Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
 12 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Revenues:    
Total revenues $ 25,855,215 $ 20,361,509
Expenses:    
Water service operations (804,080) (1,502,370)
Wastewater service operations (199,962) (28,020)
Land development construction costs (15,869,547) (11,304,962)
Other (70,408) (140,118)
Depletion and depreciation (1,367,160) (968,229)
Total cost of revenues (18,311,157) (13,943,699)
Gross profit 7,544,058 6,417,810
General and administrative expenses (4,249,315) (3,106,547)
Non-cash mineral interest impairment charge (1,425,459) 0
Depreciation (355,909) (312,602)
Operating income 1,513,375 2,998,661
Other income:    
Reimbursement of construction costs - related party 6,275,500 0
Oil and gas lease income, net 246,962 55,733
Oil and gas royalty income, net 669,033 148,327
Interest income 178,554 298,605
Other 35,723 26,627
Net income before taxes 8,919,147 3,527,953
Income tax (expense) benefit (2,168,793) 1,283,195
Net income 6,750,354 4,811,148
Unrealized holding losses (3,891) (62,556)
Total comprehensive income $ 6,746,463 $ 4,748,592
Earnings per common share:    
Basic (in dollars per share) $ 0.28 $ 0.20
Diluted (in dollars per share) $ 0.28 $ 0.20
Weighted average common shares outstanding:    
Basic (in shares) 23,845,015 23,795,973
Diluted (in shares) 24,061,612 24,002,836
Metered Water Usage - Municipal Customers [Member]    
Revenues:    
Total revenues $ 524,060 $ 318,199
Metered Water Usage - Industrial Oil and Gas [Member]    
Revenues:    
Total revenues 512,772 4,238,334
Wastewater Treatment Fees [Member]    
Revenues:    
Total revenues 95,810 35,818
Lot Sales [Member]    
Revenues:    
Total revenues 18,934,400 11,955,989
Water and Wastewater Tap Fees [Member]    
Revenues:    
Total revenues 5,641,020 3,642,548
Other [Member]    
Revenues:    
Total revenues $ 147,153 $ 170,621