Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Feb. 28, 2014
Aug. 31, 2013
Current assets:    
Cash and cash equivalents $ 289,591 $ 2,448,363
Trade accounts receivable 664,648 584,802
Receivable held in escrow related to foreclosure proceedings 2,225,200   
Sky Ranch receivable 48,315 57,303
Receivable from HP A&M 7,001,803 6,655,156
Land and water held for sale 2,747,760   
Prepaid expenses 242,211 154,345
Total current assets 13,219,528 9,899,969
Investments in water and water systems, net 89,010,587 88,512,249
Land - Sky Ranch 3,778,319 3,768,029
Land and water held for sale 1,829,365 5,748,630
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 561,953 555,983
Other assets 89,993 133,471
Total assets 108,489,745 108,618,331
Current liabilities:    
Accounts payable 490,279 167,775
Current portion of promissory notes payable 3,511,703 4,668,943
Accrued liabilities 174,952 264,740
Deferred revenues 65,384 65,384
Deferred oil and gas lease payment 643,693 235,483
Total current liabilities 4,886,011 5,402,325
Deferred revenues, less current portion 1,821,248 1,232,220
Promissory notes payable, less current portion 3,142,286 3,211,112
Participating Interests in Export Water Supply 1,188,411 1,192,910
Tap Participation Fee payable to HP A&M, net of $15.2 million and $42.9 million discount, respectively 24,632,125 59,807,289
Total liabilities 35,670,081 70,845,856
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:    
Common stock: Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,598 shares outstanding both periods presented 80,130 80,130
Additional paid-in capital 151,574,612 115,224,946
Accumulated deficit (78,835,511) (77,533,034)
Total shareholders' equity 72,819,664 37,772,475
Total liabilities and shareholders' equity $ 108,489,745 $ 108,618,331