Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Deferred Revenue by Segment and Changes in Unearned Revenue
Deferred revenues by segment is as follows:

   
August 31, 2019
    
August 31, 2018
  
Wholesale water and wastewater services
  
$
—
    
$
—
  
Land development activities
    
3,991,535
      
361,050
  
Oil and gas leases
    
1,067,348
      
116,111
  
Balance, end of period
  
$
5,058,883
    
$
477,161
  

Changes in unearned revenue were as follows:
   
August 31, 2019
    
August 31, 2018
  
Balance, beginning of period
  
$
477,161
    
$
1,055,488
  
Cumulative effect of adoption of ASU 2014-09
    
—
      
(1,055,488
)
Billings
    
24,943,231
      
2,667,200
  
Contract revenues recognized
    
(20,361,509
)
    
(2,190,039
)
Balance, end of period
  
$
5,058,883
    
$
477,161