Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Aug. 31, 2016
Aug. 31, 2015
Aug. 31, 2014
Cash flows from operating activities      
Net loss $ (1,310,607) $ (23,127,947) $ (311,444)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Share-based compensation expense 219,886 239,986 251,915
Depreciation, depletion and other non-cash items 420,104 347,263 196,564
Investment in Well Enhancement Recovery Systems, LLC 10,675 4,577 (37,193)
Interest income and other non-cash items (41,114) (419) (420)
Interest added to receivable from related parties (29,099) (15,493) (12,039)
Gain on extinguishment of contingent obligations 0 0 (832,097)
Changes in operating assets and liabilities:      
Trade accounts receivable (23,161) 918,252 (1,041,288)
Prepaid expenses (122,733) 43,472 (168,795)
Note receivable - related parties (31,633) (105,208) 6,388
Accounts payable and accrued liabilities (269,428) (848,669) 1,191,298
Income taxes (292,729) 292,729 0
Deferred revenue (55,802) (64,226) (65,385)
Deferred income - oil and gas lease (360,765) (645,720) 790,002
Net cash used in operating activities from continuing operations (1,886,406) (22,961,403) (32,494)
Net cash provided by operating activities from discontinued operations 1,615,677 21,987,337 84,238
Net cash provided by (used in) operating activities (270,729) (974,066) 51,744
Cash flows from investing activities:      
Investments in water, water systems and land (1,209,416) (2,101,253) (3,864,443)
Sales and maturities of marketable securities 2,840,000 0 0
Purchase of short-term investments (25,970,721) 0 0
Purchase of long-term investments (6,855,189) 0 0
Proceeds from sale of land and easments 0 0 192,851
Purchase of property and equipment (472,310) (17,186) (3,370)
Net cash used in investing activities from continuing operations (31,667,636) (2,118,439) (3,674,962)
Net cash provided by (used in) investing activities from discontinued operations (451,347) 44,650,149 5,811,265
Net cash provided (used) by investing activities (32,118,983) 42,531,710 2,136,303
Cash flows from financing activities      
Proceeds from exercise of options 0 48,825 0
Payment to contingent liability holders (2,041) (8,621) (6,185)
Net cash (used in) provided by financing activities from continuing operations (2,041) 40,204 (6,185)
Net cash used in financing activities from discontinued operations 0 (6,258,365) (2,880,667)
Net cash (used in) provided by financing activities (2,041) (6,218,161) (2,886,852)
Net change in cash and cash equivalents (32,391,753) 35,339,483 (698,805)
Cash and cash equivalents - beginning of year 37,089,041 1,749,558 2,448,363
Cash and cash equivalents - end of year 4,697,288 37,089,041 1,749,558
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES      
Retirement of collateral stock 1,407,000 0 0
Reduction in Tap Participation Fee liability resulting from remedies under the Arkansas River Agreement 0 0 53,317,500
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 0 1,894,203 0
Assets acquired through WISE funding obligation $ 0 $ 1,381,004 $ 0