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, 2021
Aug. 31, 2020
Cash flow used for operating activities:    
Net loss $ (9,474,243) $ (12,379,067)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation, depletion and amortization 45,810 103,888
Amortization of debt discount 2,907,121 1,414,626
Loss on conversion of debt 1,033,921 744,918
Penalty on convertible debt 202,908 610,312
Loss (gain) on debt extinguishment 330,256 (54,378)
Loss (gain) on share based settlements 48,283 (524,971)
Impairment of investments 75,000
Share-based compensation 603,244 887,818
Shares issued for services 62,290 38,193
Shares issued to settle liabilities 2,055,083
Non-cash compensation expense 553,333
Derivative liability movement (1,173,025) 187,401
Forgiveness of federal relief loan (133,890)
Non-cash amortization of advanced royalty payments 988,029
Other 17,751 8,315
Changes in operating assets and liabilities:    
Accounts payable 165,273 324,909
Accounts receivable (434,473) 131,183
Accrued expenses 1,750,804 118,830
Prepaid expenses and deposits (495,610) 65,610
Inventory (79,977) 188,831
Net cash used for operating activities (4,623,557) (4,462,137)
Cash flows used for investing activities:    
Purchase and construction of property and equipment (2,408,515) (2,072,750)
Mineral rights deposits paid (610,000)
Investment in notes receivable (702,612)
Proceeds from notes receivable 1,150,522
Advance royalty payments - net (120,000)
Net cash used for investing activities (2,408,515) (2,354,840)
Cash flows from financing activities:    
Advances from related parties 724,902
Repayments to related parties (187,098)  
Proceeds on private equity placements 3,496,949 3,143,374
Proceeds from warrants exercised 635,706  
Payments of debt (10,000) (35,808)
Payment of finance lease liability (172,375) (157,388)
Proceeds from convertible debt 4,138,500 2,337,438
Repayment of convertible debt (202,098) (117,500)
Proceeds from promissory notes 600,000 356,154
Repayment of promissory notes (584,703)
Proceeds from Federal relief loans 267,716 577,490
Net cash from financing activities 7,982,597 6,828,662
Increase in cash 950,525 11,685
Cash, beginning of the period 62,404 50,719
Cash, end of the period 1,012,929 62,404
Supplemental disclosure of cash flow information:    
Cash paid for interest 245,459 284,753
Non-cash financing and investing activities:    
Value of warrants issued to convertible debt holders 2,280,089 747,384
Beneficial conversion feature on debt extinguishment   109,275
Beneficial conversion feature of convertible debt issued 2,144,185
Shares issued on conversion of convertible debt 8,656,081 1,155,059
Shares issued to settle debt 3,618,971 822,529
Shares issued to settle related party payables $ 86,996