Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Feb. 29, 2024
Aug. 31, 2023
Current assets:    
Cash and cash equivalents $ 20,417 $ 26,012
Short term investments 169  
Trade accounts receivable, net 1,712 1,092
Land under development 3,441 1,726
Income taxes receivable   551
Prepaid expenses and other assets 637 346
Total current assets 26,376 29,727
Restricted cash 2,880 2,475
Investments in water and water systems, net 57,417 57,798
Construction in progress 6,227 5,457
Single-family rental units 5,171 4,490
Land and mineral rights:    
Held for development 5,150 4,652
Held for investment purposes 451 451
Other assets 1,036 1,359
Operating leases - right of use assets 193 357
Total assets 135,226 133,216
Current liabilities:    
Accounts payable 1,169 1,960
Income taxes payable 176  
Deferred lot sale revenues 2,605 1,661
Deferred water sales revenues 31 69
Debt, current portion 33 31
Total current liabilities 6,438 6,503
Debt, less current portion 6,868 6,885
Deferred tax liability, net 1,352 1,352
Lease obligations - operating leases, less current portion 124 242
Total liabilities 14,782 14,982
Commitments and contingencies
SHAREHOLDERS' EQUITY:    
Series B preferred shares: par value $0.001 per share, 25 million authorized; 432,513 issued and outstanding (liquidation preference of $432,513)
Common shares: par value 1/3 of $.01 per share, 40.0 million authorized; 24,088,734 and 24,078,720 outstanding, respectively 80 80
Additional paid-in capital 175,014 174,689
Accumulated deficit (54,650) (56,535)
Total shareholders' equity 120,444 118,234
Total liabilities and shareholders' equity 135,226 133,216
Related Party    
Current liabilities:    
Accrued liabilities 1,086 1,021
Nonrelated Party [Member]    
Current liabilities:    
Accrued liabilities 1,338 1,761
Reimbursable public improvements and project management fees [Member] | Related Party    
Land and mineral rights:    
Notes receivable - related parties, including accrued interest: 28,915 24,999
Other [Member] | Related Party    
Land and mineral rights:    
Notes receivable - related parties, including accrued interest: $ 1,410 $ 1,451