Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)

v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
 3 Months Ended 12 Months Ended
Aug. 31, 2017
May 31, 2017
Feb. 28, 2017
Nov. 30, 2016
Aug. 31, 2016
May 31, 2016
Feb. 29, 2016
Nov. 30, 2015
Aug. 31, 2017
Aug. 31, 2016
Aug. 31, 2015
Summary Of Significant Accounting Policies Details                      
Farm revenues                 $ 6,800 $ 267,500 $ 1,127,200
Farm expenses                 (1,300) (77,100) (126,300)
Gross profit                 5,500 190,400 1,000,900
General and administrative expenses                 (46,900) (313,400) (760,200)
Operating (loss) profit                 (41,400) (123,000) 240,700
Finance charges                 9,400 38,400 21,700
(Loss) gain on sale of farm assets                 0 4,300 (22,108,200)
Interest expense [1]                 0 0 (390,500)
Interest imputed on the Tap Participation Fee payable to HP A&M [2]                 0 0 (23,800)
Taxes                 0 0 (292,700)
Loss from discontinued operations $ 1 $ (11) $ (3) $ (19) $ 13 $ (61) $ (29) $ (3) (32,025) (80,348) $ (22,552,801)
Assets:                      
Trade accounts receivable 110,700       227,100       110,700 227,100  
Land held for sale [3] 450,600       450,300       450,600 450,300  
Prepaid expenses 0       2,900       0 2,900  
Total assets 561,300       680,300       561,300 680,300  
Liabilities:                      
Accrued liabilities 11,200       4,400       11,200 4,400  
Total liabilities $ 11,200       $ 4,400       $ 11,200 $ 4,400  
[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 thus 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] Land Held for Sale. During the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $451,000. 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 in due course and has classified the farms as long-term assets.