Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.21.2
Segment Information
 12 Months Ended
Aug. 31, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION
25. SEGMENT INFORMATION

The Company operated in two reportable segments within the USA during the year ended August 31, 2019 and 2018, oil extraction and processing operations and mining operations.


Once the expansion of the plant has reached a stage of completion where it is viable to commence production and the requisite licenses have been obtained, the Company’s oil extraction segment will be able to commence commercial production and will generate revenue from the sale of hydrocarbon products to third parties.


The presentation of the consolidated statements of loss and comprehensive loss provides information about the oil extraction and processing segment. There were limited operations in the mining operations segment during the year ended August 31, 2019 and no operations in the mining operations segment for the year ended August 31, 2018. Other information about reportable segments are: 


    August 31, 2019  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 12,498       23,800       36,298  
Reportable segment assets     36,690       36,166       72,856  
Reportable segment liabilities   $ 11,663       3,374       15,037  

    August 31, 2018  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 6,353     $ 534     $ 6,887  
Reportable segment assets     38,247       857       39,104  
Reportable segment liabilities   $ 6,006     $ 169     $ 6,175  

    August 31, 2019  
(in ’000s of dollars)   Oil Extraction     Mining operations     Consolidated  
                   
Revenues from hydrocarbon sales   $ 59     $ -     $ 59  
Other production and maintenance costs     1,347       -       1,347  
Advance royalty payments     -       291       291  
Gross Loss     (1,288 )     (291 )     (1,579 )
Operating Expenses                        
Depreciation, depletion and amortization     74       -       74  
Selling, general and administrative expenses     11,531       13       11,544  
Investor relations     303       -       303  
Professional fees     6,194       -       6,194  
Public relations     1,182       -       1,182  
Research and development expenses     113       -       113  
Salaries and wages     1,405       -       1,405  
Share-based compensation     916       -       916  
Travel and promotional expenses     683       -       683  
Other     735       13       748  
                         
Financing costs, net     1,225       -       1,225  
Other expense (income)     1,366       -       1,366  
Gain on settlement of liabilities     535       -       535  
Provision against equity investments and investments, net     914       -       914  
Interest income     (83 )     -       (83 )
Equity loss in Accord GR Energy     -       -       -  
                         
Net loss   $ 15,484     $ 304     $ 15,788  

    August 31, 2018  
(in ’000s of dollars)   Oil Extraction     Mining operations     Consolidated  
                   
Revenues from hydrocarbon sales   $ -     $ -     $ -  
Advance royalty payments     -       272       272  
Gross Loss     -       (272 )     (272 )
Operating Expenses                        
Depreciation, depletion and amortization     51       -       51  
Selling, general and administrative expenses     14,298       12       14,310  
Investor relations     2,487       -       2,487  
Market development     45       -       45  
Professional fees     3,481       7       3,488  
Public relations     921       -       921  
Research and development expenses     120       -       120  
Salaries and wages     511       -       511  
Share-based compensation     5,980       -       5,980  
Travel and promotional expenses     128       -       128  
Other     625       5       630  
                         
Financing costs, net     812       -       812  
Other expense (income)     36       -       36  
Loss on settlement of liabilities     92       -       92  
Other income     (56 )     -       (56 )
Equity loss from investment of Accord GR Energy, net of tax     160       -       160  
                         
Net loss   $ 15,357     $ 284     $ 15,641