Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM OBLIGATIONS AND OPERATING LEASE (Details Narrative)

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LONG-TERM OBLIGATIONS AND OPERATING LEASE (Details Narrative) (USD $)
 1 Months Ended 6 Months Ended 12 Months Ended 18 Months Ended
Apr. 11, 2014
N
Feb. 28, 2014
N
sqft
Aug. 31, 2013
N
Feb. 28, 2014
N
Jul. 02, 2012
Dec. 31, 1996
Recorded Portion Of Contingent Obligation   $ 1,188,411 $ 1,192,910 $ 1,188,411   $ 11,100,000
Contractual obligation           31,800,000
Contingent liability recorded off balance sheet           20,700,000
Percentage of original total liability   35.00%   35.00%    
Percentage remitted to CAA Holders   35.00%   35.00%    
Percentage allocated to contingent obligation   65.00%   65.00%    
Remaining third party obligation   3,400,000   3,400,000    
Royalties paid for Arapahoe County tap fees   34,522        
Tap Participation Fee liability   24,632,125 59,807,289 24,632,125    
Number of water taps subject to tap participation fee 4,265 7,126 17,194 7,126    
Tap Participation Fee Percentage   20.00%        
Reduction In Taps Percentage   50.00%        
Percentage of Net Revenues   26.90%        
Reduction in Taps as result of foreclosure (2,861) (10,068) (2,233) (12,301)    
Estimated proceeds from sale of water taps   39,500,000 102,700,000      
Decrease in estimated proceeds from sale of water taps   63,200,000 17,900,000      
Implied interest rate   7.20%        
Reduction in discounted present value   36,200,000 11,700,000      
Imputed Interest on TPF   28,200,000   28,200,000    
Number of FLCC shares foreclosed upon 1,588 5,483        
Reduction in value of Taps as result of foreclosure 9,900,000 36,200,000 11,700,000      
Number of farms foreclosed on 7 22        
Number of properties subject to outstanding promissory notes   69   69    
Number of properties   80   80    
Notes payable outstanding   6,600,000 7,900,000 6,600,000 9,600,000  
Number of FLCC Shares   3,397   3,397    
The number of shares that may be foreclosed upon   1,500,000   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   1,200,000 7,000,000      
Notes payable in purchase negotiation   1,400,000   1,400,000    
Accrued interest   142,900 122,000 142,900    
Office space   1,200        
Monthly rent payments   1,530        
Note Collateral
            
Number of Acres (in Acres)   14,000   14,000    
Number of FLCC Shares   16,882   16,882    
Lower Range
            
Number of water taps subject to tap participation fee   7,007   7,007    
Tap Participation Fee Percentage   10.00%        
Upper Range
            
Number of water taps subject to tap participation fee   40,000   40,000    
Tap Participation Fee Percentage   20.00%        
First Priority Payout
            
Deferred Revenue   4,900,000   4,900,000    
Remaining First Priority Payout
            
Deferred Revenue   $ 7,100,000   $ 7,100,000