Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
May 31, 2013
Aug. 31, 2012
Current assets:    
Cash and cash equivalents $ 3,069,427 $ 1,623,517
Marketable securities    1,101,367
Trade accounts receivable, net 271,491 135,458
Current portion of receivable from HP A&M 6,597,952 4,456,857
Prepaid expenses 262,988 279,782
Current portion of construction proceeds receivable    64,783
Total current assets 10,201,858 7,661,764
Investments in water and water systems, net 88,586,111 88,510,359
Land - Sky Ranch 3,770,638 3,778,464
Land and water held for sale 5,748,630 5,748,630
Construction proceeds receivable, less current portion    226,879
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 552,949 543,945
Receivable from HP A&M, less current portion    5,093,365
Other assets 108,136 18,671
Total assets 108,968,322 111,582,077
Current liabilities:    
Accounts payable 121,792 261,383
Current portion of promissory notes payable 4,836,358 5,340,890
Accrued liabilities 196,217 172,630
Deferred revenues 147,949 65,384
Deferred oil and gas lease payment 328,130 414,480
Total current liabilities 5,630,446 6,254,767
Deferred revenues, less current portion 1,248,567 1,297,605
Deferred oil and gas lease payment, less current portion    224,510
Promissory notes payable, less current portion 3,094,904 4,209,329
Participating Interests in Export Water Supply 1,192,393 1,208,928
Tap Participation Fee payable to HP A&M, net of $42 million and $45 million discount, respectively 70,685,795 68,269,176
Total liabilities 81,852,105 81,464,315
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; 24,037,596 shares outstanding both periods presented 80,130 80,130
Additional paid-in capital 103,463,122 103,420,870
Accumulated comprehensive loss    (1,081)
Accumulated deficit (76,427,468) (73,382,590)
Total shareholders' equity 27,116,217 30,117,762
Total liabilities and shareholders' equity $ 108,968,322 $ 111,582,077