Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Aug. 31, 2015
Aug. 31, 2014
Aug. 31, 2013
Cash flows from operating activities      
Net loss $ (23,127,947) $ (311,444) $ (4,150,445)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Share-based compensation expense 239,986 251,915 66,812
Depreciation, depletion and other non-cash items 347,263 196,564 313,137
Investment in Well Enhancement Recovery Systems, LLC 4,577 (37,193) 0
Imputed interest on Tap Participation Fees payable to HP A&M 23,816 1,445,509 3,275,378
Impairment of land and water rights held for sale 0 402,657 0
(Loss) Gain on the sale of land and water rights held for sale 22,108,145 (1,308,392) 0
Interest income and other non-cash items (419) (420) 0
Interest added to note receivable - related party Rangeview Metropolitan District (15,493) (12,039) (12,038)
Gain on extinguishment of contingent obligations 0 (832,097) 0
Changes in operating assets and liabilities:      
Trade accounts receivable 918,252 (1,041,288) (449,344)
Prepaid expenses 43,472 (168,795) 125,437
HP A&M Receivable (63,777) (414,355) (519,934)
Sky Ranch Receivable (97,500) 6,388 (57,303)
Rangeview Metropolitan District note receivable (7,708) 0 0
Accounts payable and accrued liabilities (848,669) 1,191,298 120,527
Income taxes 292,729 0 0
Interest accrued on agriculture land promissory notes (80,847) (41,181) 0
Deferred revenue (64,226) (65,385) (65,385)
Deferred income - oil and gas lease (645,720) 790,002 (403,507)
Net cash provided by (used in) operating activities (974,066) 51,744 (1,756,665)
Cash flows from investing activities:      
Investments in water, water systems and land (2,101,253) (3,864,443) (378,008)
Sales and maturities of marketable securities 0 0 1,101,367
Proceeds from sale of land and easments 0 192,851 0
Proceeds from sale of farm land 44,650,149 5,811,265 0
Proceeds from sale of collateral stock 0 0 3,415,000
Purchase of property and equipment (17,186) (3,370) (40,300)
Net cash provided (used) by investing activities 42,531,710 2,136,303 4,098,059
Cash flows from financing activities      
Arapahoe County construction proceeds 0 0 291,662
Proceeds from exercise of options 48,825 0 0
Payment to contingent liability holders (8,621) (6,185) (16,018)
Proceeds from borrowings on promissory notes payable 2,670,627 0 0
Payments made on promissory notes payable (8,928,992) (2,880,667) (1,792,192)
Net cash (used in) provided by financing activities (6,218,161) (2,886,852) (1,516,548)
Net change in cash and cash equivalents 35,339,483 (698,805) 824,846
Cash and cash equivalents - beginning of year 1,749,558 2,448,363 1,623,517
Cash and cash equivalents - end of year 37,089,041 1,749,558 2,448,363
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES      
Reduction in Tap Participation Fee liability resulting from remedies under the Arkansas River Agreement 0 $ 53,317,500 $ 11,737,300
Reduction in Tap Participation Fee liability, HP A&M receivable, collateral stock, and mineral interests received as a result of settlement of the Arkansas River Agreement 1,894,203    
Assets acquired through WISE funding obligation $ 1,381,004