Quarterly report pursuant to Section 13 or 15(d)

Deconsolidation of PGMT Norway SA (PGN)

v3.20.2
Deconsolidation of PGMT Norway SA (PGN)
6 Months Ended
Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
Deconsolidation of PGMT Norway SA (PGN)
17. Deconsolidation of PGMT Norway SA (PGN)

Effective July 1, 2020, the Company ceased operations of the Norway subsidiary. This was due in part to the thinning spread of the current oil prices combined with the current Covid-19 pandemic conditions. All of the assets in PGN were liquidated through a court process. The Company has removed the subsidiary’s assets and liabilities from the consolidated balance sheet and recorded a gain of $239,174. The intercompany loan was due to PGMT US and it was written off due to the liquidation. The courts have now closed this case and the Company has no further liability. At July 1, 2020, PGN’s assets and liabilities were as shown below:


    $  
Assets:        
Cash     22,314  
    Prepaids     1,135  
PPE     26,720  
    Right of use     241,825  
Total Assets     291,994  
         
Liabilities        
   Accounts payable     289,301  
   Intercompany loans     1,572,571  
   Operating lease     244,274  
Total liabilities     2,106,146  
Net liability     (1,814,152 )
Intercompany loans write-off     1,572,571  
Less: investment in subsidiary     2,407  
Gain on disposition     239,174