Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

v2.4.0.8
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Nov. 30, 2013
Aug. 31, 2013
Current assets:    
Cash and cash equivalents $ 1,480,993 $ 2,448,363
Trade accounts receivable 466,216 584,802
Receivable held in escrow 246,581   
Sky Ranch receivable 55,496 57,303
Receivable from HP A&M 6,840,872 6,655,156
Prepaid expenses 126,295 154,345
Total current assets 9,216,453 9,899,969
Investments in water and water systems, net 88,944,311 88,512,249
Land - Sky Ranch 3,765,420 3,768,029
Land and water held for sale 5,748,630 5,748,630
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 558,985 555,983
Other assets 55,076 133,471
Total assets 108,288,875 108,618,331
Current liabilities:    
Accounts payable 416,555 167,775
Current portion of promissory notes payable 4,654,456 4,668,943
Accrued liabilities 250,853 264,740
Deferred revenues 141,475 65,384
Deferred oil and gas lease payment 128,728 235,483
Total current liabilities 5,592,067 5,402,325
Deferred revenues, less current portion 1,215,874 1,232,220
Promissory notes payable, less current portion 2,844,418 3,211,112
Participating Interests in Export Water Supply 1,191,226 1,192,910
Tap Participation Fee payable to HP A&M, net of $32.6 million and $42.9 million discount, respectively 48,432,709 59,807,289
Total liabilities 59,276,294 70,845,856
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; 24,037,598 shares outstanding both periods presented 80,130 80,130
Additional paid-in capital 127,311,554 115,224,946
Accumulated deficit (78,379,536) (77,533,034)
Total shareholders' equity 49,012,581 37,772,475
Total liabilities and shareholders' equity $ 108,288,875 $ 108,618,331