6. SHORT-TERM LOANS	6 Months Ended
May 31, 2013
Debt Disclosure [Abstract]
6. SHORT TERM LOAN	NOTE 6 - SHORT-TERM LOANS On June 20, 2012, Methes Canada entered into a term loan facility agreement with a lender that will allow Methes Canada to borrow up to $1,446,750 (historical amount of $1,464,900 or CDN$1,500,000). The term loan, which was drawn in late June 2012, is repayable in 12 months and bears interest at 23% per annum. The loan is prepayable by Methes Canada after six months upon payment of a penalty equal to one-month's interest. The facility is guaranteed by the Company and collateralized by a general security agreement from Methes Canada and a first collateral mortgage on certain assets located at Sombra. The facility prohibits payment of debt in excess of $550,000 owed by the Company to certain of its stockholders and directors during the life of the facility and contains other customary debt covenants. The facility also provides that, beginning October 1, 2012, any additional operating losses incurred by Methes Canada must be financed by stockholders or new equity funding. Interest expense incurred during the three and six months ended May 31, 2013 was $84,903 and $171,153, respectively (three and six months ended May 31, 2012 - $nil in each period). On January 26, 2013, the Company borrowed $385,800 (historical amount of $397,400 or CDN $400,000) from a lender and issued to the lender a demand promissory note in the principal amount of CDN $400,000 bearing interest of 8% per annum. Repayment of the loan and payment of the accrued interest will be due upon demand. Interest expense incurred during the three and six months ended May 31, 2013 was $7,914 and $10,576, respectively (three and six months ended May 31, 2012 - $nil in each period). Accrued interest of $nil and $10,576 was included in the short-term loans as at November 30, 2012 and May 31, 2013, respectively.

6. SHORT-TERM LOANS

6 Months Ended

May 31, 2013

NOTE 6 - SHORT-TERM LOANS

On June 20, 2012, Methes Canada entered into a term loan facility agreement with a lender that will allow Methes Canada to borrow up to $1,446,750 (historical amount of $1,464,900 or CDN$1,500,000). The term loan, which was drawn in late June 2012, is repayable in 12 months and bears interest at 23% per annum. The loan is prepayable by Methes Canada after six months upon payment of a penalty equal to one-month's interest. The facility is guaranteed by the Company and collateralized by a general security agreement from Methes Canada and a first collateral mortgage on certain assets located at Sombra. The facility prohibits payment of debt in excess of $550,000 owed by the Company to certain of its stockholders and directors during the life of the facility and contains other customary debt covenants. The facility also provides that, beginning October 1, 2012, any additional operating losses incurred by Methes Canada must be financed by stockholders or new equity funding. Interest expense incurred during the three and six months ended May 31, 2013 was $84,903 and $171,153, respectively (three and six months ended May 31, 2012 - $nil in each period).

On January 26, 2013, the Company borrowed $385,800 (historical amount of $397,400 or CDN $400,000) from a lender and issued to the lender a demand promissory note in the principal amount of CDN $400,000 bearing interest of 8% per annum. Repayment of the loan and payment of the accrued interest will be due upon demand. Interest expense incurred during the three and six months ended May 31, 2013 was $7,914 and $10,576, respectively (three and six months ended May 31, 2012 - $nil in each period).

Accrued interest of $nil and $10,576 was included in the short-term loans as at November 30, 2012 and May 31, 2013, respectively.

- Definition

The entire disclosure for short-term debt.

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