Note 7 - Equity-accounted Investment

6 Months Ended

Jan. 31, 2021

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE

7:

         

EQUITY-ACCOUNTED INVESTMENT

At

January 31, 2021,

we owned

14,000,000

shares of Uranium Royalty Corp. (“URC”), representing a

19.5%

(

July 31, 2020:

19.5%

) interest in URC. In addition,

two

of our officers are members of URC's board of directors, and

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 during the

three

and

six

months ended

January 31, 2021.

URC is a public company listed on the TSX Venture Exchange with the trading symbol “URC.V”.

For the

three

and

six

months ended

January 31, 2021

and

2020,

income (loss) from investment in URC consisted of the following:

	Three Months Ended January 31,					Six Months Ended January 31,
	2021		2020			2021			2020
Share of income (loss) from URC	$	600,913	$	(23,653	)	$	(102,692	)	$	(692,880	)
Gain on ownership interest dilution		-		2,728,026			-			3,056,656
Total	$	600,913	$	2,704,373		$	(102,692	)	$	2,363,776

For the

three

and

six

months ended

January 31, 2021,

we recorded translation gain of

$486,038

and

$548,799,

respectively, and for

three

and

six

months ended

January 31, 2020,

we recorded translation loss of

$39,648

and

$49,542,

respectively, as a result of translating the ending balance of investment in URC in Canadian Dollars to U.S. Dollars using the period end exchange rate, which was included in other comprehensive income (loss) in our condensed consolidated statements of operations and comprehensive loss. 

During the

six

months ended

January 31, 2021,

the change in carrying value of our investment in URC is summarized as follows:

Balance, July 31, 2020	$	11,515,327
Share of loss from URC		(102,692	)
Translation gain		548,799
Balance, January 31, 2021	$	11,961,434

At

January 31, 2021,

the fair value of our investment in URC was approximately

$21.9

million.