Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2021 | Dec. 14, 2021 | Feb. 28, 2021 | |
Document Information Line Items | |||
Entity Registrant Name | PETROTEQ ENERGY INC. | ||
Trading Symbol | N/A | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Common Stock, Shares Outstanding | 646,053,821 | ||
Entity Public Float | $ 17,419,452 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001561180 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Aug. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-55991 | ||
Entity Incorporation, State or Country Code | A6 | ||
Entity Address, Address Line One | 15315 W. Magnolia Blvd | ||
Entity Address, Address Line Two | Suite 120 | ||
Entity Address, City or Town | Sherman Oaks | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91403 | ||
City Area Code | (866) | ||
Local Phone Number | 571-9613 | ||
Title of 12(b) Security | N/A | ||
Security Exchange Name | NONE | ||
Entity Interactive Data Current | Yes | ||
Entity Tax Identification Number | 00-0000000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Current assets | ||
Cash | $ 1,012,929 | $ 62,404 |
Trade and other receivables | 17,303 | 12,830 |
Ore inventory | 16,800 | 14,749 |
Other inventory | 90,176 | 12,250 |
Current portion of notes receivable | 522,959 | 89,159 |
Prepaid expenses and other current assets | 2,539,120 | 2,043,510 |
Total Current Assets | 4,199,287 | 2,234,902 |
Non-Current assets | ||
Mineral leases | 34,911,143 | 34,911,143 |
Property, plant and equipment | 41,049,417 | 35,582,512 |
Right of use asset | 167,048 | 209,101 |
Intangible assets | 707,671 | 707,671 |
Total Non-Current Assets | 76,835,279 | 71,410,427 |
Total Assets | 81,034,566 | 73,645,329 |
Current liabilities | ||
Accounts payable | 2,105,449 | 2,406,665 |
Accrued expenses | 1,564,616 | 1,769,749 |
Ore Sale advances | 283,976 | 283,976 |
Promissory notes payable | 23,298 | 8,000 |
Debt | 683,547 | |
Current portion of convertible debentures, net of discount of $529,372 and $559,178, respectively | 5,255,874 | 8,227,257 |
Current portion of Federal relief loans | 291,332 | 74,383 |
Current portion of finance lease liabilities | 75,058 | 172,374 |
Current portion of operating lease liabilities | 48,376 | 42,053 |
Related party payables | 493,549 | 680,647 |
Derivative liability | 322,186 | 841,385 |
Total Current Liabilities | 10,463,714 | 15,190,036 |
Non-Current liabilities | ||
Convertible debentures, net of discount of $3,449,338 and $613,934, respectively | 891,662 | 607,067 |
Federal relief loans | 437,096 | 505,969 |
Finance lease liabilities | 75,058 | |
Operating lease liabilities | 118,672 | 167,048 |
Reclamation and restoration provision | 2,970,497 | 2,970,497 |
Total Non-Current Liabilities | 4,417,927 | 4,325,639 |
Total Liabilities | 14,881,641 | 19,515,675 |
Commitments and contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Share capital | 166,291,517 | 144,794,003 |
Deficit | (100,138,592) | (90,664,349) |
Total Shareholders’ Equity | 66,152,925 | 54,129,654 |
Total Liabilities and Shareholders’ Equity | $ 81,034,566 | $ 73,645,329 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Net of discount | $ 529,372 | $ 559,178 |
Net of discount | $ 3,449,338 | $ 613,934 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue from licensing fees | $ 2,000,000 | |
Revenues from hydrocarbon sales | 290,809 | |
Production and maintenance costs | (2,091,352) | (1,713,638) |
Advance royalty payments applied or expired | (988,029) | |
Gross Loss | (91,352) | (2,410,858) |
Expenses | ||
Depreciation, depletion and amortization | 45,810 | 103,888 |
Selling, general and administrative expenses | 4,218,624 | 6,183,745 |
Financing costs | 4,727,580 | 2,671,611 |
Impairment of investments | 75,000 | |
Other expenses (income), net | 1,563,902 | 746,564 |
Derivative liability movements | (1,173,025) | 187,401 |
Total Expenses, net | 9,382,891 | 9,968,209 |
Net loss before income taxes | 9,474,243 | 12,379,067 |
Income tax expense | ||
Net loss and Comprehensive loss | $ 9,474,243 | $ 12,379,067 |
Weighted Average Number of Shares Outstanding (in Shares) | 419,251,881 | 201,401,437 |
Basic and Diluted Loss per Share (in Dollars per share) | $ (0.02) | $ (0.06) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) | Share Capital | Deficit | Total |
Balance at Aug. 31, 2019 | $ 136,104,245 | $ (78,285,282) | $ 57,818,963 |
Balance (in Shares) at Aug. 31, 2019 | 176,241,746 | ||
Settlement of acquisition obligation | $ 75,000 | 75,000 | |
Settlement of acquisition obligation (in Shares) | 250,000 | ||
Settlement of liabilities | $ 1,624,130 | 1,624,130 | |
Settlement of liabilities (in Shares) | 8,540,789 | ||
Settlement of debt | $ 822,529 | 822,529 | |
Settlement of debt (in Shares) | 19,853,808 | ||
Settlement of related party payables | $ 86,996 | 86,996 | |
Settlement of related party payables (in Shares) | 2,356,374 | ||
Common share subscriptions | $ 3,143,374 | 3,143,374 | |
Common share subscriptions (in Shares) | 39,001,185 | ||
Share based payments | $ 38,193 | 38,193 | |
Share based payments (in Shares) | 190,000 | ||
Share-based compensation | $ 887,818 | 887,818 | |
Conversion of convertible debt | $ 1,155,059 | 1,155,059 | |
Conversion of convertible debt (in Shares) | 28,016,435 | ||
Beneficial conversion feature on debt extinguishment | $ 109,275 | 109,275 | |
Fair value of convertible debt warrants issued | 747,384 | 747,384 | |
Net loss | (12,379,067) | (12,379,067) | |
Balance at Aug. 31, 2020 | $ 144,794,003 | (90,664,349) | 54,129,654 |
Balance (in Shares) at Aug. 31, 2020 | 274,450,337 | ||
Settlement of liabilities | $ 3,618,971 | 3,618,971 | |
Settlement of liabilities (in Shares) | 73,596,345 | ||
Common share subscriptions | $ 3,496,949 | 3,496,949 | |
Common share subscriptions (in Shares) | 28,490,802 | ||
Warrants exercised | $ 635,706 | 635,706 | |
Warrants exercised (in Shares) | 14,690,739 | ||
Share based payments | $ 62,290 | 62,290 | |
Share based payments (in Shares) | 1,025,000 | ||
Share-based compensation | $ 603,244 | 603,244 | |
Conversion of convertible debt | $ 8,656,080 | 8,656,080 | |
Conversion of convertible debt (in Shares) | 171,906,658 | ||
Fair value of convertible debt warrants issued | $ 2,280,089 | 2,280,089 | |
Fair value of beneficial conversion feature of convertible notes issued | 2,144,185 | 2,144,185 | |
Net loss | (9,474,243) | (9,474,243) | |
Balance at Aug. 31, 2021 | $ 166,291,517 | $ (100,138,592) | $ (66,152,925) |
Balance (in Shares) at Aug. 31, 2021 | 564,159,881 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Cash flow used for operating activities: | ||
Net loss | $ (9,474,243) | $ (12,379,067) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, depletion and amortization | 45,810 | 103,888 |
Amortization of debt discount | 2,907,121 | 1,414,626 |
Loss on conversion of debt | 1,033,921 | 744,918 |
Penalty on convertible debt | 202,908 | 610,312 |
Loss (gain) on debt extinguishment | 330,256 | (54,378) |
Loss (gain) on share based settlements | 48,283 | (524,971) |
Impairment of investments | 75,000 | |
Share-based compensation | 603,244 | 887,818 |
Shares issued for services | 62,290 | 38,193 |
Shares issued to settle liabilities | 2,055,083 | |
Non-cash compensation expense | 553,333 | |
Derivative liability movement | (1,173,025) | 187,401 |
Forgiveness of federal relief loan | (133,890) | |
Non-cash amortization of advanced royalty payments | 988,029 | |
Other | 17,751 | 8,315 |
Changes in operating assets and liabilities: | ||
Accounts payable | 165,273 | 324,909 |
Accounts receivable | (434,473) | 131,183 |
Accrued expenses | 1,750,804 | 118,830 |
Prepaid expenses and deposits | (495,610) | 65,610 |
Inventory | (79,977) | 188,831 |
Net cash used for operating activities | (4,623,557) | (4,462,137) |
Cash flows used for investing activities: | ||
Purchase and construction of property and equipment | (2,408,515) | (2,072,750) |
Mineral rights deposits paid | (610,000) | |
Investment in notes receivable | (702,612) | |
Proceeds from notes receivable | 1,150,522 | |
Advance royalty payments - net | (120,000) | |
Net cash used for investing activities | (2,408,515) | (2,354,840) |
Cash flows from financing activities: | ||
Advances from related parties | 724,902 | |
Repayments to related parties | (187,098) | |
Proceeds on private equity placements | 3,496,949 | 3,143,374 |
Proceeds from warrants exercised | 635,706 | |
Payments of debt | (10,000) | (35,808) |
Payment of finance lease liability | (172,375) | (157,388) |
Proceeds from convertible debt | 4,138,500 | 2,337,438 |
Repayment of convertible debt | (202,098) | (117,500) |
Proceeds from promissory notes | 600,000 | 356,154 |
Repayment of promissory notes | (584,703) | |
Proceeds from Federal relief loans | 267,716 | 577,490 |
Net cash from financing activities | 7,982,597 | 6,828,662 |
Increase in cash | 950,525 | 11,685 |
Cash, beginning of the period | 62,404 | 50,719 |
Cash, end of the period | 1,012,929 | 62,404 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 245,459 | 284,753 |
Non-cash financing and investing activities: | ||
Value of warrants issued to convertible debt holders | 2,280,089 | 747,384 |
Beneficial conversion feature on debt extinguishment | 109,275 | |
Beneficial conversion feature of convertible debt issued | 2,144,185 | |
Shares issued on conversion of convertible debt | 8,656,081 | 1,155,059 |
Shares issued to settle debt | 3,618,971 | 822,529 |
Shares issued to settle related party payables | $ 86,996 |
General Information
General Information | 12 Months Ended |
Aug. 31, 2021 | |
General Information [Abstract] | |
GENERAL INFORMATION | 1. GENERAL INFORMATION The Company is a holding company organized under the laws of Ontario, Canada, that is engaged in various aspects of the oil and gas industry. Our primary focus is on the development and implementation of our proprietary oil sands mining and processing technology to recover oil from surface mined bitumen deposits. Our wholly-owned subsidiary, Petroteq Energy CA, Inc., a California corporation (“PCA”), conducts our oil sands extraction business through two wholly owned operating companies, Petroteq Oil Sands Recovery, LLC, a Utah limited liability company (“POR”), and TMC Capital, LLC, a Utah limited liability company (“TMC Capital”). The Company’s registered office is located at Suite 6000, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E2, Canada and its principal operating office is located at 15315 W. Magnolia Blvd, Suite 120, Sherman Oaks, California 91403, USA. Through PCA, our wholly-owned subsidiary, and PCA’s two subsidiaries POR and TMC Capital, we are in the business of exploring for, extracting and producing oil and hydrocarbon products from oil sands deposits and sediments located in the Asphalt Ridge Are of Uintah County, Utah, utilizing our proprietary extraction technology (the “Petroteq Clean Oil Recovery Technology” or “Extraction Technology”). Our primary oil sands extraction and processing operations are conducted at our Asphalt Ridge processing facility (herein the “Asphalt Ridge Plant” or “Plant”), which is owned by POR. Petroteq owns the intellectual property rights to the Petroteq Clean Oil Recovery Technology which is used at our Asphalt Ridge Plant to extract and produce crude oil from oil sands utilizing a closed-loop solvent based extraction system. 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. On or about August 10, 2020, the TMC Mineral Lease in its original form was terminated and a new Short-Term Mining Lease, dated the same date, was entered into between Asphalt Ridge, Inc., as lessor, and Valkor, as lessee. Valkor and TMC Capital thereafter entered into a Short-Term Mining and Mineral Sublease dated August 20, 2020, in which all of Valkor’s rights and interests under the Short-Term Mining Lease were subleased to TMC Capital. In June 2018, Petroteq, acting through POSR, 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 POSR, 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. 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. 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, which has not been paid to date. Between March 14, 2019 and August 31, 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. 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. Under the terms of a Management and operations Services Agreement (“Management Agreement”) entered into between the Company and Valkor LLC, (“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. Valkor will provide the Company with quarterly production reports, including the following; (i) the quantity of oil bearing ore and sediments mined, extracted and produced from each of the leases and delivered to the plant; (ii) the quantity of oil products produced, saved and sold at the plant; (iii) the quantity of consumables purchased and used or consumed in operations and (iv) the gross proceeds derived from the sale of the oil products including applicable taxes and transportation costs incurred by Valkor. Valkor will also provide quarterly operating reports detailing; (i) revenue received by Valkor from oil products sold; (ii) a detailed accounting of all costs and expenses; (iii) the operations Management fee and the Personnel Management fee earned during the quarter. Valkor will also produce quarterly Royalty Reports to be delivered to a third party to calculate royalties due to the holders of royalty interest under the various mineral rights leases. On November 24, 2020, 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 that 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 then the royalty is reduced to 3%. The Company has agreed to utilize Valkor as the exclusive provider of engineering, planning and construction for all oil sands plants built or Greenfield under this agreement, provide the fees charged by Valkor are reasonable and competitive. The agreement will remain in effect from November 14, 2020 until the expiration of the last valid patent claim, unless terminated by default or bankruptcy. Subsequent to year end, TMC Capital, POR and Valkor entered the Exchange Agreement, under which (1) TMC and POSR assigned to Valkor all of their rights and interests in the TMC Mineral Lease (and the Short-Term Mining Lease dated August 10, 2020 held by Valkor) and in the Temple Mountain SITLA Leases, and (2) Valkor assigned to TMC Capital all of its rights and interests (including the record lease title and operating rights) in the Asphalt Ridge NW Leases consisting of three Utah state mineral leases located in the Asphalt Ridge Northwest area of Uintah County, Utah. Under this agreement, once the exchange of SITLA Leases is approved by SITLA, Petroteq (acting through TMC Capital) will hold three new SITLA Leases encompassing approximately 3,458.22 acres in an area called “Asphalt Ridge Northwest”. In addition, under other agreements entered into between or among TMC Capital, POSR and Valkor in October 2021, (a) Valkor granted to TMC Capital the right to participate, up to a 50% working interest, in all exploratory, mining and production operations conducted by Valkor under its Short-Term Mining Lease encompassing the acreage that is subject to the TMC Mineral Sublease, and (b) TMC Capital granted to Valkor the operating rights in at or below 500 feet below the surface under the Asphalt Ridge NW Leases, with TMC Capital reserving the right to participate, at up to a 50% working interest, in all exploratory and production operations conducted by Valkor in deeper (below 500 feet subsurface or more) oil sands deposits and reservoirs. With the recent exchange of mineral leases by TMC Capital, POSR and Valkor, Petroteq (through POSR) will continue to own the Asphalt Ridge Plant in the Temple Mountain area of Asphalt Ridge. It is anticipated that Petroteq (acting through TMC Capital) and Valkor will, during the ensuing year, will determine whether a new 5,000 BPD oil sands processing plant utilizing Petroteq’s Clean Oil Recovery Technology should be constructed and operated on lands covered by the Asphalt Ridge NW Leases. The assignment of the Temple Mountain SITLA leases by Petroteq’s subsidiaries to Valkor, and Valkor’s assignment of the Asphalt Ridge NW Leases to TMC Capital, are subject to approval by SITLA before the transactions are considered final. See Subsequent events note 34. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting policies (“US GAAP”) and have been prepared on a historical cost basis except for certain financial assets and financial liabilities which are measured at fair value. The Company’s reporting currency and the functional currency of all of its operations is the U.S. dollar, as it is the principal currency of the primary economic environment in which the Company operates. The Company is an “SEC Issuer” as defined under National Instrument 52-107 “Accounting Principles and Audit Standards” “Continuous Disclosure Obligations” The consolidated financial statements were authorized for issue by the Board of Directors on December 14, 2021. (b) Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries in which it has at least a majority voting interest. All significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. The entities included in these consolidated financial statements are as follows: Entity % of Jurisdiction Petroteq Energy Inc. Parent Canada Petroteq Energy CA, Inc. 100 % USA Petroteq Oil Recovery, LLC (Previously Petroteq Oil Sands Recovery, LLC) 100 % USA TMC Capital, LLC 100 % USA Petrobloq, LLC 100 % USA An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investment in associate is carried in the consolidated statement of financial position at cost as adjusted for changes in the Company’s share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Company’s interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payment on behalf of the associate. The Company has accounted for its investment in Accord GR Energy, Inc. (“Accord”) on the equity basis since March 1, 2017. The Company had previously owned a controlling interest in Accord and the results were consolidated in the Company’s financial statements. However, subsequent equity subscriptions into Accord reduced the Company’s ownership to 44.7% as of March 1, 2017 and the results of Accord were deconsolidated from that date. As of August 31, 2020, the Company has impaired 100% of the remaining investment in Accord due to inactivity and a lack of adequate investment in Accord to progress to commercial production and viability. (c) Estimates The preparation of these consolidated financial statements in accordance with US GAAP requires the Company to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company continually evaluates its estimates, including those related to recovery of long-lived assets. The Company bases its estimates on historical experience and on other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to the Company’s reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of the consolidated financial statements. Significant estimates include the following; ● the useful lives and depreciation rates for intangible assets and property, plant and equipment; ● the carrying and fair value of oil and gas properties and product and equipment inventories; ● All provisions; ● the fair value of reporting units and the related assessment of goodwill for impairment, if applicable; ● the fair value of intangibles other than goodwill; ● income taxes and the recoverability of deferred tax assets ● legal and environmental risks and exposures; and ● general credit risks associated with receivables, if any. (d) Foreign currency translation adjustments The Company’s reporting currency and the functional currency of all its operations is the U.S. dollar. Assets and liabilities of the Canadian parent company are translated to U.S. dollars using the applicable exchange rate as of the end of a reporting period. Income, expenses and cash flows are translated using an average exchange rate during the reporting period. Since the reporting currency as well as the functional currency of all entities is the U.S. Dollar there is no translation difference recorded. (e) Revenue recognition The Company recognizes revenue in terms of ASC 606 – Revenue from Contracts with Customers (ASC 606). Revenue transactions are assessed using a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration in exchange for those goods or services. The five steps are as follows: i. identify the contract with a customer; ii. identify the performance obligations in the contract; iii. determine the transaction price; iv. allocate the transaction price to performance obligations in the contract; and v. recognize revenue as the performance obligation is satisfied. Revenue from hydrocarbon sales Revenue from hydrocarbon sales include the sale of hydrocarbon products and are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. The Company’s performance obligations are satisfied at a point in time. This occurs when control is transferred to the purchaser upon delivery of contract specified production volumes at a specified point. The transaction price used to recognize revenue is a function of the contract billing terms. Revenue is invoiced, if required, upon delivery based on volumes at contractually based rates with payment typically received within 30 days after invoice date. Taxes assessed by governmental authorities on hydrocarbon sales, if any, are not included in such revenues, but are presented separately in the consolidated comprehensive statements of loss and comprehensive loss. Transaction price allocated to remaining performance obligations The Company does not anticipate entering into long-term supply contracts, rather it expects all contracts to be short-term in nature with a contract term of one year or less. The Company intends applying the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, the Company will apply the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if there is any variable consideration to be allocated entirely to a wholly unsatisfied performance obligation. The Company anticipates that with respect to the contracts it will enter into, each unit of product will typically represent a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Contract balances The Company does not anticipate that it will receive cash relating to future performance obligations. However if such cash is received, the revenue will be deferred and recognized when all revenue recognition criteria are met. Disaggregation of revenue The Company has limited revenues to date. Disaggregation of revenue disclosures can be found in Note 30. Customers The Company anticipates that it will have a limited number of customers which will make up the bulk of its revenues due to the nature of the oil and gas industry. (f) General and administrative expenses General and administrative expenses will be presented net of any working interest owners, if any, of the oil and gas properties owned or leased by the Company. (g) Share-based payments The Company may grant stock options to directors, officers, employees and others providing similar services. The fair value of these stock options is measured at grant date using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. Share-based compensation expense is recognized on a straight-line basis over the period during which the options vest, with a corresponding increase in equity. The Company may also grant equity instruments to consultants and other parties in exchange for goods and services. Such instruments are measured at the fair value of the goods and services received on the date they are received and are recorded as share-based compensation expense with a corresponding increase in equity. If the fair value of the goods and services received are not reliably determinable, their fair value is measured by reference to the fair value of the equity instruments granted. (h) Income taxes The Company utilizes ASC 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, “Income Taxes”. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Accordingly, the Company would report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company elects to recognize any interest and penalties, if any, related to unrecognized tax benefits in tax expense. (i) Net income (loss) per share Basic net income (loss) per share is computed on the basis of the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed on the basis of the weighted average number of common shares and common share equivalents outstanding. Dilutive securities having an anti-dilutive effect on diluted net income (loss) per share are excluded from the calculation. Dilution is computed by applying the treasury stock method for stock options and share purchase warrants. Under this method, “in-the-money” stock options and share purchase warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common shares at the average market price during the period. (j) Cash and cash equivalents The Company considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. (k) Accounts receivable The Company had minimal sales during the period of which all proceeds were collected therefore there are no accounts receivable balances. (l) Oil and gas property and equipment The Company follows the successful efforts method of accounting for its oil and gas properties. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with delay rentals and exploration overhead are charged against earnings as incurred. Costs of successful exploratory efforts along with acquisition costs and the costs of development of surface mining sites are capitalized. Site development costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, site development costs remain capitalized as proved properties. Costs of unsuccessful site developments are charged to exploration expense. For site development costs that find reserves that cannot be classified as proved when development is completed, costs continue to be capitalized as suspended exploratory site development costs if there have been sufficient reserves found to justify completion as a producing site and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If management determines that future appraisal development activities are unlikely to occur, associated suspended exploratory development costs are expensed. In some instances, this determination may take longer than one year. The Company reviews the status of all suspended exploratory site development costs quarterly. Capitalized costs of proved oil and gas properties are depleted by an equivalent unit-of-production method. Proved leasehold acquisition costs, less accumulated amortization, are depleted over total proved reserves, which includes proved undeveloped reserves. Capitalized costs of related equipment and facilities, including estimated asset retirement costs, net of estimated salvage values and less accumulated amortization are depreciated over proved developed reserves associated with those capitalized costs. Depletion is calculated by applying the DD&A rate (amortizable base divided by beginning of period proved reserves) to current period production. Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. The Company assesses its unproved properties for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Proved properties will be assessed for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Individual assets are grouped for impairment purposes based on a common operating location. If there is an indication the carrying amount of an asset may not be recovered, the asset is assessed for potential impairment by management through an established process. If, upon review, the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset, the carrying value is written down to estimated fair value. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or by comparable transactions. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s DD&A rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of loss and comprehensive loss. Partial common operating field sales or dispositions deemed not to significantly alter the DD&A rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized. The Company capitalizes interest costs incurred and attributable to material unproved oil and gas properties and major development projects of oil and gas properties. (m) Other property and equipment Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to ten years. Interest costs incurred and attributable to major corporate construction projects are also capitalized. (n) Asset retirement obligations and environmental liabilities The Company recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. The Company’s asset retirement obligations also include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets. The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. (o) Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from allegations of improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with the Company’s accounting policy for property and equipment. (p) Fair value measurements Certain of the Company’s assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels: ● Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. ● Level 2 – Inputs consist of quoted prices that are generally observable for the asset or liability. Common examples of Level 2 inputs include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in markets not considered to be active. ● Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model. (q) Comparative amounts The comparative amounts presented in these consolidated financial statements have been reclassified where necessary to conform to the presentation used in the current year. (r) Recent accounting standards Issued accounting standards not yet adopted The Company will evaluate the applicability of the following issued accounting standards and intends to adopt those which are applicable to its activities. In August 2020, the FASB issued ASU No. 2020-06, debt with Conversion and Other Options (subtopic 470-20): and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). Certain accounting models for convertible debt instruments with beneficial conversion features or cash conversion features are removed from the guidance and for equity instruments the contracts affected are free standing instruments and embedded features that are accounted for as derivatives, the settlement assessment was simplified by removing certain settlement requirements. This ASU is effective for fiscal years and interim periods beginning after December 15, 2021. The effects of this ASU on the Company’s condensed consolidated financial statements is currently being assessed and is expected to have an immaterial impact on the financial statements. Any new accounting standards, not disclosed above, that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Going Concern
Going Concern | 12 Months Ended |
Aug. 31, 2021 | |
Going Concern [Abstract] | |
GOING CONCERN | 3. GOING CONCERN The Company has incurred losses for several years and, at August 31, 2021, has an accumulated deficit of $100,138,592, (August 31, 2020 - $90,664,349) and working capital (deficiency) of $6,264,427 (August 31, 2020 - $12,955,134). These consolidated financial statements have been prepared on the basis that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on obtaining additional financing, which it is currently in the process of obtaining. There is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These consolidated financial statements do not reflect the adjustments or reclassifications that would be necessary if the Company were unable to continue operations in the normal course of business. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Aug. 31, 2021 | |
Accounts Receivable [Abstract] | |
ACCOUNTS RECEIVABLE | 4. ACCOUNTS RECEIVABLE The Company’s accounts receivables consist of: August 31, August 31, Goods and services tax receivable $ 17,303 $ 12,830 Information about the Company’s exposure to credit risks for trade and other receivables is included in Note 31(a). |
Ore Inventory
Ore Inventory | 12 Months Ended |
Aug. 31, 2021 | |
Inventory Disclosure [Abstract] | |
ORE INVENTORY | 5. ORE INVENTORY On June 1, 2015, the Company acquired a 100% interest in TMC Capital LLC (“TMC”), which through a sub-lease with Valkor, LLC (“Valkor”) held the rights to mine ore from the Asphalt Ridge deposit, refer subsequent events note 34. The mining and crushing of the bituminous sands has been contracted to an independent third party. During the year ended August 31, 2021, the cost of mining, hauling and crushing the ore, amounting to $0 (2020 - $162,043), was recorded as the cost of the crushed ore inventory. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Aug. 31, 2021 | |
Notes Receivable Disclosure [Abstract] | |
NOTES RECEIVABLE | 6. NOTES RECEIVABLE The Company’s notes receivables consist of: Principal due Principal due Maturity Date Interest August 31, August 31, Manhatten Enterprises March 16, 2020 5 % $ 76,000 $ 76,000 Deweast Limited January 31, 2022 - 200,000 - Unhide Inc September 30, 2021 - 230,000 - Interest accrued 16,959 13,159 $ 522,959 $ 89,159 Disclosed as follows: Current portion $ 522,959 $ 89,159 Manhatten Enterprises The Company advanced Manhatten Enterprises the sum of $76,000 pursuant to a promissory note on March 16, 2017. The note, which bears interest at 5% per annum, matured on March 16, 2020. The Note has reached its maturity date, management has undertaken to enter into a new agreement or extend the terms of the existing agreement, there have been no successful negotiations to date. Deweast Limited On August 31, 2021, in terms of an unsecured loan agreement entered into with Deweast Limited (“Deweast”) the Company advanced the sum of $200,000 to Deweast, maturing on January 31, 2022. On or before the maturity date Deweast agreed to repay the Company $220,000. In the event that Deweast fails to repay the amount due on maturity date the full balance owing at maturity will accrue interest at 10% per annum until paid in full. Unhide, Inc. On August 31, 2021, in terms of an unsecured loan agreement entered into with Unhide Inc. (“Unhide”) the Company advanced the sum of $230,000 to Unhid, maturing on September 30, 2021. On or before the maturity date Unhide agreed to repay the Company $238,000. In the event that Unhide fails to repay the amount due on maturity date the full balance owing at maturity will accrue interest at 10% per annum until paid in full. |
Advanced Royalty Payments
Advanced Royalty Payments | 12 Months Ended |
Aug. 31, 2021 | |
Disclosure of Advanced Royalty Payment [Abstract] | |
ADVANCED ROYALTY PAYMENTS | 7. ADVANCED ROYALTY PAYMENTS Advance royalty payments to Asphalt Ridge, Inc. During the year ended August 31, 2015, the Company acquired TMC, which has a mining and mineral lease with Asphalt Ridge, Inc. (the “TMC Mineral Lease”) (Note 8(a)). The mining and mineral lease with Asphalt Ridge, Inc. required the Company to make minimum advance royalty payments which could be used to offset future production royalties for a maximum of two years following the year the advance royalty payment was made. As at August 31, 2020, the Company has paid advance royalties of $2,370,336 to the lease holder, of which all had been expensed as of August 31, 2020 due to the termination of the TMC Mineral Lease as discussed in note 8(a) below. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Aug. 31, 2021 | |
Prepayments And Other Current Assets [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 8. PREPAYMENTS AND OTHER CURRENT ASSETS Included in prepayments and other current assets are cash deposits of $1,907,000 (acting through its wholly owned subsidiary, TMC Capital LLC (“TMC”), for the acquisition of 100% of the operating rights under U.S. federal oil and gas leases, administered by the U.S. department of Interiors’ Bureau of Land Management in Garfield and Wayne Counties 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. In terms of a letter agreement dated April 17, 2020 between the transferor of the oil and gas leases and TMC, as transferee, due to uncertainty as to whether all of the 10 leases which the Company had initially paid deposits for are available, an adjustment to the purchase price has been agreed upon as follows: (i) should all 10 of the leases be available, the Company will pay the additional $1,093,000 for the rights under the leases; (ii) if only a portion of the leases ranging from 4 to 9 of the leases are available, the Company will adjust the final purchase price of the leases to between $1.5 million and $2.5 million; and (iii) notwithstanding the above, if after a period of 7 years from April 17, 2020, if at least six of the leases are not available to the Company, then the Company may 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. In addition, included in prepayments and other current assets is an amount of $500,000 paid during the period July 8, 2021 and August 11, 2021, in terms of the agreements governing reciprocal assignment of mineral leases dated as of October 15, 2021 under which TMC and POR agreed to; (i) assign all of its interest in the TMC mineral leases and the short term mining lease dated August 10, 2020 as amended on July 1, 2021, sub-leased from Valkor and two mineral leases entered into between the State of Utah’s School and Institutional Trust Land Administration (“SITLA”), as lessor, and POR, as lessee, covering lands in Asphalt Ridge that largely adjoin the lands held under the TMC Mineral Lease and Valkor agreed to assign to TMC Capital LLC, the record lease title and all of its rights and interest under three SITLA Utah state oil sands leases located in an area referred to as “Asphalt Ridge Northwest” in Uintah County Utah. The assignment of the SITLA leases are subject to approval by SITLA before the agreement comes into effect. See Subsequent events note 34. |
Mineral Leases
Mineral Leases | 12 Months Ended |
Aug. 31, 2021 | |
Mineral Leases [Abstract] | |
MINERAL LEASES | 9. MINERAL LEASES TMC SITLA BLM Mineral Mineral Mineral Lease Lease Lease Total Cost August 31, 2019 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 Additions - - - - August 31, 2020 11,091,388 19,755 23,800,000 34,911,143 Additions - - - - August 31, 2021 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 Accumulated Amortization August 31, 2019, 2020 and 2021 $ - $ - $ - $ - Carrying Amounts August 31, 2019 $ 11,091,388 $ 19,755 $ 23,800.000 $ 34,911,143 August 31, 2020 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 August 31, 2021 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 Subsequent to year end, the Company acting through its indirect wholly owned subsidiaries TMC and Petroteq Oil Recovery, LLC (“POR”), and Valkor Energy LLC (“Valkor”), have entered into an agreement governing reciprocal assignment of mineral leases dated as of October 15, 2021 under which TMC and POR agreed to assign all of its interest in the TMC mineral leases and the short term mining lease dated august 10, 2020 as amended on July 1, 2021, sub-leased from Valkor and two mineral leases entered into between the State of Utah’s School and Institutional Trust Land Administration (“SITLA”), as lessor, and POR, as lessee, covering lands in Asphalt Ridge that largely adjoin the lands held under the TMC Mineral Lease and Valkor agreed to assign to TMC Capital LLC, the record lease title and all of its rights and interest under three SITLA Utah state oil sands leases located in an area referred to as “Asphalt Ridge Northwest” in Uintah County Utah. In addition, the Corporation, acting through TMC, and Valkor entered into an Agreement and Assignment of Participation Rights in Mineral Leases and Properties, dated as of October 15, 2021, 15, 2021, The assignment of the SITLA leases are subject to approval by SITLA before the agreement comes into effect. See Subsequent events note 34. (a) TMC Mineral Lease Effective August 10, 2020, the TMC mineral lease was terminated and a new Short-Term Mining Lease agreement between Valkor and Asphalt Ridge, Inc was entered into with a back to back Short-Term Mining and Mineral sub-lease entered into between Valkor and TMC, whereby all of the rights and obligations of the lease were sub-let to TMC. The salient terms of the lease were as follows: 1. The exclusive right and privilege during the term of this Sublease to explore for and mine by any methods now known or hereafter developed, extract and sell or otherwise dispose of, any and all asphalt, bitumen, maltha, tar sands, oil sands (“Tar Sands”) and any and all other minerals of whatever kind or nature which are associated with or contained in any Tar Sands deposit, whether hydrocarbon, metalliferous, non-metalliferous or otherwise, including, but not limited to, gold, silver, platinum, sand and clays on and in the Property, and whether heretofore known or hereafter discovered (collectively, “Minerals”), from the ground surface to a depth of 3,000 feet above Mean Sea level (MSL), together with the products and byproducts of the processing of the Minerals, and together with the right to use so much of the surface of the Property as may be necessary in the exercise of said rights and in furtherance of the purposes expressed herein, including ingress and egress, and together with the right to construct on the Property such improvements as may be reasonably necessary to the exploration for and the mining, extraction, removal, processing, beneficiating, sale or other disposition of the Minerals, but not including the construction of any new roads without the prior written consent of Sublessor; and 2. The right to use any or all of the Water Rights at any time during the term of this Sublease in conducting its activities as provided for herein; provided that approval of change applications may need to be obtained in order to allow use of the Water Rights on the Property for mining purposes. 3. The term of the sub-lease is for the period ending June 30, 2021 unless the Short Term Mining Lease between Valkor and Asphalt Ridge is terminated earlier. 4. During the Term and subject to the Lessor Reserved Rights, Sublessee shall have the right to explore, develop, mine, drill, pump, process, produce and market the Minerals in, on, or under the Property, including any existing stockpiles or dumps, whether by drilling, surface, strip, contour, quarry, bench, underground, solution, in situ or other mining methods, and in connection therewith, Sublessee shall have the right to conduct the following activities and operations (“Operations”) on the Property in accordance with the terms of this Sublease and applicable laws and regulations: a. To mine, process, mill, beneficiate, treat, concentrate, extract, refine, leach, convert, upgrade, prepare for market, any and all Minerals mined or otherwise extracted from the Property; b. To temporarily store or permanently dispose on the Property Minerals, water, waste or other materials resulting from Operations on the Property; c. to use and develop any and all ditches, flumes, water and Water Rights and appurtenant to the Property; and d. to use so much of the surface and surface resources of the Property as may be reasonably necessary in the exercise of said rights, or which Sublessee may deem desirable or convenient, including rights of ingress and egress in connection with its operations on the Property. During the term of the lease the sub-lessee has the right to use any or all of the Water Rights at any time during the term of this Sublease in conducting its activities as provided for herein; provided that approval of change applications may need to be obtained in order to allow use of the Water Rights on the Property for mining purposes. 5. TMC will pay Valkor the sum of $25,000 on lease commencement, and thereafter $15,000 per month until expiration of the lease 6. TMC will pay a production royalty as follows: a. For “Bitumen Product” produced from Tar Sands mined or otherwise extracted from the Property shall be eight percent (8%) of the gross sales revenue received by Sublessee from the sale of such Bitumen Product at the Property. As used herein, the term “Bitumen Product” means naturally occurring oil in the Tar Sands that is sold in whatever form, including run-of-mine, screened, processed, or after the addition of any additives and/or upgrading of the Bitumen Product b. The Production Royalty on all other Minerals produced from Bitumen Product mined or otherwise extracted from the Property and sold shall be eight percent (8%) of the gross sales revenue received by Sublessee. Subject to the provisions of Paragraph 1, wherein sales of products and byproducts are wholly accounted for, should sales occur to a third party purchaser that is engaged in marketing a variety of products or by-products made from such materials, payments to Sublessor may vary. If Sublessee’s receipts are measurably greater than comparable sales by others of similar products or byproducts which may be due to the nature of high end by-products such as frac sands produced and sold by the third party, the Production Royalty to Sublessor shall be the greater of a 5% royalty on the gross value of the product and by-products sold by the third party or 50% of the gross revenue received by Sublessee from the sale of such products or byproducts, as the case may be. c. The Production Royalty on oil and gas, and associated hydrocarbons produced by Sublessee using standard oil and gas drilling recovery techniques above 3000 feet MSL and sold shall be 1/6 of the gross market value. d. Any sales of Minerals to third parties shall be of such a nature that the sales price adequately represents the market value of all potential products or by-products. e. Minerals shall be deemed sold at the time they leave the Property or at the time the Minerals are transferred by Sublessee to an Affiliate. As used herein, “Affiliate” means any business entity which, directly or indirectly, is owned or controlled by Sublessee or owns or controls Sublessee, or any entity or firm acquiring Minerals from Sublessee otherwise than at arm’s-length. 7. Prior to commencing any Operations, Sublessee shall have obtained final approval of all necessary mining and reclamation plans from the Utah Division of Oil, Gas and Mining, or its successor agency (the “Division”) authorizing Sublessee’s Operations and shall have posted with and obtained approval from the Division of a surety bond or other financial guarantee (“Reclamation Surety”) in the amount and form acceptable to the Division and sufficient to guarantee Sublessee’s performance of reclamation in accordance with Utah laws and regulations. The amount of the surety bond or financial guarantee shall be periodically reviewed in accordance with Division’s regulations and, if the Division directs, increased or otherwise modified as directed by the Division. Sublessee shall keep Sublessor fully informed as to reclamation costs and bonding requirements and Sublessor’s approval of the bond amount shall be required. Sublessor will not unreasonably withhold such approval. 8. Under the terms of the Lease, Asphalt Ridge , Inc. has reserved the right at any time during the term of the Lease to convey all or part of the Property or the Water Rights, or rights therein, subject to the Lease and shall give Sublessor Notice of any such conveyance. This Sublease shall be subject to the right reserved by the Lessor as described herein. Upon Sublessor’s receipt of any sale or conveyance of the Property by Lessor, Sublessor shall promptly notify Sublessee in writing of any such conveyance. (b) SITLA Mineral Lease (Petroteq Oil Recovery, LLC mineral lease) On June 1, 2018, the Company acquired mineral rights under two mineral leases entered into between the State of Utah’s School and Institutional Trust Land Administration (“SITLA”), as lessor, and POR, as lessee, covering lands in Asphalt Ridge that largely adjoin the lands held under the TMC Mineral Lease (collectively, the “SITLA Mineral Leases”). The SITLA Mineral Leases are valid until May 30, 2028 and have rights for extensions based on reasonable production. The leases remain in effect beyond the original lease term so long as mining and sale of the tar sands are continued and sufficient to cover operating costs of the Company. Advanced royalty of $10 per acre are due annually each year the lease remains in effect and can be applied against actual production royalties. The advanced royalty is subject to price adjustment by the lessor after the tenth year of the lease and then at the end of each period of five years thereafter. Production royalties payable are 8% of the market price of marketable product or products produced from the tar sands and sold under arm’s length contract of sale. Production royalties have a minimum of $3 per barrel of produced substance and may be increased by the lessor after the first ten years of production at a maximum rate of 1% per year and up to 12.5%. (c) BLM Mineral Lease 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 a cash payment of $1,800,000 and by the issuance of 15,000,000 shares at an issue price of $0.60 per share, amounting to $9,000,000. 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, amounting to $12,000,000 and cash of $1,000,000, of which $100,000 has not been paid to date. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Aug. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 10. PROPERTY, PLANT AND EQUIPMENT Oil Other Total Cost August 31, 2019 $ 35,555,827 438,168 35,993,995 Additions 2,072,058 692 2,072,750 August 31, 2020 37,627,885 $ 438,860 $ 38,066,745 Additions 5,512,715 - 5,512,715 August 31, 2021 $ 43,140,600 $ 438,860 $ 43,579,460 Accumulated Amortization August 31, 2019 $ 2,148,214 232,131 2,380,345 Additions - 103,888 103,888 August 31, 2020 2,148,214 $ 336,019 $ 2,484,233 Additions - 45,810 45,810 August 31, 2021 $ 2,148,214 $ 381,829 $ 2,530,043 Carrying Amount August 31, 2019 $ 33,407,613 $ 206,037 $ 33,613,650 August 31, 2020 $ 35,479,671 $ 102,841 $ 35,582,512 August 31, 2021 $ 40,992,386 $ 51,562 $ 41,049,417 (a) Oil Extraction Plant In June 2011, the Company commenced the development of an oil extraction facility on its mineral lease in Maeser, Utah and entered into construction and equipment fabrication contracts for this purpose. On September 1, 2015, the first phase of the plant was completed and was ready for production of hydrocarbon products for resale to third parties. During the year ended August 31, 2017 the Company began the dismantling and relocating the oil extraction facility to its TMC Mineral Lease facility to improve production and logistical efficiencies while continuing its project to increase production capacity to a minimum capacity of 400-500 barrels per day. The plant has been substantially relocated to the TMC mining site and expansion of the plant to production of 400-500 barrels per day has been substantially completed. Included in the cost of construction is capitalized borrowing costs as at August 31, 2021 and 2020 of $4,421,055. No borrowing costs were capitalized for the years ended August 31, 2021 and 2020. As a result of the relocation of the plant and the expansion that has taken place to date, the Company reassessed the reclamation and restoration provision and raised an additional liability of $2,375,159 during the fiscal year ended August 31, 2019 which is capitalized to the cost of the plant and will be depreciated according to our depreciation policy. As a result of the relocation of the plant and the planned expansion of the plant’s production capacity to 400-500 barrels per day, and subsequently to an additional 3,000 barrels per day, the Company re-evaluated the depreciation policy of the oil extraction plant and the oil extraction technologies (Note 11) and determined that depreciation should be recorded on the basis of the expected production of the completed plant at various capacities. No amortization has been recorded during the 2021 and 2020 fiscal years as there has only been test production during these years. |
Leases
Leases | 12 Months Ended |
Aug. 31, 2021 | |
Leases Abstract | |
LEASES | 11. LEASES Adoption of ASC Topic 842, “Leases” On September 1, 2019, the Company adopted Topic 842 using the prospective transition method applied to leases that were in place as of September 1, 2019. Results for reporting periods beginning after September 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 840. The Company entered into a real property lease for office space located at 15315 Magnolia Blvd., Sherman Oaks, California. The lease commenced on September 1, 2019 and expires on August 31, 2024, monthly rental expense is $4,941 per month with annual 3% escalations during the term of the lease. The initial value of the right-of-use asset was $245,482 and the operating lease liability was $245,482. The Company monitors for events or changes in circumstances that require a reassessment of our lease. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right-of-use asset unless doing so would reduce the carrying amount of the right-of-use asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative right-of-use asset balance is recorded as a loss in the statement of operations and comprehensive loss. During April 2015, the Company entered into two equipment loan agreements in the aggregate amount of $282,384, with financial institutions to acquire equipment for the oil extraction facility. The loans had a term of 60 months and bore interest at rates between 4.3% and 4.9% per annum. Principal and interest were paid in monthly installments. These loans were secured by the acquired assets. On May 7, 2018, the Company entered into a negotiable promissory note and security agreement with Commercial Credit Group to acquire a crusher from Power Equipment Company for $660,959. An implied interest rate was calculated as 12.36% based on the timing of the initial repayment of $132,200 and subsequent 42 monthly instalments of $15,571. The terms of the note were renegotiated during June 2020, and the instalments were amended to $16,140 per month due to payments not being made during the pandemic. The promissory note is secured by the crusher. Discount Rate To determine the present value of minimum future lease payments for operating leases at September 1, 2019, the Company was required to estimate a rate of interest that it would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment (the “incremental borrowing rate” or “IBR”). The Company determined the appropriate IBR by identifying a reference rate and making adjustments that take into consideration financing options and certain lease-specific circumstances. For the reference rate, the Company used the 5 year ARM interest rate at the time of entering into the agreement and compared that rate to the Company’s weighted average cost of funding at the time of entering into the operating lease. The Company determined that 10.00% was an appropriate incremental borrowing rate to apply to its real-estate operating lease. Right of use assets Right of use assets included in the consolidated Balance Sheet are as follows: August 31, August 31, Non-current assets Right of use assets – operating leases, net of amortization $ 167,048 $ 209,101 Right of use assets – finance leases, net of depreciation – included in property, plant and equipment 677,853 718,193 Lease costs consist of the following: Year ended August 31, Year ended August 31, Finance lease cost: $ 63,165 $ 82,878 Depreciation of right of use assets 40,341 40,341 Interest expense on lease liabilities 22,824 42,537 Operating lease expense 61,071 59,292 Total lease cost $ 124,236 $ 142,170 Other lease information: Year ended August 31, 2021 Year ended August 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ (22,824 ) $ (42,537 ) Operating cash flows from operating leases (61,071 ) (59,292 Financing cash flows from finance leases $ (172,375 ) $ (157,388 ) Right-of -use assets obtained in exchange for new operating leases $ - 245,482 Weighted average remaining lease term – finance leases 5 months 1.25 years Weighted average remaining lease term – operating leases 3 years 4 years Weighted average discount rate – finance leases 12.36 % 12.36 % Weighted average discount rate – operating leases 10.00 % 10.00 Maturity of Leases The amount of future minimum lease payments under finance leases is as follows: August 31, August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 80,700 $ 193,680 1 to 2 years - 80,700 2 to 3 years - - 80,700 274,380 Imputed interest (5,642 ) (26,948 ) Total finance lease liability $ 75,058 $ 247,432 Disclosed as: Current portion $ 75,058 $ 172,374 Non-current portion - 75,058 $ 75,058 $ 247,432 The amount of future minimum lease payments under operating leases is as follows: August 31, August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 62,903 $ 61,070 1 to 2 years 64,790 62,903 2 to 3 years 66,734 64,790 3 to 4 years - 66,734 194,427 255,497 Imputed interest (27,379 ) (46,396 Total operating lease liability $ 167,048 $ 209,101 Disclosed as: Current portion $ 48,376 $ 42,053 Non-current portion 118,672 167,048 $ 167,048 $ 209,101 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Aug. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 12. INTANGIBLE ASSETS Oil Technologies Cost August 31, 2019 $ 809,869 Additions - August 31, 2020 809,869 Additions - August 31, 2021 $ 809,869 Accumulated Amortization August 31, 2019 $ 102,198 Additions - August 31, 2020 102,198 Additions - August 31, 2021 $ 102,198 Carrying Amounts August 31, 2019 $ 707,671 August 31, 2020 $ 707,671 August 31, 2021 $ 707,671 Oil Extraction Technologies During the year ended August 31, 2012, the Company acquired a closed-loop solvent based oil extraction technology which facilitates the extraction of oil from a wide range of bituminous sands and other hydrocarbon sediments. The Company has filed patents for this technology in the USA and Canada and has employed it in its oil extraction plant. The Company commenced partial production from its oil extraction plant on September 1, 2015 and was amortizing the cost of the technology over fifteen years, the expected life of the oil extraction plant. Since the company has increased the capacity of the plant to 400 to 500 barrels daily during 2018, and expects to further expand the capacity to an additional 3,000 barrels daily, it determined that a more appropriate basis for the amortization of the technology is the units of production at the plant after commercial production begins again. No amortization of the technology was recorded during the 2021 and 2020 fiscal years. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Aug. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 13. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable as at August 31, 2021 and 2020 consist primarily of amounts outstanding for construction and expansion of the oil extraction plant and other operating expenses that are due on demand. Accrued expenses as at August 31, 2021 and 2020 consist primarily of other operating expenses and interest accruals on promissory notes (Note 14) debt (Note 15) and convertible debentures (Note 16). Information about the Company’s exposure to liquidity risk is included in Note 33(c). |
Promissory Notes Payable
Promissory Notes Payable | 12 Months Ended |
Aug. 31, 2021 | |
Promissory Notes Payable [Abstract] | |
PROMISSORY NOTES PAYABLE | 14. PROMISSORY NOTES PAYABLE Principal Principal Lender Maturity Date Interest May 31, August 31, Private lender On demand - % $ - $ 8,000 Private lender On Demand - % - - Private lender April 29, 2022 10.00 % 23,298 - $ 23,298 $ 8,000 Two private lenders advanced $80,000 and $20,000 to the Company, these amounts are non-interest bearing, have no fixed terms of repayment and were repaid during the current year. On April 29,2021 the Company issued a promissory note to a private lender in the aggregate sum of $500,000. The promissory note bears interest at 10% per annum and is repayable on April 29, 2022. The Company repaid $476,702 of the outstanding balance as at August 31, 2021. The balance remaining at August 31, 2021 is $23,298. |
Debt
Debt | 12 Months Ended |
Aug. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | 15. DEBT Principal Principal Lender Interest August 31, August 31, Private lender 10.00 % - 115,000 Private lenders 5.00 % - 468,547 Private lender 10.00 % - 100,000 $ - $ 683,547 The maturity date of debt is as follows: August 31, August 31, Principal classified as repayable within one year $ - $ 683,547 (a) Private lenders (i) On July 3, 2018, the Company received a $200,000 advance from a private lender bearing interest at 10% per annum and repayable on September 2, 2018. The loan is guaranteed by the Chairman of the Board. During the year ended August 31, 2020 the Company repaid $35,000 of the principal outstanding and a further $10,000 during the nine months ended May 31, 2021. On July 6, 2020 in accordance with the terms of a debt settlement agreement entered into, the lender converted $50,000 into 1,250,000 shares at a conversion price of $0.04 per share. During June 2021, the remaining aggregate principal amount outstanding of $105,000, including interest and penalty interest thereon of $86,779, was acquired in terms of an Assignment and Purchase of Debt Agreement by Equilibris Management AG. In terms of an Exchange Agreement entered into between the Company and Equilibris Management, the promissory note was exchanged for a Convertible Redeemable Note, bearing interest at 10% per annum, maturing on June 30, 2021 and convertible into common stock at $0.041 per share. On June 16, 2021, in terms of conversion notice received, the Company issued 4,677,532 shares of common stock to Equilibris at a conversion price of $0.041 per share, thereby extinguishing the note. (ii) On October 10, 2014, the Company issued two secured debentures for an aggregate principal amount of CAD $1,100,000 to two private lenders. The debentures initially bore interest at a rate of 12% per annum, were originally scheduled to mature on October 15, 2017 and are secured by all of the assets of the Company. In addition, the Company issued common share purchase warrants to acquire an aggregate of 16,667 common shares of the Company. On September 22, 2016, the two secured debentures were amended to extend the maturity date to January 31, 2017. The terms of these debentures were renegotiated with the debenture holders to allow for the conversion of the secured debentures into common shares of the Company at a rate of CAD $4.50 per common share and to increase the interest rate, starting June 1, 2016, to 15% per annum. On January 31, 2017, the two secured debentures were amended to extend the maturity date to July 31, 2017. Additional transaction costs and penalties incurred for the loan modifications amounted to $223,510. On February 9, 2018, the two secured debentures were renegotiated with the debenture holders to extend the loan to May 1, 2019. A portion of the debenture amounting to CAD $628,585 was amended to be convertible into common shares of the Company, of which, CAD $365,000 were converted on May 1, 2018. The remaining convertible portion is interest free and was to be converted from August 1, 2018 to January 1, 2019. The remaining non-convertible portion of the debenture was to be paid off in 12 equal monthly instalments beginning May 1, 2018, bearing interest at 5% per annum. On September 11, 2018, the remaining convertible portion of the debenture was converted into common shares of the Company and a portion of the non-convertible portion of the debenture was settled through the issue of 316,223 common shares of the Company. On December 13, 2019, the maturity date of the non-convertible portion of the debenture was extended to January 31, 2020 and the interest rate was increased to 10% per annum. Effective January 31, 2020, the terms of the debenture were renegotiated and the maturity date was extended to August 31, 2020. On June 24, 2021, in terms of an Assignment and Purchase of Corporate Debt Agreement entered into, the debt holder assigned the promissory note due to him of CDN$962,085, including interest and late payment penalties thereon to Equilibris Management AG. Effective June 30, 2021, the Company entered into a Securities Exchange Agreement with Equilibris Management exchanging the CDN$962,085 promissory note with a convertible promissory note for US$771,610 bearing interest at 8% per annum, convertible into shares of common stock at a conversion price of $0.041 per share and maturing on June 22, 2022. On July 1, 2021, in terms of a conversion notice received from Equilibris Management AG, the Company issued 18,819,756 shares of common stock converting the aggregate principal amount of $771,610, thereby extinguishing the debenture. On June 24, 2021, in terms of an Assignment and Purchase of Corporate Debt Agreement entered into with a debt holder, the debt holder assigned the promissory note due to him of CDN$38,217, including interest and late payment penalties thereon to Equilibris Management AG. Effective June 30, 2021, the Company entered into a Securities Exchange Agreement with Equilibris Management exchanging the CDN$38,217 promissory note with a convertible promissory note for US$30,652 bearing interest at 8% per annum, convertible into shares of common stock at a conversion price of $0.041 per share and maturing on June 22, 2022. On July 1, 2021, in terms of a conversion notice received from Equilibris Management AG, the Company issued 747,616 shares of common stock converting the aggregate principal amount of $30,652, thereby extinguishing the debenture. (iii) On October 4, 2018, the Company entered into a debenture line of credit of $9,500,000 from Bay Private Equity and received an advance of $100,000. The debenture matured on September 17, 2019 and bears interest at 10% per annum. On September 23, 2020, the principal amount of the debenture of $100,000 plus accrued interest of $18,904 was converted into 2,161,892 shares at a conversion price of $0.055 per share. |
Convertible Debentures
Convertible Debentures | 12 Months Ended |
Aug. 31, 2021 | |
Convertible Debentures Disclosure [Abstract] | |
CONVERTIBLE DEBENTURES | 16. CONVERTIBLE DEBENTURES Principal Principal Lender Maturity Date Interest August 31, August 31, Calvary Fund I LP September 4, 2019 10.00 % - - July 31, 2021 12.00 % - 250,000 July 31, 2021 12.00 % 80,000 480,000 August 7, 2021 0 % 25,000 150,000 SBI Investments LLC October 15, 2020 10.00 % - 250,000 January 16, 2021 10.00 % - 55,000 Bay Private Equity, Inc. January 15, 2020 5.00 % - 3,661,874 February 20, 2021 5.00 % - 2,400,000 Cantone Asset Management LLC October 19, 2021 7.00 % - 300,000 December 17, 2021 7.00 % 240,000 240,000 October 19, 2021 18.00 % - 240,000 December 30, 2021 18.00 % 50,000 - July 1, 2023 8.00 % 300,000 - Private lender October 29, 2020 10.00 % 200,000 200,000 Petroleum Capital Funding LP. November 26, 2023 10.00 % 318,000 318,000 December 4, 2023 10.00 % 432,000 432,000 March 30, 2024 10.00 % 471,000 471,000 July 21, 2025 10.00 % 3,000,000 - Power Up Lending Group LTD May 7, 2021 12.00 % - 64,300 June 4, 2021 12.00 % - 69,900 June 19, 2021 12.00 % - 82,500 November 6, 2021 12.00 % - - January 12, 2022 12.00 % - - February 24, 2022 12.00 % - - April 21, 2022 12.00 % 92,125 - May 20, 2022 12.00 % 141,625 - July 2, 2022 12.00 % 114,125 - EMA Financial, LLC April 22, 2021 8.00 % 3,120 150,000 Morison Management S.A July 31, 2021 10.00 % - 192,862 October 15, 2020 10.00 % 184,251 - January 16, 2021 10.00 % 55,000 - Bellridge Capital LP. March 31, 2021 15.00 % 2,900,000 - September 30, 2021 5.00 % 1,400,000 - Stirling Bridge Resources October 29, 2021 10.00 % - - Alpha Capital Anstalt August 6, 2021 21.00 % - - Rijtec Enterprises Limited Pension scheme November 11, 2021 10.00 % - - Private lender November 30, 2021 10.00 % - - Private lender January 26, 2022 10.00 % - - Equilibris Management AG June 30, 2021 10.00 % - - June 22, 2022 8.00 % June 22, 2022 8.00 % Private lender July 24, 2022 8.00 % 120,000 - 10,126,246 10,007,436 Unamortized debt discount (3,978,710 ) (1,173,112 ) Total loans $ 6,147,536 $ 8,834,324 The maturity date of the convertible debentures are as follows: August 31, 2021 August 31, 2020 Principal classified as repayable within one year $ 5,255,874 $ 8,227,257 Principal classified as repayable later than one year 891,662 607,067 $ 6,147,536 $ 8,834,324 (a) Cavalry Fund I LP (i) On September 4, 2018, the Company issued units to Cavalry Fund I LP (“Cavalry”) for $250,000, which was originally advanced on August 9, 2018. The units consist of 250 units of $1,000 convertible debentures and a common share purchase warrant exercisable for 1,149,424 shares. The convertible debenture bore interest at 10% per annum and matured on September 4, 2019 and was convertible into common shares of the Company at a price of $0.87 per common share. The common share purchase warrants entitle the holder to acquire additional common shares of the Company at a price of $0.87 per share, expiring on September 4, 2019. On September 9, 2019, the Company repaid $75,000 of principal and $1,096 in interest in partial settlement of the convertible debenture. On September 19, 2019, the Company entered into an agreement with Calvary Fund, whereby the remaining principal and interest of $200,000 was settled by the issue of 1,111,111 common shares and a warrant exercisable for 1,111,111 common shares at an exercise price of $0.23 per share. On August 7, 2020 the Company entered into an Amended and Restated Amending Agreement (“ARA”) with Cavalry whereby the maturity date of the warrant exercisable for 1,111,111 common shares was extended to July 31, 2021 and the exercise price was amended to $0.0412 per share. (ii) On October 12, 2018, the Company issued 250 one year units to Cavalry for gross proceeds of $250,000, each unit consisting of a $1,000 principal convertible unsecured debenture, bearing interest at 10% per annum and convertible into common shares at $0.86 per share, and a common share purchase warrant exercisable for 290,500 shares at an exercise price of $0.86 per share with an expiry date of October 12, 2019. During December 2019, the maturity date of the convertible debenture was amended to October 12, 2020 and the conversion price was amended to $0.18 per share. In terms of the ARA entered into on August 7, 2020, the maturity date of the convertible debenture was amended to July 31, 2021, the interest rate was amended to 12% per annum and the conversion price was amended to $0.0412 per share. On May 26, 2021, in terms of a conversion notice received, the Company issued a total of 9,101,942 shares of common stock converting $250,000 of the aggregate principal of this note entered into on October 12,2018 and $125,000 of the aggregate principal of the note entered into on August 7, 2020, see Note 16(a)(iv) below. On July 6, 2021, in terms of a debt conversion agreement entered into with Cavalry, the Company agreed to convert unpaid interest of $22,500 on this note; and unpaid principal of $80,000 and unpaid interest of $30,560 on a convertible note entered into on August 19, 2019; and unpaid principal of $25,000 on a convertible note entered into on August 7, 2020 into 1,681,488 shares of common stock at a conversion price of $0.094 per share for a total of 1,681,488 shares, which have not been issued as yet and are subject to TSXV approval. The Company may have to renegotiate the terms of the debt conversion agreement based on the recommendations of the TSXV. (iii) On August 19, 2019, the Company issued a convertible debenture to Calvary for an aggregate principal amount of $480,000, including an original issue discount of $80,000, for net proceeds of $374,980 after certain legal expenses, and a warrant exercisable for 2,666,666 common shares at an exercise price of $0.15 per share. The convertible debenture bore interest at 3.3% per annum and matured on August 29, 2020. The convertible debenture may be converted into common shares of the Company at a conversion price of $0.17 per share. In terms of the ARA entered into on August 7, 2020, the maturity date of the convertible debenture was amended to July 31, 2021 and the conversion price was amended to $0.0412 per share and the exercise price of the warrant was amended to $0.0412 per share and the maturity date was amended to July 31, 2021. On April 13, 2021, in terms of a conversion notice received, the Company issued a total of 9,708,737 shares of common stock converting $400,000 of the aggregate principal of the note entered into on August 19, 2019. On July 6, 2021, in terms of a debt conversion agreement entered into with Cavalry, the Company agreed to convert unpaid interest of $22,500 on the note entered into on October 12, 2018; and unpaid principal of $80,000 and unpaid interest of $30,560 on this convertible note; and unpaid principal of $25,000 on a convertible note entered into on August 7, 2020 into 1,681,488 shares of common stock at a conversion price of $0.094 per share for a total of 1,681,488 shares, which have not been issued as yet and are subject to TSXV approval. The Company may have to renegotiate the terms of the debt conversion agreement based on the recommendations of the TSXV. The aggregate principal amount of $80,000 of the convertible loan, which has past the maturity date of July 31, 2021, remains outstanding. (iv) On August 7, 2020, the Company issued a convertible debenture to Calvary for an aggregate principal amount of $150,000, including an original issue discount of $25,000, for net proceeds of $125,000, and a warrant exercisable for 3,033,980 common shares at an exercise price of $0.0412 per share. The convertible debenture bore interest at 0.0% per annum and maturing on August 7, 2021. The convertible debenture may be converted into common shares of the Company at a conversion price of $0.0412 per share. On May 26, 2021, in terms of a conversion notice received, the Company issued a total of 9,101,942 shares of common stock converting $250,000 of the aggregate principal of the note entered into on October 12,2018, see note 16(a)(ii) above, and $125,000 of the aggregate principal of this note entered into on August 7, 2020. On July 6, 2021, in terms of a debt conversion agreement entered into with Cavalry, the Company agreed to convert unpaid interest of $22,500 on the note entered into on October 12, 2018; and unpaid principal of $80,000 and unpaid interest of $30,560 on the convertible note entered into on August 19, 2019; and unpaid principal of $25,000 on this convertible note, into 1,681,488 shares of common stock at a conversion price of $0.094 per share for a total of 1,681,488 shares, which have not been issued as yet and are subject to TSXV approval. The Company may have to renegotiate the terms of the debt conversion agreement based on the recommendations of the TSXV. The aggregate principal amount of $25,000 of the convertible loan, which has past the maturity date of August 7, 2021, remains outstanding. (b) SBI Investments, LLC (i) On October 15, 2018, the Company entered into an agreement with SBI Investments, LLC (“SBI”) whereby the Company issued 250 one year units for proceeds of $250,000, each debenture consisting of a $1,000 principal convertible unsecured debenture, bearing interest at 10% per annum and convertible into common shares at $0.86 per share, and a warrant exercisable for 1,162 shares of common stock at an exercise price of $0.86 per share, expiring on October 15, 2019. During December 2019, the maturity date of the convertible loan was extended to October 15, 2020 and the conversion price of the note was reset to $0.18 per share. On February 25, 2021, the Company repaid principal of $16,516 and interest thereon of $33,484, totaling $50,000 and on March 9, 2021, the Company repaid a further $49,232 of principal and interest of $768, totaling 50,000. On August 3, 2021, in terms of a debt assignment agreement entered into with Morison Management SA, SBI Investments assigned this October 15, 2018 convertible debenture and the January 26, 2020 convertible debenture to Morison Management SA. (ii) On January 16, 2020, the Company entered into an agreement with SBI whereby the Company issued a convertible promissory note for $55,000 for gross proceeds of $50,000, bearing interest at 10% per annum and convertible into common shares at $0.14 per share. The convertible note matured on January 16, 2021. In conjunction with the convertible promissory note, the Company issued a warrant exercisable for 357,142 shares of common stock at an exercise price of $0.14 per share, which warrant expired unexercised on January 16, 2021. On August 3, 2021, in terms of a debt assignment agreement entered into with Morison Management SA, SBI Investments assigned this October 15, 2018 convertible debenture and the January 26, 2020 convertible debenture to Morison Management SA (c) Bay Private Equity, Inc. (i) On September 17, 2018, the Company issued 3 one year convertible units of $1,100,000 each to Bay Private Equity, Inc. (“Bay”), including an OID of $100,000 per unit, for net proceeds of $2,979,980. These units bear interest at 5% per annum and matured one year from the date of issue. Each unit consists of one senior secured convertible debenture of $1,100,000 and 250,000 common share purchase warrants. Each convertible debenture may be converted to common shares of the Company at a conversion price of $1.00 per share. Each common share purchase warrant entitles the holder to purchase an additional common share of the Company at a price of $1.10 per share for one year after the issue date. On January 23, 2019, $400,000 of the principal outstanding was repaid out of the proceeds raised on the January 16, 2019 Bay convertible debenture, see (ii) below. During December 2019, the maturity date was extended to January 15, 2020. The maturity date was not extended further during the year and the note was in default as at August 31, 2020. On September 1, 2020, the convertible debenture was assigned to Bellridge Capital, LP (“Bellridge”). Bellridge enforced the penalty provisions of the original agreement, resulting in an increase in the capital due under the debenture by $610,312 , and an increase of 10% to the interest rate, from the date of original default which was September 19, 2019. On September 23, 2020, in accordance with the terms of the amended agreement entered into with Bellridge, the maturity date was extended to March 31, 2021 and the conversion price was amended to $0.055 per share. (ii) On January 16, 2019, the Company issued a convertible debenture of $2,400,000, including an OID of $400,000, for net proceeds of $2,000,000. The convertible debenture bears interest at 5% per annum and matured on October 15, 2019. The convertible debenture may be converted to 5,000,000 common shares of the Company at a conversion price of $0.40 per share. $400,000 of the proceeds raised was used to repay a portion of the $3,300,000 convertible debenture issued to Bay Private Equity on September 17, 2018, see (i) above. On August 20, 2020, in accordance with the terms of an amendment entered into with Bay, the maturity date was extended to February 20, 2021. On April 23, 2021, the convertible debenture was assigned to Bellridge and the terms of the debenture were amended as follows; the maturity date was extended to September 30, 2021. (d) Cantone Asset Management, LLC (i) On July 19, 2019, the Company issued a convertible debenture to Cantone Asset Management, LLC (“Cantone”) in the aggregate principal amount of $300,000, including an OID of $50,000 for net proceeds of $234,000 after certain issue expenses. The convertible debenture bears interest at 7% per annum and the gross proceeds, less the OID, of $250,000 is convertible into common shares at a conversion price of $0.19 per share, and maturing on October 19, 2020. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 1,315,789 common shares at an exercise price of $0.24 per share, expiring on October 19, 2020. On July 7, 2020, the Company entered into an Amending Agreement (“the Amendment”) whereby the conversion price of the convertible debenture was amended to $0.037 per share and the warrant exercise price was amended to $0.03 per share. On September 23, 2020, $50,000 of the principal was repaid out of the proceeds of the $300,000 convertible note issued to Cantone Asset Management. On March 17, 2021, The company entered into an amending agreement whereby the conversion price of the convertible note was amended to $0.0475 per share, the maturity date was extended to October 19, 2021 and the interest rate was amended to 18% with effect from October 20, 2020. On March 17, 2021, the Company entered into a debt conversion agreement whereby outstanding interest of $22,660 accrued until December 28, 2020 on two convertible notes was converted into 581,026 shares of common stock. The debt conversion agreement included $8,500 of interest related to this July 2019 convertible note. On June 3, 2021, the Company entered into a debt conversion agreement whereby a total amount of $132,007, consisting of outstanding interest of $92,007 accrued until June 1, 2021 on various convertible notes and a principal amount outstanding of $40,000 on one convertible note, was converted into 949,688 shares of common stock. The debt conversion agreement included $22,750 of interest related to this July 2019 convertible note. On August 30, 2021, in terms of a conversion notice received, the Company issued a total of 5,263,157 shares of common stock converting $250,000 of the aggregate principal of the note entered into on July 19, 2019, thereby extinguishing the principal due under the note. (ii) On September 17, 2019, the Company issued a convertible debenture to Cantone in the aggregate principal amount of $240,000, including an original issue discount of $40,000, for net proceeds of $200,000. The convertible debenture bears interest at 7% per annum and the gross proceeds less the OID, of $200,000 is convertible into common shares at a conversion price of $0.21 per share, and maturing on December 17, 2020. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 952,380 common shares at an exercise price of $0.26 per share, expiring on December 17, 2020. In accordance with the terms of an Amending Agreement entered into on July 7, 2020, the conversion price was amended to $0.037 per share and the warrant exercise price was amended to $0.03 per share. On March 17, 2021, The company entered into an amending agreement whereby the conversion price of the convertible note was amended to $0.0475 per share, the maturity date was extended to December 17, 2021 and the interest rate was amended to 18% with effect from October 20, 2020. On March 17, 2021, the Company entered into a debt conversion agreement whereby outstanding interest of $22,660 accrued until December 28, 2020 on two convertible notes was converted into 581,026 shares of common stock. The debt conversion agreement included $14,160 of interest related to this September 2019 convertible note. On June 3, 2021, the Company entered into a debt conversion agreement whereby a total amount of $132,007, consisting of outstanding interest of $92,007 accrued until June 1, 2021 on various convertible notes and a principal amount outstanding of $40,000 on one convertible note, was converted into 949,688 shares of common stock. The debt conversion agreement included $21,840 of interest related to this September 2019 convertible note. (iii) On October 14, 2019, the Company issued a convertible debenture to Cantone in the aggregate principal amount of $240,000, including an original issue discount of $40,000, for net proceeds of $200,000. The convertible debenture bears interest at 7% per annum and the gross proceeds less the OID, of $200,000 is convertible into common shares at a conversion price of $0.17 per share, maturing on January 14, 2021. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 1,176,470 common shares at an exercise price of $0.17 per share, expiring on January 16, 2021. In accordance with the terms of the Amendment entered into on July 7, 2020, the conversion price of the convertible debenture was amended to $0.037 per share and the warrant exercise price was amended to $0.03 per share. On January 7, 2021, in terms of a conversion notice received, the Company issued 5,405,405 shares of common stock converting $200,000 of the aggregate principal of the note entered into on October 14, 2019. On June 3, 2021, the Company entered into a debt conversion agreement whereby a total amount of $132,007, consisting of outstanding interest of $92,007 accrued until June 1, 2021 on various convertible notes and a principal amount outstanding of $40,000 on one convertible note, was converted into 949,688 shares of common stock. The debt conversion agreement included $10,367 of interest and $40,000 of principal related to this October 2019 convertible note, thereby extinguishing the note. (iv) On September 23, 2020, the Company issued a convertible debenture to Cantone Asset Management in the aggregate principal amount of $300,000, including an original issue discount of $50,000, for net proceeds of $247,500. The convertible debenture bears interest at 7% per annum and the gross proceeds less the OID, of $250,000 is convertible into common shares at a conversion price of $0.055 per share until September 23, 2021 and thereafter at $0.08 per share. The convertible debenture matures on December 23, 2021. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 4,545,454 common shares at an exercise price of $0.055 per share, expiring on December 23, 2021. On June 3, 2021, the Company entered into a debt conversion agreement whereby a total amount of $132,007, consisting of outstanding interest of $92,007 accrued until June 1, 2021 on various convertible notes and a principal amount outstanding of $40,000 on one convertible note, was converted into 949,688 shares of common stock. The debt conversion agreement included $37,050 of interest related to this September 2020 convertible note. On August 30, 2021, in terms of a conversion notice received, the Company issued a total of 4,545,454 shares of common stock converting $250,000 of the aggregate principal of the note entered into on September 2020. (v) On July 1, 2021, in terms of a subscription agreement entered into with Cantone Asset Management, LLC, the Company issued a convertible debenture in the aggregate principal amount of $300,000, bearing interest at 8% per annum and maturing on July 1, 2023 and convertible into common stock at a conversion price of $0.12 per share. In addition, the Company issued Cantone a warrant exercisable for 2,500,000 shares of common stock at an exercise price of $0.12 per share expiring on July 1, 2023. (e) Private lender On October 29, 2019, the Company issued a convertible debenture to a private lender in the aggregate principal amount of $200,000. The convertible debenture bears interest at 10.0% per annum and matured on October 29, 2020. The convertible debenture may be converted into common shares of the Company at a conversion price of $0.18 per share. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 555,555 common shares at an exercise price of $0.18 per share, expiring on October 29, 2020. The aggregate principal amount of $200,000 of the convertible loan, which has past the maturity date of October 29, 2020, remains outstanding. (f) Petroleum Capital Funding LP. All of the convertible notes issued to Petroleum Capital Funding LP. (“PCF”) are secured by a first priority lien on all bitumen reserves at the Asphalt Ridge property consisting of 8,000 acres. The Company may force the conversion of all of the convertible debentures if the trading price of the Company’s common shares on the TSXV Venture Exchange is above $0.40 for 20 consecutive trading days, with an average daily volume of greater than 1 million common shares, and has agreed to certain restrictions on paying dividends, registration rights and rights of first refusal on further debt and equity offerings. (i) On November 26, 2019, further to a term sheet entered into with PCF, the Company issued a convertible debenture in the aggregate principal amount of $318,000, including an OID of $53,000 for net proceeds of $226,025 after certain issue expenses. The convertible debenture bears interest at 10% per annum and the gross proceeds less the OID of $265,000 is convertible into common shares at a conversion price of $0.21 per share, and matures on November 26, 2023. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 1,558,730 common shares and a brokers warrant exercisable for 124,500 common shares, at an exercise price of $0.17 per share, expiring on November 26, 2023. On September 22, 2020, the Company entered into an Amending Agreement, whereby the conversion price of the convertible debenture was amended to $0.055 per share and the exercise price of the warrant exercisable for 1,558,730 shares was amended to $0.055 per share. On June 3, 2021, the Company entered into a debt conversion agreement whereby a total amount of $61,050, consisting of outstanding interest accrued until June 1, 2021 on various convertible notes was converted into 439,209 shares of common stock. The debt conversion agreement included $15,900 of interest related to this November 2019 convertible note. (ii) On December 4, 2019, the Company concluded its second closing as contemplated by the term sheet entered into with PCF per (i) above and issued a convertible debenture in the aggregate principal amount of $432,000, including an OID of $72,000 for net proceeds of $318,600 after certain issue expenses. The convertible debenture bears interest at 10% per annum and the gross proceeds less the OID of $360,000 is convertible into common shares at a conversion price of $0.21 per share, and matures on December 4, 2023. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 2,117,520 common shares and a brokers warrant exercisable for 169,200 common shares, at an exercise price of $0.17 per share, expiring on December 4, 2023. On September 22, 2020, the Company entered into an Amending Agreement, whereby the conversion price of the convertible debenture was amended to $0.055 per share and the exercise price of the warrant exercisable for 2,117,520 shares was amended to $0.055 per share. On June 3, 2021, the Company entered into a debt conversion agreement whereby a total amount of $61,050, consisting of outstanding interest accrued until June 1, 2021 on various convertible notes was converted into 439,209 shares of common stock. The debt conversion agreement included $21,600 of interest related to this December 2019 convertible note. (iii) On March 30, 2020, the Company concluded its third closing as contemplated by the term sheet entered into with PCF per (i) above and issued a convertible debenture in the aggregate principal amount of $471,000, including an OID of $78,500 for net proceeds of $347,363 after certain issue expenses. The convertible debenture bears interest at 10% per annum and the gross proceeds less the OID of $392,500 is convertible into common shares at a conversion price of $0.21 per share, and matures on March 30, 2024. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 4,906,250 common shares and a brokers warrant exercisable for 392,500 common shares, at an exercise price of $0.17 per share, expiring on March 30, 2024. On September 22, 2020, the Company entered into an Amending Agreement, whereby the conversion price of the convertible debenture was amended to $0.055 per share and the exercise price of the warrant exercisable for 4,906,250 shares was amended to $0.055 per share. On June 3, 2021, the Company entered into a debt conversion agreement whereby a total amount of $61,050, consisting of outstanding interest accrued until June 1, 2021 on various convertible notes was converted into 439,209 shares of common stock. The debt conversion agreement included $23,550 of interest related to this March 2020 convertible note. (iv) On July 21, 2021, in terms of a subscription agreement for debentures and warrants, the Company entered into a convertible debenture agreement with PCF in the aggregate principal amount of $3,000,000 including an OID of $500,000 for net proceeds of $2,191,000 after placement fees and expense allowances of $309,000. The convertible debenture bears interest at 10% per annum and the gross proceeds of $2,500,000 is convertible into common shares at a conversion price of $0.12 per share, subject to anti-dilution adjustments and matures on July 21, 2025. The company also entered into a registration rights agreement with PCF, whereby the Company has agreed to register any securities that the convertible note is convertible into and any warrant shares issuable in terms of the subscription agreement for debentures and warrants. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 20,833,333 common shares and a brokers warrant exercisable for 5,208,333 common shares, at an exercise price of $0.12 per share, expiring on July 21, 2025. (g) Power Up Lending Group LTD. (i) On May 7, 2020, the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $64,300, including an original issue discount of $6,300, for net proceeds of $55,000 after certain expenses. The note bears interest at 12% per annum and matures on May 7, 2021. The note may be prepaid subject to certain prepayment penalties ranging from 110% to 130% based on the period of prepayment. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to 75% of the average of the lowest three trading bid prices during the previous fifteen prior trading days. Between November 11, 2020 and November 13, 2020, Power Up converted the aggregate principal sum of $64,300, including interest thereon of $3,480 into 2,256,939 common shares, thereby extinguishing the note. (ii) On June 4, 2020, the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $69,900, including an original issue discount of $6,900, for net proceeds of $60,000 after certain expenses. The note bears interest at 12% per annum and matures on June 4, 2021. The note may be prepaid subject to certain prepayment penalties ranging from 110% to 130% based on the period of prepayment. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to 75% of the average of the lowest three trading bid prices during the previous fifteen prior trading days. Between December 15, 2020 and January. 4, 2021, Power Up converted the aggregate principal sum of $69,900, including interest thereon of $3,780 into 2,306,558 common shares, thereby extinguishing the note. (iii) On June 19, 2020, the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $82,500, including an original issue discount of $7,500, for net proceeds of $72,000 after certain expenses. The note bears interest at 12% per annum and matures on June 19, 2021. The note may be prepaid subject to certain prepayment penalties ranging from 110% to 130% based on the period of prepayment. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to 75% of the average of the lowest three trading bid prices during the previous fifteen prior trading days. Between January 7, 2021 and January 20, 2021, Power Up converted the aggregate principal sum of $82,500, including interest thereon of $4,500 into 2,668,712 common shares, thereby extinguishing the note. (iv) On November 6, 2020, the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $140,800, including an original issue discount of $12,800, for net proceeds of $125,000 after certain expenses. The note bears interest at 12% per annum and matures on November 6, 2021. The note may be prepaid subject to certain prepayment penalties ranging from 110% to 130% based on the period of prepayment. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to 75% of the average of the lowest three trading bid prices during the previous fifteen prior trading days. Between May 10, 2021 and May 19, 2021, Power Up converted the aggregate principal sum of $140,800, including interest thereon of $7,680 into 4,476,477 common shares, thereby extinguishing the note. (v) On January 12, 2021, the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $86,350, including an original issue discount of $11,350, for net proceeds of $75,000 after certain expenses. The note bears interest at 12% per annum and matures on November 6, 2021. The note may be prepaid subject to certain prepayment penalties ranging from 110% to 130% based on the period of prepayment. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to 75% of the average of the lowest three trading bid prices during the previous fifteen prior trading days. Between July 13, 2021 and July 14, 2021, Power Up converted the aggregate principal sum of $86,350, including interest thereon of $4,710 into 1,049,835 common shares, thereby extinguishing the note. (vi) On February 25, 2021, the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $86,350, including an original issue discount of $11,350, for net proceeds of $75,000 after certain expenses. The note bears interest at 12% per annum and matures on February 24, 2022. The note may be prepaid subject to certain prepayment penalties ranging from 110% to 130% based on the period of prepayment. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to 75% of the averag |
Federal Relief Loans
Federal Relief Loans | 12 Months Ended |
Aug. 31, 2021 | |
Federal Relief Loans [Abstract] | |
FEDERAL RELIEF LOANS | 17. FEDERAL RELIEF LOANS Small Business Administration Disaster Relief loan On June 16, 2020, Petroteq Oil Recovery, LLC, received a Small Business Economic Injury Disaster loan amounting to $150,000, bearing interest at 3.75% per annum and repayable in monthly installments of $731 commencing twelve months after inception with the balance of interest and principal repayable on June 16, 2050. The loan is secured by all tangible and intangible assets of the Company. The proceeds are to be used for working capital purposes to alleviate economic injury caused by the COVID-19 pandemic. On May 1, 2020 and July 27, 2020, Petroteq CA, Inc, received a Small Business Economic Injury Disaster loan amounting to $10,000 and $150,000, respectively, bearing interest at 3.75% per annum and repayable in monthly installments of $731 commencing twelve months after inception with the balance of interest and principal repayable on July 27, 2050. The loan is secured by all tangible and intangible assets of the Company. The proceeds are to be used for working capital purposes to alleviate economic injury caused by the COVID-19 pandemic. Payroll Protection Plan loans (“PPP Loans”) On April 11, 2020, Petroteq Oil Recovery, LLC, received a PPP Loan amounting to $133,600, bearing interest at 1.00% per annum and repayable in a single payment after 2 years. The loan may be forgiven subject to certain terms and conditions and the use of funds by the Company. Forgiveness is not automatic and will be assessed by the lender once applied for. On January 20, 2021, Petroteq Oil Recovery, LLC, received a further PPP Loan amounting to $133,826, bearing interest at 1.00% per annum and repayable in a single payment after 5 years. The loan may be forgiven subject to certain terms and conditions and the use of funds by the Company. Forgiveness is not automatic and will be assessed by the lender once applied for. On April 23, 2020, Petroteq CA, Inc, received a PPP Loan amounting to $133,890, bearing interest at 0.98% per annum and repayable in monthly installments commencing on October 23, 2020. The loan may be forgiven subject to certain terms and conditions and the use of funds by the Company. Forgiveness is not automatic and will be assessed by the lender once applied for. On May 3, 2021, The PPP loan amounting to $133,890 and all accrued interest thereon was forgiven. On February 3, 2021, Petroteq CA, Inc, received a PPP Loan amounting to $133,890, bearing interest at 0.98% per annum and repayable in monthly installments commencing on December 3, 2021. The loan may be forgiven subject to certain terms and conditions and the use of funds by the Company. Forgiveness is not automatic and will be assessed by the lender once applied for. |
Derivative Liability
Derivative Liability | 12 Months Ended |
Aug. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITY | 18. DERIVATIVE LIABILITY Convertible note issued to several lenders, disclosed in note 14(h), (i) and (j), above have conversion rights that are linked to the Company’s stock price, at a factor ranging from 50% to 75% of an average stock price over a period ranging from 15 to 20 days prior to the date of conversion. These conversion rights may also include a fixed maximum conversion price. The number of shares issuable upon conversion of these convertible notes is therefore not determinable until conversion takes place. The Company has determined that these conversion features meet the requirements for classification as derivative liabilities and has measured their fair value using a Black Scholes valuation model which takes into account the following factors: ● Historical share price volatility; ● Maturity dates of the underlying securities being valued; ● Risk free interest rates; and ● Expected dividend policies of the Company. The fair value of the derivative liabilities was initially recognized as a debt discount and was re-assessed at August 31, 2020, with a total change in fair value of $187,401 charged to the consolidated statement of loss and comprehensive loss. The value of the derivative liability will be re-assessed at each financial reporting date, with any movement thereon recorded in the statement of loss and comprehensive loss in the period in which it is incurred. The following assumptions were used in the Black-Scholes valuation model: Year ended Conversion price CAD$0.03 to CAD$0.25 Risk free interest rate 0.18 to 2.12 % Expected life of derivative liability 6 to 12 months Expected volatility of underlying stock 93.9 to 231.8 % Expected dividend rate 0 % The movement in derivative liability is as follows: August 31, Opening balance $ 841,385 Derivative financial liability arising from convertible notes 653,826 Fair value adjustment to derivative liability (1,173,025 ) $ 322,186 |
Reclamation and Restoration Pro
Reclamation and Restoration Provisions | 12 Months Ended |
Aug. 31, 2021 | |
Reclamationand Restoration Provisions [Abstract] | |
RECLAMATION AND RESTORATION PROVISIONS | 19. RECLAMATION AND RESTORATION PROVISIONS Oil Extraction Site Facility Restoration Total Balance at August 31, 2019 $ 498,484 2,472,013 2,970,497 Accretion expense - - - Balance at August 31, 2020 498,484 2,472,013 2,970,497 Accretion expense - - - Balance at August 31, 2021 $ 498,484 $ 2,472,013 $ 2,970,497 (a) Oil Extraction Plant In accordance with the terms of the sub-lease agreement disclosed in note 9 above, the Company is required to dismantle its oil extraction plant at the end of the lease term. During the year ended August 31, 2015, the Company recorded a provision of $350,000 for dismantling the facility. During the year ended August 31, 2019, in accordance with the requirements to provide a surety bond to the Utah Division of Oil Gas and Mining in terms of the amendment to the Notice of Intent to Commence Large Mining Operations at an estimated production of 4,000 barrels per day, the Company estimated that the cost of dismantling the oil extraction plant and related equipment would increase to $498,484. The discount rate used in the calculation is estimated to be 2.32% on operations that are expected to commence in September 2021. Because of the long-term nature of the liability, the greatest uncertainties in estimating this provision are the costs that will be incurred and the timing of the dismantling of the oil extraction facility. In particular, the Company has assumed that the oil extraction facility will be dismantled using technology and equipment currently available and that the plant will continue to be economically viable until the end of the lease term. The discount rate used in the calculation of the provision as at August 31, 2019 was 2.0%. (b) Site restoration In accordance with environmental laws in the United States, the Company’s environmental permits and the lease agreements, the Company is required to restore contaminated and disturbed land to its original condition before the end of the lease term, which is expected to be in 25 years. During the year ended August 31, 2015, the Company provided $200,000 for this purpose. The site restoration provision represents rehabilitation and restoration costs related to oil extraction sites. This provision has been created based on the Company’s internal estimates. Significant assumptions in estimating the provision include the technology and equipment currently available, future environmental laws and restoration requirements, and future market prices for the necessary restoration works required. During the year ended August 31, 2019, in accordance with the requirements to provide a surety bond to the Utah Division of Oil Gas and Mining in terms of the amendment to the Notice of Intent to Commence Large Mining Operations at an estimated production of 4,000 barrels per day, the Company estimated that the cost of restoring the site would increase to $2,472,013. The discount rate used in the calculation is estimated to be 2.32% on operations that are expected to commence in September 2021. The discount rate used in the calculation of the provision as at August 31, 2019 was 2.0%. |
Common Shares
Common Shares | 12 Months Ended |
Aug. 31, 2021 | |
Common Shares [Abstract] | |
COMMON SHARES | 20. COMMON SHARES Authorized unlimited common shares without par value Issued and Outstanding 564,159,881 common shares as at August 31, 2021. (a) Settlement of liabilities Between September 21 2021 and December 10, 2020, the Company issued 71,632,237 common shares valued at $3,481,483 to several vendors in settlement of $3,433,200 of trade debt. (b) Settlement of directors fees On July 12, 2021, the Company issued 1,964,108 common shares valued at $137,488 to four directors in partial settlement of directors fees outstanding. (c) Common share subscriptions Between November 13, 2020 and July 27, 2021, the Company issued 28,490,802 common shares to various investors for net proceeds of $2,781,949. (d) Convertible debt conversions Between October 1, 2020 and August 30, 2021, in terms of conversion notices received, the Company issued 171,906,658 common shares valued at $8,156,018 and 12,846,973 warrants valued at $500,063 in settlement of convertible debt of $7,622,160. (e) Restricted stock awards On January 25 2021, the Company issued 1,000,000 restricted common shares valued at $58,879 to its COO as part of his compensation package. (f) Compensation for services On June 10, 2021, the Company issued 25,000 shares valued at $3,411 as compensation for services rendered to the Company. (g) Subscription receipts During August 2021 the company received $750,000 from a private investor in terms of an irrevocable subscription agreement for the issue of 6,250,000 units, at an issue price of $0.12 per unit. Each unit consists of one common share and one transferable share purchase warrant exercisable at $0.12 per share, for a period of twenty four months from closing. Due to the suspension of trading by the TSXV, these shares have not been issued as yet. |
Stock Options
Stock Options | 12 Months Ended |
Aug. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS | 21. STOCK OPTIONS (a) Stock option plan The Company has a stock option plan which allows the Board of Directors of the Company to grant options to acquire common shares of the Company to directors, officers, key employees and consultants. The option price, term and vesting are determined at the discretion of the Board of Directors, subject to certain restrictions as required by the policies of the TSX Venture Exchange. The stock option plan is a 20% fixed number plan with a maximum of 112,831,976 common shares reserved for issue at August 31, 2021. On August 7, 2020, the Company issued a five-year option exercisable for 3,000,000 common shares, vesting over nine months, at an exercise price of CAD$0.085 per share to its newly appointed Chief Operating Officer. On August 20, 2020, the Company issued a six-month option exercisable for 2,220,000 common shares, vesting immediately, at an exercise price of CAD$0.11 per share to a lender. No stock options were granted for the year ended August 31, 2021. During the year ended August 31, 2021 the share-based compensation expense of $603,244 (2020 - $887,818) relates to the vesting of options granted during the prior fiscal years. (b) Stock options Stock option transactions under the stock option plan were: Year ended Year ended Number of Options Weighted average Number of options Weighted average Balance, beginning of period 9,470,000 CAD$ 1.20 9,808,333 CAD$ 1.20 Options granted - - 5,220,000 CAD$ 0.10 Options forfeited (2,220,000 ) CAD$ 1.14 (5,558,333 ) CAD$ 1.14 Balance, end of period 7,250,000 CAD$ 0.63 9,470,000 CAD$ 0.63 Stock options outstanding and exercisable as at August 31, 2021 are: Expiry Date Exercise Price Options Options August 7, 2025 CAD$ 0.085 3,000,000 3,000,000 November 30, 2027 CAD$ 2.270 950,000 950,000 June 5, 2028 CAD$ 1.000 3,300,000 3,300,000 7,250,000 7,250,000 Weighted average remaining contractual life 5.5 years 5.5 years |
Share Purchase Warrants
Share Purchase Warrants | 12 Months Ended |
Aug. 31, 2021 | |
Share Purchase Warrants Disclosure [Abstract] | |
SHARE PURCHASE WARRANTS | 22. SHARE PURCHASE WARRANTS From September 17, 2019 to August 7, 2020, the Company issued 19,384,900 warrants to convertible debt note holders and subscribers for common shares, in accordance with the terms of subscription unit agreements entered into with the convertible note holders and subscribers. The fair value of the warrants granted was estimated at $918,147 using the relative fair value method. In addition, warrants valued on debt extinguishment agreements entered into with certain convertible note holders, whereby the exercise price and in certain cases, the expiry date of the warrant were amended, amounted to $78,792. From January 26, 2021 to July 27, 2021, the Company issued a total of 66,496,016 warrants for common shares of which 17,874,966 were issued in terms of subscription agreements entered into with investors and a further 42,835,635 warrants issued in terms of convertible debt subscriptions and 5,785,415 brokers warrants issued in terms of the subscription agreements mentioned above. The share purchase warrants issued, during the year ended August 31, 2021, were valued at $3,835,673 using the relative fair value method. The fair value of share purchase warrants was estimated using the Black-Scholes valuation model utilizing the following weighted average assumptions: Year ended Exercise price $ 0.0475 to 0.12 Expected share price volatility 135.5 to 181.4 % Risk-free interest rate 0.14 to 0.84 % Expected term 0.6 to 4.45 Warrants exercisable for 26,999,167 common shares at exercise prices ranging from $0.18 to $3.427 and warrants exercisable over 9,776,815 common shares at exercise prices ranging from $0.22 and $21.53 per share expired during the year ended August 31, 2021 and 2020, respectively. Warrants for 14,690,739 common shares were exercised for gross proceeds of $635,706 for the year ended August 31, 2021. During August 2021 the company received $750,000 from a private investor in terms of an irrevocable subscription agreement for the issue of 6,250,000 units, at an issue price of $0.12 per unit. Each unit consists of one common share and one transferable share purchase warrant exercisable at $0.12 per share, for a period of twenty four months from closing. Due to the suspension of trading by the TSXV, these warrants have not been issued as yet. A summary of the Company’s warrant activity during the period September 1, 2019 and August 31, 2021 is as follows: Year ended Year ended Number of Options Weighted average Number of options Weighted average Balance, beginning of period 48,342,714 $ 0.4254 38,734,629 $ 0.7119 Warrants granted 66,496,016 0.1021 19,384,900 0.0824 Warrants exercised (14,690,739 ) 0.0433 - - Warrants forfeited (26,999,167 ) 0.7042 (9,776,815 ) 0.8675 Balance, end of period 73,148,824 $ 0.1053 48,342,714 $ 0.4254 The following table summarizes information about warrants outstanding as of August 31, 2021: Warrants outstanding and exercisable Exercise price Number of shares Weighted average $ 0.0550 8,582,500 2.44 $ 0.0562 12,846,973 3.33 $ 0.0800 392,500 2.58 $ 0.1000 276,512 1.41 $ 0.1200 47,827,077 3.52 $ 0.1400 151,785 3.39 $ 0.1700 293,700 2.25 $ 0.2300 2,777,777 0.08 $ 0.1053 73,148,824 3.21 |
Diluted Loss Per Share
Diluted Loss Per Share | 12 Months Ended |
Aug. 31, 2021 | |
Diluted Loss Per Share [Abstract] | |
DILUTED LOSS PER SHARE | 23. DILUTED LOSS PER SHARE The Company’s potentially dilutive instruments are convertible debentures and stock options and share purchase warrants. Conversion of these instruments would have been anti-dilutive for the periods presented and consequently, no adjustment was made to basic loss per share to determine diluted loss per share. These instruments could potentially dilute earnings per share in future periods. For the years ended August 31, 2021 and 2020, the following stock options, share purchase warrants and convertible securities were excluded from the computation of diluted loss per share as the result of the computation was anti-dilutive: Year ended Year ended Share purchase options 7,250,000 9,470,000 Share purchase warrants 73,148,824 48,342,714 Convertible securities 118,391,331 93,941,474 198,790,155 151,754,188 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 24. RELATED PARTY TRANSACTIONS Related party transactions not otherwise separately disclosed in these consolidated financial statements are: The Company owes outstanding directors fees of $264,064 and $235,165 as at August 31, 2021 and 2020, respectively, and outstanding salaries and fees to officers and directors of $447,500 and $328,075 for the years ended August 31, 2021 and 2020. Related party payables and receivables represent non-interest-bearing (payables) receivables that are due on demand. The balances outstanding are as follows: Related Party payables August 31, 2021 August 31, 2020 Aleksandr Blyumkin $ 493,549 $ 555,647 Robert Dennewald - 125,000 $ 493,549 $ 680,647 Alex Blyumkin On September 19, 2019 and July 31, 2020, Mr. Blyumkin subscribed for 696,153 and 15,000,000 common shares for gross proceeds of $90,500 and $600,000. On August 20, 2020, a Company controlled by Mr. Blyumkin entered into a debt settlement agreement, whereby 2,356,374 shares were issued to settle an outstanding promissory note of $94,255. On April 28, 2021, Mr. Blyumkin subscribed for 1,166,666 common shares at a price of $0.06 per share for gross proceeds of $70,000. On July 12, 2021, the Company issued Mr. Blyumkin 578,480 common shares valued at $40,494 in partial settlement of directors fees outstanding. On July 27, 2021, Mr. Blyumkin subscribed for 1,875,000 units at a price of $0.12 per unit for gross proceeds of $225,000. Mr. Blyumkin has resigned as an officer and director of the Company effective August 6, 2021. The Company owed Mr. Blyumkin $493,549 and $555,647 as at August 31, 2021 and 2020, respectively. George Stapleton On January 25, 2021, Mr. Stapleton was awarded 1,000,000 common shares valued at $58,879 as part of his compensation package. On August 7, 2020, Mr. Stapleton was awarded options exercisable for 3,000,000 common shares exercisable at $0.085 per share and valued at $165,855. The options vested over an eight month period. On November 30, 2021, Mr. George Stapleton retired as the Chief Operating Officer of the Company. Dr. Gerald Bailey On July 12, 2021, the Company issued Dr. Bailey 578,480 common shares valued at $40,494 in partial settlement of directors fees outstanding. On August 6, 2021, the Board of Directors of the Company has appointed Dr. R. Gerald Bailey, a current director and former Chief Executive Officer of the Company, as Chairman of the Board of Directors and Interim Chief Executive Officer. The Company has not entered into a written employment agreement with Dr. Bailey. Dr. Bailey is entitled to cash compensation of $10,000 per month in his new role. The Board of Directors is responsible for reviewing compensation paid to the Company’s executive officers on an annual basis. Robert Dennewald On October 31, 2019 and March 11, 2020, Mr. Dennewald advanced the Company $50,000 and $25,000, respectively as short-term loans. The loans are interest free The total loans outstanding as of August 31, 2020 was $125,000. During June 2021, in terms of an exchange agreement entered into with Mr. Dennewald, Mr. Dennewald exchanged three promissory notes dated August 1, 2019, October 31, 2019 and March 3, 2020 totaling $125,000 for a $125,000 convertible promissory note bearing interest at 8% per annum and maturing on February 12, 2022. On June 10, 2021, in terms of an Assignment and Purchase of Debt Agreement entered into between Mr. Dennewald and Equilibris Management AG (“Equilibris”), the $125,000 Convertible Promissory Note owing to the director was purchased and assigned to Equilibris. On July 12, 2021, the Company issued Mr. Dennewald 578,480 common shares valued at $40,494 in partial settlement of directors fees outstanding. The Company owed Mr. Dennewald $0 and $125,000 in terms of promissory notes due to him as at August 31, 2021 and 2020. James Fuller On July 12, 2021, the Company issued Mr. Fuller 228,668 common shares valued at $16,007 in partial settlement of directors fees outstanding. Vladimir Podlipsky The Board of Directors has appointed Dr. Vladimir Podlipsky, currently the Chief Technology Officer of the Company, as a director, with effect from August 6, 2021, to fill the vacancy on the Board created by Mr. Blyumkin’s resignation. Ron Cook Mr. Cook was appointed as the Chief Financial Officer of the Company with effect from October 31, 2021. Mark Korb Mr. Korb resigned as CFO of the Company with effect from October 31, 2021. |
Investments
Investments | 12 Months Ended |
Aug. 31, 2021 | |
Investments Text Block [Abstract] | |
INVESTMENTS | 25. INVESTMENTS On November 11, 2016, the Company and three other parties entered into an agreement for the operation of a website for careers in the oil and gas industry. The Company has a 25% interest in this venture and had made advances of $68,331 to the venture as of August 31, 2018. Due to the lack of activity in the venture, the Company has fully provided against the investment of $68,331. On November 1, 2017, the Company entered into an agreement with First Bitcoin Capital Corp. (“FBCC”), a global developer of blockchain-based applications, to design and develop a blockchain-powered supply chain management platform for the oil and gas industry to be marketed to oil and gas producers and operators. On January 8, 2018, the Company paid the first instalment of $100,000 which had been applied to operating costs incurred by Petrobloq, LLC related to an office lease beginning March 1, 2018 and research costs related to payments to the development team consisting of four employees. During the year ended August 31, 2019, the Company incurred a further $152,500 in costs related to the agreement and on September 6, 2019, the Company agreed to pay 250,000 common shares to FBCC as a final settlement of the agreement. The investment has been fully provided for as of August 31, 2020. |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Aug. 31, 2021 | |
Selling, General and Administrative Expenses[Abstract] | |
SELLING, GENERL AND ADMINISTRATIVE EXPENSES | 26. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses consists of the following: Year ended Year ended Investor relations and public relations $ 45,000 $ (92,179 ) Professional fees 1,596,754 2,614,540 Salaries and wages 350,478 1,043,647 Share-based compensation 603,244 887,818 Travel and promotional expenses 700,724 713,662 Other 922,424 1,016,257 $ 4,218,624 $ 6,183,745 |
Financing Costs, Net
Financing Costs, Net | 12 Months Ended |
Aug. 31, 2021 | |
Financing Costs Net [Abstract] | |
FINANCING COSTS, NET | 27. FINANCING COSTS, NET Financing costs, net, consists of the following: Year ended Year ended Interest and penalty on borrowings $ 1,820,459 $ 1,256,985 Amortization of debt discount 2,907,121 1,414,626 $ 4,727,580 $ 2,671,611 |
Other Expense (Income), Net
Other Expense (Income), Net | 12 Months Ended |
Aug. 31, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER EXPENSE (INCOME), NET | 28. OTHER EXPENSE (INCOME), NET Other expense (income), net, consists of the following: Year ended August 31, Year ended August 31, Loss (gain) on settlement of liabilities $ 48,283 $ (524,971 Loss on conversion of convertible debt 1,033,921 744,918 Loss (gain) on debt extinguishment 416,480 (54,378 ) Penalty on convertible notes 202,908 610,312 Forgiveness of federal relief loans (133,890 ) - Interest income (3,800 ) (29,317 ) $ 1,563,902 $ 746,564 |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 29. INCOME TAXES The Company’s deferred tax assets (liabilities), resulting from temporary differences that will change taxable incomes of future years, are: August 31, August 31, Property, plant and equipment and intangible assets $ (24,049,200 ) $ (18,502,900 ) Non-capital tax loss carry-forwards 14,418,180 Other tax-related balances and credits (208,332 ) (160,286 Valuation allowance 8,264,332 4,247,006 Net deferred tax assets (liabilities) $ - $ - A reconciliation of the provision for income taxes is: Year ended August 31, Year ended August 31, Net loss before income taxes $ 9,474,243 $ 12,379,067 Combined federal and state statutory income tax rates 26.5 % 26.5 % Tax recovery using the Company’s domestic tax rate 2,510,674 3,280,453 Effect of tax rates in foreign jurisdictions - - Net effect of (non-deductible) deductible items (1,814,000 ) (2,369,610 ) Current year deductible amounts 1,254,163 1,638,692 Current period losses not recognized (1,950,837 ) (2,549,535 ) Provision for income taxes $ - $ - As at August 31, 2021, the Company has, on a consolidated basis, non-capital losses of approximately $XX million for income tax purposes which may be used to reduce taxable incomes of future years. If unused, these losses will expire between 2031and 2041. |
Segment Information
Segment Information | 12 Months Ended |
Aug. 31, 2021 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | 30. SEGMENT INFORMATION The Company operated in two reportable segments within the USA during the year ended August 31, 2021 and 2020, 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, 2021 and 2020. Other information about reportable segments are: August 31, 2021 Oil Mining (in ’000s of dollars) Extraction Operations Consolidated Additions to non-current assets $ 5,513 - 5,513 Reportable segment assets 47,795 33,240 81,035 Reportable segment liabilities $ (14,782 ) (100 ) (14,882 ) 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, 2021 (in ’000s of dollars) Oil Mining Consolidated Revenue from license fees $ 2,000 $ - $ 2,000 Revenues from hydrocarbon sales - - - Production and maintenance costs (2,091 ) - (2,091 ) Gross Loss (91 ) - (91 ) Expenses Depreciation, depletion and amortization 46 - 46 Selling, general and administrative expenses 4,219 - 4,219 Investor relations 45 - 45 Professional fees 1,597 - 1,597 Salaries and wages 350 - 350 Share-based compensation 666 - 666 Travel and promotional expenses 701 - 701 Other 860 - 860 Financing costs 4,727 - 4,727 Other expense (income) 1,564 - 1,564 Loss on settlement of liabilities 48 - 48 Loss on conversion of convertible debt 1,034 - 1,034 Loss on debt extinguishment 417 - 417 Penalty on convertible notes 203 203 Forgiveness of federal relief loans (134 ) (134 ) Interest income (4 ) (4 ) Derivative liability movements (1,173 ) - (1,173 ) Net loss $ (9,474 ) $ - $ (9,474 ) August 31, 2020 (in ’000s of dollars) Oil 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 ) 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 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 31. COMMITMENTS AND CONTINGENCIES The company has commitments under equipment financing arrangements entered into in prior periods, see Note 11, above. Maturity of Leases The amount of future minimum lease payments under finance leases is as follows: August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 80,700 Total instalments due under finance leases $ 80,700 The Company has entered into an office lease arrangement which, including the Company’s share of operating expenses and property taxes, will require estimated minimum annual payments of: August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 62,903 1 to 2 years 64,790 2 to 3 years 66,734 Total instalments under operating leases $ 194,427 Legal Matters On December 27, 2018, the Company executed and delivered: (i) a Settlement Agreement (the “Settlement Agreement”) with Redline Capital Management S.A. (“Redline”) and Momentum Asset Partners II, LLC; (ii) a secured promissory note payable to Redline in the principal amount of $6,000,000 (the “Note”) with a maturity date of 27 December 2020, bearing interest at 10% per annum; and (iii) a Security Agreement (together with the Settlement Agreement and the Note, the “Redline Agreements”) among the Company, Redline, and TMC Capital, LLC (“TMC”), an indirect wholly-owned subsidiary of the Company. After undertaking an in-depth analysis of the Redline Agreements in the context of the underlying transactions and events, special legal counsel to the Company has opined that the Redline Agreements are likely void and unenforceable. The Company’s special legal counsel regards the possibility of Redline’s success in pursuing any claims against the Company or TMC under the Redline Agreements as less than reasonably possible and therefore no provision has been raised against these claims. The Company is currently evaluating the options and remedies that are available to it to ensure that the Redline Agreements are declared as void or are rescinded and extinguished. |
Management of Capital
Management of Capital | 12 Months Ended |
Aug. 31, 2021 | |
Management Of Capital [Abstract] | |
MANAGEMENT OF CAPITAL | 32. MANAGEMENT OF CAPITAL The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to maintain a flexible capital structure which optimizes the costs of capital. The Company considers its capital for this purpose to be its shareholders’ equity and debt and convertible debentures. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may seek additional financing or dispose of assets. In order to facilitate the management of its capital requirements, the Company monitors its cash flows and credit policies and prepares expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The budgets are approved by the Board of Directors. There are no external restrictions on the Company’s capital. |
Management of Financial Risks
Management of Financial Risks | 12 Months Ended |
Aug. 31, 2021 | |
Management of Financial Risks [Abstract] | |
MANAGEMENT OF FINANCIAL RISKS | 33. MANAGEMENT OF FINANCIAL RISKS The risks to which the Company’s financial instruments are exposed to are: (a) Credit risk Credit risk is the risk of unexpected loss if a customer or third party to a financial instrument fails to meet contractual obligations. The Company is exposed to credit risk through its cash held at financial institutions, trade receivables from customers and notes receivable. The Company has cash balances at various financial institutions. The Company has not experienced any loss on these accounts, although balances in the accounts may exceed the insurable limits. The Company considers credit risk from cash to be minimal. Credit extension, monitoring and collection are performed for each of the Company’s business segments. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current creditworthiness, as determined by a review of the customer’s credit information. Accounts receivable, collections and payments from customers are monitored and the Company maintains an allowance for estimated credit losses based upon historical experience with customers, current market and industry conditions and specific customer collection issues. At August 31, 2021 and 2020, the Company had $17,303 and $12,830 in trade and other receivables, respectively and $522,959 and $89,159 in notes receivable, respectively. The Company considers it maximum exposure to credit risk to be its trade and other receivables and notes receivable. The Company expects to collect these amounts in full and has not provided an expected credit loss allowance against these amounts. (b) Interest rate risk Interest rate risk is the risk that changes in interest rates will affect the fair value or future cash flows of the Company’s financial instruments. The Company is exposed to interest rate risk as a result of holding fixed rate obligations of varying maturities as well as through certain floating rate instruments. The Company considers its exposure to interest rate risk to be minimal. (c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities as they become due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments. The Company has included both the interest and principal cash flows in the analysis as it believes this best represents the Company’s liquidity risk. At August 31, 2021 Contractual cash flows Carrying 1 year More than (in ’000s of dollars) amount Total or less 2 - 5 years 5 years Accounts payable $ 2,106 $ 2,106 $ 2,106 $ - $ - Accrued liabilities 1,565 1,565 1,565 - - Convertible debenture 6,148 12,084 6,690 5,394 - Finance lease liabilities 75 81 81 - - Operating lease liabilities 167 195 63 132 - Federal relief loans 728 1,070 292 53 725 $ 10,789 $ 17,101 $ 10,797 $ 5,579 $ 725 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Aug. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 34. SUBSEQUENT EVENTS Events after the reporting date not otherwise separately disclosed in these consolidated financial statements are: (a) Suspension of trading on the TSXV Exchange The company is under a cease trade order invoked by the TSXV on August 6, 2021. The Company filed the 2021 Q3 Filings on SEDAR and with the United States Securities and Exchange Commission (the “ SEC As a result of the issuance of the CTO on August 6, 2021, the Exchange suspended trading of the Company’s Common Shares. As part of the Exchange’s review of the Company’s reinstatement application, the Exchange reviewed the Company’s financial statements for the three and nine months ended May 31, 2021 and raised concerns over unapproved filings. As a result of an internal investigation the Company identified several (“Canada”) and EDGAR (“United States”) which had not been submitted for approval by Toronto Stock Exchange. Based on the Company’s initial review of the Transactions, it is estimated that a total of 54,370,814 Common Shares were issued as a result of the Transactions. While some of the issued Common Shares, namely, 4,336,972, are estimated to have been issued at prices above what the Exchange would have otherwise approved, 50,033,842 are estimated to have been issued at share prices below what the Exchange generally approves for convertible securities. While the Company is now making the necessary submissions with the Exchange for the Transactions, they may not all be accepted for approval by the Exchange and as a condition of reinstatement to trading on the Exchange the Company may need to take remedial action to bring the Transactions into compliance. The Transactions, described below, were all disclosed in the Company’s financial statements (all dollar amounts are expressed in U.S. currency unless otherwise indicated): ● On May 7, 2020, the Company issued to an arm’s length lender a $64,300 convertible note (including a 10% original issue discount) for a purchase price of $58,000, bearing interest at 12% per annum, maturing on May 7, 2021, and convertible into Common Shares. The note was ultimately converted on November 12, 2020 ($25,000 at $0.0308 for 811,688 Common Shares), November 13, 2020 ($20,000 at $0.0296 for 675,676 Common Shares) and November 13, 2020 ($22,780, including $3,480 of accrued and unpaid interest, at $0.0296 for 769,595 Common Shares). There is currently no principal or interest remaining on the note. ● On June 4, 2020, the Company issued to an arm’s length lender a $69,900 convertible note (including a 10% original issue discount) for a purchase price of $63,000, bearing interest at 12% per annum, maturing on June 4, 2021, and convertible into Common Shares. The note was ultimately converted on December 15, 2020 ($18,000 at $0.0282 for 638,298 Common Shares), December 22, 2020 ($18,000 at $0.0338 for 532,544 Common Shares), December 28, 2020 ($20,000 at $0.0338 for 591,716 Common Shares), and January 4, 2021 ($17,680, including $3,780 of accrued and unpaid interest, at $0.0325 for 544,000 Common Shares). There is currently no principal or interest remaining on the note. ● On June 19, 2020, the Company issued to an arm’s length lender a $82,500 convertible note (including a 10% original issue discount) for a purchase price of $75,000, bearing interest at 12% per annum, maturing on June 19, 2021, and convertible into Common Shares. The note was ultimately converted on January 7, 2021 ($20,000 at $0.0326 for 613,497 common shares), January 11, 2021 ($27,000 at $0.0326 for 828,221 Common Shares), January 13, 2021 ($22,000 at $0.0326 for 674,847 Common Shares) and January 20, 2021 ($18,000, including $4,500 of accrued and unpaid interest, at $0.0326 for 552,147 Common Shares). There is currently no principal or interest remaining on the note. ● On July 22, 2020, the Company issued to an arm’s length lender a $150,000 convertible note (including a 15% original issue discount) for a purchase price of $135,000, bearing interest at 8% per annum, maturing on April 22, 2021, and convertible into Common Shares based on a discount to the market price of the Common Shares upon conversion. The note was ultimately converted on January 25, 2021 ($21,805 at $0.03115 for 700,000 Common Shares), January 28, 2021 ($46,725 at $0.03115 for 1,500,000 Common Shares), February 5, 2021 ($30,957.50 at $0.0309575 for 1,000,000 Common Shares), February 22, 2021 ($33,381.25 at $0.03338125 for 1,000,000 Common Shares) and March 2, 2021 ($34,011.25 at $0.03401125 for 1,000,000 Common Shares). There is currently $3,120 in principal remaining on the note, and, as of August 31, 2021, interest and penalties of $6,950.72. ● On August 26, 2020, a convertible debenture (which was originally approved by the Exchange), bearing interest at 10% per annum owing to an arm’s length lender, which had matured on April 29, 2019, was acquired by another an arm’s length lender pursuant to a Debt Assignment and Purchase Agreement. On August 26, 2020, pursuant to a Securities Exchange Agreement, the convertible promissory note was exchanged for a convertible redeemable note with an aggregate principal amount of $192,862, bearing interest at 10% per annum, maturing on August 26, 2021, and convertible into Common Shares. On October 1, 2020, the $192,862 convertible redeemable note was converted into 10,285,991 Common Shares at $0.01875 per share. There is currently no principal or interest remaining on the note. ● On November 6, 2020, the Company issued to an arm’s length lender a $140,800 convertible note (including a 10% original issue discount) for a purchase price of $128,000, bearing interest at 12% per annum, maturing on November 6, 2021, and convertible into Common Shares. The note was ultimately converted on May 10, 2021 ($50,000 at $0.036 for 1,388,889 Common Shares), May 14, 2021 ($50,000 at $0.0326 for 1,533,742 Common Shares), May 19, 2021 ($48,480, including $7,680 of accrued and unpaid interest, at $0.0312 for 1,553,846 Common Shares). There is currently no principal or interest remaining on the note. ● 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. ● On January 12, 2021, the Company issued an arm’s length lender a $86,350 convertible note (including a 10% original issue discount) for a purchase price of $78,500, bearing interest at 12% per annum, maturing on January 12, 2022, and convertible into Common Shares. The note was ultimately converted on July 13, 2021 ($50,000 at $0.0871 for 574,053 Common Shares) and July 14, 2021 ($41,060, including $4,710 of accrued and unpaid interest, at $0.0863 for 475,782 Common Shares. There is currently no principal or interest remaining on the note. ● On February 25, 2021, the Company issued an arm’s length lender a $86,350 convertible promissory note (including a 10% original issue discount) for a purchase price of $78,500, bearing interest at 12% per annum, maturing on February 24, 2022, and convertible into Common Shares. The Company has since repaid the convertible promissory note in full (including principal and interest) in cash. ● On March 22, 2021, the Company and an arm’s length lender entered into an amending agreement extending the maturity date of a convertible debenture originally issued on September 17, 2018 from March 31, 2021 to October 31, 2021. The original issuance of the convertible debenture, including a prior amendment to the debenture, was approved by the Exchange. The current unpaid purchase price of the debenture ($2,900,000) is convertible at $0.055 per share. ● On April 21, 2021, the Company issued an arm’s length lender a $92,125 convertible promissory note (including a 10% original issue discount) for a purchase price of $83,750, bearing interest at 12% per annum, maturing on April 21, 2022, and convertible into Common Shares based on a discount to the market price of the Common Shares upon conversion. No Common Shares have been issued in connection with this convertible promissory note, which remains outstanding. ● On May 20, 2021, the Company issued an arm’s length lender a $141,625 convertible promissory note (including a 10% original issue discount) for a purchase price of $128,750, bearing interest at 12% per annum, maturing on May 20, 2022, and convertible into Common Shares based on a discount to the market price of the Common Shares upon conversion. No Common Shares have been issued in connection with this convertible promissory note, which remains outstanding. ● On October 30, 2018, an arm’s length lender loaned $350,000 to the Company. Subsequently, on June 16, 2021, pursuant to an Exchange Agreement, the non-convertible promissory note was exchanged for a convertible redeemable note with an aggregate principal amount of $191,779 bearing interest at 10% per annum, maturing on June 16, 2022, and convertible into Common Shares. On June 16, 2021, pursuant to an Assignment and Purchase of Debt Agreement, the $191,779 convertible redeemable note was purchased and assigned to another arm’s length lender and on the same day it was converted into 4,677,532 Common Shares at $0.04100004 per share. ● On June 24, 2021, a non-convertible secured debenture, bearing interest at 12% per annum owing to an arm’s length lender with an aggregate amount outstanding of CAD$962,085 (including interest and penalty), which had matured, was acquired by another arm’s length lender pursuant to an Assignment and Purchase of Corporate Debt Agreement. On June 30, 2021, pursuant to a Securities Exchange Agreement dated June 28, 2021, the debenture was exchanged for a convertible redeemable note with an aggregate principal amount of $771,610, bearing interest at 8% per annum, maturing on June 30, 2022, and convertible into Common Shares at $0.041 per share. On July 1, 2021, the convertible redeemable note was converted into 18,819,756 Common Shares at $0.041 per share. ● On June 24, 2021, a non-convertible secured debenture, bearing interest at 12% per annum and owing to an arm’s length lender, with an aggregate amount outstanding of CAD$38,217 (including interest and penalty), which had matured, was acquired by another arm’s length lender pursuant to an Assignment and Purchase of Corporate Debt Agreement. On June 30, 2021, pursuant to a Securities Exchange Agreement dated June 28, 2021, the debenture was exchanged for a convertible redeemable note with an aggregate principal amount of $30,652, bearing interest at 8% per annum, maturing on June 30, 2022 and convertible into Common Shares at $0.041 per share. On July 1, 2021, the convertible redeemable note was converted into 747,616 Common Shares at $0.041 per share. ● On July 2, 2021, the Company issued to an arm’s length lender a $114,125 convertible promissory note (including a 10% original issue discount) for a purchase price of $103,750, bearing interest at 12% per annum, maturing on July 2, 2022 and principal and interest convertible into Common Shares based on a discount to the market price of the Common Shares upon conversion. No Common Shares have been issued in connection with this convertible promissory note. The net proceeds of the Transactions that resulted in new funds to the Company were used for expansion of the Company’s extraction plant and working capital. The Company continues to work with the Exchange on a reinstatement of trading and will update the market as things progress. However, the Exchange has indicated that these matters and their review of the Transactions may take some time to resolve and that a reinstatement to trading is not expected in the near term. (b) Exchange of mineral leases In October 2021, TMC Capital and POR, Petroteq’s operating subsidiaries, and Valkor entered into an “Agreement Governing Reciprocal Assignment of Mineral Leases” dated October 15, 2021 (the “Exchange Agreement”), under which (a) TMC/POR agreed to assign to Valkor all of their respective rights and interests in the TMC Mineral Lease, the Short-Term Mining Lease, and the Temple Mountain SITLA Leases, and (b) Valkor agreed to assign to TMC Capital all of its rights and interests in the following Utah state mineral leases located in the Asphalt Ridge Northwest area of Uintah County, Utah (the “Asphalt Ridge NW Leases”): (a) Utah State Mineral Lease for Bituminous-Asphaltic Sands dated as of September 1, 2018 (Mineral Lease No. 53831), executed between the State of Utah, acting by and through the School and Institutional Trust Lands Administration (“ SITLA (b) Utah State Mineral Lease for Bituminous-Asphaltic Sands dated as of September 1, 2018 (Mineral Lease No. 53832), executed between the State of Utah, acting by and through SITLA, as lessor, and Indago Oil and Gas, Inc., as lessee, covering approximately 898.22 acres; and (c) Utah State Mineral Lease for Bituminous-Asphaltic Sands dated as of June 1, 2018 (Mineral Lease No. 53805), executed between the State of Utah, acting by and through SITLA, as lessor, and Indago Oil and Gas, Inc., as lessee, covering approximately 1,920 acres. The Asphalt Ridge NW Leases encompass approximately 3,458.22 acres, lands that are located in an area referred to as “Asphalt Ridge Northwest” and in close proximity to mineral leases held by Greenfield. Valkor acquired the Asphalt Ridge NW Leases under an Assignment of Oil and Gas Leases dated June 29, 2021 executed between Indago Oil and Gas Inc., as assignor, and Valkor Energy Holdings, LLC, as assignee, which was approved by SITLA on or about September 10, 2021. Following the execution of the Exchange Agreement in October 2021, TMC Capital and Valkor also entered into the following agreements: (1) Under an Agreement Governing Assignment of Participation Rights in Mineral Leases, Valkor granted to TMC Capital the right to participate at up to a 50% interest in any future exploration or production operations conducted by Valkor under the Short-Term Mining Lease. (2) Under an Agreement Governing Assignment of Operating Rights (SITLA Leases), TMC Capital assigned to Valkor all of the operating rights under the Asphalt Ridge NW Leases at depths of 500 feet or more below the surface, with TMC Capital reserving the right to participate at up to a 50% working interest in any exploratory or production operation conducted by Valkor at the deeper intervals. The assignment of the deeper operating rights to Valkor, subject to TMC Capital’s participation rights, is also subject to approval by SITLA. The Exchange Agreement and the exchange and assignment of mineral leases between and among TMC, POSR and Valkor will not affect the ownership of the Asphalt Ridge Plant, which will continue to be owned by Petroteq through POSR. The recent transactions under the Exchange Agreement, including Valkor’s assignment of lease record title and operating rights to TMC Capital in the Asphalt Ridge NW Leases, will expand Petroteq’s oil sands resources in Utah and provide Petroteq with the following additional advantages and benefits: ● Based on data obtained to date, we estimate that the oil content or saturation rate for the oil sands deposits existing within the lands covered by the Asphalt Ridge NW Leases at approximately 12% by weight. In contract, the oil saturation rate in the oil sands resources under the TMC Mineral Lease and the Short-Term Mining Lease in the Temple Mountain area of Asphalt Ridge has an average oil content or saturation rate of approximately 6% by weight. The difference in oil content or saturation in the oil sands deposits contained within the Asphalt Ridge NW Leases is substantial and should significantly improve the economics of our mining and processing operations as we go forward; ● The Asphalt Ridge NW Leases contain an oil sands deposit that is contiguous within a single contained area, which will allow for greater efficiencies in our mining and transport operations. In contrast, the oil deposits contained within the original TMC Mineral Lease are contained in separate blocks running along a trend of approximately eight miles and the Temple Mountain SITLA Leases are completely undeveloped with limited exploration; ● The Asphalt Ridge NW Leases contain substantial oil sands resources in outcroppings located near the surface (with less overburden), creating new and better surface mining prospects for Petroteq and its operating subsidiaries. (c) Debt assignment and conversion agreements On October 15, 2021, the Company entered into a debt conversion agreement with Morison Management whereby the aggregate principal amount of convertible debt of $239,251 related to an October 2018 convertible debenture of $184,251 and a January 20, 2020 convertible debenture of $55,000 will be convertible into 2,010,521 common shares at a conversion price of $0.119 per share, subject to approval of the Board of Directors and the TSXV. On October 15, 2021, the Company entered into a debt conversion agreement with Strategic IR whereby the aggregate amount due to Strategic of $299,719 in terms of unpaid professional services rendered to the Company will be settled by the issue of 2,518,645 common shares at an issue price of $0.119 per share, subject to approval of the Board of Directors and the TSXV. On November 17, 2021, Morison Management entered into three debt assignment agreements with Power Up Lending Group, whereby the following convertible debentures were assigned to Morison Management: (i) An April 21, 2021 convertible promissory note in the aggregate principal sum of $92,125, bearing interest at 12% per annum and maturing on April 21, 2022, for gross proceeds of $126,850, including accrued interest thereon and early prepayment penalties. On November 17, 2021, in terms of an Amending Agreement entered into with the Company by Morison Management, the Company amended the note to comply with TSXV requirements, whereby only the aggregate principal sum of $83,750 will be convertible under the note at a conversion price of $0.048 per common share and the maximum amount due under the note in terms of interest rate, fees or other payments is restricted to a rate of 24% per annum. (ii) A May 20, 2021 convertible promissory note in the aggregate principal sum of $141,625, bearing interest at 12% per annum and maturing on May 20, 2022, for gross proceeds of $194,705, including accrued interest thereon and early prepayment penalties. On November 17, 2021, in terms of an Amending Agreement entered into with the Company by Morison Management, the Company amended the note to comply with TSXV requirements, whereby only the aggregate principal sum of $128,750 will be convertible under the note at a conversion price of $0.042 per common share and the maximum amount due under the note in terms of interest rate, fees or other payments is restricted to a rate of 24% per annum. (iii) A July 2, 2021convertible promissory note in the aggregate principal sum of $114,125, bearing interest at 12% per annum and maturing on July 2, 2022, for gross proceeds of $134,955, including accrued interest thereon and early prepayment penalties. On November 17, 2021, in terms of an Amending Agreement entered into with the Company by Morison Management, the Company amended the note to comply with TSXV requirements, whereby only the aggregate principal sum of $103,750 will be convertible under the note at a conversion price of $0.146 per common share and the maximum amount due under the note in terms of interest rate, fees or other payments is restricted to a rate of 24% per annum. (d) Unsolicited takeover bid by Viston United swiss AG On October 27, 2021, 2869889 Ontario Inc., an indirect, wholly-owned subsidiary of Viston United Swiss AG commenced a conditional, unsolicited takeover bid (the “Offer”) to acquire all of the issued and outstanding Common Shares of the Company. Viston filed a Tender Offer Statement with the SEC relating to the Offer on Schedule TO under section 14(d)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on October 25, 2021, and an amendment to the Tender Offer Statement on October 27, 2021. As set forth in the Solicitation/Recommendation Statement on Schedule 14D-9 under section 14(d)(4) of the Exchange Act filed with the SEC on November 9, 2021, shareholders were advised that the Board of Directors was not yet in a position to make a recommendation to shareholders to accept or reject the Offer, and that the Company has retained Haywood Securities Inc. as financial advisor to the Company and the Board of Directors. (e) Debt conversions On September 21, 2021, in terms of a conversion notice received, Bellridge Capital LP, converted the aggregate principal sum of $1,400,000 into 29,166,667 common shares at a conversion price of $0.048 per share. On November 10, 2021, in terms of a conversion notice received, Bellridge Capital LP, converted the aggregate principal sum of $2,900,000 into 52,727,273 common shares at a conversion price of $0.055 per share. (f) Financing Activity On November 15, 2021, The remaining PPP loan in the Company’s wholly owned subsidiary, Petroteq CA amounting to $133,890 and all accrued interest thereon was forgiven. (g) Technology license agreement In October 2021, Petroteq and Big Sky Resources LLC (“Big Sky”), a company based in Rye, New York, entered into a technology license agreement under which the Company granted to Big Sky a non-exclusive, non-transferable license and right to use Petroteq's proprietary technology to design, construct, operate and finance oil sands extraction plants at up to two locations in the continental United States. Under the agreement, Big Sky has agreed to pay the Company a one-time, non-refundable license fee of $2 million, which will become payable upon commencing construction of its first plant. The agreement further provides that Big Sky will pay the Company a 5% royalty on the net revenue received by Big Sky from the production, sale or other disposition of licensed product from the plants for as long as the Company continues to hold enforceable and protected intellectual property rights in the licensed technology in the United States. Pursuant to the licensing agreement, Big Sky is obligated to engage Valkor LLC (or an affiliate named by Valkor) as the sole and exclusive provider of engineering, planning, and construction services for all oil sands plants built by Big Sky or under its direction. Big Sky has indicated it will work closely with Valkor to identify plant locations in the State of Utah. |
Supplemental Information on Oil
Supplemental Information on Oil and Gas Operations | 12 Months Ended |
Aug. 31, 2021 | |
Supplemental Information on Oil and Gas Operations [Abstract] | |
SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS | 35. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS Supplemental unaudited information regarding the Company’s oil and gas activities is presented in this note. The Company has not commenced commercial operations, therefore the disclosure of the results of operations of hydrocarbon activities is limited to advance royalties paid. All expenditure incurred to date is capitalized as part of the development cost of the company’s oil extraction plant. The Company does not have any proven hydrocarbon reserves or historical data to forecast the standardized measure of discounted future net cash flows related to proven hydrocarbon reserve quantities. Upon the commencement of production, the Company will be able to forecast future revenues and expenses of its hydrocarbon activities. Costs incurred The following table reflects the costs incurred in hydrocarbon property acquisition and development expenses. All costs were incurred in the US. (In US$ 000’s) Year ended August 31, Year ended August 31, Advanced royalty payments $ - $ 120 Mineral lease acquisition costs – Unproven properties - - Construction of oil extraction plant 5,513 2,073 $ 5,513 $ 2,193 Results of operations The only operating expenses incurred to date on hydrocarbon activities relate to minimum royalties paid on mineral leases that the Company has entered into and certain maintenance and personnel costs incurred. All costs were incurred in the US. (In US$ 000’s) Year ended August 31, Year ended August 31, Advanced royalty payments applied or expired $ - $ 988 Production and maintenance costs 2,091 1,714 $ 2,091 $ 2,702 Proven reserves The Company does not have any proven hydrocarbon reserves as of August 31, 2021 and 2020. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of preparation | (a) Basis of preparation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting policies (“US GAAP”) and have been prepared on a historical cost basis except for certain financial assets and financial liabilities which are measured at fair value. The Company’s reporting currency and the functional currency of all of its operations is the U.S. dollar, as it is the principal currency of the primary economic environment in which the Company operates. The Company is an “SEC Issuer” as defined under National Instrument 52-107 “Accounting Principles and Audit Standards” “Continuous Disclosure Obligations” The consolidated financial statements were authorized for issue by the Board of Directors on December 14, 2021. |
Consolidation | (b) Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries in which it has at least a majority voting interest. All significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. The entities included in these consolidated financial statements are as follows: Entity % of Jurisdiction Petroteq Energy Inc. Parent Canada Petroteq Energy CA, Inc. 100 % USA Petroteq Oil Recovery, LLC (Previously Petroteq Oil Sands Recovery, LLC) 100 % USA TMC Capital, LLC 100 % USA Petrobloq, LLC 100 % USA An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investment in associate is carried in the consolidated statement of financial position at cost as adjusted for changes in the Company’s share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Company’s interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payment on behalf of the associate. The Company has accounted for its investment in Accord GR Energy, Inc. (“Accord”) on the equity basis since March 1, 2017. The Company had previously owned a controlling interest in Accord and the results were consolidated in the Company’s financial statements. However, subsequent equity subscriptions into Accord reduced the Company’s ownership to 44.7% as of March 1, 2017 and the results of Accord were deconsolidated from that date. As of August 31, 2020, the Company has impaired 100% of the remaining investment in Accord due to inactivity and a lack of adequate investment in Accord to progress to commercial production and viability. |
Estimates | (c) Estimates The preparation of these consolidated financial statements in accordance with US GAAP requires the Company to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company continually evaluates its estimates, including those related to recovery of long-lived assets. The Company bases its estimates on historical experience and on other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to the Company’s reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of the consolidated financial statements. Significant estimates include the following; ● the useful lives and depreciation rates for intangible assets and property, plant and equipment; ● the carrying and fair value of oil and gas properties and product and equipment inventories; ● All provisions; ● the fair value of reporting units and the related assessment of goodwill for impairment, if applicable; ● the fair value of intangibles other than goodwill; ● income taxes and the recoverability of deferred tax assets ● legal and environmental risks and exposures; and ● general credit risks associated with receivables, if any. |
Foreign currency translation adjustments | (d) Foreign currency translation adjustments The Company’s reporting currency and the functional currency of all its operations is the U.S. dollar. Assets and liabilities of the Canadian parent company are translated to U.S. dollars using the applicable exchange rate as of the end of a reporting period. Income, expenses and cash flows are translated using an average exchange rate during the reporting period. Since the reporting currency as well as the functional currency of all entities is the U.S. Dollar there is no translation difference recorded. |
Revenue recognition | (e) Revenue recognition The Company recognizes revenue in terms of ASC 606 – Revenue from Contracts with Customers (ASC 606). Revenue transactions are assessed using a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration in exchange for those goods or services. The five steps are as follows: i. identify the contract with a customer; ii. identify the performance obligations in the contract; iii. determine the transaction price; iv. allocate the transaction price to performance obligations in the contract; and v. recognize revenue as the performance obligation is satisfied. Revenue from hydrocarbon sales Revenue from hydrocarbon sales include the sale of hydrocarbon products and are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. The Company’s performance obligations are satisfied at a point in time. This occurs when control is transferred to the purchaser upon delivery of contract specified production volumes at a specified point. The transaction price used to recognize revenue is a function of the contract billing terms. Revenue is invoiced, if required, upon delivery based on volumes at contractually based rates with payment typically received within 30 days after invoice date. Taxes assessed by governmental authorities on hydrocarbon sales, if any, are not included in such revenues, but are presented separately in the consolidated comprehensive statements of loss and comprehensive loss. Transaction price allocated to remaining performance obligations The Company does not anticipate entering into long-term supply contracts, rather it expects all contracts to be short-term in nature with a contract term of one year or less. The Company intends applying the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, the Company will apply the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if there is any variable consideration to be allocated entirely to a wholly unsatisfied performance obligation. The Company anticipates that with respect to the contracts it will enter into, each unit of product will typically represent a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Contract balances The Company does not anticipate that it will receive cash relating to future performance obligations. However if such cash is received, the revenue will be deferred and recognized when all revenue recognition criteria are met. Disaggregation of revenue The Company has limited revenues to date. Disaggregation of revenue disclosures can be found in Note 30. Customers The Company anticipates that it will have a limited number of customers which will make up the bulk of its revenues due to the nature of the oil and gas industry. |
General and administrative expenses | (f) General and administrative expenses General and administrative expenses will be presented net of any working interest owners, if any, of the oil and gas properties owned or leased by the Company. |
Share-based payments | (g) Share-based payments The Company may grant stock options to directors, officers, employees and others providing similar services. The fair value of these stock options is measured at grant date using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. Share-based compensation expense is recognized on a straight-line basis over the period during which the options vest, with a corresponding increase in equity. The Company may also grant equity instruments to consultants and other parties in exchange for goods and services. Such instruments are measured at the fair value of the goods and services received on the date they are received and are recorded as share-based compensation expense with a corresponding increase in equity. If the fair value of the goods and services received are not reliably determinable, their fair value is measured by reference to the fair value of the equity instruments granted. |
Income taxes | (h) Income taxes The Company utilizes ASC 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, “Income Taxes”. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Accordingly, the Company would report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company elects to recognize any interest and penalties, if any, related to unrecognized tax benefits in tax expense. |
Net income (loss) per share | (i) Net income (loss) per share Basic net income (loss) per share is computed on the basis of the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed on the basis of the weighted average number of common shares and common share equivalents outstanding. Dilutive securities having an anti-dilutive effect on diluted net income (loss) per share are excluded from the calculation. Dilution is computed by applying the treasury stock method for stock options and share purchase warrants. Under this method, “in-the-money” stock options and share purchase warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common shares at the average market price during the period. |
Cash and cash equivalents | (j) Cash and cash equivalents The Company considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. |
Accounts receivable | (k) Accounts receivable The Company had minimal sales during the period of which all proceeds were collected therefore there are no accounts receivable balances. |
Oil and gas property and equipment | (l) Oil and gas property and equipment The Company follows the successful efforts method of accounting for its oil and gas properties. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with delay rentals and exploration overhead are charged against earnings as incurred. Costs of successful exploratory efforts along with acquisition costs and the costs of development of surface mining sites are capitalized. Site development costs are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, site development costs remain capitalized as proved properties. Costs of unsuccessful site developments are charged to exploration expense. For site development costs that find reserves that cannot be classified as proved when development is completed, costs continue to be capitalized as suspended exploratory site development costs if there have been sufficient reserves found to justify completion as a producing site and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If management determines that future appraisal development activities are unlikely to occur, associated suspended exploratory development costs are expensed. In some instances, this determination may take longer than one year. The Company reviews the status of all suspended exploratory site development costs quarterly. Capitalized costs of proved oil and gas properties are depleted by an equivalent unit-of-production method. Proved leasehold acquisition costs, less accumulated amortization, are depleted over total proved reserves, which includes proved undeveloped reserves. Capitalized costs of related equipment and facilities, including estimated asset retirement costs, net of estimated salvage values and less accumulated amortization are depreciated over proved developed reserves associated with those capitalized costs. Depletion is calculated by applying the DD&A rate (amortizable base divided by beginning of period proved reserves) to current period production. Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. The Company assesses its unproved properties for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Proved properties will be assessed for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Individual assets are grouped for impairment purposes based on a common operating location. If there is an indication the carrying amount of an asset may not be recovered, the asset is assessed for potential impairment by management through an established process. If, upon review, the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset, the carrying value is written down to estimated fair value. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or by comparable transactions. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s DD&A rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of loss and comprehensive loss. Partial common operating field sales or dispositions deemed not to significantly alter the DD&A rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized. The Company capitalizes interest costs incurred and attributable to material unproved oil and gas properties and major development projects of oil and gas properties. |
Other property and equipment | (m) Other property and equipment Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to ten years. Interest costs incurred and attributable to major corporate construction projects are also capitalized. |
Asset retirement obligations and environmental liabilities | (n) Asset retirement obligations and environmental liabilities The Company recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. The Company’s asset retirement obligations also include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets. The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. |
Commitments and contingencies | (o) Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from allegations of improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with the Company’s accounting policy for property and equipment. |
Fair value measurements | (p) Fair value measurements Certain of the Company’s assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels: ● Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. ● Level 2 – Inputs consist of quoted prices that are generally observable for the asset or liability. Common examples of Level 2 inputs include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in markets not considered to be active. ● Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model. |
Comparative amounts | (q) Comparative amounts The comparative amounts presented in these consolidated financial statements have been reclassified where necessary to conform to the presentation used in the current year. |
Recent accounting standards | (r) Recent accounting standards Issued accounting standards not yet adopted The Company will evaluate the applicability of the following issued accounting standards and intends to adopt those which are applicable to its activities. In August 2020, the FASB issued ASU No. 2020-06, debt with Conversion and Other Options (subtopic 470-20): and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). Certain accounting models for convertible debt instruments with beneficial conversion features or cash conversion features are removed from the guidance and for equity instruments the contracts affected are free standing instruments and embedded features that are accounted for as derivatives, the settlement assessment was simplified by removing certain settlement requirements. This ASU is effective for fiscal years and interim periods beginning after December 15, 2021. The effects of this ASU on the Company’s condensed consolidated financial statements is currently being assessed and is expected to have an immaterial impact on the financial statements. Any new accounting standards, not disclosed above, that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of consolidated financial statements | Entity % of Jurisdiction Petroteq Energy Inc. Parent Canada Petroteq Energy CA, Inc. 100 % USA Petroteq Oil Recovery, LLC (Previously Petroteq Oil Sands Recovery, LLC) 100 % USA TMC Capital, LLC 100 % USA Petrobloq, LLC 100 % USA |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Credit Loss, Additional Improvements [Abstract] | |
Schedule of accounts receivables | August 31, August 31, Goods and services tax receivable $ 17,303 $ 12,830 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Notes Receivable Disclosure [Abstract] | |
Schedule of notes receivables | Principal due Principal due Maturity Date Interest August 31, August 31, Manhatten Enterprises March 16, 2020 5 % $ 76,000 $ 76,000 Deweast Limited January 31, 2022 - 200,000 - Unhide Inc September 30, 2021 - 230,000 - Interest accrued 16,959 13,159 $ 522,959 $ 89,159 Disclosed as follows: Current portion $ 522,959 $ 89,159 |
Mineral Leases (Tables)
Mineral Leases (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Mineral Leases [Abstract] | |
Schedule of mineral leases | TMC SITLA BLM Mineral Mineral Mineral Lease Lease Lease Total Cost August 31, 2019 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 Additions - - - - August 31, 2020 11,091,388 19,755 23,800,000 34,911,143 Additions - - - - August 31, 2021 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 Accumulated Amortization August 31, 2019, 2020 and 2021 $ - $ - $ - $ - Carrying Amounts August 31, 2019 $ 11,091,388 $ 19,755 $ 23,800.000 $ 34,911,143 August 31, 2020 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 August 31, 2021 $ 11,091,388 $ 19,755 $ 23,800,000 $ 34,911,143 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Oil Other Total Cost August 31, 2019 $ 35,555,827 438,168 35,993,995 Additions 2,072,058 692 2,072,750 August 31, 2020 37,627,885 $ 438,860 $ 38,066,745 Additions 5,512,715 - 5,512,715 August 31, 2021 $ 43,140,600 $ 438,860 $ 43,579,460 Accumulated Amortization August 31, 2019 $ 2,148,214 232,131 2,380,345 Additions - 103,888 103,888 August 31, 2020 2,148,214 $ 336,019 $ 2,484,233 Additions - 45,810 45,810 August 31, 2021 $ 2,148,214 $ 381,829 $ 2,530,043 Carrying Amount August 31, 2019 $ 33,407,613 $ 206,037 $ 33,613,650 August 31, 2020 $ 35,479,671 $ 102,841 $ 35,582,512 August 31, 2021 $ 40,992,386 $ 51,562 $ 41,049,417 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Leases Abstract | |
Schedule of right of use assets included in consolidated Balance Sheet | August 31, August 31, Non-current assets Right of use assets – operating leases, net of amortization $ 167,048 $ 209,101 Right of use assets – finance leases, net of depreciation – included in property, plant and equipment 677,853 718,193 |
Schedule of lease costs | Year ended August 31, Year ended August 31, Finance lease cost: $ 63,165 $ 82,878 Depreciation of right of use assets 40,341 40,341 Interest expense on lease liabilities 22,824 42,537 Operating lease expense 61,071 59,292 Total lease cost $ 124,236 $ 142,170 |
Schedule of other lease information | Year ended August 31, 2021 Year ended August 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ (22,824 ) $ (42,537 ) Operating cash flows from operating leases (61,071 ) (59,292 Financing cash flows from finance leases $ (172,375 ) $ (157,388 ) Right-of -use assets obtained in exchange for new operating leases $ - 245,482 Weighted average remaining lease term – finance leases 5 months 1.25 years Weighted average remaining lease term – operating leases 3 years 4 years Weighted average discount rate – finance leases 12.36 % 12.36 % Weighted average discount rate – operating leases 10.00 % 10.00 |
Schedule of future minimum lease payments under finance leases | August 31, August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 80,700 $ 193,680 1 to 2 years - 80,700 2 to 3 years - - 80,700 274,380 Imputed interest (5,642 ) (26,948 ) Total finance lease liability $ 75,058 $ 247,432 Disclosed as: Current portion $ 75,058 $ 172,374 Non-current portion - 75,058 $ 75,058 $ 247,432 |
Schedule of future minimum lease payments under operating leases | August 31, August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 62,903 $ 61,070 1 to 2 years 64,790 62,903 2 to 3 years 66,734 64,790 3 to 4 years - 66,734 194,427 255,497 Imputed interest (27,379 ) (46,396 Total operating lease liability $ 167,048 $ 209,101 Disclosed as: Current portion $ 48,376 $ 42,053 Non-current portion 118,672 167,048 $ 167,048 $ 209,101 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Oil Technologies Cost August 31, 2019 $ 809,869 Additions - August 31, 2020 809,869 Additions - August 31, 2021 $ 809,869 Accumulated Amortization August 31, 2019 $ 102,198 Additions - August 31, 2020 102,198 Additions - August 31, 2021 $ 102,198 Carrying Amounts August 31, 2019 $ 707,671 August 31, 2020 $ 707,671 August 31, 2021 $ 707,671 |
Promissory Notes Payable (Table
Promissory Notes Payable (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Promissory Notes Payable [Abstract] | |
Schedule of promissory note to a private lender | Principal Principal Lender Maturity Date Interest May 31, August 31, Private lender On demand - % $ - $ 8,000 Private lender On Demand - % - - Private lender April 29, 2022 10.00 % 23,298 - $ 23,298 $ 8,000 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Principal Principal Lender Interest August 31, August 31, Private lender 10.00 % - 115,000 Private lenders 5.00 % - 468,547 Private lender 10.00 % - 100,000 $ - $ 683,547 |
Schedule of maturity date of debt | August 31, August 31, Principal classified as repayable within one year $ - $ 683,547 |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Convertible Debentures Disclosure [Abstract] | |
Schedule of convertible debentures | Principal Principal Lender Maturity Date Interest August 31, August 31, Calvary Fund I LP September 4, 2019 10.00 % - - July 31, 2021 12.00 % - 250,000 July 31, 2021 12.00 % 80,000 480,000 August 7, 2021 0 % 25,000 150,000 SBI Investments LLC October 15, 2020 10.00 % - 250,000 January 16, 2021 10.00 % - 55,000 Bay Private Equity, Inc. January 15, 2020 5.00 % - 3,661,874 February 20, 2021 5.00 % - 2,400,000 Cantone Asset Management LLC October 19, 2021 7.00 % - 300,000 December 17, 2021 7.00 % 240,000 240,000 October 19, 2021 18.00 % - 240,000 December 30, 2021 18.00 % 50,000 - July 1, 2023 8.00 % 300,000 - Private lender October 29, 2020 10.00 % 200,000 200,000 Petroleum Capital Funding LP. November 26, 2023 10.00 % 318,000 318,000 December 4, 2023 10.00 % 432,000 432,000 March 30, 2024 10.00 % 471,000 471,000 July 21, 2025 10.00 % 3,000,000 - Power Up Lending Group LTD May 7, 2021 12.00 % - 64,300 June 4, 2021 12.00 % - 69,900 June 19, 2021 12.00 % - 82,500 November 6, 2021 12.00 % - - January 12, 2022 12.00 % - - February 24, 2022 12.00 % - - April 21, 2022 12.00 % 92,125 - May 20, 2022 12.00 % 141,625 - July 2, 2022 12.00 % 114,125 - EMA Financial, LLC April 22, 2021 8.00 % 3,120 150,000 Morison Management S.A July 31, 2021 10.00 % - 192,862 October 15, 2020 10.00 % 184,251 - January 16, 2021 10.00 % 55,000 - Bellridge Capital LP. March 31, 2021 15.00 % 2,900,000 - September 30, 2021 5.00 % 1,400,000 - Stirling Bridge Resources October 29, 2021 10.00 % - - Alpha Capital Anstalt August 6, 2021 21.00 % - - Rijtec Enterprises Limited Pension scheme November 11, 2021 10.00 % - - Private lender November 30, 2021 10.00 % - - Private lender January 26, 2022 10.00 % - - Equilibris Management AG June 30, 2021 10.00 % - - June 22, 2022 8.00 % June 22, 2022 8.00 % Private lender July 24, 2022 8.00 % 120,000 - 10,126,246 10,007,436 Unamortized debt discount (3,978,710 ) (1,173,112 ) Total loans $ 6,147,536 $ 8,834,324 |
Schedule of classified as repayable convertible debentures | August 31, 2021 August 31, 2020 Principal classified as repayable within one year $ 5,255,874 $ 8,227,257 Principal classified as repayable later than one year 891,662 607,067 $ 6,147,536 $ 8,834,324 |
Derivative Liability (Tables)
Derivative Liability (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Black-Scholes valuation model | Year ended Conversion price CAD$0.03 to CAD$0.25 Risk free interest rate 0.18 to 2.12 % Expected life of derivative liability 6 to 12 months Expected volatility of underlying stock 93.9 to 231.8 % Expected dividend rate 0 % |
Schedule of derivative liability | August 31, Opening balance $ 841,385 Derivative financial liability arising from convertible notes 653,826 Fair value adjustment to derivative liability (1,173,025 ) $ 322,186 |
Reclamation and Restoration P_2
Reclamation and Restoration Provisions (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Reclamationand Restoration Provisions [Abstract] | |
Schedule of reclamation and restoration provisions | Oil Extraction Site Facility Restoration Total Balance at August 31, 2019 $ 498,484 2,472,013 2,970,497 Accretion expense - - - Balance at August 31, 2020 498,484 2,472,013 2,970,497 Accretion expense - - - Balance at August 31, 2021 $ 498,484 $ 2,472,013 $ 2,970,497 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option transactions | Year ended Year ended Number of Options Weighted average Number of options Weighted average Balance, beginning of period 9,470,000 CAD$ 1.20 9,808,333 CAD$ 1.20 Options granted - - 5,220,000 CAD$ 0.10 Options forfeited (2,220,000 ) CAD$ 1.14 (5,558,333 ) CAD$ 1.14 Balance, end of period 7,250,000 CAD$ 0.63 9,470,000 CAD$ 0.63 |
Schedule of stock options outstanding and exercisable | Expiry Date Exercise Price Options Options August 7, 2025 CAD$ 0.085 3,000,000 3,000,000 November 30, 2027 CAD$ 2.270 950,000 950,000 June 5, 2028 CAD$ 1.000 3,300,000 3,300,000 7,250,000 7,250,000 Weighted average remaining contractual life 5.5 years 5.5 years |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Share Purchase Warrants Disclosure [Abstract] | |
Schedule of assumptions in Black Scholes valuation model | Year ended Exercise price $ 0.0475 to 0.12 Expected share price volatility 135.5 to 181.4 % Risk-free interest rate 0.14 to 0.84 % Expected term 0.6 to 4.45 |
Schedule of warrants activity | Year ended Year ended Number of Options Weighted average Number of options Weighted average Balance, beginning of period 48,342,714 $ 0.4254 38,734,629 $ 0.7119 Warrants granted 66,496,016 0.1021 19,384,900 0.0824 Warrants exercised (14,690,739 ) 0.0433 - - Warrants forfeited (26,999,167 ) 0.7042 (9,776,815 ) 0.8675 Balance, end of period 73,148,824 $ 0.1053 48,342,714 $ 0.4254 |
Schedule of share purchase warrants outstanding | Warrants outstanding and exercisable Exercise price Number of shares Weighted average $ 0.0550 8,582,500 2.44 $ 0.0562 12,846,973 3.33 $ 0.0800 392,500 2.58 $ 0.1000 276,512 1.41 $ 0.1200 47,827,077 3.52 $ 0.1400 151,785 3.39 $ 0.1700 293,700 2.25 $ 0.2300 2,777,777 0.08 $ 0.1053 73,148,824 3.21 |
Diluted Loss Per Share (Tables)
Diluted Loss Per Share (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Diluted Loss Per Share [Abstract] | |
Schedule of diluted loss per share as the results of the computation was anti-dilutive | Year ended Year ended Share purchase options 7,250,000 9,470,000 Share purchase warrants 73,148,824 48,342,714 Convertible securities 118,391,331 93,941,474 198,790,155 151,754,188 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of balances outstanding | Related Party payables August 31, 2021 August 31, 2020 Aleksandr Blyumkin $ 493,549 $ 555,647 Robert Dennewald - 125,000 $ 493,549 $ 680,647 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Selling, General and Administrative Expenses [Table Abstract] | |
Schedule of selling, general and administrative expenses | Year ended Year ended Investor relations and public relations $ 45,000 $ (92,179 ) Professional fees 1,596,754 2,614,540 Salaries and wages 350,478 1,043,647 Share-based compensation 603,244 887,818 Travel and promotional expenses 700,724 713,662 Other 922,424 1,016,257 $ 4,218,624 $ 6,183,745 |
Financing Costs, Net (Tables)
Financing Costs, Net (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Financing Costs Net [Abstract] | |
Schedule of financing costs net | Year ended Year ended Interest and penalty on borrowings $ 1,820,459 $ 1,256,985 Amortization of debt discount 2,907,121 1,414,626 $ 4,727,580 $ 2,671,611 |
Other Expense (Income), Net (Ta
Other Expense (Income), Net (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other expense (income), net | Year ended August 31, Year ended August 31, Loss (gain) on settlement of liabilities $ 48,283 $ (524,971 Loss on conversion of convertible debt 1,033,921 744,918 Loss (gain) on debt extinguishment 416,480 (54,378 ) Penalty on convertible notes 202,908 610,312 Forgiveness of federal relief loans (133,890 ) - Interest income (3,800 ) (29,317 ) $ 1,563,902 $ 746,564 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | August 31, August 31, Property, plant and equipment and intangible assets $ (24,049,200 ) $ (18,502,900 ) Non-capital tax loss carry-forwards 14,418,180 Other tax-related balances and credits (208,332 ) (160,286 Valuation allowance 8,264,332 4,247,006 Net deferred tax assets (liabilities) $ - $ - |
Schedule of reconciliation of the provision for income taxes | Year ended August 31, Year ended August 31, Net loss before income taxes $ 9,474,243 $ 12,379,067 Combined federal and state statutory income tax rates 26.5 % 26.5 % Tax recovery using the Company’s domestic tax rate 2,510,674 3,280,453 Effect of tax rates in foreign jurisdictions - - Net effect of (non-deductible) deductible items (1,814,000 ) (2,369,610 ) Current year deductible amounts 1,254,163 1,638,692 Current period losses not recognized (1,950,837 ) (2,549,535 ) Provision for income taxes $ - $ - |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Segment Information [Abstract] | |
Schedule of oil extraction and processing segment | August 31, 2021 Oil Mining (in ’000s of dollars) Extraction Operations Consolidated Additions to non-current assets $ 5,513 - 5,513 Reportable segment assets 47,795 33,240 81,035 Reportable segment liabilities $ (14,782 ) (100 ) (14,882 ) 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 ) |
Schedule of segment operating results | August 31, 2021 (in ’000s of dollars) Oil Mining Consolidated Revenue from license fees $ 2,000 $ - $ 2,000 Revenues from hydrocarbon sales - - - Production and maintenance costs (2,091 ) - (2,091 ) Gross Loss (91 ) - (91 ) Expenses Depreciation, depletion and amortization 46 - 46 Selling, general and administrative expenses 4,219 - 4,219 Investor relations 45 - 45 Professional fees 1,597 - 1,597 Salaries and wages 350 - 350 Share-based compensation 666 - 666 Travel and promotional expenses 701 - 701 Other 860 - 860 Financing costs 4,727 - 4,727 Other expense (income) 1,564 - 1,564 Loss on settlement of liabilities 48 - 48 Loss on conversion of convertible debt 1,034 - 1,034 Loss on debt extinguishment 417 - 417 Penalty on convertible notes 203 203 Forgiveness of federal relief loans (134 ) (134 ) Interest income (4 ) (4 ) Derivative liability movements (1,173 ) - (1,173 ) Net loss $ (9,474 ) $ - $ (9,474 ) August 31, 2020 (in ’000s of dollars) Oil 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 ) 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Operating Leases [Member] | |
Commitments and Contingencies (Tables) [Line Items] | |
Schedule of minimum lease payments under operating leases | August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 80,700 Total instalments due under finance leases $ 80,700 |
Finance Leases [Member] | |
Commitments and Contingencies (Tables) [Line Items] | |
Schedule of minimum lease payments under operating leases | August 31, Undiscounted minimum future lease payments Total instalments due: Within 1 year $ 62,903 1 to 2 years 64,790 2 to 3 years 66,734 Total instalments under operating leases $ 194,427 |
Management of Financial Risks (
Management of Financial Risks (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Management Of Financial Risks [Abstract] | |
Schedule of remaining contractual maturities of financial liabilities | Contractual cash flows Carrying 1 year More than (in ’000s of dollars) amount Total or less 2 - 5 years 5 years Accounts payable $ 2,106 $ 2,106 $ 2,106 $ - $ - Accrued liabilities 1,565 1,565 1,565 - - Convertible debenture 6,148 12,084 6,690 5,394 - Finance lease liabilities 75 81 81 - - Operating lease liabilities 167 195 63 132 - Federal relief loans 728 1,070 292 53 725 $ 10,789 $ 17,101 $ 10,797 $ 5,579 $ 725 |
Supplemental Information on O_2
Supplemental Information on Oil and Gas Operations (Tables) | 12 Months Ended |
Aug. 31, 2021 | |
Supplemental Information on Oil and Gas Operations [Abstract] | |
Schedule of hydrocarbon property acquisition and development expenses | (In US$ 000’s) Year ended August 31, Year ended August 31, Advanced royalty payments $ - $ 120 Mineral lease acquisition costs – Unproven properties - - Construction of oil extraction plant 5,513 2,073 $ 5,513 $ 2,193 |
Schedule of operating expenses related to plant maintenance | (In US$ 000’s) Year ended August 31, Year ended August 31, Advanced royalty payments applied or expired $ - $ 988 Production and maintenance costs 2,091 1,714 $ 2,091 $ 2,702 |
General Information (Details)
General Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Nov. 24, 2020 | Jul. 22, 2019 | Jan. 18, 2019 | Jun. 30, 2018 | Jun. 30, 2015 | Aug. 31, 2021 | |
General Information (Details) [Line Items] | ||||||
Expiration term | 90 years | |||||
Personnel costs expenses rate | 12.00% | |||||
Operations costs and expenses rate | 5.00% | |||||
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 that 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 then the royalty is reduced to 3%. | |||||
Working interest, percentage | 50.00% | |||||
Ownership [Member] | ||||||
General Information (Details) [Line Items] | ||||||
Ownership interest, percentage | 50.00% | |||||
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, which has not been paid to date. | |||||
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 | 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. | |||||
State of Utah’s School and Institutional Trust Land Administration [Member] | ||||||
General Information (Details) [Line Items] | ||||||
Description of operating rights | Petroteq, acting through POSR, 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 POSR, 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. | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Bureau of Land Management [Member] | ||||||
General Information (Details) [Line Items] | ||||||
Acquisition of operating rights, description | Between March 14, 2019 and August 31, 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 $1,093,000 still outstanding. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Aug. 31, 2021 | Mar. 01, 2017 | |
Accounting Policies [Abstract] | ||
Equity subscriptions, percentage | 44.70% | |
Impairment investment, percentage | 100.00% | |
Tax benefits, percentage | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of consolidated financial statements | 12 Months Ended |
Aug. 31, 2021 | |
Petroteq Energy Inc. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
% of ownership | Parent |
Jurisdiction | Canada |
Petroteq Energy CA, Inc. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
% of ownership | 100% |
Jurisdiction | USA |
Petroteq Oil Recovery, LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
% of ownership | 100% |
Jurisdiction | USA |
TMC Capital, LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
% of ownership | 100% |
Jurisdiction | USA |
Petrobloq, LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
% of ownership | 100% |
Jurisdiction | USA |
Going Concern (Details)
Going Concern (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Going Concern [Abstract] | ||
Accumulated deficit | $ (100,138,592) | $ (90,664,349) |
Working capital deficit | $ 6,264,427 | $ 12,955,134 |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of accounts receivables - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Schedule of accounts receivables [Abstract] | ||
Goods and services tax receivable | $ 17,303 | $ 12,830 |
Ore Inventory (Details)
Ore Inventory (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 | Jun. 01, 2015 |
Ore Inventory (Details) [Line Items] | |||
Cost of the crushed ore inventory | $ 0 | $ 162,043 | |
Business Combination [Member] | TMC Capital LLC [Member] | |||
Ore Inventory (Details) [Line Items] | |||
Company acquired, percentage | 100.00% |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Mar. 16, 2017 | Aug. 31, 2021 | |
Manhatten Enterprises [Member] | ||
Notes Receivable (Details) [Line Items] | ||
Payment to advanced | $ 76,000 | |
Interest rate | 5.00% | |
Maturity date of note | Mar. 16, 2020 | |
Deweast Limited [Member] | ||
Notes Receivable (Details) [Line Items] | ||
Payment to advanced | $ 200,000 | |
Interest rate | 10.00% | |
Maturity date of note | Jan. 31, 2022 | |
Repay the due amount | $ 220,000 | |
Unhide, Inc [Member] | ||
Notes Receivable (Details) [Line Items] | ||
Payment to advanced | $ 230,000 | |
Interest rate | 10.00% | |
Maturity date of note | Sep. 30, 2021 | |
Repay the due amount | $ 238,000 |
Notes Receivable (Details) - Sc
Notes Receivable (Details) - Schedule of notes receivables - Notes Receivable [Member] - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal due | $ 522,959 | $ 89,159 |
Current portion | $ 522,959 | 89,159 |
Manhatten Enterprises [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maturity Date | Mar. 16, 2020 | |
Interest Rate | 5.00% | |
Principal due | $ 76,000 | 76,000 |
Deweast Limited [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maturity Date | Jan. 31, 2022 | |
Interest Rate | ||
Principal due | $ 200,000 | |
Unhide, Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maturity Date | Sep. 30, 2021 | |
Interest Rate | ||
Principal due | $ 230,000 | |
Interest accrued [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal due | $ 16,959 | $ 13,159 |
Advanced Royalty Payments (Deta
Advanced Royalty Payments (Details) | Aug. 31, 2020USD ($) |
Disclosure Of Advanced Royalty Payment [Abstract] | |
Advance royalties paid | $ 2,370,336 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Details) - USD ($) | Aug. 11, 2021 | Jul. 08, 2021 | Aug. 31, 2021 |
Prepayments and Other Current Assets (Details) [Line Items] | |||
Total consideration | $ 3,000,000 | ||
Cash payment | 1,907,000 | ||
Outstanding balance | $ 1,093,000 | ||
Amount of prepayments and other current assets | $ 500,000 | $ 500,000 | |
Letter Agreement [Member] | |||
Prepayments and Other Current Assets (Details) [Line Items] | |||
Prepayments and other current assets , description | In terms of a letter agreement dated April 17, 2020 between the transferor of the oil and gas leases and TMC, as transferee, due to uncertainty as to whether all of the 10 leases which the Company had initially paid deposits for are available, an adjustment to the purchase price has been agreed upon as follows: (i) should all 10 of the leases be available, the Company will pay the additional $1,093,000 for the rights under the leases; (ii) if only a portion of the leases ranging from 4 to 9 of the leases are available, the Company will adjust the final purchase price of the leases to between $1.5 million and $2.5 million; and (iii) notwithstanding the above, if after a period of 7 years from April 17, 2020, if at least six of the leases are not available to the Company, then the Company may 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. | ||
Business Combination [Member] | Bureau of Land Management [Member] | |||
Prepayments and Other Current Assets (Details) [Line Items] | |||
Acquisition of operating rights, description | Included in prepayments and other current assets are cash deposits of $1,907,000 (acting through its wholly owned subsidiary, TMC Capital LLC (“TMC”), for the acquisition of 100% of the operating rights under U.S. federal oil and gas leases, administered by the U.S. department of Interiors’ Bureau of Land Management in Garfield and Wayne Counties covering approximately 8,480 gross acres in P.R. Springs and the Tar Sands Triangle within the State of Utah. |
Mineral Leases (Details)
Mineral Leases (Details) - USD ($) | Oct. 15, 2021 | Jun. 01, 2018 | Jul. 22, 2019 | Jan. 18, 2019 | Aug. 31, 2021 | Aug. 31, 2020 | Jul. 02, 2021 | Jul. 01, 2021 | Jun. 30, 2021 | Jun. 24, 2021 | Jun. 16, 2021 | Jun. 03, 2021 | May 26, 2021 | May 20, 2021 | May 19, 2021 | Apr. 23, 2021 | Aug. 07, 2020 |
Mineral Leases (Details) [Line Items] | |||||||||||||||||
Payment on lease commencement | $ 25,000 | ||||||||||||||||
Monthly lease payment | $ 15,000 | ||||||||||||||||
Percentage of gross sales revenue | 8.00% | ||||||||||||||||
Percentage of royalty | 5.00% | ||||||||||||||||
Percentage of gross revenue | 50.00% | ||||||||||||||||
Total consideration | $ 114,125 | $ 40,000 | $ 250,000 | $ 141,625 | $ 140,800 | $ 2,400,000 | $ 125,000 | ||||||||||
Shares issued, price per share (in Dollars per share) | $ 0.12 | $ 0.041 | $ 0.041 | $ 0.041 | $ 0.041 | $ 0.04100004 | |||||||||||
Issuance amount | $ 75,000 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Mineral Leases (Details) [Line Items] | |||||||||||||||||
Working interests | 50.00% | ||||||||||||||||
Ownership interest | 50.00% | ||||||||||||||||
Petroteq Oil Recovery, LLC Mineral Lease [Member] | |||||||||||||||||
Mineral Leases (Details) [Line Items] | |||||||||||||||||
Advance Royalty Per Acre | $ 10 | ||||||||||||||||
Percentage of royalties payable | 8.00% | ||||||||||||||||
Production royalties minimum per barrel | $ 3 | ||||||||||||||||
BLM Mineral Lease [Member] | |||||||||||||||||
Mineral Leases (Details) [Line Items] | |||||||||||||||||
Operating leases, indemnification agreements, 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, amounting to $12,000,000 and cash of $1,000,000, of which $100,000 has not been paid to date. | 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. | |||||||||||||||
Total consideration | $ 13,000,000 | $ 10,800,000 | |||||||||||||||
Cash payment | $ 1,000,000 | $ 1,800,000 | |||||||||||||||
Issuance of stock (in Shares) | 30,000,000 | 15,000,000 | |||||||||||||||
Shares issued, price per share (in Dollars per share) | $ 0.4 | $ 0.6 | |||||||||||||||
Issuance amount | $ 12,000,000 | $ 9,000,000 | |||||||||||||||
Stock issued, value not yet paid, acquisitions | $ 100,000 | ||||||||||||||||
Minimum [Member] | Petroteq Oil Recovery, LLC Mineral Lease [Member] | |||||||||||||||||
Mineral Leases (Details) [Line Items] | |||||||||||||||||
Percentage of royalties payable | 1.00% | ||||||||||||||||
Maximum [Member] | Petroteq Oil Recovery, LLC Mineral Lease [Member] | |||||||||||||||||
Mineral Leases (Details) [Line Items] | |||||||||||||||||
Percentage of royalties payable | 12.50% |
Mineral Leases (Details) - Sche
Mineral Leases (Details) - Schedule of mineral leases - USD ($) | 12 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2019 | |
Cost | |||
Cost balance | $ 34,911,143 | $ 34,911,143 | $ 34,911,143 |
Additions | |||
Accumulated Amortization | |||
Carrying Amounts | |||
Carrying Amounts, balance | 34,911,143 | 34,911,143 | 34,911,143 |
TMC Mineral Lease [Member] | |||
Cost | |||
Cost balance | 11,091,388 | 11,091,388 | 11,091,388 |
Additions | |||
Accumulated Amortization | |||
Carrying Amounts | |||
Carrying Amounts, balance | 11,091,388 | 11,091,388 | 11,091,388 |
SITLA Mineral Lease [Member] | |||
Cost | |||
Cost balance | 19,755 | 19,755 | 19,755 |
Additions | |||
Accumulated Amortization | |||
Carrying Amounts | |||
Carrying Amounts, balance | 19,755 | 19,755 | 19,755 |
BLM Mineral Lease [Member] | |||
Cost | |||
Cost balance | 23,800,000 | 23,800,000 | 23,800,000 |
Additions | |||
Accumulated Amortization | |||
Carrying Amounts | |||
Carrying Amounts, balance | $ 23,800,000 | $ 23,800,000 | $ 23,800 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |||
Aug. 31, 2021 | Aug. 31, 2017 | Aug. 31, 2020 | Aug. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Planned expansion, description | As a result of the relocation of the plant and the planned expansion of the plant’s production capacity to 400-500 barrels per day, and subsequently to an additional 3,000 barrels per day, the Company re-evaluated the depreciation policy of the oil extraction plant and the oil extraction technologies (Note 11) and determined that depreciation should be recorded on the basis of the expected production of the completed plant at various capacities. | the Company began the dismantling and relocating the oil extraction facility to its TMC Mineral Lease facility to improve production and logistical efficiencies while continuing its project to increase production capacity to a minimum capacity of 400-500 barrels per day. The plant has been substantially relocated to the TMC mining site and expansion of the plant to production of 400-500 barrels per day has been substantially completed. | ||
Capitalized borrowing costs | $ 4,421,055 | $ 4,421,055 | ||
Additional liability | $ 2,375,159 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment - USD ($) | 12 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2019 | |
Cost | |||
Beginning balance, cost | $ 38,066,745 | $ 35,993,995 | |
Additions | 5,512,715 | 2,072,750 | |
Ending balance, cost | 43,579,460 | 38,066,745 | |
Accumulated Amortization | |||
Accumulated amortization, beginning balance | 2,484,233 | 2,380,345 | |
Additions | 45,810 | 103,888 | |
Accumulated amortization, ending balance | 2,530,043 | 2,484,233 | |
Carrying Amount | |||
Balance, carrying amount | 41,049,417 | 35,582,512 | $ 33,613,650 |
Oil Extraction Plant [Member] | |||
Cost | |||
Beginning balance, cost | 37,627,885 | 35,555,827 | |
Additions | 5,512,715 | 2,072,058 | |
Ending balance, cost | 43,140,600 | 37,627,885 | |
Accumulated Amortization | |||
Accumulated amortization, beginning balance | 2,148,214 | 2,148,214 | |
Additions | |||
Accumulated amortization, ending balance | 2,148,214 | 2,148,214 | |
Carrying Amount | |||
Balance, carrying amount | 40,992,386 | 35,479,671 | 33,407,613 |
Other Property and Equipment [Member] | |||
Cost | |||
Beginning balance, cost | 438,860 | 438,168 | |
Additions | 692 | ||
Ending balance, cost | 438,860 | 438,860 | |
Accumulated Amortization | |||
Accumulated amortization, beginning balance | 336,019 | 232,131 | |
Additions | 45,810 | 103,888 | |
Accumulated amortization, ending balance | 381,829 | 336,019 | |
Carrying Amount | |||
Balance, carrying amount | $ 51,562 | $ 102,841 | $ 206,037 |
Leases (Details)
Leases (Details) - USD ($) | May 07, 2018 | Apr. 30, 2015 | Aug. 31, 2021 | Jun. 30, 2020 |
Leases (Details) [Line Items] | ||||
Rental expense | $ 4,941 | |||
Operating lease percentage | 3.00% | |||
Initial lease right-of-use asset | $ 245,482 | |||
operating lease liability | $ 245,482 | |||
Debt instrument, term | 60 months | |||
Power equipment | $ 660,959 | |||
implied interest rate | 12.36% | |||
Initial repayment | $ 132,200 | |||
Monthly installment | $ 15,571 | |||
Instalment value | $ 16,140 | |||
Interest rate year | 5 years | |||
Incremental borrowing rate | 10.00% | |||
Minimum [Member] | ||||
Leases (Details) [Line Items] | ||||
Interest rate | 4.30% | |||
Maximum [Member] | ||||
Leases (Details) [Line Items] | ||||
Interest rate | 4.90% | |||
Loan Agreement [Member] | ||||
Leases (Details) [Line Items] | ||||
Operating lease cost | $ 282,384 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of right of use assets included in consolidated Balance Sheet - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Non-current assets | ||
Right of use assets – operating leases, net of amortization | $ 167,048 | $ 209,101 |
Right of use assets – finance leases, net of depreciation – included in property, plant and equipment | $ 677,853 | $ 718,193 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of lease costs - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of lease costs [Abstract] | ||
Finance lease cost | $ 63,165 | $ 82,878 |
Depreciation of right of use assets | 40,341 | 40,341 |
Interest expense on lease liabilities | 22,824 | 42,537 |
Operating lease expense | 61,071 | 59,292 |
Total lease cost | $ 124,236 | $ 142,170 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of other lease information - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from finance leases | $ (22,824) | $ (42,537) |
Operating cash flows from operating leases | (61,071) | 59,292 |
Financing cash flows from finance leases | (172,375) | (157,388) |
Right-of -use assets obtained in exchange for new operating leases | $ 245,482 | |
Weighted average remaining lease term – finance leases | 5 years | 1 year 3 months |
Weighted average remaining lease term – operating leases | 3 years | 4 years |
Weighted average discount rate – finance leases | 12.36% | 12.36% |
Weighted average discount rate – operating leases | 10.00% | 10.00% |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of future minimum lease payments under finance leases - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Total instalments due: | ||
Within 1 year | $ 80,700 | $ 193,680 |
1 to 2 years | 80,700 | |
2 to 3 years | ||
Total minimum lease payments | 80,700 | 274,380 |
Imputed interest | (5,642) | (26,948) |
Total finance lease liability | 75,058 | 247,432 |
Disclosed as: | ||
Current portion | 75,058 | 172,374 |
Non-current portion | 75,058 | |
Total lease liabilities | $ 75,058 | $ 247,432 |
Leases (Details) - Schedule o_5
Leases (Details) - Schedule of future minimum lease payments under operating leases - Operating lease [Member] - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Total instalments due: | ||
Within 1 year | $ 62,903 | $ 61,070 |
1 to 2 years | 64,790 | 62,903 |
2 to 3 years | 66,734 | 64,790 |
3 to 4 years | 66,734 | |
Total minimum lease payments | 194,427 | 255,497 |
Imputed interest | (27,379) | 46,396 |
Total operating lease liability | 167,048 | 209,101 |
Disclosed as: | ||
Current portion | 48,376 | 42,053 |
Non-current portion | 118,672 | 167,048 |
Total lease liabilities | $ 167,048 | $ 209,101 |
Intangible Assets (Details)
Intangible Assets (Details) | 12 Months Ended |
Aug. 31, 2012 | |
Oil Extraction Technologies [Member] | |
Intangible Assets (Details) [Line Items] | |
Intangible assets, description | The Company commenced partial production from its oil extraction plant on September 1, 2015 and was amortizing the cost of the technology over fifteen years, the expected life of the oil extraction plant. Since the company has increased the capacity of the plant to 400 to 500 barrels daily during 2018, and expects to further expand the capacity to an additional 3,000 barrels daily, it determined that a more appropriate basis for the amortization of the technology is the units of production at the plant after commercial production begins again. |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets - Oil Extraction Technologies [Member] - USD ($) | 12 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2019 | |
Cost | |||
Beginning balance | $ 809,869 | $ 809,869 | |
Additions | |||
Ending balance | 809,869 | 809,869 | |
Accumulated Amortization | |||
Accumulated Amortization, beginning balance | 102,198 | 102,198 | |
Additions | |||
Accumulated Amortization, ending balance | 102,198 | 102,198 | |
Carrying Amounts | |||
Carrying Amounts, balance | $ 707,671 | $ 707,671 | $ 707,671 |
Promissory Notes Payable (Detai
Promissory Notes Payable (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Apr. 29, 2021 | |
Promissory Notes Payable [Abstract] | ||
Non interest bearing amount | $ 80,000 | |
Repayment of fixed terms | 20,000 | |
Aggregate amount | $ 500,000 | |
Bears interest | 10.00% | |
Repayment amount | 476,702 | |
Debt instrument, remaining balance | $ 23,298 |
Promissory Notes Payable (Det_2
Promissory Notes Payable (Details) - Schedule of promissory note to a private lender - USD ($) | Aug. 31, 2021 | May 31, 2021 | Aug. 31, 2020 |
Promissory Notes Payable (Details) - Schedule of promissory note to a private lender [Line Items] | |||
Principal due | $ 23,298 | $ 8,000 | |
Private lender [Member] | |||
Promissory Notes Payable (Details) - Schedule of promissory note to a private lender [Line Items] | |||
Maturity Date | On demand | ||
Interest Rate | |||
Principal due | 8,000 | ||
Private lender [Member] | |||
Promissory Notes Payable (Details) - Schedule of promissory note to a private lender [Line Items] | |||
Maturity Date | On Demand | ||
Interest Rate | |||
Principal due | |||
Private lender [Member] | |||
Promissory Notes Payable (Details) - Schedule of promissory note to a private lender [Line Items] | |||
Maturity Date | April 29, 2022 | ||
Interest Rate | 10.00% | ||
Principal due | $ 23,298 |
Debt (Details)
Debt (Details) | Jul. 02, 2021USD ($) | Jul. 01, 2021USD ($)shares | Jul. 06, 2020USD ($)$ / sharesshares | Oct. 10, 2014 | Nov. 17, 2021$ / shares | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2021CAD ($) | Jun. 24, 2021USD ($) | Jun. 24, 2021CAD ($) | Jun. 16, 2021USD ($)$ / sharesshares | May 20, 2021USD ($) | Apr. 21, 2021USD ($) | Sep. 23, 2020USD ($)$ / sharesshares | Sep. 17, 2019 | May 31, 2021 | Aug. 30, 2021shares | Aug. 31, 2020 | Sep. 22, 2020$ / shares | Jul. 07, 2020$ / shares | Oct. 04, 2018USD ($) | Jul. 03, 2018USD ($) |
Debt (Details) [Line Items] | |||||||||||||||||||||
Interest rate | 12.00% | 12.00% | |||||||||||||||||||
Debt settlement agreement | $ 191,779 | ||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.048 | ||||||||||||||||||||
Aggregate principal amount outstanding | $ 105,000 | $ 38,217 | |||||||||||||||||||
Penalty interest | $ 86,779 | ||||||||||||||||||||
Convertible redeemable note, bearing interest rate | 10.00% | ||||||||||||||||||||
Common stock price per share (in Dollars per share) | $ / shares | $ 0.041 | $ 0.055 | $ 0.037 | ||||||||||||||||||
conversion of common stock issued (in Shares) | shares | 4,677,532 | ||||||||||||||||||||
Extinguishing conversion price per share (in Dollars per share) | $ / shares | $ 0.041 | ||||||||||||||||||||
Promissory note assigned (in Dollars) | 38,217 | ||||||||||||||||||||
Convertible promissory note | $ 114,125 | $ 30,652 | |||||||||||||||||||
Convertible promissory note, bearing interest | 8.00% | 8.00% | |||||||||||||||||||
Common stock convertible conversion price per share (in Dollars per share) | $ / shares | $ 0.041 | ||||||||||||||||||||
Maturing date | Jun. 22, 2022 | Jun. 22, 2022 | |||||||||||||||||||
Common stock, shares issued (in Shares) | shares | 747,616 | 171,906,658 | |||||||||||||||||||
Promissory note | $ 38,217 | ||||||||||||||||||||
Aggregate principal amount | $ 114,125 | $ 30,652 | 30,652 | $ 771,610 | $ 141,625 | $ 92,125 | |||||||||||||||
Bay Private Equity [Member] | |||||||||||||||||||||
Debt (Details) [Line Items] | |||||||||||||||||||||
Advance received | $ 100,000 | ||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.055 | ||||||||||||||||||||
Debenture line of credit | $ 9,500,000 | ||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||
Principal amount of the debenture | $ 100,000 | ||||||||||||||||||||
Accrued interest | $ 18,904 | ||||||||||||||||||||
Converted shares (in Shares) | shares | 2,161,892 | ||||||||||||||||||||
Private Lenders [Member] | |||||||||||||||||||||
Debt (Details) [Line Items] | |||||||||||||||||||||
Advance received | $ 200,000 | ||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||
Principal amount | 10,000 | 35,000 | |||||||||||||||||||
Debt settlement agreement | $ 50,000 | ||||||||||||||||||||
Lender converted shares (in Shares) | shares | 1,250,000 | ||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.04 | ||||||||||||||||||||
Long term debt, description | the Company issued two secured debentures for an aggregate principal amount of CAD $1,100,000 to two private lenders. The debentures initially bore interest at a rate of 12% per annum, were originally scheduled to mature on October 15, 2017 and are secured by all of the assets of the Company. In addition, the Company issued common share purchase warrants to acquire an aggregate of 16,667 common shares of the Company. On September 22, 2016, the two secured debentures were amended to extend the maturity date to January 31, 2017. The terms of these debentures were renegotiated with the debenture holders to allow for the conversion of the secured debentures into common shares of the Company at a rate of CAD $4.50 per common share and to increase the interest rate, starting June 1, 2016, to 15% per annum. On January 31, 2017, the two secured debentures were amended to extend the maturity date to July 31, 2017. Additional transaction costs and penalties incurred for the loan modifications amounted to $223,510. On February 9, 2018, the two secured debentures were renegotiated with the debenture holders to extend the loan to May 1, 2019. A portion of the debenture amounting to CAD $628,585 was amended to be convertible into common shares of the Company, of which, CAD $365,000 were converted on May 1, 2018. The remaining convertible portion is interest free and was to be converted from August 1, 2018 to January 1, 2019. The remaining non-convertible portion of the debenture was to be paid off in 12 equal monthly instalments beginning May 1, 2018, bearing interest at 5% per annum. On September 11, 2018, the remaining convertible portion of the debenture was converted into common shares of the Company and a portion of the non-convertible portion of the debenture was settled through the issue of 316,223 common shares of the Company. On December 13, 2019, the maturity date of the non-convertible portion of the debenture was extended to January 31, 2020 and the interest rate was increased to 10% per annum. Effective January 31, 2020, the terms of the debenture were renegotiated and the maturity date was extended to August 31, 2020. | ||||||||||||||||||||
Equilibris Management AG [Member] | |||||||||||||||||||||
Debt (Details) [Line Items] | |||||||||||||||||||||
Common stock, shares issued (in Shares) | shares | 18,819,756 | ||||||||||||||||||||
Aggregate principal amount | $ 771,610 | ||||||||||||||||||||
Corporate Debt Agreement [Member] | |||||||||||||||||||||
Debt (Details) [Line Items] | |||||||||||||||||||||
Promissory note assigned (in Dollars) | $ 962,085 | ||||||||||||||||||||
Securities Exchange Agreement [Member] | |||||||||||||||||||||
Debt (Details) [Line Items] | |||||||||||||||||||||
Promissory note assigned (in Dollars) | $ 962,085 | ||||||||||||||||||||
Convertible promissory note | $ 771,610 | ||||||||||||||||||||
Convertible promissory note, bearing interest | 8.00% | 8.00% | |||||||||||||||||||
Common stock convertible conversion price per share (in Dollars per share) | $ / shares | $ 0.041 | ||||||||||||||||||||
Maturing date | Jun. 22, 2022 | Jun. 22, 2022 |
Debt (Details) - Schedule of lo
Debt (Details) - Schedule of long-term debt - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Debt (Details) - Schedule of long-term debt [Line Items] | ||
Interest Rate | 50% | |
Principal due | $ 683,547 | |
Private lenders [Member] | ||
Debt (Details) - Schedule of long-term debt [Line Items] | ||
Interest Rate | 10.00% | |
Principal due | 115,000 | |
Private lenders One [Member] | ||
Debt (Details) - Schedule of long-term debt [Line Items] | ||
Interest Rate | 5.00% | |
Principal due | 468,547 | |
Private Lenders Two [Member] | ||
Debt (Details) - Schedule of long-term debt [Line Items] | ||
Interest Rate | 10.00% | |
Principal due | $ 100,000 |
Debt (Details) - Schedule of ma
Debt (Details) - Schedule of maturity date of debt - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Long-term Debt [Member] | ||
Debt (Details) - Schedule of maturity date of debt [Line Items] | ||
Principal classified as repayable within one year | $ 683,547 |
Convertible Debentures (Details
Convertible Debentures (Details) | Nov. 17, 2021USD ($) | Oct. 15, 2021 | Sep. 23, 2021$ / shares | Aug. 07, 2021USD ($)$ / shares | Jul. 31, 2021$ / shares | Jul. 21, 2021USD ($)$ / sharesshares | Jul. 16, 2021USD ($)$ / sharesshares | Jul. 14, 2021USD ($) | Jul. 14, 2021 | Jul. 13, 2021$ / sharesshares | Jul. 06, 2021USD ($) | Jul. 02, 2021USD ($) | Jul. 01, 2021USD ($)$ / sharesshares | Jun. 10, 2021USD ($)$ / sharesshares | Jun. 10, 2021USD ($)$ / sharesshares | Jun. 07, 2021USD ($)$ / sharesshares | Jun. 04, 2021 | Jun. 03, 2021USD ($)shares | Jun. 02, 2021USD ($) | May 28, 2021USD ($)shares | May 26, 2021USD ($)$ / sharesshares | May 19, 2021USD ($)$ / sharesshares | Apr. 23, 2021USD ($)$ / shares | Apr. 13, 2021USD ($)shares | Mar. 09, 2021USD ($) | Feb. 25, 2021USD ($) | Jan. 26, 2021USD ($)$ / shares | Jan. 12, 2021 | Jan. 12, 2021 | Jan. 07, 2021USD ($)$ / sharesshares | Jan. 04, 2021USD ($)shares | Jan. 04, 2021USD ($) | Dec. 15, 2020USD ($)$ / sharesshares | Nov. 13, 2020$ / shares | Nov. 13, 2020USD ($)$ / shares | Nov. 11, 2020USD ($)$ / shares | Nov. 06, 2020USD ($)$ / sharesshares | Nov. 06, 2020USD ($)$ / shares | Oct. 01, 2020USD ($)shares | Sep. 22, 2020$ / sharesshares | Sep. 02, 2020USD ($)$ / sharesshares | Aug. 07, 2020USD ($)$ / sharesshares | Jul. 07, 2020$ / shares | Jun. 04, 2020USD ($) | May 07, 2020USD ($) | Dec. 04, 2019$ / sharesshares | Oct. 15, 2019USD ($)$ / sharesshares | Oct. 14, 2019USD ($)$ / shares | Oct. 14, 2019USD ($)$ / shares | Sep. 09, 2019USD ($)$ / sharesshares | Sep. 04, 2019$ / shares | Aug. 07, 2019shares | Oct. 15, 2018USD ($) | Oct. 12, 2018USD ($) | Dec. 23, 2021$ / sharesshares | Nov. 17, 2021USD ($) | Aug. 27, 2021USD ($) | Jul. 21, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 24, 2021USD ($)$ / sharesshares | Jun. 16, 2021$ / sharesshares | May 20, 2021USD ($) | May 19, 2021USD ($)$ / shares | Apr. 23, 2021USD ($)$ / sharesshares | Apr. 21, 2021USD ($) | Mar. 17, 2021USD ($)$ / sharesshares | Feb. 25, 2021USD ($) | Jan. 25, 2021$ / sharesshares | Jan. 20, 2021USD ($)shares | Jan. 20, 2021USD ($) | Jan. 16, 2021$ / sharesshares | Nov. 30, 2020USD ($)$ / shares | Nov. 24, 2020USD ($)$ / shares | Oct. 29, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 23, 2020USD ($)$ / shares | Sep. 22, 2020$ / sharesshares | Aug. 29, 2020$ / shares | Aug. 26, 2020 | Aug. 23, 2020 | Jul. 22, 2020 | Jun. 19, 2020USD ($) | Mar. 30, 2020$ / sharesshares | Mar. 30, 2020$ / sharesshares | Jan. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2019$ / shares | Nov. 30, 2019USD ($) | Nov. 26, 2019 | Oct. 31, 2019USD ($) | Oct. 29, 2019USD ($)$ / shares | Sep. 17, 2019USD ($)$ / sharesshares | Aug. 19, 2019USD ($)$ / sharesshares | Jul. 19, 2019USD ($)$ / shares | Jan. 23, 2019USD ($) | Jan. 16, 2019USD ($) | Sep. 17, 2018USD ($) | Aug. 31, 2021USD ($)a$ / sharesshares | Aug. 30, 2021USD ($)shares | Aug. 31, 2020USD ($) | Jun. 30, 2021CAD ($)shares | Jun. 24, 2021CAD ($)shares | Jun. 24, 2021؋ / shares | May 14, 2021$ / shares | May 10, 2021$ / shares | Mar. 02, 2021$ / shares | Feb. 22, 2021$ / shares | Feb. 05, 2021$ / shares | Jan. 28, 2021$ / shares | Jan. 13, 2021$ / shares | Jan. 11, 2021$ / shares | Dec. 28, 2020$ / shares | Dec. 22, 2020$ / shares | Nov. 12, 2020$ / shares | Oct. 12, 2020$ / shares | Jan. 26, 2020USD ($) | Aug. 09, 2019USD ($) | Dec. 27, 2018 | Aug. 09, 2018USD ($) |
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 114,125 | $ 40,000 | $ 250,000 | $ 140,800 | $ 2,400,000 | $ 125,000 | $ 141,625 | $ 140,800 | $ 2,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.0412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jun. 22, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.055 | $ 0.037 | $ 0.041 | $ 0.055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12.00% | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible shares (in Shares) | shares | 4,677,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price (in Dollars per share) | $ / shares | $ 0.094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shares (in Shares) | shares | 9,101,942 | 1,681,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 10,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 100,000 | $ 4,138,500 | $ 2,337,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Terms of debt conversion agreement, description | On July 6, 2021, in terms of a debt conversion agreement entered into with Cavalry, the Company agreed to convert unpaid interest of $22,500 on the note entered into on October 12, 2018; and unpaid principal of $80,000 and unpaid interest of $30,560 on this convertible note; and unpaid principal of $25,000 on a convertible note entered into on August 7, 2020 into 1,681,488 shares of common stock at a conversion price of $0.094 per share for a total of 1,681,488 shares, which have not been issued as yet and are subject to TSXV approval. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible loan | 80,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible loan maturity date | Jul. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest thereon | 827,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | 3,496,949 | 3,143,374 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debenture bears interest | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted to common shares (in Shares) | shares | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debenture issued | $ 3,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 10.00% | 10.00% | 10.00% | 8.00% | 8.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price of common stock | 2,144,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding interest | $ 92,007 | $ 22,660 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted shares of common stock (in Shares) | shares | 949,688 | 4,476,477 | 581,026 | 5,263,157 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ 14,160 | $ 37,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DebtConversionAgreementDescription | the Company entered into a debt conversion agreement whereby a total amount of $132,007, consisting of outstanding interest of $92,007 accrued until June 1, 2021 on various convertible notes and a principal amount outstanding of $40,000 on one convertible note, was converted into 949,688 shares of common stock. The debt conversion agreement included $22,750 of interest related to this July 2019 convertible note. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable (in Shares) | shares | 5,208,333 | 2,117,520 | 5,208,333 | 2,117,520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount | $ 132,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares value | 3,618,971 | 1,624,130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 134,955 | $ 194,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price, percentage | 75.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 114,125 | $ 30,652 | $ 30,652 | $ 771,610 | $ 141,625 | $ 92,125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
penalty interest | 86,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price percentage | 75.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | $ 105,000 | $ 38,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted aggregate of principal amount | $ 1,000,000 | $ 1,000,000 | 5,255,874 | $ 8,227,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (in Shares) | shares | 41,334,246 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest | 8.00% | 8.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Promissory note | 747,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DebtConversionAgreementDescription | On October 15, 2021, the Company entered into a debt conversion agreement with Morison Management whereby the aggregate principal amount of convertible debt of $239,251 related to an October 2018 convertible debenture of $184,251 and a January 20, 2020 convertible debenture of $55,000 will be convertible into 2,010,521 common shares at a conversion price of $0.119 per share, subject to approval of the Board of Directors and the TSXV. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 128,750 | $ 103,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of prepayment | 110.00% | 110.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of prepayment | 130.00% | 130.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cavalry Fund I LP [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued units | $ 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units of convertible debentures | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible interest | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 125,000 | $ 75,000 | $ 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest amount | $ 1,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible shares (in Shares) | shares | 9,101,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cantone Asset Management, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable common shares (in Shares) | shares | 1,111,111 | 1,111,111 | 1,149,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price per common stock (in Dollars per share) | $ / shares | $ 0.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal and interest amount | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settled by issue of common shares (in Shares) | shares | 1,111,111 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.0412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | the Company issued 250 one year units to Cavalry for gross proceeds of $250,000, each unit consisting of a $1,000 principal convertible unsecured debenture, bearing interest at 10% per annum and convertible into common shares at $0.86 per share, and a common share purchase warrant exercisable for 290,500 shares at an exercise price of $0.86 per share with an expiry date of October 12, 2019. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Oct. 12, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.0412 | $ 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid interest | $ 22,500 | $ 30,560 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal amount | $ 80,000 | $ 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock (in Shares) | shares | 1,681,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debenture [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable common shares (in Shares) | shares | 3,033,980 | 2,666,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 150,000 | $ 400,000 | $ 480,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.0412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.0412 | $ 0.0412 | $ 0.0871 | $ 0.0312 | $ 0.0326 | $ 0.0282 | $ 0.0296 | $ 0.0296 | $ 0.0312 | $ 0.03115 | $ 0.17 | $ 0.0326 | $ 0.036 | $ 0.03401125 | $ 0.03338125 | $ 0.0309575 | $ 0.03115 | $ 0.0326 | $ 0.0326 | $ 0.0338 | $ 0.0338 | $ 0.0308 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible shares (in Shares) | shares | 9,708,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 25,000 | 80,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 125,000 | $ 374,980 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debenture interest | 0.00% | 3.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Terms of debt conversion agreement, description | On July 6, 2021, in terms of a debt conversion agreement entered into with Cavalry, the Company agreed to convert unpaid interest of $22,500 on the note entered into on October 12, 2018; and unpaid principal of $80,000 and unpaid interest of $30,560 on the convertible note entered into on August 19, 2019; and unpaid principal of $25,000 on this convertible note, into 1,681,488 shares of common stock at a conversion price of $0.094 per share for a total of 1,681,488 shares, which have not been issued as yet and are subject to TSXV approval. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible loan | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible loan maturity date | Aug. 7, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding interest | $ 4,710 | $ 3,780 | $ 3,480 | $ 7,680 | $ 4,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted shares of common stock (in Shares) | shares | 439,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ 23,550 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount | 61,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable for common shares (in Shares) | shares | 574,053 | 169,200 | 700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (in Shares) | shares | 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 15.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBI Investments, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 50,000 | $ 16,516 | $ 16,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | the Company entered into an agreement with SBI Investments, LLC (“SBI”) whereby the Company issued 250 one year units for proceeds of $250,000, each debenture consisting of a $1,000 principal convertible unsecured debenture, bearing interest at 10% per annum and convertible into common shares at $0.86 per share, and a warrant exercisable for 1,162 shares of common stock at an exercise price of $0.86 per share, expiring on October 15, 2019. | the Company entered into an agreement with SBI whereby the Company issued a convertible promissory note for $55,000 for gross proceeds of $50,000, bearing interest at 10% per annum and convertible into common shares at $0.14 per share. The convertible note matured on January 16, 2021. In conjunction with the convertible promissory note, the Company issued a warrant exercisable for 357,142 shares of common stock at an exercise price of $0.14 per share, which warrant expired unexercised on January 16, 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price (in Dollars per share) | $ / shares | $ 0.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest thereon | 33,484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repaid loan | 49,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest amount | $ 768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | $ 184,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private lender [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 2,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | Bellridge enforced the penalty provisions of the original agreement, resulting in an increase in the capital due under the debenture by $610,312 , and an increase of 10% to the interest rate, from the date of original default which was September 19, 2019. | the Company issued 3 one year convertible units of $1,100,000 each to Bay Private Equity, Inc. (“Bay”), including an OID of $100,000 per unit, for net proceeds of $2,979,980. These units bear interest at 5% per annum and matured one year from the date of issue. Each unit consists of one senior secured convertible debenture of $1,100,000 and 250,000 common share purchase warrants. Each convertible debenture may be converted to common shares of the Company at a conversion price of $1.00 per share. Each common share purchase warrant entitles the holder to purchase an additional common share of the Company at a price of $1.10 per share for one year after the issue date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 30, 2021 | Feb. 20, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price (in Dollars per share) | $ / shares | $ 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cantone Asset Management, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable common shares (in Shares) | shares | 1,315,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 300,000 | 40,000 | $ 40,000 | $ 200,000 | $ 240,000 | $ 240,000 | $ 250,000 | $ 300,000 | $ 40,000 | $ 240,000 | $ 300,000 | $ 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | 0.03 | $ 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | In conjunction with the convertible debenture, the Company issued a warrant exercisable for 1,176,470 common shares at an exercise price of $0.17 per share, expiring on January 16, 2021. | $0.055 | In conjunction with the convertible debenture, the Company issued a warrant exercisable for 952,380 common shares at an exercise price of $0.26 per share, expiring on December 17, 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jul. 1, 2023 | Jan. 14, 2021 | Oct. 19, 2021 | Dec. 17, 2020 | Oct. 19, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.12 | 0.037 | $ 0.17 | $ 0.17 | $ 0.0475 | $ 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price (in Dollars per share) | $ / shares | 0.037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 40,000 | $ 40,000 | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 200,000 | $ 247,500 | $ 200,000 | $ 234,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.12 | 0.03 | $ 0.17 | $ 0.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 8.00% | 7.00% | 7.00% | 18.00% | 7.00% | 7.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price of common stock | $ 200,000 | $ 250,000 | $ 200,000 | $ 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | On September 23, 2020, $50,000 of the principal was repaid out of the proceeds of the $300,000 convertible note issued to Cantone Asset Management. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding interest | $ 92,007 | 92,007 | $ 22,660 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted shares of common stock (in Shares) | shares | 949,688 | 5,405,405 | 581,026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ 21,840 | $ 8,500 | $ 10,367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable (in Shares) | shares | 1,176,470 | 952,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount | $ 132,007 | $ 132,007 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of conversion price on common stock | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiry date | Jul. 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock (in Shares) | shares | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cantone Asset Management, LLC [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Dec. 23, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power Up Lending Group, Ltd. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 86,350 | $ 82,500 | $ 69,900 | $ 69,900 | $ 69,900 | $ 140,800 | $ 140,800 | $ 69,900 | $ 64,300 | $ 92,125 | $ 86,350 | $ 82,500 | $ 82,500 | $ 82,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | Between July 13, 2021 and July 14, 2021, Power Up converted the aggregate principal sum of $86,350, including interest thereon of $4,710 into 1,049,835 common shares, thereby extinguishing the note. | the Company issued a convertible promissory note to Power Up in the aggregate principal sum of $86,350, including an original issue discount of $11,350, for net proceeds of $75,000 after certain expenses. | Between November 11, 2020 and November 13, 2020, Power Up converted the aggregate principal sum of $64,300, including interest thereon of $3,480 into 2,256,939 common shares, thereby extinguishing the note. | The company entered into an amending agreement whereby the conversion price of the convertible note was amended to $0.0475 per share, the maturity date was extended to December 17, 2021 and the interest rate was amended to 18% with effect from October 20, 2020. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jul. 2, 2022 | Feb. 24, 2022 | Nov. 6, 2021 | Nov. 6, 2021 | May 7, 2021 | May 20, 2022 | Apr. 21, 2022 | Jun. 19, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12.00% | 12.00% | 12.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible shares (in Shares) | shares | 2,668,712 | 2,306,558 | 2,306,558 | 2,668,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 11,350 | $ 12,800 | 6,900 | $ 6,300 | $ 125,000 | $ 8,375 | $ 7,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 75,000 | $ 125,000 | $ 60,000 | $ 55,000 | $ 12,875 | $ 80,000 | $ 72,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted shares of common stock (in Shares) | shares | 439,209 | 4,545,454 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ 4,500 | $ 3,780 | $ 3,780 | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount | $ 61,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price, percentage | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 86,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
penalty interest | $ 32,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price percentage | 75.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power Up Lending Group, Ltd. [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of prepayment | 110.00% | 110.00% | 110.00% | 110.00% | 110.00% | 110.00% | 110.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power Up Lending Group, Ltd. [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of prepayment | 130.00% | 130.00% | 130.00% | 130.00% | 130.00% | 130.00% | 130.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMA Financial LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | the Company issued a convertible promissory note to EMA for the aggregate principal sum of $150,000, including an original issue discount of $15,000, for net proceeds of $130,500 after certain expenses. The note bears interest at 8% per annum and matures on April 22, 2021. The note may be prepaid subject to a prepayment penalty of 130%. The outstanding principal amount of the note is convertible at any time and from time to time at the election of the holder into shares of the Company’s common stock at a conversion price equal to the lower of; (i) the lowest trading price of the Company’s common stock during the 15 trading days including and immediately preceding the issue date; and (ii) 70% of the two lowest average trading prices during the fifteen prior trading days including and immediately preceding the conversion date. Between January 25, 2021 and March 2, 2021, EMA converted the aggregate principal sum of $161,880 into 5,200,000 common shares. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private lender [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 150,000 | $ 25,000 | $ 120,000 | $ 150,000 | $ 200,000 | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | The convertible debenture bears interest at 10.0% per annum and matured on October 29, 2020. The convertible debenture may be converted into common shares of the Company at a conversion price of $0.18 per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 26, 2022 | Jul. 24, 2023 | Oct. 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.0562 | $ 0.0562 | $ 0.12 | $ 0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 150,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 25,000 | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | (per share) | $ 0.0562 | $ 0.0562 | $ 0.0562 | $ 0.18 | ؋ 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 10.00% | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable (in Shares) | shares | 444,839 | 833,333 | 555,555 | 833,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.0562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiry date | Jan. 26, 2023 | Jan. 26, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock (in Shares) | shares | 2,669,039 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 0.0562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (in Shares) | shares | 444,839 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrant exercisable (in Shares) | shares | 2,669,039 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Proceeds | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest | 8.00% | 8.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Petroleum Capital Funding LP. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.12 | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 3,000,000 | $ 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | On September 22, 2020, the Company entered into an Amending Agreement, whereby the conversion price of the convertible debenture was amended to $0.055 per share and the exercise price of the warrant exercisable for 1,558,730 shares was amended to $0.055 per share. | the Company concluded its second closing as contemplated by the term sheet entered into with PCF per (i) above and issued a convertible debenture in the aggregate principal amount of $432,000, including an OID of $72,000 for net proceeds of $318,600 after certain issue expenses. The convertible debenture bears interest at 10% per annum and the gross proceeds less the OID of $360,000 is convertible into common shares at a conversion price of $0.21 per share, and matures on December 4, 2023. | the Company concluded its third closing as contemplated by the term sheet entered into with PCF per (i) above and issued a convertible debenture in the aggregate principal amount of $471,000, including an OID of $78,500 for net proceeds of $347,363 after certain issue expenses. The convertible debenture bears interest at 10% per annum and the gross proceeds less the OID of $392,500 is convertible into common shares at a conversion price of $0.21 per share, and matures on March 30, 2024. | the Company issued a convertible debenture in the aggregate principal amount of $318,000, including an OID of $53,000 for net proceeds of $226,025 after certain issue expenses. The convertible debenture bears interest at 10% per annum and the gross proceeds less the OID of $265,000 is convertible into common shares at a conversion price of $0.21 per share, and matures on November 26, 2023. In conjunction with the convertible debenture, the Company issued a warrant exercisable for 1,558,730 common shares and a brokers warrant exercisable for 124,500 common shares, at an exercise price of $0.17 per share, expiring on November 26, 2023. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.055 | $ 0.055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 2,191,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.17 | $ 0.17 | $ 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converted shares of common stock (in Shares) | shares | 439,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ 21,600 | $ 15,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable (in Shares) | shares | 20,833,333 | 4,906,250 | 2,117,520 | 20,833,333 | 4,906,250 | 4,906,250 | 4,906,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total amount | $ 61,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.12 | $ 0.055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokers warrant exercisable (in Shares) | shares | 392,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiry date | Jul. 21, 2025 | Dec. 4, 2023 | Mar. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of acres (in Acres) | a | 8,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange rate (in Dollars per share) | $ / shares | $ 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading days | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares value | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense allowances | $ 309,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morison Management S.A. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | the convertible debenture originally issued to GS Capital Partners in the aggregate principal sum of $143,750 together with accrued interest and penalty interest thereon of $49,112 was purchased and assigned to Morison Management S.A. (“Morison”). The Company cancelled the convertible debenture issued to GS and issued a replacement convertible debenture to Morison in the aggregate principal sum of $192,862 with a maturity date of August 26, 2021 and bearing interest at 10% per annum. The note is convertible into common shares at a conversion price equal to 50% of the lowest trading price on the preceding 20 days prior to the notice of conversion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 192,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Shares (in Shares) | shares | 10,285,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | $ 5,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bellridge Capital LP [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 3,661,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.048 | $ 0.055 | $ 0.048 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 1,321,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Shares (in Shares) | shares | 24,030,713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest accrued | $ 525,203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stirling Bridge Resources [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of convertible debenture | Each unit consisting of a common share and a two year share purchase warrant, exercisable for a common share at an exercise price of $0.0562 per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.0562 | $ 0.0562 | $ 0.0562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.0562 | $ 0.0562 | $ 0.0562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debenture bears interest | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiry date | Jan. 26, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock (in Shares) | shares | 569,395 | 569,395 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant term | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrant exercisable (in Shares) | shares | 569,395 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alpha Capital Anstalt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Aug. 6, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.0562 | $ 0.0562 | $ 0.0562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.0562 | $ 0.0562 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 21.00% | 21.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock (in Shares) | shares | 4,448,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 250,000 | $ 500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (in Shares) | shares | 4,448,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrant exercisable (in Shares) | shares | 4,448,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rijtec Enterprises Limited Pension Scheme [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible interest | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 32,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 11, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount amount | $ 32,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.0562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.0562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equilibris Management AG [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount | $ 771,610 | $ 105,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.041 | $ 0.041 | $ 0.041 | $ 0.041 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest amount | $ 86,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | On June 24, 2021, in terms of an Assignment and Purchase of Corporate Debt Agreement entered into with a debt holder, the debt holder assigned the promissory note due to him of CDN$38,217, including interest and late payment penalties thereon to Equilibris Management AG. Effective June 30, 2021, the Company entered into a Securities Exchange Agreement with Equilibris Management exchanging the CDN$38,217 promissory note with a convertible promissory note for US$30,652 bearing interest at 8% per annum, convertible into shares of common stock at a conversion price of $0.041 per share and maturing on June 22, 2022. On July 1, 2021, in terms of a conversion notice received from Equilibris Management AG, the Company issued 747,616 shares of common stock converting the aggregate principal amount of $30,652, thereby extinguishing the debenture. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable (in Shares) | shares | 3,048,780 | 3,048,780 | 4,677,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest | 10.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Promissory note | $ 125,000 | $ 125,000 | $ 771,610 | $ 962,085 | $ 962,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equilibris Management AG [Member] | Securities Exchange Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jun. 22, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable (in Shares) | shares | 18,819,756 | 18,819,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equilibris Management AG [Member] | Mr. Dennewald [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, description | During June 2021, in terms of an exchange agreement entered into with Mr. Dennewald, made effective from February 12, 2021, Mr. Dennewald exchanged three promissory notes dated August 1, 2019, October 31, 2019 and March 3, 2020 totaling $125,000 for a $125,000 convertible promissory note bearing interest at 8% per annum and maturing on February 12, 2022. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private lender One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jul. 24, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 83,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | Cantone Asset Management, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 0.055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokers warrant exercisable (in Shares) | shares | 4,545,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expiry date | Dec. 23, 2021 |
Convertible Debentures (Detai_2
Convertible Debentures (Details) - Schedule of convertible debentures - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Unamortized debt discount | $ (3,978,710) | $ (1,173,112) |
Total loans | $ 6,147,536 | 8,834,324 |
Calvary Fund I LP [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Sep. 4, 2019 | |
Interest Rate | 10.00% | |
Principal due Total | ||
Calvary Fund I LP One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jul. 31, 2021 | |
Interest Rate | 12.00% | |
Principal due Total | 250,000 | |
Calvary Fund I LP Two [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jul. 31, 2021 | |
Interest Rate | 12.00% | |
Principal due Total | $ 80,000 | 480,000 |
Calvary Fund I LP Three [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Aug. 7, 2021 | |
Interest Rate | 0.00% | |
Principal due Total | $ 25,000 | 150,000 |
SBI Investments LLC [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Oct. 15, 2020 | |
Interest Rate | 10.00% | |
Principal due Total | 250,000 | |
SBI Investments LLC One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jan. 16, 2021 | |
Interest Rate | 10.00% | |
Principal due Total | 55,000 | |
Bay Private Equity, Inc. [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jan. 15, 2020 | |
Interest Rate | 5.00% | |
Principal due Total | 3,661,874 | |
Bay Private Equity, Inc. One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Feb. 20, 2021 | |
Interest Rate | 5.00% | |
Principal due Total | 2,400,000 | |
Cantone Asset Management LLC [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Oct. 19, 2021 | |
Interest Rate | 7.00% | |
Principal due Total | 300,000 | |
Cantone Asset Management LLC One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Dec. 17, 2021 | |
Interest Rate | 7.00% | |
Principal due Total | $ 240,000 | 240,000 |
Cantone Asset Management LLC Two [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Oct. 19, 2021 | |
Interest Rate | 18.00% | |
Principal due Total | 240,000 | |
Cantone Asset Management LLC Three [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Dec. 30, 2021 | |
Interest Rate | 18.00% | |
Principal due Total | $ 50,000 | |
Cantone Asset Management LLC Four [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jul. 1, 2023 | |
Interest Rate | 8.00% | |
Principal due Total | $ 300,000 | |
Private lender [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Oct. 29, 2020 | |
Interest Rate | 10.00% | |
Principal due Total | $ 200,000 | 200,000 |
Petroleum Capital Funding LP. [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Nov. 26, 2023 | |
Interest Rate | 10.00% | |
Principal due Total | $ 318,000 | 318,000 |
Petroleum Capital Funding LP. One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Dec. 4, 2023 | |
Interest Rate | 10.00% | |
Principal due Total | $ 432,000 | 432,000 |
Petroleum Capital Funding LP. Two [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Mar. 30, 2024 | |
Interest Rate | 10.00% | |
Principal due Total | $ 471,000 | 471,000 |
Petroleum Capital Funding LP. Three [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jul. 21, 2025 | |
Interest Rate | 10.00% | |
Principal due Total | $ 3,000,000 | |
Power Up Lending Group LTD [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | May 7, 2021 | |
Interest Rate | 12.00% | |
Principal due Total | 64,300 | |
Power Up Lending Group LTD One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jun. 4, 2021 | |
Interest Rate | 12.00% | |
Principal due Total | 69,900 | |
Power Up Lending Group LTD Two [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jun. 19, 2021 | |
Interest Rate | 12.00% | |
Principal due Total | 82,500 | |
Power Up Lending Group LTD Three [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Nov. 6, 2021 | |
Interest Rate | 12.00% | |
Principal due Total | ||
Power Up Lending Group LTD Four [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jan. 12, 2022 | |
Interest Rate | 12.00% | |
Principal due Total | ||
Power Up Lending Group LTD Five [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Feb. 24, 2022 | |
Interest Rate | 12.00% | |
Principal due Total | ||
Power Up Lending Group LTD Six [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Apr. 21, 2022 | |
Interest Rate | 12.00% | |
Principal due Total | $ 92,125 | |
Power Up Lending Group LTD Seven [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | May 20, 2022 | |
Interest Rate | 12.00% | |
Principal due Total | $ 141,625 | |
Power Up Lending Group LTD Eight [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jul. 2, 2022 | |
Interest Rate | 12.00% | |
Principal due Total | $ 114,125 | |
EMA Financial, LLC [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Apr. 22, 2021 | |
Interest Rate | 8.00% | |
Principal due Total | $ 3,120 | 150,000 |
Morison Management S.A [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jul. 31, 2021 | |
Interest Rate | 10.00% | |
Principal due Total | 192,862 | |
Morison Management S.A One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Oct. 15, 2020 | |
Interest Rate | 10.00% | |
Principal due Total | $ 184,251 | |
Morison Management S.A Two [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jan. 16, 2021 | |
Interest Rate | 10.00% | |
Principal due Total | $ 55,000 | |
Bellridge Capital LP. [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Mar. 31, 2021 | |
Interest Rate | 15.00% | |
Principal due Total | $ 2,900,000 | |
Bellridge Capital LP. One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Sep. 30, 2021 | |
Interest Rate | 5.00% | |
Principal due Total | $ 1,400,000 | |
Stirling Bridge Resources [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Oct. 29, 2021 | |
Interest Rate | 10.00% | |
Principal due Total | ||
Alpha Capital Anstalt [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Aug. 6, 2021 | |
Interest Rate | 21.00% | |
Principal due Total | ||
Rijtec Enterprises Limited Pension Scheme [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Nov. 11, 2021 | |
Interest Rate | 10.00% | |
Principal due Total | ||
Private lender [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Nov. 30, 2021 | |
Interest Rate | 10.00% | |
Principal due Total | ||
Private lender One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jan. 26, 2022 | |
Interest Rate | 10.00% | |
Principal due Total | ||
Equilibris Management AG [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jun. 30, 2021 | |
Interest Rate | 10.00% | |
Principal due Total | ||
Equilibris Management AG One [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jun. 22, 2022 | |
Interest Rate | 8.00% | |
Equilibris Management AG Two [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jun. 22, 2022 | |
Interest Rate | 8.00% | |
Private lender Three [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Maturity Date | Jul. 24, 2022 | |
Interest Rate | 8.00% | |
Principal due Total | $ 120,000 | |
Private lender Four [Member] | ||
Convertible Debentures (Details) - Schedule of convertible debentures [Line Items] | ||
Principal due Total | $ 10,126,246 | $ 10,007,436 |
Convertible Debentures (Detai_3
Convertible Debentures (Details) - Schedule of classified as repayable convertible debentures - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Convertible Debentures (Details) - Schedule of classified as repayable convertible debentures [Line Items] | ||
Total | $ 6,147,536 | $ 8,834,324 |
Principal classified as repayable within one year [Member] | ||
Convertible Debentures (Details) - Schedule of classified as repayable convertible debentures [Line Items] | ||
Total | 5,255,874 | 8,227,257 |
Principal classified as repayable later than one year [Member] | ||
Convertible Debentures (Details) - Schedule of classified as repayable convertible debentures [Line Items] | ||
Total | $ 891,662 | $ 607,067 |
Federal Relief Loans (Details)
Federal Relief Loans (Details) - USD ($) | Apr. 11, 2020 | Jan. 20, 2021 | Jun. 16, 2020 | Jul. 27, 2020 | Jul. 02, 2021 | May 20, 2021 | May 03, 2021 | Apr. 21, 2021 | Feb. 03, 2021 | Apr. 23, 2020 |
Federal Relief Loans (Details) [Line Items] | ||||||||||
Loan amount | $ 133,890 | |||||||||
Interest rate | 12.00% | 12.00% | 12.00% | |||||||
Petroteq Oil Recovery, LLC [Member] | ||||||||||
Federal Relief Loans (Details) [Line Items] | ||||||||||
Debt instrument, description | On June 16, 2020, Petroteq Oil Recovery, LLC, received a Small Business Economic Injury Disaster loan amounting to $150,000, bearing interest at 3.75% per annum and repayable in monthly installments of $731 commencing twelve months after inception with the balance of interest and principal repayable on June 16, 2050. | |||||||||
Loan amount | $ 133,600 | $ 133,826 | ||||||||
Interest rate | 1.00% | 1.00% | ||||||||
Debt maturity period | 2 years | 5 years | ||||||||
Petroteq CA, Inc [Member] | ||||||||||
Federal Relief Loans (Details) [Line Items] | ||||||||||
Debt instrument, description | On May 1, 2020 and July 27, 2020, Petroteq CA, Inc, received a Small Business Economic Injury Disaster loan amounting to $10,000 and $150,000, respectively, bearing interest at 3.75% per annum and repayable in monthly installments of $731 commencing twelve months after inception with the balance of interest and principal repayable on July 27, 2050. | |||||||||
Loan amount | $ 133,890 | $ 133,890 | ||||||||
Interest rate | 0.98% | 0.98% |
Derivative Liability (Details)
Derivative Liability (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Description of short-term convertible note | Convertible note issued to several lenders, disclosed in note 14(h), (i) and (j), above have conversion rights that are linked to the Company’s stock price, at a factor ranging from 50% to 75% of an average stock price over a period ranging from 15 to 20 days prior to the date of conversion. | |
Derivative financial liabilities re-assessed | $ 187,401 |
Derivative Liability (Details)
Derivative Liability (Details) - Schedule of Black-Scholes valuation model | 12 Months Ended |
Aug. 31, 2021$ / shares | |
Derivative [Line Items] | |
Expected dividend rate | 0.00% |
Minimum [Member] | |
Derivative [Line Items] | |
Conversion price (in Dollars per share) | $ 0.03 |
Risk free interest rate | 0.18% |
Expected life of derivative liability | 6 months |
Expected volatility of underlying stock | 93.90% |
Maximum [Member] | |
Derivative [Line Items] | |
Conversion price (in Dollars per share) | $ 0.25 |
Risk free interest rate | 2.12% |
Expected life of derivative liability | 12 months |
Expected volatility of underlying stock | 231.80% |
Derivative Liability (Details_2
Derivative Liability (Details) - Schedule of derivative liability | Aug. 31, 2021USD ($) |
Derivative [Line Items] | |
Opening balance | $ 841,385 |
Derivative financial liability arising from convertible notes | 653,826 |
Fair value adjustment to derivative liability | (1,173,025) |
Total | $ 322,186 |
Reclamation and Restoration P_3
Reclamation and Restoration Provisions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2019 | Aug. 30, 2019 | |
Reclamation and Restoration Provisions (Details) [Line Items] | |||||
Reclamation and restoration provisions description | During the year ended August 31, 2019, in accordance with the requirements to provide a surety bond to the Utah Division of Oil Gas and Mining in terms of the amendment to the Notice of Intent to Commence Large Mining Operations at an estimated production of 4,000 barrels per day, the Company estimated that the cost of restoring the site would increase to $2,472,013. The discount rate used in the calculation is estimated to be 2.32% on operations that are expected to commence in September 2021. | ||||
Oil and gas reclamation liability, noncurrent | $ 2,970,497 | $ 2,970,497 | $ 2,970,497 | ||
Oil Extraction Facility [Member] | |||||
Reclamation and Restoration Provisions (Details) [Line Items] | |||||
Provision for dismantling facility | $ 350,000 | ||||
Reclamation and restoration provisions description | in accordance with the requirements to provide a surety bond to the Utah Division of Oil Gas and Mining in terms of the amendment to the Notice of Intent to Commence Large Mining Operations at an estimated production of 4,000 barrels per day, the Company estimated that the cost of dismantling the oil extraction plant and related equipment would increase to $498,484. The discount rate used in the calculation is estimated to be 2.32% on operations that are expected to commence in September 2021. | ||||
Oil and gas reclamation liability, noncurrent | $ 498,484 | 498,484 | 498,484 | ||
Provision discount rate | 2.00% | ||||
Site Restoration [Member] | |||||
Reclamation and Restoration Provisions (Details) [Line Items] | |||||
Provision for dismantling facility | $ 200,000 | ||||
Oil and gas reclamation liability, noncurrent | $ 2,472,013 | $ 2,472,013 | $ 2,472,013 | ||
Provision discount rate | 2.00% | ||||
Oil extraction plant lease term | 25 years |
Reclamation and Restoration P_4
Reclamation and Restoration Provisions (Details) - Schedule of reclamation and restoration provisions - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Reclamation and Restoration Provisions (Details) - Schedule of reclamation and restoration provisions [Line Items] | ||
Balance at August 31, 2019 | $ 2,970,497 | |
Accretion expense | ||
Balance at August 31, 2021 | 2,970,497 | |
Balance at August 31, 2020 | 2,970,497 | 2,970,497 |
Oil Extraction Facility [Member] | ||
Reclamation and Restoration Provisions (Details) - Schedule of reclamation and restoration provisions [Line Items] | ||
Balance at August 31, 2019 | 498,484 | |
Accretion expense | ||
Balance at August 31, 2021 | 498,484 | |
Balance at August 31, 2020 | 498,484 | 498,484 |
Site Restoration [Member] | ||
Reclamation and Restoration Provisions (Details) - Schedule of reclamation and restoration provisions [Line Items] | ||
Balance at August 31, 2019 | 2,472,013 | |
Accretion expense | ||
Balance at August 31, 2021 | 2,472,013 | |
Balance at August 31, 2020 | $ 2,472,013 | $ 2,472,013 |
Common Shares (Details)
Common Shares (Details) - USD ($) | Jul. 12, 2021 | Jul. 01, 2021 | Jun. 10, 2021 | Feb. 04, 2021 | Nov. 13, 2020 | Aug. 31, 2021 | Apr. 23, 2021 | Jan. 25, 2021 | Dec. 10, 2020 | Aug. 30, 2021 | Jul. 02, 2021 | Jun. 30, 2021 | Jun. 24, 2021 | Jun. 16, 2021 | Jan. 12, 2021 | Dec. 09, 2020 | Nov. 06, 2020 | Jul. 22, 2020 | Jun. 19, 2020 | Jun. 04, 2020 | May 07, 2020 | Aug. 19, 2019 |
Common Shares (Details) [Line Items] | ||||||||||||||||||||||
Common stock, shares issued and outstanding | 564,159,881 | |||||||||||||||||||||
Issued of stock | 71,632,237 | |||||||||||||||||||||
Loss realized (in Dollars) | $ 3,481,483 | |||||||||||||||||||||
Settlement of trade debt (in Dollars) | $ 3,433,200 | |||||||||||||||||||||
Common Shares Issued | 1,964,108 | |||||||||||||||||||||
Common shares value issued (in Dollars) | $ 137,488 | |||||||||||||||||||||
Issuance of common stock, shares | 41,334,246 | |||||||||||||||||||||
Common shares issued | 747,616 | 171,906,658 | ||||||||||||||||||||
Conversion of Stock, Amount Issued (in Dollars) | $ 8,156,018 | |||||||||||||||||||||
Warrant shares | 12,846,973 | |||||||||||||||||||||
Warrants value (in Dollars) | $ 500,063 | |||||||||||||||||||||
Convertible debt (in Dollars) | $ 7,622,160 | |||||||||||||||||||||
Restricted shares | 1,000,000 | |||||||||||||||||||||
Common shares value (in Dollars) | $ 58,879 | |||||||||||||||||||||
Received value (in Dollars) | $ 750,000 | |||||||||||||||||||||
Units issued | 6,250,000 | |||||||||||||||||||||
Price per unit (in Dollars per share) | $ 0.041 | $ 0.12 | $ 0.041 | $ 0.041 | $ 0.041 | $ 0.04100004 | ||||||||||||||||
Various Investors [Member] | ||||||||||||||||||||||
Common Shares (Details) [Line Items] | ||||||||||||||||||||||
Issuance of common stock, shares | 2,781,949 | 28,490,802 | ||||||||||||||||||||
Convertible Debt [Member] | ||||||||||||||||||||||
Common Shares (Details) [Line Items] | ||||||||||||||||||||||
Issuance of common stock, shares | 25,000 | |||||||||||||||||||||
Convertible debt (in Dollars) | $ 86,350 | $ 140,800 | $ 150,000 | $ 82,500 | $ 69,900 | $ 64,300 | ||||||||||||||||
Stock value (in Dollars) | $ 3,411 | |||||||||||||||||||||
Exercise price (in Dollars per share) | $ 0.15 | |||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Common Shares (Details) [Line Items] | ||||||||||||||||||||||
Shares issued | 1 | |||||||||||||||||||||
Proceeds from warrant exercise | 1 | |||||||||||||||||||||
Exercise price (in Dollars per share) | $ 0.12 | |||||||||||||||||||||
Warrants exercised of gross proceeds (in Dollars) | $ 24 |
Stock Options (Details)
Stock Options (Details) - USD ($) | Aug. 07, 2020 | Aug. 20, 2020 | Aug. 31, 2021 | Aug. 31, 2020 |
Stock Options (Details) [Line Items] | ||||
Options exercisable | 3,000,000 | 2,220,000 | ||
Exercise price (in Dollars per share) | $ 0.085 | $ 0.11 | ||
Share-based compensation expense (in Dollars) | $ 603,244 | $ 887,818 | ||
Board of Directors [Member] | ||||
Stock Options (Details) [Line Items] | ||||
Percentage of stock option | 20.00% | |||
Common shares reserved for issuance | 112,831,976 |
Stock Options (Details) - Sched
Stock Options (Details) - Schedule of stock option transactions - $ / shares | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of stock option transactions [Abstract] | ||
Number of Options, beginning | 9,470,000 | 9,808,333 |
Weighted average exercise price, beginning | $ 1.2 | $ 1.2 |
Number of Options, granted | 5,220,000 | |
Weighted average exercise price, granted | $ 0.1 | |
Number of Options, forfeited | (2,220,000) | (5,558,333) |
Weighted average exercise price, forfeited | $ 1.14 | $ 1.14 |
Number of Options, ending | 7,250,000 | 9,470,000 |
Weighted average exercise price, ending | $ 0.63 | $ 0.63 |
Stock Options (Details) - Sch_2
Stock Options (Details) - Schedule of stock options outstanding and exercisable | 12 Months Ended |
Aug. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding | 7,250,000 |
Options Exercisable | 7,250,000 |
Weighted average remaining contractual life | 5 years 6 months |
Weighted average remaining contractual life | 5 years 6 months |
August 7, 2025 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price (in Dollars per share and Dollars per share) | $ / shares | $ 0.085 |
Options Outstanding | 3,000,000 |
Options Exercisable | 3,000,000 |
November 30, 2027 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price (in Dollars per share and Dollars per share) | $ / shares | $ 2.27 |
Options Outstanding | 950,000 |
Options Exercisable | 950,000 |
June 5, 2028 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price (in Dollars per share and Dollars per share) | $ / shares | $ 1 |
Options Outstanding | 3,300,000 |
Options Exercisable | 3,300,000 |
Share Purchase Warrants (Detail
Share Purchase Warrants (Details) - USD ($) | Sep. 17, 2017 | Jul. 27, 2021 | Aug. 31, 2021 |
Share Purchase Warrants (Details) [Line Items] | |||
Shares issued warrants (in Shares) | 19,384,900 | 14,690,739 | |
Fair value of warrants granted price per share | $ 3,835,673 | ||
Warrant, description | Warrants exercisable for 26,999,167 common shares at exercise prices ranging from $0.18 to $3.427 and warrants exercisable over 9,776,815 common shares at exercise prices ranging from $0.22 and $21.53 per share expired during the year ended August 31, 2021 and 2020, respectively. | ||
Gross proceeds | $ 635,706 | ||
Description of warrant term | the Company issued a total of 66,496,016 warrants for common shares of which 17,874,966 were issued in terms of subscription agreements entered into with investors and a further 42,835,635 warrants issued in terms of convertible debt subscriptions and 5,785,415 brokers warrants issued in terms of the subscription agreements mentioned above | the company received $750,000 from a private investor in terms of an irrevocable subscription agreement for the issue of 6,250,000 units, at an issue price of $0.12 per unit. Each unit consists of one common share and one transferable share purchase warrant exercisable at $0.12 per share, for a period of twenty four months from closing. Due to the suspension of trading by the TSXV, these warrants have not been issued as yet. | |
Exercise Price Five [Member] | |||
Share Purchase Warrants (Details) [Line Items] | |||
Fair value of warrants granted price per share | $ 918,147 | ||
Warrant amended, amounted | $ 78,792 |
Share Purchase Warrants (Deta_2
Share Purchase Warrants (Details) - Schedule of assumptions in Black Scholes valuation model | 12 Months Ended |
Aug. 31, 2021$ / shares | |
Minimum [Member] | |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | |
Exercise price (in Dollars per share) | $ 0.0475 |
Expected share price volatility | 135.50% |
Risk-free interest rate | 0.14% |
Expected term | 7 months 6 days |
Maximum [Member] | |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | |
Exercise price (in Dollars per share) | $ 0.12 |
Expected share price volatility | 181.40% |
Risk-free interest rate | 0.84% |
Expected term | 4 years 5 months 12 days |
Share Purchase Warrants (Deta_3
Share Purchase Warrants (Details) - Schedule of warrants activity - Warrant Activity [Member] - $ / shares | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Share Purchase Warrants (Details) - Schedule of warrants activity [Line Items] | ||
Number of Options, Balance, beginning of period | 48,342,714 | 38,734,629 |
Weighted average exercise price, Balance, beginning of period | $ 0.4254 | $ 0.7119 |
Number of Options, Warrants granted | 66,496,016 | 19,384,900 |
Weighted average exercise price, Warrants granted | $ 0.1021 | $ 0.0824 |
Number of Options, Warrants exercised | (14,690,739) | |
Weighted average exercise price, Warrants exercised | $ 0.0433 | |
Number of Options, Warrants forfeited | (26,999,167) | (9,776,815) |
Weighted average exercise price, Warrants forfeited | $ 0.7042 | $ 0.8675 |
Number of Options, Balance, end of period | 73,148,824 | 48,342,714 |
Weighted average exercise price, Balance, end of period | $ 0.1053 | $ 0.4254 |
Share Purchase Warrants (Deta_4
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding | Aug. 31, 2021$ / sharesshares |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.1053 |
Warrants outstanding and exercisable, Number of shares | shares | 73,148,824 |
Warrants outstanding and exercisable, Weighted average remaining years | 3 years 2 months 15 days |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.055 |
Warrants outstanding and exercisable, Number of shares | shares | 8,582,500 |
Warrants outstanding and exercisable, Weighted average remaining years | 2 years 5 months 8 days |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.0562 |
Warrants outstanding and exercisable, Number of shares | shares | 12,846,973 |
Warrants outstanding and exercisable, Weighted average remaining years | 3 years 3 months 29 days |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.08 |
Warrants outstanding and exercisable, Number of shares | shares | 392,500 |
Warrants outstanding and exercisable, Weighted average remaining years | 2 years 6 months 29 days |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.1 |
Warrants outstanding and exercisable, Number of shares | shares | 276,512 |
Warrants outstanding and exercisable, Weighted average remaining years | 1 year 4 months 28 days |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.12 |
Warrants outstanding and exercisable, Number of shares | shares | 47,827,077 |
Warrants outstanding and exercisable, Weighted average remaining years | 3 years 6 months 7 days |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.14 |
Warrants outstanding and exercisable, Number of shares | shares | 151,785 |
Warrants outstanding and exercisable, Weighted average remaining years | 3 years 4 months 20 days |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.17 |
Warrants outstanding and exercisable, Number of shares | shares | 293,700 |
Warrants outstanding and exercisable, Weighted average remaining years | 2 years 3 months |
Warrants Outstanding [Member] | |
Share Purchase Warrants (Details) - Schedule of share purchases warrants outstanding [Line Items] | |
Exercise price | $ / shares | $ 0.23 |
Warrants outstanding and exercisable, Number of shares | shares | 2,777,777 |
Warrants outstanding and exercisable, Weighted average remaining years | 29 days |
Diluted Loss Per Share (Details
Diluted Loss Per Share (Details) - Schedule of diluted loss per share as the results of the computation was anti-dilutive - shares | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Diluted shares | 198,790,155 | 151,754,188 |
Convertible securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Convertible securities | 118,391,331 | 93,941,474 |
Share purchase warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Share purchase warrants | 73,148,824 | 48,342,714 |
Share purchase options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Share purchase options | 7,250,000 | 9,470,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jul. 27, 2021 | Jul. 12, 2021 | Aug. 20, 2020 | Aug. 07, 2020 | Jun. 30, 2021 | Apr. 23, 2021 | Aug. 31, 2021 | Aug. 31, 2020 | Aug. 06, 2021 | Jul. 02, 2021 | Jul. 01, 2021 | Jun. 24, 2021 | Jun. 16, 2021 | Jun. 10, 2021 | Apr. 28, 2021 | Jan. 25, 2021 | Jul. 31, 2020 | Mar. 11, 2020 | Oct. 31, 2019 | Sep. 19, 2019 |
Related Party Transactions (Details) [Line Items] | ||||||||||||||||||||
Outstanding directors fees | $ 264,064 | $ 235,165 | ||||||||||||||||||
Outstanding salaries and fees | $ 447,500 | 328,075 | ||||||||||||||||||
Price per share (in Dollars per share) | $ 0.041 | $ 0.12 | $ 0.041 | $ 0.041 | $ 0.041 | $ 0.04100004 | ||||||||||||||
Units at a price (in Shares) | 41,334,246 | |||||||||||||||||||
Alex Blyumkin [Member] | ||||||||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||||||||
Outstanding directors fees | $ 40,494 | |||||||||||||||||||
Common shares (in Shares) | 15,000,000 | 696,153 | ||||||||||||||||||
Gross proceeds | $ 225,000 | $ 70,000 | $ 600,000 | $ 90,500 | ||||||||||||||||
Shares were issued (in Shares) | 2,356,374 | |||||||||||||||||||
Outstanding promissory note | $ 94,255 | |||||||||||||||||||
Common shares at a price (in Shares) | 1,166,666 | |||||||||||||||||||
Price per share (in Dollars per share) | $ 0.12 | $ 0.06 | ||||||||||||||||||
Common shares valued (in Shares) | 578,480 | |||||||||||||||||||
Units at a price (in Shares) | 1,875,000 | |||||||||||||||||||
Company owed | $ 493,549 | 555,647 | ||||||||||||||||||
George Stapleton [Member] | ||||||||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||||||||
Common shares valued (in Shares) | 1,000,000 | |||||||||||||||||||
Compensation package | $ 58,879 | |||||||||||||||||||
Options exercisable shares (in Shares) | 3,000,000 | |||||||||||||||||||
Options exercise price (in Dollars per share) | $ 0.085 | |||||||||||||||||||
Options exercise | $ 165,855 | |||||||||||||||||||
Vested period description | The options vested over an eight month period. | |||||||||||||||||||
Dr. Gerald Bailey [Member] | ||||||||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||||||||
Outstanding directors fees | $ 40,494 | |||||||||||||||||||
Common shares valued (in Shares) | 578,480 | |||||||||||||||||||
Cash compensation | $ 10,000 | |||||||||||||||||||
Robert Dennewald [Member] | ||||||||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||||||||
Outstanding directors fees | $ 40,494 | |||||||||||||||||||
Common shares valued (in Shares) | 578,480 | |||||||||||||||||||
Company owed | $ 0 | 125,000 | ||||||||||||||||||
Short-term loan | $ 25,000 | $ 50,000 | ||||||||||||||||||
Total loan outstanding | $ 125,000 | |||||||||||||||||||
Exchange agreement description | in terms of an exchange agreement entered into with Mr. Dennewald, Mr. Dennewald exchanged three promissory notes dated August 1, 2019, October 31, 2019 and March 3, 2020 totaling $125,000 for a $125,000 convertible promissory note bearing interest at 8% per annum and maturing on February 12, 2022. | |||||||||||||||||||
Convertible promissory note | $ 125,000 | |||||||||||||||||||
James Fuller [Member] | ||||||||||||||||||||
Related Party Transactions (Details) [Line Items] | ||||||||||||||||||||
Outstanding directors fees | $ 16,007 | |||||||||||||||||||
Common shares valued (in Shares) | 228,668 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of balances outstanding - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related Party payables | $ 493,549 | $ 680,647 |
Aleksandr Blyumkin [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party payables | 493,549 | 555,647 |
Robert Dennewald [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party payables | $ 125,000 |
Investments (Details)
Investments (Details) - USD ($) | Sep. 06, 2019 | Jan. 08, 2018 | Nov. 11, 2016 | Aug. 31, 2019 | Aug. 31, 2018 |
Disclosure Text Block Supplement [Abstract] | |||||
Percentage of interest in venture | 25.00% | ||||
Advance to joint venture | $ 68,331 | ||||
Investments | $ 68,331 | ||||
Paid the first instalment | $ 100,000 | ||||
Oil and gas property expense | $ 152,500 | ||||
Shares issued for services (in Shares) | 250,000 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Details) - Schedule of selling, general and administrative expenses - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of selling, general and administrative expenses [Abstract] | ||
Investor relations and public relations | $ 45,000 | $ (92,179) |
Professional fees | 1,596,754 | 2,614,540 |
Salaries and wages | 350,478 | 1,043,647 |
Share-based compensation | 603,244 | 887,818 |
Travel and promotional expenses | 700,724 | 713,662 |
Other | 922,424 | 1,016,257 |
Total | $ 4,218,624 | $ 6,183,745 |
Financing Costs, Net (Details)
Financing Costs, Net (Details) - Schedule of financing costs net - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of financing costs net [Abstract] | ||
Interest and penalty on borrowings | $ 1,820,459 | $ 1,256,985 |
Amortization of debt discount | 2,907,121 | 1,414,626 |
Total | $ 4,727,580 | $ 2,671,611 |
Other Expense (Income), Net (De
Other Expense (Income), Net (Details) - Schedule of other expense (income), net - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of other expense (income), net [Abstract] | ||
Loss (gain) on settlement of liabilities | $ 48,283 | $ 524,971 |
Loss on conversion of convertible debt | 1,033,921 | 744,918 |
Loss (gain) on debt extinguishment | 416,480 | (54,378) |
Penalty on convertible notes | 202,908 | 610,312 |
Forgiveness of federal relief loans | (133,890) | |
Interest income | (3,800) | (29,317) |
Total | $ 1,563,902 | $ 746,564 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of deferred tax assets and liabilities - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Schedule of deferred tax assets and liabilities [Abstract] | ||
Property, plant and equipment and intangible assets | $ (24,049,200) | $ (18,502,900) |
Non-capital tax loss carry-forwards | 15,993,200 | 14,418,180 |
Other tax-related balances and credits | (208,332) | 160,286 |
Valuation allowance | 8,264,332 | 4,247,006 |
Net deferred tax assets (liabilities) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of reconciliation of the provision for income taxes - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of reconciliation of the provision for income taxes [Abstract] | ||
Net loss before income taxes | $ 9,474,243 | $ 12,379,067 |
Combined federal and state statutory income tax rates | 26.50% | 26.50% |
Tax recovery using the Company’s domestic tax rate | $ 2,510,674 | $ 3,280,453 |
Effect of tax rates in foreign jurisdictions | ||
Net effect of (non-deductible) deductible items | (1,814,000) | (2,369,610) |
Current year deductible amounts | 1,254,163 | 1,638,692 |
Current period losses not recognized | (1,950,837) | (2,549,535) |
Provision for income taxes |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 2 | 2 |
Segment Information (Details) -
Segment Information (Details) - Schedule of oil extraction and processing segment - USD ($) $ in Thousands | Aug. 31, 2021 | Aug. 31, 2020 |
Oil Extraction [Member] | ||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Additions to non-current assets | $ 5,513 | $ 2,073 |
Reportable segment assets | 47,795 | 40,405 |
Reportable segment liabilities | (14,782) | (19,416) |
Mining Operations [Member] | ||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Additions to non-current assets | 50 | |
Reportable segment assets | 33,240 | 33,240 |
Reportable segment liabilities | (100) | (100) |
Consolidated [Member] | ||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||
Additions to non-current assets | 5,513 | 2,123 |
Reportable segment assets | 81,035 | 73,645 |
Reportable segment liabilities | $ (14,882) | $ (19,516) |
Segment Information (Details)_2
Segment Information (Details) - Schedule of segment operating results - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Oil Extraction [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from license fees | $ 2,000 | |
Revenues from hydrocarbon sales | $ 291 | |
Production and maintenance costs | (2,091) | |
Other production and maintenance costs | (1,714) | |
Advance royalty payments | ||
Gross Loss | (91) | (1,423) |
Expenses | ||
Depreciation, depletion and amortization | 46 | 104 |
Selling, general and administrative expenses | 4,219 | 6,180 |
Investor relations | 45 | (92) |
Professional fees | 1,597 | 2,613 |
Salaries and wages | 350 | 1,044 |
Share-based compensation | 666 | 888 |
Travel and promotional expenses | 701 | 714 |
Other | 860 | 1,013 |
Financing costs | 4,727 | 2,672 |
Impairment of investments | 75 | |
Other expense (income) | 1,564 | 746 |
(Gain) loss on settlement of liabilities | 48 | (525) |
Loss on conversion of convertible debt | 1,034 | 745 |
Gain (loss) on debt extinguishment | 417 | (55) |
Penalty on convertible note | 203 | 610 |
Other income | (29) | |
Forgiveness of federal relief loans | (134) | |
Interest income | (4) | |
Derivative liability movements | (1,173) | 187 |
Net loss | (9,474) | 11,387 |
Mining Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from license fees | ||
Revenues from hydrocarbon sales | ||
Production and maintenance costs | ||
Other production and maintenance costs | ||
Advance royalty payments | (988) | |
Gross Loss | (988) | |
Expenses | ||
Depreciation, depletion and amortization | ||
Selling, general and administrative expenses | 4 | |
Investor relations | ||
Professional fees | 1 | |
Salaries and wages | ||
Share-based compensation | ||
Travel and promotional expenses | ||
Other | 3 | |
Financing costs | ||
Impairment of investments | ||
Other expense (income) | ||
(Gain) loss on settlement of liabilities | ||
Loss on conversion of convertible debt | ||
Gain (loss) on debt extinguishment | ||
Penalty on convertible note | ||
Other income | ||
Derivative liability movements | ||
Net loss | 992 | |
Consolidated [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue from license fees | 2,000 | |
Revenues from hydrocarbon sales | 291 | |
Production and maintenance costs | (2,091) | |
Other production and maintenance costs | (1,714) | |
Advance royalty payments | (988) | |
Gross Loss | (91) | (2,411) |
Expenses | ||
Depreciation, depletion and amortization | 46 | 104 |
Selling, general and administrative expenses | 4,219 | 6,184 |
Investor relations | 45 | (92) |
Professional fees | 1,597 | 2,614 |
Salaries and wages | 350 | 1,044 |
Share-based compensation | 666 | 888 |
Travel and promotional expenses | 701 | 714 |
Other | 860 | 1,016 |
Financing costs | 4,727 | 2,672 |
Impairment of investments | 75 | |
Other expense (income) | 1,564 | 746 |
(Gain) loss on settlement of liabilities | 48 | (525) |
Loss on conversion of convertible debt | 1,034 | 745 |
Gain (loss) on debt extinguishment | 417 | (55) |
Penalty on convertible note | 203 | 610 |
Other income | (29) | |
Forgiveness of federal relief loans | (134) | |
Interest income | (4) | |
Derivative liability movements | (1,173) | 187 |
Net loss | $ (9,474) | $ 12,379 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | |||
Dec. 27, 2018 | Jul. 21, 2021 | Jul. 02, 2021 | Jun. 24, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Maturity date, description | the Company executed and delivered: (i) a Settlement Agreement (the “Settlement Agreement”) with Redline Capital Management S.A. (“Redline”) and Momentum Asset Partners II, LLC; (ii) a secured promissory note payable to Redline in the principal amount of $6,000,000 (the “Note”) with a maturity date of 27 December 2020, bearing interest at 10% per annum; and (iii) a Security Agreement (together with the Settlement Agreement and the Note, the “Redline Agreements”) among the Company, Redline, and TMC Capital, LLC (“TMC”), an indirect wholly-owned subsidiary of the Company. | |||
Promissory notes payable | $ 6,000,000 | |||
Interest rate | 10.00% | 10.00% | 10.00% | 8.00% |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of minimum lease payments under finance leases | 12 Months Ended |
Aug. 31, 2021USD ($) | |
Undiscounted minimum future lease payments | |
Within 1 year | $ 80,700 |
Total instalments due under finance leases | $ 80,700 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of minimum lease payments under operating leases | 12 Months Ended |
Aug. 31, 2021USD ($) | |
Undiscounted minimum future lease payments | |
Within 1 year | $ 62,903 |
1 to 2 years | 64,790 |
2 to 3 years | 66,734 |
Total | $ 194,427 |
Management of Financial Risks_2
Management of Financial Risks (Details) - USD ($) | Aug. 31, 2021 | Aug. 31, 2020 |
Management of Financial Risks (Details) [Line items] | ||
Trade and other receivables | $ 17,303 | $ 12,830 |
Notes receivable | $ 522,959 | $ 89,159 |
Management of Financial Risks_3
Management of Financial Risks (Details) - Schedule of remaining contractual maturities of financial liabilities | Aug. 31, 2021USD ($) |
Management of Financial Risks (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable | $ 2,106 |
Accrued liabilities | 1,565 |
Convertible debenture | 12,084 |
Finance lease liabilities | 81 |
Operating lease liabilities | 195 |
Federal relief loans | 1,070 |
Total | 17,101 |
Carrying amount [Member] | |
Management of Financial Risks (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable | 2,106 |
Accrued liabilities | 1,565 |
Convertible debenture | 6,148 |
Finance lease liabilities | 75 |
Operating lease liabilities | 167 |
Federal relief loans | 728 |
Total | 10,789 |
1 year or less [Member] | |
Management of Financial Risks (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable | 2,106 |
Accrued liabilities | 1,565 |
Convertible debenture | 6,690 |
Finance lease liabilities | 81 |
Operating lease liabilities | 63 |
Federal relief loans | 292 |
Total | 10,797 |
2 - 5 years [Member] | |
Management of Financial Risks (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable | |
Accrued liabilities | |
Convertible debenture | 5,394 |
Finance lease liabilities | |
Operating lease liabilities | 132 |
Federal relief loans | 53 |
Total | 5,579 |
More than 5 years [Member] | |
Management of Financial Risks (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable | |
Accrued liabilities | |
Convertible debenture | |
Finance lease liabilities | |
Operating lease liabilities | |
Federal relief loans | 725 |
Total | $ 725 |
Subsequent Events (Details)
Subsequent Events (Details) | Nov. 17, 2021USD ($)$ / shares | Nov. 10, 2021USD ($)$ / sharesshares | Oct. 15, 2021 | Aug. 31, 2021USD ($)$ / shares | Jul. 14, 2021USD ($)$ / sharesshares | Jul. 13, 2021USD ($)$ / sharesshares | Jul. 02, 2021USD ($)$ / shares | Jul. 01, 2021USD ($)$ / shares | Jun. 10, 2021USD ($) | Jun. 03, 2021USD ($) | May 14, 2021USD ($)$ / sharesshares | May 10, 2021USD ($)$ / sharesshares | Mar. 02, 2021USD ($)$ / sharesshares | Feb. 05, 2021USD ($)$ / sharesshares | Jan. 13, 2021USD ($)$ / shares | Jan. 12, 2021USD ($) | Jan. 11, 2021USD ($)$ / shares | Jan. 07, 2021USD ($)$ / sharesshares | Jan. 04, 2021USD ($)$ / sharesshares | Dec. 15, 2020USD ($)$ / sharesshares | Nov. 13, 2020USD ($)$ / sharesshares | Nov. 12, 2020USD ($)$ / shares | Nov. 06, 2020USD ($) | Jun. 04, 2020USD ($) | May 07, 2020USD ($) | Dec. 04, 2019shares | Nov. 17, 2021USD ($)$ / shares | Nov. 15, 2021USD ($) | Oct. 31, 2021USD ($) | Sep. 21, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / shares | Jun. 24, 2021USD ($)$ / shares | Jun. 24, 2021CAD ($) | Jun. 16, 2021USD ($)$ / shares | Jun. 15, 2021USD ($)$ / sharesshares | May 20, 2021USD ($) | May 19, 2021USD ($)$ / sharesshares | Apr. 21, 2021USD ($) | Mar. 17, 2021USD ($) | Feb. 25, 2021USD ($) | Feb. 22, 2021USD ($)$ / sharesshares | Jan. 28, 2021USD ($)$ / sharesshares | Jan. 25, 2021USD ($)$ / sharesshares | Jan. 20, 2021USD ($)$ / sharesshares | Dec. 28, 2020USD ($)$ / sharesshares | Dec. 22, 2020USD ($)$ / sharesshares | Oct. 01, 2020USD ($)$ / sharesshares | Aug. 26, 2020USD ($) | Jul. 22, 2020USD ($) | Jun. 19, 2020USD ($) | Mar. 31, 2020USD ($) | Oct. 30, 2018USD ($) | May 31, 2021 | Aug. 31, 2021barrel$ / shares | Dec. 31, 2021$ / shares | Aug. 30, 2021USD ($) | Aug. 07, 2021$ / shares | Jul. 31, 2021$ / shares | Jul. 21, 2021 | Jun. 24, 2021CAD ($) | May 26, 2021shares | Feb. 12, 2021 | Sep. 22, 2020$ / shares | Aug. 29, 2020$ / shares | Aug. 07, 2020shares | Jul. 07, 2020$ / shares | Dec. 27, 2018 |
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares review, description | Based on the Company’s initial review of the Transactions, it is estimated that a total of 54,370,814 Common Shares were issued as a result of the Transactions. While some of the issued Common Shares, namely, 4,336,972, are estimated to have been issued at prices above what the Exchange would have otherwise approved, 50,033,842 are estimated to have been issued at share prices below what the Exchange generally approves for convertible securities. While the Company is now making the necessary submissions with the Exchange for the Transactions, they may not all be accepted for approval by the Exchange and as a condition of reinstatement to trading on the Exchange the Company may need to take remedial action to bring the Transactions into compliance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of convertible debt | $ 7,622,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount, percentage | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 103,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest rate | 12.00% | 12.00% | 12.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.041 | $ 0.055 | $ 0.037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and unpaid interest | $ 92,007 | $ 22,660 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock (in Shares) | shares | 9,101,942 | 1,681,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 114,125 | $ 30,652 | $ 30,652 | $ 771,610 | $ 141,625 | $ 92,125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt agreement | $ 191,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible redeemable note | $ 18,819,756 | $ 4,677,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares per share (in Dollars per share) | $ / shares | $ 0.12 | $ 0.041 | $ 0.041 | $ 0.041 | $ 0.041 | $ 0.04100004 | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest percentage | 12.00% | 8.00% | 12.00% | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount outstanding (in Dollars) | $ 962,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount | 10.00% | 10.00% | 8.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount outstanding (in Dollars) | $ 105,000 | $ 38,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible redeemable note | $ 747,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible promissory note | $ 114,125 | $ 30,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of mineral leases, description | (a)Utah State Mineral Lease for Bituminous-Asphaltic Sands dated as of September 1, 2018 (Mineral Lease No. 53831), executed between the State of Utah, acting by and through the School and Institutional Trust Lands Administration (“SITLA”), as lessor, and Indago Oil and Gas, Inc., as lessee, covering approximately 640 acres; (b)Utah State Mineral Lease for Bituminous-Asphaltic Sands dated as of September 1, 2018 (Mineral Lease No. 53832), executed between the State of Utah, acting by and through SITLA, as lessor, and Indago Oil and Gas, Inc., as lessee, covering approximately 898.22 acres; and (c)Utah State Mineral Lease for Bituminous-Asphaltic Sands dated as of June 1, 2018 (Mineral Lease No. 53805), executed between the State of Utah, acting by and through SITLA, as lessor, and Indago Oil and Gas, Inc., as lessee, covering approximately 1,920 acres. The Asphalt Ridge NW Leases encompass approximately 3,458.22 acres, lands that are located in an area referred to as “Asphalt Ridge Northwest” and in close proximity to mineral leases held by Greenfield | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future exploration, percentage | 50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Working interest | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right to participate percentage | 12.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial plant (in barrel) | barrel | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion agreement description | the Company entered into a debt conversion agreement whereby a total amount of $132,007, consisting of outstanding interest of $92,007 accrued until June 1, 2021 on various convertible notes and a principal amount outstanding of $40,000 on one convertible note, was converted into 949,688 shares of common stock. The debt conversion agreement included $22,750 of interest related to this July 2019 convertible note. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | 126,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.048 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of per annum percentage | 24.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ 134,955 | 194,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 128,750 | $ 103,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt conversion agreement description | On October 15, 2021, the Company entered into a debt conversion agreement with Morison Management whereby the aggregate principal amount of convertible debt of $239,251 related to an October 2018 convertible debenture of $184,251 and a January 20, 2020 convertible debenture of $55,000 will be convertible into 2,010,521 common shares at a conversion price of $0.119 per share, subject to approval of the Board of Directors and the TSXV. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issued price description | On October 15, 2021, the Company entered into a debt conversion agreement with Strategic IR whereby the aggregate amount due to Strategic of $299,719 in terms of unpaid professional services rendered to the Company will be settled by the issue of 2,518,645 common shares at an issue price of $0.119 per share, subject to approval of the Board of Directors and the TSXV. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.042 | $ 0.146 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of per annum percentage | 24.00% | 24.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 133,890 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-refundable license fee | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty expense percentage | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asphalt Ridge NW leases [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average in range percentage | 6.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bellridge Capital LP [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 2,900,000 | $ 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.055 | $ 0.048 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock (in Shares) | shares | 52,727,273 | 29,166,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of convertible debt | $ 86,350 | $ 140,800 | $ 69,900 | $ 64,300 | $ 150,000 | $ 82,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount, percentage | 10.00% | 10.00% | 10.00% | 10.00% | 15.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 78,500 | $ 128,000 | $ 63,000 | $ 58,000 | $ 135,000 | $ 75,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest rate | 12.00% | 12.00% | 12.00% | 12.00% | 8.00% | 12.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible to common shares | $ 22,000 | $ 27,000 | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.0871 | $ 0.0326 | $ 0.036 | $ 0.03401125 | $ 0.0309575 | $ 0.0326 | $ 0.0326 | $ 0.0326 | $ 0.0282 | $ 0.0296 | $ 0.0308 | $ 0.0312 | $ 0.03338125 | $ 0.03115 | $ 0.03115 | $ 0.0338 | $ 0.0338 | $ 0.0412 | $ 0.0412 | $ 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible to common shares | $ 50,000 | $ 50,000 | $ 50,000 | $ 34,011.25 | $ 30,957.5 | $ 20,000 | $ 18,000 | $ 20,000 | $ 33,381.25 | $ 46,725 | $ 21,805 | $ 20,000 | $ 18,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock (in Shares) | shares | 574,053 | 169,200 | 700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional convertible amount | $ 41,060 | $ 17,680 | 22,780 | $ 48,480 | $ 18,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued and unpaid interest | $ 4,710 | $ 3,780 | $ 3,480 | $ 7,680 | $ 4,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional convertible value, per share (in Dollars per share) | $ / shares | $ 0.0863 | $ 0.0325 | $ 0.0296 | $ 0.0326 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional conversion of common shares (in Shares) | shares | 552,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal remaining debt | $ 3,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and penalties | $ 6,950.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debenture [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest rate | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.055 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible redeemable note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest rate | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.01875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock (in Shares) | shares | 10,285,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 192,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible redeemable debt | $ 192,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Promissory Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of convertible debt | $ 141,625 | $ 92,125 | $ 350,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original issue discount, percentage | 10.00% | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 128,750 | $ 83,750 | $ 78,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bearing interest rate | 12.00% | 12.00% | 12.00% | 10.00% | 8.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price per share (in Dollars per share) | $ / shares | $ 0.041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 125,000 | $ 86,350 | $ 125,000 | $ 191,779 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of convertible promissory debt | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Robert Dennewald [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 83,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares [Member] | Convertible Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible to common shares | $ 674,847 | $ 828,221 | $ 811,688 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock (in Shares) | shares | 475,782 | 1,533,742 | 1,388,889 | 1,000,000 | 1,000,000 | 613,497 | 638,298 | 675,676 | 1,553,846 | 1,000,000 | 1,500,000 | 532,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional conversion of common shares (in Shares) | shares | 544,000 | 769,595 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock (in Shares) | shares | 591,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares [Member] | Convertible Promissory Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common stock (in Shares) | shares | 3,048,780 |
Supplemental Information on O_3
Supplemental Information on Oil and Gas Operations (Details) - Schedule of hydrocarbon property acquisition and development expenses - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of hydrocarbon property acquisition and development expenses [Abstract] | ||
Advanced royalty payments | $ 120 | |
Mineral lease acquisition costs – Unproven properties | ||
Construction of oil extraction plant | 5,513 | 2,073 |
Total | $ 5,513 | $ 2,193 |
Supplemental Information on O_4
Supplemental Information on Oil and Gas Operations (Details) - Schedule of operating expenses related to plant maintenance - USD ($) | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Schedule of operating expenses related to plant maintenance [Abstract] | ||
Advanced royalty payments applied or expired | $ 988 | |
Production and maintenance costs | 2,091 | 1,714 |
Total | $ 2,091 | $ 2,702 |