Document and Entity Information
Document and Entity Information | 6 Months Ended |
Nov. 30, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | Mantra Venture Group Ltd. |
Document Type | 10-Q |
Document Period End Date | Nov. 30, 2016 |
Trading Symbol | mvtg |
Amendment Flag | false |
Entity Central Index Key | 1,413,891 |
Current Fiscal Year End Date | --05-31 |
Entity Common Stock, Shares Outstanding | 107,868,251 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
MANTRA VENTURE GROUP LTD. - Con
MANTRA VENTURE GROUP LTD. - Consolidated Balance Sheets - USD ($) | Nov. 30, 2016 | May 31, 2016 | |
Current Assets: | |||
Cash | $ 1,119 | ||
Accounts receivable | $ 1,684 | 7,358 | |
Prepaid expenses and deposits | 1,134 | 4,789 | |
Total Current Assets | 2,818 | 13,266 | |
Deposit | 8,000 | ||
Restricted cash | 14,519 | ||
Property and equipment, net | 59,072 | 72,627 | |
Intangible assets, net | 60,245 | 62,615 | |
Total Assets | 122,135 | 171,027 | |
Current liabilities: | |||
Checks issued in excess of funds on deposit | 3,705 | ||
Accounts payable and accrued liabilities | 824,195 | 836,982 | |
Due to related parties | 206,134 | 154,560 | |
Loans payable | 202,920 | 199,108 | |
Obligations under capital lease, current | 5,876 | 8,123 | |
Convertible debentures, net | [1] | 810,536 | 668,921 |
Derivative liability | 2,432,736 | 978,245 | |
Total Current Liabilities | 4,486,102 | 2,845,939 | |
Obligations under capital lease | 1,451 | 3,308 | |
Total Liabilities | 4,487,553 | 2,849,247 | |
Stockholders' Deficit: | |||
Preferred stock | [2] | ||
Common stock | [3] | 1,079 | 886 |
Additional paid-in capital | 11,521,530 | 11,163,514 | |
Common stock subscribed | 74,742 | 99,742 | |
Accumulated deficit | (15,716,745) | (13,706,088) | |
Total Stockholders' deficit | (4,119,394) | (2,441,946) | |
Non-contolling interest | (246,024) | (236,274) | |
Total Stockholders' equity deficit | (4,365,418) | (2,678,220) | |
Total liabilities and stockholders' deficit | $ 122,135 | $ 171,027 | |
[1] | net of discount of $170,882 and $330,123, respectively) | ||
[2] | 20,000,000 shares authorized, par value $0.00001 0 shares issued and outstanding. | ||
[3] | 275,000,000 shares authorized, par value $0.00001; 107,868,251 (May 31,2016 - 88,559,024) shares |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Nov. 30, 2016 | May 31, 2016 |
Statement of Financial Position | ||
Common Stock, Par Value | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 275,000,000 | 275,000,000 |
Common Stock, Shares Issued | 107,868,251 | 88,559,024 |
Common Stock, Shares Outstanding | 107,868,251 | 88,559,024 |
Preferred Stock, Par Value | $ 0.00001 | $ 0.00001 |
Preferred Stock, Shares Authorized | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
MANTRA VENTURE GROUP LTD. - Co4
MANTRA VENTURE GROUP LTD. - Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | ||||
Income Statement | |||||||
Revenue | $ 37,130 | $ 50,768 | |||||
Cost of goods sold | |||||||
Gross profit | 37,130 | 50,768 | |||||
Operating Expenses: | |||||||
Consulting and advisory | 40,000 | 54,471 | 45,000 | 146,593 | |||
Depreciation and amortization | 8,404 | 7,794 | 15,925 | 11,225 | |||
Foreign exchange loss (gain) | (18,762) | 268 | (18,324) | (459) | |||
General and administrative | 23,147 | 68,525 | 43,798 | 156,100 | |||
Management fees | 45,744 | 51,170 | 91,488 | 118,438 | |||
Professional fees | 36,336 | 74,499 | 36,671 | 100,074 | |||
Research and development | 15,669 | 40,580 | 24,974 | 92,902 | |||
Total operating expenses | 150,538 | 297,307 | 239,532 | 624,873 | |||
Loss before other expense | (150,538) | (260,177) | (239,532) | (574,105) | |||
Other income (expense) | |||||||
Loss on settlement of debt | (19,418) | (19,418) | (24,000) | ||||
Accretion of discounts on convertible debentures | (151,557) | (136,797) | (318,740) | (318,707) | |||
Loss on change in fair value of derivatives | (1,508,271) | (298,121) | (1,379,597) | (91,425) | |||
Interest expense | (26,615) | (34,147) | (63,120) | (57,695) | |||
Total other income (expense) | (1,705,861) | (469,065) | (1,780,875) | (491,827) | |||
Net loss | (1,856,399) | (729,242) | (2,020,407) | (1,065,932) | |||
Less: net loss attributable to the non-controlling interest | 3,613 | 13,179 | 9,750 | 29,146 | |||
Net loss attributable | $ (1,852,786) | [1] | $ (716,063) | [1] | $ (2,010,657) | $ (1,036,786) | |
Net loss per share attributable to common shareholders, basic and diluted | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.01) | |||
Weighted average number of shares outstanding used in the calculation of net loss attributable per common share | [1] | 99,869,076 | 73,417,388 | 97,483,513 | 73,139,100 | ||
[1] | attributable to Mantra Venture Group Ltd. |
MANTRA VENTURE GROUP LTD. - Co5
MANTRA VENTURE GROUP LTD. - Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | May 31, 2016 | |
Cash flows from operating activities: | |||||
Net loss | $ (1,856,399) | $ (729,242) | $ (2,020,407) | $ (1,065,932) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
(Gain) on change in fair value of derivative liability | 1,206,006 | (268,442) | |||
Amortization of finance costs | 15,502 | ||||
Accretion of discounts on convertible debentures | (151,557) | (136,797) | 318,740 | 318,707 | |
Depreciation and amortization | 8,404 | 7,794 | 15,925 | 11,225 | |
Foreign exchange loss (gain) | $ (18,762) | $ 268 | 2,912 | (7,841) | |
Initial derivative expenses | 171,102 | 359,867 | |||
Shares issued for services | 30,001 | ||||
Interest related to cash redemption premium on convertible notes | 9,875 | ||||
Stock-based compensation on options and warrants | 19,118 | ||||
Loss on settlement of debt | 19,418 | 24,000 | |||
Changes in operating assets and liabilities: | |||||
Amounts receivable, increase decrease | 5,674 | 17,586 | |||
Prepaid expenses and deposits, increase decrease | 11,655 | 89,453 | |||
Accounts payable and accrued liabilities, increase decrease | 47,512 | 153,500 | |||
Due to related parties, increase decrease | 51,574 | (20,674) | |||
Net Cash Used In Operating Activities | (160,014) | (323,930) | |||
Cash flows from investing activities: | |||||
Purchase of property and equipment | (682) | ||||
Investment in intangible assets | (12,161) | ||||
Net Cash Used In Investing Activities | (12,843) | ||||
Cash flows from financing activities: | |||||
Repayment of capital lease obligations | (4,592) | (3,309) | |||
Repayment of loan payable | (50,000) | ||||
Proceeds from notes payable | 20,282 | 50,000 | |||
Proceeds from issuance of convertible debentures | 134,500 | 312,000 | |||
Checks issued in excess of funds on deposit | 3,705 | 5,636 | |||
Proceeds from issuance of common stock and subscriptions received | 5,000 | 15,000 | |||
Net Cash Provided By Financing Activities | 158,895 | 329,327 | |||
Change in cash | (1,119) | (7,446) | |||
Cash, beginning of period | 1,119 | 7,446 | $ 7,446 | ||
Cash, end of period | $ 1,119 | ||||
Non-cash investing and financing activities: | |||||
Common stock issued to relieve common stock subscribed | 25,000 | ||||
Common stock issued to settle accounts payable and debt | 108,212 | 24,000 | |||
Common stock issued for conversion of notes payable | 236,093 | 359,988 | |||
Original issue discounts | 24,999 | 26,087 | |||
Debt issuance costs | 13,000 | ||||
Original debt discount against derivative liability | 134,500 | 334,755 | |||
Supplemental disclosures: | |||||
Interest paid | 657 | 9,333 | |||
Income taxes paid |
1. Organization and Going Conce
1. Organization and Going Concern | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
1. Organization and Going Concern | Organization and Going Concern Mantra Venture Group Ltd. (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. The accompanying unaudited consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2016. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. These unaudited 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 November 30, 2016, the Company has an accumulated loss of $15,716,745, and a working capital deficit of $4,483,284. 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. |
2. Significant Accounting Polic
2. Significant Accounting Policies | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
2. Significant Accounting Policies | Significant Accounting Policies a. Basis of Presentation/Principles of Consolidation These unaudited 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 64.55% owned and Mantra Energy Alternatives Ltd., which is 88.21% owned. All inter- company balances and transactions have been eliminated. b. 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 November 30, 2016, the Company had 352,678,654 (November 30, 2015 – 34,949,950) dilutive potential shares outstanding. c. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
3. Restricted Cash
3. Restricted Cash | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
3. Restricted Cash | Restricted Cash Restricted cash represents cash pledged as security for the CompanyÂ’s credit cards. At November 30, 2016, the Company no longer pledged cash as security as the credit cards have been surrendered. |
4. Property and Equipment
4. Property and Equipment | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
4. Property and Equipment | Property and Equipment Cost $ Accumulated depreciation $ November 30, 2016 Net carrying value $ May 31, 2016 Net carrying value $ Furniture and equipment 2,496 1,206 1,290 1,539 Computer 5,341 5,341 – – Research equipment 143,129 95,407 47,722 56,655 Vehicles under capital lease 72,690 62,630 10,060 14,433 223,656 164,584 59,072 72,627 During the six months ended November 30, 2016, the Company recorded $13,556 (2015 - $9,471) of amortization expense. |
5. Intangible Assets
5. Intangible Assets | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
5. Intangible Assets | Intangible Assets Cost $ Accumulated amortization $ November 30, 2016 Net carrying value $ May 31, 2016 Net carrying value $ Patents 70,789 10,544 60,245 62,615 During the six months ended November 30, 2016, the Company recorded $2,369 (2015 - $1,754) of amortization expense. Estimated Future Amortization Expense: For year ending May 31, 2017 2,369 For year ending May 31, 2018 4,738 For year ending May 31, 2019 4,738 For year ending May 31, 2020 4,738 For year ending May 31, 2021 4,738 |
6. Related Party Transactions
6. Related Party Transactions | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
6. Related Party Transactions | Related Party Transactions a) During the six months ended November 30, 2016, the Company incurred management fees of $ 68,616 (2015 - $ 65,485 ) to the President of the Company. b) During the six months ended November 30, 2016, the Company incurred management fees of $ 22,872 (2015 - $ 23,820 ) to the spouse of the President of the Company. c) During the six months ended November 30, 2016, the Company incurred research and development fees of $ 0 (2015 - $ 28,920 ) to a director of the Company. d) During the six months ended November 30, 2016, the Company recorded $ 0 (2015 - $ 29,133 ) of management fees for the vesting of options previously granted to officers and directors. e) As at November 30, 2016, the Company owes a total of $ 188,720 (May 31, 2016 - $ 136,723 ) to the President of the Company and his spouse, and a company controlled by the President of the Company which is non-interest bearing, unsecured, and due on demand. f) As at November 30, 2016, the Company owes $ 17,414 (May 31, 2016 - $ 17,837 ) to an officer and a director of the Company, which is non-interest bearing, unsecured, and due on demand. |
7. Loans Payable
7. Loans Payable | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
7. Loans Payable | Loans Payable a) As at November 30, 2016 May 31, 2016 b) As at November 30, 2016, the amount of $17,500 ( May 31, 2016 c) As at November 30, 2016, the amount of $15,000 (May 31, 2016 - $15,000) is owed to a non-related party which is non-interest bearing, unsecured, and due on demand. On November 15, 2016, the Company entered into a debt settlement agreement to settle the amount owed in exchange for 3,000,000 common shares. The Company has not yet issued the shares. The Company will record the debt settlement upon the issuance of shares. d) As at November 30, 2016, the amount of $0 (Cdn$0) (May 31, 2016 -$14,413 (Cdn$18,895)) was owed to a non-related party, which is non-interest bearing, unsecured, and due on demand. On October 3, 2016, the Company issued 4,413,181 shares of common stock upon the conversion of the note payable of $14,406 (CAD - $18,895) and $735 (CAD - $964) of accrued interest. e) As at November 30, 2016, the amounts of $35,054 (Cdn$37,000) ( May 31, 2016 f) As at November 30, 2016, the amount of $4,490 ( May 31, 2016 g) As at November 30, 2016, the amounts of $13,454 (Cdn$18,066) ( May 31, 2016 h) 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. i) On August 4, 2015, the Company borrowed $ 50,000 pursuant to a promissory note. The note was due on September 4, 2015. The note bears interest at 120 % per annum prior September 4, 2015, and at 180 % per annum after September 4, 2015. The holder of the note was also granted the rights to buy 100,000 shares of the Company’s common stock at a price of $0.15 per share until August 4, 2017. During the year ended May 31, 2016, the Company repaid the $ 50,000 note and $ 1,200 of accrued interest remains owing. The rights issued with the note qualified for derivative accounting under ASC 815-15 “ Derivatives and Hedging j) As at November 30, 2016, the amounts of $ 9,000 and $11,282 (Cdn$15,150) (May 31, 2016 - $ 0 ) are owed to non-related parties which are non-interest bearing, unsecured, and due on demand. |
8. Obligations Under Capital Le
8. Obligations Under Capital Lease | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
8. Obligations Under Capital Lease | 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. In August 2015, the July 31, 2012 lease was renewed for an additional two years and on December 28, 2015, the December 21, 2012 lease was also renewed for an additional two years. 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 November 30, 2016: Year ending May 31: $ 2017 4,482 2018 3,362 Net minimum lease payments 7,844 Less: amount representing interest payments (517) Present value of net minimum lease payments 7,327 Less: current portion (5,876) Long-term portion 1,451 At the end of the leases, the Company has the option to purchase the two vehicles for $1 each. |
9. Convertible Debentures
9. Convertible Debentures | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
9. Convertible Debentures | 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 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. On December 4, 2015, the holder of the convertible debenture entered into an agreement to sell and assign the remaining outstanding principal to a third party. The Company approved and is bound by the assignment and sale agreement. 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 because the fair value of the old debt and new debt remained the same. 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. During the year ended May 31, 2015, the Company repaid $54,808 decreasing the carrying value to $59,853. At November 30, 2016, the other remaining debenture of $59,853 remained outstanding and past due. (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 November 30, 2016, the carrying value of the convertible promissory note was $10,000 and the note remained outstanding and in default. (c) On September 11, 2013 and October 18, 2013, the Company issued two convertible debentures for total proceeds of $152,000, which bore interest at 10% per annum, were unsecured, and due two years from date of issuance. The unpaid amount of principal and accrued interest could be converted at the holders’ 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 $152,000 as additional paid-in capital and reduced the carrying value of the convertible debenture to $nil. The carrying value was accreted over the term of the convertible debentures up to their face value of $152,000. On September 30, 2016, the Company issued 4,920,400 shares of common stock upon the conversion of the two convertible notes of $58,000 and $94,000 and $44,816 of accrued interest. (d) 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 November 30, 2016, the carrying value of the convertible promissory note was $15,000 and the note remained outstanding and in default. (e) 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 November 30, 2016, the carrying value of the convertible promissory note was $15,000 and the note remained outstanding and in default. (f) On June 1, 2015, the Company issued a convertible note in the principal amount of $100,000 due on demand on or after December 1, 2015. The note has a cash redemption premium of 130% of the principal amount in the first 90 days following the execution date, of 135% for days 90-120 following the execution date, and 140% after the 120th day. After 140 days cash redemption is only available upon approval by the holder. The note bears interest at 12% per annum and is convertible into common shares of the Company at the lower of a 42% discount to the lowest trading price during the previous 20 trading days to the date of conversion; or a 42% discount to the lowest trading price during the previous 20 trading days before the date the note was executed. In no event shall the conversion price be lower than $0.00001. On December 4, 2015, the holder of the convertible debenture entered into an agreement to sell and assign the remaining outstanding principal to a third party. The Company approved and is bound by the assignment and sale agreement. On October 5, 2016, the holder of the convertible debentures entered into an agreement to sell and assign the remaining outstanding principal to a third party. The Company approved and is bound by the assignment and sale agreement. At November 30, 2016, $45,000 of the note had been assigned to the third party. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 “Derivatives and Hedging”. The initial fair value of the conversion feature of $310,266 resulted in a discount to the note payable of $100,000 and the recognition of a loss on derivatives of $210,266. During the year ended May 31, 2016, the Company issued 6,303,475 shares of common stock upon the conversion of $45,000 of principal. During the year ended May 31, 2016, the Company recorded accretion of $100,000 and recorded the cash redemption premium of $26,250 increasing the carrying value of the note to $81,250. During the six months ended November 30, 2016, the Company issued 7,975,646 shares of common stock upon the conversion of $35,000 of principal. At November 30, 2016, the carrying value of the note was $46,250 and the note remained outstanding and past due. (g) On September 8, 2015, the Company issued a convertible note in the principal amount of $326,087. During the year ended May 31, 2016, the Company received the initial tranches of $280,000 net of a $26,087 original issue discount. The note bears interest at 10% per annum and is convertible into common shares of the Company at a 65% discount to the lowest trading price during the previous 20 trading days to the date of conversion; or a 65% discount to the lowest trading price during the previous 20 trading days before the date the note was executed. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 “Derivatives and Hedging”. The initial fair value of the conversion feature of $479,626 resulted in a discount to the note payable of $280,000 and the recognition of a loss on derivatives of $204,626. During the year ended May 31, 2016, the Company recorded accretion of $120,175 and recorded a default fee of $76,522 increasing the carrying value of the note to $190,696. During the six months ended November 30, 2016, the Company recorded accretion of $177,343 increasing the carrying value of the note to $374,039. (h) On December 4, 2015, the Company issued a convertible note in the principal amount of $105,000 as an inducement to the holder of the convertible notes described in Note 9(g), to enter into an agreement to sell and assign the remaining outstanding principal to a third party. The note included a $10,000 original issue discount. The note bears interest at 10% per annum and is convertible into common shares of the Company at a 52% discount to the lowest trading price during the previous 30 trading days to the date of conversion; or a 52% discount to the lowest trading price during the previous 30 trading days before the date the note was executed. On October 5, 2016, the holder of the convertible debentures entered into an agreement to sell and assign the remaining outstanding principal to a third party. The Company approved and is bound by the assignment and sale agreement. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 “Derivatives and Hedging”. The initial fair value of the conversion feature of $216,108 resulted in a discount to the note payable of $95,000 and the recognition of a loss on derivatives of $111,108. During the year ended May 31, 2016, the Company recorded accretion of $82,560 and recorded a default of fee of $26,250 increasing the carrying value of the note to $48,690. During the six months ended November 30, 2016, the recorded accretion of $80,823 increasing the carrying value of the note to $129,513. (i) On March 10, 2016, the Company issued a convertible note in the principal amount of up to $166,666. During the year ended May 31, 2016, the Company received initial tranches of $65,000 net of a $16,666 original issue discount. The note bears interest at 10% per annum and is convertible into common shares of the Company at a 65% discount to the lowest trading price during the previous 20 trading days to the date of conversion; or a 65% discount to the lowest trading price during the previous 20 trading days before the date the note was executed. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 “Derivatives and Hedging”. The initial fair value of the conversion feature of $218,785 resulted in a discount to the note payable of $81,666 and the recognition of a loss on derivatives of $158,785. During the year ended May 31, 2016, the Company recorded accretion of $20,015, and recorded a default fee of $20,417 increasing the carrying value of the note to $40,432. During the six months ended November 30, 2016, the Company received additional tranches of $89,500. The initial fair value of the conversion feature of $183,700 resulted in a discount to the note payable of $89,500 and the recognition of a loss on derivatives of $94,200. During the six months ended November 30, 2016, the Company recorded accretion of $53,345, and recorded a default fee of $9,875 increasing the carrying value of the note to $103,652. (j) On October 11, 2016, the Company issued a convertible note in the principal amount of up to $249,999. The Company received initial tranches of $42,500 net of a $24,999 original issue discount and $2,500 of financing fees. The note bears interest at 10% per annum and is convertible into common shares of the Company at a 65% discount to the lowest trading price during the previous 20 trading days to the date of conversion; or a 65% discount to the lowest trading price during the previous 20 trading days before the date the note was executed. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 “Derivatives and Hedging”. The initial fair value of the conversion feature of $121,902 resulted in a discount to the note payable of $45,000 and the recognition of a loss on derivatives of $76,902. During the six months ended November 30, 2016, the Company recorded accretion of $7,229, increasing the carrying value of the note to $7,229. |
10. Derivative Liabilities
10. Derivative Liabilities | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
10. Derivative Liabilities | Derivative Liabilities The embedded conversion option of the convertible debenture described in Note 9(f) contains a conversion feature that qualifies for embedded derivative classification. The fair value of the liability will be re-measured at the end of every reporting period and the change in fair value will be reported in the statement of operations as a gain or loss on derivative financial instruments. Upon the issuance of the convertible note payable described in Note 9(f), the Company concluded that it only has sufficient shares to satisfy the conversion of some but not all of the outstanding convertible notes, warrants and options. The Company elected to reclassify contracts from equity with the earliest inception date first. As a result, none of the CompanyÂ’s previously outstanding convertible instruments qualified for derivative reclassification, however, any convertible securities issued after the election, including the convertible note described in Notes 9(f), 9(g), 9(i) and 9(j), and the rights described in Note 7(i) would qualify for treatment as derivative liabilities. The Company reassesses the classification of the instruments at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification. During the six months ended November 30, 2016, the Company reclassified 350,000 options exercisable at $0.03 until March 16, 2017 with a fair value of $2,350 and 2,000,000 warrants exercisable at $0.03 until August 29, 2018 with a fair value of $13,745 that qualified for treatment as derivative liabilities. The table below sets forth a summary of changes in the fair value of the CompanyÂ’s Level 3 financial liabilities: November 30, 2016 May 31, 2016 Balance at the beginning of period $ 978,245 $ 353,668 Original discount limited to proceeds of notes 134,500 541,755 Fair value of derivative liabilities in excess of notes proceeds received 171,102 692,785 Reclassification of instruments previously classified as equity 16,095 Conversion of derivative liability (73,201) (414,246) Change in fair value of embedded conversion option 1,205,995 (195,717) Balance at the end of the period $ 2,432,736 $ 978,245 The Company uses Level 3 inputs for its valuation methodology for the embedded conversion option liabilities as their fair values were determined by using the Black-Scholes option pricing model based on various assumptions. The model incorporates the price of a share of the CompanyÂ’s common stock (as quoted on the Over the Counter Markets), volatility, risk free rate, dividend rate and estimated life. Significant changes in any of these inputs in isolation would result in a significant change in the fair value measurement. As required, these are classified based on the lowest level of input that is significant to the fair value measurement. The following table shows the assumptions used in the calculations: Expected Volatility Risk-free Interest Rate Expected Dividend Yield Expected Life (in years) At issuance 134 - 243 % 0.07 - 1.11 % 0 % 0.50 - 2.00 At November 30, 2016 45 - 386 % 0.08 - 1.11 % 0 % 0.01 - 1.75 |
11. Common Stock
11. Common Stock | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
11. Common Stock | Common Stock (a) As at May 31, 2016 and 2015, 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 CompanyÂ’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. (b) As at May 31, 2016 and 2015 the CompanyÂ’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 . (c) As at May 31, 2016 and 2015, the CompanyÂ’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 February 2, 2016, the Company revised its authorized share capital to increase the number of authorized common shares from 100,000,000 common shares with a par value of $0.00001, to 275,000,000 common shares with a par value of $0.00001. Stock transactions during the six months ended November 30, 2016: (a) On July 1, 2016, the Company issued 2,368,322 shares of common stock upon the conversion of $15,000 of principal of the convertible note described in Note 9(f). (b) On August 15, 2016, the Company issued 2,826,456 shares of common stock upon the conversion of $10,000 of principal of the convertible note described in Note 9(f). (c) On August 29, 2016, the Company issued 2,000,000 units at $0.015 per unit for proceeds of $30,000. Each unit consisted of one share of common stock and one share purchase warrant. Each share purchase warrant is exercisable at $0.03 per share of common stock for a period of two years or thirty calendar days after the CompanyÂ’s common stock trades at least one time per day on the FINRA Over-the-Counter Bulletin Board at a price at or above $0.03 per share for five consecutive trading days. As at May 31, 2016, the Company had received proceeds of $25,000 at $0.015 per unit for subscriptions for 1,666,666 units which was included in common stock subscribed. (d) On September 19, 2016, the Company issued 4,920,400 shares of common stock upon the conversion of the two convertible notes of $58,000 and $94,000 described in Note 9(c) and $44,816 of accrued interest. (e) On September 26, 2016, the Company issued 2,780,868 shares of common stock upon the conversion of $10,000 of principal of the convertible note described in Note 9(f). (f) October 3, 2016, the Company issued 4,413,181 shares of common stock upon the conversion of the note payable of $14,406 (CAD - $18,895) described in Note 7(d) and $735 (CAD - $964) of accrued interest. The Company recorded the common shares at their fair value of $39,277 which resulted in a loss on settlement of debt of $19,418. |
Share Purchase Warrants
Share Purchase Warrants | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
Share Purchase Warrants | 12. Share Purchase Warrants The following table summarizes the continuity of share purchase warrants: Number of warrants Weighted average exercise price $ Balance, May 31, 2015 5,258,333 0.44 Issued 1,766,667 0.04 Balance, May 31, 2016 7,025,000 0.34 Issued 333,334 0.03 Expired (150,000) 0.60 Balance, November 30, 2016 7,208,334 0.32 As at November 30, 2016, the following share purchase warrants were outstanding: Number of warrants Exercise price $ Expiry date 500,000 0.60 February 27, 2017 333,333 0.80 June 4, 2017 200,000 0.80 July 11, 2017 1,000,000 0.03 April 15, 2018 666,667 0.03 May 4, 2018 100,000 0.15 August 4, 2017 4,075,000 0.37 April 10, 2019 333,334 0.03 August 29, 2018 7,208,334 |
13. Stock Options Text Block
13. Stock Options Text Block | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
13. Stock Options Text Block | Stock Options The following table summarizes the continuity of the Company’s stock options: Number of options Weighted average exercise price $ Weighted average remaining contractual life (years) Aggregate intrinsic value $ Outstanding, May 31, 2015 1,675,000 0.17 Granted 350,000 0.03 Expired (525,000) 0.20 Outstanding, May 31, 2016 1,500,000 0.16 Expired (750,000) 0.20 Outstanding, November 30, 2016 750,000 0.12 0.84 – Exercisable, November 30, 2016 750,000 0.12 0.84 – Non-vested stock options Number of Options Weighted Average Grant Date Fair Value $ Non-vested at May 31, 2015 550,000 Granted 350,000 0.03 Expired (50,000) 0.20 Vested (800,000) 0.14 Non-vested at May 31, 2016 50,000 0.30 Expired (50,000) 0.30 Non-vested at November 30, 2016 – Additional information regarding stock options as of May 31, 2016 is as follows: Number of options Exercise price $ Expiry date 400,000 0.20 March 16, 2017 350,000 0.03 May 17, 2018 750,000 The Company did not grant any stock options or record any stock-based compensation for options granted during the six month period ended November 30, 2016 or 2015. |
14. Commitments and Contingenci
14. Commitments and Contingencies | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
14. Commitments and Contingencies | 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: · · · September 1, 2010 Cdn$ 10,000 (paid) September 1, 2011 Cdn$ 20,000 (accrued) September 1, 2012 Cdn$ 30,000 (accrued) September 1, 2013 Cdn$ 40,000 (accrued) September 1, 2014 and each successive anniversary Cdn$ 50,000 (accrued) 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 November 15, 2013, the Company entered into a second settlement agreement with the $ 150,000 debenture holder described in Note 9(a). Pursuant to the second amendment, on November 15, 2013, the Company agreed to make monthly payments of $10,000 on the outstanding principal and interest. Payments were made until December 2014, but have not been made after. The plaintiff is seeking relief of amounts owed along with 10% interest per annum, from the date of judgments. All amounts are recorded in these financial statements. (d) On September 3, 2015, a former prospective employee of the Company delivered a Notice of Claim seeking judgment against the Company for approximately $ 11,400 . The Company believes the claim is without merit and intends to defend itself. (e) On March 14, 2016, the Company entered into a consulting agreement. Pursuant to the agreement, the Company will pay the consultant $10,000 per month ($20,000 paid) and issue 550,000 shares per month for a period of three months. At May 31, 2016, the Company had not issued the shares to the consultant due to non-performance. (f) On July 15, 2016, the Company entered into an agreement to lease office space for $430 ($564CAD) per month until June 30, 2017. (g) On September 10, 2016, the Company entered into a debt settlement agreement to settle $7,500 of amounts owed for services in exchange for 2,000,000 common shares. The Company has not yet issued the shares. The Company will record the debt settlement upon the issuance of shares. (h) On August 22, 2016, the Company entered into a consulting agreement for the provision of consulting services until November 22, 2016. Pursuant to the agreement the Company will pay the consultant $5,000 per month and issue 2,000,000 shares of common stock to the consultant. On December 7, 2016, the Company entered into a settlement agreement. Pursuant to the agreement, the Company agreed to issue the consultant 1,000,000 common shares in exchange for fully releasing and discharging the Company of any and all further obligations. At November 30, 2016, the Company had recorded the fair value of the 1,000,000 shares of $8,900 as an accrued liability. |
15. Revision of Prior Year Fina
15. Revision of Prior Year Financial Statements Text Block | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
15. Revision of Prior Year Financial Statements Text Block | 15. Revision of Prior Year Financial Statements The Company identified an error relating to the non-recognition of the convertible note described in Note 9(i) during the year ended May 31, 2016. The effect of the error is to increase net loss by $275,295 for the year ended May 31, 2016. In accordance with the guidance provided by the SECÂ’s Staff Accounting Bulletin 99, Materiality Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements As a result of the aforementioned correction of accounting errors, the relevant annual financial statements have been restated as follows: Effects on financials for the Year Ended May 31, 2016: May 31, 2016 Consolidated Balance Sheet As Previously Reported Adjustment As Revised Accounts payable and accrued liabilities $ 810,575 $ 26,407 $ 836,982 Convertible debentures 620,231 48,690 668,921 Derivative liability 778,047 200,198 978,245 Accumulated deficit (13,430,793) (275,295) (13,706,088) Total Mantra Venture Group Ltd. stockholderÂ’s deficit (2,166,651) (275,295) (2,441,946) Total stockholdersÂ’ deficit (2,402,925) (275,295) (2,678,220) [ For the Year Ended May 31, 2016 Consolidated Statement of Operations As Previously Reported Adjustment As Revised Loss on change in fair value of derivatives $ (401,870) $ (95,209) $ (497,079) Interest expense (226,665) (157,647) (384,312) Accretion of debt discount (439,465) (22,440) (461,905) Net loss for the period (1,944,565) (275,295) (2,219,860) Net loss attributable to Mantra Venture Group Ltd. (1,900,877) (275,295) (2,176,172) Net loss per share attributable to Mantra Venture Group Ltd. common shareholders, basic and diluted (0.02) (0.01) (0.03) For the Year Ended May 31, 2016 Consolidated Statement of Cash Flows As Previously Reported Adjustment As Revised Net loss $ (1,944,565) $ (275,295) $ (2,219,860) Gain on change in fair value of derivative liability (179,807) (15,899) (195,706) Initial derivative expenses 581,677 111,108 692,785 Interest related to cash redemption premium on convertible notes 123,188 26,250 149,438 Accounts payable and accrued liabilities 234,200 26,396 260,596 Accretion of discounts on convertible debentures 439,465 22,440 461,905 |
16. Subsequent Events
16. Subsequent Events | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
16. Subsequent Events | 16. Subsequent Events (a) Subsequent to November 30, 2016, the Company issued 3,000,000 shares of common stock upon the conversion of the $15,000 loan described in Note 7(c). (b) On January 7, 2017, the Company entered into a consulting agreement for the provision of consulting services until July 7, 2017. Pursuant to the agreement the Company will pay the consultant $35,000 per month and upon the conclusion of the first 30-day period of the agreement, the Company shall issue 6,250,000 shares of common stock to the consultant. (c) On December 1, 2016, the Company entered into a debt settlement agreement to settle $7,500 of amounts owed for services in exchange for 2,000,000 common shares. The Company has not yet issued the shares. The Company will record the debt settlement upon the issuance of shares. (d) On December 9, 2016, the Company issued 1,000,000 shares pursuant to the settlement agreement described in Note 14(h). (e) On December 5, 2016, the Company issued 5,393,560 shares of common stock upon the conversion of $15,075 of principal of the convertible note described in Note 9(f). On January 13, 2017, the Company issued 5,070,994 shares of common stock upon the conversion of $10,000 of principal of the convertible note described in Note 9(f). |
2. Significant Accounting Pol22
2. Significant Accounting Policies: a. Basis of Presentation/principles of Consolidation (Policies) | 6 Months Ended |
Nov. 30, 2016 | |
Policies | |
a. Basis of Presentation/principles of Consolidation | a. Basis of Presentation/Principles of Consolidation These unaudited 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 64.55% owned and Mantra Energy Alternatives Ltd., which is 88.21% owned. All inter- company balances and transactions have been eliminated. |
2. Significant Accounting Pol23
2. Significant Accounting Policies: b. Loss Per Share (Policies) | 6 Months Ended |
Nov. 30, 2016 | |
Policies | |
b. Loss Per Share | b. 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 November 30, 2016, the Company had 352,678,654 (November 30, 2015 – 34,949,950) dilutive potential shares outstanding. |
2. Significant Accounting Pol24
2. Significant Accounting Policies: c. Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Nov. 30, 2016 | |
Policies | |
c. Recent Accounting Pronouncements | c. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
4. Property and Equipment_ Prop
4. Property and Equipment: Property, Plant and Equipment (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Property, Plant and Equipment | Cost $ Accumulated depreciation $ November 30, 2016 Net carrying value $ May 31, 2016 Net carrying value $ Furniture and equipment 2,496 1,206 1,290 1,539 Computer 5,341 5,341 – – Research equipment 143,129 95,407 47,722 56,655 Vehicles under capital lease 72,690 62,630 10,060 14,433 223,656 164,584 59,072 72,627 |
5. Intangible Assets_ Schedule
5. Intangible Assets: Schedule of Finite-Lived Intangible Assets (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets | Cost $ Accumulated amortization $ November 30, 2016 Net carrying value $ May 31, 2016 Net carrying value $ Patents 70,789 10,544 60,245 62,615 |
5. Intangible Assets_ Finite-li
5. Intangible Assets: Finite-lived Intangible Assets Amortization Expense (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Finite-lived Intangible Assets Amortization Expense | Estimated Future Amortization Expense: For year ending May 31, 2017 2,369 For year ending May 31, 2018 4,738 For year ending May 31, 2019 4,738 For year ending May 31, 2020 4,738 For year ending May 31, 2021 4,738 |
8. Obligations Under Capital 28
8. Obligations Under Capital Lease: Schedule of Future Minimum Lease Payments for Capital Leases (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Future Minimum Lease Payments for Capital Leases | Year ending May 31: $ 2017 4,482 2018 3,362 Net minimum lease payments 7,844 Less: amount representing interest payments (517) Present value of net minimum lease payments 7,327 Less: current portion (5,876) Long-term portion 1,451 |
10. Derivative Liabilities_ Cha
10. Derivative Liabilities: Changes in the Fair Value of the Companys Level 3 Financial Liabilities Table Text Block (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Changes in the Fair Value of the Companys Level 3 Financial Liabilities Table Text Block | November 30, 2016 May 31, 2016 Balance at the beginning of period $ 978,245 $ 353,668 Original discount limited to proceeds of notes 134,500 541,755 Fair value of derivative liabilities in excess of notes proceeds received 171,102 692,785 Reclassification of instruments previously classified as equity 16,095 Conversion of derivative liability (73,201) (414,246) Change in fair value of embedded conversion option 1,205,995 (195,717) Balance at the end of the period $ 2,432,736 $ 978,245 |
10. Derivative Liabilities_ Fai
10. Derivative Liabilities: Fair Value Assumptions Used in Fair Value Calculation Table Text Block (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Fair Value Assumptions Used in Fair Value Calculation Table Text Block | Expected Volatility Risk-free Interest Rate Expected Dividend Yield Expected Life (in years) At issuance 134 - 243 % 0.07 - 1.11 % 0 % 0.50 - 2.00 At November 30, 2016 45 - 386 % 0.08 - 1.11 % 0 % 0.01 - 1.75 |
Share Purchase Warrants_ Schedu
Share Purchase Warrants: Schedule of Stockholders Equity Note Warrants or Rights Activity Table Text Block (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Stockholders Equity Note Warrants or Rights Activity Table Text Block | Number of warrants Weighted average exercise price $ Balance, May 31, 2015 5,258,333 0.44 Issued 1,766,667 0.04 Balance, May 31, 2016 7,025,000 0.34 Issued 333,334 0.03 Expired (150,000) 0.60 Balance, November 30, 2016 7,208,334 0.32 |
Share Purchase Warrants_ Sche32
Share Purchase Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Number of warrants Exercise price $ Expiry date 500,000 0.60 February 27, 2017 333,333 0.80 June 4, 2017 200,000 0.80 July 11, 2017 1,000,000 0.03 April 15, 2018 666,667 0.03 May 4, 2018 100,000 0.15 August 4, 2017 4,075,000 0.37 April 10, 2019 333,334 0.03 August 29, 2018 7,208,334 |
13. Stock Options Text Block_ S
13. Stock Options Text Block: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Number of options Weighted average exercise price $ Weighted average remaining contractual life (years) Aggregate intrinsic value $ Outstanding, May 31, 2015 1,675,000 0.17 Granted 350,000 0.03 Expired (525,000) 0.20 Outstanding, May 31, 2016 1,500,000 0.16 Expired (750,000) 0.20 Outstanding, November 30, 2016 750,000 0.12 0.84 – Exercisable, November 30, 2016 750,000 0.12 0.84 – |
13. Stock Options Text Block_34
13. Stock Options Text Block: Schedule of Nonvested Share Activity (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Nonvested Share Activity | Non-vested stock options Number of Options Weighted Average Grant Date Fair Value $ Non-vested at May 31, 2015 550,000 Granted 350,000 0.03 Expired (50,000) 0.20 Vested (800,000) 0.14 Non-vested at May 31, 2016 50,000 0.30 Expired (50,000) 0.30 Non-vested at November 30, 2016 – |
13. Stock Options Text Block_ D
13. Stock Options Text Block: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Number of options Exercise price $ Expiry date 400,000 0.20 March 16, 2017 350,000 0.03 May 17, 2018 750,000 |
15. Revision of Prior Year Fi36
15. Revision of Prior Year Financial Statements Text Block: Schedule of adjustment on Balance Sheet Text Block (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of adjustment on Balance Sheet Text Block | May 31, 2016 Consolidated Balance Sheet As Previously Reported Adjustment As Revised Accounts payable and accrued liabilities $ 810,575 $ 26,407 $ 836,982 Convertible debentures 620,231 48,690 668,921 Derivative liability 778,047 200,198 978,245 Accumulated deficit (13,430,793) (275,295) (13,706,088) Total Mantra Venture Group Ltd. stockholderÂ’s deficit (2,166,651) (275,295) (2,441,946) Total stockholdersÂ’ deficit (2,402,925) (275,295) (2,678,220) |
15. Revision of Prior Year Fi37
15. Revision of Prior Year Financial Statements Text Block: Schedule of adjustment on Statement of Operations Text Block (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of adjustment on Statement of Operations Text Block | For the Year Ended May 31, 2016 Consolidated Statement of Operations As Previously Reported Adjustment As Revised Loss on change in fair value of derivatives $ (401,870) $ (95,209) $ (497,079) Interest expense (226,665) (157,647) (384,312) Accretion of debt discount (439,465) (22,440) (461,905) Net loss for the period (1,944,565) (275,295) (2,219,860) Net loss attributable to Mantra Venture Group Ltd. (1,900,877) (275,295) (2,176,172) Net loss per share attributable to Mantra Venture Group Ltd. common shareholders, basic and diluted (0.02) (0.01) (0.03) |
15. Revision of Prior Year Fi38
15. Revision of Prior Year Financial Statements Text Block: Schedule of adjustment on Statement of Cash Flows Text Block (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of adjustment on Statement of Cash Flows Text Block | For the Year Ended May 31, 2016 Consolidated Statement of Cash Flows As Previously Reported Adjustment As Revised Net loss $ (1,944,565) $ (275,295) $ (2,219,860) Gain on change in fair value of derivative liability (179,807) (15,899) (195,706) Initial derivative expenses 581,677 111,108 692,785 Interest related to cash redemption premium on convertible notes 123,188 26,250 149,438 Accounts payable and accrued liabilities 234,200 26,396 260,596 Accretion of discounts on convertible debentures 439,465 22,440 461,905 |
1. Organization and Going Con39
1. Organization and Going Concern (Details) - USD ($) | Nov. 30, 2016 | May 31, 2016 |
Details | ||
Accumulated deficit | $ 15,716,745 | $ 13,706,088 |
Working Capital Deficit | $ 4,483,284 |
2. Significant Accounting Pol40
2. Significant Accounting Policies: b. Loss Per Share (Details) - shares | Nov. 30, 2016 | Nov. 30, 2015 |
Details | ||
Own-share Lending Arrangement, Counterparty Default, Earnings Per Share, Shares | 352,678,654 | 34,949,950 |
4. Property and Equipment_ Pr41
4. Property and Equipment: Property, Plant and Equipment (Details) | Nov. 30, 2016USD ($) |
Cost | |
Furniture and Fixtures, Gross | $ 2,496 |
Machinery and Equipment, Gross | 5,341 |
Property, Plant and Equipment, Other, Gross | 143,129 |
Property, Plant and Equipment, Other, Net | 72,690 |
Accumulated Depreciation | |
Furniture and Fixtures, Gross | 1,206 |
Machinery and Equipment, Gross | 5,341 |
Property, Plant and Equipment, Other, Gross | 95,407 |
Property, Plant and Equipment, Other, Net | 62,630 |
Net Carrying Value- November 30, 2016 | |
Furniture and Fixtures, Gross | 1,290 |
Property, Plant and Equipment, Other, Gross | 47,722 |
Property, Plant and Equipment, Other, Net | 10,060 |
Net Carrying Value- May 31, 2016 | |
Furniture and Fixtures, Gross | 1,539 |
Property, Plant and Equipment, Other, Gross | 56,655 |
Property, Plant and Equipment, Other, Net | $ 14,433 |
5. Intangible Assets_ Schedul42
5. Intangible Assets: Schedule of Finite-Lived Intangible Assets (Details) | Nov. 30, 2016USD ($) |
Cost | |
Finite-Lived Patents, Gross | $ 70,789 |
Accumulated Amortization | |
Finite-Lived Patents, Gross | 10,544 |
Net Carrying Value- November 30, 2016 | |
Finite-Lived Patents, Gross | 60,245 |
Net Carrying Value- May 31, 2016 | |
Finite-Lived Patents, Gross | $ 62,615 |
5. Intangible Assets_ Finite-43
5. Intangible Assets: Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) | 12 Months Ended | ||||
May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | May 31, 2017 | |
Details | |||||
Future Amortization Expense | $ 4,738 | $ 4,738 | $ 4,738 | $ 4,738 | $ 2,369 |
6. Related Party Transactions (
6. Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | May 31, 2016 | |
Research and development | $ 15,669 | $ 40,580 | $ 24,974 | $ 92,902 | |
President | |||||
Management Fee Expense | 68,616 | 65,485 | |||
Due to Related Parties, Current | 188,720 | 188,720 | $ 136,723 | ||
Spouse of the President | |||||
Management Fee Expense | 22,872 | 23,820 | |||
Director | |||||
Research and development | 0 | 28,920 | |||
Officers and Directors | |||||
Research and development | 0 | $ 29,133 | |||
Due to Related Parties, Current | $ 17,414 | $ 17,414 | $ 17,837 |
7. Loans Payable (Details)
7. Loans Payable (Details) - USD ($) | 12 Months Ended | ||||
May 31, 2016 | Nov. 30, 2016 | Sep. 04, 2015 | Aug. 04, 2015 | Mar. 31, 2012 | |
Common stock subscribed | $ 99,742 | $ 74,742 | $ 50,000 | ||
Temporary Equity, Share Subscriptions | 10,000,000 | ||||
Notes Payable, Current | $ 50,000 | ||||
Accounts Payable, Interest-bearing, Interest Rate | 180.00% | 120.00% | |||
Repaid Notes | 50,000 | ||||
Increase (Decrease) in Accrued Interest Receivable, Net | 1,200 | ||||
Non-related party 1 | |||||
Notes and Loans Payable, Current | 48,285 | 47,140 | |||
Non-related party 2 | |||||
Notes and Loans Payable, Current | 17,500 | 17,500 | |||
Non-related party 3 | |||||
Notes and Loans Payable, Current | 15,000 | 15,000 | |||
Non-related party 4 | |||||
Notes and Loans Payable, Current | 14,413 | 0 | |||
Non-related party 5 | |||||
Notes and Loans Payable, Current | 35,724 | 35,054 | |||
Non-related party 6 | |||||
Notes and Loans Payable, Current | 4,490 | 4,490 | |||
Non-related party 7 | |||||
Notes and Loans Payable, Current | 13,696 | 13,454 | |||
Non-related party 8 | |||||
Notes and Loans Payable, Current | $ 0 | $ 9,000 |
8. Obligations Under Capital 46
8. Obligations Under Capital Lease: Schedule of Future Minimum Lease Payments for Capital Leases (Details) - USD ($) | May 31, 2018 | May 31, 2017 | Nov. 30, 2016 |
Year Ending May 31, 2017 | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 4,482 | ||
Year Ending May 31, 2018 | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,362 | ||
Net Minimum Lease Payments | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 7,844 | ||
Amount Representing interest payments | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | (517) | ||
Present Value of net minimum lease payments | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 7,327 | ||
Current Portion | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | (5,876) | ||
Long-term portion | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 1,451 |
9. Convertible Debentures (Deta
9. Convertible Debentures (Details) - USD ($) | 12 Months Ended | |||||||||||||||||
May 31, 2015 | May 31, 2014 | Nov. 30, 2016 | Oct. 11, 2016 | Mar. 10, 2016 | Dec. 04, 2015 | Sep. 08, 2015 | Jun. 02, 2015 | Feb. 04, 2014 | Feb. 01, 2014 | Dec. 27, 2013 | Nov. 15, 2013 | Oct. 18, 2013 | Sep. 11, 2013 | Aug. 19, 2013 | Jul. 18, 2012 | Jan. 19, 2012 | Oct. 31, 2008 | |
Details | ||||||||||||||||||
Proceeds from Convertible Debt | $ 15,000 | $ 15,000 | $ 152,000 | $ 10,000 | $ 250,000 | |||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||||
Sale of Stock, Price Per Share | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.50 | |||||||||||||
Convertible Debt, Fair Value Disclosures | $ 100,000 | $ 15,000 | $ 15,000 | $ 152,000 | $ 10,000 | $ 250,000 | ||||||||||||
Convertible Debt | $ 59,853 | $ 114,661 | $ 15,000 | 15,000 | $ 94,000 | 58,000 | 10,000 | $ 150,000 | $ 50,000 | |||||||||
Accounts Payable and Other Accrued Liabilities | $ 122,535 | |||||||||||||||||
Accrued Liabilities, Current | $ 43,890 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 750,000 | 100,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0.12 | |||||||||||||||||
Debt Instrument, Annual Principal Payment | $ 10,000 | |||||||||||||||||
Additional Paid in Capital, Common Stock | $ 12,901 | $ 15,000 | $ 152,000 | $ 10,000 | ||||||||||||||
Proceeds from Convertible Debt | $ 54,808 | 40,000 | ||||||||||||||||
Accretion of Discounts on Convertible Debt | $ 12,901 | |||||||||||||||||
Convertible Debt Outstanding | $ 59,853 | |||||||||||||||||
Convertible Notes Payable | $ 249,999 | $ 166,666 | $ 105,000 | $ 326,087 | 100,000 | |||||||||||||
Initial Fair Value of Conversion Feature | $ 121,902 | $ 218,785 | $ 216,108 | $ 479,626 | 310,266 | |||||||||||||
Discount on Note Payable | 100,000 | |||||||||||||||||
Loss on Derivatives | $ 210,266 |
10. Derivative Liabilities_ C48
10. Derivative Liabilities: Changes in the Fair Value of the Companys Level 3 Financial Liabilities Table Text Block (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | May 31, 2016 | Sep. 02, 2016 | Jun. 02, 2015 | |
Derivative liability | $ 2,432,736 | $ 978,245 | ||
November 30, 2016 | ||||
Derivative liability | 2,432,736 | $ 978,245 | ||
Original Discount Limited to Proceeds of Notes | 134,500 | |||
Fair Value of Derivative Liabilities in Excess of Notes Proceds Received | 171,102 | |||
Reclassification of instruments previously classified as equity | 16,095 | |||
Conversion of Derivative Liability | (73,201) | |||
Change in Fair Value of Embedded Conversion Option | $ 1,205,995 | |||
May 31, 2016 | ||||
Derivative liability | 978,245 | $ 353,668 | ||
Original Discount Limited to Proceeds of Notes | 541,755 | |||
Fair Value of Derivative Liabilities in Excess of Notes Proceds Received | 692,785 | |||
Conversion of Derivative Liability | (414,246) | |||
Change in Fair Value of Embedded Conversion Option | $ (195,717) |
10. Derivative Liabilities_ F49
10. Derivative Liabilities: Fair Value Assumptions Used in Fair Value Calculation Table Text Block (Details) | 3 Months Ended | 12 Months Ended |
Nov. 30, 2016 | May 31, 2016 | |
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Minimum | ||
Fair Value Assumptions, Expected Volatility Rate | 45.00% | 134.00% |
Fair Value Assumptions, Risk Free Interest Rate | 0.08% | 0.07% |
Expected Life | 0.01 | 0.50 |
Maximum | ||
Fair Value Assumptions, Expected Volatility Rate | 386.00% | 243.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.11% | 1.11% |
Expected Life | 1.75 | 2 |
11. Common Stock (Details)
11. Common Stock (Details) - USD ($) | Nov. 30, 2016 | Oct. 03, 2016 | Sep. 26, 2016 | Sep. 19, 2016 | Aug. 15, 2016 | Jul. 01, 2016 | May 31, 2016 | Mar. 31, 2012 |
Share Subscription Proceeds | $ 2,080 | |||||||
Common Stock Share Subscriptions | 26,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.20 | |||||||
Common stock subscribed | $ 74,742 | $ 99,742 | $ 50,000 | |||||
Common Stock, Shares Issued | 107,868,251 | 4,413,181 | 2,780,868 | 4,920,400 | 2,826,456 | 2,368,322 | 88,559,024 | |
Mantra Energy Alternatives Ltd. | ||||||||
Share Subscription Proceeds | $ 66,277 | |||||||
Common Stock Share Subscriptions | 67,000 | |||||||
Common stock subscribed | $ 7,231 | |||||||
Climate ESCO Ltd. | ||||||||
Share Subscription Proceeds | $ 21,000 | |||||||
Common Stock Share Subscriptions | 210,000 | |||||||
Common stock subscribed | $ 7,384 |
Share Purchase Warrants_ Sche51
Share Purchase Warrants: Schedule of Stockholders Equity Note Warrants or Rights Activity Table Text Block (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Nov. 30, 2016 | May 31, 2016 | May 31, 2015 | |
Details | |||
Class of Warrant or Right, Outstanding | 7,208,334 | 7,025,000 | 5,258,333 |
Class of Warrant or Right Weighted Average Exercise Price | $ 0.32 | $ 0.34 | $ 0.44 |
Debt Conversion, Converted Instrument, Warrants or Options Issued | 333,334 | 1,766,667 | |
Share Purchase Warrants Issued Weighted Average Exercise Price | $ 0.03 | $ 0.04 | |
Debt Conversion Expired | (150,000) | ||
Class of Warrant or Right Weighted Average Exercise Price Expired | $ 0.60 |
Share Purchase Warrants_ Sche52
Share Purchase Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - $ / shares | Nov. 30, 2016 | May 31, 2016 | May 31, 2015 |
Class of Warrant or Right, Outstanding | 7,208,334 | 7,025,000 | 5,258,333 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.20 | ||
Expiry Date: February 27, 2017 | |||
Class of Warrant or Right, Outstanding | 500,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.60 | ||
Expiry Date: June 4, 2017 | |||
Class of Warrant or Right, Outstanding | 333,333 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | ||
Expiry Date: July 11, 2017 | |||
Class of Warrant or Right, Outstanding | 200,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | ||
Expiry Date: April 15, 2018 | |||
Class of Warrant or Right, Outstanding | 1,000,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | ||
Expiry Date: May 4, 2018 | |||
Class of Warrant or Right, Outstanding | 666,667 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 | ||
Expiry Date: August 4, 2017 | |||
Class of Warrant or Right, Outstanding | 100,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.15 | ||
Expiry Date: April 10, 2019 | |||
Class of Warrant or Right, Outstanding | 4,075,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.37 | ||
Expiry Date: August 29, 2019 | |||
Class of Warrant or Right, Outstanding | 333,334 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.03 |
13. Stock Options Text Block_53
13. Stock Options Text Block: Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | May 31, 2016 | May 31, 2015 | Jul. 18, 2012 | |
Details | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 750,000 | 1,500,000 | 1,675,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.12 | $ 0.16 | $ 0.17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 350,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.03 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (750,000) | (525,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0.20 | $ 0.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 10 months 2 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 750,000 | 100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 0.12 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 10 months 2 days |
13. Stock Options Text Block_54
13. Stock Options Text Block: Schedule of Nonvested Share Activity (Details) - $ / shares | Nov. 30, 2016 | May 31, 2016 | May 31, 2015 |
Details | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 50,000 | 550,000 | |
NonVested Options Granted | 350,000 | ||
Non Vested Options Granted Per Share | $ 0.03 | ||
Nonvested Options Expired | (50,000) | (50,000) | |
NonVested Options Expired | $ 0.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | (800,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0.30 |
13. Stock Options Text Block_55
13. Stock Options Text Block: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares | Nov. 30, 2016 | May 31, 2016 | May 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 750,000 | 1,500,000 | 1,675,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.12 | $ 0.16 | $ 0.17 |
Expiry Date: March 16, 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.20 | ||
Expiry Date: May 17, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 350,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.03 |
14. Commitments and Contingen56
14. Commitments and Contingencies (Details) | 14 Months Ended | 60 Months Ended | |||||||||
Dec. 31, 2014USD ($) | Sep. 02, 2014CAD | Sep. 03, 2015USD ($) | Sep. 01, 2014CAD | Sep. 01, 2013CAD | Sep. 01, 2012CAD | Jul. 31, 2012USD ($) | May 23, 2012USD ($) | Sep. 01, 2011CAD | Sep. 01, 2010CAD | Sep. 02, 2009CAD | |
Initial License Fee | CAD | CAD 10,000 | ||||||||||
Further License Fee | CAD | CAD 50,000 | CAD 40,000 | CAD 30,000 | CAD 20,000 | CAD 10,000 | CAD 15,000 | |||||
Research and Development in Process | CAD | CAD 250,000 | ||||||||||
Notice of Application | $ | $ 55,000 | $ 55,000 | |||||||||
Notice of Claim | $ | $ 11,400 | ||||||||||
Settlement Agreement | |||||||||||
Settlement Agreement | $ | $ 150,000 |
15. Revision of Prior Year Fi57
15. Revision of Prior Year Financial Statements Text Block: Schedule of adjustment on Balance Sheet Text Block (Details) - USD ($) | Nov. 30, 2016 | May 31, 2016 | |
Convertible debentures, net | [1] | $ 810,536 | $ 668,921 |
Accumulated deficit | (15,716,745) | (13,706,088) | |
Total Stockholders' deficit | (4,119,394) | (2,441,946) | |
Total liabilities and stockholders' deficit | $ 122,135 | 171,027 | |
As Previously Reported | |||
Accounts Payable and Accrued Liabilities, Current | 810,575 | ||
Convertible debentures, net | 620,231 | ||
Derivative Liability, Current | 778,047 | ||
Accumulated deficit | (13,430,793) | ||
Total Stockholders' deficit | (2,166,651) | ||
Total liabilities and stockholders' deficit | (2,402,925) | ||
Adjustment | |||
Accounts Payable and Accrued Liabilities, Current | 26,407 | ||
Convertible debentures, net | 48,690 | ||
Derivative Liability, Current | 200,198 | ||
Accumulated deficit | (275,295) | ||
Total Stockholders' deficit | (275,295) | ||
Total liabilities and stockholders' deficit | (275,295) | ||
As Revised | |||
Accounts Payable and Accrued Liabilities, Current | 836,982 | ||
Convertible debentures, net | 668,921 | ||
Derivative Liability, Current | 978,245 | ||
Accumulated deficit | (13,706,088) | ||
Total Stockholders' deficit | (2,441,946) | ||
Total liabilities and stockholders' deficit | $ (2,678,220) | ||
[1] | net of discount of $170,882 and $330,123, respectively) |
15. Revision of Prior Year Fi58
15. Revision of Prior Year Financial Statements Text Block: Schedule of adjustment on Statement of Operations Text Block (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | May 31, 2016 | |||
Interest expense | $ (26,615) | $ (34,147) | $ (63,120) | $ (57,695) | |||
Net loss attributable | $ (1,852,786) | [1] | $ (716,063) | [1] | $ (2,010,657) | $ (1,036,786) | |
Net loss per share attributable to common shareholders, basic and diluted | $ (0.02) | $ (0.01) | $ (0.02) | $ (0.01) | |||
As Previously Reported | |||||||
Loss on Change in Fair Value of Derivatives2 | $ (401,870) | ||||||
Interest expense | (226,665) | ||||||
Accretion of debt discount | (439,465) | ||||||
Net loss attributable | (1,944,565) | ||||||
Net Loss Attribuatable to Company | $ (1,900,877) | ||||||
Net loss per share attributable to common shareholders, basic and diluted | $ (0.02) | ||||||
Adjustment | |||||||
Loss on Change in Fair Value of Derivatives2 | $ (95,209) | ||||||
Interest expense | (157,647) | ||||||
Accretion of debt discount | (22,440) | ||||||
Net loss attributable | (275,295) | ||||||
Net Loss Attribuatable to Company | $ (275,295) | ||||||
Net loss per share attributable to common shareholders, basic and diluted | $ (0.01) | ||||||
As Revised | |||||||
Loss on Change in Fair Value of Derivatives2 | $ (497,079) | ||||||
Interest expense | (384,312) | ||||||
Accretion of debt discount | (461,905) | ||||||
Net loss attributable | (2,219,860) | ||||||
Net Loss Attribuatable to Company | $ (2,176,172) | ||||||
Net loss per share attributable to common shareholders, basic and diluted | $ (0.03) | ||||||
[1] | attributable to Mantra Venture Group Ltd. |
15. Revision of Prior Year Fi59
15. Revision of Prior Year Financial Statements Text Block: Schedule of adjustment on Statement of Cash Flows Text Block (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | May 31, 2016 | May 31, 2014 | |
Net loss | $ (1,856,399) | $ (729,242) | $ (2,020,407) | $ (1,065,932) | ||
(Gain) on change in fair value of derivative liability | 1,206,006 | (268,442) | ||||
Interest related to cash redemption premium on convertible notes | 9,875 | |||||
Accounts payable and accrued liabilities, increase decrease | $ 47,512 | $ 153,500 | ||||
Accretion of Discounts on Convertible Debt | $ 12,901 | |||||
As Previously Reported | ||||||
Net loss | $ (1,944,565) | |||||
(Gain) on change in fair value of derivative liability | (179,807) | |||||
Initial Derivatives Expense | 581,677 | |||||
Interest related to cash redemption premium on convertible notes | 123,188 | |||||
Accounts payable and accrued liabilities, increase decrease | 234,200 | |||||
Accretion of Discounts on Convertible Debt | 439,465 | |||||
Adjustment | ||||||
Net loss | (275,295) | |||||
(Gain) on change in fair value of derivative liability | (15,899) | |||||
Initial Derivatives Expense | 111,108 | |||||
Interest related to cash redemption premium on convertible notes | 26,250 | |||||
Accounts payable and accrued liabilities, increase decrease | 26,396 | |||||
Accretion of Discounts on Convertible Debt | 22,440 | |||||
As Revised | ||||||
Net loss | (2,219,860) | |||||
(Gain) on change in fair value of derivative liability | (195,706) | |||||
Initial Derivatives Expense | 692,785 | |||||
Interest related to cash redemption premium on convertible notes | 149,438 | |||||
Accounts payable and accrued liabilities, increase decrease | 260,596 | |||||
Accretion of Discounts on Convertible Debt | $ 461,905 |