Annual report pursuant to Section 13 and 15(d)

WATER ASSETS (Detail Narrative)

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WATER ASSETS (Detail Narrative) (USD $)
 12 Months Ended
Aug. 31, 2013
acre
Aug. 31, 2012
Aug. 31, 2011
Depletion charges $ 500 $ 500 $ 500
Depreciation expense 311,300 309,200 300,800
Farm Lease Income 1,241,882      
Farm Income   71,100  
Acres of land to be sold 1,603    
Cost of Assets 90,805,200 90,505,700  
Arkansas River Water Assets
      
Number of acres owned 60,000    
Additional acres that may be available 40,000    
Number of shares issued for acquisition of assets 3,000,000    
Number of FLCC Shares 21,782    
Arkansas River Water Land
      
Number of acres owned 16,700    
Percentage of net revenues paid to HP A&M 26.90%    
Rangeview Water Supply and Water System
      
Number of acres owned 25,050    
Water supply acres 13,400    
Export water acres 11,650    
Acres under option that may be exchanged for use as surface water 165,000    
Yearly number of acres which may be exchanged 1,650    
Royalty percentage due to Land Board on all sales 12.00%    
Percentage of gross revenues of water sales retained by the District 5.00%    
Percentage of gross revenues of water sales retained by the company 95.00%    
Percentage of wastewater tap fees retained by company 100.00%    
Percentage of wastewater usage fees retained by company 90.00%    
Percentage of wastewater usage fees retained by District 10.00%    
Rangeview Water Supply and Water System | Lower Range
      
Export Water Royalty percentage to Land board 10.00%    
Rangeview Water Supply and Water System | Upper Range
      
Export Water Royalty percentage to Land board 50.00%    
Fairgrounds Water And Water System
      
Number of acres owned 321    
Size of gallon water tanks and pipelines 500,000    
Cost of Assets 2,899,900 2,899,900  
Sky Ranch
      
Number of acres owned 931    
Water rights owned 820    
Cost of Assets 7,000,000    
Direct costs and fees in purchase of assets 554,100    
Establishment and operating costs 57,300    
Paradise Water Supply
      
Water assets deemed impaired   $ 5,500,000