In a Form 10-K for the period ended August 31, 2020, filed on December 15, 2020, Petroteq Energy Inc.’s auditor, Hay & Watson, raised substantial doubt about the Company’s ability to continue as a going concern. According to Hay & Watson, the Company has had recurring losses from operations and has a net capital deficiency. At August 31, 2020, August 31, 2019 and August 31, 2018, the Company had an accumulated deficit of ($90,664,349), ($78,285,282) and ($62,497,396), respectively and expects to continue to incur increasing expenses in the foreseeable future as the Company develops its oil extraction business. The Company also incurred a net loss of ($12,379,067) and ($15,787,886) for the years ended August 31, 2020 and August 31, 2019, respectively.

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