Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.4
Segment Information
 3 Months Ended
Nov. 30, 2021
Segment Information [Abstract]  
SEGMENT INFORMATION
23. SEGMENT INFORMATION

 

The Company operated in two reportable segments within the USA during the three months ended November 30, 2021 and 2020, oil extraction and processing operations and mining operations. 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 three months ended November 30, 2021 and 2020. Other information about reportable segments are: 

 

    November 30, 2021  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $
-
     $
-
     $
      -
 
Reportable segment assets     46,553       33,240       79,793  
Reportable segment liabilities     (10,671 )    
-
       (10,671 )
    $ 35,882     $ 33,240     $ 69,122  

 

    November 30, 2020  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 4,173     $
-
     $ 4,173  
Reportable segment assets     44,897       33,240       78,137  
Reportable segment liabilities   (18,171 )    (100 )    (18,271 ) 
    $ 26,726     $ 33,140     $ 59,866  

 

    November 30, 2021  
(in ’000s of dollars)   Oil
Extraction		     Mining
operations		     Consolidated  
Revenue from license fees   $
-
     $
        -
     $
-
  
Other production and maintenance costs     (285 )    
-
       (285 )
Gross Loss     (285 )    
-
       (285 )
Operating Expenses                        
Depreciation, depletion and amortization     11      
-
       11  
Selling, general and administrative expenses     1,394      
-
       1,394  
Investor relations     40      
-
       46  
Professional fees     646      
-
       646  
Research and development     175               175  
Salaries and wages     156      
-
       156  
Travel and promotional expenses     83      
-
       83  
Other     288      
-
       288  
                         
Financing costs     626      
-
       626  
Other expense (income)     281      
-
       281  
Forgiveness of federal relief loans     (134 )    
-
       (134 )
Loss on debt extinguishment     444      
-
       444  
Interest income     (29 )    
 
       (29 )
Derivative liability movements     (52 )    
-
       (52 )
                         
Net loss   $ 2,545     $
-
     $ 2,545  

 

    November 30, 2020  
(in ’000s of dollars)   Oil
Extraction		     Mining
operations		     Consolidated  
Revenue from license fees   $ 2,000     $
           -
     $ 2,000  
Other production and maintenance costs     (345 )    
-
       (345 )
Gross Profit     1,655      
-
       1,655  
Operating Expenses                        
Depreciation, depletion and amortization     12      
-
       12  
Selling, general and administrative expenses     1,045      
-
       1,045  
Investor relations     88      
-
       88  
Professional fees     399      
-
       399  
Salaries and wages     88      
-
       88  
Share-based compensation     200      
-
       200  
Travel and promotional expenses     83      
-
       83  
Other     187      
-
       187  
                         
Financing costs     621      
-
       621  
Other expense (income)     544      
-
       544  
Gain on settlement of liabilities     134      
-
       134  
Loss on conversion of convertible debt     80      
-
       80  
Loss on debt extinguishment     330      
-
       330  
Derivative liability movements     (157 )    
-
       (157 )
                         
Net loss   $ 410     $
-
     $ 410