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 |
|
|