| Discontinued operations financials |
| Discontinued Operations Income Statement |
| |
|
|
|
|
| |
|
Three Months Ended November 30, |
| |
|
2017 |
|
2016 |
| Farm revenues |
|
$ |
581 |
|
|
$ |
— |
|
| Farm expenses |
|
|
— |
|
|
|
— |
|
| Gross profit |
|
|
581 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| General and administrative expenses |
|
|
— |
|
|
|
19,626 |
|
| Operating profit (loss) |
|
|
581 |
|
|
|
(19,626 |
) |
| Finance charges |
|
|
— |
|
|
|
946 |
|
| Income (loss) from discontinued operations |
|
$ |
581 |
|
|
$ |
(18,680 |
) |
| Discontinued Operations Balance Sheet |
| |
|
|
|
|
|
|
|
|
| |
|
|
November 30, 2017 |
|
|
|
August 31, 2017 |
|
| Assets: |
|
|
|
|
|
|
|
|
| Trade accounts receivable |
|
$ |
101,200 |
|
|
$ |
110,700 |
|
| Land held for sale (*) |
|
|
450,600 |
|
|
|
450,600 |
|
| Total assets |
|
$ |
551,800 |
|
|
$ |
561,300 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Accrued liabilities |
|
$ |
10,600 |
|
|
$ |
11,200 |
|
| Total liabilities |
|
$ |
10,600 |
|
|
$ |
11,200 |
|
(*) Land Held for Sale. During
the fiscal quarter ended November 30, 2015, the Company purchased three farms totaling 700 acres for approximately $450,600.
The farms were acquired in order to correct dry-up covenant issues related to water only farms in order 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-
|
| Effects of new accounting standard |
| |
|
Balance at |
|
Adjustments |
|
Balance at |
| |
|
August 31, 2017 |
|
Due to ASU 2014-09 |
|
September 1, 2017 |
| Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred tax assets (Deferred revenue) |
|
$ |
316,400 |
|
|
$ |
(316,400 |
) |
|
$ |
— |
|
| Deferred tax assets-Valuation Allowance (Deferred revenue) |
|
|
(316,400 |
) |
|
|
316,400 |
|
|
|
— |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenues |
|
$ |
55,800 |
|
|
$ |
(55,800 |
) |
|
$ |
— |
|
| Deferred revenues, less current portion |
|
|
999,249 |
|
|
|
(999,249 |
) |
|
|
— |
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated deficit |
|
$ |
(103,993,900 |
) |
|
$ |
1,055,049 |
|
|
$ |
(102,938,851 |
) |
| |
|
|
|
|
|
|
| For the period ended November 30, 2017 |
| |
|
As Reported |
|
Amounts that would have been reported |
|
Effect of Change |
| |
|
|
|
under ASC 605 |
|
Higher/(Lower) |
| Income statement |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| Special facility fees |
|
$ |
— |
|
|
$ |
10,377 |
|
|
$ |
(10,377 |
) |
| Water tap fees |
|
|
49,948 |
|
|
|
53,522 |
|
|
|
(3,574 |
) |
| Net loss |
|
$ |
(96,611 |
) |
|
$ |
(82,660 |
) |
|
$ |
(13,951 |
) |
| For the period ended November 30, 2017 |
| |
|
As Reported |
|
Amounts that would have been reported |
|
Effect of Change |
| |
|
|
|
under ASC 605 (1)
|
|
Higher/(Lower) |
| Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred Revenue |
|
$ |
— |
|
|
$ |
55,800 |
|
|
$ |
(55,800 |
) |
| Deferred Revenue, less current portion |
|
|
— |
|
|
|
999,249 |
|
|
|
(999,249 |
) |
| Deferred oil and gas lease payment (1)
|
|
|
55,733 |
|
|
|
55,733 |
|
|
|
— |
|
| Deferred oil and gas lease payment, less current portion |
|
|
102,177 |
|
|
|
102,177 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated deficit |
|
$ |
(103,035,462 |
) |
|
$ |
(104,076,559 |
) |
|
$ |
1,041,097 |
|
|
(1) |
Inclusive of the Bison Lease deferred oil and gas lease payment and
water tap and construction fee deferred revenues as described in the 2017 Annual Report. |
|