XML 50 R13.htm IDEA: XBRL DOCUMENT
v3.21.2

Note 7 - Equity-accounted Investment | 12 Months Ended
--- | ---
Jul. 31, 2021
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 7: EQUITY-ACCOUNTED INVESTMENT Uranium Royalty Corp. is a public company listed on the TSX Venture Exchange with the trading symbol URC.V and on NASDAQ with the trading symbol UROY. During Fiscal 2021, we participated in an equity financing and acquired an additional 1,000,000 common shares of URC at a price of CA$4.10 per share for total consideration of $3,396,852. As at July 31, 2021, we hold 15,000,000 URC shares with an approximate fair value of $43.9 million. As at July 31, 2021, we owned a 18.1% ( July 31, 2020: 19.5% ) interest in URC. In addition, two of our officers are members of URC's board of directors, one of which is also an executive officer of URC. As a consequence, our ability to exercise significant influence over URC's operating and financing policies continued to exist at July 31, 2021. Should URC's outstanding options and warrants be fully exercised, UEC's ownership interest would decrease from 18.1% to 13.9%. During Fiscal 2021 and Fiscal 2020, we recorded a gain on ownership interest dilution of $4,471,558 and $3,056,656, respectively, as a result of URC issuing more shares from its equity financings and the exercises of URC's share purchase warrants. During Fiscal 2021, we recorded a translation gain of $613,491, whereas during Fiscal 2020, we recorded a translation loss of $132,705, as a result of translating the ending balance of the equity-accounted investment denominated in Canadian Dollars to U.S. Dollars using the period end exchange rates, which was included in other comprehensive income (loss) in our Consolidated Statements of Operations and Comprehensive Loss. During Fiscal 2021 and Fiscal 2020, the changes in carrying value of our equity-accounted investment are summarized as follows:
Balance, July 31, 2019 |  | $ | 8,680,449 |
Loss from equity-accounted investment |  |  | (89,073 | )
Gain on ownership interest dilution |  |  | 3,056,656 |
Translation loss |  |  | (132,705 | )
Balance, July 31, 2020 |  |  | 11,515,327 |
Addition |  |  | 3,396,852 |
Income from equity-accounted investment |  |  | 732,446 |
Gain on ownership interest dilution |  |  | 4,471,558 |
Translation gain |  |  | 613,491 |
Balance, July 31, 2021 |  | $ | 20,729,674 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration