10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

[X]	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the quarterly period ended July 31, 2018
[  ]	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period ___________________ to

Commission File Number 0-23920

REGI U.S., INC.

(Exact name of Small Business Issuer as specified in its charter)

Oregon	91-1580146
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

7520 N. Market St. Suite 10, Spokane, WA	99217
(Address of principal executive offices)	(Postal or Zip Code)

Issuer’s telephone number, including area code: (509) 474-1040

NA

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [  ] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of ‘‘accelerated filer and large accelerated filer’’ in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	[  ]	Accelerated filer	[  ]
Non-accelerated filer	[  ]	Smaller reporting company	[X]
Emerging growth company	[  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [  ] No [X]

Indicate the number of shares issued and outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 101,038,844 shares of common stock with no par value issued and outstanding as of September 14, 2018.

TABLE OF CONTENTS

	Page
PART I FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3. Quantitative and Qualitative Disclosures about Market Risk	6
Item 4. Controls and Procedures	6
PART II OTHER INFORMATION	7
Item 1. Legal Proceedings	7
Item 1A. Risk Factors	7
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	7
Item 3. Defaults Upon Senior Securities	7
Item 4. Mine Safety Disclosures	7
Item 5. Other Information	7
Item 6. Exhibits	7
SIGNATURES	8

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Balance Sheets as of July 31, 2018 (Unaudited) and April 30, 2018 (Audited)	F-2
Consolidated Statements of Expenses (Unaudited)	F-3
Consolidated Statements of Cash Flows (Unaudited)	F-4
Notes to Unaudited Consolidated Financial Statements	F-5

3

REGI U.S., Inc.

Consolidated Balance Sheets

	July 31, 2018			April 30, 2018
	(Unaudited)			(Audited)
Assets
Current Assets
Cash and cash equivalents	$	87,116		$	111,823
Prepaid expenses		28,084			27,470
Total current assets		115,200			139,293
Furniture and equipment, net		11,453			13,004
Total Assets	$	126,653		$	152,297
Liabilities and Stockholders’ Deficit
Current Liabilities
Accounts payable and accrued liabilities	$	446,479		$	315,957
Due to related parties		139,018			106,823
Convertible promissory notes, net of unamortized discount of $86,088 and $15,959, respectively		751,587			579,976
Convertible promissory notes - related parties, net of unamortized discount of $7,767 and $2,639, respectively		72,733			58,361
Total current liabilities		1,409,817			1,061,117
Long-term Liabilities
Convertible promissory notes, net of unamortized discount of $336,693 and $507,699, respectively		421,067			417,492
Convertible promissory notes - related parties, net of unamortized discount of $42,399 and $52,177, respectively		122,611			84,401
Total long-term liabilities		543,678			501,893
Total liabilities		1,953,495			1,563,010
Commitments and Contingencies		-			-
Stockholders’ Deficit
Common stock,150,000,000 shares authorized, no par value, 99,828,255 and 99,698,583 shares issued and outstanding respectively		22,975,391			22,956,578
Accumulated deficit		(24,498,341	)		(24,063,399	)
Accumulated other comprehensive loss		(358,675	)		(358,675	)
Total REGI U.S., Inc stockholders’ deficit		(1,881,625	)		(1,465,496	)
Noncontrolling interest		54,783			54,783
Total stockholders’ deficit		(1,826,842	)		(1,410,713	)
Total Liabilities and Stockholders’ Deficit	$	126,653		$	152,297

The accompanying notes are an integral part of these consolidated financial statements.

F-2

REGI U.S., Inc.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

	Three Months Ended July 31, 2018			Three Months Ended July 31, 2017
Operating Expenses
Accounting and legal	$	20,721		$	25,343
Consulting and management		96,914			58,000
Stockholder relations		20,610			32,133
Stock-based compensation		-			59,500
General and administrative expenses		23,276			11,485
Research and development		120,358			149,841
Operating Loss		(281,879	)		(336,302	)
Other Expense
Interest expense		(153,063	)		(54,250	)
Loss on settlement of debt		-			-
Total other expense		(153,063	)		(54,250	)
Net loss before noncontrolling interest	$	(434,942	)	$	(390,552	)
Net Loss Attributed to Noncontrolling Interest		-			-
Net Loss Attributed to the Company	$	(434,942	)	$	(390,552	)
Loss per share	$	(0.004	)	$	(0.005	)
Weighted average number of common shares outstanding - basic and diluted		99,791,407			84,444,375
Comprehensive loss:
Net Loss	$	(434,942	)	$	(390,552	)
Translation adjustments		-			-
Comprehensive loss		(434,942	)		(390,552	)
Comprehensive loss attributable to non-controlling interest		-			-
Comprehensive loss attributable to REGI U.S., Inc	$	(434,942	)	$	(390,552	)

The accompanying notes are an integral part of these consolidated financial statements.

F-3

REGI U.S., Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended July 31, 2018			Three Months Ended July 31, 2017
Operating Activities
Net loss	$	(434,942	)	$	(390,552	)
Adjustments to reconcile net loss to net cash from operating activities
Amortization of debt discount		101,535			13,137
Amortization of promissory note fees		9,842			-
Depreciation Expense		1,551			1,198
Service settled with convertible promissory notes		16,357			37,986
Service settled with convertible promissory notes - related party		27,932			37,500
Stock-based compensation		-			59,500
Changes in non-cash working capital items
Prepaid expenses		(614	)		(28,540	)
Accounts payable and accrued liabilities		131,437			28,054
Due to related parties		32,195			42,631
Net Cash used for Operating Activities		(114,707	)		(199,086	)
Investing Activities
Purchase of furniture and equipment		-			(2,192	)
Net Cash from (used for) Investing Activities		-			(2,192	)
Financing Activities
Issuance of common shares for option exercise		-			15,500
Issuance of convertible promissory notes		90,000			370,000
Net Cash provided by financing activities		90,000			385,500
Net Change in Cash and Cash Equivalents		(24,707	)		184,222
Cash and Cash Equivalents, Beginning of Year		111,823			67,818
Cash and Cash Equivalents, End of Year	$	87,116		$	252,040
Supplemental Disclosure of Cash Flow Information
Cash payments for
Interest	$	-		$	-
Taxes		-			-
Supplemental Disclosure of Non-cash items
Discount on promissory notes for beneficial conversion features		5,850			344,284
Shares issued for note conversions	$	12,963		$	15,982

The accompanying notes are an integral part of these consolidated financial statements.

F-4

REGI U.S., Inc.

Notes to Consolidated Financial Statements

(Unaudited)

July 31, 2018 and 2017

1. Nature of Business

REGI U.S., Inc. (“we”, “our”, the “Company”, “REGI”) has been engaged in the business of developing and building improved axial vane-type rotary devices for civilian, commercial and government applications with the marketing and intellectual rights in the U.S. Effective February 17, 2017 REGI purchased the worldwide marketing and intellectual rights, other than in the U.S., from Reg Technologies, Inc. (“Reg Tech”), a British Columbia company. No revenue has been derived to date from REGI’s principal operations of research and development.

REGI formed a wholly-owned subsidiary, Rad Max Technologies, Inc., on April 10, 2007 in the State of Washington.

2. Significant Accounting Policies

Principles of consolidation

The accompanying unaudited interim consolidated financial statements of REGI have been prepared in accordance with accounting principles generally accepted in the United States of America, and should be read in conjunction with the audited financial statements and notes thereto for the year ended April 30, 2018 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 2018 as reported in the Form 10-K, have been omitted.

These financial statements include the accounts of the Company, its wholly owned subsidiaries RadMax Technologies, Inc., and Rand Energy Group Inc. (“Rand”).

All significant inter-company balances and transactions have been eliminated upon consolidation.

Investment in associates

Investments in which the Company has the ability to exert significant influence but does not have control are accounted for using the equity method whereby the original cost of the investment is adjusted annually for the Company’s share of earnings, losses and dividends during the current year.

The Company owns 26.1% of equity interest in Minewest Silver and Gold Inc. (“Minewest”), a British Columbia company. Minewest owns a 70% interest subject to a 10% Net Profits Interest in mining property in British Columbia. As at the date of this report, Minewest is inactive due to lack of funding. As a result, the assets were impaired and no transactions are recorded for Minewest during the year ended April 30, 2018 and the three months ended July 31, 2018.

Risks and uncertainties

The Company operates in an emerging industry that is subject to market acceptance and technological change. The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging business, including the potential risk of business failure.

F-5

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less.

Furniture and equipment

Property and equipment are stated at cost, which includes the acquisition price and any direct costs to bring the asset into use at its intended location, less accumulated depreciation.

Depreciation of property and equipment is calculated using the straight-line method to write off the cost, net of any estimated residual value, over their estimated useful lives of the assets as follows: Office equipment 5 years and electronic equipment 2 years. Depreciation of office equipment is included in general and administrative expenses; Depreciation of research equipment is included in research and development expense.

Financial instruments

Fair Value

The carrying values of cash and cash equivalents, amounts due to related parties and accounts payable approximate their fair values because of the short-term maturity of these financial instruments.

ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows:

- Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

- Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

- Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Interest Rate Risk

The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary assets and liabilities.

Credit Risk

The Company’s financial asset that is exposed to credit risk consists primarily of cash. To manage the risk, cash is placed with major financial institutions.

Currency Risk

The Company’s functional currency is the US dollar and the reporting currency is the US dollar.

Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in US dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

F-6

For reporting purposes assets and liabilities with Canadian dollar as functional currency are translated into US dollar at the period end rates of exchange, and the results of the operations are translated at average rates of exchange for the period. The resulting translation adjustments are included in accumulated other comprehensive income in shareholders’ equity.

Income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.

Basic and diluted net loss per share

Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible debt using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

Stock-based compensation

The Company accounts for stock based compensation in accordance with FASB ASC 718 which establishes the accounting treatment for transactions in which an entity exchanges its equity instruments for goods or services. Under the provisions of FASB ASC 718, share-based payment compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period). The Company accounts for share-based payments to non-employees in accordance with FASB ASC 505-50.

Use of estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, stock-based compensation and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities, and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

F-7

Research and development costs

Research and development costs are expensed as incurred.

Related Parties

In accordance with ASC 850 “Related Party Disclosure”, a party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

Recent accounting pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements.

Reclassifications

Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the three months ended July 31, 2018.

3. Going Concern

The Company incurred net losses of $434,942 for the three months ended July 31, 2018 and has a working capital deficit of $1,294,617 and an accumulated deficit of $24,498,341 at July 31, 2018. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. As a result, the Company’s consolidated financial statements as of July 31, 2018 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

The Company also receives interim support from related parties and plans to raise additional capital through debt and/or equity financings. There is no assurance that any of these activities will be successful. There continues to be insufficient funds to provide enough working capital to fund ongoing operations for the next twelve months.

4. Property and Equipment

Property and equipment at July 31, 2018 and April 30, 2018 consists of the following:

	July 31, 2018		April 30, 2018
Equipment	$	7,040	$	7,040
Furniture and fixtures		14,213		14,213
		21,253		21,253
Less accumulated depreciation		9,800		8,249
	$	11,453	$	13,004

Depreciation expense totaled $1,551 and $1,198 for the three months ended July 31, 2018 and 2017, respectively.

F-8

5. Secured Convertible Promissory Notes

As of July 31, 2018, REGI has outstanding senior secured convertible promissory notes (the “Convertible Notes”) of $195,344 (net of unamortized discount of $50,166) issued to related parties and $1,172,654 (net of unamortized discount of $422,781) issued to non-related parties. As of April 30, 2018, REGI has outstanding Convertible Notes of $142,762 (net of unamortized discount of $54,816) issued to related parties and $997,468 (net of unamortized discount of $523,658) issued to non-related parties.

During the three months ended July 31, 2018 the Company issued Convertible Notes for cash proceeds of $90,000, service debt provided by related parties of $27,932, and service debt provided by non-related parties of $16,357. During the twelve months ended April 30, 2018 the Company issued Convertible Notes for cash proceeds of $1,212,849, settled accounts payable from previous years of $17,436, service debt provided by related parties of $131,577, and service debt provided by non-related parties of $182,696 of which $66,600 was finders’ fee and legal fees for cash based Convertible Notes recorded as discount to the Convertible 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 with the exception of one Convertible Note of $150,000 (net of unamortized discount of $7,684) repayable nine months after issuance, bearing simple interest of 2% during the term of the note and simple interest rate of 15% after the due date.

As of July 31, 2018, $17,436, $40,800, $1,622,710, $60,000 and $100,000 of the Convertible Notes are convertible at any time on or after ninety days from the issuance date into the Company’s common stocks at $0.174, $0.12, $0.10, $0.09 and $0.08 per share respectively.

The Company analyzed the conversion option in the notes for derivative accounting treatment under ASC Topic 815, “Derivatives and Hedging,” and determined that the instrument does not qualify for derivative accounting.

The Company determined that the conversion option was subject to a beneficial conversion feature and during the three months ended July 31, 2018 the company recorded a total beneficial conversion feature of $5,850, and amortization of the beneficial conversion feature of $111,377 as interest expense. During the year ended April 30, 2018 the company recorded a total beneficial conversion feature of $1,027,441, and amortization of the beneficial conversion feature of $510,311 as interest expense.

6. Related Parties

Amounts due to 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 July 31, 2018, there was $139,018 due to related parties. As of April 30, 2018, there was $106,823 due to related parties.

7. Stockholders’ Equity

a) Common Stock

During the three months ended July 31, 2018, non-related party convertible promissory note of $12,047 and its accrued interest of $916 were converted into 129,622 shares REGI’s common stock at $0.10 per share.

During the year ended April 30, 2018 related party convertible promissory notes of $126,152 and accrued interest of $10,931 were converted into a total of 1,369,964 shares of REGI’s common stock at $0.10 per share, and convertible promissory notes of $755,185 and accrued interest of $41,173 were converted into a total of 1,054,779 shares of REGI’s common stock at $0.755 per share.

F-9

During the twelve months ended April 30, 2018 non-related party convertible promissory notes of $531,940 and accrued interest of $26,569 were converted into 5,630,543 shares of common stock at $0.10 per share, principal of $3,848 and accrued interest of $623 were converted into 55,892 shares of common stock at $0.08 per share, principal of $10,000 and accrued interest of $879 were converted into 99,661 shares of commons stock at $0.12 per share.

During the twelve months ended April 30, 2018 the Company issued 155,000 shares of its common stock for options exercised at $0.10 per share for a total of $15,500. Among the 155,000 shares of common stock, 55,000 were issued to a related party.

During the twelve months ended April 30, 2018 the Company issued 3,310,000 shares of its common stock for services provided by the directors, officers, employees and consultants of the Company with the total value recorded at $562,700 based on the market trading price as of the issuance date.

On November 2, 2017 the Company issued 3,172,269 shares of its common stock to Rand Energy. No value was assigned to these shares, as Rand Energy did not have any assets. These shares together with 827,721 shares of common stock initially owned by Rand Energy and recorded as the Company’s treasury shares, were transferred to the 49% shareholders of Rand Energy, as consideration for purchase of all of the 49% interest in Rand Energy, resulting in the Company owning 100% equity interest in Rand Energy.

b) Common Stock Options and Warrants

On March 1, 2018, REGI granted an aggregate of 1,400,000 common stock options for services. These options vest upon grant, expire on March 1, 2023 and are exercisable at the following prices:

Options	Exercise price
450,000	$	0.10
250,000	$	0.20
125,000	$	0.35
125,000	$	0.50
100,000	$	0.75
100,000	$	1.00
125,000	$	1.25
125,000	$	1.50
1,400,000

On April 30, 2018, REGI granted an aggregate of 500,000 common stock options for services. These options vest upon grant, expire on April 30, 2023 and are exercisable at the following prices:

Options	Exercise price
100,000	$	1.00
100,000	$	2.00
100,000	$	3.00
100,000	$	4.00
100,000	$	5.00
500,000

F-10

A summary of REGI’s stock option activities for the three months ended July 31, 2018 and year ended April 30 2018 are as follows:

	Three months ended July 31, 2018				Year ended April 30, 2018
	Shares		Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at beginning of period		9,355,000	$	0.52		9,138,000		$	0.31
Granted		-				1,900,000			1.17
Exercised		-				(155,000	)		0.10
Forfeited or expired		-				(1,528,000	)		0.20
Outstanding at end of period		9,355,000	$	0.52		9,355,000		$	0.52
Exercisable at end of period		9,163,750	$	0.53		9,163,750		$	0.53

The weighted average remaining contractual life of the options is 3.42 years at July 31, 2018, and 3.67 years at April 30, 2018.

At July 31 and April 30, 2018 there were no warrants outstanding.

8. Income Taxes

The Company is subject to the income tax laws of the United States and the States of Washington and Oregon, and uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company does not anticipate that the “Tax Reform Act” will have any substantial effect on the Company’s financial position in the near future.

Deferred tax assets consist of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability.

The composition of REGI’s deferred tax assets at July 31 and April 30, 2018:

	July 31 ,2018			April 30, 2018
Net operating loss carry-forward	$	3,707,843		$	3,272,901
Deferred tax asset		778,647			687,309
Less: Valuation allowance		(778,647	)		(687,309	)
Net deferred tax asset	$	-		$	-

Management has determined that the Company is subject to examination of income tax filings in the United States for the 2014 through 2016 tax years.

9. Subsequent Events

Management has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and determined that no material subsequent events exist other that the following.

Subsequent to July 31, 2018, the Company issued Convertible Notes for service debt provided by related parties of $47,400. 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.

Subsequent to July 31, 2018, a total of 1,210,589 shares of the Company’s common stock were issued for Convertible Promissory notes at $0.10 per share.

F-11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q constitute “forward-looking statements.” These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect” and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth in our 10-K for the fiscal year ended April 30, 2018. We do not intend to update the forward- looking information to reflect actual results or changes in the factors affecting such forward-looking information. We advise you to carefully review the reports and documents we file from time to time with the Securities and Exchange Commission (the “SEC”), particularly our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.

All dollar amounts in this Quarterly Report are in U.S. dollars unless otherwise stated.

Nature of Business

We are an early stage company engaged in the business of developing and building improved axial vane-type rotary devices for civilian, commercial and government applications. We own the worldwide intellectual and marketing rights to the RadMax® technology. Our vision is to develop advanced devices that reduce carbon footprint, reduce device size, weight and parts count, and increase fuel and manufacturing efficiencies. We intend to develop and market these devices in cooperation with industry and government partners. We are focused on creating new, disruptive technologies that are more efficient, compact and cost-effective than those currently available.

On July 27, 2016, we undertook our reorganization, naming our wholly owned subsidiary, RadMax Technologies, Inc. (“RadMax”) as the Company’s DBA for marketing and technology image.

Recent Development

Effective February 17, 2017 we purchased all assets of Reg Technologies Inc. (“Reg Tech”), a British Columbia public company, with the issuance of 51,757,119 shares of our common stock, increasing our ownership in the intellectual and marketing rights to the RadMax® technology from US only to worldwide. Reg Tech then distributed all these shares to its shareholders of record as dividends. This consolidation of ownership to the technology better enables our focused research and development efforts.

The asset purchase also resulted in our ownership of 49% of the issued and outstanding common shares of Rand Energy Group Inc. (“Rand Energy”), a British Columbia Company and 26% of the issued and outstanding common shares of Minewest Silver and Gold Inc. (“Minewest”), also a British Columbia company.

Rand Energy previously owned and transferred its intellectual and marketing rights to the original RadMax technology to Reg Tech. Effective November 2, 2017, we issued 3,172,269 shares of our common stock to Rand Energy. These shares together with the 827,721 shares of our common stock initially owned by Rand Energy and recorded as the Company’s treasury shares, were transferred to the 49% shareholders of Rand Energy, as consideration for purchasing all of their 49% interest in Rand Energy, resulting in the Company owing 100% equity interest of Rand Energy. This agreement with the 49% shareholder of Rand Energy settles any and all potential claims between the companies.

Minewest is engaged in the business of acquisition and exploration of mineral properties. Minewest owns a 70% interest subject to a 10% Net Profits Interest in mining property in British Columbia. As at the date the asset purchase and the date of this report, Minewest is inactive due to lack of funding.

4

Going Concern

We incurred net losses of $434,942 for the three months ended July 31, 2018 and had a working capital deficit of $1,294,617 and an accumulated deficit of $24,498,341 at July 31, 2018. Further losses are expected until we enter into licensing agreements of our technologies. These factors raise substantial doubt about the ability of the Company to continue as a going concern.

We may receive interim support from related parties and plan to raise additional capital through debt and/or equity financings. We may also raise additional funds when our outstanding options are exercised. However, there is no assurance that any of these activities will be realized.

Due to the uncertainty of our ability to generate sufficient revenues from our operating activities and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due, in their report on our financial statements for the year ended April 30, 2018, our registered independent auditors included additional comments indicating concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led to this disclosure by our registered independent auditors. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Results of Operations for Three Months Ended July 31, 2018 Compared to the Three Months Ended July 31, 2017

We had a net loss of $434,942 during the three months ended July 31, 2018, increased from net loss of $390,552 during the three months ended July 31, 2017.

We incurred research and development expenses of $120,358 in the three months ended July 31, 2018, a decrease as compared to research and development expenses of $149,841 in the three months ended July 31, 2017.

During the three months ended July 31, 2018 we incurred interest expense of $153,063 on secured convertible promissory notes as compared to $54,250 on secured convertible promissory notes during the three months ended July 31, 2017.

Total other administrative expenses decreased from $186,461 in the three months ended July 31, 2017 to $161,521 in the three months ended July 31, 2018.

Liquidity and Capital Resources

During the three months ended July 31, 2018, we financed our operations mainly with proceeds of $90,000 from issuance of secured convertible promissory notes.

At July 31, 2018 total amount owed to related parties is $139,018 as of July 31, 2018. This funding was necessary to meet our research and development targets and place us in a position to attain profit. These balances owed to related parties are non-interest bearing, unsecured and repayable on demand.

We plan to raise additional capital through debt and/or equity financings. We cannot provide any assurance that additional funding will be available to finance our operations on acceptable terms in order to enable us to complete our plan of operations. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue the development of our technologies and our business will fail.

5

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.

Critical Accounting Policies

We have identified certain accounting policies that are most important to the portrayal of our current financial condition and results of operations. Our significant accounting policies are disclosed in Note 2 of the consolidated financial statements for the three months ended July 31, 2018, attached hereto.

Contractual Obligations

We do not currently have any contractual obligations requiring any payment obligation from us.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures

Based upon an evaluation of the effectiveness of our disclosure controls and procedures performed by our management, with participation of our Chief Executive Officer and our Chief Financial Officer as of the end of the period covered by this report, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were not effective due to inadequate segregation of duties.

As used herein, “disclosure controls and procedures” mean controls and other procedures of our company that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

We are taking steps to enhance and improve the design of our disclosure controls. During the period covered by this interim report, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we need to appoint additional qualified personnel to address inadequate segregation of duties, and adopt sufficient written policies and procedures for accounting and financial reporting. These remediation efforts are largely dependent upon securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected.

(b) Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended July 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

6

PART II- OTHER INFORMATION

Item 1. Legal Proceedings

We are not a party to any pending legal proceeding. Management is not aware of any threatened litigation, claims or assessments.

Item 1A. Risk Factors

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

From May 1, 2018 to the date of this report, the Company issued convertible promissory notes for cash proceeds of $90,000 and service debt of $91,689. 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.

From May 1, 2018 to the date of this report, 1,340,211 shares of the Company’s common stock were issued for convertible promissory notes at $0.10 per share.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

(a) Exhibit(s)

31.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
	* Filed herewith.

7

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

September 17, 2018

REGI U.S., INC.

/s/ Michael Urso

Michael Urso

Chief Executive Officer

8

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Urso, Chief Executive Officer of REGI U.S., Inc., certify that:

1.	I have reviewed this quarterly report on Form 10-Q of REGI U.S., Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process summarize and report financial information; and
(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting

Date: September 17, 2018	By:	/s/ Michael Urso
		Michael Urso
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey White, Chief Financial Officer of REGI U.S., Inc., certify that:

1.	I have reviewed this quarterly report on Form 10-Q of REGI U.S., Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process summarize and report financial information; and
(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting

Date: September 17, 2018	By:	/s/ Jeffrey White
		Jeffrey White
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of REGI U.S., Inc. (the “Company”) on Form 10-Q for the period ended July 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 17, 2018	By:	/s/ Michael Urso
		Michael Urso
		Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of REGI U.S., Inc. (the “Company”) on Form 10-Q for the period ended July 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 17, 2018	By:	/s/ Jeffrey White
		Jeffrey White
		Chief Financial Officer

XML

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2018	Sep. 14, 2018
Document And Entity Information
Entity Registrant Name	REGI U S INC
Entity Central Index Key	0000922330
Document Type	10-Q
Document Period End Date	Jul. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		101,038,844
Trading Symbol	RGUS
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

XML

Consolidated Balance Sheets - USD ($)	Jul. 31, 2018	Apr. 30, 2018
Current Assets
Cash and cash equivalents	$ 87,116	$ 111,823
Prepaid expenses	28,084	27,470
Total current assets	115,200	139,293
Furniture and equipment, net	11,453	13,004
Total Assets	126,653	152,297
Current Liabilities
Accounts payable and accrued liabilities	446,479	315,957
Due to related parties	139,018	106,823
Convertible promissory notes, net of unamortized discount of $86,088 and $15,959, respectively	751,587	579,976
Convertible promissory notes - related parties, net of unamortized discount of $7,767 and $2,639, respectively	72,733	58,361
Total current liabilities	1,409,817	1,061,117
Long-term Liabilities
Convertible promissory notes, net of unamortized discount of $336,693 and $507,699, respectively	421,067	417,492
Convertible promissory notes - related parties, net of unamortized discount of $42,399 and $52,177, respectively	122,611	84,401
Total long-term liabilities	543,678	501,893
Total liabilities	1,953,495	1,563,010
Commitments and Contingencies
Stockholders' Deficit
Common stock,150,000,000 shares authorized, no par value, 99,828,255 and 99,698,583 shares issued and outstanding respectively	22,975,391	22,956,578
Accumulated deficit	(24,498,341)	(24,063,399)
Accumulated other comprehensive loss	(358,675)	(358,675)
Total REGI U.S., Inc stockholders' deficit	(1,881,625)	(1,465,496)
Noncontrolling interest	54,783	54,783
Total stockholders' deficit	(1,826,842)	(1,410,713)
Total Liabilities and Stockholders' Deficit	$ 126,653	$ 152,297

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jul. 31, 2018	Apr. 30, 2018
Statement of Financial Position [Abstract]
Convertible promissory notes, unamortized discount, current	$ 86,088	$ 15,959
Convertible promissory notes - related parties, unamortized discount, current	7,767	2,639
Convertible promissory notes, unamortized discount non-current	336,693	507,699
Convertible promissory notes - related parties, unamortized discount, non-current	$ 42,399	$ 52,177
Common stock, shares authorized	150,000,000	150,000,000
Common stock, no par value
Common stock, shares issued	99,828,255	99,698,583
Common stock, shares outstanding	99,828,255	99,698,583

XML

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Operating Expenses
Accounting and legal	$ 20,721	$ 25,343
Consulting and management	96,914	58,000
Stockholder relations	20,610	32,133
Stock-based compensation		59,500
General and administrative expenses	23,276	11,485
Research and development	120,358	149,841
Operating Loss	(281,879)	(336,302)
Other Expense
Interest expense	(153,063)	(54,250)
Loss on settlement of debt
Total other expense	(153,063)	(54,250)
Net loss before noncontrolling interest	(434,942)	(390,552)
Net Loss Attributed to Noncontrolling Interest
Net Loss Attributed to the Company	$ (434,942)	$ (390,552)
Loss per share	$ (0.004)	$ (0.005)
Weighted average number of common shares outstanding - basic and diluted	99,791,407	84,444,375
Comprehensive loss:
Net Loss	$ (434,942)	$ (390,552)
Translation adjustments
Comprehensive loss	(434,942)	(390,552)
Comprehensive loss attributable to non-controlling interest
Comprehensive loss attributable to REGI U.S., Inc	$ (434,942)	$ (390,552)

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Operating Activities
Net loss	$ (434,942)	$ (390,552)
Adjustments to reconcile net loss to net cash from operating activities
Amortization of debt discount	101,535	13,137
Amortization of promissory note fees	9,842
Depreciation Expense	1,551	1,198
Service settled with convertible promissory notes	16,357	37,986
Service settled with convertible promissory notes - related party	27,932	37,500
Stock-based compensation		59,500
Changes in non-cash working capital items
Prepaid expenses	(614)	(28,540)
Accounts payable and accrued liabilities	131,437	28,054
Due to related parties	32,195	42,631
Net Cash used for Operating Activities	(114,707)	(199,086)
Investing Activities
Purchase of furniture and equipment		(2,192)
Net Cash from (used for) Investing Activities		(2,192)
Financing Activities
Issuance of common shares for option exercise		15,500
Issuance of convertible promissory notes	90,000	370,000
Net Cash provided by financing activities	90,000	385,500
Net Change in Cash and Cash Equivalents	(24,707)	184,222
Cash and Cash Equivalents, Beginning of Year	111,823	67,818
Cash and Cash Equivalents, End of Year	87,116	252,040
Supplemental Disclosure of Cash Flow Information
Cash payments for Interest
Cash payments for Taxes
Supplemental Disclosure of Non-cash items
Discount on promissory notes for beneficial conversion features	5,850	344,284
Shares issued for note conversions	$ 12,963	$ 15,982

XML

Nature of Business

3 Months Ended

Jul. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

1. Nature of Business

REGI U.S., Inc. (“we”, “our”, the “Company”, “REGI”) has been engaged in the business of developing and building improved axial vane-type rotary devices for civilian, commercial and government applications with the marketing and intellectual rights in the U.S. Effective February 17, 2017 REGI purchased the worldwide marketing and intellectual rights, other than in the U.S., from Reg Technologies, Inc. (“Reg Tech”), a British Columbia company. No revenue has been derived to date from REGI’s principal operations of research and development.

REGI formed a wholly-owned subsidiary, Rad Max Technologies, Inc., on April 10, 2007 in the State of Washington.

XML

Significant Accounting Policies

3 Months Ended

Jul. 31, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Principles of consolidation

The accompanying unaudited interim consolidated financial statements of REGI have been prepared in accordance with accounting principles generally accepted in the United States of America, and should be read in conjunction with the audited financial statements and notes thereto for the year ended April 30, 2018 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 2018 as reported in the Form 10-K, have been omitted.

These financial statements include the accounts of the Company, its wholly owned subsidiaries RadMax Technologies, Inc., and Rand Energy Group Inc. (“Rand”).

All significant inter-company balances and transactions have been eliminated upon consolidation.

Investment in associates

Investments in which the Company has the ability to exert significant influence but does not have control are accounted for using the equity method whereby the original cost of the investment is adjusted annually for the Company’s share of earnings, losses and dividends during the current year.

The Company owns 26.1% of equity interest in Minewest Silver and Gold Inc. (“Minewest”), a British Columbia company. Minewest owns a 70% interest subject to a 10% Net Profits Interest in mining property in British Columbia. As at the date of this report, Minewest is inactive due to lack of funding. As a result, the assets were impaired and no transactions are recorded for Minewest during the year ended April 30, 2018 and the three months ended July 31, 2018.

Risks and uncertainties

The Company operates in an emerging industry that is subject to market acceptance and technological change. The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging business, including the potential risk of business failure.

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less.

Furniture and equipment

Property and equipment are stated at cost, which includes the acquisition price and any direct costs to bring the asset into use at its intended location, less accumulated depreciation.

Depreciation of property and equipment is calculated using the straight-line method to write off the cost, net of any estimated residual value, over their estimated useful lives of the assets as follows: Office equipment 5 years and electronic equipment 2 years. Depreciation of office equipment is included in general and administrative expenses; Depreciation of research equipment is included in research and development expense.

Financial instruments

Fair Value

The carrying values of cash and cash equivalents, amounts due to related parties and accounts payable approximate their fair values because of the short-term maturity of these financial instruments.

ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows:

- Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

- Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

- Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Interest Rate Risk

The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary assets and liabilities.

Credit Risk

The Company’s financial asset that is exposed to credit risk consists primarily of cash. To manage the risk, cash is placed with major financial institutions.

Currency Risk

The Company’s functional currency is the US dollar and the reporting currency is the US dollar.

Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in US dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

For reporting purposes assets and liabilities with Canadian dollar as functional currency are translated into US dollar at the period end rates of exchange, and the results of the operations are translated at average rates of exchange for the period. The resulting translation adjustments are included in accumulated other comprehensive income in shareholders’ equity.

Income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.

Basic and diluted net loss per share

Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible debt using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

Stock-based compensation

The Company accounts for stock based compensation in accordance with FASB ASC 718 which establishes the accounting treatment for transactions in which an entity exchanges its equity instruments for goods or services. Under the provisions of FASB ASC 718, share-based payment compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period). The Company accounts for share-based payments to non-employees in accordance with FASB ASC 505-50.

Use of estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, stock-based compensation and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities, and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Research and development costs

Research and development costs are expensed as incurred.

Related Parties

In accordance with ASC 850 “Related Party Disclosure”, a party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

Recent accounting pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements.

Reclassifications

Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the three months ended July 31, 2018.

XML

Going Concern

3 Months Ended

Jul. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

3. Going Concern

The Company incurred net losses of $434,942 for the three months ended July 31, 2018 and has a working capital deficit of $1,294,617 and an accumulated deficit of $24,498,341 at July 31, 2018. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. As a result, the Company’s consolidated financial statements as of July 31, 2018 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

The Company also receives interim support from related parties and plans to raise additional capital through debt and/or equity financings. There is no assurance that any of these activities will be successful. There continues to be insufficient funds to provide enough working capital to fund ongoing operations for the next twelve months.

XML

Property and Equipment

3 Months Ended

Jul. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment at July 31, 2018 and April 30, 2018 consists of the following:

	July 31, 2018		April 30, 2018
Equipment	$	7,040	$	7,040
Furniture and fixtures		14,213		14,213
		21,253		21,253
Less accumulated depreciation		9,800		8,249
	$	11,453	$	13,004

Depreciation expense totaled $1,551 and $1,198 for the three months ended July 31, 2018 and 2017, respectively.

XML

Secured Convertible Promissory Notes

3 Months Ended

Jul. 31, 2018

Debt Disclosure [Abstract]

Secured Convertible Promissory Notes

5. Secured Convertible Promissory Notes

As of July 31, 2018, REGI has outstanding senior secured convertible promissory notes (the “Convertible Notes”) of $195,344 (net of unamortized discount of $50,166) issued to related parties and $1,172,654 (net of unamortized discount of $422,781) issued to non-related parties. As of April 30, 2018, REGI has outstanding Convertible Notes of $142,762 (net of unamortized discount of $54,816) issued to related parties and $997,468 (net of unamortized discount of $523,658) issued to non-related parties.

During the three months ended July 31, 2018 the Company issued Convertible Notes for cash proceeds of $90,000, service debt provided by related parties of $27,932, and service debt provided by non-related parties of $16,357. During the twelve months ended April 30, 2018 the Company issued Convertible Notes for cash proceeds of $1,212,849, settled accounts payable from previous years of $17,436, service debt provided by related parties of $131,577, and service debt provided by non-related parties of $182,696 of which $66,600 was finders’ fee and legal fees for cash based Convertible Notes recorded as discount to the Convertible 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 with the exception of one Convertible Note of $150,000 (net of unamortized discount of $7,684) repayable nine months after issuance, bearing simple interest of 2% during the term of the note and simple interest rate of 15% after the due date.

As of July 31, 2018, $17,436, $40,800, $1,622,710, $60,000 and $100,000 of the Convertible Notes are convertible at any time on or after ninety days from the issuance date into the Company’s common stocks at $0.174, $0.12, $0.10, $0.09 and $0.08 per share respectively.

The Company analyzed the conversion option in the notes for derivative accounting treatment under ASC Topic 815, “Derivatives and Hedging,” and determined that the instrument does not qualify for derivative accounting.

The Company determined that the conversion option was subject to a beneficial conversion feature and during the three months ended July 31, 2018 the company recorded a total beneficial conversion feature of $5,850, and amortization of the beneficial conversion feature of $111,377 as interest expense. During the year ended April 30, 2018 the company recorded a total beneficial conversion feature of $1,027,441, and amortization of the beneficial conversion feature of $510,311 as interest expense.

XML

Related Parties

3 Months Ended

Jul. 31, 2018

Related Party Transactions [Abstract]

Related Parties

6. Related Parties

Amounts due to 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 July 31, 2018, there was $139,018 due to related parties. As of April 30, 2018, there was $106,823 due to related parties.

XML

Stockholders' Equity

3 Months Ended

Jul. 31, 2018

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

a) Common Stock

During the three months ended July 31, 2018, non-related party convertible promissory note of $12,047 and its accrued interest of $916 were converted into 129,622 shares REGI’s common stock at $0.10 per share.

During the year ended April 30, 2018 related party convertible promissory notes of $126,152 and accrued interest of $10,931 were converted into a total of 1,369,964 shares of REGI’s common stock at $0.10 per share, and convertible promissory notes of $755,185 and accrued interest of $41,173 were converted into a total of 1,054,779 shares of REGI’s common stock at $0.755 per share.

During the twelve months ended April 30, 2018 non-related party convertible promissory notes of $531,940 and accrued interest of $26,569 were converted into 5,630,543 shares of common stock at $0.10 per share, principal of $3,848 and accrued interest of $623 were converted into 55,892 shares of common stock at $0.08 per share, principal of $10,000 and accrued interest of $879 were converted into 99,661 shares of commons stock at $0.12 per share.

During the twelve months ended April 30, 2018 the Company issued 155,000 shares of its common stock for options exercised at $0.10 per share for a total of $15,500. Among the 155,000 shares of common stock, 55,000 were issued to a related party.

During the twelve months ended April 30, 2018 the Company issued 3,310,000 shares of its common stock for services provided by the directors, officers, employees and consultants of the Company with the total value recorded at $562,700 based on the market trading price as of the issuance date.

On November 2, 2017 the Company issued 3,172,269 shares of its common stock to Rand Energy. No value was assigned to these shares, as Rand Energy did not have any assets. These shares together with 827,721 shares of common stock initially owned by Rand Energy and recorded as the Company’s treasury shares, were transferred to the 49% shareholders of Rand Energy, as consideration for purchase of all of the 49% interest in Rand Energy, resulting in the Company owning 100% equity interest in Rand Energy.

b) Common Stock Options and Warrants

On March 1, 2018, REGI granted an aggregate of 1,400,000 common stock options for services. These options vest upon grant, expire on March 1, 2023 and are exercisable at the following prices:

Options	Exercise price
450,000	$	0.10
250,000	$	0.20
125,000	$	0.35
125,000	$	0.50
100,000	$	0.75
100,000	$	1.00
125,000	$	1.25
125,000	$	1.50
1,400,000

On April 30, 2018, REGI granted an aggregate of 500,000 common stock options for services. These options vest upon grant, expire on April 30, 2023 and are exercisable at the following prices:

Options	Exercise price
100,000	$	1.00
100,000	$	2.00
100,000	$	3.00
100,000	$	4.00
100,000	$	5.00
500,000

A summary of REGI’s stock option activities for the three months ended July 31, 2018 and year ended April 30 2018 are as follows:

	Three months ended July 31, 2018				Year ended April 30, 2018
	Shares		Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at beginning of period		9,355,000	$	0.52		9,138,000		$	0.31
Granted		-				1,900,000			1.17
Exercised		-				(155,000	)		0.10
Forfeited or expired		-				(1,528,000	)		0.20
Outstanding at end of period		9,355,000	$	0.52		9,355,000		$	0.52
Exercisable at end of period		9,163,750	$	0.53		9,163,750		$	0.53

The weighted average remaining contractual life of the options is 3.42 years at July 31, 2018, and 3.67 years at April 30, 2018.

At July 31 and April 30, 2018 there were no warrants outstanding.

XML

Income Taxes

3 Months Ended

Jul. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company is subject to the income tax laws of the United States and the States of Washington and Oregon, and uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company does not anticipate that the “Tax Reform Act” will have any substantial effect on the Company’s financial position in the near future.

Deferred tax assets consist of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability.

The composition of REGI’s deferred tax assets at July 31 and April 30, 2018:

	July 31 ,2018			April 30, 2018
Net operating loss carry-forward	$	3,707,843		$	3,272,901
Deferred tax asset		778,647			687,309
Less: Valuation allowance		(778,647	)		(687,309	)
Net deferred tax asset	$	-		$	-

Management has determined that the Company is subject to examination of income tax filings in the United States for the 2014 through 2016 tax years.

XML

Subsequent Events

3 Months Ended

Jul. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

Management has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and determined that no material subsequent events exist other that the following.

Subsequent to July 31, 2018, the Company issued Convertible Notes for service debt provided by related parties of $47,400. 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.

Subsequent to July 31, 2018, a total of 1,210,589 shares of the Company’s common stock were issued for Convertible Promissory notes at $0.10 per share.

XML

Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2018

Accounting Policies [Abstract]

Principles of Consolidation

Principles of consolidation

The accompanying unaudited interim consolidated financial statements of REGI have been prepared in accordance with accounting principles generally accepted in the United States of America, and should be read in conjunction with the audited financial statements and notes thereto for the year ended April 30, 2018 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 2018 as reported in the Form 10-K, have been omitted.

These financial statements include the accounts of the Company, its wholly owned subsidiaries RadMax Technologies, Inc., and Rand Energy Group Inc. (“Rand”).

All significant inter-company balances and transactions have been eliminated upon consolidation.

Investment in Associates

Investment in associates

Investments in which the Company has the ability to exert significant influence but does not have control are accounted for using the equity method whereby the original cost of the investment is adjusted annually for the Company’s share of earnings, losses and dividends during the current year.

The Company owns 26.1% of equity interest in Minewest Silver and Gold Inc. (“Minewest”), a British Columbia company. Minewest owns a 70% interest subject to a 10% Net Profits Interest in mining property in British Columbia. As at the date of this report, Minewest is inactive due to lack of funding. As a result, the assets were impaired and no transactions are recorded for Minewest during the year ended April 30, 2018 and the three months ended July 31, 2018.

Risks and Uncertainties

Risks and uncertainties

The Company operates in an emerging industry that is subject to market acceptance and technological change. The Company’s operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging business, including the potential risk of business failure.

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less.

Furniture and Equipment

Furniture and equipment

Property and equipment are stated at cost, which includes the acquisition price and any direct costs to bring the asset into use at its intended location, less accumulated depreciation.

Depreciation of property and equipment is calculated using the straight-line method to write off the cost, net of any estimated residual value, over their estimated useful lives of the assets as follows: Office equipment 5 years and electronic equipment 2 years. Depreciation of office equipment is included in general and administrative expenses; Depreciation of research equipment is included in research and development expense.

Financial Instruments

Financial instruments

Fair Value

The carrying values of cash and cash equivalents, amounts due to related parties and accounts payable approximate their fair values because of the short-term maturity of these financial instruments.

ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows:

- Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

- Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

- Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Interest Rate Risk

The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary assets and liabilities.

Credit Risk

The Company’s financial asset that is exposed to credit risk consists primarily of cash. To manage the risk, cash is placed with major financial institutions.

Currency Risk

The Company’s functional currency is the US dollar and the reporting currency is the US dollar.

Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in US dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

For reporting purposes assets and liabilities with Canadian dollar as functional currency are translated into US dollar at the period end rates of exchange, and the results of the operations are translated at average rates of exchange for the period. The resulting translation adjustments are included in accumulated other comprehensive income in shareholders’ equity.

Income Taxes

Income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes”, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax losses and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.

Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share

Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible debt using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

Stock-based Compensation

Stock-based compensation

The Company accounts for stock based compensation in accordance with FASB ASC 718 which establishes the accounting treatment for transactions in which an entity exchanges its equity instruments for goods or services. Under the provisions of FASB ASC 718, share-based payment compensation is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period). The Company accounts for share-based payments to non-employees in accordance with FASB ASC 505-50.

Use of Estimates

Use of estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, stock-based compensation and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities, and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Research and Development Costs

Research and development costs

Research and development costs are expensed as incurred.

Related Parties

Related Parties

In accordance with ASC 850 “Related Party Disclosure”, a party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

Recent Accounting Pronouncements

Recent accounting pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements.

Reclassifications

Reclassifications

Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the three months ended July 31, 2018.

XML

Property and Equipment (Tables)

3 Months Ended

Jul. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment at July 31, 2018 and April 30, 2018 consists of the following:

	July 31, 2018		April 30, 2018
Equipment	$	7,040	$	7,040
Furniture and fixtures		14,213		14,213
		21,253		21,253
Less accumulated depreciation		9,800		8,249
	$	11,453	$	13,004

XML

Stockholders' Equity (Tables)

3 Months Ended

Jul. 31, 2018

Summary of Stock Options Activity

A summary of REGI’s stock option activities for the three months ended July 31, 2018 and year ended April 30 2018 are as follows:

	Three months ended July 31, 2018				Year ended April 30, 2018
	Shares		Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at beginning of period		9,355,000	$	0.52		9,138,000		$	0.31
Granted		-				1,900,000			1.17
Exercised		-				(155,000	)		0.10
Forfeited or expired		-				(1,528,000	)		0.20
Outstanding at end of period		9,355,000	$	0.52		9,355,000		$	0.52
Exercisable at end of period		9,163,750	$	0.53		9,163,750		$	0.53

March 1, 2018 [Member]

Schedule of Common Stock Options Exercise Price

Options	Exercise price
450,000	$	0.10
250,000	$	0.20
125,000	$	0.35
125,000	$	0.50
100,000	$	0.75
100,000	$	1.00
125,000	$	1.25
125,000	$	1.50
1,400,000

April 30, 2018 [Member]

Schedule of Common Stock Options Exercise Price

Options	Exercise price
100,000	$	1.00
100,000	$	2.00
100,000	$	3.00
100,000	$	4.00
100,000	$	5.00
500,000

XML

Income Taxes (Tables)

3 Months Ended

Jul. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets

The composition of REGI’s deferred tax assets at July 31 and April 30, 2018:

	July 31 ,2018			April 30, 2018
Net operating loss carry-forward	$	3,707,843		$	3,272,901
Deferred tax asset		778,647			687,309
Less: Valuation allowance		(778,647	)		(687,309	)
Net deferred tax asset	$	-		$	-

XML

Significant Accounting Policies (Details Narrative)	3 Months Ended
	Jul. 31, 2018
Equity method investment, ownership percentage	26.10%
Office Equipment [Member]
Property, plant and equipment, estimated useful lives	5 years
Electronic Equipment [Member]
Property, plant and equipment, estimated useful lives	2 years
Minewest Silver and Gold Inc. [Member]
Equity method investment, ownership percentage	70.00%
British Columbia Company [Member]
Equity method investment, ownership percentage	10.00%

XML

Going Concern (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Apr. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 434,942	$ 390,552
Working capital deficit	1,294,617
Accumulated deficit	$ 24,498,341		$ 24,063,399

XML

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,551	$ 1,198

XML

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Jul. 31, 2018	Apr. 30, 2018
Property and equipment, gross	$ 21,253	$ 21,253
Less accumulated depreciation	9,800	8,249
Property and equipment, net	11,453	13,004
Equipment [Member]
Property and equipment, gross	7,040	7,040
Furniture and Fixtures [Member]
Property and equipment, gross	$ 14,213	$ 14,213

XML

Secured Convertible Promissory Notes (Details Narrative) - USD ($)	2 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2017	Jul. 31, 2018	Jul. 31, 2017	Apr. 30, 2018
Convertible promissory notes - related parties		$ 122,611		$ 84,401
Convertible promissory notes - related parties, unamortized discount		42,399		52,177
Convertible promissory notes		421,067		417,492
Issuance of convertible promissory notes		90,000	$ 370,000
Service debt provided by related parties		$ 47,400
Debt maturity period, description		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.
Debt interest rate percentage		10.00%
Beneficial conversion feature	$ 1,027,441	$ 5,850
Interest expense	$ 510,311	111,377
Secured Convertible Promissory Notes [Member]
Convertible promissory notes - related parties		195,344		142,762
Convertible promissory notes - related parties, unamortized discount		50,166		54,816
Convertible promissory notes		1,172,654		997,468
Convertible promissory notes, unamortized discount		422,781		523,658
Convertible Notes [Member]
Convertible promissory notes		150,000
Convertible promissory notes, unamortized discount		7,684
Issuance of convertible promissory notes		90,000		1,212,849
Service debt provided by related parties		27,932		131,577
Services debt provided by non-related parties		$ 16,357		182,696
Settlement of accounts payable				17,436
Finder fee for promissory notes				$ 66,600
Debt maturity period, description		The Convertible Notes are secured against all assets of the Company, repayable two years after the issuance, bearing simple interest rate of 10% during the term of the notes and simple interest rate of 20% after the due date with the exception of one Convertible Note of $150,000 (net of unamortized discount of $7,684) repayable nine months after issuance, bearing simple interest of 2% during the term of the note and simple interest rate of 15% after the due date.
Debt interest rate percentage		2.00%
Convertible Notes [Member] | After Due Date [Member]
Debt interest rate percentage		15.00%
Promissory Notes One [Member]
Convertible promissory notes		$ 17,436
Convertible price per shares		$ 0.174
Promissory Notes Two [Member]
Convertible promissory notes		$ 40,800
Convertible price per shares		$ 0.12
Promissory Notes Three [Member]
Convertible promissory notes		$ 1,622,710
Convertible price per shares		$ 0.10
Promissory Notes Four [Member]
Convertible promissory notes		$ 60,000
Convertible price per shares		$ 0.09
Promissory Notes Five [Member]
Convertible promissory notes		$ 100,000
Convertible price per shares		$ 0.08

XML

Related Parties (Details Narrative) - USD ($)	Jul. 31, 2018	Apr. 30, 2018
Related Party Transactions [Abstract]
Due to related parties	$ 139,018	$ 106,823

XML

Stockholders' Equity (Details Narrative) - USD ($)				3 Months Ended		12 Months Ended
	Apr. 30, 2018	Mar. 02, 2018	Nov. 02, 2017	Jul. 31, 2018	Jul. 31, 2017	Apr. 30, 2018	Apr. 30, 2017
Debt conversion converted instrument				$ 12,963	$ 15,982		$ 31,405
Stock issued for exercise of options, shares						155,000	155,000
Price per share				$ 0.10
Equity investment percentage				26.10%
Stock option granted for services	500,000	1,400,000				1,900,000	1,900,000
Stock option expire date	Apr. 30, 2023	Mar. 01, 2023
Weighted average remaining contractual term				3 years 5 months 1 day			3 years 8 months 2 days
Related Party [Member]
Stock issued for exercise of options, shares						155,000
Price per share	$ 0.10					$ 0.10
Stock issued to related party						$ 15,500
Number of common shares issued						55,000
Directors, Officers, Employees and Consultants [Member]
Stock issued for services, shares						3,310,000
Stock issued for services						$ 562,700
Non-Related Party Convertible Promissory Note [Member]
Debt conversion converted instrument				$ 12,047		531,940
Accrued interest	$ 26,569			$ 916		$ 26,569
Debt conversion converted instrument, shares				129,622		5,630,543
Debt conversion converted instrument, price per share	$ 0.10			$ 0.10		$ 0.10
Related Party Convertible Promissory Note [Member]
Debt conversion converted instrument						$ 126,152
Accrued interest	$ 10,931					$ 10,931
Debt conversion converted instrument, shares						1,369,964
Debt conversion converted instrument, price per share	$ 0.10					$ 0.10
Convertible Promissory Note [Member]
Debt conversion converted instrument						$ 755,185
Accrued interest	$ 41,173					$ 41,173
Debt conversion converted instrument, shares						1,054,779
Debt conversion converted instrument, price per share	$ 0.755					$ 0.755
Non-Related Party Convertible Promissory Note One [Member]
Debt conversion converted instrument						$ 3,848
Accrued interest	$ 623					$ 623
Debt conversion converted instrument, shares						55,892
Debt conversion converted instrument, price per share	$ 0.08					$ 0.08
Non-Related Party Convertible Promissory Note Two [Member]
Debt conversion converted instrument						$ 10,000
Accrued interest	$ 879					$ 879
Debt conversion converted instrument, shares						99,661
Debt conversion converted instrument, price per share	$ 0.12					$ 0.12
Rand Energy [Member]
Number of common shares issued			3,172,269
Treasury shares owned			827,721
Equity investment percentage			49.00%
Ownership percentage			100.00%

XML

Stockholders' Equity - Schedule of Common Stock Options Exercise Price (Details) - $ / shares			3 Months Ended	12 Months Ended
	Apr. 30, 2018	Mar. 02, 2018	Jul. 31, 2018	Apr. 30, 2018	Apr. 30, 2017
Total stock option granted	500,000	1,400,000		1,900,000	1,900,000
Stock option exercise price				$ 1.17
Options 1 [Member]
Total stock option granted	100,000	450,000
Stock option exercise price	$ 1.00	$ 0.10
Options 2 [Member]
Total stock option granted	100,000	250,000
Stock option exercise price	$ 2.00	$ 0.20
Options 3 [Member]
Total stock option granted	100,000	125,000
Stock option exercise price	$ 3.00	$ 0.35
Options 4 [Member]
Total stock option granted	100,000	125,000
Stock option exercise price	$ 4.00	$ 0.50
Options 5 [Member]
Total stock option granted	100,000	100,000
Stock option exercise price	$ 5.00	$ 0.75
Options 6 [Member]
Total stock option granted		100,000
Stock option exercise price		$ 1.00
Options 7 [Member]
Total stock option granted		125,000
Stock option exercise price		$ 1.25
Options 8 [Member]
Total stock option granted		125,000
Stock option exercise price		$ 1.50

XML

Stockholders' Equity - Summary of Stock Options Activity (Details) - $ / shares			3 Months Ended	12 Months Ended
	Apr. 30, 2018	Mar. 02, 2018	Jul. 31, 2018	Apr. 30, 2018	Apr. 30, 2017
Equity [Abstract]
Options, Outstanding at beginning of period			9,355,000	9,138,000
Options, Granted during the period	500,000	1,400,000		1,900,000	1,900,000
Options, Exercised during the period				(155,000)	(155,000)
Options, Forfeited or expired during the period				(1,528,000)
Options, Outstanding at end of period	9,355,000		9,355,000	9,355,000	9,138,000
Options, Exercisable at end of period	9,163,750		9,163,750	9,163,750
Weighted Average Exercise Price, Outstanding at beginning of period			$ 0.52	$ 0.31
Weighted Average Exercise Price, Granted during the period				1.17
Weighted Average Exercise Price, Exercised during the period				0.10
Weighted Average Exercise Price, Forfeited or expired during the period				0.20
Weighted Average Exercise Price, Outstanding at end of period	$ 0.52		0.52	0.52	$ 0.31
Weighted Average Exercise Price, Exercisable at end of period	$ 0.53		$ 0.53	$ 0.53

XML

Income Taxes (Details Narrative)	3 Months Ended
	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Income tax rate description	On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the "Tax Reform Act") was signed into law by President Trump. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries.
Corporate tax rate	21.00%

XML

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Jul. 31, 2018	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 3,707,843	$ 3,272,901
Deferred tax asset	778,647	687,309
Less: Valuation allowance	(778,647)	(687,309)
Net deferred tax asset

XML

Subsequent Events (Details Narrative)	3 Months Ended
	Jul. 31, 2018 USD ($) $ / shares shares
Service debt provided by related parties | $	$ 47,400
Debt maturity period, description	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.
Debt instrument interest rate	10.00%
Number of common stock issued for convertible promissory notes | shares	1,210,589
Shares issued price per share | $ / shares	$ 0.10
After the Due Date [Member]
Debt instrument interest rate	20.00%