Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Aug. 31, 2017
Aug. 31, 2016
Current assets:    
Cash and cash equilvalents $ 5,575,823 $ 4,697,288
Short-term investments 20,055,345 23,176,450
Trade accounts receivable, net 663,762 181,006
Sky Ranch receivable 215,504 171,924
Prepaid expenses 503,100 350,819
Assets of discontinued operations 110,748 229,940
Total current assets 27,124,282 28,807,427
Long-term investments 187,975 6,853,276
Investments in water and water systems, net 34,575,713 28,321,926
Land and mineral interests 6,248,371 5,345,800
Notes receivable - related parties, including accrued interest 776,364 628,446
Other assets 424,226 472,392
Assets of discontinued operations held for sale 450,641 450,347
Total assets 69,787,572 70,879,614
Current liabilities:    
Accounts payable 492,410 160,390
Accrued liabilities 380,852 242,624
Deferred revenues 55,800 55,800
Deferred oil and gas lease payment 0 19,000
Liabilities of discontinued operations 11,165 4,394
Total current liabilities 940,227 482,208
Deferred revenues, less current portion 999,688 1,055,491
Participating Interests in Export Water Supply 341,558 343,966
Total liabilities 2,281,473 1,881,665
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 23,754,098 shares issued and outstanding, respectively 79,185 79,185
Collateral stock 0 0
Additional paid in capital 171,431,486 171,198,241
Accumulated other comprehensive income (loss) (11,105) 3,122
Accumulated deficit (103,993,900) (102,283,032)
Total shareholders' equity 67,506,099 68,997,949
Total liabilities and shareholders' equity $ 69,787,572 $ 70,879,614