Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets (USD $)
Nov. 30, 2012
Aug. 31, 2012
Current assets:    
Cash and cash equivalents $ 4,424,306 $ 1,623,517
Marketable securities 918,436 1,101,367
Trade accounts receivable 312,181 135,458
Current portion of receivable from HP A&M 5,776,770 4,456,857
Prepaid expenses 238,804 279,782
Current portion of construction proceeds receivable 64,783 64,783
Total current assets 11,735,280 7,661,764
Investments in water and water systems, net 88,536,254 88,510,359
Land - Sky Ranch 3,775,855 3,778,464
Land and water held for sale 5,748,630 5,748,630
Construction proceeds receivable, less current portion 210,543 226,879
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 546,946 543,945
Receivable from HP A&M, less current portion 294,446 5,093,365
Other assets 25,687 18,671
Total assets 110,873,641 111,582,077
Current liabilities:    
Accounts payable 116,223 261,383
Current portion of promissory notes payable 4,617,580 5,340,890
Accrued liabilities 453,588 172,630
Deferred revenues 186,841 65,384
Deferred oil and gas lease payment 414,480 414,480
Total current liabilities 5,788,712 6,254,767
Deferred revenues, less current portion 1,281,260 1,297,605
Deferred oil and gas lease payment, less current portion 120,890 224,510
Promissory notes payable, less current portion 4,516,969 4,209,329
Participating Interests in Export Water Supply 1,208,115 1,208,928
Tap Participation Fee payable to HP A&M, net of $43.8 million and $44.7 million discount, respectively 69,163,824 68,269,176
Total liabilities 82,079,770 81,464,315
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; 24,037,596 shares outstanding both periods presented 80,130 80,130
Additional paid-in capital 103,431,503 103,420,870
Accumulated comprehensive loss (2,015) (1,081)
Accumulated deficit (74,716,180) (73,382,590)
Total shareholders' equity 28,793,871 30,117,762
Total liabilities and shareholders’ equity $ 110,873,641 $ 111,582,077