|6 Months Ended|
Mar. 31, 2018
|Inventory Disclosure [Abstract]|
Inventories consist of the following at March 31, 2018 and September 30, 2017:
The Company records its inventory at the lower of cost or net realizable value. For the three and six months ended March 31, 2018 and 2017 the Company did not record any adjustments to reduce inventory to net realizable value.
On January 25, 2018, the Company sold its breeding herd to a third party and as a result the value of the Beef Cattle inventory was expensed.
In September 2017, the State of Florida's citrus business, including the Company's unharvested citrus crop, was significantly impacted by Hurricane Irma. For the year ended September 30, 2017, the Company recorded a casualty loss on its inventory. In calculating this casualty loss, the Company made certain estimates. As of March 31, 2018, there were no revisions to these estimates which required any further inventory losses to be recorded. The Company continues to work closely with its insurers and adjusters to determine the amount of insurance recoveries the Company may be entitled to.
The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
Reference 1: http://www.xbrl.org/2003/role/presentationRef