| Changes in Contract Asset and Deferred Revenue |
The Company evaluated disaggregation of revenue and has determined that no additional disaggregation of revenue is necessary.
Contract asset by segment is as follows:
| |
|
November 30, 2018 |
|
|
August 31, 2018 |
|
Wholesale water and wastewater services |
|
$ |
— |
|
|
$ |
— |
|
Land development activities |
|
|
1,020,146 |
|
|
|
— |
|
Corporate |
|
|
— |
|
|
|
— |
|
Balance, end of period |
|
$
|
1,020,146 |
|
|
$
|
— |
|
Changes in contract asset were as follows:
| |
|
November 30, 2018 |
|
|
August 31, 2018 |
|
Balance, beginning of period |
|
$ |
— |
|
|
$ |
— |
|
Recognition of revenue contract asset |
|
|
1,020,146 |
|
|
|
— |
|
Contract asset invoiced |
|
|
— |
|
|
|
— |
|
Balance, end of period |
|
$
|
1,020,146 |
|
|
$
|
— |
|
Deferred revenue by segment is as follows:
| |
|
November 30, 2018 |
|
|
August 31, 2018 |
|
Wholesale water and wastewater services |
|
$ |
— |
|
|
$ |
— |
|
Land development activities |
|
|
— |
|
|
|
361,050 |
|
Oil and gas leases |
|
|
102,177 |
|
|
|
116,111 |
|
Balance, end of period |
|
|
102,177 |
|
|
|
477,161 |
|
Oil and gas leases, less current portion |
|
|
(55,733 |
) |
|
|
(55,733 |
) |
Oil and gas leases, Long term |
|
|
46,444 |
|
|
|
60,378 |
|
Total oil and gas leases |
|
$ |
102,177 |
|
|
$ |
116,111 |
|
Changes in deferred revenue were as follows:
| |
|
November 30, 2018 |
|
|
August 31, 2018 |
|
Balance, beginning of period |
|
$ |
477,161 |
|
|
$ |
1,055,488 |
|
Cumulative effect of adoption of ASU 2014-09 |
|
|
— |
|
|
|
(1,055,488 |
) |
Deferral of revenue |
|
|
— |
|
|
|
2,667,200 |
|
Recognition of unearned revenue |
|
|
(374,984 |
) |
|
|
(2,190,039 |
) |
Balance, end of period |
|
$
|
102,177 |
|
|
$
|
477,161 |
|
|