Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Cash flows from operating activities:    
Net income $ 20,110 $ 6,750
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and depletion 1,772 1,723
Share-based compensation expense 497 517
Investment in Well Enhancement and Recovery Systems LLC   12
Deferred income taxes 729 2,169
Interest added to receivable from related parties (47) (46)
Proceeds from the Sky Ranch CAB reimbursement applied to land development inventories   4,230
Non-cash mineral interest impairment charge   1,425
Changes in operating assets and liabilities:    
Trade accounts receivable (414) (24)
Prepaid expenses 63 91
Land development inventories (522) 6,488
Public improvement reimbursables, including interest (24,794)  
Taxes payable net of taxes receivable 5,750 (1,305)
Accounts payable and accrued liabilities 1,547 192
Deferred revenues (1,199) (1,456)
Other assets and liabilities (36) (46)
Net cash provided by operating activities 3,456 20,720
Cash flows from investing activities:    
Investments in water, water systems and land (2,513) (8,044)
Purchase of property and equipment (383) (587)
Sale and maturities of short-term investments   6,905
Purchase of short-term investments   1,720
Net cash used by investing activities (2,896) (3,446)
Cash flows from financing activities:    
Proceeds from exercise of options 89 50
Payments to contingent liability holders (2) (5)
Net cash provided by financing activities 87 45
Net change in cash, cash equivalents and restricted cash 647 17,319
Cash, cash equivalents and restricted cash - beginning of period 21,797 4,478
Cash, cash equivalents and restricted cash - end of period 22,444 21,797
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION AND NON-CASH ACTIVITIES    
Transfer of land development costs to other assets 733  
Transfer of land development costs to inventory 244  
Changes in Land development inventories included in accounts payable and accrued liabilities 19 985
Changes in Investments in water, water systems and land included in accounts payable and accrued liabilities 3,277 261
Transfer of income taxes receivable to income taxes payable 1,588  
Income taxes paid $ 0 $ 1,022