| Discontinued operations financials |
| Discontinued Operations Income Statement |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended May 31, |
|
|
Nine Months Ended May 31, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Farm revenues |
|
$ |
- |
|
|
$ |
270,582 |
|
|
$ |
275,991 |
|
|
$ |
818,925 |
|
| Farm expenses |
|
|
(22,674 |
) |
|
|
(23,131 |
) |
|
|
(56,042 |
) |
|
|
(70,001 |
) |
| Gross profit |
|
|
(22,674 |
) |
|
|
247,451 |
|
|
|
219,949 |
|
|
|
748,924 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative expenses |
|
|
48,346 |
|
|
|
140,366 |
|
|
|
287,787 |
|
|
|
617,914 |
|
| Operating (loss) profit |
|
|
(71,020 |
) |
|
|
107,085 |
|
|
|
(67,838 |
) |
|
|
131,010 |
|
| Finance charges |
|
|
9,757 |
|
|
|
7,909 |
|
|
|
42,054 |
|
|
|
17,622 |
|
| Gain on sale of farm assets |
|
|
- |
|
|
|
- |
|
|
|
4,273 |
|
|
|
- |
|
| Interest expense |
|
|
- |
|
|
|
(78,779 |
) |
|
|
- |
|
|
|
(221,915 |
) |
| Interest imputed on the Tap Participation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fee payable to HP A&M |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(23,816 |
) |
| Income (loss) from discontinued operations |
|
$ |
(61,263 |
) |
|
$ |
36,215 |
|
|
$ |
(21,511 |
) |
|
$ |
(97,099 |
) |
| Discontinued Operations Balance Sheet |
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|
| |
|
|
|
|
|
|
| |
|
May 31, 2016 |
|
|
August 31, 2015 |
|
| Assets: |
|
|
|
|
|
|
| Trade accounts receivable |
|
$ |
351,218 |
|
|
$ |
307,913 |
|
| Escrow receivable |
|
|
- |
|
|
|
1,342,250 |
|
| Land held for sale (*) |
|
|
450,347 |
|
|
|
- |
|
| Prepaid expenses |
|
|
- |
|
|
|
65,309 |
|
| Total assets |
|
$ |
801,565 |
|
|
$ |
1,715,472 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
135 |
|
|
$ |
25,704 |
|
| Accrued liabilities |
|
|
3,467 |
|
|
|
90,725 |
|
| Deferred revenues |
|
|
- |
|
|
|
900 |
|
| Total liabilities |
|
$ |
3,602 |
|
|
$ |
117,329 |
|
(*) Land Held for Sale. During the fiscal quarter ended
November 30, 2015, the Company purchased three farms for approximately $450,300. 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 obtain the release of the escrow
funds related to the Companys farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms within the next
fiscal year.
|