Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.1.9
Discontinued Operations
 3 Months Ended
Nov. 30, 2014
Discontinued Operations [Text Block]
6.

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 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 :

 

 

   2014     2013  
 

 

   November 30     November 30  
      $     $  
 

IIncome from discontinued from oil & gas operations

   48,918     66,295  

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

     

November 30, 2014

   

August 31, 2014

 
   

 

 $  

 

 $  
 

Oil and gas properties-Proven

   1,400,000     1,400,000  
 

Total Assets

   1,400,000     1,400,000  
 

 

            
 

Liabilities held for sale

   678,193 *     -  
 

Total Liabilities

   678,193     -  
  *$678,193 represents the loan payable which have been paid as at November 30. 2014 through the sale of Belmont Lake by the purchaser before the close of the transaction.