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SUBSEQUENT EVENTS | 9 Months Ended
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May 31, 2014
Subsequent Events |
SUBSEQUENT EVENTS | Subsequent to the Company’s quarter end, an additional 901 FLCC shares have been obtained through the foreclosure proceedings resulting in a reduction of the number of taps subject to the TPF by 1,655 taps and a corresponding reduction to the TPF payable of approximately $5.7 million and leaving 2,071 taps subject to the TPF. Subsequent to the Company’s quarter end, the Company borrowed $1,750,000 from a banking institution. The note has a 20 year term, requires semi-annual payments, and carries a 5.27% per annum rate. The note is secured by nine of the Company's farms totaling 1,345.73 acres, 1,538.4 FLCC shares, and an assignment of a HP A&M note and deed of trust with a balance due of approximately $535,000, which is secured by 623 FLCC shares. Subsequent to the end of the quarter, on July 10, 2014, the Company and the District entered into a settlement agreement with respect to the lawsuit filed in December 2011 by the Company and the District against the Land Board involving certain claims arising out of or related to the Lease. The settlement agreement also settles certain claims related to operational issues under the Lease which the parties had previously agreed to submit to arbitration. Pursuant to the settlement, the Company, the District, and the Land Board have entered into a new agreement which amends and restates the Lease. In conjunction with the settlement, the Land Board assigned its right to receive approximately $2.4 million from the future sales of Export Water under the CAA to the Company. For a more detailed discussion of the terms of the settlement, see the Current Report on Form 8-K filed on July 14, 2014.

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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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