| Segment Information |
The tables below present the measure of profit and assets used to assess the performance of the two required segments and the single-family rentals that the Company believes will become a segment for the periods presented:
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|
|
Three Months Ended February 28, 2023 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
1,445 |
|
$ |
1,514 |
|
$ |
31 |
|
$ |
2,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
659 |
|
|
262 |
|
|
19 |
|
|
940 |
Depreciation and depletion |
|
|
461 |
|
|
— |
|
|
— |
|
|
461 |
Total cost of revenue |
|
|
1,120 |
|
|
262 |
|
|
19 |
|
|
1,401 |
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|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
325 |
|
$ |
1,252 |
|
$ |
12 |
|
$ |
1,589 |
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|
|
|
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|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended February 28, 2022 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
2,809 |
|
$ |
1,829 |
|
$ |
26 |
|
$ |
4,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
810 |
|
|
341 |
|
|
4 |
|
|
1,155 |
Depreciation and depletion |
|
|
352 |
|
|
— |
|
|
— |
|
|
352 |
Total cost of revenue |
|
|
1,162 |
|
|
341 |
|
|
4 |
|
|
1,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
1,647 |
|
$ |
1,488 |
|
$ |
22 |
|
$ |
3,157 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2023 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
2,239 |
|
$ |
2,035 |
|
$ |
56 |
|
$ |
4,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
1,382 |
|
|
477 |
|
|
29 |
|
|
1,888 |
Depreciation and depletion |
|
|
839 |
|
|
— |
|
|
— |
|
|
839 |
Total cost of revenue |
|
|
2,221 |
|
|
477 |
|
|
29 |
|
|
2,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment (loss) profit |
|
$ |
18 |
|
$ |
1,558 |
|
$ |
27 |
|
$ |
1,603 |
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28, 2022 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Total |
Total revenue |
|
$ |
3,880 |
|
$ |
5,022 |
|
$ |
34 |
|
$ |
8,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
1,306 |
|
|
872 |
|
|
7 |
|
|
2,185 |
Depreciation and depletion |
|
|
706 |
|
|
— |
|
|
— |
|
|
706 |
Total cost of revenue |
|
|
2,012 |
|
|
872 |
|
|
7 |
|
|
2,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
1,868 |
|
$ |
4,150 |
|
$ |
27 |
|
$ |
6,045 |
The following table summarizes the Company’s total assets by segment. The assets consist of water rights and water and wastewater systems in the Company’s water and wastewater resource development segment; land, land development costs and deposits in the Company’s land development segment; and the cost of the homes in the single-family rental line. The Company’s other assets (Corporate) primarily consist of cash, cash equivalents, restricted cash, equipment, and related party notes receivables.
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|
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|
(In thousands) |
|
February 28, 2023 |
|
August 31, 2022 |
Water and wastewater resource development |
|
$ |
63,349 |
|
$ |
63,064 |
Land development |
|
|
30,276 |
|
|
25,522 |
Single-family rental |
|
|
3,688 |
|
|
1,715 |
Corporate |
|
|
28,101 |
|
|
38,928 |
Total assets |
|
$ |
125,414 |
|
$ |
129,229 |
|