Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
31-May-14 | Sep. 12, 2014 | Nov. 29, 2013 | |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-May-14 | ' | ' |
Trading Symbol | 'mvtg | ' | ' |
Entity Registrant Name | 'Mantra Venture Group Ltd. | ' | ' |
Entity Central Index Key | '0001413891 | ' | ' |
Current Fiscal Year End Date | '--05-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 70,692,692 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $2,138,003 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_balance_sheets
Consolidated balance sheets (USD $) | 31-May-14 | 31-May-13 |
Current assets | ' | ' |
Cash | $931,886 | $25,387 |
Amounts receivable | 163,591 | 19,915 |
Prepaid expenses and deposits | 504,697 | 34,521 |
Total current assets | 1,600,174 | 79,823 |
Restricted cash | 27,374 | 28,750 |
Property and equipment | 94,231 | 70,771 |
Intangible assets | 29,547 | 0 |
Total assets | 1,751,326 | 179,344 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 715,053 | 571,805 |
Due to related parties | 159,994 | 173,424 |
Loans payable | 204,176 | 253,227 |
Obligations under capital lease | 8,246 | 7,826 |
Convertible debentures | 164,660 | 200,097 |
Total current liabilities | 1,252,129 | 1,206,379 |
Loans payable | 0 | 31,346 |
Obligations under capital lease | 19,856 | 29,177 |
Convertible debentures (net of discount of $175,360) | 16,640 | 0 |
Total liabilities | 1,288,625 | 1,266,902 |
Stockholders' equity (deficit) | ' | ' |
Preferred stock Authorized: 20,000,000 shares, par value $0.00001 Issued and outstanding: Nil shares | 0 | 0 |
Common stock Authorized: 100,000,000 shares, par value $0.00001 Issued and outstanding: 69,157,322 (May 31, 2013 - 55,226,276) shares | 692 | 552 |
Additional paid-in capital | 9,679,880 | 6,875,939 |
Subscriptions receivable | -1,791 | 0 |
Common stock subscribed | 216,391 | 115,662 |
Accumulated deficit | -9,314,295 | -8,023,639 |
Total Mantra Venture Group Ltd. stockholders' equity (deficit) | 580,877 | -1,031,486 |
Non-controlling interest | -118,176 | -56,072 |
Total stockholders' deficit | 462,701 | -1,087,558 |
Total liabilities and stockholders' equity (deficit) | $1,751,326 | $179,344 |
Consolidated_balance_sheets_Pa
Consolidated balance sheets (Parenthetical) (USD $) | 31-May-14 | 31-May-13 |
Convertible debentures, Net of Discount | $175,360 | $0 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Issued | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 69,157,322 | 55,226,276 |
Common Stock, Shares, Outstanding | 69,157,322 | 55,226,276 |
Consolidated_statements_of_ope
Consolidated statements of operations (USD $) | 12 Months Ended | |
31-May-14 | 31-May-13 | |
Revenue | $274,584 | $3,027 |
Cost of goods sold | 0 | 2,500 |
Gross profit | 274,584 | 527 |
Operating expenses | ' | ' |
Business development | 40,300 | 18,907 |
Consulting and advisory | 342,307 | 120,787 |
Depreciation and amortization | 25,772 | 30,872 |
Foreign exchange loss (gain) | -88,728 | -13,942 |
General and administrative | 132,673 | 48,452 |
License fees | 40,000 | 30,459 |
Management fees | 184,463 | 312,586 |
Professional fees | 168,354 | 159,705 |
Public listing costs | 24,405 | 15,400 |
Rent | 57,853 | 22,623 |
Research and development | 396,278 | 428,674 |
Shareholder communications and awareness | 7,382 | 40,035 |
Travel and promotion | 199,327 | 119,906 |
Wages and benefits | 37,736 | 40,235 |
Total operating expenses | 1,568,122 | 1,374,699 |
Loss before other income (expense) | -1,293,538 | -1,374,172 |
Other income (expense) | ' | ' |
Accretion of discounts on convertible debentures | -26,557 | -2,998 |
Gain on settlement of debt | 11,503 | 497 |
Interest expense | -44,168 | -43,458 |
Total other income (expense) | -59,222 | -45,959 |
Net loss for the period | -1,352,760 | -1,420,131 |
Less: net loss attributable to the non-controlling interest | 62,104 | 85,962 |
Net loss attributable to Mantra Venture Group Ltd. | ($1,290,656) | ($1,334,169) |
Net loss per share attributable to Mantra Venture Group Ltd. common shareholders, basic and diluted | ($0.02) | ($0.03) |
Weighted average number of shares outstanding used in the calculation of net loss attributable to Mantra Venture Group Ltd. per common share | 59,096,396 | 51,052,620 |
Consolidated_statements_of_cas
Consolidated statements of cash flows (USD $) | 12 Months Ended | |
31-May-14 | 31-May-13 | |
Operating activities | ' | ' |
Net loss | ($1,352,760) | ($1,420,131) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Accretion of discounts on convertible debentures | 26,557 | 2,998 |
Depreciation and amortization | 25,772 | 30,872 |
Foreign exchange loss (gain) | -7,424 | 4,430 |
Gain on settlement of debt | -11,503 | -497 |
Non-cash interest expense | 0 | 10,000 |
Stock-based compensation | 197,703 | 49,991 |
Changes in operating assets and liabilities: | ' | ' |
Amounts receivable | -143,676 | -3,795 |
Inventory | 0 | 2,500 |
Prepaid expenses and deposits | -170,772 | 5,619 |
Accounts payable and accrued liabilities | 147,298 | 35,414 |
Due to related parties | -13,430 | -71,031 |
Net cash used in operating activities | -1,302,235 | -1,353,630 |
Investing activities | ' | ' |
Purchase of property and equipment | -48,475 | -36,134 |
Investment in intangible assets | -30,333 | 0 |
Restricted cash | 0 | -28,750 |
Net cash used in investing activities | -78,808 | -64,884 |
Financing activities | ' | ' |
Repayment of capital lease obligations | -7,542 | -7,921 |
Repayment of loan payable | -101,809 | -55,120 |
Proceeds from issuance of convertible debentures | 192,000 | 0 |
Proceeds from issuance of common stock and subscriptions received | 2,204,893 | 1,291,342 |
Net cash provided by financing activities | 2,287,542 | 1,228,301 |
Change in cash | 906,499 | -190,213 |
Cash, beginning of period | 25,387 | 215,600 |
Cash, end of period | 931,886 | 25,387 |
Non-cash investing and financing activities: | ' | ' |
Property and equipment financed under capital lease | 0 | 42,543 |
Common stock issued to relieve common stock subscribed | 43,000 | 0 |
Loan payable settled through shares issuable | 9,019 | 0 |
Common stock issued for pre-paid asset | 360,000 | 0 |
Debt discount on beneficial conversion feature | 192,000 | 0 |
Common stock subscriptions transferred to loans payable | 0 | 50,000 |
Supplemental disclosures: | ' | ' |
Interest paid | 9,098 | 56,979 |
Income taxes paid | $0 | $0 |
Consolidated_statements_of_sto
Consolidated statements of stockholders equity (deficit) (USD $) | Common Stock [Member] | Additional paid-in capital [Member] | Common stock subscribed [Member] | Common stock subscriptions receivable [Member] | Accumulated Deficit [Member] | Non-controlling interest [Member] | Total |
Beginning Balance at May. 31, 2012 | $456 | $5,675,442 | $144,916 | ($94,708) | ($6,689,470) | ($8,297) | ($971,661) |
Beginning Balance (Shares) at May. 31, 2012 | 45,623,806 | ' | ' | ' | ' | ' | ' |
Stock issued at $0.03 per share pursuant to the exercise of stock options | 3 | 7,497 | ' | ' | ' | ' | 7,500 |
Stock issued at $0.03 per share pursuant to the exercise of stock options (Shares) | 250,000 | ' | ' | ' | ' | ' | ' |
Stock issued at $0.05 per share pursuant to the exercise of stock options | 2 | 9,998 | ' | ' | ' | ' | 10,000 |
Stock issued at $0.05 per share pursuant to the exercise of stock options (Shares) | 200,000 | ' | ' | ' | ' | ' | ' |
Units issued at $0.015 per share | 13 | 19,987 | -20,000 | ' | ' | ' | ' |
Units issued at $0.015 per share (Shares) | 1,333,333 | ' | ' | ' | ' | ' | ' |
Units issued at $0.05 per share | 8 | 41,292 | -41,300 | ' | ' | ' | ' |
Units issued at $0.05 per share (Shares) | 826,000 | ' | ' | ' | ' | ' | ' |
Units issued at $0.10 per share | 21 | 212,479 | -20,000 | ' | ' | ' | 192,500 |
Units issued at $0.10 per share (Shares) | 2,125,000 | ' | ' | ' | ' | ' | ' |
Units issued at $0.12 per share | 33 | 398,967 | ' | ' | ' | ' | 399,000 |
Units issued at $0.12 per share (Shares) | 3,325,001 | ' | ' | ' | ' | ' | ' |
Units issued at $0.17 per share | 16 | 262,318 | ' | ' | ' | ' | 262,334 |
Units issued at $0.17 per share (Shares) | 1,543,136 | ' | ' | ' | ' | ' | ' |
Stock issued by subsidiaries at Cdn$1.00 per share | ' | 185,067 | ' | ' | ' | 22,664 | 207,731 |
Share subscriptions for previously issued shares received by subsidiary | ' | ' | ' | 94,708 | ' | 8,292 | 103,000 |
Share subscriptions received by subsidiary | ' | ' | 59,046 | ' | ' | 7,231 | 66,277 |
Share subscriptions received | ' | ' | 43,000 | ' | ' | ' | 43,000 |
Share subscriptions transferred to loans payable | ' | ' | -50,000 | ' | ' | ' | -50,000 |
Fair value of stock options granted | ' | 62,892 | ' | ' | ' | ' | 62,892 |
Net loss for the year | ' | ' | ' | ' | -1,334,169 | -85,962 | -1,420,131 |
Ending Balance at May. 31, 2013 | 552 | 6,875,939 | 115,662 | ' | -8,023,639 | -56,072 | -1,087,558 |
Ending Balance (Shares) at May. 31, 2013 | 55,226,276 | ' | ' | ' | ' | ' | ' |
Stock issued at $0.15 per share pursuant to the exercise of warrants | 11 | 163,939 | ' | ' | ' | ' | 163,950 |
Stock issued at $0.15 per share pursuant to the exercise of warrants (Shares) | 1,093,000 | ' | ' | ' | ' | ' | ' |
Stock issued at $0.20 per share pursuant to the exercise of warrants | 31 | 618,961 | ' | ' | ' | ' | 618,992 |
Stock issued at $0.20 per share pursuant to the exercise of warrants (Shares) | 3,094,958 | ' | ' | ' | ' | ' | ' |
Stock issued at $0.05 per share pursuant to the exercise of stock options | 1 | 11,999 | ' | ' | ' | ' | 12,000 |
Stock issued at $0.05 per share pursuant to the exercise of stock options (Shares) | 100,000 | ' | ' | ' | ' | ' | ' |
Units issued at $0.08 per share | 37 | 294,207 | -43,000 | -1,791 | ' | ' | 249,453 |
Units issued at $0.08 per share (Shares) | 3,678,088 | ' | ' | ' | ' | ' | ' |
Units issued at $0.10 per share | 4 | 39,996 | ' | ' | ' | ' | 40,000 |
Units issued at $0.10 per share (Shares) | 400,000 | ' | ' | ' | ' | ' | ' |
Units issued at $0.12 per share | 1 | 16,799 | ' | ' | ' | ' | 16,800 |
Units issued at $0.12 per share (Shares) | 140,000 | ' | ' | ' | ' | ' | ' |
Units issued at $0.17 per share | 1 | 16,999 | ' | ' | ' | ' | 17,000 |
Units issued at $0.17 per share (Shares) | 100,000 | ' | ' | ' | ' | ' | ' |
Units issued at $0.20 per share | 48 | 951,952 | ' | ' | ' | ' | 952,000 |
Units issued at $0.20 per share (Shares) | 4,760,000 | ' | ' | ' | ' | ' | ' |
Shares issued for services | 6 | 394,089 | 5 | ' | ' | ' | 394,100 |
Shares issued for services (Shares) | 565,000 | ' | ' | ' | ' | ' | ' |
Share subscriptions received | ' | ' | 134,705 | ' | ' | ' | 134,705 |
Shares issuable for conversion of debt | ' | ' | 9,019 | ' | ' | ' | 9,019 |
Beneficial conversion features | ' | 192,000 | ' | ' | ' | ' | 192,000 |
Fair value of stock options granted | ' | 103,000 | ' | ' | ' | ' | 103,000 |
Net loss for the year | ' | ' | ' | ' | -1,290,656 | -62,104 | -1,352,760 |
Ending Balance at May. 31, 2014 | $692 | $9,679,880 | $216,391 | ($1,791) | ($9,314,295) | ($118,176) | $462,701 |
Ending Balance (Shares) at May. 31, 2014 | 69,157,322 | ' | ' | ' | ' | ' | ' |
Nature_of_Operations_and_Conti
Nature of Operations and Continuance of Business | 12 Months Ended | ||
31-May-14 | |||
Nature of Operations and Continuance of Business [Text Block] | ' | ||
1 | Nature of Operations and Continuance of Business | ||
The Company was incorporated in the State of Nevada on January 22, 2007 to acquire and commercially exploit various new energy related technologies through licenses and purchases. On December 8, 2008, the Company continued its corporate jurisdiction out of the State of Nevada and into the province of British Columbia, Canada. The Company is in the business of developing and providing energy alternatives. The Company also provides marketing and graphic design services to help companies optimize their environmental awareness presence through the eyes of government, industry and the general public. | |||
These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has yet to acquire commercially exploitable energy related technology, and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of management to raise additional equity capital through private and public offerings of its common stock, and the attainment of profitable operations. As at May 31, 2014, the Company has accumulated losses of $9,314,295 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |||
Management requires additional funds over the next twelve months to fully implement its business plan. Management is currently seeking additional financing through the sale of equity and from borrowings from private lenders to cover its operating expenditures. There can be no certainty that these sources will provide the additional funds required for the next twelve months. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||
31-May-14 | |||
Significant Accounting Policies [Text Block] | ' | ||
2 | Significant Accounting Policies | ||
(a) | Basis of Presentation/Principles of Consolidation | ||
These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. These consolidated financial statements include the accounts of the Company and its subsidiaries, Carbon Commodity Corporation, Climate ESCO Ltd., Mantra Energy Alternatives Ltd., Mantra China Inc., Mantra China Limited, Mantra Media Corp., Mantra NextGen Power Inc., and Mantra Wind Inc. All the subsidiaries are wholly-owned with the exception of Climate ESCO Ltd., which is 64.84% owned and Mantra Energy Alternatives Ltd., which is 89.09% owned. All inter- company balances and transactions have been eliminated. | |||
(b) | Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, the estimated useful lives and recoverability of long-lived assets, valuation of inventory, equity component of convertible debt, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
(c) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
(d) | Accounts Receivable | ||
The Company recognizes allowances for doubtful accounts to ensure accounts receivable are not overstated due to the inability or unwillingness of its customers to make required payments. The allowance is based on historical bad debt expense, the age of receivable and the specific identification of receivables the Company considers at risk. | |||
(e) | Property and Equipment | ||
Property and equipment are stated at cost. The Company depreciates the cost of property and equipment over their estimated useful lives at the following annual rates: | |||
Automotive | 3 years straight-line basis | ||
Computer equipment | 3 years straight-line basis | ||
Leasehold improvements | 5 years straight-line basis | ||
Office equipment and furniture | 5 years straight-line basis | ||
Research equipment | 5 years straight-line basis | ||
(f) | Intangible Assets | ||
Intangible assets consist of patents and are stated at cost and have a definite life. Intangible assets are amortized over their estimated useful lives. The Company periodically evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts. These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques. The Company has no intangibles with indefinite lives. | |||
(g) | Long-lived Assets | ||
In accordance with ASC 360, “ Property, Plant and Equipment ”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. | |||
(h) | Foreign Currency Translation | ||
Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in income. | |||
The Company’s integrated foreign subsidiaries are financially or operationally dependent on the Company. The Company uses the temporal method to translate the accounts of its integrated operations into U.S. dollars. Monetary assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period, except for amortization, which is translated on the same basis as the related asset. The resulting exchange gains or losses are recognized in income. | |||
(i) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Accounting for Income Taxes ”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
As of May 31, 2014 and 2013, the Company did not have any amounts recorded pertaining to uncertain tax positions. | |||
The Company files federal and provincial income tax returns in Canada and federal, state and local income tax returns in the U.S., as applicable. The Company may be subject to a reassessment of federal and provincial income taxes by Canadian tax authorities for a period of three years from the date of the original notice of assessment in respect of any particular taxation year. For Canadian and U.S. income tax returns, the open taxation years range from 2010 to 2014. In certain circumstances, the U.S. federal statute of limitations can reach beyond the standard three year period. U.S. state statutes of limitations for income tax assessment vary from state to state. Tax authorities of Canada and U.S. have not audited any of the Company’s, or its subsidiaries’, income tax returns for the open taxation years noted above. | |||
The Company recognizes interest and penalties related to uncertain tax positions in tax expense. During the years ended May 31, 2014 and 2013, there were no charges for interest or penalties. | |||
(j) | Technology Development Revenue Recognition | ||
The Company performs research and development services. The Company recognizes revenue under research contracts when a contract has been executed, the contract price is fixed and determinable, delivery of services or products has occurred, and collectability of the contract price is considered reasonably assured and can be reasonably estimated. Revenue is based on direct labor hours expended at contract billing rates plus other billable direct costs. | |||
(k) | Financial Instruments and Fair Value Measures | ||
ASC 820, “ Fair Value Measurements and Disclosures ” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
The Company’s financial instruments consist principally of cash, amounts receivable, accounts payable and accrued liabilities, loans payable, convertible debentures, obligations under capital lease, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||
(l) | Research and Development Costs | ||
Research and development costs are expensed as incurred. | |||
(m) | Stock-based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, “ Compensation – Stock Compensation ”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the consolidated statement of operations over the requisite service period. | |||
(n) | Loss Per Share | ||
The Company computes loss per share in accordance with ASC 260, " Earnings per Share " which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing the 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 preferred stock 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. As at May 31, 2014, the Company had 10,904,755 (2013 – 10,329,619) dilutive potential shares outstanding. | |||
(o) | Comprehensive Loss | ||
ASC 220, “ Comprehensive Income ,” establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at May 31, 2014 and 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the consolidated financial statements. | |||
(p) | Recent Accounting Pronouncements | ||
The Company has limited operations and is considered to be in the development stage. In the year ended May 31, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, | |||
Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements . The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage. | |||
We do not expect the adoption of any other recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow. |
Restricted_Cash
Restricted Cash | 12 Months Ended | |
31-May-14 | ||
Restricted Cash [Text Block] | ' | |
3 | Restricted Cash | |
Restricted cash represents cash pledged as security for the Company’s credit cards. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Property and Equipment [Text Block] | ' | |||||||||||||
4 | Property and Equipment | |||||||||||||
May 31, | May 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Accumulated | Net carrying | Net carrying | ||||||||||||
Cost | depreciation | value | value | |||||||||||
$ | $ | $ | $ | |||||||||||
Computer | 5,341 | 2,520 | 2,821 | 3,080 | ||||||||||
Research equipment | 108,964 | 57,934 | 51,030 | 10,533 | ||||||||||
Vehicles under capital lease | 68,340 | 30,482 | 37,858 | 57,158 | ||||||||||
182,645 | 88,416 | 94,231 | 70,771 |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Intangible Assets [Text Block] | ' | |||||||||||||
5 | Intangible Assets | |||||||||||||
May 31, | May 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Accumulated | Net carrying | Net carrying | ||||||||||||
Cost | depreciation | value | value | |||||||||||
$ | $ | $ | $ | |||||||||||
Patents | 30,033 | 786 | 29,547 | - | ||||||||||
Estimated amortization expense for the next 5 years: | ||||||||||||||
$ | ||||||||||||||
For year ended May 31, 2015 | 2,078 | |||||||||||||
For year ended May 31, 2016 | 2,078 | |||||||||||||
For year ended May 31, 2017 | 2,078 | |||||||||||||
For year ended May 31, 2018 | 2,078 | |||||||||||||
For year ended May 31, 2019 | 2,078 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
31-May-14 | |||
Related Party Transactions [Text Block] | ' | ||
6 | Related Party Transactions | ||
(a) | During the year ended May 31, 2014, the Company incurred management fees of $128,917 (2013 - $95,098) and rent of $13,500 (2012 - $Nil) to the President of the Company. | ||
(b) | During the year ended May 31, 2014, the Company incurred management fees of $55,546 (2013 - $58,988) to the spouse of the President of the Company. | ||
(c) | During the year ended May 31, 2014, the Company incurred research and development fees of $65,121 (2013 - $50,000 management fees) to a director of the Company. | ||
(d) | As at May 31, 2014, the Company owes a total of $124,857 (May 31, 2013 - $138,526) to the President of the Company and a company controlled by the President of the Company which is non-interest bearing, unsecured, and due on demand. | ||
(e) | As at May 31, 2014, the Company owes $13,619 (May 31, 2013 - $11,515) to the spouse of the President of the Company which is non-interest bearing, unsecured, and due on demand. | ||
(f) | As at May 31, 2014, the Company owes $21,518 (May 31, 2013 - $23,383) to an officer and a director of the Company, which is non-interest bearing, unsecured, and due on demand. |
Loans_Payable
Loans Payable | 12 Months Ended | ||
31-May-14 | |||
Loans Payable [Text Block] | ' | ||
7 | Loans Payable | ||
(a) | As at May 31, 2014, the amount of $58,251 (Cdn$63,300) (May 31, 2013 - $61,053 (Cdn$63,300)) is owed to a non-related party which is non-interest bearing, unsecured, and due on demand. | ||
(b) | During the year ended May 31, 2014, the $5,000 of loans payable and $4,019 of accrued interest was converted by a lender. At May 31, 2014, $9,019 is included in common stock subscribed. As at May 31, 2013, $5,000 was owed to a non-related party and $3,723 which was included in accounts payable and accrued liabilities. | ||
(c) | As at May 31, 2014, the amount of $Nil (Cdn$Nil) (May 31, 2013 – $9,838 (Cdn$10,200)) was owed to a non-related party, which is non-interest bearing, unsecured, and due on demand. The entire amount was repaid during the year ended May 31, 2014. | ||
(d) | As at May 31, 2014, the amount of $17,500 (May 31, 2013 - $17,500) is owed to a non-related party which is non-interest bearing, unsecured, and due on demand. | ||
(e) | As at May 31, 2014, the amount of $15,000 (May 31, 2013 - $15,000) is owed to a non-related party which is non-interest bearing, unsecured, and due on demand. | ||
(f) | As at May 31, 2014, the amount of $17,387 (Cdn$18,895) (May 31, 2013 – $18,884 (Cdn$18,895)) is owed to a non-related party, which is non-interest bearing, unsecured, and due on demand. | ||
(g) | As at May 31, 2014, the amounts of $7,500 and $34,048 (Cdn$37,000) (May 31, 2013 - $7,500 and $35,027, (Cdn$37,000)) are owed to a non-related party which are non-interest bearing, unsecured, and due on demand. | ||
(h) | On January 19, 2012, the Company entered into a settlement agreement to settle a $50,000 convertible debenture and $122,535 in accounts payable and accrued interest with the debt holder. Pursuant to the agreement, the debt holder agreed to reduce the debt to Cdn$100,000 on the condition that the Company pays the amount of Cdn$2,500 per month for 40 months, beginning March 1, 2012 and continuing on the first day of each month thereafter. As at May 31, 2013, $60,281 (Cdn$62,500) was owed, of which $31,346 (Cdn$30,000)) was due over the next twelve months. On April 3, 2014, the Company settled the remaining debt outstanding by paying the debt holder a lump sum of $30,000. The Company recorded a gain on settlement of debt of $11,503. | ||
(i) | As at May 31, 2014, the amount of $4,490 (May 31, 2013 - $4,490) is owed to a non-related party which is non-interest bearing, unsecured, and due on demand. | ||
(j) | In March 2012, the Company received $50,000 for the subscription of 10,000,000 shares of the Company’s common stock. During the year ended May 31, 2013, the Company and the subscriber agreed that the shares would not be issued and that the subscription would be returned. The subscription has been reclassified as a non-interest bearing demand loan until the funds are refunded to the subscriber. |
Obligations_Under_Capital_Leas
Obligations Under Capital Leases | 12 Months Ended | ||||
31-May-14 | |||||
Obligations Under Capital Leases [Text Block] | ' | ||||
8 | Obligations Under Capital Lease | ||||
On July 31, 2012 and December 21, 2012, the Company entered into two agreements to lease two vehicles for three years each. The vehicle leases are classified as a capital leases. The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of May 31, 2014: | |||||
Year ending May 31: | $ | ||||
2015 | 11,608 | ||||
2016 | 20,885 | ||||
Net minimum lease payments | 32,493 | ||||
Less: amount representing interest payments | (4,391 | ) | |||
Present value of net minimum lease payments | 28,102 | ||||
Less: current portion | (8,246 | ) | |||
Long-term portion | 19,856 | ||||
At the end of both leases, the Company has the option to purchase the vehicles for $9,000 each. |
Convertible_Debentures
Convertible Debentures | 12 Months Ended | ||
31-May-14 | |||
Convertible Debentures [Text Block] | ' | ||
9 | Convertible Debentures | ||
(a) | In October 2008, the Company issued three convertible debentures for total proceeds of $250,000 which bear interest at 10% per annum, are unsecured, and due one year from date of issuance. The unpaid amount of principal and accrued interest can be converted at any time at the holder’s option into 625,000 shares of the Company’s common stock at a price of $0.40 per share. The Company also issued 250,000 detachable, non-transferable share purchase warrants. Each share purchase warrant entitles the holder to purchase one additional share of the Company’s common stock for a period of two years from the date of issuance at an exercise price of $0.50 per share. | ||
In accordance with ASC 470-20, “ Debt with Conversion and Other Options ”, the Company determined that the convertible debentures contained no embedded beneficial conversion feature as the convertible debentures were issued with a conversion price higher than the fair market value of the Company’s common shares at the time of issuance. | |||
In accordance with ASC 470-20, the Company allocated the proceeds of issuance between the convertible debt and the detachable share purchase warrants based on their relative fair values. Accordingly, the Company recognized the fair value of the share purchase warrants of $45,930 as additional paid-in capital and an equivalent discount against the convertible debentures. The Company had recorded accretion expense of $45,930, increasing the carrying value of the convertible debentures to $250,000. | |||
On January 19, 2012, the Company entered into a settlement agreement with one of the debenture holders to settle a $50,000 convertible debenture and $122,535 in accounts payable and accrued interest with the debt holder. Pursuant to the agreement, the debt holder agreed to reduce the debt to Cdn$100,000 on the condition that the Company pays the amount of Cdn$2,500 per month for 40 months, beginning March 1, 2012 and continuing on the first day of each month thereafter. | |||
On July 18, 2012, the Company entered into a settlement agreement with the $150,000 debenture holder. Pursuant to the settlement agreement, the lender agreed to extend the due date until April 11, 2013 and the Company agreed to pay $43,890 of accrued interest within five days of the agreement (paid), pay the accruing interest on a monthly basis (paid), and pay a $10,000 premium in addition to the $150,000 principal outstanding on April 11, 2013. On April 29, 2013, the Company entered into an amended settlement agreement whereby the lender agreed to extend the due date to September 15, 2013 and the Company agreed to pay $6,836 of interest for the period from April 1 to September 15, 2013 upon execution of the agreement (paid) and granted the lender 100,000 stock options exercisable at $0.12 per share for a period of two years. | |||
On November 15, 2013, the Company entered into a second settlement agreement amendment. Pursuant to the second amendment, on November 15, 2013, the Company agreed to pay interest of $4,438 (paid) and commencing February 1, 2014, the Company would make monthly payments of $10,000 on the outstanding principal and interest. | |||
The Company evaluated the modifications and determined that the creditor did not grant a concession. In addition, as the present value of the amended future cash flows had a difference of less than 10% of the cash flows of the original debt, it was determined that the original and new debt instruments are not substantially different. As a result, the modification was not treated as an extinguishment of the debt and no gain or loss was recognized. The Company recorded the fair value of $12,901 for the stock options as additional paid-in capital and a discount. During the year ended May 31, 2014, the Company repaid $40,000 of the debenture. As at May 31, 2014 the Company had accreted $12,901 of the discount bring the carrying value of the convertible debenture to $114,661. | |||
(b) | On August 19, 2013, the Company issued a convertible debenture for total proceeds of $10,000, which bears interest at 10% per annum, is unsecured, and due two years from date of issuance. The unpaid amount of principal and accrued interest can be converted at the holder’s option into shares of the Company’s common stock at $0.04 per share at any time after the first anniversary of the notes. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $10,000 as additional paid-in capital and reduced the carrying value of the convertible debenture to $nil. The carrying value will be accreted over the term of the convertible debenture up to its face value of $10,000. As at May 31, 2014, the carrying value of the convertible promissory note was $2,465. | ||
(c) | On September 11, 2013, the Company issued a convertible debenture for total proceeds of $58,000, which bears interest at 10% per annum, is unsecured, and due two years from date of issuance. The unpaid amount of principal and accrued interest can be converted at the holder’s option into shares of the Company’s common stock at $0.04 per share at any time after the first anniversary of the notes. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $58,000 as additional paid-in capital and reduced the carrying value of the convertible debenture to $nil. The carrying value will be accreted over the term of the convertible debenture up to its face value of $58,000. As at May 31, 2014, the carrying value of the convertible promissory note was $4,318. | ||
(d) | On October 18, 2013, the Company issued a convertible debenture for total proceeds of $94,000, which bears interest at 10% per annum, is unsecured, and due two years from date of issuance. The unpaid amount of principal and accrued interest can be converted at the holder’s option into shares of the Company’s common stock at $0.04 per share at any time after the first anniversary of the notes. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $94,000 as additional paid-in capital and reduced the carrying value of the convertible debenture to $nil. The carrying value will be accreted over the term of the convertible debenture up to its face value of $94,000. As at May 31, 2014, the carrying value of the convertible promissory note was $4,082. | ||
(e) | On December 27, 2013, the Company issued three convertible debentures for total proceeds of $15,000, which bear interest at 10% per annum, are unsecured, and due two years from date of issuance. The unpaid amount of principal and accrued interest can be converted at the holder’s option into shares of the Company’s common stock at $0.04 per share at any time after the first anniversary of the notes. The Company recognized the intrinsic value of the embedded beneficial conversion features of $15,000 as additional paid-in capital and reduced the carrying value of the convertible debenture to $nil. The carrying value will be accreted over the term of the convertible debenture up to its face value of $15,000. As at May 31, 2014, the carrying value of the convertible promissory note was $4,230. | ||
(f) | On February 4, 2014, the Company issued a convertible debenture for total proceeds of $15,000, which bears interest at 10% per annum, is unsecured, and due two years from date of issuance. The unpaid amount of principal and accrued interest can be converted at the holder’s option into shares of the Company’s common stock at $0.04 per share at any time after the first anniversary of the notes. The Company recognized the intrinsic value of the embedded beneficial conversion feature of $15,000 as additional paid-in capital and reduced the carrying value of the convertible debenture to $nil. The carrying value will be accreted over the term of the convertible debenture up to its face value of $15,000. As at May 31, 2014, the carrying value of the convertible promissory note was $1,543. |
Common_Stock
Common Stock | 12 Months Ended | ||
31-May-14 | |||
Common Stock [Text Block] | ' | ||
10 | Common Stock | ||
(a) | As at May 31, 2014, the Company had received proceeds of $100,000 at $0.30 per unit for subscriptions for 333,333 units. Each unit will consist of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.80 per common share for a period of three years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the- Counter Bulletin Board at a price at or above $1.60 per share for seven consecutive trading days. The units were issued on July 11, 2014. | ||
(b) | At May 31, 2014, the Company had received proceeds of $2,080 at $0.08 per unit for subscriptions for 26,000 units. Each unit consisted of one share of common stock and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable at $0.20 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(c) | At May 31, 2014, the Company had received proceeds of $32,625 for subscriptions for 140,500 shares of common stock upon the exercise of warrants. | ||
(d) | As at May 31, 2014 the Company’s subsidiary, Mantra Energy Alternatives Ltd., had received subscriptions for 67,000 shares of common stock at Cdn$1.00 per share for proceeds of $66,277 (Cdn$67,000), which is included in common stock subscribed, net of the non-controlling interest portion of $7,231. | ||
(e) | As at May 31, 2014, the Company’s subsidiary, Climate ESCO Ltd., had received subscriptions for 210,000 shares of common stock at $0.10 per share for proceeds of $21,000, which is included in common stock subscribed, net of the non-controlling interest portion of $7,384. | ||
(f) | As at May 31, 2014, the Company recorded the fair value of 500,000 shares issuable of $270,000 as $5 of subscriptions receivable and $269,995 as additional paid in capital. As at May 31, 2014, the Company had recorded $38,096 of consulting fees and $231,904 as prepaid expenses. | ||
(g) | At May 31, 2014, the conversion of $5,000 of loans payable and $4,019 of accrued interest by a lender was included in common stock subscribed. | ||
Stock transactions during the year ended May 31, 2014: | |||
(h) | On July 15, 2013, the Company issued 1,871,588 units at $0.08 per unit for proceeds of $149,727, of which $26,000 was included in common stock subscribed as at May 31, 2013. Each unit consisted of one share of common stock and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable at $0.20 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(i) | On February 11, 2014, the Company issued 40,000 units at $0.12 per unit for proceeds of $4,800. Each unit consisted of one share of common stock and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable at $0.20 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(j) | On February 11, 2014, the Company issued 575,000 units at $0.08 per unit for proceeds of $46,000. Each unit consisted of one share of common stock and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable at $0.20 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(k) | On February 11, 2014, the Company issued 100,000 units at $0.17 per unit for proceeds of $17,000 of which $17,000 was included in common stock subscribed as at May 31, 2013. Each unit consisted of one share of common stock and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable at $0.40 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.60 per share for seven consecutive trading days. | ||
(l) | On February 18, 2014, the Company issued 1,205,500 units at $0.08 per unit for proceeds of $96,440. On April 3, 2014, the Company issued an additional 26,000 units for proceeds of $2,080 for shares that were omitted from the original issuance in error. Each unit consisted of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.15 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(m) | On February 18, 2014, the Company issued 400,000 units at $0.10 per unit for proceeds of $40,000. Each unit consisted of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.20 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(n) | On March 1, 2014, the Company issued 500,000 common shares with a fair value of $0.18 per share to a consultant for consulting services. The Company recognized the fair value of the shares of $90,000 as $22,500 of consulting expenses and $67,500 of prepaid expenses. | ||
(o) | On March 3, 2014, the Company issued 25,000 common shares with a fair value of $0.50 per share to a consultant for consulting services. The Company issued an additional 20,000 shares with a fair value of $0.38 and 20,000 shares with a fair value of $0.70 per share to the same consultant on May 9, 2014 and May 16, 2014, respectively The Company recognized the total fair value of the shares issued to the consultant of $34,100 as consulting expenses. | ||
(p) | On March 18, 2014, the Company issued 100,000 units at $0.12 per unit for proceeds of $12,000. Each unit consisted of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.20 per share of common stock for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(q) | On March 18, 2014, the Company issued 685,000 units at $0.20 per unit for proceeds of $137,000. Each unit consisted of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.40 per share of common stock for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.80 per share for seven consecutive trading days. At May 31, 2014, $1,791 of proceeds was receivable. | ||
(r) | On April 3, 2014, the Company issued 3,777,958 shares of common stock upon the exercise of warrants for proceeds of $711,442. | ||
(s) | On April 10, 2014, the Company issued 4,075,000 units at $0.20 per unit for proceeds of $815,000. Each unit consisted of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.37 per share of common stock for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $2.50 per share for seven consecutive trading days. | ||
(t) | On April 18, 2014, the Company issued 410,000 shares of common stock upon the exercise of warrants for proceeds of $71,500. | ||
(u) | On April 30, 2014, the Company issued 100,000 shares of common stock upon the exercise of stock options at $0.12 per share for proceeds of $12,000. | ||
Stock transactions during the year ended May 31, 2013: | |||
(a) | As at May 31, 2013, the Company had received proceeds of $43,000 for subscriptions for 100,000 units at $0.17 and 325,000 units at $0.08 per unit. Refer to Note 14(b). | ||
(b) | As at May 31, 2013 the Company’s subsidiary, Mantra Energy Alternatives Ltd., had received subscriptions for 67,000 shares of common stock at Cdn$1.00 per share for proceeds of $66,277 (Cnd$67,000), which is included in common stock subscribed net of the non-controlling interest portion of $7,231. | ||
(c) | As at May 31, 2013, the Company’s subsidiary, Climate ESCO Ltd., had received subscriptions for 210,000 shares of common stock at $0.10 per share for proceeds of $21,000, which is included in common stock subscribed net of the non-controlling interest portion of $7,384. | ||
(d) | On May 30, 2013, the Company issued 62,000 units at $0.17 per unit for proceeds of $10,540. Each unit consisted of one share of common stock and one half of one share purchase warrant exercisable at $0.40 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.60 per share for seven consecutive trading days. | ||
(e) | On May 10, 2013, the Company issued 400,000 units at $0.12 per unit for proceeds of $48,000. Each unit consisted of one share of common stock and one share purchase warrant exercisable at $0.20 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(f) | On March 18, 2013, the Company issued 1,481,136 units at $0.17 per unit for proceeds of $251,794. Each unit consisted of one share of common stock and one half of a share purchase warrant exercisable at $0.40 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.60 per share for seven consecutive trading days. | ||
(g) | On December 11, 2012, the Company issued 2,925,001 units at $0.12 per unit for proceeds of $351,000. Each unit consisted of one share of common stock and one share purchase warrant exercisable at $0.20 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.40 per share for seven consecutive trading days. | ||
(h) | On December 1, 2012, the Company’s subsidiary, Mantra Energy Alternatives Ltd., issued 210,000 shares of common stock at Cdn$1.00 per share for proceeds of $207,731 (Cdn$210,000). | ||
(i) | On November 16, 2012, the Company issued 200,000 shares of common stock at $0.05 per share for proceeds of $10,000 pursuant to the exercise of stock options. | ||
(j) | On November 7, 2012, the Company issued 250,000 shares of common stock at $0.03 per share for proceeds of $7,500 pursuant to the exercise of stock options. | ||
(k) | On September 23, 2012, the Company issued 100,000 units at $0.10 per unit for proceeds of $10,000. Each unit consisted of one share of common stock and one share purchase warrant exercisable at $0.15 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.30 per share for seven consecutive trading days. | ||
(l) | On September 11, 2012, the Company issued 2,025,000 units at $0.10 per unit for proceeds of $202,500, of which $20,000 was included in common stock subscribed as at May 31, 2012. Each unit consisted of one share of common stock and one share purchase warrant exercisable at $0.15 per common share for a period of two years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.30 per share for seven consecutive trading days. | ||
(m) | On July 9, 2012, the Company issued 826,000 shares of common stock at $0.05 per share for total proceeds of $41,300, which was included in common stock subscribed as at May 31, 2012. | ||
(n) | On June 29, 2012, the Company issued 1,333,333 shares of common stock at $0.015 per share for proceeds of $20,000, which was included in common stock subscribed as at May 31, 2012. |
Share_Purchase_Warrants
Share Purchase Warrants | 12 Months Ended | |||||||
31-May-14 | ||||||||
Share Purchase Warrants [Text Block] | ' | |||||||
11 | Share Purchase Warrants | |||||||
The following table summarizes the continuity of share purchase warrants: | ||||||||
Weighted | ||||||||
average | ||||||||
exercise | ||||||||
Number of | price | |||||||
warrants | $ | |||||||
Balance, May 31, 2012 | 7,745,992 | 0.2 | ||||||
Issued | 6,221,569 | 0.21 | ||||||
Expired | (4,562,942 | ) | 0.2 | |||||
Balance, May 31, 2013 | 9,404,619 | 0.21 | ||||||
Issued | 7,784,791 | 0.3 | ||||||
Exercised | (4,187,958 | ) | 0.19 | |||||
Expired | (3,183,050 | ) | 0.2 | |||||
Balance, May 31, 2014 | 9,818,402 | 0.29 | ||||||
As at May 31, 2014, the following share purchase warrants were outstanding: | ||||||||
Exercise | ||||||||
Number of | price | |||||||
warrants | $ | Expiry date | ||||||
1,550,000 | 0.15 | 11-Sep-14 | ||||||
100,000 | 0.15 | 23-Sep-14 | ||||||
1,909,334 | 0.2 | 11-Dec-14 | ||||||
740,568 | 0.4 | 18-Mar-15 | ||||||
31,000 | 0.4 | 30-May-15 | ||||||
64,000 | 0.2 | 11-Feb-16 | ||||||
50,000 | 0.4 | 11-Feb-16 | ||||||
613,500 | 0.15 | 18-Feb-16 | ||||||
685,000 | 0.4 | 18-Mar-16 | ||||||
4,075,000 | 0.37 | 10-Apr-19 | ||||||
9,818,402 |
Stock_Options
Stock Options | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Stock Options [Text Block] | ' | |||||||||||||
12 | Stock Options | |||||||||||||
On July 1, 2013, the Company granted 300,000 stock options exercisable at $0.20 per share for a period of two years. The Company recorded the fair value of the options of $38,200 as consulting fees. | ||||||||||||||
On April 28, 2016, the Company granted 175,000 stock options exercisable at $0.20 per share for a period of two years. The Company recorded the fair value of the options of $64,800 as consulting fees. | ||||||||||||||
The following table summarizes the continuity of the Company’s stock options: | ||||||||||||||
Weighted | Weighted average | Aggregate | ||||||||||||
average | remaining | intrinsic | ||||||||||||
Number | exercise price | contractual life | value | |||||||||||
of options | $ | (years) | $ | |||||||||||
Outstanding, May 31, 2012 | 1,300,000 | 0.1 | ||||||||||||
Granted | 500,000 | 0.1 | ||||||||||||
Exercised | (450,000 | ) | 0.04 | |||||||||||
Expired | (750,000 | ) | 0.25 | |||||||||||
Forfeited | (200,000 | ) | 0.1 | |||||||||||
Outstanding, May 31, 2013 | 400,000 | 0.1 | ||||||||||||
Granted | 475,000 | 0.2 | ||||||||||||
Exercised | (100,000 | ) | 0.12 | |||||||||||
Expired | (100,000 | ) | 0.06 | |||||||||||
Outstanding and exercisable, May 31, 2014 | 675,000 | 0.17 | 1.25 | 323,750 | ||||||||||
Additional information regarding stock options as of May 31, 2014 is as follows: | ||||||||||||||
Exercise | ||||||||||||||
Number of | price | |||||||||||||
options | $ | Expiry date | ||||||||||||
200,000 | 0.1 | 7-May-15 | ||||||||||||
300,000 | 0.2 | 1-Jul-15 | ||||||||||||
175,000 | 0.2 | 28-Apr-15 | ||||||||||||
675,000 | ||||||||||||||
The fair values for stock options granted have been estimated using the Black-Scholes option pricing model assuming no expected dividends and the following weighted average assumptions: | ||||||||||||||
31-May-14 | 31-May-13 | |||||||||||||
Risk-free Interest rate | 0.33% | 0.27% | ||||||||||||
Expected life (in years) | 2 | 2 | ||||||||||||
Expected volatility | 194% | 179% | ||||||||||||
During the year ended May 31, 2014, the Company recorded stock-based compensation of $103,000 (2013 - $62,892) for stock options granted. | ||||||||||||||
The weighted average fair value of the stock options granted for the year ended May 31, 2014, was $0.22 (2013 - $0.15) per option. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
31-May-14 | |||||
Commitments and Contingencies [Text Block] | ' | ||||
13 | Commitments and Contingencies | ||||
(a) | On September 2, 2009, the Company entered into an agreement with a company to acquire a worldwide, exclusive license for the Mixed Reactant Flow-By Fuel Cell technology. The term of the agreement is for twenty years or the expiry of the last patent licensed under the agreement, whichever is later. The Company agreed to pay the licensor the following license fees: | ||||
• | an initial license fee of Cdn$10,000 payable in two installments: Cdn$5,000 upon execution of the agreement (paid) and Cdn$5,000 within thirty days of September 2, 2009 (paid); | ||||
• | a further license fee of Cdn$15,000 (paid) to be paid within ninety days of September 2, 2009; and | ||||
• | an annual license fee, payable annually on the anniversary of the date of the agreement as follows: | ||||
1-Sep-10 | Cdn$10,000 (paid) | ||||
1-Sep-11 | Cdn$20,000 (accrued) | ||||
1-Sep-12 | Cdn$30,000 (accrued) | ||||
1-Sep-13 | Cdn$40,000 (accrued) | ||||
September 1, 2014 and each | Cdn$50,000 | ||||
successive anniversary | |||||
The Company is to pay the licensor a royalty calculated as 2% of the gross revenue and 15% of any and all consideration directly or indirectly received by the Company from the grant of any sublicense rights. The Company will pay interest at a rate of 1% per month on any amounts past due. In addition, the Company is responsible for the timely payment of all future costs relating to patent expenses and any new or useful art, process, machine, manufacture or composition of matter arising out of any licensor improvements or joint improvements licensed under this agreement and identified by the licensor as potentially patentable. The Company must also invest a minimum of Cdn$250,000 in research and development directly associated with the technology. | |||||
(b) | On May 23, 2012, a former employee of the Company delivered a Notice of Application seeking judgment against the Company for approximately $55,000. The hearing of that Application took place on July 31, 2012, at which time the former employee obtained judgment in the approximate amount of $55,000. The Company did not defend the amount of the judgment and the amount is included in accounts payable, but claims a complete set-off on the basis that the former employee retains 1,000,000 shares of common stock of the Company as security for payment of the outstanding consulting fees owed to him. On August 31, 2012, the Company commenced a separate action against the former employee seeking a return of the 1,000,000 shares of common stock and a stay of execution of the judgment. That application is pending and has not yet been heard or determined by the court. The payment of the judgment claim of approximately $55,000 is dependent upon whether the former employee will first return the 1,000,000 shares of common stock noted above. The probable outcome of the Company’s claim for the return of the shares cannot yet be determined. | ||||
(c) | On March 13, 2013, the Company entered into an agreement with a consultant who will complete a specified project for approximately $137,000 over a period of approximately 15 weeks. On February 25, 2013, the Company also entered into a premises sublease agreement for Cdn$18,720 for a period of one year until March 1, 2014. | ||||
(d) | On October 10 and October 17, 2013, the Company’s subsidiary entered into two employment agreements. Pursuant to the agreements, the two employees will perform services for a term of one year for base remuneration of $65,000 per annum with an increase to $70,000 per annum. The agreements are subject to receipt of an Industrial Research & Development Fellowship from the Natural Sciences and Engineering Research Council of Canada (“NSERC”) grant. In addition, the Company will grant to each employee 100,000 stock options exercisable at a price of $0.10 per share. These options will be non-transferrable, vest immediately, and expire upon the earlier of 24 months, or upon termination of the employment agreements. The agreements will be immediately terminated if the subsidiary does not receive the NSERC grant. | ||||
(e) | On March 1, 2014, the Company entered into an agreement with a consultant who will perform services for $7,250 a month for a period of one year. In addition the Company issued 25,000 shares of the Company’s common stock upon the execution of the agreement and an additional 20,000 shares of the Company’s common stock per month for the following 11 months. Refer to Note 14(d). | ||||
(f) | On March 1, 2014, the Company entered into an agreement with a consultant who will perform public relations services for €$3,500 a month for a period of one year. In addition, the Company issued 500,000 shares of common stock upon execution of the agreement. | ||||
(g) | On March 25, 2014, the Company entered into an agreement with a research and development firm who will design, engineer, and build an ERC Energy Demonstration unit for an estimated Cdn$360,000 over a period of approximately 24 weeks. The Company paid the initial deposit of Cdn$190,000, which will be applied to the last two invoices of the project. | ||||
(h) | On May 7, 2014, the Company entered into a two year office space lease commencing July 1, 2014. Pursuant to the lease, the Company is required to pay Cdn$2,683 plus taxes per month. In addition, on June 1, 2014, the Company entered into a two year office space lease commencing June 1, 2014. Pursuant to the lease, the Company is required to pay Cdn$1,240 plus taxes per month. The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the minimum lease payments as of May 31, 2014: | ||||
Year ending May 31: | $ | ||||
2015 | 40,850 | ||||
2016 | 43,319 | ||||
2017 | 2,469 | ||||
86,638 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
31-May-14 | ||||||||
Income Taxes [Text Block] | ' | |||||||
14 | Income Taxes | |||||||
The Company has net operating losses carried forward of $8,461,305 available to offset taxable income in future years which expires in beginning in fiscal 2027. | ||||||||
The Company is subject to Canadian and United States federal and state income taxes at an approximate rate of 34%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows: | ||||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Income tax recovery at statutory rate | (459,938 | ) | (482,845 | ) | ||||
Permanent differences and other | 58,557 | 18,017 | ||||||
Valuation allowance change | 401,381 | 464,828 | ||||||
Provision for income taxes | – | – | ||||||
The significant components of deferred income tax assets and liabilities as at May 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Net operating losses carried forward | 2,896,138 | 2,494,757 | ||||||
Valuation allowance | (2,896,138 | ) | (2,494,757 | ) | ||||
Net deferred income tax asset | – | – |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
31-May-14 | |||
Subsequent Events [Text Block] | ' | ||
15 | Subsequent Events | ||
(a) | On June 4, 2014, the Company issued 333,333 units at $0.30 per unit for proceeds of $100,000. Each unit consists of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.80 per common share for a period of three years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $1.60 per share for seven consecutive trading days. Refer to Note 9(a). | ||
(b) | On June 4, 2014, the Company issued 240,000 shares for proceeds of $61,625 upon the exercise of warrants. | ||
(c) | On July 11, 2014, the Company issued 200,000 units at $0.30 per unit for proceeds of $60,000. Each unit consists of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.80 per common share for a period of three years or five business days after the Company’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $1.60 per share for seven consecutive trading days. | ||
(d) | On July 21, 2014, the Company issued 40,000 common shares pursuant to the consulting agreement described in Note 12(f). | ||
(e) | On July 17, 2014, the Company entered into consulting agreements with two consultants. Pursuant to the agreements, the Company will grant to each of the consultants, 100,000 stock options to acquire 100,000 shares of the Company at $0.30 per share for two years in consideration for two years of consulting services. The options vest 25% every six months period following the date of the agreements. | ||
(f) | On August 22, 2014 the Company entered into an agreement with one consultant to procure investor relations services. Pursuant to the agreement the Company paid cash of $3,500 and issued 12,000 shares of common stock to the consultant at $0.35 per share for an aggregate subscription value of $3,000. | ||
(g) | On August 25. 2014 the Company issued 150,000 common shares to a director of the Company in exercise of options at an exercise price of $0.02 per share for an aggregate proceeds of $3,000. | ||
(h) | On September 9, 2014, the Company entered into a consulting agreement with a two month term with a consultant. Pursuant to the agreement the Company will pay $5,000 cash and issue 12,500 of the Company’s common shares each month. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
31-May-14 | |||
Basis of Presentation/Principles of Consolidation [Policy Text Block] | ' | ||
(a) | Basis of Presentation/Principles of Consolidation | ||
These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. These consolidated financial statements include the accounts of the Company and its subsidiaries, Carbon Commodity Corporation, Climate ESCO Ltd., Mantra Energy Alternatives Ltd., Mantra China Inc., Mantra China Limited, Mantra Media Corp., Mantra NextGen Power Inc., and Mantra Wind Inc. All the subsidiaries are wholly-owned with the exception of Climate ESCO Ltd., which is 64.84% owned and Mantra Energy Alternatives Ltd., which is 89.09% owned. All inter- company balances and transactions have been eliminated. | |||
Use of Estimates [Policy Text Block] | ' | ||
(b) | Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowance for doubtful accounts, the estimated useful lives and recoverability of long-lived assets, valuation of inventory, equity component of convertible debt, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Cash and Cash Equivalents [Policy Text Block] | ' | ||
(c) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
Accounts Receivable [Policy Text Block] | ' | ||
(d) | Accounts Receivable | ||
The Company recognizes allowances for doubtful accounts to ensure accounts receivable are not overstated due to the inability or unwillingness of its customers to make required payments. The allowance is based on historical bad debt expense, the age of receivable and the specific identification of receivables the Company considers at risk. | |||
Property and Equipment [Policy Text Block] | ' | ||
(e) | Property and Equipment | ||
Property and equipment are stated at cost. The Company depreciates the cost of property and equipment over their estimated useful lives at the following annual rates: | |||
Automotive | 3 years straight-line basis | ||
Computer equipment | 3 years straight-line basis | ||
Leasehold improvements | 5 years straight-line basis | ||
Office equipment and furniture | 5 years straight-line basis | ||
Research equipment | 5 years straight-line basis | ||
Intangible Assets [Policy Text Block] | ' | ||
(f) | Intangible Assets | ||
Intangible assets consist of patents and are stated at cost and have a definite life. Intangible assets are amortized over their estimated useful lives. The Company periodically evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts. These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques. The Company has no intangibles with indefinite lives. | |||
Long-lived Assets [Policy Text Block] | ' | ||
(g) | Long-lived Assets | ||
In accordance with ASC 360, “ Property, Plant and Equipment ”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value, which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. | |||
Foreign Currency Translation [Policy Text Block] | ' | ||
(h) | Foreign Currency Translation | ||
Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in income. | |||
The Company’s integrated foreign subsidiaries are financially or operationally dependent on the Company. The Company uses the temporal method to translate the accounts of its integrated operations into U.S. dollars. Monetary assets and liabilities are translated at the exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period, except for amortization, which is translated on the same basis as the related asset. The resulting exchange gains or losses are recognized in income. | |||
Income Taxes [Policy Text Block] | ' | ||
(i) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Accounting for Income Taxes ”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
As of May 31, 2014 and 2013, the Company did not have any amounts recorded pertaining to uncertain tax positions. | |||
The Company files federal and provincial income tax returns in Canada and federal, state and local income tax returns in the U.S., as applicable. The Company may be subject to a reassessment of federal and provincial income taxes by Canadian tax authorities for a period of three years from the date of the original notice of assessment in respect of any particular taxation year. For Canadian and U.S. income tax returns, the open taxation years range from 2010 to 2014. In certain circumstances, the U.S. federal statute of limitations can reach beyond the standard three year period. U.S. state statutes of limitations for income tax assessment vary from state to state. Tax authorities of Canada and U.S. have not audited any of the Company’s, or its subsidiaries’, income tax returns for the open taxation years noted above. | |||
The Company recognizes interest and penalties related to uncertain tax positions in tax expense. During the years ended May 31, 2014 and 2013, there were no charges for interest or penalties. | |||
Technology Development Revenue [Policy Text Block] | ' | ||
(j) | Technology Development Revenue Recognition | ||
The Company performs research and development services. The Company recognizes revenue under research contracts when a contract has been executed, the contract price is fixed and determinable, delivery of services or products has occurred, and collectability of the contract price is considered reasonably assured and can be reasonably estimated. Revenue is based on direct labor hours expended at contract billing rates plus other billable direct costs. | |||
Financial Instruments and Fair Value Measures [Policy Text Block] | ' | ||
(k) | Financial Instruments and Fair Value Measures | ||
ASC 820, “ Fair Value Measurements and Disclosures ” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
The Company’s financial instruments consist principally of cash, amounts receivable, accounts payable and accrued liabilities, loans payable, convertible debentures, obligations under capital lease, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||
Research and Development Costs [Policy Text Block] | ' | ||
(l) | Research and Development Costs | ||
Research and development costs are expensed as incurred. | |||
Stock-based Compensation [Policy Text Block] | ' | ||
(m) | Stock-based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, “ Compensation – Stock Compensation ”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the consolidated statement of operations over the requisite service period. | |||
Loss Per Share [Policy Text Block] | ' | ||
(n) | Loss Per Share | ||
The Company computes loss per share in accordance with ASC 260, " Earnings per Share " which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing the 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 preferred stock 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. As at May 31, 2014, the Company had 10,904,755 (2013 – 10,329,619) dilutive potential shares outstanding. | |||
Comprehensive Loss [Policy Text Block] | ' | ||
(o) | Comprehensive Loss | ||
ASC 220, “ Comprehensive Income ,” establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at May 31, 2014 and 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the consolidated financial statements. | |||
Recent Accounting Pronouncements [Policy Text Block] | ' | ||
(p) | Recent Accounting Pronouncements | ||
The Company has limited operations and is considered to be in the development stage. In the year ended May 31, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, | |||
Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements . The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage. | |||
We do not expect the adoption of any other recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow. |
Significant_Accounting_Policie1
Significant Accounting Policies (Tables) | 12 Months Ended | ||
31-May-14 | |||
Schedule of Estimated Useful Lives of Property and Equipment [Table Text Block] | ' | ||
Automotive | 3 years straight-line basis | ||
Computer equipment | 3 years straight-line basis | ||
Leasehold improvements | 5 years straight-line basis | ||
Office equipment and furniture | 5 years straight-line basis | ||
Research equipment | 5 years straight-line basis |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
May 31, | May 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Accumulated | Net carrying | Net carrying | ||||||||||||
Cost | depreciation | value | value | |||||||||||
$ | $ | $ | $ | |||||||||||
Computer | 5,341 | 2,520 | 2,821 | 3,080 | ||||||||||
Research equipment | 108,964 | 57,934 | 51,030 | 10,533 | ||||||||||
Vehicles under capital lease | 68,340 | 30,482 | 37,858 | 57,158 | ||||||||||
182,645 | 88,416 | 94,231 | 70,771 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||
May 31, | May 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Accumulated | Net carrying | Net carrying | ||||||||||||
Cost | depreciation | value | value | |||||||||||
$ | $ | $ | $ | |||||||||||
Patents | 30,033 | 786 | 29,547 | - | ||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | ' | |||||||||||||
$ | ||||||||||||||
For year ended May 31, 2015 | 2,078 | |||||||||||||
For year ended May 31, 2016 | 2,078 | |||||||||||||
For year ended May 31, 2017 | 2,078 | |||||||||||||
For year ended May 31, 2018 | 2,078 | |||||||||||||
For year ended May 31, 2019 | 2,078 |
Obligations_Under_Capital_Leas1
Obligations Under Capital Leases (Tables) | 12 Months Ended | ||||
31-May-14 | |||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||
Year ending May 31: | $ | ||||
2015 | 11,608 | ||||
2016 | 20,885 | ||||
Net minimum lease payments | 32,493 | ||||
Less: amount representing interest payments | (4,391 | ) | |||
Present value of net minimum lease payments | 28,102 | ||||
Less: current portion | (8,246 | ) | |||
Long-term portion | 19,856 |
Share_Purchase_Warrants_Tables
Share Purchase Warrants (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | ' | |||||||
Weighted | ||||||||
average | ||||||||
exercise | ||||||||
Number of | price | |||||||
warrants | $ | |||||||
Balance, May 31, 2012 | 7,745,992 | 0.2 | ||||||
Issued | 6,221,569 | 0.21 | ||||||
Expired | (4,562,942 | ) | 0.2 | |||||
Balance, May 31, 2013 | 9,404,619 | 0.21 | ||||||
Issued | 7,784,791 | 0.3 | ||||||
Exercised | (4,187,958 | ) | 0.19 | |||||
Expired | (3,183,050 | ) | 0.2 | |||||
Balance, May 31, 2014 | 9,818,402 | 0.29 | ||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | |||||||
Exercise | ||||||||
Number of | price | |||||||
warrants | $ | Expiry date | ||||||
1,550,000 | 0.15 | 11-Sep-14 | ||||||
100,000 | 0.15 | 23-Sep-14 | ||||||
1,909,334 | 0.2 | 11-Dec-14 | ||||||
740,568 | 0.4 | 18-Mar-15 | ||||||
31,000 | 0.4 | 30-May-15 | ||||||
64,000 | 0.2 | 11-Feb-16 | ||||||
50,000 | 0.4 | 11-Feb-16 | ||||||
613,500 | 0.15 | 18-Feb-16 | ||||||
685,000 | 0.4 | 18-Mar-16 | ||||||
4,075,000 | 0.37 | 10-Apr-19 | ||||||
9,818,402 |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
Weighted | Weighted average | Aggregate | ||||||||||||
average | remaining | intrinsic | ||||||||||||
Number | exercise price | contractual life | value | |||||||||||
of options | $ | (years) | $ | |||||||||||
Outstanding, May 31, 2012 | 1,300,000 | 0.1 | ||||||||||||
Granted | 500,000 | 0.1 | ||||||||||||
Exercised | (450,000 | ) | 0.04 | |||||||||||
Expired | (750,000 | ) | 0.25 | |||||||||||
Forfeited | (200,000 | ) | 0.1 | |||||||||||
Outstanding, May 31, 2013 | 400,000 | 0.1 | ||||||||||||
Granted | 475,000 | 0.2 | ||||||||||||
Exercised | (100,000 | ) | 0.12 | |||||||||||
Expired | (100,000 | ) | 0.06 | |||||||||||
Outstanding and exercisable, May 31, 2014 | 675,000 | 0.17 | 1.25 | 323,750 | ||||||||||
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | |||||||||||||
Exercise | ||||||||||||||
Number of | price | |||||||||||||
options | $ | Expiry date | ||||||||||||
200,000 | 0.1 | 7-May-15 | ||||||||||||
300,000 | 0.2 | 1-Jul-15 | ||||||||||||
175,000 | 0.2 | 28-Apr-15 | ||||||||||||
675,000 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
31-May-14 | 31-May-13 | |||||||||||||
Risk-free Interest rate | 0.33% | 0.27% | ||||||||||||
Expected life (in years) | 2 | 2 | ||||||||||||
Expected volatility | 194% | 179% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
31-May-14 | |||||
Long-term Purchase Commitment [Table Text Block] | ' | ||||
1-Sep-10 | Cdn$10,000 (paid) | ||||
1-Sep-11 | Cdn$20,000 (accrued) | ||||
1-Sep-12 | Cdn$30,000 (accrued) | ||||
1-Sep-13 | Cdn$40,000 (accrued) | ||||
September 1, 2014 and each | Cdn$50,000 | ||||
successive anniversary | |||||
Schedule of Future Minimum Lease Payments under Capital Leases [Table Text Block] | ' | ||||
Year ending May 31: | $ | ||||
2015 | 40,850 | ||||
2016 | 43,319 | ||||
2017 | 2,469 | ||||
86,638 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Income tax recovery at statutory rate | (459,938 | ) | (482,845 | ) | ||||
Permanent differences and other | 58,557 | 18,017 | ||||||
Valuation allowance change | 401,381 | 464,828 | ||||||
Provision for income taxes | – | – | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Net operating losses carried forward | 2,896,138 | 2,494,757 | ||||||
Valuation allowance | (2,896,138 | ) | (2,494,757 | ) | ||||
Net deferred income tax asset | – | – |
Nature_of_Operations_and_Conti1
Nature of Operations and Continuance of Business (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Nature Of Operations And Continuance Of Business 1 | $9,314,295 |
Significant_Accounting_Policie2
Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
31-May-14 | |
Significant Accounting Policies 1 | 64.84% |
Significant Accounting Policies 2 | 89.09% |
Significant Accounting Policies 3 | 10,904,755 |
Significant Accounting Policies 4 | 10,329,619 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) | 12 Months Ended |
31-May-14 | |
Y | |
Intangible Assets 1 | 5 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Related Party Transactions 1 | $128,917 |
Related Party Transactions 2 | 95,098 |
Related Party Transactions 3 | 13,500 |
Related Party Transactions 4 | 0 |
Related Party Transactions 5 | 55,546 |
Related Party Transactions 6 | 58,988 |
Related Party Transactions 7 | 65,121 |
Related Party Transactions 8 | 50,000 |
Related Party Transactions 9 | 124,857 |
Related Party Transactions 10 | 138,526 |
Related Party Transactions 11 | 13,619 |
Related Party Transactions 12 | 11,515 |
Related Party Transactions 13 | 21,518 |
Related Party Transactions 14 | $23,383 |
Loans_Payable_Narrative_Detail
Loans Payable (Narrative) (Details) | 12 Months Ended | |
31-May-14 | 31-May-14 | |
USD ($) | CAD | |
M | ||
Loans Payable 1 | $58,251 | ' |
Loans Payable 2 | ' | 63,300 |
Loans Payable 3 | 61,053 | ' |
Loans Payable 4 | ' | 63,300 |
Loans Payable 5 | 5,000 | ' |
Loans Payable 6 | 4,019 | ' |
Loans Payable 7 | 9,019 | ' |
Loans Payable 8 | 5,000 | ' |
Loans Payable 9 | 3,723 | ' |
Loans Payable 10 | 0 | ' |
Loans Payable 11 | 0 | ' |
Loans Payable 12 | 9,838 | ' |
Loans Payable 13 | ' | 10,200 |
Loans Payable 14 | 17,500 | ' |
Loans Payable 15 | 17,500 | ' |
Loans Payable 16 | 15,000 | ' |
Loans Payable 17 | 15,000 | ' |
Loans Payable 18 | 17,387 | ' |
Loans Payable 19 | ' | 18,895 |
Loans Payable 20 | 18,884 | ' |
Loans Payable 21 | ' | 18,895 |
Loans Payable 22 | 7,500 | ' |
Loans Payable 23 | 34,048 | ' |
Loans Payable 24 | ' | 37,000 |
Loans Payable 25 | 7,500 | ' |
Loans Payable 26 | 35,027 | ' |
Loans Payable 27 | ' | 37,000 |
Loans Payable 28 | 50,000 | ' |
Loans Payable 29 | 122,535 | ' |
Loans Payable 30 | ' | 100,000 |
Loans Payable 31 | 2,500 | 2,500 |
Loans Payable 32 | 40 | 40 |
Loans Payable 33 | 60,281 | ' |
Loans Payable 34 | ' | 62,500 |
Loans Payable 35 | 31,346 | ' |
Loans Payable 36 | ' | 30,000 |
Loans Payable 37 | 30,000 | ' |
Loans Payable 38 | 11,503 | ' |
Loans Payable 39 | 4,490 | ' |
Loans Payable 40 | 4,490 | ' |
Loans Payable 41 | $50,000 | ' |
Loans Payable 42 | 10,000,000 | 10,000,000 |
Obligations_Under_Capital_Leas2
Obligations Under Capital Leases (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Obligations Under Capital Leases 1 | $9,000 |
Convertible_Debentures_Narrati
Convertible Debentures (Narrative) (Details) | 12 Months Ended | |
31-May-14 | 31-May-14 | |
USD ($) | CAD | |
M | ||
Convertible Debentures 1 | $250,000 | ' |
Convertible Debentures 2 | 10.00% | 10.00% |
Convertible Debentures 3 | 625,000 | 625,000 |
Convertible Debentures 4 | $0.40 | ' |
Convertible Debentures 5 | 250,000 | 250,000 |
Convertible Debentures 6 | $0.50 | ' |
Convertible Debentures 7 | 45,930 | ' |
Convertible Debentures 8 | 45,930 | ' |
Convertible Debentures 9 | 250,000 | ' |
Convertible Debentures 10 | 50,000 | ' |
Convertible Debentures 11 | 122,535 | ' |
Convertible Debentures 12 | ' | 100,000 |
Convertible Debentures 13 | 2,500 | 2,500 |
Convertible Debentures 14 | 40 | 40 |
Convertible Debentures 15 | 150,000 | ' |
Convertible Debentures 16 | 43,890 | ' |
Convertible Debentures 17 | 10,000 | ' |
Convertible Debentures 18 | 150,000 | ' |
Convertible Debentures 19 | 6,836 | ' |
Convertible Debentures 20 | 100,000 | 100,000 |
Convertible Debentures 21 | $0.12 | ' |
Convertible Debentures 22 | 4,438 | ' |
Convertible Debentures 23 | 10,000 | ' |
Convertible Debentures 24 | 10.00% | 10.00% |
Convertible Debentures 25 | 12,901 | ' |
Convertible Debentures 26 | 40,000 | ' |
Convertible Debentures 27 | 12,901 | ' |
Convertible Debentures 28 | 114,661 | ' |
Convertible Debentures 29 | 10,000 | ' |
Convertible Debentures 30 | 10.00% | 10.00% |
Convertible Debentures 31 | $0.04 | ' |
Convertible Debentures 32 | 10,000 | ' |
Convertible Debentures 33 | 0 | ' |
Convertible Debentures 34 | 10,000 | ' |
Convertible Debentures 35 | 2,465 | ' |
Convertible Debentures 36 | 58,000 | ' |
Convertible Debentures 37 | 10.00% | 10.00% |
Convertible Debentures 38 | $0.04 | ' |
Convertible Debentures 39 | 58,000 | ' |
Convertible Debentures 40 | 0 | ' |
Convertible Debentures 41 | 58,000 | ' |
Convertible Debentures 42 | 4,318 | ' |
Convertible Debentures 43 | 94,000 | ' |
Convertible Debentures 44 | 10.00% | 10.00% |
Convertible Debentures 45 | $0.04 | ' |
Convertible Debentures 46 | 94,000 | ' |
Convertible Debentures 47 | 0 | ' |
Convertible Debentures 48 | 94,000 | ' |
Convertible Debentures 49 | 4,082 | ' |
Convertible Debentures 50 | 15,000 | ' |
Convertible Debentures 51 | 10.00% | 10.00% |
Convertible Debentures 52 | $0.04 | ' |
Convertible Debentures 53 | 15,000 | ' |
Convertible Debentures 54 | 0 | ' |
Convertible Debentures 55 | 15,000 | ' |
Convertible Debentures 56 | 4,230 | ' |
Convertible Debentures 57 | 15,000 | ' |
Convertible Debentures 58 | 10.00% | 10.00% |
Convertible Debentures 59 | $0.04 | ' |
Convertible Debentures 60 | 15,000 | ' |
Convertible Debentures 61 | 0 | ' |
Convertible Debentures 62 | 15,000 | ' |
Convertible Debentures 63 | $1,543 | ' |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) | 12 Months Ended | |
31-May-14 | 31-May-14 | |
USD ($) | CAD | |
Common Stock 1 | $100,000 | ' |
Common Stock 2 | $0.30 | ' |
Common Stock 3 | 333,333 | 333,333 |
Common Stock 4 | 0.8 | ' |
Common Stock 5 | $1.60 | ' |
Common Stock 6 | 2,080 | ' |
Common Stock 7 | $0.08 | ' |
Common Stock 8 | 26,000 | 26,000 |
Common Stock 9 | 0.2 | ' |
Common Stock 10 | $0.40 | ' |
Common Stock 11 | 32,625 | ' |
Common Stock 12 | 140,500 | 140,500 |
Common Stock 13 | 67,000 | 67,000 |
Common Stock 14 | ' | 1 |
Common Stock 15 | 66,277 | ' |
Common Stock 16 | ' | 67,000 |
Common Stock 17 | 7,231 | ' |
Common Stock 18 | 210,000 | 210,000 |
Common Stock 19 | $0.10 | ' |
Common Stock 20 | 21,000 | ' |
Common Stock 21 | 7,384 | ' |
Common Stock 22 | 500,000 | 500,000 |
Common Stock 23 | 270,000 | ' |
Common Stock 24 | 5 | ' |
Common Stock 25 | 269,995 | ' |
Common Stock 26 | 38,096 | ' |
Common Stock 27 | 231,904 | ' |
Common Stock 28 | 5,000 | ' |
Common Stock 29 | 4,019 | ' |
Common Stock 30 | 1,871,588 | 1,871,588 |
Common Stock 31 | $0.08 | ' |
Common Stock 32 | 149,727 | ' |
Common Stock 33 | 26,000 | ' |
Common Stock 34 | 0.2 | ' |
Common Stock 35 | $0.40 | ' |
Common Stock 36 | 40,000 | 40,000 |
Common Stock 37 | $0.12 | ' |
Common Stock 38 | 4,800 | ' |
Common Stock 39 | 0.2 | ' |
Common Stock 40 | $0.40 | ' |
Common Stock 41 | 575,000 | 575,000 |
Common Stock 42 | $0.08 | ' |
Common Stock 43 | 46,000 | ' |
Common Stock 44 | 0.2 | ' |
Common Stock 45 | $0.40 | ' |
Common Stock 46 | 100,000 | 100,000 |
Common Stock 47 | $0.17 | ' |
Common Stock 48 | 17,000 | ' |
Common Stock 49 | 17,000 | ' |
Common Stock 50 | 0.4 | ' |
Common Stock 51 | $0.60 | ' |
Common Stock 52 | 1,205,500 | 1,205,500 |
Common Stock 53 | $0.08 | ' |
Common Stock 54 | 96,440 | ' |
Common Stock 55 | 26,000 | 26,000 |
Common Stock 56 | 2,080 | ' |
Common Stock 57 | 0.15 | ' |
Common Stock 58 | $0.40 | ' |
Common Stock 59 | 400,000 | 400,000 |
Common Stock 60 | $0.10 | ' |
Common Stock 61 | 40,000 | ' |
Common Stock 62 | 0.2 | ' |
Common Stock 63 | $0.40 | ' |
Common Stock 64 | 500,000 | 500,000 |
Common Stock 65 | $0.18 | ' |
Common Stock 66 | 90,000 | ' |
Common Stock 67 | 22,500 | ' |
Common Stock 68 | 67,500 | ' |
Common Stock 69 | 25,000 | 25,000 |
Common Stock 70 | $0.50 | ' |
Common Stock 71 | 20,000 | 20,000 |
Common Stock 72 | 0.38 | ' |
Common Stock 73 | 20,000 | 20,000 |
Common Stock 74 | $0.70 | ' |
Common Stock 75 | 34,100 | ' |
Common Stock 76 | 100,000 | 100,000 |
Common Stock 77 | $0.12 | ' |
Common Stock 78 | 12,000 | ' |
Common Stock 79 | $0.20 | ' |
Common Stock 80 | $0.40 | ' |
Common Stock 81 | 685,000 | 685,000 |
Common Stock 82 | $0.20 | ' |
Common Stock 83 | 137,000 | ' |
Common Stock 84 | $0.40 | ' |
Common Stock 85 | $0.80 | ' |
Common Stock 86 | 1,791 | ' |
Common Stock 87 | 3,777,958 | 3,777,958 |
Common Stock 88 | 711,442 | ' |
Common Stock 89 | 4,075,000 | 4,075,000 |
Common Stock 90 | $0.20 | ' |
Common Stock 91 | 815,000 | ' |
Common Stock 92 | $0.37 | ' |
Common Stock 93 | $2.50 | ' |
Common Stock 94 | 410,000 | 410,000 |
Common Stock 95 | 71,500 | ' |
Common Stock 96 | 100,000 | 100,000 |
Common Stock 97 | $0.12 | ' |
Common Stock 98 | 12,000 | ' |
Common Stock 99 | 43,000 | ' |
Common Stock 100 | 100,000 | 100,000 |
Common Stock 101 | 0.17 | ' |
Common Stock 102 | 325,000 | 325,000 |
Common Stock 103 | $0.08 | ' |
Common Stock 104 | 67,000 | 67,000 |
Common Stock 105 | ' | 1 |
Common Stock 106 | 66,277 | ' |
Common Stock 107 | 67,000 | ' |
Common Stock 108 | 7,231 | ' |
Common Stock 109 | 210,000 | 210,000 |
Common Stock 110 | $0.10 | ' |
Common Stock 111 | 21,000 | ' |
Common Stock 112 | 7,384 | ' |
Common Stock 113 | 62,000 | 62,000 |
Common Stock 114 | $0.17 | ' |
Common Stock 115 | 10,540 | ' |
Common Stock 116 | 0.4 | ' |
Common Stock 117 | $0.60 | ' |
Common Stock 118 | 400,000 | 400,000 |
Common Stock 119 | $0.12 | ' |
Common Stock 120 | 48,000 | ' |
Common Stock 121 | 0.2 | ' |
Common Stock 122 | $0.40 | ' |
Common Stock 123 | 1,481,136 | 1,481,136 |
Common Stock 124 | $0.17 | ' |
Common Stock 125 | 251,794 | ' |
Common Stock 126 | 0.4 | ' |
Common Stock 127 | $0.60 | ' |
Common Stock 128 | 2,925,001 | 2,925,001 |
Common Stock 129 | $0.12 | ' |
Common Stock 130 | 351,000 | ' |
Common Stock 131 | 0.2 | ' |
Common Stock 132 | $0.40 | ' |
Common Stock 133 | 210,000 | 210,000 |
Common Stock 134 | ' | 1 |
Common Stock 135 | 207,731 | ' |
Common Stock 136 | ' | 210,000 |
Common Stock 137 | 200,000 | 200,000 |
Common Stock 138 | $0.05 | ' |
Common Stock 139 | 10,000 | ' |
Common Stock 140 | 250,000 | 250,000 |
Common Stock 141 | $0.03 | ' |
Common Stock 142 | 7,500 | ' |
Common Stock 143 | 100,000 | 100,000 |
Common Stock 144 | $0.10 | ' |
Common Stock 145 | 10,000 | ' |
Common Stock 146 | 0.15 | ' |
Common Stock 147 | $0.30 | ' |
Common Stock 148 | 2,025,000 | 2,025,000 |
Common Stock 149 | $0.10 | ' |
Common Stock 150 | 202,500 | ' |
Common Stock 151 | 20,000 | ' |
Common Stock 152 | 0.15 | ' |
Common Stock 153 | $0.30 | ' |
Common Stock 154 | 826,000 | 826,000 |
Common Stock 155 | $0.05 | ' |
Common Stock 156 | 41,300 | ' |
Common Stock 157 | 1,333,333 | 1,333,333 |
Common Stock 158 | $0.02 | ' |
Common Stock 159 | $20,000 | ' |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Stock Options 1 | 300,000 |
Stock Options 2 | $0.20 |
Stock Options 3 | $38,200 |
Stock Options 4 | 175,000 |
Stock Options 5 | $0.20 |
Stock Options 6 | 64,800 |
Stock Options 7 | 103,000 |
Stock Options 8 | 62,892 |
Stock Options 9 | $0.22 |
Stock Options 10 | $0.15 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended | |
31-May-14 | 31-May-14 | |
USD ($) | CAD | |
M | ||
Commitments And Contingencies 1 | ' | 10,000 |
Commitments And Contingencies 2 | ' | 5,000 |
Commitments And Contingencies 3 | ' | 5,000 |
Commitments And Contingencies 4 | ' | 15,000 |
Commitments And Contingencies 5 | 2.00% | 2.00% |
Commitments And Contingencies 6 | 15.00% | 15.00% |
Commitments And Contingencies 7 | 1.00% | 1.00% |
Commitments And Contingencies 8 | ' | 250,000 |
Commitments And Contingencies 9 | 55,000 | ' |
Commitments And Contingencies 10 | 55,000 | ' |
Commitments And Contingencies 11 | 1,000,000 | 1,000,000 |
Commitments And Contingencies 12 | 1,000,000 | 1,000,000 |
Commitments And Contingencies 13 | 55,000 | ' |
Commitments And Contingencies 14 | 1,000,000 | 1,000,000 |
Commitments And Contingencies 15 | 137,000 | ' |
Commitments And Contingencies 16 | 15 | 15 |
Commitments And Contingencies 17 | ' | 18,720 |
Commitments And Contingencies 18 | 65,000 | ' |
Commitments And Contingencies 19 | 70,000 | ' |
Commitments And Contingencies 20 | 100,000 | 100,000 |
Commitments And Contingencies 21 | $0.10 | ' |
Commitments And Contingencies 22 | 24 | 24 |
Commitments And Contingencies 23 | 7,250 | ' |
Commitments And Contingencies 24 | 25,000 | 25,000 |
Commitments And Contingencies 25 | 20,000 | 20,000 |
Commitments And Contingencies 26 | 11 | 11 |
Commitments And Contingencies 27 | 3,500 | ' |
Commitments And Contingencies 28 | 500,000 | 500,000 |
Commitments And Contingencies 29 | ' | 360,000 |
Commitments And Contingencies 30 | 24 | 24 |
Commitments And Contingencies 31 | ' | 190,000 |
Commitments And Contingencies 32 | ' | 2,683 |
Commitments And Contingencies 33 | ' | 1,240 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Income Taxes 1 | $8,461,305 |
Income Taxes 2 | 34.00% |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Subsequent Events 1 | 333,333 |
Subsequent Events 2 | $0.30 |
Subsequent Events 3 | $100,000 |
Subsequent Events 4 | 0.8 |
Subsequent Events 5 | $1.60 |
Subsequent Events 6 | 240,000 |
Subsequent Events 7 | 61,625 |
Subsequent Events 8 | 200,000 |
Subsequent Events 9 | $0.30 |
Subsequent Events 10 | 60,000 |
Subsequent Events 11 | 0.8 |
Subsequent Events 12 | $1.60 |
Subsequent Events 13 | 40,000 |
Subsequent Events 14 | 100,000 |
Subsequent Events 15 | 100,000 |
Subsequent Events 16 | $0.30 |
Subsequent Events 17 | 25.00% |
Subsequent Events 18 | 3,500 |
Subsequent Events 19 | 12,000 |
Subsequent Events 20 | $0.35 |
Subsequent Events 21 | 3,000 |
Subsequent Events 22 | 150,000 |
Subsequent Events 23 | $0.02 |
Subsequent Events 24 | 3,000 |
Subsequent Events 25 | $5,000 |
Subsequent Events 26 | 12,500 |
Schedule_of_Estimated_Useful_L
Schedule of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
31-May-14 | |
Y | |
Significant Accounting Policies Schedule Of Property, Plant And Equipment 1 | 3 |
Significant Accounting Policies Schedule Of Property, Plant And Equipment 2 | 3 |
Significant Accounting Policies Schedule Of Property, Plant And Equipment 3 | 5 |
Significant Accounting Policies Schedule Of Property, Plant And Equipment 4 | 5 |
Significant Accounting Policies Schedule Of Property, Plant And Equipment 5 | 5 |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Property And Equipment Schedule Of Property, Plant And Equipment 1 | $5,341 |
Property And Equipment Schedule Of Property, Plant And Equipment 2 | 2,520 |
Property And Equipment Schedule Of Property, Plant And Equipment 3 | 2,821 |
Property And Equipment Schedule Of Property, Plant And Equipment 4 | 3,080 |
Property And Equipment Schedule Of Property, Plant And Equipment 5 | 108,964 |
Property And Equipment Schedule Of Property, Plant And Equipment 6 | 57,934 |
Property And Equipment Schedule Of Property, Plant And Equipment 7 | 51,030 |
Property And Equipment Schedule Of Property, Plant And Equipment 8 | 10,533 |
Property And Equipment Schedule Of Property, Plant And Equipment 9 | 68,340 |
Property And Equipment Schedule Of Property, Plant And Equipment 10 | 30,482 |
Property And Equipment Schedule Of Property, Plant And Equipment 11 | 37,858 |
Property And Equipment Schedule Of Property, Plant And Equipment 12 | 57,158 |
Property And Equipment Schedule Of Property, Plant And Equipment 13 | 182,645 |
Property And Equipment Schedule Of Property, Plant And Equipment 14 | 88,416 |
Property And Equipment Schedule Of Property, Plant And Equipment 15 | 94,231 |
Property And Equipment Schedule Of Property, Plant And Equipment 16 | $70,771 |
Schedule_of_FiniteLived_Intang
Schedule of Finite-Lived Intangible Assets (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Intangible Assets Schedule Of Finite-lived Intangible Assets 1 | $30,033 |
Intangible Assets Schedule Of Finite-lived Intangible Assets 2 | 786 |
Intangible Assets Schedule Of Finite-lived Intangible Assets 3 | 29,547 |
Intangible Assets Schedule Of Finite-lived Intangible Assets 4 | $0 |
Finitelived_Intangible_Assets_
Finite-lived Intangible Assets Amortization Expense (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Intangible Assets Finite-lived Intangible Assets Amortization Expense 1 | $2,078 |
Intangible Assets Finite-lived Intangible Assets Amortization Expense 2 | 2,078 |
Intangible Assets Finite-lived Intangible Assets Amortization Expense 3 | 2,078 |
Intangible Assets Finite-lived Intangible Assets Amortization Expense 4 | 2,078 |
Intangible Assets Finite-lived Intangible Assets Amortization Expense 5 | $2,078 |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments for Capital Leases (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Obligations Under Capital Leases Schedule Of Future Minimum Lease Payments For Capital Leases 1 | $11,608 |
Obligations Under Capital Leases Schedule Of Future Minimum Lease Payments For Capital Leases 2 | 20,885 |
Obligations Under Capital Leases Schedule Of Future Minimum Lease Payments For Capital Leases 3 | 32,493 |
Obligations Under Capital Leases Schedule Of Future Minimum Lease Payments For Capital Leases 4 | -4,391 |
Obligations Under Capital Leases Schedule Of Future Minimum Lease Payments For Capital Leases 5 | 28,102 |
Obligations Under Capital Leases Schedule Of Future Minimum Lease Payments For Capital Leases 6 | -8,246 |
Obligations Under Capital Leases Schedule Of Future Minimum Lease Payments For Capital Leases 7 | $19,856 |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $7,745,992 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 0.2 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | 6,221,569 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 0.21 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | -4,562,942 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | 0.2 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | 9,404,619 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0.21 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 9 | 7,784,791 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10 | 0.3 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 11 | -4,187,958 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 12 | 0.19 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 13 | -3,183,050 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 14 | 0.2 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 15 | $9,818,402 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 16 | 0.29 |
Schedule_of_Stockholders_Equit1
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $1,550,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.15 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | 100,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | 0.15 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | 1,909,334 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 6 | 0.2 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 7 | 740,568 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 8 | 0.4 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 9 | 31,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 10 | 0.4 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 11 | 64,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 12 | 0.2 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 13 | 50,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 14 | 0.4 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 15 | 613,500 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 16 | 0.15 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 17 | 685,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 18 | 0.4 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 19 | 4,075,000 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 20 | 0.37 |
Share Purchase Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 21 | $9,818,402 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 1 | $1,300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 3 | 500,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 5 | -450,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.04 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 7 | -750,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0.25 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 9 | -200,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 10 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 11 | 400,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 12 | 0.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 13 | 475,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 14 | 0.2 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 15 | -100,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 16 | 0.12 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 17 | -100,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 18 | 0.06 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 19 | 675,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 20 | 0.17 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 21 | 1.25 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 22 | $323,750 |
Schedule_of_Disclosure_of_Shar
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Stock Options Schedule Of Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 1 | $200,000 |
Stock Options Schedule Of Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 2 | 0.1 |
Stock Options Schedule Of Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 3 | 300,000 |
Stock Options Schedule Of Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 4 | 0.2 |
Stock Options Schedule Of Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 5 | 175,000 |
Stock Options Schedule Of Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 6 | 0.2 |
Stock Options Schedule Of Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 7 | $675,000 |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended |
31-May-14 | |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | 0.33% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | 0.27% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 2 |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 2 |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 5 | 194.00% |
Stock Options Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 6 | 179.00% |
Longterm_Purchase_Commitment_D
Long-term Purchase Commitment (Details) (CAD) | 12 Months Ended |
31-May-14 | |
Commitments And Contingencies Long-term Purchase Commitment 1 | 10,000 |
Commitments And Contingencies Long-term Purchase Commitment 2 | 20,000 |
Commitments And Contingencies Long-term Purchase Commitment 3 | 30,000 |
Commitments And Contingencies Long-term Purchase Commitment 4 | 40,000 |
Commitments And Contingencies Long-term Purchase Commitment 5 | 50,000 |
Schedule_of_Future_Minimum_Lea1
Schedule of Future Minimum Lease Payments under Capital Leases (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Commitments And Contingencies Schedule Of Future Minimum Lease Payments Under Capital Leases 1 | $2,015 |
Commitments And Contingencies Schedule Of Future Minimum Lease Payments Under Capital Leases 2 | 40,850 |
Commitments And Contingencies Schedule Of Future Minimum Lease Payments Under Capital Leases 3 | 2,016 |
Commitments And Contingencies Schedule Of Future Minimum Lease Payments Under Capital Leases 4 | 43,319 |
Commitments And Contingencies Schedule Of Future Minimum Lease Payments Under Capital Leases 5 | 2,017 |
Commitments And Contingencies Schedule Of Future Minimum Lease Payments Under Capital Leases 6 | 2,469 |
Commitments And Contingencies Schedule Of Future Minimum Lease Payments Under Capital Leases 7 | $86,638 |
Schedule_of_Components_of_Inco
Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | ($459,938) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | -482,845 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | 58,557 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | 18,017 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | 401,381 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | 464,828 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 7 | 0 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 8 | $0 |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $2,896,138 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 2,494,757 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | -2,896,138 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | -2,494,757 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | $0 |