Annual report pursuant to Section 13 and 15(d)

Segment Information (Tables)

v3.21.2
Segment Information (Tables)
12 Months Ended
Aug. 31, 2021
Segment Information [Abstract]  
Schedule of oil extraction and processing segment
    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 )

  

Schedule of segment operating results
    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