Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT AND OPERATING LEASE (Details Narrative)

v2.4.0.8
LONG-TERM DEBT AND OPERATING LEASE (Details Narrative) (USD $)
 3 Months Ended 12 Months Ended
Nov. 29, 2013
Taps
Properties
Aug. 31, 2013
Taps
sqft
Properties
Aug. 31, 2011
Taps
Aug. 31, 2012
Tap Participation Fee payable to HP A&M, net of $42.9 million and $48.2 million discount, respectively   $ 59,807,289   $ 68,269,176
Tap Participation Fee Percentage   20.00% 10.00%  
Water Taps under Tap Participation Fee 13,830 17,194 40,000  
Reduction In Taps Percentage     50.00%  
Reduction in Taps as result of foreclosure 3,364   2,233  
Estimated proceeds from sale of water taps   102,700,000    
Decrease in estimated proceeds from sales of water taps 11,900,000 17,900,000    
Interest rate used in valuation   5.00%    
Imputed Interest on TPF   26,100,000    
Number of properties subject to outstanding promissory notes   60    
Number of properties   80    
Notes Payable outstanding   7,900,000   9,600,000
The number of shares that may be foreclosed upon   1,500,000    
Sale of common stock held as collateral   3,420,000    
Sale price of shares sold   $ 2.35    
Stock sale fees   110,000    
Purchase of notes payable   7,000,000    
Notes payable in purchase negotiation   2,600,000    
Accrued interest   122,028    
Number of FLCC shares foreclosed upon 1,832      
Monthly rent payments   1,530    
Office space   1,200    
Note Collateral
        
Number of Acres (in Acres)   14,000    
Number of FLCC Shares   16,882    
Gross Estimated Tap Participation Fee Liability
        
Adjustment to TPF Liability   $ (10,276,100)    
Arkansas River Water Land
        
Percentage of net revenues paid to HP A&M   26.90%    
Number of Acres (in Acres)   16,700