XML 48 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
1. PRESENTATION OF INTERIM INFORMATION (Tables)
 3 Months Ended
Nov. 30, 2017
Presentation Of Interim Information Tables  
Discontinued operations financials
Discontinued Operations Income Statement
         
    Three Months Ended November 30,
    2017   2016
Farm revenues   $ 581     $ —    
Farm expenses     —         —    
      Gross profit     581       —    
                 
General and administrative expenses     —         19,626  
     Operating profit (loss)     581       (19,626 )
Finance charges     —         946  
     Income (loss) from discontinued operations   $ 581     $ (18,680 )

 

Discontinued Operations Balance Sheet
                 
      November 30, 2017       August 31, 2017  
Assets:                
Trade accounts receivable   $ 101,200     $ 110,700  
Land held for sale (*)     450,600       450,600  
Total assets   $ 551,800     $ 561,300  
                 
                 
Liabilities:                
Accrued liabilities   $ 10,600     $ 11,200  
Total liabilities   $ 10,600     $ 11,200  

 

(*) Land Held for Sale. During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,600. 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 in due course and has classified the farms as long-
Effects of new accounting standard

   Balance at  Adjustments  Balance at
   August 31, 2017  Due to ASU 2014-09  September 1, 2017
Balance Sheet               
Assets               
Deferred tax assets (Deferred revenue)  $316,400   $(316,400)  $—   
Deferred tax assets-Valuation Allowance (Deferred revenue)   (316,400)   316,400    —   
Liabilities               
Deferred revenues  $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)

          
For the period ended November 30, 2017
   As Reported  Amounts that would have been reported  Effect of Change
      under ASC 605  Higher/(Lower)
Income statement               
Revenues               
Special facility fees  $—     $10,377   $(10,377)
Water tap fees   49,948    53,522    (3,574)
Net loss  $(96,611)  $(82,660)  $(13,951)

 

For the period ended November 30, 2017
   As Reported  Amounts that would have been reported  Effect of Change
      under ASC 605 (1)  Higher/(Lower)
Balance Sheet               
Liabilities               
Deferred Revenue  $—     $55,800   $(55,800)
Deferred Revenue, less current portion   —      999,249    (999,249)
Deferred oil and gas lease payment (1)   55,733    55,733    —   
Deferred oil and gas lease payment, less current portion   102,177    102,177    —   
                
Equity               
Accumulated deficit  $(103,035,462)  $(104,076,559)  $1,041,097 

 

(1)Inclusive of the Bison Lease deferred oil and gas lease payment and water tap and construction fee deferred revenues as described in the 2017 Annual Report.