Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Feb. 28, 2017
Aug. 31, 2016
Current assets:    
Cash and cash equivalents $ 6,751,491 $ 4,697,288
Short-term investments 21,386,422 23,176,450
Trade accounts receivable 78,336 181,006
Prepaid expenses 485,746 350,819
Assets of discontinued operations 572,403 680,287
Total current assets 29,274,398 29,085,850
Long-term investments 1,424,954 6,853,276
Investments in water and water systems, net 33,742,522 28,321,926
Land and mineral interests 5,461,600 5,345,800
Notes receivable - related parties, including accrued interest 866,453 800,369
Other assets 441,509 472,393
Total assets 71,211,436 70,879,614
Current liabilities:    
Accounts payable 1,258,983 160,390
Accrued liabilities 100,027 242,624
Deferred revenues 55,800 55,800
Deferred oil and gas lease payment 7,000 19,000
Liabilities of discontinued operations 7,690 4,394
Total current liabilities 1,429,500 482,208
Deferred revenues, less current portion 1,027,589 1,055,491
Participating Interests in Export Water Supply 342,058 343,966
Total liabilities 2,799,147 1,881,665
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; 23,754,098 and 23,754,098 shares outstanding, respectively 79,185 79,185
Additional paid-in capital 171,302,736 171,198,241
Accumulated other comprehensive (loss) income (31,770) 3,122
Accumulated deficit (102,938,295) (102,283,032)
Total shareholders' equity 68,412,289 68,997,949
Total liabilities and shareholders' equity $ 71,211,436 $ 70,879,614