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)
 3 Months Ended
Nov. 30, 2016
Presentation Of Interim Information Tables  
Discontinued operations financials
  Discontinued Operations Income Statement
             
    Three Months Ended November 30,  
    2016     2015  
Farm revenues   $ -     $ 212,248  
Farm expenses     -       (15,632 )
  Gross (loss) profit     -       196,616  
                 
General and administrative expenses     19,626       171,902  
  Operating (loss) profit     (19,626 )     24,714  
Finance charges     946       15,951  
Interest expense     -       (1,605 )
  Income (loss) from discontinued operations   $ (18,680 )   $ 39,060  

 

 

  Discontinued Operations Balance Sheet
             
    November 30, 2016     August 31, 2016  
Assets:            
Trade accounts receivable   $ 193,451     $ 227,060  
Land held for sale (*)     453,182       450,347  
Prepaid expenses     720       2,880  
Total assets   $ 647,353     $ 680,287  
                 
Liabilities:                
Accrued liabilities   $ 6,042     $ 4,394  
Total liabilities   $ 6,042     $ 4,394  

 

(*) Land Held for Sale. During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $453,200. 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 Company’s farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms during fiscal year 2017.