Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)

v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($)
3 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Revenues:    
Total revenues $ 10,461,029 $ 3,072,549
Expenses:    
Water service operations (253,788) (335,164)
Wastewater service operations (26,071) (2,722)
Land development construction costs (8,063,333) (1,298,324)
Other (23,778) (39,133)
Depletion and depreciation (219,302) (151,261)
Total cost of revenues (8,586,272) (1,826,604)
Gross profit 1,874,757 1,245,945
General and administrative expenses (801,371) (638,833)
Depreciation (84,782) (88,013)
Operating income 988,604 519,099
Other income (expense):    
Income from reimbursement of construction costs (related party) 6,275,500 0
Oil and gas lease income, net 61,740 13,933
Oil and gas royalty income, net 269,549 31,425
Interest income 54,191 71,162
Other 0 (1,647)
Net Income before taxes 7,649,584 633,972
Income tax expense 1,887,119 0
Net income 5,762,465 633,972
Unrealized holding (losses) gains (3,891) 11,796
Total comprehensive income $ 5,758,574 $ 645,768
Basic and diluted net income per common share (in dollars per share) $ 0.24 $ 0.03
Weighted average common shares outstanding-basic (in shares) 23,826,598 23,772,431
Weighted average common shares outstanding-diluted (in shares) 24,050,695 23,996,393
Metered Water Usage [Member]    
Revenues:    
Total revenues $ 140,724 $ 1,367,851
Wastewater Treatment Fees [Member]    
Revenues:    
Total revenues 20,497 8,893
Water Tap Fees Recognized [Member]    
Revenues:    
Total revenues 1,672,115 254,826
Lot Sales [Member]    
Revenues:    
Total revenues 8,541,643 1,381,196
Other [Member]    
Revenues:    
Total revenues $ 86,050 $ 59,783