Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Feb. 28, 2026
Aug. 31, 2025
Current Assets:    
Cash and cash equivalents $ 4,815 $ 21,931
Accounts receivable, net 2,755 1,330
Prepaid expenses and other assets 637 1,004
Land under development 5,547 7,388
Total current assets 13,754 31,653
Restricted cash 6,782 6,448
Investment in water and wastewater systems, net 71,298 67,523
Land and mineral rights held for development 4,957 4,168
Single-family rental units 11,204 5,240
Related party notes receivable, including accrued interest, less current portion $ 56,289 $ 45,002
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party [Extensible Enumeration] Related Party Related Party
Other assets $ 2,352 $ 2,245
Total assets 166,636 162,279
Current Liabilities:    
Accounts payable 2,415 3,518
Accrued and other liabilities 3,201 4,335
Deferred revenue 2,815 3,355
Debt, current portion 1,488 411
Total current liabilities 9,919 11,619
Debt, less current portion 6,478 6,380
Deferred tax liability, net 1,541 1,541
Lease obligations, less current portion   1
Total liabilities 17,938 19,541
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; 24,103,908 and 24,066,805 outstanding, respectively 80 80
Additional paid-in capital 175,859 175,448
Accumulated deficit (27,241) (32,790)
Total shareholders' equity 148,698 142,738
Total liabilities and shareholders' equity $ 166,636 $ 162,279