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1. PRESENTATION OF INTERIM INFORMATION (Tables)
 9 Months Ended
May 31, 2017
Presentation Of Interim Information Tables  
Discontinued operations financials

 Discontinued Operations Income Statement

 

   Three Months Ended May 31,  Nine Months Ended May 31,
   2017  2016  2017  2016
Farm revenues  $600   $—     $6,300   $276,000 
Farm expenses   —      (22,700)   —      (56,000)
 Gross profit (loss)   600    (22,700)   6,300    220,000 
                     
General and administrative expenses   11,900    48,400    48,300    287,800 
 Operating loss   (11,300)   (71,100)   (42,000)   (67,800)
Gain on sale of farm assets   —      —      —      4,300 
Finance charges   —      9,800    9,400    42,000 
 Loss from discontinued operations  $(11,300)  $(61,300)  $(32,600)  $(21,500)

 

Discontinued Operations Balance Sheet

 

  

May 31,

2017

 

August 31,

2016

Assets:          
Trade accounts receivable  $110,700   $227,000 
Land held for sale (*)   449,800    450,300 
Prepaid expenses   —      2,900 
Total assets  $560,500   $680,200 
           
Liabilities:          
Accrued liabilities   8,600    4,400 
Total liabilities  $8,600   $4,400 

 

(*) Land Held for Sale. During the fiscal quarter ended November 30, 2015, the Company purchased three farms for approximately $450,000. 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 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 within the next fiscal year.