Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.21.2
Intangible Assets
12 Months Ended
Aug. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS
12. INTANGIBLE ASSETS

  

    Oil
Extraction
 
    Technologies  
       
Cost      
August 31, 2019   $ 809,869  
Additions    
-
 
August 31, 2020     809,869  
Additions    
-
 
August 31, 2021   $ 809,869  
         
Accumulated Amortization        
August 31, 2019   $ 102,198  
Additions    
-
 
August 31, 2020     102,198  
Additions    
-
 
August 31, 2021   $ 102,198  
         
Carrying Amounts        
August 31, 2019   $ 707,671  
August 31, 2020   $ 707,671  
August 31, 2021   $ 707,671  

  

Oil Extraction Technologies

 

During the year ended August 31, 2012, the Company acquired a closed-loop solvent based oil extraction technology which facilitates the extraction of oil from a wide range of bituminous sands and other hydrocarbon sediments. The Company has filed patents for this technology in the USA and Canada and has employed it in its oil extraction plant. The Company commenced partial production from its oil extraction plant on September 1, 2015 and was amortizing the cost of the technology over fifteen years, the expected life of the oil extraction plant. Since the company has increased the capacity of the plant to 400 to 500 barrels daily during 2018, and expects to further expand the capacity to an additional 3,000 barrels daily, it determined that a more appropriate basis for the amortization of the technology is the units of production at the plant after commercial production begins again.

 

No amortization of the technology was recorded during the 2021 and 2020 fiscal years.