Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 9 Months Ended
May 31, 2014
May 31, 2013
Cash flows from operating activities:    
Net loss $ (1,683,721) $ (3,044,878)
Adjustments to reconcile net loss to net cash used for operating activities:    
Imputed interest on Tap Participation Fee payable to HP A&M 1,309,085 2,416,619
Depreciation, depletion and other non-cash items 139,139 231,822
Investment in Well Enhancement Recover Systems, LLC (37,193) 0
Stock-based compensation expense 183,090 42,252
Interest income and other non-cash items (315) 1,763
Interest added to receivable from Rangeview Metropolitan District (9,005) (9,004)
Changes in operating assets and liabilities:    
Trade accounts receivable (15,595) (136,033)
Sky Ranch Receivable 6,388 (57,123)
Prepaid expenses (102,600) 16,794
Receivable from HP A&M (593,415) (462,730)
Accounts payable and accrued liabilities 682,131 (116,004)
Interest accrued on agriculture land promissory notes (84,784) 67,383
Deferred revenues 38,517 33,527
Deferred oil & gas lease 880,000 (310,860)
Net cash provided by (used in) operating activities 711,722 (1,326,472)
Cash flows from investing activities:    
Investments in water, water systems, and land (915,896) (298,772)
Sales and maturities of marketable securities 0 1,101,367
Purchase of property and equipment (2,250) (34,000)
Proceeds from sale of farm land 3,919,265 0
Proceeds from sale of collateral stock 0 3,415,000
Net cash provided by investing activities 3,001,119 4,183,595
Cash flows from financing activities:    
Arapahoe County construction proceeds 0 291,662
Payments to contingent liability holders (4,360) (16,535)
Payments made on promissory notes payable (3,280,729) (1,686,340)
Net cash used in financing activities (3,285,089) (1,411,213)
Net change in cash and cash equivalents 427,752 1,445,910
Cash and cash equivalents - beginning of period 2,448,363 1,623,517
Cash and cash equivalents - end of period 2,876,115 3,069,427
SUPPLEMENTAL DISCLSOURES OF NON-CASH ACTIVITIES    
Reduction in Tap Participation Fee Aliability resulting from remedies under the Arkansas River Agreement 47,953,580 0
Accrued interest and penalties related to receivable from HP A&M and related promissory notes $ 0 $ 78,900