Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
May. 31, 2015
Aug. 31, 2014
Current assets:    
Cash and cash equivalents $ 743,388 $ 1,749,558
Trade accounts receivable 521,351 1,626,090
Sky Ranch receivable 134,415 50,915
Land and water held for sale 0 699,826
Prepaid expenses 622,688 336,867
Total current assets 2,021,842 4,463,256
Investments in water and water systems, net 94,944,350 90,823,916
Land - Sky Ranch 3,659,952 3,662,754
Land and water held for sale 1,500,000 1,500,000
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 674,334 568,022
HP A&M receivable 0 7,069,511
Other assets 94,438 86,363
Total assets 102,894,916 108,173,822
Current liabilities:    
Accounts payable 551,712 1,379,647
Current portion of promissory notes payable 848,325 925,980
WISE funding obligation 280,000 0
Accrued liabilities 145,696 257,893
Deferred revenues 132,371 65,124
Deferred oil and gas lease payment 516,195 645,720
Total current liabilities 2,474,299 3,274,364
Deferred revenues, less current portion 1,125,244 1,167,095
Deferred oil and gas lease payment, less current portion 25,000 379,765
Promissory notes payable, less current portion 4,737,847 4,032,227
WISE funding obligation, less current portion 1,120,000 0
Participating Interests in Export Water Supply 346,986 354,628
Tap Participation Fee payable to HP A&M, net of nil and $4.1 million discount, respectively 0 7,935,262
Total liabilities $ 9,829,376 $ 17,143,341
Commitments and contingencies    
Preferred stock:    
Series B - par value $.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513) $ 433 $ 433
Common stock:    
Common stock: Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,598 shares outstanding both periods presented 80,130 80,130
Collateral stock (1,407,000) 0
Additional paid-in capital 172,281,895 168,794,396
Accumulated deficit (77,889,918) (77,844,478)
Total shareholders' equity 93,065,540 91,030,481
Total liabilities and shareholders' equity $ 102,894,916 $ 108,173,822