| Discontinued operations financials |
| Discontinued Operations Income Statement |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
February 29, 2016 |
|
|
February 28, 2015 |
|
|
February 29, 2016 |
|
|
February 28, 2015 |
|
| Farm revenues |
|
$ |
63,743 |
|
|
$ |
284,530 |
|
|
$ |
275,991 |
|
|
$ |
548,343 |
|
| Farm expenses |
|
|
(17,736 |
) |
|
|
(20,384 |
) |
|
|
(33,368 |
) |
|
|
(46,870 |
) |
| Gross profit |
|
|
46,007 |
|
|
|
264,146 |
|
|
|
242,623 |
|
|
|
501,473 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative expenses |
|
|
74,648 |
|
|
|
120,061 |
|
|
|
213,156 |
|
|
|
233,300 |
|
| Operating (loss) profit |
|
|
(28,641 |
) |
|
|
144,085 |
|
|
|
29,467 |
|
|
|
268,173 |
|
| Interest expense |
|
|
- |
|
|
|
78,683 |
|
|
|
- |
|
|
|
143,135 |
|
| Interest imputed on the Tap Participation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fee payable to HP A&M |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
23,816 |
|
| Income (loss) from discontinued operations |
|
$ |
(28,641 |
) |
|
$ |
65,402 |
|
|
$ |
29,467 |
|
|
$ |
101,222 |
|
| |
|
|
|
|
|
|
| Discontinued Operation Balance Sheet |
|
| |
|
|
|
|
|
|
| |
|
February 29, 2016 |
|
|
August 31, 2015 |
|
| Assets: |
|
|
|
|
|
|
| Trade accounts receivable, net |
|
$ |
478,886 |
|
|
$ |
307,913 |
|
| Escrow receivable |
|
|
- |
|
|
|
1,342,250 |
|
| Land held for sale (*) |
|
|
450,347 |
|
|
|
- |
|
| Prepaid expenses |
|
|
- |
|
|
|
65,309 |
|
| Total assets |
|
$ |
929,233 |
|
|
$ |
1,715,472 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
163,657 |
|
|
$ |
25,704 |
|
| Accrued liabilities |
|
|
1,099 |
|
|
|
90,725 |
|
| Deferred revenues |
|
|
- |
|
|
|
900 |
|
| Total liabilities |
|
$ |
164,756 |
|
|
$ |
117,329 |
|
| |
|
|
|
|
|
|
|
|
(*) 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 within the next fiscal year.
|