Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
May 31, 2025
Aug. 31, 2024
Current assets:    
Cash and cash equivalents $ 14,392 $ 21,946
Trade accounts receivable, net 1,331 1,472
Income taxes receivable 633  
Prepaid expenses and other assets 781 530
Land under development 8,068 3,647
Reimbursable public improvements and project management fees   10,100
Total current assets 25,205 37,695
Restricted cash 6,065 3,412
Investments in water and water systems, net 64,954 60,486
Construction in progress 2,473 3,161
Single-family rental units 4,891 5,059
Land and mineral rights:    
Held for development 4,513 3,683
Held for investment purposes   451
Held for sale 352  
Other assets 1,326 1,164
Operating leases - right of use assets 138 158
Total assets 151,739 147,354
Current liabilities:    
Accounts payable 2,607 1,948
Income taxes payable   1,442
Debt, current portion 346 64
Total current liabilities 7,153 9,349
Debt, less current portion 6,512 6,821
Deferred tax liability, net 1,395 1,395
Lease obligations - operating leases, less current portion 4 87
Total liabilities 15,064 17,652
Commitments and contingencies
SHAREHOLDERS' EQUITY:    
Series B preferred shares: par value $0.001 per share, 25 million authorized; 432,513 issued and outstanding (liquidation preference of $432,513)
Common shares: par value 1/3 of $.01 per share, 40.0 million authorized; 24,074,305 and 24,063,894 outstanding, respectively 80 80
Additional paid-in capital 175,419 175,125
Accumulated deficit (38,824) (45,503)
Total shareholders' equity 136,675 129,702
Total liabilities and shareholders' equity 151,739 147,354
Land Development Segment    
Current liabilities:    
Deferred revenue 984 2,173
Water and Wastewater Resource Development Segment    
Current liabilities:    
Deferred revenue 2  
Related Party    
Current liabilities:    
Accrued liabilities 911 2,208
Nonrelated Party    
Current liabilities:    
Accrued liabilities 2,303 1,514
Reimbursable public improvements and project management fees | Related Party    
Land and mineral rights:    
Notes receivable - related parties, including accrued interest 40,600 30,864
Other | Related Party    
Land and mineral rights:    
Notes receivable - related parties, including accrued interest $ 1,222 $ 1,221