|
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
|---|---|
|
Nov. 30, 2013
|
|
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 6 RELATED PARTY TRANSACTIONS
On December 16, 2009, the Company entered into a Participation Agreement with District, whereby the Company agreed to provide funding to the District in connection with the District joining the South Metro Water Supply Authority (SMWSA). The Company provided $55,000 and $1,000 of funding to the District pursuant to the Participation Agreement during the three months ended November 30, 2013 and 2012, respectively. These amounts were expensed at the time of funding.
In 1995, the Company extended a loan to the District, a related party. The loan provided for borrowings of up to $250,000, is unsecured, bears interest based on the prevailing prime rate plus 2% (5.25% at November 30, 2013) and matures on December 31, 2013. The Company extended the maturity date of the loan to December 31, 2014. The $559,000 balance of the note receivable at November 30, 2013, includes borrowings of $229,300 and accrued interest of $329,700. |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|