Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets (USD $)
Feb. 28, 2013
Aug. 31, 2012
Current assets:    
Cash and cash equivalents $ 4,365,933 $ 1,623,517
Marketable securities 62,056 1,101,367
Trade accounts receivable, net 304,018 135,458
Current portion of receivable from HP A&M 6,448,819 4,456,857
Prepaid expenses 311,187 279,782
Current portion of construction proceeds receivable 68,526 64,783
Total current assets 11,560,539 7,661,764
Investments in water and water systems, net 88,484,971 88,510,359
Land - Sky Ranch 3,773,247 3,778,464
Land and water held for sale 5,748,630 5,748,630
Construction proceeds receivable, less current portion 190,217 226,879
Rangeview Metropolitan District, including accrued interest 549,915 543,945
Receivable from HP A&M, less current portion   5,093,365
Other assets 14,636 18,671
Total assets 110,322,155 111,582,077
Current liabilities:    
Accounts payable 155,483 261,383
Current portion of promissory notes payable 5,232,195 5,340,890
Accrued liabilities 395,250 172,630
Deferred revenues 65,384 65,384
Deferred oil and gas lease payment 414,480 414,480
Total current liabilities 6,262,792 6,254,767
Deferred revenues, less current portion 1,264,913 1,297,605
Deferred oil and gas lease payment, less current portion 17,270 224,510
Promissory notes payable, less current portion 3,614,316 4,209,329
Participating Interests in Export Water Supply 1,199,117 1,208,928
Tap Participation Fee payable to HP A&M, net of $43 million and $45 million discount, respectively 69,813,931 68,269,176
Total liabilities 82,172,339 81,464,315
Commitments and contingencies      
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 103,443,920 103,420,870
Accumulated comprehensive loss 56 (1,081)
Accumulated deficit (75,374,723) (73,382,590)
Total shareholders' equity 28,149,816 30,117,762
Total liabilities and shareholders’ equity $ 110,322,155 $ 111,582,077