Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
12 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Revenues:    
Total revenues [1] $ 20,361,509 $ 6,959,199
Expenses:    
Water service operations (1,502,370) (1,379,644)
Wastewater service operations (28,020) (28,350)
Land development construction costs (11,304,962) (2,013,840)
Other (140,118) (88,318)
Depletion and depreciation (968,229) (651,449)
Total cost of revenues (13,943,699) (4,161,601)
Gross profit 6,417,810 2,797,598
General and administrative expenses (3,106,548) (2,855,095)
Depreciation (312,602) (251,230)
Operating income (loss) 2,998,661 (308,727)
Other income (expense):    
Oil and gas lease income, net 55,733 51,089
Oil and gas royalty income, net 148,327 191,309
Interest income 298,605 206,138
Other 26,627 (7,129)
Net income before taxes 3,527,953 132,680
Income tax benefit 1,283,195 282,000
Net income 4,811,148 414,680
Unrealized holding (losses) gains (62,556) 77,551
Total comprehensive income $ 4,748,592 $ 492,231
Basic and diluted net income per common share (in dollars per share) $ 0.20 $ 0.02
Weighted average common shares outstanding-basic (in shares) 23,795,973 23,760,765
Weighted average common shares outstanding-diluted (in shares) 24,002,836 23,930,535
Metered Water Usage [Member]    
Revenues:    
Total revenues $ 4,654,344 $ 4,555,912
Wastewater Treatment Fees [Member]    
Revenues:    
Total revenues 35,818 46,199
Special Facility Funding Recognized [Member]    
Revenues:    
Total revenues 0 0
Water Tap Fees Recognized [Member]    
Revenues:    
Total revenues 3,544,737 49,948
Lot Sales [Member]    
Revenues:    
Total revenues 11,955,989 2,138,950
Other [Member]    
Revenues:    
Total revenues $ 170,621 $ 168,190
[1] The Company had other income from non-segment sources (oil and gas, interest and other) of $529,293 and $441,407 for the fiscal years ended August 31, 2019 and 2018, respectively.