Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.21.2
Segment Information
 12 Months Ended
Aug. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION
28. SEGMENT INFORMATION

The Company operated in two reportable segments within the USA during the year ended August 31, 2020 and 2019, 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, 2020 and 2019. Other information about reportable segments are:


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, 2019
Oil Mining
(in ’000s of dollars) Extraction Operations Consolidated
Additions to non-current assets $ 12,498 23,800 36,298
Reportable segment assets 36,690 36,166 72,856
Reportable segment liabilities $ 11,663 3,374 15,037

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 )
Operating 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

August 31, 2019
(in ’000s of dollars) Oil
Extraction		 Mining operations Consolidated
Revenues from hydrocarbon sales $ 59 $ - $ 59
Other production and maintenance costs 1,347 - 1,347
Advance royalty payments - 291 291
Gross Loss (1,288 ) (291 ) (1,579 )
Operating Expenses
Depreciation, depletion and amortization 74 - 74
Selling, general and administrative expenses 11,531 13 11,544
Investor relations 1,485 - 1,485
Professional fees 6,194 - 6,194
Research and development expenses 113 - 113
Salaries and wages 1,405 - 1,405
Share-based compensation 916 - 916
Travel and promotional expenses 683 - 683
Other 735 13 748
Financing costs 1,225 - 1,225
Impairment of investments 914 - 914
Other expense (income) 452 - 452
Gain on settlement of liabilities 535 - 535
Interest income (83 ) - (83 )
Net loss $ 15,484 $ 304 $ 15,788