Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Aug. 31, 2010
Net loss $ (17,418,661) $ (6,016,159) $ (5,391,262)
Share-based compensation expense 54,588 94,550 87,639
Depreciation, depletion and other non-cash items 307,507 297,212 258,872
Imputed interest on Tap Participation Fees payable to HP A&M 3,470,523 3,847,000 3,620,000
Impairment of water assets 5,544,022    
Impairment of land and water rights held for sale (5,544,022)    
Interest expensed on Convertible Note-Related Party   151,667  
Rangeview Metropolitan District (12,072) (12,039) (12,039)
Interest added to construction proceeds receivable (19,241) (22,899) (26,343)
Gain on sale of fixed assets (1,016)   (9,404)
Trade accounts receivable (36,974) (27,329) (7,761)
Interest receibable and prepaid expenses (37,782) (5,373) (81,699)
Accounts payable and accrued liabilities 246,034 72,457 33,226
Deferred revenue (27,314) (55,802) (55,803)
Deferred income - oil and gas lease (414,480) 1,053,470  
Net cash used for operating activities (1,887,106) (623,245) (1,584,574)
Investments in water, water systems and land (132,221) (6,841,255) (19,649)
Purchases of marketable securities (1,235,857) (6,357,177)  
Sales and maturities of marketable securities 4,724,847 3,202,373 1,561,588
Proceeds from sale of land 1,099    
Sale of property and equipment     10,000
Other investing activities     (10,000)
Excrow payment for Sky Ranch acquisition     (735,000)
Purchase of property and equipment (3,894)   (100,000)
Net cash (used) provided by investing activities 3,353,974 (9,996,059) 806,939
Net proceeds from equity offering   5,401,606  
Issuance of Convertible Note - Related Party   5,200,000  
Arapahoe County construction proceeds 84,854 82,196 89,046
Payment to contingent liability holders   (4,720) (4,477)
Net cash provided by financing activities 84,854 10,679,082 84,569
Net change in cash and cash equivalents 1,551,722 59,778 (693,066)
Cash and cash equivalents - beginning of year 71,795 12,017 705,083
Cash and cash equivalents - end of year 1,623,517 71,795 12,017
Assets Held-for-sale [Member]
      
Impairment of land and water rights held for sale $ 6,457,760