| Segment Reporting |
The tables below present the measure of profit and assets the CODM uses to assess the performance of the segment for the periods presented:
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Year Ended August 31, 2023 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
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Total |
Total revenue |
|
$ |
7,323 |
|
$ |
7,098 |
|
$ |
165 |
|
$ |
14,586 |
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|
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|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
2,923 |
|
|
1,892 |
|
|
73 |
|
|
4,888 |
Depreciation and depletion |
|
|
1,658 |
|
|
— |
|
|
— |
|
|
1,658 |
Total cost of revenue |
|
|
4,581 |
|
|
1,892 |
|
|
73 |
|
|
6,546 |
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|
|
|
|
|
|
|
|
|
|
|
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Segment (loss) profit |
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$ |
2,742 |
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$ |
5,206 |
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$ |
92 |
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$ |
8,040 |
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Year Ended August 31, 2022 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
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Total |
Total revenue |
|
$ |
10,051 |
|
$ |
12,870 |
|
$ |
82 |
|
$ |
23,003 |
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|
|
|
|
|
|
Cost of revenue |
|
|
2,700 |
|
|
2,166 |
|
|
23 |
|
|
4,889 |
Depreciation and depletion |
|
|
1,740 |
|
|
— |
|
|
— |
|
|
1,740 |
Total cost of revenue |
|
|
4,440 |
|
|
2,166 |
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|
23 |
|
|
6,629 |
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|
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Segment profit |
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$ |
5,611 |
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$ |
10,704 |
|
$ |
59 |
|
$ |
16,374 |
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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(In thousands) |
|
August 31, 2023 |
|
August 31, 2022 |
Water and wastewater resource development |
|
$ |
64,580 |
|
$ |
63,064 |
Land development |
|
|
32,709 |
|
|
25,522 |
Single-family rental |
|
|
5,128 |
|
|
1,715 |
Corporate |
|
|
30,799 |
|
|
38,928 |
Total assets |
|
$ |
133,216 |
|
$ |
129,229 |
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