Item 1. Financial Statements
Item 1. Financial Statements.
Our unaudited condensed financial statements for the three month period ended November 30, 2022 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.
ENERTOPIA CORP.
UNAUDITED CONDENSED INTERIM BALANCE SHEETS
(Expressed in U.S. Dollars)
November 30
August 31
2022
2022
ASSETS
Current
Cash
$
448,710
$
615,207
Marketable securities (Note 4)
2,176,488
2,443,750
Accounts receivable
7,039
4,877
Prepaid expenses and deposit
111,662
139,307
Total Current Assets
2,743,899
3,203,141
Non-current assets, net
Mineral property (Note 5)
10,500
10,500
TOTAL ASSETS
$
2,754,399
$
3,213,641
LIABILITIES
Current
Accounts payable and accrued liabilities
$
296,788
$
293,446
Due to related party (Note 8)
48,659
64,409
Total Liabilities
345,447
357,855
STOCKHOLDERS' EQUITY (DEFICIENCY)
Share Capital (Note 9)
Authorized:
200,000,000 common voting shares with a par value of $ 0.001 per share
Issued and outstanding:
155,116,088 common shares at November 30, 2022 and 155,116,088 at August 31, 2022
155,117
155,117
Additional paid-in capital (Note 10)
15,395,657
15,395,657
Deficit
( 13,141,822
)
( 12,694,988
)
Total Stockholders' Equity
2,408,952
2,855,786
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
2,754,399
$
3,213,641
The accompanying notes are an integral part of these unaudited condensed interim financial statements
F-1
ENERTOPIA CORP.
CONDENSED INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
(Expressed in U.S. Dollars)
COMMON STOCK
SHARES
AMOUNT
ADDITIONAL
PAID-IN
CAPITAL
ACCUMULATED
DEFICIT
TOTAL
STOCKHOLDERS'
EQUITY(DEFICIT)
Balance, August 31, 2021
139,211,700
139,213
14,524,341
( 14,669,395
)
( 5,841
)
Warrants exercised
2,791,000
2,791
128,599
-
131,390
Stock options granted on Sept 1
-
23,056
-
23,056
Comprehensive loss
-
-
-
( 116,219
)
( 116,219
)
Balance, November 30, 2021
142,002,700
142,004
14,675,996
( 14,785,614
)
32,386
Shares issued for hydrogen technology
2,000,000
2,000
98,400
-
100,400
Shares issued for investment in Joint Venture
10,000,000
10,000
440,000
-
450,000
Shares issued for services
1,000,000
1,000
41,300
-
42,300
Stock options granted
-
-
32,821
-
32,821
Stock options exercised
113,388
113
( 113
)
-
-
Comprehensive loss
-
-
-
( 738,508
)
( 738,508
)
Balance, February 28, 2022
155,116,088
155,117
15,288,404
( 15,524,122
)
( 80,601
)
Comprehensive income
-
-
-
3,635,630
3,635,630
Balance, May 31, 2022
155,116,088
155,117
15,288,404
( 11,888,492
)
3,555,029
Stock options granted
-
-
107,253
-
107,253
Comprehensive loss
-
-
-
( 806,496
)
( 806,496
)
Balance, August 31, 2022
155,116,088
$
155,117
$
15,395,657
$
( 12,694,988
)
$
2,855,786
Comprehensive loss
-
-
-
( 446,834
)
( 446,834
)
Balance, November 30, 2022
155,116,088
$
155,117
$
15,395,657
$
( 13,141,822
)
$
2,408,952
The accompanying notes are an integral part of these unaudited condensed interim financial statements
F-2
ENERTOPIA CORP.
CONDENSED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED)
(Expressed in U.S. Dollars)
THREE MONTHS ENDED
November 30
November 30
2022
2021
Expenses
Accounting and audit
$
11,257
$
2,670
Consulting (Note 6, 8 )
64,494
57,092
Fees and dues
21,195
6,005
Investor relation
20,373
11,748
Legal and professional
19,992
19,585
Office and miscellaneous
22,536
7,596
Mineral exploration costs
2,987
7,035
Research and development
15,526
5,225
Total expenses
178,360
116,956
Loss for the period before other items
( 178,360
)
( 116,956
)
Other income (expense)
Foreign exchange gain (loss)
( 1,212
)
288
Unrealized gain (loss) on marketable securities
( 148,162
)
449
Unrealized foreign exchange loss on marketable securities
( 119,100
)
-
Net Income (loss) and comprehensive Income (loss) for the period
( 446,834
)
( 116,219
)
Basic and diluted loss per share
Basic and diluted loss per share
$
( 0.00
)
$
( 0.00
)
Weighted average number of common shares outstanding
- Basic and diluted
155,116,088
141,549,184
The accompanying notes are an integral part of these unaudited condensed interim financial statements
F-3
ENERTOPIA CORP.
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED)
(Expressed in U.S. Dollars)
THREE MONTHS ENDED
November 30
November 30
2022
2021
Cash flows used in operating activities
Net Income (Loss)
$
( 446,834
)
$
( 116,219
)
Changes to reconcile net loss to net cash used in operating activities
Stock based compensation
-
23,056
Unrealized loss on marketable securities
148,162
( 449
)
Unrealized foreign exchange loss on marketable securities
119,100
-
Change in non-cash working capital items:
Accounts receivable
( 2,162
)
( 1,516
)
Prepaid expenses and deposits
27,645
11,107
Accounts payable and accrued liabilities
3,342
( 20,225
)
Due to related parties
( 15,750
)
( 21,000
)
Net cash used in operating activities
$
( 166,497
)
$
( 125,246
)
Cash flows used in investing activities
Net cash used in investing activities
$
-
$
-
Cash flows from financing activities
Net proceeds from warrants exercised
-
131,390
Net cash from financing Activities
$
-
$
131,390
Decrease in cash
( 166,497
)
6,144
Cash at beginning of period
615,207
354,286
Cash at end of period
$
448,710
$
360,430
Supplemental information of cash flows:
Income taxes paid in cash
$
-
$
-
Cash paid for taxes
$
-
$
-
The accompanying notes are an integral part of these unaudited condensed interim financial statements
F-4
ENERTOPIA CORP.
NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
November 30, 2022
(Expressed in U.S. Dollars)
1. ORGANIZATION
The unaudited condensed interim financial statements for the period ended November 30, 2022 included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed interim financial statements should be read in conjunction with the August 31, 2022 audited annual financial statements and notes thereto.
The Company was formed on November 24, 2004 under the laws of the State of Nevada and commenced operations on November 24, 2004. The Company is engaged in the business of Lithium exploration at their Nevada claims, along with holding intellectual property & patents in the green technology space. The Company office is located in Kelowna, B.C., Canada.
2. GOING CONCERN UNCERTAINTY
The accompanying unaudited condensed interim financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company incurred net cash outflows from operating activities of $ 166,497 for the three months ended November 30, 2022 ($ 125,246 for the three months ended November 30, 2021) and as at November 30, 2022 has incurred cumulative losses of $ 13,141,822 that raises substantial doubt about its ability to continue as a going concern. Management has been able, thus far, to finance the operations through equity financing and cash on hand. There is no assurance that the Company will be able to continue to finance the Company on this basis.
In view of these conditions, the ability of the Company to continue as a going concern is in substantial doubt and dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing as may be required, to receive the continued support of the Company's shareholders, and ultimately to obtain successful operations. There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations. There is significant uncertainty as to whether we can obtain additional financing. These unaudited condensed interim financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying unaudited condensed interim financial statements.
Since March 2020, several measures have been implemented in Canada, the United States, and the rest of the world in response to the increased impact from the novel coronavirus ("COVID-19"). While the impact of COVID-19 is expected to be temporary, the current circumstances are dynamic and the impact on our business operations cannot be reasonably estimated at this time. We anticipate this could have an adverse impact on our exploration plans, results of operations, financial position and cash flows.
3. SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Presentation
The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 10 of SEC Regulation S-X. They do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended August 31, 2022.
F-5
b. Accounting Estimates
The preparation of financial statements in conformity with U.S GAAP requires us to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Some of the Company's accounting policies require us to make subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. These accounting policies involve critical accounting estimates because they are particularly dependent on estimates and assumptions made by management about matters that are highly uncertain at the time the accounting estimates are made. Although we have used our best estimates based on facts and circumstances available to us at the time, different estimates reasonably could have been used. Changes in the accounting estimates used by the Company are reasonably likely to occur from time to time, which may have a material effect on the presentation of financial condition and results of operations.
The Company reviews these estimates, judgments and assumptions periodically and reflect the effects of revisions in the period in which they are deemed to be necessary. We believe that these estimates are reasonable; however, actual results could differ from these estimates.
Significant accounting estimates and assumptions are used for, but not limited to:
a) The Valuation of Deferred Tax Assets
Judgement is required in determining whether deferred tax assets are recognized on the balance sheet. The recognition of deferred tax assets requires management to assess the likelihood that the Company will generate taxable income in future periods to utilize the deferred tax assets. Due to the Company's history of losses, deferred tax assets have not been recognized by the Company.
b) Value of Stock Options
The Company provides compensation benefits to its employees, directors, officers, and consultants, through a stock option plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility assumption used in the model is based on the historical volatility of the Company's share price. The Company uses historical data to estimate the period of option exercises for use in the valuation model. The risk-free interest rate for the expected term of the option is based on the yields of government bonds. Changes in these assumptions, especially the share price volatility and the expected life determination could have a material impact on the Company's profit and loss for the periods presented. All estimates used in the model are based on historical data which may not be representative of future results.
c) Fair value of shares issued in non cash transactions
The Company at times grants common shares in lieu of cash to certain vendors for their services to the Company. The Company recognizes the associated cost in the same period and manner as if the Company paid cash for the services provided by calculating the fair value of the share offering at the cost of the service provided.
c. Earnings Per Share
Loss per share is computed using the weighted average number of shares outstanding during the period. The Company has adopted ASC 220 "Earnings Per Share". Basic earnings per share ("EPS") is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.
d. Financial Instruments
ASC 820 "Fair Value Measurements and Disclosures" requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:
Level 1 - Quoted prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and
F-6
Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.
The Company's financial instruments consist primarily of cash, marketable securities, accounts receivable, accounts payable and due to related parties. The carrying amounts of these financial instruments approximate their fair values due to their short maturities. Cash and marketable securities are in Level 1 within the fair value hierarchy.
The Company's operations are in United States of America and Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company's operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
e. Research and Development
Research and development costs are expensed as incurred.
f. Comparative Information
The Company reclassified certain balances related to operations in the comparative period to conform with the current presentation. There has been no impact on net loss, comprehensive loss, or net assets as a result of the changes.
4. MARKETABLE SECURITIES
On May 4, 2022 ("Closing Date"), the Company announced the sale of its Clayton Valley unpatented mining claims to Cypress Development Corporation ("Cypress") and as a result of this transaction received 3,000,000 shares of Cypress along with $ 1,100,000 in cash. The 3,000,000 shares were restricted for trade, 1,000,000 are tradable, 1,000,000 are tradable beginning February 4, 2023 and 1,000,000 are tradable beginning May 4, 2023. Given the lock up conditions, the Company believes that there is a Lack of Marketability ("LOM") related to these shares and thus recorded the shares using a discounting factor. The discounting factor was also used in fair valuing the shares as at the period end date of November 30, 2022. Marketable securities as at November 30, 2022 consist of the Company's investment in 3,000,000 shares of Cypress.
As at November 30, 2022, the movement in the Company's marketable securities is as follows:
Balance, August 31, 2021
$
14,994
Additions 1
3,432,382
Unrealized loss
( 923,533
)
Unrealized foreign exchange loss
( 62,388
)
Proceeds from disposal
( 10,064
)
Loss on disposal
( 7,641
)
Balance, August 31, 2022
$
2,443,750
Unrealized loss
( 148,162
)
Unrealized foreign exchange loss
( 119,100
)
Balance, November 30, 2022
$
2,176,488
1 Company recorded the 3,000,000 shares received from Cypress on May 4, 2022 as an investment and valued the investment using the closing rate of CAD$ 1.63 per share and a discount rate of 10 % due to LOM. The shares were subsequently revalued as at the period ended date of November 30, 2022 using the closing rate of CAD$ 1.05 per share and discounting rate of 10 %, with the resulting changes in fair value being recorded as part of other income (expense).
5. MINERAL PROPERTY
West Tonopah
On February 25, 2022, the Company staked 1,760 acres of unpatented mineral claims in Esmeralda County, Nevada for cash consideration of $ 10,500 .
6. TECHNOLOGY DEVELOPMENT
On December 14, 2020 the Company signed Definitive Agreement to acquire 100 % interest in United States Patent and Trademark Office ("USPTO") patent #6,024,086 - Solar energy collector having oval absorption tubes by issuing 1,000,000 common shares of the Company. The Company issued 1,000,000 additional common shares in escrow to be released upon the successful approval of patent pending work derived from patent #6,024,086. The shares were issued at a price of $ 0.0345 resulting in a purchase price of $ 69,000 . The patent has since expired and was therefore written off.
F-7
On May 25, 2021 the Company announced the filing of its first provisional patent application, Solar Heat Absorber technology.
On May 26, 2021 the Company announced the filing of its second provisional patent application, Solar PV Heat Extraction Technology.
On August 17, 2021 the Company announced the filing of provisional patent #3, known as Enertopia Rainmaker TM .
On December 6, 2021, The Company entered into a Definitive Purchase and Sale Agreement to acquire 100 % ownership and rights to the hydrogen technology (“Hydrogen Technology”). By acquiring this Hydrogen Technology, the Company is currently researching the opportunity to create process gas that can be used in commercial, industrial and mining applications by splitting the hydrogen from water via electrolysis. The Company paid $ 25,000 in cash and issued 2,000,000 shares, with 1,000,000 of the issued shares held in escrow pending successful patenting of the intellectual property, valued at $100,400, for a total of $ 125,400 in consideration expensed during the year ended August 31, 2022, for acquiring the Hydrogen Technology. The technology is still in research and development phase and is not commercially feasible as at period ended November 30, 2022. The Company has incurred an additional $ 168,016 as research and development costs for the hydrogen technology during the year ended August 31, 2022 and $ 15,526 for the period ended November 30, 2022.
7. BATTERY MANAGEMENT TECHNOLOGY ("BMT")
On December 17, 2021, The Company entered into a Definitive Purchase and Sale Agreement to acquire 100 % ownership and rights to their Provisional Patent Pending BMT. The Company created a Joint Venture ("JV") with 51 % controlling interest in CapNTrack to run the commercial and industrial operations related to the BMT and has paid $ 30,000 in cash and issued 10,000,000 shares ( 5,000,000 shares of which are in escrow) valued at $ 450,000 for purchase of the BMT. As at the period ended date of November 30, 2022, there have been no operations in the JV and it is a dormant entity. The BMT is still in research and development phase and has not obtained commercial or operational feasibility as at the period end date of November 30, 2022. The Company has recorded the entire consideration of $ 480,000 for the ownership of the BMT as research and development expense in the statement of operations during the year ended August 31, 2022. There were no expenses related to the BMT incurred during the period ended November 30, 2022.
8. RELATED PARTIES TRANSACTION
For the three month period ended November 30, 2022, the Company was party to the following related party transactions:
• The Company incurred $ 28,500 (November 30, 2021: $ 0 ) to the President of the Company in consulting fees.
• The amounts outstanding in accounts payable to the President of the Company as at November 30, 2022 is $ 48,659 (August 31, 2022 - $ 64,409 ).
• The Company incurred $ 5,000 (November 30, 2021: $ 0 ) to the CFO of the Company in consulting fees.
The related party transactions are recorded at the exchange amount established and agreed to between the related parties.
9. COMMON STOCK
During the three months ended November 30, 2022, the Company issued no common shares.
As at November 30, 2022 the Company had 155,116,088 (August 31, 2022: 155,116,088 ) shares issued and outstanding.
As at November 30, 2022 the Company had 7,000,000 (August 31 2022 - 7,000,000 ) shares held in escrow, that are included in the total shares issued and outstanding.
10. STOCK OPTIONS AND WARRANTS
Stock Options
On July 15, 2014, the shareholders approved and adopted at the Annual General Meeting the Company's 2014 Stock Option Plan. The purpose of these Plans is to advance the interests of the Corporation, through the grant of Options, by providing an incentive mechanism to foster the interest of eligible persons in the success of the Corporation and its affiliates; encouraging eligible persons to remain with the Corporation or its affiliates; and attracting new Directors, Officers, Employees and Consultants. The aggregate number of Common Shares that may be reserved, allotted and issued pursuant to Options shall not exceed 17,400,000 shares of common stock, less the aggregate number of shares of common stock then reserved for issuance pursuant to any other share compensation arrangement. For greater certainty, if an Option is surrendered, terminated or expires without being exercised, the Common Shares reserved for issuance pursuant to such Option shall be available for new Options granted under this Plan. The options are deemed as vested and exercisable on issuance and the maximum life of the options granted under this Plan may not exceed 5 years.
F-8
During the three months ended November 30, 2022 the Company did not issue any options.
During the three month period ended November 30, 2022, the Company recorded $ 0 (November 30, 2021 $ 23,056 ) as stock based compensation expenses. In addition, a total of 800,000 stock options expired without being exercised (November 30, 2021: 500,000 ).
A summary of the changes in stock options for the three months ended November 30, 2022 is presented below:
Options Outstanding
Number of
Options
Weighted
Average
Exercise Price $
Weighted Average
Remaining Life
(Years)
Aggregate
Intrinsic Value
$
Balance, August 31, 2021
10,076,776
0.08
Issued
3,500,000
0.07
Expired
( 3,450,000
)
0.07
Exercised
( 226,776
)
0.04
Balance, August 31, 2022
9,900,000
0.08
Expired
( 800,000
)
0.05
Balance, November 30, 2022 (Outstanding & Exercisable)
9,100,000
0.08
3.33
-
The Company has the following options outstanding and exercisable as at November 30, 2022:
Issue Date
Expiry Date
Exercise Price
Number of
Options
Remaining Life
(Years)
11-May-18
11-May-23
0.06
500,000
0.44
22-May-18
22-May-23
0.07
450,000
0.47
14-Dec-20
14-Dec-25
0.05
2,100,000
3.04
28-Jan-21
28-Jan-26
0.14
2,000,000
3.16
4-Feb-21
4-Feb-26
0.18
100,000
3.18
5-Feb-21
5-Feb-26
0.18
300,000
3.19
27-Apr-21
27-Apr-26
0.12
100,000
3.41
28-May-21
28-May-26
0.12
50,000
3.49
1-Sep-21
1-Sep-26
0.08
500,000
3.76
6-Dec-21
6-Dec-26
0.07
1,000,000
4.02
18-Aug-22
18-Aug-27
0.06
2,000,000
4.72
Balance outstanding and exercisable
9,100,000
3.33
F-9
Warrants
There were no warrants issued during the period ended November 30, 2022.
A summary of warrants as at November 30, 2022 is as follows:
Number of Warrants
Weighted Average
Exercise Price
Balance, August 31, 2021
9,716,869
$
0.05
Issued
-
-
Forfeited
( 1,952,500
)
0.08
Exercised
( 2,791,000
)
0.05
Balance, August 31, 2022
4,973,369
$
0.04
Issued
-
-
Forfeited
-
-
Exercised
-
-
Balance, November 30, 2022
4,973,369
$
0.04
The Company has the following warrants outstanding as at November 30, 2022:
Issue Date
Expiry Date
Exercise Price
Number of
Warrants*
Weighted
Average Life
(Years)
Intrinsic Value
27-Mar-19
27-Mar-23
0.04
4,973,369
Total outstanding and exercisable
0.04
4,973,369
0.32
39,787
*Each warrant entitles a holder to purchase one common share.
11. COMMITMENTS
The Company has a consulting agreement with the President of the Company for corporate administration and consulting services for $ 9,500 per month plus goods and services tax ("GST") on a continuing basis.
The Company has a consulting agreement with the CFO of the Company for corporate administration and consulting services for $ 5,000 per quarter plus goods and services tax ("GST") on a continuing basis.
The Company has a rental agreement for a corporate office for CAN $ 1,100 per month plus GST. The agreement expired December 31, 2022. Subsequent to November 30, 2022, the Company renewed the rental agreement with a 1 % increase to CAN $ 1,111 per month plus GST.
12. SEGMENTED INFORMATION
The Company's operations involve the development of natural resources and green technologies. The Company is centrally managed and its chief operating decision maker, being the CEO, uses the consolidated and other financial information to make operational decisions and to assess the performance of the Company. The Company has increased its reportable segments from one to three during the year ended August 31, 2022. The decision for this change was made keeping in mind the Company's strategic direction and the need to better report the results for each of the identified three reportable segments: Natural Resources, Technology and Corporate, none of which are revenue generating as at the year ended date of November 30, 2022.
Long term Assets
Amount
United States of America
$
10,500
Balance November 30, 2022
$
10,500
Natural Resources
Technology
Corporate
Consolidated Total
$
$
$
$
Operating expenses
( 2,987
)
( 15,526
)
( 159,847
)
( 178,360
)
Other expense
-
-
( 268,474
)
( 268,474
)
Segment Loss
( 2,987
)
( 15,526
)
( 428,321
)
( 446,834
)
Total Assets
10,500
-
2,743,899
2,754,399
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Long term Assets
Amount
United States of America
$
10,500
Balance August 31, 2022
$
10,500
August 31, 2022
Natural
Resources
Technology
Corporate
Total
Operating expenses
$
( 212,348
)
$
( 808,800
)
$
( 545,087
)
$
1,566,235
Other income (expenses) (Note 4, 5, 6)
4,532,382
-
( 991,740
)
3,540,642
Segment income (loss)
$
4,320,034
$
( 808,800
)
$
( 1,536,827
)
$
1,974,407
Total Assets (Note 4, 5)
$
10,500
$
-
$
3,203,141
$
3,213,641
13. SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date these financial statements were issued. Based on our evaluation the are no material events have occurred that require disclosure.
F-11
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.