Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Feb. 29, 2016
Aug. 31, 2015
Current assets:    
Cash and cash equivalents $ 6,181,392 $ 37,089,041
Short-term investments 20,003,955 0
Trade accounts receivable 92,464 399,925
Sky Ranch receivable 0 148,415
Prepaid expenses 358,788 228,086
Assets of discontinued operations 929,233 1,715,472
Total current assets 27,565,832 39,580,939
Long-term investments 10,018,687 0
Investments in water and water systems, net 27,780,351 27,708,595
Land and mineral interests 5,119,621 5,091,668
Notes receivable - related parties, including accrued interest 774,352 591,223
Other assets 466,624 88,488
Total assets 71,725,467 73,060,913
Current liabilities:    
Accounts payable 118,769 172,634
Accrued liabilities 61,923 499,808
Income taxes 0 292,729
Deferred revenues 55,800 55,800
Deferred oil and gas lease payment 49,905 360,765
Liabilities of discontinued operations 164,756 117,329
Total current liabilities 451,153 1,499,065
Deferred revenues, less current portion 1,083,392 1,111,293
Deferred oil and gas lease payment, less current portion 7,000 19,000
Participating Interests in Export Water Supply 344,554 346,007
Total liabilities 1,886,099 $ 2,975,365
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:    
Par value 1/3 of $.01 per share, 40 million shares authorized; 23,754,098 and 24,054,098 shares outstanding, respectively 79,185 80,185
Collateral stock 0 (1,407,000)
Additional paid-in capital 171,087,233 172,384,355
Accumulated other comprehensive income 13,182 0
Accumulated deficit (101,340,665) (100,972,425)
Total shareholders' equity 69,839,368 70,085,548
Total liabilities and shareholders' equity $ 71,725,467 $ 73,060,913