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Subsequent Events | 9 Months Ended
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May 31, 2014
Subsequent Events [Abstract] |
Subsequent Events | N ote 1 5 – Subsequent Events In the second quarter of fiscal 2013, the Company entered into a $39 million contract with the government of Iraq for the delivery and installation of irrigation equipment. As of May 31, 2014, the Company had yet to complete obligations to install a portion of the equipment for which it would be entitled to receive approximately $2.6 million. In addition, the Company had accounts receivable outstanding for approximately $2.5 million as of May 31, 2014, none of which is past due. The June 2014 escalation of political instability within Iraq has resulted in increased difficulties for the Company to complete installation as required, and may make it impossible to do so. The Company has suspended installation services indefinitely until the political environment improves in Iraq. If the Company is unable to complete its work under this agreement, it does not expect to be able to realize the remaining $2.6 million due under the agreement. In addition, the Company has a $1.9 million performance bond securing its obligations under the contract. In addition, the $2.5 million of accounts receivable outstanding at May 31, 2014 could become uncollectable as the situation in Iraq develops. As of May 31, 2014, the Company’s total exposure outstanding is $4.4 million related to outstanding accounts receivable balances and performance bonds. No amounts have been accrued or reserved for possible losses in the condensed consolidated financial statements as of May 31, 2014. The Company continues to evaluate its exposure to claims for uncompleted services and the collectability of outstanding accounts receivable balances.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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