Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Accrued Expenses

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Accounts Payable and Accrued Expenses
12 Months Ended
Aug. 31, 2020
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
12. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable as at August 31, 2020 and 2019 consist primarily of amounts outstanding for construction and expansion of the oil extraction plant and other operating expenses that are due on demand.


Accrued expenses as at August 31, 2020 and 2019 consist primarily of other operating expenses and interest accruals on debt (Note 13) and convertible debentures (Note 14).


Information about the Company’s exposure to liquidity risk is included in Note 31(c).