| Discontinued operations financials |
| |
|
Discontinued Operations Income Statement |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Six Months Ended |
| |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2017 |
|
February 29,
2016 |
| Farm revenues |
|
$ |
6,034 |
|
|
$ |
63,743 |
|
|
$ |
6,034 |
|
|
$ |
275,991 |
|
| Farm expenses |
|
|
— |
|
|
|
(17,736 |
) |
|
|
— |
|
|
|
(33,368 |
) |
| Gross profit |
|
|
6,034 |
|
|
|
46,007 |
|
|
|
6,034 |
|
|
|
242,623 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative expenses |
|
|
17,104 |
|
|
|
74,648 |
|
|
|
36,730 |
|
|
|
213,156 |
|
| Operating (loss) profit |
|
|
(11,070 |
) |
|
|
(28,641 |
) |
|
|
(30,696 |
) |
|
|
29,467 |
|
| Finance charges |
|
|
8,421 |
|
|
|
— |
|
|
|
9,367 |
|
|
|
— |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from discontinued operations |
|
$ |
(2,649 |
) |
|
$ |
(28,641 |
) |
|
$ |
(21,329 |
) |
|
$ |
29,467 |
|
| |
|
|
Discontinued Operations Balance Sheet |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
February 28, 2017 |
|
|
|
August 31, 2016 |
|
| Assets: |
|
|
|
|
|
|
|
|
| Trade accounts receivable, net |
|
$ |
122,608 |
|
|
$ |
227,060 |
|
| Land held for sale (*) |
|
|
449,795 |
|
|
|
450,347 |
|
| Prepaid expenses |
|
|
— |
|
|
|
2,880 |
|
| Total assets |
|
$ |
572,403 |
|
|
$ |
680,287 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Accrued liabilities |
|
|
7,690 |
|
|
|
4,394 |
|
| Total liabilities |
|
$ |
7,690 |
|
|
$ |
4,394 |
|
(*) Land Held for Sale. During
the fiscal quarter ended November 30, 2015, the Company purchased three farms for approximately $450,300. 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 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.
|