Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Nov. 30, 2016
Aug. 31, 2016
Current assets:    
Cash and cash equivalents $ 5,580,969 $ 4,697,288
Short-term investments 21,758,691 23,176,450
Trade accounts receivable 199,407 181,006
Prepaid expenses and other current assets 379,173 350,819
Assets of discontinued operations 647,353 680,287
Total current assets 28,565,593 29,085,850
Long-term investments 6,846,562 6,853,276
Investments in water and water systems, net 28,445,851 28,321,926
Land and mineral interests 5,398,742 5,345,800
Notes receivable - related parties, including accrued interest 817,844 800,369
Other assets 458,065 472,393
Total assets 70,532,657 70,879,614
Current liabilities:    
Accounts payable 329,606 160,390
Accrued liabilities 63,685 242,624
Deferred revenues 55,800 55,800
Deferred oil and gas lease payment 13,000 19,000
Liabilities of discontinued operations 6,042 4,394
Total current liabilities 468,133 482,208
Deferred revenues, less current portion 1,041,540 1,055,491
Participating Interests in Export Water Supply 342,423 343,966
Total liabilities 1,852,096 1,881,665
Preferred stock:    
Series B - par value $.001 per share, 25 million 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 outstanding, respectively 79,185 79,185
Additional paid-in capital 171,241,036 171,198,241
Accumulated other comprehensive income (loss) (19,089) 3,122
Accumulated deficit (102,621,004) (102,283,032)
Total shareholders' equity 68,680,561 68,997,949
Total liabilities and shareholders' equity $ 70,532,657 $ 70,879,614