Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.5.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Aug. 31, 2016
Aug. 31, 2015
Current assets:    
Cash and cash equilvalents $ 4,697,288 $ 37,089,041
Short-term investments 23,176,450 0
Trade accounts receivable, net 181,006 157,845
Sky Ranch receivable 0 148,415
Prepaid expenses 350,819 228,086
Assets of discontinued operations 680,287 1,957,552
Total current assets 29,085,850 39,580,939
Long-term investments 6,853,276 0
Investments in water and water systems, net 28,321,926 27,708,595
Land and mineral interests 5,345,800 5,091,668
Notes receivable - related parties, including accrued interest 800,369 591,223
Other assets 472,393 88,488
Total assets 70,879,614 73,060,913
Current liabilities:    
Accounts payable 160,390 172,634
Accrued liabilities 242,624 499,808
Income taxes 0 292,729
Deferred revenues 55,800 55,800
Deferred oil and gas lease payment 19,000 360,765
Liabilities of discontinued operations 4,394 117,329
Total current liabilities 482,208 1,499,065
Deferred revenues, less current portion 1,055,491 1,111,293
Deferred oil and gas lease payment, less current portion 0 19,000
Participating Interests in Export Water Supply 343,966 346,007
Total liabilities 1,881,665 2,975,365
Commitments and contingencies
Preferred stock:    
Series B - par value $.001 per share, 25 milllion shares authorized 432,513 shares issued and outstanding (liquidation preference of $432,513) 433 433
Common stock:    
Par value 1/3 of $.01 per share, 40 million shares authorized; 23,754,098 and 24,054,098 shares issued and outstanding, respectively 79,185 80,185
Collateral stock 0 (1,407,000)
Additional paid in capital 171,198,241 172,384,355
Accumulated other comprehensive income 3,122 0
Accumulated deficit (102,283,032) (100,972,425)
Total shareholders' equity 68,997,949 70,085,548
Total liabilities and shareholders' equity $ 70,879,614 $ 73,060,913