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1. PRESENTATION OF INTERIM INFORMATION (Tables)
 6 Months Ended
Feb. 28, 2017
Presentation Of Interim Information Tables  
Discontinued operations financials

   Discontinued Operations Income Statement
             
   Three Months Ended  Six Months Ended
   February 28,
2017		  February 29,
2016		  February 28,
2017		  February 29,
2016
Farm revenues  $6,034   $63,743   $6,034   $275,991 
Farm expenses   —      (17,736)   —      (33,368)
 Gross profit   6,034    46,007    6,034    242,623 
                     
General and administrative expenses   17,104    74,648    36,730    213,156 
 Operating (loss) profit   (11,070)   (28,641)   (30,696)   29,467 
Finance charges   8,421    —      9,367    —   
Interest expense                    
 Income (loss) from discontinued operations  $(2,649)  $(28,641)  $(21,329)  $29,467 

 

    Discontinued Operations Balance Sheet 
           
    February 28, 2017    August 31, 2016 
Assets:          
Trade accounts receivable, net  $122,608   $227,060 
Land held for sale (*)   449,795    450,347 
Prepaid expenses   —      2,880 
Total assets  $572,403   $680,287 
           
Liabilities:          
Accrued liabilities   7,690    4,394 
Total liabilities  $7,690   $4,394 

 

(*) Land Held for Sale. During the fiscal quarter ended November 30, 2015, the Company purchased three farms for approximately $450,300. The Company acquired a total of 700 acres. The farms were acquired in order to correct dry-up covenant issues related to water only farms in order 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 during fiscal year 2017.