Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Segment Information

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Note 10 - Segment Information
 6 Months Ended
Feb. 28, 2013
Segment Reporting Disclosure [Text Block]
NOTE 10 – SEGMENT INFORMATION

The Company operates primarily in two lines of business: (i) the wholesale water and wastewater business; and (ii) the agricultural farming business. The Company provides wholesale water and wastewater services to customers using water rights owned by the Company and develop infrastructure to divert, treat and distribute that water and collect, treat and reuse wastewater. The Company’s agricultural business consists of the Company leasing its Arkansas Valley land and water to area farmers under cash leases or in certain cases crop share leases. The following tables show information by operating segment for the three and six months ended February 28, 2013:

Three months ended February 28, 2013  
   
Business segments
             
   
Wholesale
water and
wastewater
   
Agricultural
   
All Other
   
Total
 
                         
Revenues
  $ 114,900     $ 305,200     $ 14,400     $ 434,500  
Gross profit
    16,200       278,600       14,400       309,200  
Depletion and depreciation
    54,300       -       -       54,300  
Other significant noncash items:
                               
Stock-based compensation
    -       -       12,500       12,500  
TPF interest expense
    650,100       -       -       650,100  
Segment assets
    96,254,200       3,586,900       10,481,100       110,322,200  
Expenditures for segment assets
    12,100       -       -       12,100  

Six months ended February 28, 2013
 
   
Business segments
             
   
Wholesale
water and
wastewater
   
Agricultural
   
All Other
   
Total
 
                         
Revenues
  $ 172,200     $ 667,900     $ 32,800     $ 872,900  
Gross profit
    21,000       621,800       32,800       675,600  
Depletion and depreciation
    109,800       -       -       109,800  
Other significant noncash items:
                               
Stock-based compensation
    -       -       23,100       23,100  
TPF interest expense
    1,544,800       -       -       1,544,800  
Segment assets
    96,254,200       3,586,900       10,481,100       110,322,200  
Expenditures for segment assets
    120,300       -       -       120,300  

As of February 29, 2012, the Company had only one operating segment.