Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

Discontinued Operations
12 Months Ended
Aug. 31, 2015
Discontinued Operations [Text Block]

Discontinued Operations

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, which closed on December 5, 2014. A total net amount of $721,806 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 :

    2015     2014  
    August 31     August 31  
  $     $    
Revenue   59,715     508,049  
Costs   (10,797 )   (327,413 )
Loss on disposition oil and gas property   -     (1,879,007 )
Income from discontinued from oil & gas operations   48,918     1,698,371  

Assets and liabilities of discontinued operations held for sale included the following:

    August 31, 2015     August 31, 2014  
  $     $    
Oil and gas properties-Proven   -     1,400,000  
Total Assets   -     1,400,000