SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
NOTIFICATION OF LATE FILING
|(Check One):||☒ Form 10-K ☐ Form 20-F ☐ Form 11-K ☐ Form 10-Q ☐ Form N-CEN ☐ Form N-CSR|
|For Period Ended: August 31, 2021|
|☐ Transition Report on Form 10-K|
|☐ Transition Report on Form 20-F|
|☐ Transition Report on Form 11-K|
|☐ Transition Report on Form 10-Q|
|For the Transition Period Ended: Not applicable|
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: Not applicable
I - REGISTRANT INFORMATION
PETROTEQ ENERGY INC.
Full Name of Registrant
Former Name if Applicable
15315 W Magnolia Blvd, Suite 120
Address of Principal Executive Office (Street and Number)
Sherman Oaks, California 91403
City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
|☒||(a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;|
|☒||(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN of Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and|
|(c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.|
PART III - NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The audit of the Company’s annual financial statements for the year ended August 31, 2021 has not yet been completed. This is primarily due to two factors. First, there has been a recent change in the CFO position. Second, there is potentially a material impairment charge on the Company’s initial oil extraction plant. The Company is still in the process of confirming and quantifying this impairment charge.
The Company expects to file within the extension period.
PART IV - OTHER INFORMATION
|(1)||Name and telephone number of person to contract in regard to this notification.|
|(Name)||(Area Code)||(Telephone Number)|
|(2)||Have all other periodic reports required under section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s). ☒ Yes ☐ No|
|(3)||Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? ☒ Yes ☐ No|
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
The Company may record a potentially material impairment charge on the Company’s initial oil extraction plant. The Company is currently assessing the need and possible amount of the potential impairment charge which is not determinable as yet due to a number of factors, including licensing rights, which may affect the need for and the amount of an impairment charge.
Petroteq Energy Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: November 30, 2021.||By:||/s/ Ron Cook|
|Chief Financial Officer|