| Segment Reporting |
The tables below present the measure of profit and assets the CODM uses to assess the performance of the segment for the periods presented:
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Year Ended August 31, 2024 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
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Total |
Total revenue |
|
$ |
11,561 |
|
$ |
16,705 |
|
$ |
481 |
|
$ |
28,747 |
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|
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|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
3,777 |
|
|
3,519 |
|
|
188 |
|
|
7,484 |
Depreciation and depletion |
|
|
1,504 |
|
|
— |
|
|
— |
|
|
1,504 |
Total cost of revenue |
|
|
5,281 |
|
|
3,519 |
|
|
188 |
|
|
8,988 |
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|
|
|
|
|
|
|
|
|
|
|
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Segment (loss) profit |
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$ |
6,280 |
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$ |
13,186 |
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$ |
293 |
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$ |
19,759 |
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Year Ended August 31, 2023 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
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Total |
Total revenue |
|
$ |
7,323 |
|
$ |
7,098 |
|
$ |
165 |
|
$ |
14,586 |
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|
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|
|
|
|
|
|
Cost of revenue |
|
|
2,923 |
|
|
1,892 |
|
|
73 |
|
|
4,888 |
Depreciation and depletion |
|
|
1,658 |
|
|
— |
|
|
— |
|
|
1,658 |
Total cost of revenue |
|
|
4,581 |
|
|
1,892 |
|
|
73 |
|
|
6,546 |
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|
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|
|
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|
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Segment profit |
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$ |
2,742 |
|
$ |
5,206 |
|
$ |
92 |
|
$ |
8,040 |
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, cash equivalents, restricted cash, equipment, and related party notes receivables.
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(In thousands) |
|
August 31, 2024 |
|
August 31, 2023 |
Water and wastewater resource development |
|
$ |
64,616 |
|
$ |
63,129 |
Land development |
|
|
8,521 |
|
|
7,710 |
Single-family rental |
|
|
5,371 |
|
|
5,128 |
Corporate |
|
|
68,846 |
|
|
57,249 |
Total assets |
|
$ |
147,354 |
|
$ |
133,216 |
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