Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)

v3.5.0.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
 12 Months Ended
Aug. 31, 2016
Aug. 31, 2015
Aug. 31, 2014
Summary Of Significant Accounting Policies Details      
Farm revenues $ 267,472 $ 1,127,155 $ 1,068,026
Farm expenses (77,132) (126,279) (88,105)
Gross profit 190,340 1,000,876 979,921
General and administrative expenses (313,389) (760,192) (911,230)
Impairment of land and water rights held for sale 0 0 (402,657)
Operating (loss) profit (123,049) 240,684 (333,966)
Finance charges 38,428 21,710 14,392
(Loss) gain on sale of farm assets 4,273 (22,108,145) 1,407,326
Interest expense [1] 0 (390,505) (239,200)
Interest imputed on the Tap Participation Fee payable to HP A&M [2] 0 (23,816) (1,445,509)
Taxes 0 (292,729) 0
Loss from discontinued operations (80,348) (22,552,801) $ (596,957)
Assets:      
Trade accounts receivable 227,060 549,993  
Escrow receivable 0 1,342,250  
Land held for sale [3] 450,347 0  
Prepaid expenses 2,880 65,309  
Total assets 680,287 1,957,552  
Liabilities:      
Accounts payable 0 25,704  
Accrued liabilities 4,394 90,725  
Deferred revenues 0 900  
Total liabilities $ 4,394 $ 117,329  
[1] Interest expense represents interest accrued related to notes the Company had on its farm assets prior to the sale. All notes associated with the farms have been paid off, and as a result the Company no longer incurs interest on such notes.
[2] Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&M, LLC ("HP A&M"), which was eliminated as a result of the settlement with HP A&M during the three months ended February 28, 2015. As a result, the Company no longer accrues interest related to the Tap Participation Fee.
[3] During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,300. The farms were acquired to correct dry-up covenant issues related to water only farms 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.