Real Estate Properties

12 Months Ended

Aug. 31, 2014

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

Note 3. Real Estate Properties

As of August 31, 2013, the Company’s real estate comprised properties located in Sylmar, California (the “Sylmar Properties”) and Orange Park, Florida (the “Orange Park Property”). In October 2013, the Company sold the Orange Park Property for $1,138,500 in cash and paid off the related mortgage. The sale of this property resulted in a net gain of approximately $535,000. In June 2014, the Company completed the sale of the Sylmar Properties for $9,125,000 in cash and paid off the related mortgage off in full, resulting in a net gain of approximately $960,000. The associated land, buildings and improvements and related liabilities classified as real estate properties held for leasing on the accompanying consolidated balance sheets as of August 31, 2013.

Additionally, the gross profit from rental operations relating to the Orange Park and Sylmar Properties were netted against selling, general and administrative expenses in the accompanying consolidated statements of operations, as such amounts were considered immaterial for the years ended August 31, 204 and 2013 for separate presentation as discontinued operations.