Quarterly report pursuant to Section 13 or 15(d)

General Information (Details)

v3.21.4
General Information (Details)
 1 Months Ended 3 Months Ended
Jul. 14, 2021
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May 19, 2021
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Apr. 21, 2021
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Jan. 20, 2021
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Jan. 12, 2021
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Jan. 04, 2021
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Nov. 13, 2020
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Nov. 06, 2020
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Oct. 01, 2020
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Jul. 22, 2020
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Jun. 04, 2020
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May 07, 2020
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Oct. 31, 2021
Jul. 02, 2021
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Jun. 30, 2021
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Jun. 16, 2021
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May 20, 2021
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Feb. 25, 2021
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Nov. 24, 2020
Aug. 26, 2020
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Jun. 19, 2020
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Apr. 17, 2020
Jul. 22, 2019
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Jan. 18, 2019
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Jun. 30, 2018
Jun. 30, 2015
Nov. 30, 2021
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Nov. 17, 2021
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Nov. 10, 2021
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Oct. 15, 2021
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Aug. 31, 2021
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Aug. 07, 2021
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Jul. 31, 2021
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Jul. 13, 2021
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Jun. 24, 2021
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May 14, 2021
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May 10, 2021
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Apr. 29, 2021
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Mar. 22, 2021
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Mar. 02, 2021
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Feb. 22, 2021
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Feb. 05, 2021
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Jan. 28, 2021
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Jan. 25, 2021
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Jan. 13, 2021
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Jan. 11, 2021
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Dec. 28, 2020
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Dec. 22, 2020
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Dec. 15, 2020
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Nov. 12, 2020
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Sep. 22, 2020
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Aug. 29, 2020
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Jan. 20, 2020
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Oct. 30, 2018
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General Information (Details) [Line Items]
Working interest, percentage 50.00%
Agreement description the Company entered into a Technology License Agreement (“License Agreement”) with Greenfield Energy, LLC (“Greenfield”), whereby the Company grants to Greenfield a non-exclusive, non-transferable license under the patent rights and know-how for use in the design, construction and operation of any and all future oil sands plants in the US. Greenfield agrees to pay a license fee of $2,000,000 for oil sands plants designed, developed and constructed by Greenfield. The parties recognize that $1,500,000 has been invested in the Petroteq Oil Sands plant based in Utah and another $500,000 in further plant development and improvements. Greenfield will pay to the Company a 5% royalty based on net revenue received from production and disposition of licensed products unless the licensed product is not covered by a valid claim (in which case the royalty is reduced to 3%).
Transactions of shares issued (in Shares) | shares 54,370,814
Issuance of share (in Shares) | shares 4,336,972 181,893,940 2,518,645 2,010,521
Estimated share price (in Shares) | shares 50,033,842
Convertible note $ 92,125 $ 86,350 $ 140,800 $ 150,000 $ 69,900 $ 64,300 $ 114,125 $ 191,779 $ 141,625 $ 86,350 $ 82,500 $ 500,000 $ 350,000
Original issue discount 10.00% 10.00% 10.00% 15.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Purchase price $ 83,750 $ 78,500 $ 128,000 $ 135,000 $ 63,000 $ 58,000 $ 103,750 $ 128,750 $ 78,500 $ 75,000
Bearing interest 12.00% 12.00% 12.00% 8.00% 12.00% 12.00% 12.00% 8.00% 10.00% 12.00% 12.00% 10.00% 12.00% 12.00%
Common shares value $ 20,000 $ 20,000 $ 171,805,651 $ 166,291,517 $ 50,000 $ 50,000 $ 50,000 $ 34,011.25 $ 33,381.25 $ 30,957.5 $ 46,725 $ 21,805 $ 22,000 $ 27,000 $ 20,000 $ 18,000 $ 18,000 $ 25,000
Common stock price per share (in Dollars per share) | $ / shares $ 0.0296 $ 0.0326 $ 0.12 $ 0.0871 $ 0.0326 $ 0.036 $ 0.03401125 $ 0.03338125 $ 0.0309575 $ 0.03115 $ 0.03115 $ 0.0326 $ 0.0326 $ 0.0338 $ 0.0338 $ 0.0282 $ 0.0308
Common stock issued (in Shares) | shares 675,676 613,497 646,053,821 574,053 1,533,742 1,388,889 1,000,000 1,000,000 1,000,000 1,500,000 700,000 674,847 828,221 591,716 532,544 638,298 811,688
Shares issued (in Shares) | shares 41,060 48,480 18,000 17,680 22,780 18,819,756 4,677,532
Accrued and unpaid interest $ 4,710 $ 7,680 $ 4,500 $ 3,780 $ 3,480
Price per share (in Dollars per share) | $ / shares $ 0.0863 $ 0.0312 $ 0.0326 $ 0.0325 $ 0.0296 $ 0.01875 $ 0.041 $ 0.041 $ 0.04100004
Common shares issued (in Shares) | shares 475,782 1,553,846 552,147 544,000 769,595
Principal amount $ 3,120
Convertible debenture maturity date Aug. 26, 2021
Aggregate principal amount $ 30,652 $ 191,779 $ 192,862
Convertible bearing interest 10.00%
Conversion of shares (in Shares) | shares 10,285,991
Convertible note description Between August 2019 and March 2020, a director of the Company (Robert Dennewald), loaned $125,000 to the Company to assist the Company in meeting its financial obligations. Subsequently, on February 12, 2021, in exchange for the three non-convertible promissory notes issued to Mr. Dennewald, the Company issued a convertible promissory note with an aggregate principal amount of $125,000, bearing interest at 8% per annum, maturing on February 12, 2022, and convertible into Common Shares. On June 10, 2021, pursuant to an Assignment and Purchase of Debt Agreement, the $125,000 convertible promissory note was purchased and assigned by Mr. Dennewald to an arm’s length lender. On June 15, 2021, the arm’s length lender converted the $125,000 principal amount of the convertible promissory note into 3,048,780 Common Shares at $0.041 per share.
Unpaid purchase price $ (2,900,000)
Convertible per share (in Dollars per share) | $ / shares $ 0.048 $ 0.055
Aggregate principal amount outstanding (in Dollars) $ 38,217
Cash consideration, description The consideration of ‎C$0.74 ‎in cash per Common Share (the “Cash Consideration”) under the Viston Offer represents a premium of ‎approximately 279% over the closing price of the Common Shares on the TSXV on August 6, 2021, being the last trading day that the Common Shares were traded on the T‎SXV.
Cash consideration, percentage 100.00%
Bureau of Land Management [Member]
General Information (Details) [Line Items]
Description of operating rights On January 18, 2019, the Company paid $10,800,000 for the acquisition of 50% of the operating rights under U.S. federal oil and gas leases, administered by the U.S. Department of Interior’s Bureau of Land Management (“BLM”), covering approximately 5,960 gross acres (2,980 net acres) within the State of Utah. The total consideration of $10,800,000 was settled by the payment of $1,800,000 and by the issuance of 15,000,000 shares at an issue price of $0.60 per share.
Acquired operating rights description On July 22, 2019, the Company acquired the remaining 50% of the operating rights under U.S. federal oil and gas leases, administered by the BLM, covering approximately 5,960 gross acres (2,980 net acres) within the State of Utah for a total consideration of $13,000,000 settled by the issuance of 30,000,000 shares at an issue price of $0.40 per share, and cash of $1,000,000, of which $900,000 has been paid to date.
Common stock price per share (in Dollars per share) | $ / shares $ 0.4 $ 0.6
Letter Agreement [Member]
General Information (Details) [Line Items]
Acquired operating rights description In a letter agreement dated April 17, 2020 between the transferor of the oil and gas leases and TMC Capital, as transferee, the parties, due to uncertainty as to whether all of the 10 leases for which the Company had initially paid deposits would be considered active by BLM and included in new Combined Hydrocarbon Leases (CHLs) under the Combined Hydrocarbon Act of 1981 - agreed to adjust the purchase price as follows: (a) should all 10 of the leases be available and included in CHL’s, the Company will pay the additional $1,093,000 for the rights under the leases; (b) if only a portion of the leases ranging from 4 to 9 of the leases are available and included in CHL’s, the final purchase price of the leases will be between $1.5 million and $2.5 million; and (c) notwithstanding the above, if after a period of 7 years from April 17, 2020, at least six of the leases are not determined to be active and are not included in CHLs the Company shall be entitled to demand a refund of $1.2 million or instruct the Seller to acquire other leases in the same area for up to $1.2 million.
TMC Capital [Member]
General Information (Details) [Line Items]
Description of operating rights Through its acquisition of TMC Capital in June 2015, Petroteq indirectly acquired certain mineral rights under the TMC Mineral Lease, which encompassed approximately 1,229.82 acres of land in the Temple Mountain area of Asphalt Ridge in Uintah County, Utah.
Working interest, percentage 50.00%
State of Utah’s School and Institutional Trust Land Administration [Member]
General Information (Details) [Line Items]
Description of operating rights Petroteq, acting through POR, acquired the record lease title and all of the operating rights to produce oil from oil sands resources under two mineral leases entitled “Utah State Mineral Lease for Bituminous-Asphaltic Sands”, each dated June 1, 2018, between the State of Utah’s School and Institutional Trust Land Administration (“SITLA”), as lessor, and POR, as lessee, covering lands consisting of approximately 1,351.91 acres that largely adjoin the lands covered by the TMC Mineral Lease. In March 2019, a third SITLA Lease was acquired by Petroteq that added 39.97 acres to the mix in the Temple Mountain area of Asphalt Ridge.
Business Combination [Member] | Bureau of Land Management [Member]
General Information (Details) [Line Items]
Acquisition of operating rights, description Between March 14, 2019 and November 30, 2021, the Company made cash deposits of $1,907,000 (acting through TMC Capital), included in prepaid expenses and other current assets on the consolidated balance sheets for the acquisition of 100% of the operating rights under U.S. federal oil and gas leases in Garfield and Wayne Counties, Utah, covering approximately 8,480 gross acres in P.R. Springs and the Tar Sands Triangle within the State of Utah. The total consideration of $3,000,000 has been partially settled by a cash payment of $1,907,000, with the balance of $1,093,000 still outstanding.
Convertible Debt [Member]
General Information (Details) [Line Items]
Convertible debenture maturity date Apr. 29, 2019
Convertible ‎redeemable debt $ 192,862
Convertible per share (in Dollars per share) | $ / shares $ 0.0412 $ 0.0412 $ 0.055 $ 0.17
Management Agreement [Member]
General Information (Details) [Line Items]
Agreement description Under the terms of a Management and Operations Services Agreement (“Management Agreement”) entered into between the Company and Valkor dated November 22, 2020, effective May 1, 2020, Valkor will provide overall management and operations services at the oil sands recovery plant based in Utah. The agreement is for a period of one year and is renewable automatically for an additional four years unless either party provides the other party with written notice of non-renewal at least 90 days prior to the expiration of the original or renewal term. The company will reimburse Valkor for all costs and expenses incurred, as defined in the agreement, plus a Personnel Management Fee of 12% of the personnel costs and expenses and an operations Management Fee of 5% of the operations costs and expenses.
Letter Agreement [Member]
General Information (Details) [Line Items]
Bearing interest 8.00%
Non-convertible secured debenture [Member]
General Information (Details) [Line Items]
Bearing interest 12.00%
Aggregate principal amount $ 771,610
Aggregate principal amount outstanding (in Dollars) $ 962,085
Convertible debenture [Member]
General Information (Details) [Line Items]
Shares issued (in Shares) | shares 747,616
Price per share (in Dollars per share) | $ / shares $ 0.041 $ 0.041