Quarterly report pursuant to Section 13 or 15(d)

Organization and Description of Business

Organization and Description of Business
9 Months Ended
May 31, 2021
Organization and Description of Business  
1. Organization and Description of Business


Organization and Description of Business




Lexaria Bioscience Corp. (“Lexaria”, “we”, “our” or “the “Company”) was incorporated in the State of Nevada on December 9, 2004. In March 2014, the Company began work in the field of enhanced delivery of active ingredients and drugs. In May 2016, the Company commenced out-licensing its patented DehydraTECH™ technology (the “Technology”) for improved delivery of bioactive compounds that promotes healthy ingestion methods, lower overall dosing and higher effectiveness in active molecule delivery.


The Company is headquartered in Kelowna, British Columbia, Canada. The corporate website is www.lexaribioscience.com


On December 9, 2020, the Company completed the sale of the business assets underlying its Lexaria CanPharm ULC THC related segment. As a result, the related financial results are reflected in our consolidated statement of operations, retrospectively, as discontinued operations beginning in the first quarter of fiscal 2021. The assets and liabilities associated with the discontinued operations in the prior year consolidated balance sheet are classified as discontinued operations. See “Note 22 - Discontinued Operations” for additional information.


On January 11, 2021, the Company effected  a 30:1 reverse stock split with no fractional shares issued. All share and per share information within these condensed interim consolidated financial statements have been retroactively restated accordingly.


On January 12, 2021, the Company closed an underwritten public offering for net proceeds of $9,471,495 and issued 2,102,856 common shares. (Note 2)