Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Aug. 31, 2014
Aug. 31, 2013
Current assets:    
Cash and cash equilvalents $ 1,749,558 $ 2,448,363
Trade accounts receivable 1,626,090 584,802
Sky Ranch receivable 50,915 57,303
Current portion of HP A&M receivable    6,655,156
Land and water held for sale 699,826   
Prepaid expenses 336,867 154,345
Total current assets 4,463,256 9,899,969
Investments in water and water systems, net 90,823,916 88,512,249
Land - Sky Ranch 3,662,754 3,768,029
Land and water held for sale 1,500,000 5,748,630
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 568,022 555,983
HP A&M receivable, less current portion 7,069,511   
Other assets 86,363 133,471
Total assets 108,173,822 108,618,331
Current liabilities:    
Accounts payable 1,379,647 167,775
Current portion mortgages payable, including interest payable of $80,847 and $122,028, respectively 925,980 4,668,943
Accrued liabilities 257,893 264,740
Deferred revenues 65,124 65,384
Deferred oil and gas lease payment 645,720 235,483
Total current liabilities 3,274,364 5,402,325
Deferred revenues, less current portion 1,167,095 1,232,220
Deferred oil and gas lease payment, less current portion 379,765   
Mortgages payable, less current portion 4,032,227 3,211,112
Participating Interests in Export Water Supply 354,628 1,192,910
Tap Participation Fee payable to HP A&M net of $4.1 million and $42.9 million discount respectively 7,935,262 59,807,289
Total liabilities 17,143,341 70,845,856
Commitments and contingencies      
Preferred stock:    
Series B - par value $.001 per share, 25 milllion shares authorized 432,513 shares issued and outstanding (liquidation perference of $432,513) 433 433
Common stock:    
Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,598 shares issued and outstanding 80,130 80,130
Additional paid in capital 168,794,396 115,224,946
Accumulated deficit (77,844,478) (77,533,034)
Total shareholders' equity 91,030,481 37,772,475
Total liabilities and shareholders' equity $ 108,173,822 $ 108,618,331