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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Aug. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Deferred Revenue by Segment and Changes in Unearned Revenue
Deferred revenue by segment is as follows:
  
August 31, 2018
  
August 31, 2017
 
Wholesale water and wastewater services
 
$
—
  
$
1,055,488
 
Land development activities
  
361,050
   
—
 
Oil and gas leases
  
116,111
   
—
 
Balance, end of period
  
477,161
   
1,055,488
 

Changes in unearned revenue were as follows:
  
August 31, 2018
  
August 31, 2017
 
Balance, beginning of period
 
$
1,055,488
  
$
1,130,291
 
Cumulative effect of adoption of ASU 2014-09
  
(1,055,488
)
  
—
 
Billings
  
2,667,200
   
—
 
Contract revenues recognized
  
(2,190,039
)
  
(74,803
)
Balance, end of period
  
477,161
   
1,055,488
 
Discontinued Operations Financials
Prior period balances have been reclassified to present the operations of the agricultural business as a discontinued operation.

Discontinued Operations Statements of Operations

  
Fiscal Years Ended August 31,
 
  
2017
  
2016
 
Farm revenues
 
$
6,800
  
$
267,500
 
Farm expenses
  
(1,300
)
  
(77,100
)
Gross profit
  
5,500
   
190,400
 
         
General and administrative expenses
  
(46,900
)
  
(313,400
)
Operating loss
  
(41,400
)
  
(123,000
)
Finance charges
  
9,400
   
38,400
 
(Loss) gain on sale of farm assets
  
—
   
4,300
 
Loss from discontinued operations, net of taxes
 
$
(32,000
)
 
$
(80,300
)

The individual assets and liabilities of the discontinued agricultural business are combined in the captions “Assets of discontinued operations” and “Liabilities of discontinued operations” in the consolidated balance sheets. The carrying amounts of the major classes of assets and liabilities included as part of the discontinued business are presented in the following table:

Discontinued Operations Balance Sheets

  
August 31,
 
  
2017
 
Assets:
   
Trade accounts receivable
 
$
110,700
 
Long-term land investment (1)
  
450,600
 
Prepaid expenses
  
—
 
Total assets
 
$
561,300
 
     
Liabilities:
    
Accrued liabilities
  
11,200
 
Total liabilities
 
$
11,200
 

(1)
Long-Term Land Investment. During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,600. 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 has classified the farms as long-term assets.
Effect of New Accounting Standards
The cumulative effect of the changes made to the Company’s consolidated September 1, 2017 balance sheet for the adoption of ASU 2014-09 were as follows:

  
Balance at
August 31, 2017
  
Adjustments
Due to ASU 2014-09
  
Balance at
September 1, 2017
 
Assets
         
Deferred tax assets (Deferred revenue)
 
$
316,400
  
$
(316,400
)
 
$
—
 
Deferred tax assets - valuation allowance (Deferred revenue)
  
(316,400
)
  
316,400
   
—
 
Liabilities
            
Deferred revenues, current
 
$
55,800
  
$
(55,800
)
 
$
—
 
Deferred revenues, less current portion
  
999,249
   
(999,249
)
  
—
 
Equity
            
Accumulated deficit
 
$
(103,993,900
)
 
$
1,055,049
  
$
(102,938,851
)

In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the Company’s consolidated statements of operations and comprehensive income (loss) and balance sheet was as follows:

  
For the Fiscal Year Ended August 31, 2018
 
Statement of Operations
 
As Reported
  
Amounts That
Would
Have Been Reported
Under ASC 605
  
Effect of Change
Higher/(Lower)
 
Revenues
         
Special facility fees
 
$
—
  
$
41,508
  
$
(41,508
)
Water tap fees
  
49,948
   
64,242
   
(14,294
)
Net income
  
7,569
   
63,371
   
(55,802
)

  
As of August 31, 2018
 
Balance Sheet
 
As Reported
  
Amounts That
Would
Have Been Reported
Under ASC 605
  
Effect of Change
Higher/(Lower)
 
Liabilities
         
Deferred revenues, current
 
$
—
  
$
55,800
  
$
(55,800
)
Deferred revenues, less current portion
  
—
   
943,886
   
(943,886
)
Deferred oil and gas lease payment, current (1)
  
55,733
   
55,733
   
—
 
Deferred oil and gas lease payment, less current portion
  
60,378
   
60,378
   
—
 
Deferred lot fees
  
361,050
   
361,050
   
—
 
Equity
            
Accumulated deficit
 
$
(102,931,282
)
 
$
(103,930,529
)
 
$
999,247
 

(1)
Inclusive of the Bison Lease and deferred oil and gas lease payment and water tap and construction fee deferred revenues as described in this Note 2 – Summary of Significant Accounting Policies under “Revenue Recognition.”