Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Cash flow used for operating activities:    
Net loss $ (12,379,067) $ (15,787,886)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation, depletion and amortization 103,888 73,650
Amortization of debt discount 1,414,626 1,217,340
Loss on conversion of debt 744,918 99,548
Penalty on convertible debt 610,312
Gain on debt extinguishment (54,378)
(Gain) loss on share based settlements (524,971) 434,933
Impairment of investments 75,000 914,468
Share-based compensation 887,818 916,240
Shares issued for services 38,193 470,602
Shares issued to settle liabilities 2,055,083 3,313,380
Non-cash compensation expense 553,333
Derivative liability movement 187,401
Non-cash amortization of advanced royalty payments 988,029 291,057
Other 8,315 (72,671)
Changes in operating assets and liabilities:    
Accounts payable 324,909 161,000
Accounts receivable 131,183 225,000
Accrued expenses 118,830 (235,765)
Prepaid expenses and deposits 65,610 129,568
Inventory 188,831 (22,198)
Net cash used for operating activities (4,462,137) (7,871,734)
Cash flows used for investing activities:    
Purchase and construction of property and equipment (2,072,750) (7,932,937)
Purchase of mineral lease rights (1,800,000)
Mineral rights deposits paid (610,000) (1,297,000)
Investment in notes receivable (702,612) (2,694,000)
Proceeds from notes receivable 1,150,522 1,043,500
Advance royalty payments - net (120,000) (360,000)
Net cash used for investing activities (2,354,840) (13,040,437)
Cash flows from financing activities:    
Advances from related parties 724,902 347,256
Proceeds on private equity placements 3,143,374 12,177,514
Payments of debt (193,196) (546,611)
Proceeds from debt 517,000
Proceeds from convertible debt 2,337,438 6,227,730
Repayment of convertible debt (117,500) (400,000)
Proceeds from promissory notes 356,154
Proceeds from Federal relief loans 577,490
Net cash from financing activities 6,828,662 18,322,889
Increase (decrease) in cash 11,685 (2,589,282)
Cash, beginning of the period 50,719 2,640,001
Cash, end of the period 62,404 50,719
Supplemental disclosure of cash flow information:    
Cash paid for interest 284,753 19,700
Non cash financing and investing activities:    
Value of warrants issued to convertible debt holders 747,384 753,270
Beneficial conversion feature on debt extinguishment 109,275
Beneficial conversion feature of convertible debt issued 728,356
Shares issued on conversion of convertible debt 1,155,059
Shares issued to settle debt 822,529 424,604
Shares issued to settle related party payables $ 86,996