Deconsolidation of PGMT Norway SA (PGN)
|9 Months Ended|
Dec. 31, 2020
|Condensed Financial Information Disclosure [Abstract]|
|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 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:
The entire disclosure for condensed financial statements.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef