Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Aug. 31, 2025
Aug. 31, 2024
Current Assets:    
Cash and cash equivalents $ 21,931 $ 22,113
Accounts receivable, net $ 1,330 1,472
Related party notes receivable, including accrued interest, current portion   $ 10,100
Financing Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party Related Party
Prepaid expenses and other assets $ 1,004 $ 530
Land under development 7,388 3,647
Total current assets 31,653 37,862
Restricted cash 6,448 3,245
Investment in water and wastewater systems, net 67,523 62,290
Land and mineral rights held for development 4,168 4,695
Single-family rental units 5,240 5,330
Related party notes receivable, including accrued interest, less current portion $ 45,002 $ 32,085
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration] Related Party Related Party
Other assets $ 2,245 $ 1,847
Total assets 162,279 147,354
Current Liabilities:    
Accounts payable 3,518 1,948
Accrued and other liabilities 4,335 5,164
Deferred revenue 3,355 2,173
Debt, current portion 411 64
Total current liabilities 11,619 9,349
Debt, less current portion 6,380 6,821
Deferred tax liability, net 1,541 1,395
Lease obligations, less current portion 1 87
Total liabilities 19,541 17,652
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; 24,066,805 and 24,063,894 outstanding, respectively 80 80
Additional paid-in capital 175,448 175,125
Accumulated deficit (32,790) (45,503)
Total shareholders' equity 142,738 129,702
Total liabilities and shareholders' equity $ 162,279 $ 147,354