Accounts payable as at August 31, 2021 and 2020 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, 2021 and 2020 consist primarily of other operating expenses and interest accruals on promissory notes (Note 14) debt (Note 15) and convertible debentures (Note 16).

Information about the Company’s exposure to liquidity risk is included in Note 33(c).