Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2017 | Apr. 06, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | REGI U S INC | |
Entity Central Index Key | 922,330 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 83,926,108 | |
Trading Symbol | RGUS | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 17,422 | $ 42 |
Deposits | 2,000 | |
Total current assets | 19,422 | 42 |
Furniture and equipment, net | 15,476 | |
Total Assets | 34,898 | 42 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 219,445 | 192,752 |
Due to related parties | 1,842,507 | 1,916,876 |
Total current liabilities | 2,061,952 | 2,109,628 |
Long-term liabilities: | ||
Convertible promissory notes | 351,041 | |
Convertible promissory notes – related parties | 96,152 | |
Total long-term liabilities | 447,193 | |
Total liabilities | 2,509,145 | 2,109,628 |
Stockholders’ Deficit: | ||
Common stock, 150,000,000 shares authorized, no par value, 83,708,686 and 32,779,298 shares issued and outstanding, respectively | 11,227,302 | 10,840,946 |
Accumulated deficit | (13,701,549) | (12,950,532) |
Total Stockholders’ Deficit | (2,474,247) | (2,109,586) |
Total Liabilities and Stockholders’ Deficit | $ 34,898 | $ 42 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2017 | Apr. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, no par value | ||
Common stock, shares issued | 83,708,686 | 32,779,298 |
Common stock, shares outstanding | 83,708,686 | 32,779,298 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Operating Expenses: | ||||
General and administrative | $ 269,780 | $ 44,550 | $ 566,532 | $ 178,150 |
Research and development | 100,921 | 1,110 | 172,637 | 47,455 |
Loss from operations: | (370,701) | (45,660) | (739,169) | (225,605) |
Other income (expense): | ||||
Gain on settlement of accounts payable | 666 | |||
Interest expense | (8,754) | (360) | (12,514) | (1,080) |
Total other income (expense) | (8,754) | (360) | (11,848) | (1,080) |
Net loss | $ (379,455) | $ (46,020) | $ (751,017) | $ (226,685) |
Net loss per common share – basic and diluted | $ (0.01) | $ 0 | $ (0.02) | $ (0.01) |
Weighted average common shares outstanding – basic and diluted | 64,300,766 | 32,779,298 | 43,286,454 | 32,779,298 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (751,017) | $ (226,685) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Donated services | 90,000 | |
Gain on settlement of accounts payable | (666) | |
Options and warrants issued for services | 386,356 | |
Depreciation expense | 1,199 | |
Changes in operating assets and liabilities: | ||
Deposit | (2,000) | |
Due to related parties | 5,108 | 1,080 |
Accounts payable and accrued liabilities | 66,150 | 3,533 |
Net cash used in operating activities | (294,870) | (132,072) |
Cash flows from financing activities | ||
Advances from related parties | 131,669 | |
Issuance of convertible promissory notes | 312,250 | |
Net cash provided by financing activities | 312,250 | 131,669 |
Net change in cash and cash equivalents | 17,380 | (403) |
Cash and cash equivalents, beginning of period | 42 | 491 |
Cash and cash equivalents, end of period | 17,422 | 88 |
Supplemental Disclosures: | ||
Interest paid | ||
Income tax paid | ||
Non-cash financing and investing transactions: | ||
Furniture and equipment paid by related parties | 16,675 | |
Accounts payable related party converted to convertible notes related party | 96,152 | |
Accounts payable converted to convertible notes | $ 38,791 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 9 Months Ended |
Jan. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Accounting Policies | NOTE 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES The accompanying unaudited interim consolidated financial statements of REGI U.S., Inc. (“REGI”, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the year ended April 30, 2016 filed on Form 10-K with the SEC. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim period presented herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period. Notes to the unaudited consolidated financial statements which would substantially duplicate the disclosures contained in the audited consolidated financial statements for fiscal 2016 as reported in the Form 10-K, have been omitted. Property, plant and equipment Property and equipment are stated at cost, which includes the acquisition price and any direct costs to bring the asset into use at its intended location, less accumulated amortization. Amortization of property and equipment is calculated using the straight-line method to write off the cost, net of any estimated residual value, over their estimated useful lives of the assets as follows: Office equipment 5 years and electronic equipment 2 years. Amortization of office equipment is included in general and administrative expenses; amortization of research equipment is included in research and development expense. |
Going Concern
Going Concern | 9 Months Ended |
Jan. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2. GOING CONCERN REGI incurred net losses of $751,017 for the nine months ended January 31, 2017 and has a working capital deficit of $2,042,530 and an accumulated deficit of $13,701,549 at January 31, 2017. These factors raise substantial doubt about the ability of REGI to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. As a result, REGI’s unaudited consolidated financial statements as of January 31, 2017 and for the nine months ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. REGI also receives interim support from affiliated companies and plans to raise additional capital through debt and/or equity financings. There continues to be insufficient funds to provide enough working capital to fund ongoing operations for the next twelve months. REGI may also raise additional funds through the exercise of warrants and stock options, if exercised. There is no assurance that any of these activities will be successful. |
Related Parties
Related Parties | 9 Months Ended |
Jan. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 3. RELATED PARTIES Amounts due from related parties are unsecured, non-interest bearing and due on demand. Related parties consist of the directors and officers and a former director of REGI and companies controlled or significantly influenced by these parties. As of January 31, 2017, there was $1,842,507 due to related parties. As of April 30, 2016, there was $1,916,876 due to related parties. During the nine month period ended January 31, 2017, the CEO paid on behalf of the Company $11,827 for the purchase of the office furniture. During the nine month period ended January 31, 2017, the Chief Engineer who is also a director of the Company paid on behalf of the Company $4,848 for the purchase of the research equipment. During the nine month period ended January 31, 2017, the Company’s CEO and Chief Engineer agreed to convert $96,152 of payables due to them into convertible note promissory notes. The Convertible Notes are secured against all assets of the Company, repayable two years after the issuance, bearing simple interest rate of 10% during the term of the notes and simple interest rate of 20% after the due date, and convertible at any time on or after ninety days from the issuance date into the Company’s common stocks at $0.10 per share. The Company analyzed the conversion option in the notes for derivative accounting treatment under ASC Topic 815, “Derivatives and Hedging,” and determined that the instrument does not qualify for derivative accounting. The Company therefore performed an analysis to determine if the conversion option was subject to a beneficial conversion feature and determined that the instrument does not have a beneficial conversion feature. During the year ended April 30, 2012, the Company issued a promissory note of $24,000 for amounts previously accrued and owed to a company with a common director with the Company. The promissory note bears interest rate of 6% per annum, is unsecured and due on demand. During the nine months ended January 31, 2017 and 2016, there was no change to the principal amount of the promissory note and interest expense of $1,080 was recorded each year. The principal balance of the note is included as due to related parties in the consolidated balance sheets. |
Gain on Debt Settlement
Gain on Debt Settlement | 9 Months Ended |
Jan. 31, 2017 | |
Debt Disclosure [Abstract] | |
Gain on Debt Settlement | NOTE 4. GAIN ON DEBT SETTLEMENT During the nine months ended January 31, 2017 the Company recorded gain on debt settlement of $666 with a service provider. |
Secured Convertible Promissory
Secured Convertible Promissory Notes | 9 Months Ended |
Jan. 31, 2017 | |
Debt Disclosure [Abstract] | |
Secured Convertible Promissory Notes | NOTE 5. SECURED CONVERTIBLE PROMISSORY NOTES During the nine months ended January 31, 2017, the Company issued senior secured convertible promissory notes (the “Convertible Notes”) for cash proceeds of $312,250. Under the same convertible notes the Company issued convertible notes to settled accounts payable due to unrelated parties for $38,791 and $96,152 to settle accounts payable due to related party. The Convertible Notes are secured against all assets of the Company, repayable two years after the issuance, bearing simple interest rate of 10% during the term of the notes and simple interest rate of 20% after the due date, and convertible at any time on or after ninety days from the issuance date into the Company’s common stocks at $0.10 per share. The Company analyzed the conversion option in the notes for derivative accounting treatment under ASC Topic 815, “Derivatives and Hedging,” and determined that the instrument does not qualify for derivative accounting. The Company therefore performed an analysis to determine if the conversion option was subject to a beneficial conversion feature and determined that the instrument does not have a beneficial conversion feature. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Jan. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 6. STOCKHOLDERS’ EQUITY a) Common Stock On January 6, 2017, the Company’s annual and special meeting of stockholders approved the amendment to the Company’s articles that increased the authorized common shares from 100,000,000 to 150,000,000. On September 16, 2016, the Company entered into an asset purchase agreement with Reg Technologies Inc., a public company whose common stock was listed on TSX Venture Exchange to purchase all of the assets of Reg Technologies, a company with a common director and CEO with REGI. An aggregate of 50,929,388 unregistered common shares of our company were issued by January 31, 2017 as consideration for the asset purchase. The transaction was not closed until February 17, 2017 upon TSX Venture Exchange approval, which was a condition for the closing. b) Common Stock Options and Warrants On August 12, 2016, REGI granted an aggregate of 3,700,000 common stock options for services. These options vest upon grant, expire on July 20, 2021 and are exercisable at the following prices: Options Exercise price 900,000 $ 0.10 600,000 $ 0.20 550,000 $ 0.35 450,000 $ 0.50 350,000 $ 0.75 350,000 $ 1.00 250,000 $ 1.25 250,000 $ 1.50 3,700,000 The fair value of the options was determined to be $216,088 using the Black-Scholes option pricing model, which requires management to make estimates that are subjective and may not be representative of the actual results. Changes in assumptions can materially affect estimates of fair value. The following assumptions were used for the calculation: risk free interest rate 1.16% expected life (in years) 4.94 expected volatility 228.65% and expected dividend yield 0.0%. On January 1, 2017, REGI granted an aggregate of 3,500,000 common stock options for services. These options vest upon grant, expire on January 1, 2022 and are exercisable at the following prices: Options Exercise price 2,500,000 $ 0.10 300,000 $ 0.20 300,000 $ 0.35 300,000 $ 0.50 100,000 $ 0.75 3,500,000 The fair value of the options was determined to be $170,268 using the Black-Scholes option pricing model, which requires management to make estimates that are subjective and may not be representative of the actual results. Changes in assumptions can materially affect estimates of fair value. The following assumptions were used for the calculation: risk free interest rate 1.93% expected life (in years) 5.00 expected volatility 214.63% and expected dividend yield 0.0%. A summary of REGI’s stock option activity for the nine months ended January 31, 2017 is as follows: Nine months ended January 31, 2017 Weighted Average Exercise Options Price Outstanding at beginning of period 1,938,000 $ 0.15 Granted during the period 7,200,000 $ 0.36 Outstanding at end of period 9,138,000 $ 0.31 Exercisable at end of period 7,684,500 $ 0.34 Weighted average fair value of options granted $ 0.05 At January 31, 2017, the Company had $266,707 of total unrecognized compensation cost related to non-vested stock options and warrants, which will be recognized over future periods. The intrinsic value of “in the money” exercisable options at January 31, 2017 was $Nil. A summary of REGI’s common stock warrant activity for the nine months ended January 31, 2017 is as follows: January 31, 2017 Weighted Average Exercise Warrants Price Outstanding at beginning of period 200,000 $ 0.25 Outstanding at end of period 200,000 0.25 Exercisable at end of period 200,000 $ 0.25 At January 31, 2017, the exercise price and the weighted average remaining contractual life of the outstanding warrants was $0.25 per share and 0.35 year, respectively. The intrinsic value of “in the money” exercisable warrants at January 31, 2017 was $Nil. |
Commitments
Commitments | 9 Months Ended |
Jan. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | NOTE 7. COMMITMENTS Pursuant to a letter of understanding dated December 13, 1993 between REGI, Rand and Reg (collectively called the grantors) and West Virginia University Research Corporation (“WVURC”), the grantors have agreed that WVURC shall own 5% of all patented technology with regards to RC/DC Engine technology and will receive 5% of all net profits from sales, licenses, royalties or income derived from the patented technology. To date, no sales have been accrued and no royalties have been accrued or paid. Pursuant to an agreement dated August 20, 1992, REGI acquired the U.S. rights to the original RC/DC Engine from Rand. REGI will pay Rand and the original owner a net profit royalty of 5% and 1%, respectively. To date no sales have been accrued and no royalties have been accrued or paid. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8. SUBSEQUENT EVENTS Subsequent to January 31, 2017, the Company received cash proceeds of $132,500 for issuance of Convertible Notes. In relation to the asset purchase from Reg Technologies, an additional 217,422 common shares of the Company were issued to Reg Technologies in March, 2017. |
Basis of Presentation and Acc14
Basis of Presentation and Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment Property and equipment are stated at cost, which includes the acquisition price and any direct costs to bring the asset into use at its intended location, less accumulated amortization. Amortization of property and equipment is calculated using the straight-line method to write off the cost, net of any estimated residual value, over their estimated useful lives of the assets as follows: Office equipment 5 years and electronic equipment 2 years. Amortization of office equipment is included in general and administrative expenses; amortization of research equipment is included in research and development expense. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Summary of Stock Options Activity | A summary of REGI’s stock option activity for the nine months ended January 31, 2017 is as follows: Nine months ended January 31, 2017 Weighted Average Exercise Options Price Outstanding at beginning of period 1,938,000 $ 0.15 Granted during the period 7,200,000 $ 0.36 Outstanding at end of period 9,138,000 $ 0.31 Exercisable at end of period 7,684,500 $ 0.34 Weighted average fair value of options granted $ 0.05 |
Summary of Common Stock Warrants Activity | A summary of REGI’s common stock warrant activity for the nine months ended January 31, 2017 is as follows: January 31, 2017 Weighted Average Exercise Warrants Price Outstanding at beginning of period 200,000 $ 0.25 Outstanding at end of period 200,000 0.25 Exercisable at end of period 200,000 $ 0.25 |
July 20, 2021 [Member] | |
Schedule of Common Stock Options Exercise Price | Options Exercise price 900,000 $ 0.10 600,000 $ 0.20 550,000 $ 0.35 450,000 $ 0.50 350,000 $ 0.75 350,000 $ 1.00 250,000 $ 1.25 250,000 $ 1.50 3,700,000 |
January 1, 2022 [Member] | |
Schedule of Common Stock Options Exercise Price | Options Exercise price 2,500,000 $ 0.10 300,000 $ 0.20 300,000 $ 0.35 300,000 $ 0.50 100,000 $ 0.75 3,500,000 |
Basis of Presentation and Acc16
Basis of Presentation and Accounting Policies (Details Narrative) | 9 Months Ended |
Jan. 31, 2017 | |
Office Equipment [Member] | |
Property, plant and equipment, estimated useful lives | 5 years |
Electronic Equipment [Member] | |
Property, plant and equipment, estimated useful lives | 2 years |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | |
Accounting Policies [Abstract] | |||||
Net loss | $ 379,455 | $ 46,020 | $ 751,017 | $ 226,685 | |
Working capital deficit | 2,042,530 | 2,042,530 | |||
Accumulated deficit | $ 13,701,549 | $ 13,701,549 | $ 12,950,532 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2012 | Apr. 30, 2016 | |
Due to related parties | $ 1,842,507 | $ 1,916,876 | ||
Issuance of secured convertible promissory notes | 312,250 | |||
Interest expense | 1,080 | $ 1,080 | ||
CEO [Member] | ||||
Purchase of office furniture | 11,827 | |||
Director [Member] | ||||
Purchase of research equipment | 4,848 | |||
Promissory note due to related parties | $ 24,000 | |||
Promissory note bears interest rate | 6.00% | |||
CEO And Chief Engineer [Member] | ||||
Issuance of secured convertible promissory notes | $ 96,152 | |||
Convertible notes, repayable term | 2 years | |||
Promissory note bears interest rate | 10.00% | |||
Debt conversion price per share | $ 0.10 | |||
After Due Date [Member] | ||||
Promissory note bears interest rate | 20.00% |
Gain on Debt Settlement (Detail
Gain on Debt Settlement (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Debt Disclosure [Abstract] | ||||
Gain on debt settlement | $ 666 |
Secured Convertible Promissor20
Secured Convertible Promissory Notes (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Issuance of convertible promissory notes | $ 312,250 | |
Settled accounts payable due to unrelated parties | 38,791 | |
Settle accounts payable due to related party | 96,152 | |
Secured Convertible Promissory Notes [Member] | ||
Issuance of convertible promissory notes | $ 312,250 | |
Interest rate percentage | 10.00% | |
Debt conversion price per share | $ 0.10 | |
Secured Convertible Promissory Notes [Member] | After Due Date [Member] | ||
Interest rate percentage | 20.00% |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Jan. 02, 2017 | Sep. 16, 2016 | Aug. 12, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 06, 2017 | Apr. 30, 2016 |
Common stock, shares authorized | 150,000,000 | 150,000,000 | |||||
Stock option granted for services | 3,500,000 | 3,700,000 | 7,200,000 | ||||
Stock option expire date | Jan. 1, 2022 | Jul. 20, 2021 | |||||
Fair value of stock options | $ 170,268 | $ 216,088 | $ 386,356 | ||||
Fair value assumptions expected risk free interest rate | 1.93% | 1.16% | |||||
Fair value assumptions expected life | 5 years | 4 years 11 months 9 days | |||||
Fair value assumptions expected volatility | 214.63% | 228.65% | |||||
Fair value assumptions expected dividend yield | 0.00% | 0.00% | |||||
Unrecognized compensation cost | 266,707 | ||||||
Intrinsic value of exercisable options | |||||||
Warrants exercise price | $ 0.25 | $ 0.35 | |||||
Warrants intrinsic value | |||||||
Asset Purchase Agreement [Member] | Reg Technologies Inc. [Member] | |||||||
Number of unregistered common shares issued for purchase of assets | 50,929,388 | ||||||
Minimum [Member] | |||||||
Common stock, shares authorized | 100,000,000 | ||||||
Maximum [Member] | |||||||
Common stock, shares authorized | 150,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Options Exercise Price (Details) - $ / shares | Jan. 02, 2017 | Aug. 12, 2016 | Jan. 31, 2017 |
Total stock option granted | 3,500,000 | 3,700,000 | 7,200,000 |
Stock option exercise price | $ 0.36 | ||
Options [Member] | |||
Total stock option granted | 2,500,000 | 900,000 | |
Stock option exercise price | $ 0.10 | $ 0.10 | |
Options 1 [Member] | |||
Total stock option granted | 300,000 | 600,000 | |
Stock option exercise price | $ 0.20 | $ 0.20 | |
Options 2 [Member] | |||
Total stock option granted | 300,000 | 550,000 | |
Stock option exercise price | $ 0.35 | $ 0.35 | |
Options 3 [Member] | |||
Total stock option granted | 300,000 | 450,000 | |
Stock option exercise price | $ 0.50 | $ 0.50 | |
Options 4 [Member] | |||
Total stock option granted | 100,000 | 350,000 | |
Stock option exercise price | $ 0.75 | $ 0.75 | |
Options 5 [Member] | |||
Total stock option granted | 350,000 | ||
Stock option exercise price | $ 1 | ||
Options 6 [Member] | |||
Total stock option granted | 250,000 | ||
Stock option exercise price | $ 1.25 | ||
Options 7 [Member] | |||
Total stock option granted | 250,000 | ||
Stock option exercise price | $ 1.50 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Options Activity (Details) - $ / shares | Jan. 02, 2017 | Aug. 12, 2016 | Jan. 31, 2017 |
Equity [Abstract] | |||
Options, Outstanding at beginning of period | 1,938,000 | ||
Options, Granted during the period | 3,500,000 | 3,700,000 | 7,200,000 |
Options, Outstanding at end of period | 9,138,000 | ||
Options, Exercisable at end of period | 7,684,500 | ||
Weighted average exercise price, Outstanding at beginning of period | $ 0.15 | ||
Weighted Average Exercise Price, Granted during the period | 0.36 | ||
Weighted Average Exercise Price, Outstanding at end of period | 0.31 | ||
Weighted Average Exercise Price, Exercisable at end of period | 0.34 | ||
Weighted average fair value of options granted | $ 0.05 |
Stockholders' Equity - Summar24
Stockholders' Equity - Summary of Common Stock Warrants Activity (Details) - Warrant [Member] | Jan. 31, 2017$ / sharesshares |
Warrants, Outstanding at beginning of period | shares | 200,000 |
Warrants, Outstanding at end of period | shares | 200,000 |
Warrants, Exercisable at end of period | shares | 200,000 |
Weighted Average Exercise Price, Outstanding at beginning of period | $ / shares | $ 0.25 |
Weighted Average Exercise Price, Outstanding at end of period | $ / shares | 0.25 |
Weighted Average Exercise Price, Exercisable at end of period | $ / shares | $ 0.25 |
Commitments (Details Narrative)
Commitments (Details Narrative) | Dec. 13, 1993 | Aug. 20, 1992 |
Percentage of patented technology owned by West Virginia University Research Corporation | 5.00% | |
Percentage of net profits from sales, licenses, royalties or income of patented technology earned by West Virginia University Research Corporation | 5.00% | |
Rand Energy Group Inc [Member] | ||
Payment of royalty on net profit, percentage | 5.00% | |
West Virginia University Research Corporation [Member] | ||
Payment of royalty on net profit, percentage | 1.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Jan. 31, 2017 | Jan. 31, 2016 | |
Proceeds from convertible notes | $ 312,250 | ||
Subsequent Event [Member] | |||
Proceeds from convertible notes | $ 132,500 | ||
Subsequent Event [Member] | Reg Technologies Inc. [Member] | |||
Purchase consideration of unregistered common shares | 217,422 |