| SEGMENT INFORMATION |
The
Company operated in two reportable segments within the USA during the nine months ended May 31, 2020 and 2019, oil extraction
and processing operations and mining operations
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 nine months ended May 31, 2020 and 2019.
Other
information about reportable segments are:
| |
|
May 31, 2020 |
|
| |
|
Oil |
|
|
Mining |
|
|
|
|
| (in ’000s of dollars) |
|
Extraction |
|
|
Operations |
|
|
Consolidated |
|
| Additions to non-current assets |
|
$ |
2,152 |
|
|
$ |
610 |
|
|
$ |
2,762 |
|
| Reportable segment assets |
|
|
41,103 |
|
|
|
33,903 |
|
|
|
75,006 |
|
| Reportable segment liabilities |
|
$ |
18,173 |
|
|
$ |
1,000 |
|
|
$ |
19,173 |
|
| |
|
May 31, 2019 |
|
|
(in ’000s of dollars)
|
|
Oil
Extraction |
|
|
Mining operations |
|
|
Consolidated |
|
| Additions to non-current assets |
|
$ |
7,851 |
|
|
$ |
10,800 |
|
|
$ |
18,651 |
|
| Reportable segment assets |
|
|
37,291 |
|
|
|
19,655 |
|
|
|
56,946 |
|
| Reportable segment liabilities |
|
$ |
10,584 |
|
|
$ |
169 |
|
|
$ |
10,753 |
|
Segment
operating results are as follows:
| |
|
May 31, 2020 |
|
| (in ’000s of dollars) |
|
Oil
Extraction |
|
|
Mining
operations |
|
|
Consolidated |
|
| |
|
|
|
|
|
|
|
|
|
| Revenues from hydrocarbon sales |
|
$ |
74 |
|
|
$ |
221 |
|
|
$ |
295 |
|
| Other production and maintenance costs |
|
|
1,558 |
|
|
|
- |
|
|
|
1,558 |
|
| Advance royalty payments |
|
|
- |
|
|
|
325 |
|
|
|
325 |
|
| Gross Loss |
|
|
(1,484 |
) |
|
|
(104 |
) |
|
|
(1,588 |
) |
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
|
(97 |
) |
|
|
- |
|
|
|
(97 |
) |
| Selling, general and administrative expenses |
|
|
(4,818 |
) |
|
|
(4 |
) |
|
|
(4,822 |
) |
| Financing costs, net |
|
|
(1,560 |
) |
|
|
- |
|
|
|
(1,560 |
) |
| Derivative liability movements |
|
|
(32 |
) |
|
|
- |
|
|
|
(32 |
) |
| Gain on settlement of liabilities |
|
|
428 |
|
|
|
|
|
|
|
428 |
|
| Gain on settlement of convertible debt |
|
|
179 |
|
|
|
- |
|
|
|
179 |
|
| Impairment of investments |
|
|
(75 |
) |
|
|
|
|
|
|
(75 |
) |
| Interest income |
|
|
58 |
|
|
|
- |
|
|
|
58 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(7,401 |
) |
|
$ |
(108 |
) |
|
$ |
(7,509 |
) |
| |
|
May 31, 2019 |
|
| (in ’000s of dollars) |
|
Oil
Extraction |
|
|
Mining operations
|
|
|
Consolidated |
|
| |
|
|
|
|
|
|
|
|
|
| Revenues from hydrocarbon sales |
|
$ |
59 |
|
|
$ |
- |
|
|
$ |
59 |
|
| Other production and maintenance costs |
|
|
729 |
|
|
|
|
|
|
|
729 |
|
| Advance royalty payments |
|
|
- |
|
|
|
199 |
|
|
|
199 |
|
| Gross Loss |
|
|
(670 |
) |
|
|
(199 |
) |
|
|
(869 |
) |
| Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
|
(54 |
) |
|
|
|
|
|
|
(54 |
) |
| Selling, general and administrative expenses |
|
|
(9,330 |
) |
|
|
(13 |
) |
|
|
(9,343 |
) |
| Financing costs, net |
|
|
(2,534 |
) |
|
|
- |
|
|
|
(2,534 |
) |
| Loss on settlement of liabilities |
|
|
(98 |
) |
|
|
- |
|
|
|
(98 |
) |
| Loss on settlement of convertible debt |
|
|
(100 |
) |
|
|
- |
|
|
|
(100 |
) |
| Equity loss from investment of Accord GR Energy |
|
|
(150 |
) |
|
|
|
|
|
|
(150 |
) |
| Interest income |
|
|
95 |
|
|
|
- |
|
|
|
95 |
|
| Net loss |
|
$ |
(12,841 |
) |
|
$ |
(212 |
) |
|
$ |
(13,053 |
) |
|