Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($)
 3 Months Ended 9 Months Ended
May 31, 2020
May 31, 2019
May 31, 2020
May 31, 2019
Revenues:        
Total revenues $ 1,850,121 $ 5,184,663 $ 15,829,730 $ 10,887,631
Expenses:        
Water service operations (94,934) (400,495) (556,023) (965,279)
Wastewater service operations (62,967) (14,512) (126,479) (21,889)
Land development construction costs (555,780) (2,588,072) (10,436,213) (5,715,994)
Depletion and depreciation (385,788) (225,334) (987,795) (537,709)
Other (7,104) (33,889) (34,554) (104,162)
Total cost of revenues (1,106,573) (3,262,302) (12,141,064) (7,345,033)
Gross profit 743,548 1,922,361 3,688,666 3,542,598
General and administrative expenses (800,609) (665,684) (2,638,594) (1,864,125)
Depreciation (85,596) (97,846) (265,950) (276,251)
Operating (loss) income (142,657) 1,158,831 784,122 1,402,222
Other income (expense):        
Reimbursement of construction costs - related party 0 0 6,275,500 0
Oil and gas lease income, net 61,740 13,933 185,221 41,800
Oil and gas royalty income, net 74,130 37,263 612,744 113,104
Interest income 24,462 53,986 162,431 246,809
Other 18,600 (2,642) 18,600 (4,617)
Income from operations before income taxes 36,275 1,261,371 8,038,618 1,799,318
Income tax expense (8,938) 0 (1,974,898) 0
Net income 27,337 1,261,371 6,063,720 1,799,318
Unrealized holding losses (233) (31) (3,891) (53,790)
Total comprehensive income $ 27,104 $ 1,261,340 $ 6,059,829 $ 1,745,528
Earnings per common share:        
Basic (in dollars per share) [1] $ 0.05 $ 0.25 $ 0.08
Diluted (in dollars per share) [1] $ 0.05 $ 0.25 $ 0.07
Weighted average common shares outstanding:        
Basic (in shares) 23,852,765 23,801,598 23,841,876 23,791,320
Diluted (in shares) 24,052,820 24,003,242 24,071,018 23,998,254
Metered Water Usage - Municipal [Member]        
Revenues:        
Total revenues $ 97,747 $ 39,567 $ 237,952 $ 157,173
Metered Water Usage - Oil and Gas [Member]        
Revenues:        
Total revenues 15,000 1,308,454 71,944 2,717,717
Wastewater Treatment Fees [Member]        
Revenues:        
Total revenues 22,489 7,419 62,377 23,821
Water and Wastewater Tap Fees [Member]        
Revenues:        
Total revenues 1,004,905 1,083,189 3,849,878 1,805,091
Lot Sales [Member]        
Revenues:        
Total revenues 696,170 2,708,093 11,503,523 6,035,670
Other [Member]        
Revenues:        
Total revenues $ 13,810 $ 37,941 $ 104,056 $ 148,159
[1] Amount is less than $0.01 per share