Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
May 31, 2014
Aug. 31, 2013
Current assets:    
Cash and cash equivalents $ 2,876,115 $ 2,448,363
Trade accounts receivable 600,397 584,802
Sky Ranch receivable 50,915 57,303
Receivable from HP A&M 7,248,571 6,655,156
Land and water held for sale 1,829,365 0
Prepaid expenses 256,945 154,345
Total current assets 12,862,308 9,899,969
Investments in water and water systems, net 89,477,302 88,512,249
Land - Sky Ranch 3,665,317 3,768,029
Land and water held for sale 0 5,748,630
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 564,988 555,983
Other assets 87,645 133,471
Total assets 106,657,560 108,618,331
Current liabilities:    
Accounts payable 945,534 167,775
Current portion of promissory notes payable 1,185,244 4,668,943
Accrued liabilities 169,112 264,740
Deferred revenues 152,940 65,384
Deferred oil and gas lease payment 640,558 235,483
Total current liabilities 3,093,388 5,402,325
Deferred revenues, less current portion 1,183,181 1,232,220
Deferred oil and gas lease payment, less current portion 474,925 0
Promissory notes payable, less current portion 3,329,298 3,211,112
Participating Interests in Export Water Supply 1,188,550 1,192,910
Tap Participation Fee payable to HP A&M, net of $7.5 million and $42.9 million discount, respectively 13,162,794 59,807,289
Total liabilities 22,432,136 70,845,856
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:    
Common stock: Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,598 shares outstanding both periods presented 80,130 80,130
Additional paid-in capital 163,361,616 115,224,946
Accumulated deficit (79,216,755) (77,533,034)
Total shareholders' equity 84,225,424 37,772,475
Total liabilities and shareholders' equity $ 106,657,560 $ 108,618,331