Discontinued Operations
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2014
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Discontinued Operations [Text Block] |
On November 26, 2014 a Purchase and Sale Agreement was executed between Lexaria Corporation, and Cloudstream Belmont Lake, LP for the purchase and sale of oil and gas working interests, net revenue interests and other interests in Belmont Lake, Mississippi for total consideration of $1,400,000, which is subject to adjustments as provided in the Purchase and Sale Agreement. The final purchase price was $1,400,000 and closed on December 5, 2014. A net amount of $721,807.41 was paid to the Company after all short term debts were paid out from the sale. Accordingly, the results of the Company’s former oil and gas business have been reported as discontinued operations for all periods presented. Discontinued operations were comprised of :
Assets and liabilities of discontinued operations held for sale included the following:
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