Quarterly report pursuant to Section 13 or 15(d)

1. PRESENTATION OF INTERIM INFORMATION (Tables)

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1. PRESENTATION OF INTERIM INFORMATION (Tables)
 9 Months Ended
May 31, 2017
Presentation Of Interim Information Tables  
Discontinued operations financials

 Discontinued Operations Income Statement

 

    Three Months Ended May 31,   Nine Months Ended May 31,
    2017   2016   2017   2016
Farm revenues   $ 600     $ —       $ 6,300     $ 276,000  
Farm expenses     —         (22,700 )     —         (56,000 )
 Gross profit (loss)     600       (22,700 )     6,300       220,000  
                                 
General and administrative expenses     11,900       48,400       48,300       287,800  
 Operating loss     (11,300 )     (71,100 )     (42,000 )     (67,800 )
Gain on sale of farm assets     —         —         —         4,300  
Finance charges     —         9,800       9,400       42,000  
 Loss from discontinued operations   $ (11,300 )   $ (61,300 )   $ (32,600 )   $ (21,500 )

 

Discontinued Operations Balance Sheet

 

   

May 31,

2017

  

August 31,

2016
Assets:                
Trade accounts receivable   $ 110,700     $ 227,000  
Land held for sale (*)     449,800       450,300  
Prepaid expenses     —         2,900  
Total assets   $ 560,500     $ 680,200  
                 
Liabilities:                
Accrued liabilities     8,600       4,400  
Total liabilities   $ 8,600     $ 4,400  

 

(*) Land Held for Sale. During the fiscal quarter ended November 30, 2015, the Company purchased three farms for approximately $450,000. 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 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 within the next fiscal year.