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Discontinued Operations | 3 Months Ended
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Nov. 30, 2020
Discontinued Operations And Disposal Groups Abstract |
Discontinued Operations |
21. | Discontinued Operations
On November 19, 2020 the Company entered a definitive asset sale agreement through its wholly owned subsidiary Lexaria Canpharm ULC to sell certain non-core business assets for gross proceeds of C$3,850,000. The financial results of the group of assets sold are presented as income (loss) from discontinued operations, net of income taxes in our consolidated statement of income. The following table presents financial results of the assets:
|  | THREE MONTHS ENDED |
|  | November 30 |  |  | November 30 |
|  | 2020 |  |  | 2019 |
Revenue |  | $ | 3,000 |  |  | $ | 51,750 |
Operating Expenses |  |  | — |  |  |  | 406 |
Net Income |  | $ | 3,000 |  |  | $ | 51,344 |
The following table presents cash flows of discontinued operations:
|  | THREE MONTHS ENDED |
|  | November 30 |  |  | November 30 |
|  | 2020 |  |  | 2019 |
Cash flows used in discontinued operating activities |  |  |  |  |  |
Net income |  | $ | 3,000 |  |  | $ | 51,344 |
Change in working capital |  |  | 55,667 |  |  |  | (97,742 | )
Net cash used in discontinued operating activities |  | $ | 58,667 |  |  | $ | (46,398 | )
Net cash provided by (used in) discontinued operations |  |  | 58,667 |  |  |  | (46,398 | )
The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of the assets:
|  | November 30 |  |  | August 31 |
|  | 2020 |  |  | 2020 |
Current Assets |  |  |  |  |  |
Accounts receivable |  | $ | 49,333 |  |  | $ | 105,250 |
Total assets classified as discontinued operations in the consolidated balance sheet |  |  | 49,333 |  |  |  | 105,250 |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 250 |
Total liabilities classified as discontinued operations in the consolidated balance sheet |  |  | — |  |  |  | 250 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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