Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Cash flows from operating activities:    
Net income $ 11,613 $ 4,699
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation and depletion 2,100 2,156
Trade accounts receivable (380) 1,333
Accounts payable and accrued liabilities 973 1,262
Other assets and liabilities 275 874
Share-based compensation expense 436 539
Deferred income taxes 43 277
Prepaid expenses (184) 121
Amortized discount on U.S. Treasury Bills   (256)
Deferred water sales revenue (69) (501)
Land under development (5,014) (2,564)
Deferred lot sale revenue 512 (2,614)
Taxes payable / receivable 1,993 (3,081)
Net cash provided by (used in) operating activities 2,212 (2,339)
Cash flows from investing activities:    
Maturity of held-to-maturity investments in U.S. Treasury Bills   15,256
Purchase of property and equipment (458) (394)
Investments in future development phases at Sky Ranch (2,156) (1,686)
Construction costs of single-family rentals (291) (3,480)
Investments in water and water systems (1,924) (3,937)
Payments on note receivable - related party, other 100  
Purchase of held-to-maturity investments in U.S. Treasury Bills   (15,000)
Net cash used in investing activities (4,729) (9,241)
Cash flows from financing activities:    
Proceeds from notes payable   3,000
Payments on notes payable (31) (44)
Repurchases of common stock (581)  
Payments to contingent liability holders   (111)
Net cash (used in) provided by financing activities (612) 2,845
Net change in cash, cash equivalents and restricted cash (3,129) (8,735)
Cash, cash equivalents and restricted cash - beginning of period 28,487 37,222
Cash, cash equivalents and restricted cash - end of period 25,358 28,487
Cash and cash equivalents 22,113 26,012
Restricted cash 3,245 2,475
Total cash, cash equivalents and restricted cash 25,358 28,487
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for income taxes 2,056 947
Cash paid for interest 417 142
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Change in reimbursable public improvements included in accounts payable and accrued liabilities 1,232 727
Change in investments in water and water systems included in accounts payable and accrued liabilities 131 808
Issuance of stock for compensation 211 111
Related Party | Sky Ranch CAB    
Adjustments to reconcile net income to net cash used by operating activities:    
Net activity for notes receivable - related party, reimbursable public improvements, other (10,216) (4,253)
Related Party | Rangeview District    
Adjustments to reconcile net income to net cash used by operating activities:    
Net activity for notes receivable - related party, reimbursable public improvements, other $ 130 $ (331)