Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Aug. 31, 2015
Aug. 31, 2014
Current assets:    
Cash and cash equilvalents $ 37,089,041 $ 1,749,558
Trade accounts receivable, net 707,838 1,626,090
Sky Ranch receivable 148,415 50,915
Escrow receivable 1,342,250 0
Land and water held for sale 0 699,826
Prepaid expenses 293,395 336,867
Total current assets 39,580,939 4,463,256
Investments in water and water systems, net 27,708,595 90,823,916
Land and mineral interests 5,091,668 3,662,754
Land and water held for sale 0 1,500,000
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 591,223 568,022
HP A&M receivable 0 7,069,511
Other assets 88,488 86,363
Total assets 73,060,913 108,173,822
Current liabilities:    
Accounts payable 198,338 1,379,647
Current portion mortgages payable, including interest payable of $0 and $80,847, respectively   925,980
Accrued liabilities 590,533 257,893
Income taxes 292,729 0
Deferred revenues 56,700 65,124
Deferred oil and gas lease payment 360,765 645,720
Total current liabilities 1,499,065 3,274,364
Deferred revenues, less current portion 1,111,293 1,167,095
Deferred oil and gas lease payment, less current portion 19,000 379,765
Mortgages payable, less current portion   4,032,227
Participating Interests in Export Water Supply 346,007 354,628
Tap Participation Fee payable to HP A&M net of $0 and $4.1 million discount respectively 0 7,935,262
Total liabilities 2,975,365 $ 17,143,341
Commitments and contingencies  
Preferred stock:    
Series B - par value $.001 per share, 25 milllion shares authorized 432,513 shares issued and outstanding (liquidation perference of $432,513) 433 $ 433
Common stock:    
Par value 1/3 of $.01 per share, 40 million shares authorized; 24,054,098 and 24,037,598 shares issued and outstanding, respectively 80,185 80,130
Collateral stock (1,407,000) 0
Additional paid in capital 172,384,355 168,794,396
Accumulated deficit (100,972,425) (77,844,478)
Total shareholders' equity 70,085,548 91,030,481
Total liabilities and shareholders' equity $ 73,060,913 $ 108,173,822