Property, Equipment and Leasehold Improvements

12 Months Ended

Aug. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 3. Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements are summarized as follows:

	August 31,
	2017		2016
Machinery and equipment	$	7,154,000	$	5,960,000
Furniture and fixtures		898,000		829,000
Vehicles		155,000		155,000
Leasehold improvements		1,756,000		1,576,000
Land		1,717,000		-
Building		5,490,000		-
		17,170,000		8,520,000
Less: accumulated depreciation and amortization		(7,914,000)		(7,125,000)
	$	9,256,000	$	1,395,000

On May 19, 2017, the Company purchased the Lakeview Property from the Glen F. Ceiley and Barbara A. Ceiley Revocable Trust (the “Trust”), which is the grantor trust of Glen Ceiley, the Company’s Chief Executive Officer, Chairman of the Board and majority shareholder. The total purchase price of the Lakeview Property was $7,200,000. The purchase of the property was financed through borrowings on the line of credit of $1,800,000 and a loan with Community Bank. See Note 4.

For the years ended August 31, 2017 and 2016, depreciation and amortization expense was $785,000 and $577,000, respectively.