NOTE 8 – ACCRUED LIABILITIES

At May 31, 2020, the Company had accrued liabilities of $1,273,600, of which $70,200 was for current operating lease obligations, $111,100 was for estimated property taxes, $35,100 was for professional fees, and $1,057,200 was for operating payables, of which $142,400 is payable to the Rangeview Metropolitan District for water infrastructure capital projects and $487,500 is payable to the CAB for the development of Sky Ranch. The Sky Ranch development costs are also included in Land development inventories or expensed through Land development construction costs.

At August 31, 2019, the Company had accrued liabilities of $3,428,400, of which $460,500 was for accrued compensation, $94,000 was for estimated property taxes, $70,000 was for professional fees and the remaining $2,803,900 was related to operating payables, of which $1,399,600 is payable to the CAB for the development of Sky Ranch and $930,900 is payable to the Rangeview District for water infrastructure capital projects. The Sky Ranch development costs were also included in Land development inventories or expensed through Land development construction costs.