| Discontinued operations financials |
| |
Discontinued Operations Income Statement |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended February 28, |
|
|
Six Months Ended February 28, |
|
| |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| Farm revenues |
|
$ |
840 |
|
|
$ |
6,034 |
|
|
$ |
1,421 |
|
|
$ |
6,034 |
|
| Farm expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Gross profit |
|
|
840 |
|
|
|
6,034 |
|
|
|
1,421 |
|
|
|
6,034 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative expenses |
|
|
- |
|
|
|
17,104 |
|
|
|
- |
|
|
|
36,730 |
|
| Operating profit (loss) |
|
|
840 |
|
|
|
(11,070 |
) |
|
|
1,421 |
|
|
|
(30,696 |
) |
| Finance charges |
|
|
- |
|
|
|
8,421 |
|
|
|
- |
|
|
|
9,367 |
|
| Income (loss) from discontinued operations |
|
$ |
840 |
|
|
$ |
(2,649 |
) |
|
$ |
1,421 |
|
|
$ |
(21,329 |
) |
| |
Discontinued Operations Balance Sheet |
| |
|
|
|
|
|
|
| |
|
February 28, 2018 |
|
|
August 31, 2017 |
|
| Assets: |
|
|
|
|
|
|
| Trade accounts receivable |
|
$ |
91,100 |
|
|
$ |
110,700 |
|
| Land held for sale (*) |
|
|
450,600 |
|
|
|
450,600 |
|
| Total assets |
|
$ |
541,700 |
|
|
$ |
561,300 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Accrued liabilities |
|
$ |
8,600 |
|
|
$ |
11,200 |
|
| Total liabilities |
|
$ |
8,600 |
|
|
$ |
11,200 |
|
|
| 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 Six Months Ended February 28, 2018 |
| |
|
|
|
|
Amounts that would have been reported |
|
|
Effect of Change
|
|
| |
|
As Reported |
|
|
under ASC 605 |
|
|
Higher/(Lower) |
|
| Income statement |
|
|
|
|
|
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
| Special facility fees |
|
$ |
- |
|
|
$ |
20,754 |
|
|
$ |
(20,754 |
) |
| Water tap fees |
|
|
49,948 |
|
|
|
57,095 |
|
|
|
(7,147 |
) |
| Net income |
|
$ |
3,551 |
|
|
$ |
31,452 |
|
|
$ |
(27,901 |
) |
| |
As of February
28, 2018 |
| |
|
|
|
|
Amounts that would have been reported |
|
|
Effect of Change
|
|
| |
|
As Reported |
|
|
under ASC 605 (1) |
|
|
Higher/(Lower) |
|
| Balance Sheet |
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
| Deferred revenues |
|
$ |
- |
|
|
$ |
55,800 |
|
|
$ |
(55,800 |
) |
| Deferred revenues, 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 |
|
|
88,244 |
|
|
|
88,244 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated deficit |
|
$ |
(102,935,300 |
) |
|
$ |
(103,962,448 |
) |
|
$ |
1,027,148 |
|
| (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. |
|