Subsequent Events

12 Months Ended

Aug. 31, 2019

Subsequent Events

Subsequent Events

Note 11. Subsequent Events

Management has evaluated events subsequent to August 31, 2019, through the date that these consolidated financial statements are being filed with the Securities and Exchange Commission, for transactions and other events that may require adjustment of and/or disclosure in such financial statements.

Subsequent to August 31, 2019, the Company has made additional advances on the Construction Loan for tenant improvements on the Hunter Property for the amount of $1,809,000 and a total balance of the Real Estate Loan of $2,151,000.

In September 2019, the Company entered into a Standard, Offer, Agreement and Escrow Instructions for the Lakeview Purchase Agreement, with a third party, Charles Alemi or his assignee, pursuant to which Bisco agreed to sell the Lakeview Property to a third party, for a cash purchase price of $7,075,000, which closed on November 19, 2019.  Cash received from the sale of the Lakeview Property will be used to retire the entire related Bank loan balance and to pay down the line of credit with the Bank.  Pursuant to this agreement, Bisco will lease back the Lakeview Property until January 31, 2020 at rental rate of $30,000 per month on a gross basis.