Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
May 31, 2016
Aug. 31, 2015
Current assets:    
Cash and cash equivalents $ 5,114,663 $ 37,089,041
Short-term investments 23,148,458 0
Trade accounts receivable 151,194 399,925
Sky Ranch receivable 0 148,415
Prepaid expenses 373,912 228,086
Assets of discontinued operations 801,565 1,715,472
Total current assets 29,589,792 39,580,939
Long-term investments 7,034,100 0
Investments in water and water systems, net 27,969,211 27,708,595
Land and mineral interests 5,271,313 5,091,668
Notes receivable - related parties, including accrued interest 788,624 591,223
Other assets 470,218 88,488
Total assets 71,123,258 73,060,913
Current liabilities:    
Accounts payable 99,731 172,634
Accrued liabilities 86,542 499,808
Income taxes 0 292,729
Deferred revenues 55,800 55,800
Deferred oil and gas lease payment 24,000 360,765
Liabilities of discontinued operations 3,602 117,329
Total current liabilities 269,675 1,499,065
Deferred revenues, less current portion 1,069,441 1,111,293
Deferred oil and gas lease payment, less current portion 1,000 19,000
Participating Interests in Export Water Supply 344,378 346,007
Total liabilities 1,684,494 2,975,365
Commitments and contingencies 0
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:    
Par value 1/3 of $.01 per share, 40 million shares authorized; 23,754,098 and 24,054,098 shares outstanding, respectively 79,185 80,185
Collateral stock 0 (1,407,000)
Additional paid-in capital 171,145,416 172,384,355
Accumulated other comprehensive income (loss) (23,335) 0
Accumulated deficit (101,762,935) (100,972,425)
Total shareholders' equity 69,438,764 70,085,548
Total liabilities and shareholders' equity $ 71,123,258 $ 73,060,913