Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v3.5.0.2
Discontinued Operations
 12 Months Ended
Aug. 31, 2016
Discontinued Operations [Text Block]
14.

Discontinued Operations

   
 

On November 26, 2014, a Purchase and Sale Agreement was executed between Lexaria 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. 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 were reported as discontinued operations during fiscal 2015.
   
 

Income from discontinued operations were comprised of:

      August 31     August 31  
      2016     2015  
      $     $  
               
  Revenue   -     59,715  
  Cost   -     (10,797 )
      -     48,918