Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.21.2
Segment Information
12 Months Ended
Aug. 31, 2021
Segment Information [Abstract]  
SEGMENT INFORMATION
30. SEGMENT INFORMATION

 

The Company operated in two reportable segments within the USA during the year ended August 31, 2021 and 2020, oil extraction and processing operations and mining operations.

  

Once the expansion of the plant has reached a stage of completion where it is viable to commence production and the requisite licenses have been obtained, the Company’s oil extraction segment will be able to commence commercial production and will generate revenue from the sale of hydrocarbon products to third parties.

  

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 year ended August 31, 2021 and 2020. Other information about reportable segments are: 

 

    August 31, 2021
    Oil   Mining    
(in ’000s of dollars)   Extraction   Operations   Consolidated
Additions to non-current assets   $ 5,513      
-
      5,513  
Reportable segment assets     47,795       33,240       81,035  
Reportable segment liabilities   $ (14,782 )     (100 )     (14,882 )

 

    August 31, 2020
    Oil   Mining    
(in ’000s of dollars)   Extraction   Operations   Consolidated
Additions to non-current assets   $ 2,073     $ 50     $ 2,123  
Reportable segment assets     40,405       33,240       73,645  
Reportable segment liabilities   $ (19,416 )   $ (100 )   $ (19,516 )

  

    August 31, 2021
(in ’000s of dollars)   Oil
Extraction
  Mining
operations
  Consolidated
Revenue from license fees   $ 2,000     $
               -
    $ 2,000  
Revenues from hydrocarbon sales    
-
     
-
     
-
 
Production and maintenance costs     (2,091 )    
-
      (2,091 )
Gross Loss     (91 )    
-
      (91 )
Expenses                        
Depreciation, depletion and amortization     46      
-
      46  
Selling, general and administrative expenses     4,219      
-
      4,219  
Investor relations     45      
-
      45  
Professional fees     1,597      
-
      1,597  
Salaries and wages     350      
-
      350  
Share-based compensation     666      
-
      666  
Travel and promotional expenses     701      
-
      701  
Other     860      
-
      860  
                         
Financing costs     4,727      
-
      4,727  
Other expense (income)     1,564      
-
      1,564  
Loss on settlement of liabilities     48      
-
      48  
Loss on conversion of convertible debt     1,034      
-
      1,034  
Loss on debt extinguishment     417      
-
      417  
Penalty on convertible notes     203               203  
Forgiveness of federal relief loans     (134 )             (134 )
Interest income     (4 )             (4 )
Derivative liability movements     (1,173 )    
-
      (1,173 )
                         
Net loss   $ (9,474 )   $
-
    $ (9,474 )

 

    August 31, 2020
(in ’000s of dollars)   Oil
Extraction
  Mining operations   Consolidated
Revenues from hydrocarbon sales   $ 291     $
      -
    $ 291  
Other production and maintenance costs     (1,714 )    
-
      (1,714 )
Advance royalty payments    
-
      (988 )     (988 )
Gross Loss     (1,423 )     (988 )     (2,411 )
Expenses                        
Depreciation, depletion and amortization     104      
-
      104  
Selling, general and administrative expenses     6,180       4       6,184  
Investor relations     (92 )    
-
      (92 )
Professional fees     2,613       1       2,614  
Salaries and wages     1,044      
-
      1,044  
Share-based compensation     888      
-
      888  
Travel and promotional expenses     714      
-
      714  
Other     1,013       3       1,016  
                         
Financing costs     2,672      
-
      2,672  
Impairment of investments     75      
-
      75  
Other expense (income)     746      
-
      746  
Gain on settlement of liabilities     (525 )    
-
      (525 )
Loss on conversion of convertible debt     745      
-
      745  
Gain on debt extinguishment     (55 )    
-
      (55 )
Penalty on convertible note     610      
-
      610  
Other income     (29 )    
-
      (29 )
Derivative liability movements     187      
-
      187  
                         
Net loss   $ 11,387     $ 992     $ 12,379