v3.21.2
Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($)
3 Months Ended 9 Months Ended
May 31, 2021
May 31, 2020
May 31, 2021
May 31, 2020
Income Statement [Abstract]        
Revenues from licensing fees $ 2,000,000
Revenues from hydrocarbon sales 125,768 294,809
Production and maintenance costs (14,281) (152,164) (378,847) (1,557,936)
Advance royalty payments (121,250) (325,112)
Gross Profit (Loss) (14,281) (147,646) 1,621,153 (1,588,239)
Operating Expenses        
Depreciation, depletion and amortization 11,383 11,523 34,428 97,365
Selling, general and administrative expenses 1,419,727 894,715 3,171,010 4,821,819
Financing costs 1,368,832 570,628 2,733,820 1,559,470
Derivative liability movements 2,041,081 (628,353) 1,292,169 31,532
Other expenses (income), net 82,934 117,819 772,786 (589,539)
Total expenses, net 4,923,957 966,332 8,004,213 5,920,647
Net loss before income taxes (4,938,238) (1,113,978) (6,383,060) (7,508,886)
Income tax expense
Net loss and comprehensive loss $ (4,938,238) $ (1,113,978) $ (6,383,060) $ (7,508,886)
Weighted Average Number of Shares Outstanding – Basic and Diluted (in Shares) 438,066,714 203,481,170 382,298,817 199,246,870
Basic and Diluted Loss per Share (in Dollars per share) $ (0.01) $ (0.01) $ (0.02) $ (0.04)

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