4. Restatement: Combined Financial Statements, Adjustments (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Combined Financial Statements, Adjustments

COMBINED BALANCE SHEET

October 31, 2011
ASSETS	As Previously Reported	Reclassified	As Restated
Land improvements, buildings and equipment, net	$22,881,409	($268,288)	$22,613,121
Land held for investment, principally unimproved	6,943,374	(37,706)	6,905,668
Long-lived assets held for sale	4,721,303	(1,780,155)	2,941,148
Net investment in direct financing leases	7,788,195	(7,788,195)	0
Prepaid expenses and other assets	1,379,312	(895,878)	483,434
Assets of discontinued operations	0	10,770,222	10,770,222
LIABILITIES:
Debt	28,123,504	(1,010,384)	$27,113,120
Liabilities of discontinued operations	0	1,010,384	1,010,384

COMBINED STATEMENTS OF OPERATIONS

	For the three months ended July 31, 2012
	As Previously Reported	Reclassified	As Restated
Costs and expenses:
Rental income costs	$244,346	($173)	$244,173
Total costs and expenses	2,235,334	(173)	2,235,161
Loss (profit) from continuing operations	(301,927)	173	(301,754)
(Loss) from continuing operations before income taxes(	(564,362)	173	(564,189)
Net loss before discontinued operations	(372,362)	173	(372,189)
Discontinued operations		(173)	(173)
Provision for income taxes on discontinued operations		0	0
Net income from discontinued operations		(173)	(173)

COMBINED STATEMENTS OF OPERATIONS

	For the three months ended July 31, 2011
	As Previously Reported	Reclassified	As Restated
Revenues:
Rental income revenue	$583,475	($123,753)	$459,722
Total revenues	2,528,377	(123,753)	2,404,624
Costs and expenses:
Rental income costs	263,040	(13,689)	249,351
Total costs and expenses	2,791,230	(13,689)	2,777,541
Loss from continuing operations	(262,853)	(110,064)	(372,917)
Other income and (expense):
Interest and other income	80,734	(80,417)	317
Interest expense	(389,355)	29,088	(360,267)
Total other income and expense	(308,621)	(51,329)	(359,950)
(Loss) from continuing operations before income taxes	(571,474)	(161,393)	(732,867)
Provision for income taxes on continuing operations	(194,000)	(57,000)	(251,000)
Net loss before discontinued operations	(377,474)	(104,393)	(481,867)
Discontinued operations		161,393	161,393
Provision for income taxes on discontinued operations		57,000	57,000
Net income from discontinued operations		104,393	104,393

COMBINED STATEMENTS OF OPERATIONS

	For the nine months ended July 31, 2012
	As Previously Reported	Reclassified	As Restated
Revenues:
Land resource management revenue	$14,124,838	($10,911,419)	$3,213,419
Rental income revenue	1,357,504	(21,165)	1,336,339
Total revenues	16,214,709	(10,932,584)	5,282,125
Costs and expenses:
Land resource management costs	14,548,727	(10,911,337)	3,637,390
Rental income costs	738,719	(8,528)	730,191
Total costs and expenses	17,437,829	(10,919,865)	6,517,964
Loss (profit) from continuing operations	(1,223,120)	(12,719)	(1,235,839)
Other income and (expense):
Interest expense	(869,181)	7,386	(861,795)
Total other income and expense	(866,090)	7,386	(858,704)
(Loss) from continuing operations before income taxes	(2,089,210)	(5,333)	(2,094,543)
Credit for income taxes on continuing operations	(710,000)	(2,000)	(712,000)
Net loss before discontinued operations	(1,379,210)	(3,333)	(1,382,543)
Discontinued operations	0	5,333	5,333
Provision for income taxes on discontinued operations	0	2,000	2,000
Net income from discontinued operations	0	3,333	3,333

COMBINED STATEMENTS OF OPERATIONS

	For the nine months ended July 31, 2011
	As Previously Reported	Reclassified	As Restated
Revenues:
Rental income revenue	$1,749,746	($377,493)	$1,372,253
Total revenues	5,010,791	(377,493)	4,633,298
Costs and expenses:
Rental income costs	787,397	(55,266)	732,131
Total costs and expenses	6,116,592	(55,266)	6,061,326
Loss from continuing operations	(1,105,801)	(322,227)	(1,428,028)
Other income and (expense):
Interest and other income	251,675	(241,252)	10,423
Interest expense	(1,155,563)	87,489	(1,068,074)
Total other income and expense	(903,888)	(153,763)	(1,057,651)
(Loss) from continuing operations before income taxes	(2,009,689)	(475,990)	(2,485,679)
Provision for income taxes on continuing operations	(683,000)	(163,000)	(846,000)
Net loss before discontinued operations	(1,326,689)	(312,990)	(1,639,679)
Discontinued operations	0	475,990	475,990
Provision for income taxes on discontinued operations	0	163,000	163,000
Net income from discontinued operations	$0	$312,990	$312,990