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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Aug. 31, 2017
Summary Of Significant Accounting Policies Tables |
Discontinued operations |
| Discontinued Operations Statements of Operations
|  | Fiscal years ended August 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Farm revenues |  | $ | 6,800 |  |  | $ | 267,500 |  |  | $ | 1,127,200 |
Farm expenses |  |  | (1,300 | ) |  |  | (77,100 | ) |  |  | (126,300 | )
Gross profit |  |  | 5,500 |  |  |  | 190,400 |  |  |  | 1,000,900 |
General and administrative expenses |  |  | (46,900 | ) |  |  | (313,400 | ) |  |  | (760,200 | )
Operating (loss) profit |  |  | (41,400 | ) |  |  | (123,000 | ) |  |  | 240,700 |
Finance charges |  |  | 9,400 |  |  |  | 38,400 |  |  |  | 21,700 |
(Loss) gain on sale of farm assets |  |  | - |  |  |  | 4,300 |  |  |  | (22,108,200 | )
Interest expense (1) |  |  | - |  |  |  | - |  |  |  | (390,500 | )
Interest imputed on the Tap Participation |  |  |  |  |  |  |  |  |  |  |  |
Fee payable to HP A&M (2) |  |  | - |  |  |  | - |  |  |  | (23,800 | )
Taxes |  |  |  |  |  |  |  |  |  |  | (292,700 | )
Loss from discontinued operations, net of taxes |  | $ | (32,000 | ) |  | $ | (80,300 | ) |  | $ | (22,552,800 | )
(1) | Interest expense represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated with the farms have been paid off, and thus the Company no longer incurs interest on such notes.
(2) | Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&M, LLC (“HP A&M”), which was eliminated as a result of the settlement with HP A&M during the three months ended February 28, 2015. As a result, the Company no longer accrues interest related to the Tap Participation Fee.
| Discontinued Operations Balance Sheets
|  | August 31,
|  | 2017 |  |  | 2016
Assets: |  |  |  |  |
Trade accounts receivable |  | $ | 110,700 |  |  | $ | 227,100
Land held for sale (1) |  |  | 450,600 |  |  |  | 450,300
Prepaid expenses |  |  | - |  |  |  | 2,900
Total assets |  | $ | 561,300 |  |  | $ | 680,300
Liabilities: |  |  |  |  |  |  |
Accrued liabilities |  |  | 11,200 |  |  |  | 4,400
Total liabilities |  | $ | 11,200 |  |  | $ | 4,400
(1) | Land Held for Sale. During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $451,000. The farms were acquired to correct dry-up covenant issues related to water only farms to obtain the release of the escrow funds related to the Company’s farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms in due course and has classified the farms as long-term assets.

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: 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=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
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