Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
May 31, 2017
Aug. 31, 2016
Current assets:    
Cash and cash equivalents $ 5,747,551 $ 4,697,288
Short-term investments 20,232,935 23,176,450
Trade accounts receivable 61,554 181,006
Prepaid expenses 515,445 350,819
Assets of discontinued operations 560,543 680,287
Total current assets 27,118,028 29,085,850
Long-term investments 1,430,177 6,853,276
Investments in water and water systems, net 34,343,476 28,321,926
Land and mineral interests 5,618,800 5,345,800
Notes receivable - related parties, including accrued interest 905,503 800,369
Other assets 451,072 472,393
Total assets 69,867,056 70,879,614
Current liabilities:    
Accounts payable 445,485 160,390
Accrued liabilities 70,807 242,624
Deferred revenues 55,800 55,800
Deferred oil and gas lease payment 1,000 19,000
Liabilities of discontinued operations 8,646 4,394
Total current liabilities 581,738 482,208
Deferred revenues, less current portion 1,013,639 1,055,491
Participating Interests in Export Water Supply 341,864 343,966
Total liabilities 1,937,241 1,881,665
Commitments and contingencies
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 23,754,098 shares outstanding, respectively 79,185 79,185
Additional paid-in capital 171,366,275 171,198,241
Accumulated other comprehensive (loss) income (23,366) 3,122
Accumulated deficit (103,492,712) (102,283,032)
Total shareholders' equity 67,929,815 68,997,949
Total liabilities and shareholders' equity $ 69,867,056 $ 70,879,614