SIGNIFICANT CUSTOMERS |
6 Months Ended |
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Feb. 28, 2019 | |
| SIGNIFICANT CUSTOMERS [Abstract] | |
| SIGNIFICANT CUSTOMERS |
NOTE 7 – SIGNIFICANT CUSTOMERS
Water and Wastewater
Pursuant to the Rangeview Water Agreements (as defined in Note 4 – Water and Land Assets in Part II, Item 8 of the 2018 Annual Report) and the Export Service Agreement entered into with the Rangeview District dated June 16, 2017, the Company provides water and wastewater services on the Rangeview District’s behalf to the Rangeview District’s customers. Sales to the Rangeview District accounted for 20% and 4% of the Company’s total water and wastewater revenues for the three months ended February 28, 2019 and 2018, respectively. Sales to the Rangeview District accounted for 7% and 5% of the Company’s total water and wastewater revenues for the six months ended February 28, 2019 and 2018, respectively. The Rangeview District has one significant customer, the Ridgeview Youth Services Center. The Rangeview District’s significant customer accounted for 16% and 4% of the Company’s total water and wastewater revenues for the three months ended February 28, 2019 and 2018, respectively, and 5% and 4% for the six months ended February 28, 2019 and 2018, respectively.
Revenues from two other customers represented approximately 52% and 21%, respectively, of the Company’s water and wastewater revenues for the three months ended February 28, 2019. These two customers are in the oil and gas industry. Revenues from two other customers represented approximately 58% and 36%, respectively, of the Company’s water and wastewater revenues for the three months ended February 28, 2018. These customers are in the oil and gas industry. Revenues from two other customers represented approximately 43% and 48%, respectively, of the Company’s water and wastewater revenues for the six months ended February 28, 2019. These two customers are in the oil and gas industry. Revenues from three other customers represented approximately 57%, 20% and 17%, respectively, of the Company’s water and wastewater revenues for the six months ended February 28, 2018. These customers are in the oil and gas industry.
Land Development
Revenues from three customers represented 100% of the Company’s land development revenues for the three months ended February 28, 2019. The three customers represented 58%, 27% and 15%, respectively, of the Company’s land development revenues for the three months ended February 28, 2019. Revenues from three customers represented 100% of the Company’s land development revenues for the six months ended February 28, 2019. The three customers represented 61%, 30% and 9%, respectively, of the Company’s land development revenues for the six months ended February 28, 2019. No revenues were recognized from the Company’s land development activities for the three or six months ended February 28, 2018.
Accounts Receivable
The Company had accounts receivable from the Rangeview District which accounted for 58% and 3% of the Company’s trade receivables balances at February 28, 2019 and August 31, 2018, respectively. The Company had accounts receivable from one other customer of approximately 16% at February 28, 2019. The Company had accounts receivable from two other customers of approximately 43% and 30%, respectively, at August 31, 2018. Accounts receivable from the Rangeview District’s largest customer accounted for 11% and 2% of the Company’s water and wastewater trade receivables as of February 28, 2019 and August 31, 2018, respectively. Of the trade receivables from the Rangeview District as of February 28, 2019, approximately 82% is related to water tap sales and 18% is related to water and wastewater service sales.
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