Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.2.0.727
Discontinued Operations
 3 Months Ended
Aug. 31, 2015
Discontinued Operations [Text Block]
7.

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  
      May 31     May 31  
      $     $  
  Income from discontinued from oil & gas operations   48,918     157,218  

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

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