| SEGMENT INFORMATION |
The Company operated in two reportable
segments within the USA during the nine months ended May 31, 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 nine months ended May 31, 2021 and 2020. Other information
about reportable segments are:
| |
|
May 31, 2021 |
|
| |
|
Oil |
|
|
Mining |
|
|
|
|
| (in ’000s of dollars) |
|
Extraction |
|
|
Operations |
|
|
Consolidated |
|
| Additions to non-current assets |
|
$ |
4,894 |
|
|
$ |
- |
|
|
$ |
4,894 |
|
| Reportable segment assets |
|
|
45,862 |
|
|
|
33,240 |
|
|
|
79,102 |
|
| Reportable segment liabilities |
|
|
(19,882 |
) |
|
|
(160 |
) |
|
|
(20,042 |
) |
| |
|
$ |
25,980 |
|
|
$ |
33,080 |
|
|
$ |
59,060 |
|
| |
|
May 31, 2020 |
|
| |
|
Oil |
|
|
Mining |
|
|
|
|
| (in ’000s of dollars) |
|
Extraction |
|
|
Operations |
|
|
Consolidated |
|
| Additions to non-current assets |
|
$ |
2,152 |
|
|
$ |
610 |
|
|
$ |
2,762 |
|
| Reportable segment assets |
|
|
41,103 |
|
|
|
33,903 |
|
|
|
75,006 |
|
| Reportable segment liabilities |
|
|
(18,173 |
) |
|
|
(1,000 |
) |
|
|
(19,173 |
) |
| |
|
$ |
22,930 |
|
|
$ |
32,903 |
|
|
$ |
55,833 |
|
| |
|
May 31, 2021 |
|
| (in ’000s of dollars) |
|
Oil
Extraction |
|
|
Mining
operations |
|
|
Consolidated |
|
| Revenue from license fees |
|
$ |
2,000 |
|
|
$ |
- |
|
|
$ |
2,000 |
|
| Revenues from hydrocarbon sales |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other production and maintenance costs |
|
|
(379 |
) |
|
|
- |
|
|
|
(379 |
) |
| Gross Profit |
|
|
1,621 |
|
|
|
- |
|
|
|
1,621 |
|
| Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
|
34 |
|
|
|
- |
|
|
|
34 |
|
| Selling, general and administrative expenses |
|
|
3,171 |
|
|
|
- |
|
|
|
3,171 |
|
| Investor relations |
|
|
40 |
|
|
|
- |
|
|
|
40 |
|
| Professional fees |
|
|
1,476 |
|
|
|
- |
|
|
|
1,476 |
|
| Salaries and wages |
|
|
263 |
|
|
|
- |
|
|
|
263 |
|
| Share-based compensation |
|
|
616 |
|
|
|
- |
|
|
|
616 |
|
| Travel and promotional expenses |
|
|
156 |
|
|
|
- |
|
|
|
156 |
|
| Other |
|
|
620 |
|
|
|
- |
|
|
|
620 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Financing costs |
|
|
2,734 |
|
|
|
- |
|
|
|
2,734 |
|
| Other expense (income) |
|
|
773 |
|
|
|
- |
|
|
|
773 |
|
| Gain on settlement of liabilities |
|
|
48 |
|
|
|
- |
|
|
|
48 |
|
| Loss on conversion of convertible debt |
|
|
397 |
|
|
|
- |
|
|
|
397 |
|
| Loss on debt extinguishment |
|
|
330 |
|
|
|
- |
|
|
|
330 |
|
| Interest income |
|
|
(2 |
) |
|
|
|
|
|
|
(2 |
) |
| Derivative liability movements |
|
|
1,292 |
|
|
|
- |
|
|
|
1,292 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
6,383 |
|
|
$ |
- |
|
|
$ |
6,383 |
|
| |
|
May 31, 2020 |
|
| (in ’000s of dollars) |
|
Oil
Extraction |
|
|
Mining
operations |
|
|
Consolidated |
|
| |
|
|
|
|
|
|
|
|
|
| Revenues from hydrocarbon sales |
|
$ |
74 |
|
|
$ |
221 |
|
|
$ |
295 |
|
| Other production and maintenance costs |
|
|
1,558 |
|
|
|
- |
|
|
|
1,558 |
|
| Advance royalty payments |
|
|
- |
|
|
|
325 |
|
|
|
325 |
|
| Gross Loss |
|
|
(1,484 |
) |
|
|
(104 |
) |
|
|
(1,588 |
) |
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
|
(97 |
) |
|
|
- |
|
|
|
(97 |
) |
| Selling, general and administrative expenses |
|
|
(4,818 |
) |
|
|
(4 |
) |
|
|
(4,822 |
) |
| Financing costs, net |
|
|
(1,560 |
) |
|
|
- |
|
|
|
(1,560 |
) |
| Derivative liability movements |
|
|
(32 |
) |
|
|
- |
|
|
|
(32 |
) |
| Gain on settlement of liabilities |
|
|
428 |
|
|
|
|
|
|
|
428 |
|
| Gain on settlement of convertible debt |
|
|
179 |
|
|
|
- |
|
|
|
179 |
|
| Impairment of investments |
|
|
(75 |
) |
|
|
|
|
|
|
(75 |
) |
| Interest income |
|
|
58 |
|
|
|
- |
|
|
|
58 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(7,401 |
) |
|
$ |
(108 |
) |
|
$ |
(7,509 |
) |
|