Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Loss and Comprehensive Loss

v3.21.2
Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($)
3 Months Ended 9 Months Ended
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
Income Statement [Abstract]        
Revenues from hydrocarbon sales $ 125,768 $ 38,088 $ 294,809 $ 59,335
Production and maintenance costs 152,164 664,411 1,557,936 729,641
Advance royalty payments 121,250 92,271 325,112 198,786
Gross Loss (147,646) (718,594) (1,588,239) (869,092)
Operating Expenses        
Depreciation, depletion and amortization 11,523 21,799 97,365 54,316
Selling, general and administrative expenses 894,715 2,771,785 4,821,819 9,342,642
Financing costs, net 570,628 893,637 1,559,470 2,533,979
Derivative liability movements (628,353)   31,532
Total expenses, net 848,513 3,687,221 6,510,186 11,930,937
Net loss from operations (996,159) (4,405,815) (8,098,425) (12,800,029)
(Loss) gain on settlement of liabilities (80,337) 427,907 (98,475)
(Loss) gain on settlement of convertible debt (53,130)   178,732 (99,547)
Impairment of investments (75,000)   (75,000)  
Interest income 10,311 35,973 57,900 94,896
Net loss before income tax and equity loss (1,113,978) (4,450,179) (7,508,886) (12,903,155)
Income tax expense
Equity loss from investment of Accord GR Energy, net of tax (50,000) (150,000)
Net loss and comprehensive loss $ (1,113,978) $ (4,500,179) $ (7,508,886) $ (13,053,155)
Weighted Average Number of Shares Outstanding – Basic and Diluted (in Shares) 203,481,170 121,268,807 199,246,870 92,527,789
Basic and Diluted Loss per Share (in Dollars per share) $ (0.01) $ (0.04) $ (0.04) $ (0.09)