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Note 3 - Investments in Water, Water Systems, Land and Improvements | 6 Months Ended
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Feb. 28, 2013
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 – INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND IMPROVEMENTS The Company’s water rights and current water and wastewater service agreements are more fully described in Note 4 – Water Assets to the 2012 Annual Report. There have been no significant changes to the Company’s water rights or water and wastewater service agreements during the three and six months ended February 28, 2013. The Company’s water, water systems, land and improvements consist of the following costs and accumulated depreciation and depletion at February 28, 2013 and August 31, 2012:
|  | February 28, 2013 |  |  | August 31, 2012 |
|  | Costs |  |  | Accumulated Depreciation and Depletion |  |  | Costs |  |  | Accumulated Depreciation and Depletion |
Arkansas River Valley assets |  | $ | 69,112,300 |  |  | $ | (1,401,800 | ) |  | $ | 69,112,300 |  |  | $ | (1,315,900 | )
Rangeview water supply |  |  | 14,496,400 |  |  |  | (7,400 | ) |  |  | 14,376,100 |  |  |  | (7,100 | )
Sky Ranch water rights and other costs |  |  | 3,926,500 |  |  |  | (65,300 | ) |  |  | 3,924,100 |  |  |  | (50,800 | )
Fairgrounds water and water system |  |  | 2,899,900 |  |  |  | (578,500 | ) |  |  | 2,899,900 |  |  |  | (534,500 | )
Rangeview water system |  |  | 167,700 |  |  |  | (70,100 | ) |  |  | 167,700 |  |  |  | (67,600 | )
Water supply – other |  |  | 25,600 |  |  |  | (20,300 | ) |  |  | 25,600 |  |  |  | (19,400 | )
Totals |  |  | 90,628,400 |  |  |  | (2,143,400 | ) |  |  | 90,505,700 |  |  |  | (1,995,300 | )
Net investments in water and water systems |  | $ | 88,485,000 |  |  |  |  |  |  | $ | 88,510,400 |  |  |  |  |
Sky Ranch land and improvements, net |  | $ | 3,773,300 |  |  |  |  |  |  | $ | 3,778,500 |  |  |  |  |
Total net investments in water, water systems, land and improvements |  | $ | 92,258,300 |  |  |  |  |  |  | $ | 92,288,900 |  |  |  |  |
Capitalized terms in this section not defined herein are defined in Note 4 – Water Assets to the 2012 Annual Report. Depletion and Depreciation. The Company recorded $100 of depletion charges during each of the three month periods ended February 28, 2013 and February 29, 2012, respectively. The Company recorded $200 of depletion charges during each of the six month periods ended February 28, 2013 and February 29, 2012, respectively. This related entirely to the Rangeview Water Supply. No depletion is taken against the Arkansas River water or Sky Ranch Water Supply because the water located at these locations is not yet being utilized for its intended purpose as of February 28, 2013. The Company recorded $76,400 and $77,000 of depreciation expense during the three months ended February 28, 2013 and February 29, 2012, respectively. The Company recorded $153,900 and $152,700 of depreciation expense during the six months ended February 28, 2013 and February 29, 2012, respectively. Land and Water Shares Held for Sale. During fiscal 2012, management decided to sell certain farms in order to have cash flows sufficient to acquire the notes defaulted upon by HP A&M and to meet the future obligations on the promissory notes the Company issued to purchase the defaulted notes owed by HP A&M. Management has entered into contracts to sell 1,486 acres of land along with 3,377 FLCC shares associated with this land. The assets held for sale total $5.7 million, which is the lower of cost or fair value less cost to sell.

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- Definition The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 + Details
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