969,034 | $ 969,034 | $ 415,792 | |||||||||||
Debt conversion shares issued | 30,669,091 | |||||||||||||
Convertible price per shares | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.10 | ||||||||||
Proceeds from issuance of private placement | $ 264,830 | |||||||||||||
Common stock shares issued | 5,191,160 | 251,167 | ||||||||||||
Number of shares issued for services | 78,533 | |||||||||||||
Value of shares issued for services | $ 5,890 | $ 2,000 | ||||||||||||
Shares issued price per share | $ 0.075 | |||||||||||||
Common stock issued for exercise of options | ||||||||||||||
Convertible notes payable | $ 1,742,565 | $ 1,684,598 | $ 1,684,598 | $ 1,669,041 | ||||||||||
Labrys Fund LP [Member] | ||||||||||||||
Proceeds from notes payable | $ 220,000 | |||||||||||||
Number of shares returned | 2,000,000 | |||||||||||||
Investor [Member] | Warrants [Member] | ||||||||||||||
Sale of stock, price per share | $ 0.10 | |||||||||||||
2019 Offering [Member] | ||||||||||||||
Proceeds from issuance of private placement | $ 20,000 | |||||||||||||
Sale of stock, price per share | $ 0.05 | |||||||||||||
Common stock shares issued | 400,000 | |||||||||||||
Warrants to purchase common stock | 400,000 | |||||||||||||
Warrants term description | The term of each warrant is for eighteen months commencing with its issuance date. | |||||||||||||
Private Placement [Member] | ||||||||||||||
Proceeds from issuance of private placement | $ 14,000 | |||||||||||||
Sale of stock, price per share | $ 0.07 | $ 0.07 | ||||||||||||
Common stock shares issued | 200,000 | |||||||||||||
Warrants term description | The term of each warrant is for eighteen months commencing with its subscription date of June 1, 2019. | |||||||||||||
Private Placement [Member] | Investor [Member] | ||||||||||||||
Proceeds from issuance of private placement | $ 250,000 | $ 10,000 | ||||||||||||
Sale of stock, price per share | $ 0.05 | $ 0.07 | ||||||||||||
Common stock shares issued | 5,000,000 | 142,860 | ||||||||||||
Warrants to purchase common stock | 5,000,000 | |||||||||||||
Warrants term description | The term of each warrant is for eighteen months commencing with its subscription date of September 30, 2019. | The term of each warrant is for eighteen months commencing with its issuance date of October 15, 2019. | ||||||||||||
Private Placement [Member] | 2019 Offering [Member] | ||||||||||||||
Sale of stock, price per share | $ 0.10 | |||||||||||||
Warrant [Member] | ||||||||||||||
Sale of stock, price per share | $ 0.15 | $ 0.15 | ||||||||||||
Warrants to purchase common stock | 200,000 | 200,000 | ||||||||||||
Warrant [Member] | Investor [Member] | ||||||||||||||
Sale of stock, price per share | $ 0.15 | $ 0.15 | $ 0.15 | |||||||||||
Warrants to purchase common stock | 142,860 | |||||||||||||
Two Private Placement [Member] | Investor [Member] | ||||||||||||||
Proceeds from issuance of private placement | $ 12,600 | |||||||||||||
Sale of stock, price per share | $ 0.07 | $ 0.07 | ||||||||||||
Common stock shares issued | 180,000 | |||||||||||||
Warrants to purchase common stock | 180,000 | 180,000 | ||||||||||||
Warrants term description | The term of each warrant is for eighteen months commencing with its subscription date of December 30, 2019. | |||||||||||||
Related Parties [Member] | ||||||||||||||
Debt conversion shares issued | 12,689,031 | |||||||||||||
Convertible price per shares | $ 0.059 | $ 0.059 | ||||||||||||
Non-Related Parties [Member] | ||||||||||||||
Debt conversion shares issued | 17,980,060 | |||||||||||||
Convertible price per shares | $ 0.060 | $ 0.060 | ||||||||||||
Convertible Promissory Notes [Member] | Related Parties [Member] | ||||||||||||||
Convertible promissory notes | $ 100,000 | $ 100,000 | ||||||||||||
Accrued interest | $ 20,000 | $ 20,000 | ||||||||||||
Debt conversion shares issued | 1,200,000 | |||||||||||||
Convertible price per shares | $ 0.10 | $ 0.10 | ||||||||||||
Convertible Promissory Notes [Member] | Non-Related Parties [Member] | ||||||||||||||
Convertible promissory notes | $ 238,272 | $ 209,859 | $ 238,272 | $ 209,859 | ||||||||||
Accrued interest | $ 52,437 | $ 41,972 | $ 52,437 | $ 41,972 | ||||||||||
Debt conversion shares issued | 3,094,607 | 2,804,457 | ||||||||||||
Convertible price per shares | $ 0.094 | $ 0.094 | ||||||||||||
Convertible Promissory Notes [Member] | Non-Related Parties [Member] | Minimum [Member] | ||||||||||||||
Convertible price per shares | $ 0.08 | $ 0.08 | ||||||||||||
Convertible Promissory Notes [Member] | Non-Related Parties [Member] | Maximum [Member] | ||||||||||||||
Convertible price per shares | 0.10 | 0.10 | ||||||||||||
Secured Convertible Promissory Notes One [Member] | ||||||||||||||
Convertible promissory notes | $ 150,000 | $ 150,000 | ||||||||||||
Convertible price per shares | 0.174 | 0.174 | ||||||||||||
Debt interest rate percentage | 10.00% | 10.00% | ||||||||||||
Debt maturity date | May 30, 2021 | |||||||||||||
Secured Convertible Promissory Notes One [Member] | Labrys Fund LP [Member] | ||||||||||||||
Convertible promissory notes | $ 150,000 | $ 150,000 | ||||||||||||
Secured Convertible Promissory Notes Two [Member] | ||||||||||||||
Convertible promissory notes | $ 75,000 | $ 75,000 | ||||||||||||
Convertible price per shares | $ 0.12 | $ 0.12 | ||||||||||||
Debt interest rate percentage | 10.00% | 10.00% | ||||||||||||
Debt maturity date | May 30, 2021 | |||||||||||||
Secured Convertible Promissory Notes Two [Member] | Labrys Fund LP [Member] | ||||||||||||||
Convertible promissory notes | $ 75,000 | $ 75,000 |
Shares to be Issued (Details Na
Shares to be Issued (Details Narrative) - USD ($) | Nov. 27, 2019 | Jun. 05, 2019 | Jul. 31, 2019 | Jan. 31, 2020 | Apr. 30, 2019 |
Equity [Abstract] | |||||
Stock issued during period shares new issues | 5,191,160 | 251,167 | |||
Stock issued during period value new issues | $ 19,117 | $ 10,380 | |||
Shares to be issued | $ 19,117 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | Oct. 02, 2019 | Oct. 01, 2019 | Jun. 06, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Apr. 30, 2019 | Aug. 12, 2016 |
Stock option expiration date | Jun. 6, 2024 | ||||||||
Stock-based compensation | $ 88,448 | $ 61,429 | $ 48,084 | $ 48,084 | |||||
Options issued | 900,000 | 625,000 | 500,000 | 1,525,000 | 2,025,000 | ||||
Unrecognized compensation cost related to stock-based options and awards | |||||||||
Intrinsic value of exercisable options | |||||||||
Directors, Employees and Consultants [Member] | |||||||||
Stock option expiration date | Oct. 1, 2024 | ||||||||
Stock-based compensation | $ 61,429 | ||||||||
Options issued | 625,000 | ||||||||
Directors [Member] | |||||||||
Stock option expiration date | Oct. 2, 2024 | ||||||||
Stock-based compensation | $ 88,448 | ||||||||
Options issued | 900,000 | ||||||||
Maximum [Member] | |||||||||
Stock option plan, fixed percentage | 10.00% | ||||||||
2016 Stock Option Plan [Member] | Maximum [Member] | |||||||||
Share-based compensation, number of shares authorized | 500,000 | 5,000,000 | |||||||
2016 Stock Option Plan Amended [Member] | Maximum [Member] | |||||||||
Share-based compensation, number of shares authorized | 15,000,000 |
Stock Options - Summary of Fair
Stock Options - Summary of Fair Value of Option Grants Using Black-Scholes Model (Details) - USD ($) | Oct. 02, 2019 | Oct. 01, 2019 | Jun. 06, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 |
Share-based Payment Arrangement [Abstract] | |||||||
Options issued | 900,000 | 625,000 | 500,000 | 1,525,000 | 2,025,000 | ||
Exercise price (Weighted average) | $ 0.15 | $ 0.15 | $ 0.935 | ||||
Stock price | $ 0.08 | $ 0.07 | $ 0.075 | ||||
Expected volatility | 217.85% | 217.79% | 217.24% | ||||
Expected term (years) | 5 years | 5 years | 5 years | ||||
Risk free rate | 1.43% | 1.51% | 1.88% | ||||
Fair value of options issued | $ 88,448 | $ 61,429 | $ 48,084 | $ 48,084 |
Stock Options - Summary of Opti
Stock Options - Summary of Options Vest Upon Grant and Exercisable (Details) - $ / shares | Oct. 02, 2019 | Oct. 01, 2019 | Jun. 06, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | ||||
Total stock option granted | 900,000 | 625,000 | 500,000 | 1,525,000 | 2,025,000 | ||||||
Stock option exercise price | $ 0.15 | $ 0.15 | $ 0.94 | $ 0.15 | [1] | [1] | $ 0.15 | [1] | [1] | ||
Options 1 [Member] | |||||||||||
Total stock option granted | 450,000 | 325,000 | 50,000 | ||||||||
Stock option exercise price | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||
Options 2 [Member] | |||||||||||
Total stock option granted | 450,000 | 300,000 | 50,000 | ||||||||
Stock option exercise price | $ 0.20 | $ 0.20 | $ 0.20 | ||||||||
Options 3 [Member] | |||||||||||
Total stock option granted | 25,000 | ||||||||||
Stock option exercise price | $ 0.35 | ||||||||||
Options 4 [Member] | |||||||||||
Total stock option granted | 25,000 | ||||||||||
Stock option exercise price | $ 0.50 | ||||||||||
Options 5 [Member] | |||||||||||
Total stock option granted | 50,000 | ||||||||||
Stock option exercise price | $ 0.75 | ||||||||||
Options 6 [Member] | |||||||||||
Total stock option granted | 50,000 | ||||||||||
Stock option exercise price | $ 1 | ||||||||||
Options 7 [Member] | |||||||||||
Total stock option granted | 125,000 | ||||||||||
Stock option exercise price | $ 1.25 | ||||||||||
Options 8 [Member] | |||||||||||
Total stock option granted | 125,000 | ||||||||||
Stock option exercise price | $ 1.50 | ||||||||||
[1] | Weighted average exercise price. |
Stock Options - Summary of Op_2
Stock Options - Summary of Options Issued and Outstanding in Conjunction with Stock Option Plan (Details) - $ / shares | Oct. 02, 2019 | Oct. 01, 2019 | Jun. 06, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |||||
Share-based Payment Arrangement [Abstract] | ||||||||||||
Options, Beginning balance | 8,700,000 | 9,355,000 | 8,200,000 | 9,355,000 | ||||||||
Options, Issued | 900,000 | 625,000 | 500,000 | 1,525,000 | 2,025,000 | |||||||
Options, Exercised | ||||||||||||
Options, Expired | ||||||||||||
Options, Ending balance | 10,225,000 | 9,355,000 | 10,225,000 | 9,355,000 | ||||||||
Options, Exercisable at end of period | 10,225,000 | 9,163,750 | 10,225,000 | 9,163,750 | ||||||||
Weighted average exercise price, Beginning balance | [1] | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | |||||||
Weighted average exercise price, Issued | $ 0.15 | $ 0.15 | $ 0.94 | 0.15 | [1] | [1] | 0.15 | [1] | [1] | |||
Weighted average exercise price, Exercised | [1] | |||||||||||
Weighted average exercise price, Expired | [1] | |||||||||||
Weighted average exercise price, Ending balance | [1] | 0.51 | 0.52 | 0.51 | 0.52 | |||||||
Weighted average exercise price, Exercisable at end of period | [1] | $ 0.51 | $ 0.53 | $ 0.51 | $ 0.53 | |||||||
[1] | Weighted average exercise price. |
Stock Options - Summary of Addi
Stock Options - Summary of Additional Information about Options Under Stock Option Plan (Details) - $ / shares | Oct. 02, 2019 | Oct. 01, 2019 | Jun. 06, 2019 | Apr. 30, 2018 | Mar. 01, 2017 | Jan. 01, 2017 | Aug. 12, 2016 | Jan. 31, 2020 |
Options outstanding and exercisable, Shares | 10,225,000 | |||||||
Options outstanding and exercisable, Price | $ 0.51 | |||||||
Options outstanding and exercisable, Remaining Term | 2 years 5 months 27 days | |||||||
Stock Option Plan [Member] | ||||||||
Options outstanding and exercisable, Shares | 900,000 | 625,000 | 500,000 | 500,000 | 1,200,000 | 2,800,000 | 3,700,000 | |
Options outstanding and exercisable, Price | $ 0.15 | $ 0.15 | $ 0.94 | $ 3 | $ 0.58 | $ 0.14 | $ 0.52 | |
Options outstanding and exercisable, Remaining Term | 4 years 8 months 2 days | 4 years 8 months 2 days | 4 years 4 months 6 days | 3 years 2 months 30 days | 3 years 29 days | 1 year 11 months 1 day | 1 year 5 months 20 days |
Warrants - Schedule of Activity
Warrants - Schedule of Activity for Warrants to Purchase Shares (Details) | 9 Months Ended |
Jan. 31, 2020$ / sharesshares | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants, Balance outstanding beginning | shares | |
Warrants, Issued | shares | 9,191,432 |
Warrants, Expired | shares | |
Warrants, Balance outstanding at ending | shares | 9,191,432 |
Weighted average exercise price, Balance outstanding beginning | $ / shares | |
Weighted average exercise price, Issued | $ / shares | 0.11 |
Weighted average exercise price, Expired | $ / shares | |
Weighted average exercise price, Balance outstanding at ending | $ / shares | $ 0.11 |
Warrants - Schedule of Warrants
Warrants - Schedule of Warrants Outstanding (Details) | 9 Months Ended |
Jan. 31, 2020$ / sharesshares | |
Warrants | shares | 9,191,432 |
Price | $ / shares | $ 0.11 |
Remaining Term | 1 year 2 months 8 days |
Warrants One [Member] | |
Issue date | May 1, 2019 |
Expiration date | Nov. 1, 2020 |
Warrants | shares | 200,000 |
Price | $ / shares | $ 0.15 |
Remaining Term | 9 months |
Warrants Two [Member] | |
Issue date | Jun. 1, 2019 |
Expiration date | Mar. 30, 2020 |
Warrants | shares | 2,000,000 |
Price | $ / shares | $ 0.10 |
Remaining Term | 1 year 1 month 27 days |
Warrants Three [Member] | |
Issue date | Jul. 10, 2019 |
Expiration date | Jan. 10, 2021 |
Warrants | shares | 400,000 |
Price | $ / shares | $ 0.10 |
Remaining Term | 11 months 12 days |
Warrants Four [Member] | |
Issue date | Sep. 30, 2019 |
Expiration date | Mar. 31, 2021 |
Warrants | shares | 5,000,000 |
Price | $ / shares | $ 0.10 |
Remaining Term | 1 year 1 month 27 days |
Warrants Five [Member] | |
Issue date | Oct. 15, 2019 |
Expiration date | Apr. 15, 2021 |
Warrants | shares | 142,860 |
Price | $ / shares | $ 0.15 |
Remaining Term | 1 year 2 months 16 days |
Warrants Six [Member] | |
Issue date | Dec. 30, 2019 |
Expiration date | Jun. 30, 2021 |
Warrants | shares | 1,318,572 |
Price | $ / shares | $ 0.15 |
Remaining Term | 1 year 4 months 28 days |
Warrants Seven [Member] | |
Issue date | Dec. 31, 2019 |
Expiration date | Jun. 30, 2021 |
Warrants | shares | 130,000 |
Price | $ / shares | $ 0.15 |
Remaining Term | 1 year 4 months 28 days |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Apr. 10, 2020 | Apr. 03, 2020 | Mar. 04, 2020 | Feb. 25, 2020 | Feb. 10, 2020 | Nov. 27, 2019 | Jun. 05, 2019 | Jul. 31, 2019 | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 |
Common stock shares issued | 5,191,160 | 251,167 | |||||||||
Value of common stock issued | $ 19,117 | $ 10,380 | |||||||||
Convertible promissory notes | $ 969,034 | $ 415,792 | |||||||||
Debt conversion shares issued | 30,669,091 | ||||||||||
Convertible price per shares | $ 0.06 | $ 0.06 | $ 0.10 | ||||||||
Proceeds from private placement | $ 264,830 | ||||||||||
Private Placement [Member] | |||||||||||
Common stock shares issued | 200,000 | ||||||||||
Proceeds from private placement | $ 14,000 | ||||||||||
Sale of stock, price per share | $ 0.07 | ||||||||||
Warrants term description | The term of each warrant is for eighteen months commencing with its subscription date of June 1, 2019. | ||||||||||
Warrant [Member] | |||||||||||
Warrants to purchase common stock | 200,000 | ||||||||||
Sale of stock, price per share | $ 0.15 | ||||||||||
Subsequent Event [Member] | Private Placement [Member] | |||||||||||
Common stock shares issued | 2,000,000 | ||||||||||
Proceeds from private placement | $ 100,000 | ||||||||||
Sale of stock, price per share | $ 0.05 | ||||||||||
Warrants term description | The term of each warrant is for eighteen months commencing with its subscription date of February 3, 2020. | ||||||||||
Subsequent Event [Member] | Warrant [Member] | |||||||||||
Warrants to purchase common stock | 2,000,000 | ||||||||||
Sale of stock, price per share | $ 0.10 | ||||||||||
Subsequent Event [Member] | Two Vendors [Member] | |||||||||||
Common stock shares issued | 54,700 | ||||||||||
Accounts payable | $ 3,290 | ||||||||||
Subsequent Event [Member] | Two Employees [Member] | |||||||||||
Common stock shares issued | 100,566 | ||||||||||
Value of common stock issued | $ 5,338 | ||||||||||
Subsequent Event [Member] | Employee [Member] | Employment Agreement [Member] | |||||||||||
Common stock shares issued | 100,000 | ||||||||||
Value of common stock issued | $ 7,000 | ||||||||||
Subsequent Event [Member] | Five Holders [Member] | Non-Related Party Notes [Member] | |||||||||||
Convertible promissory notes | $ 34,734 | ||||||||||
Accrued interest | $ 5,789 | ||||||||||
Debt conversion shares issued | 347,340 | ||||||||||
Convertible price per shares | $ 0.10 | ||||||||||
Subsequent Event [Member] | Two Holders [Member] | Related Party Notes [Member] | |||||||||||
Convertible promissory notes | $ 43,200 | ||||||||||
Accrued interest | $ 7,200 | ||||||||||
Debt conversion shares issued | 432,000 | ||||||||||
Convertible price per shares | $ 0.10 |