Lexaria Bioscience Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

Discontinued Operations (Tables)

6 Months Ended

Feb. 28, 2021

Discontinued Operations and Disposal Groups [Abstract]

Gain on asset disposal	$
Book value of assets sold		—
Cash consideration		273,373
Shares received		468,264
Shares receivable		781,067
Promissory note		—
		1,522,704

Schedule of discontinued operations

The financial results of the group of assets sold are presented as income (loss) from discontinued operations, net of income taxes in our consolidated statement of income. The following table presents financial results of the assets:

	SIX MONTHS ENDED
	February 28			February 29
	2021			2020
Revenue	$	3,000		$	69,750
Operating Expenses		25,000			5,566
Net Income	$	(22,000	)	$	64,184

The following table presents cash flows of discontinued operations:

	SIX MONTHS ENDED
	February 28			February 29
	2021				2020
Cash flows used in discontinued operating activities
Net income	$	(22,000	)		$	64,184
Change in working capital		105,000				(99,000	)
Net cash provided by (used in) discontinued operating activities	$	83,000			$	(34,816	)

Net cash provided by (used in) discontinued operations		83,000			$	(34,816	)

The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of the assets:

	February 28		August 31
	2021		2020
Current Assets
Accounts receivable	$	—	$	105,250
Total assets classified as discontinued operations in the consolidated balance sheet		—		105,250

Current Liabilities
Accounts payable	$	—	$	250
Total liabilities classified as discontinued operations in the consolidated balance sheet		—		250

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details