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Financing Obligation (Tables)
12 Months Ended
Aug. 31, 2013
Financing Obligation [Abstract]  
Financing Obligation

 

 

 

 

 

 

 

 

 

 

AUGUST 31,

 

2013 

 

2012 

Financing obligation payable in

 

 

 

 

monthly installments of $275 at

 

 

 

 

August 31, 2013, including

 

 

 

 

principal and interest, with two

 

 

 

 

percent annual increases

 

 

 

 

(imputed interest at 7.7%),

 

 

 

 

through June 2025

$

28,515 

$

29,507 

Less current portion

 

(1,139)

 

(992)

Total financing obligation,

 

 

 

 

less current portion

$

27,376 

$

28,515 

 

Future Principal Maturities

 

 

 

 

 

 

YEAR ENDING

 

 

AUGUST 31,

 

 

2014

$

1,139 

2015

 

1,298 

2016

 

1,473 

2017

 

1,662 

2018

 

1,868 

Thereafter

 

21,075 

 

$

28,515 

 

Future Minimum Payments Under The Financing Obligation

 

 

 

 

 

 

YEAR ENDING

 

 

AUGUST 31,

 

 

2014

$

3,307 

2015

 

3,373 

2016

 

3,440 

2017

 

3,509 

2018

 

3,579 

Thereafter

 

26,330 

Total future minimum financing

 

 

obligation payments

 

43,538 

Less interest

 

(16,335)

Present value of future minimum

 

 

financing obligation payments

$

27,203