| Segment Reporting |
The tables below present the measure of profit and assets used to assess the performance of the two required segments and the single-family rentals that the Company believes will become a segment for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2023 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
3,281 |
|
$ |
1,996 |
|
$ |
109 |
|
$ |
5,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
858 |
|
|
767 |
|
|
57 |
|
|
1,682 |
Depreciation and depletion |
|
|
362 |
|
|
— |
|
|
— |
|
|
362 |
Total cost of revenue |
|
|
1,220 |
|
|
767 |
|
|
57 |
|
|
2,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment (loss) profit |
|
$ |
2,061 |
|
$ |
1,229 |
|
$ |
52 |
|
$ |
3,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2022 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
794 |
|
$ |
521 |
|
$ |
25 |
|
$ |
1,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
723 |
|
|
215 |
|
|
10 |
|
|
948 |
Depreciation and depletion |
|
|
378 |
|
|
— |
|
|
— |
|
|
378 |
Total cost of revenue |
|
|
1,101 |
|
|
215 |
|
|
10 |
|
|
1,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
(307) |
|
$ |
306 |
|
$ |
15 |
|
$ |
14 |
The following table summarizes the Company’s total assets by segment. The assets consist of water rights and water and wastewater systems in the Company’s water and wastewater resource development segment; land, land development costs and deposits in the Company’s land development segment; and the cost of the homes in the single-family rental line. The Company’s other assets (Corporate) primarily consist of cash, short term investments, restricted cash, equipment, and related party notes receivable. Related party notes receivable were not previously presented as Corporate assets and the totals listed as of August 31, 2023 have been updated to reflect the Company’s new presentation.
|
|
|
|
|
|
|
(In thousands) |
|
November 30, 2023 |
|
August 31, 2023 |
Water and wastewater resource development |
|
$ |
65,803 |
|
$ |
63,129 |
Land development |
|
|
10,359 |
|
|
7,710 |
Single-family rental |
|
|
5,251 |
|
|
5,128 |
Corporate |
|
|
55,916 |
|
|
57,249 |
Total assets |
|
$ |
137,329 |
|
$ |
133,216 |
|