Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.2
Segment Information
 6 Months Ended
Feb. 28, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION
21. SEGMENT INFORMATION

The Company operated in two reportable segments within the USA during the six months ended February 28, 2021 and 2020, 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 six months ended February 28, 2021 and 2020. Other information about reportable segments are: 


    February 28, 2021  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 4,778     $ -     $ 4,778  
Reportable segment assets     45,554       33,240       78,794  
Reportable segment liabilities   $ 18,076     $ 150     $ 18,226  

    February 29, 2020  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 2,116     $ 610     $ 2,726  
Reportable segment assets     41,123       34,025       75,148  
Reportable segment liabilities   $ 17,636     $ 1,000     $ 18,636  

    February 28, 2021  
(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     (365 )     -       (365 )
Gross Profit     1,635       -       1,635  
Operating Expenses                        
Depreciation, depletion and amortization     23       -       23  
Selling, general and administrative expenses     1,751       -       1,751  
Investor relations     40       -       40  
Professional fees     578       -       578  
Salaries and wages     178       -       178  
Share-based compensation     458       -       458  
Travel and promotional expenses     114       -       114  
Other     383       -       383  
                         
Financing costs     1,365       -       1,365  
Other expense (income)     689       -       689  
Gain on settlement of liabilities     48       -       48  
Loss on conversion of convertible debt     313       -       313  
Loss on debt extinguishment     330       -       330  
      (2               (2 )
Derivative liability movements     (749 )     -       (749 )
                         
Net loss   $ 1,444     $ -     $ 1,444  

    February 29, 2020  
(in ’000s of dollars)   Oil
Extraction		     Mining
operations		     Consolidated  
                   
Revenues from hydrocarbon sales   $ 110     $ 59     $ 169  
Other production and maintenance costs     1,406       -       1,406  
Advance royalty payments     -       204       204  
Gross Loss     (1,296 )     (145 )     (1,441 )
Expenses                        
Depreciation, depletion and amortization     86       -       86  
Selling, general and administrative expenses     3,924       3       3,927  
Investor relations     41       -       41  
Professional fees     1,572       1       1,573  
Salaries and wages     495       -       495  
Share-based compensation     407       -       407  
Travel and promotional expenses     632       -       632  
Other     777       2       779  
                         
Financing costs, net     989       -       989  
Other income     (707 )     -       (707 )
Loss on settlement of liabilities     (428 )             (428 )
Loss on settlement of convertible debt     (232 )     -       (232 )
Interest income     (47 )     -       (47 )
Derivative liability movements     659       -       659  
Net loss   $ 6,247     $ 148     $ 6,395