Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION

v3.20.1
SEGMENT INFORMATION
6 Months Ended
Feb. 29, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION

23.

SEGMENT INFORMATION

 

The Company operated in two reportable segments within the USA during the  six months ended February 29, 2020 and February 28, 2019, 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 six months ended February 29, 2020 and February 28, 2019.

Other information about reportable segments are: 

 

    February 29, 2020  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 2,116     $ 610     $ 2,726  
Reportable segment assets     41,123       34,025       75,148  
Reportable segment liabilities   $ 17,636     $ 1,000     $ 18,636  

 

    February 28, 2019  
    Oil     Mining        
(in ’000s of dollars)   Extraction     Operations     Consolidated  
Additions to non-current assets   $ 7,204     $ 1,800     $ 9,004  
Reportable segment assets     36,516       10,747       47,263  
Reportable segment liabilities   $ 9,247     $ 169     $ 9,416  

 

 

    February 29, 2020  
(in ’000s of dollars)   Oil Extraction     Mining operations     Consolidated  
                   
Revenues from hydrocarbon sales   $ 110     $ 59     $ 169  
Other production and maintenance costs     1,406             1,406  
Advance royalty payments           204       204  
Gross Loss     (1,296 )     (145 )     (1,441 )
Expenses                        
Depreciation, depletion and amortization     86             86  
Selling, general and administrative expenses     3,924       3       3,927  
Investor relations     41             41  
Professional fees     1,572       1       1,573  
Salaries and wages     495             495  
Share-based compensation     407             407  
Travel and promotional expenses     632             632  
Other     777       2       779  
                         
Financing costs, net     989             989  
Other income     (707 )           (707 )
Loss on settlement of liabilities     (428 )           (428 )
Loss on settlement of convertible debt     (232 )           (232 )
Interest income     (47 )           (47 )
Derivative liability movements     659             659  
Net loss   $ 6,247     $ 148     $ 6,395  

 

    February 28, 2019  
(in ’000s of dollars)   Oil Extraction     Mining operations     Consolidated  
                   
Revenues from hydrocarbon sales   $ 21     $     $ 21  
Advance royalty payments     64       107       171  
Gross Loss     (43 )     (107 )     (150 )
Operating Expenses                        
Depreciation, depletion and amortization     33             33  
Selling, general and administrative expenses     6,558       13       6,571  
Professional fees     3,246             3,246  
Research and development expenses     113             113  
Salaries and wages     530             530  
Share-based compensation expenses     611             611  
Travel and promotional expenses     1,702             1,702  
Other     356       13       369  
                         
Financing costs, net     1,640             1,640  
Loss on settlement of liabilities     18             18  
Loss on settlement of convertible debt     100             100  
Other income     (59 )           (59 )
Equity loss from investment of Accord Gr Energy, net of tax     100             100  
Net loss   $ 8,433     $ 120     $ 8,553