Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 3 Months Ended
Nov. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION
22. SEGMENT INFORMATION

The Company operated in two reportable segments within the USA during the three months ended November 30, 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 three months ended November 30, 2020 and 2019. Other information about reportable segments are: 


    November 30, 2020  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 4,173     $ -     $ 4,173  
Reportable segment assets     44,897       33,240       78,137  
Reportable segment liabilities   $ 18,171     $ 100     $ 18,271  

    November 30, 2019  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 1,893     $ -     $ 1,893  
Reportable segment assets     40,918       34,794       75,712  
Reportable segment liabilities   $ 13,113     $ 3,970     $ 17,083  

    November 30, 2020  
(in ’000s of dollars)   Oil
Extraction		     Mining operations     Consolidated  
Revenue from license fees   $ 2,000     $          -     $ 2,000  
Revenues from hydrocarbon sales   -     -     -  
Other production and maintenance costs     (345 )     -       (345 )
Gross Profit     1,655       -       1,655  
Operating Expenses                        
Depreciation, depletion and amortization     12       -       12  
Selling, general and administrative expenses     1,045       -       1,045  
Investor relations     88       -       88  
Professional fees     399       -       399  
Salaries and wages     88       -       88  
Share-based compensation     200       -       200  
Travel and promotional expenses     83       -       83  
Other     187       -       187  
                         
Financing costs     621       -       621  
Other expense (income)     544       -       544  
Gain on settlement of liabilities     134       -       134  
Loss on conversion of convertible debt     80       -       80  
Loss on debt extinguishment     330       -       330  
Derivative liability movements     (157 )     -       (157 )
                         
Net loss   $ 410     $ -     $ 410  

    November 30, 2019  
(in ’000s of dollars)   Oil Extraction     Mining operations     Consolidated  
                   
Revenues from hydrocarbon sales   $ 101     $             -     $ 101  
Other production and maintenance costs     678       -       678  
Advance royalty payments     -       92       92  
Gross Loss     (577 )     (92 )     (669 )
Expenses                        
Depreciation, depletion and amortization     74       -       74  
Selling, general and administrative expenses     2,379       3       2,382  
Investor relations     24       -       24  
Professional fees     1,026       1       1,027  
Salaries and wages     200       -       200  
Share-based compensation     178       -       178  
Travel and promotional expenses     571       -       571  
Other     380       2       382  
                         
Financing costs, net     509       -       509  
Other income     (416 )     -       (416 )
Gain on settlement of liabilities     (394 )     -       (394 )
Interest income     (22 )     -       (22 )
Derivative liability movements     (35 )     -       (35 )
Net loss   $ 3,088     $ 95     $ 3,183