Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets (USD $)
May 31, 2012
Aug. 31, 2011
Cash and cash equivalents $ 243,405 $ 71,795
Marketable securities 2,803,748 4,588,535
Trade accounts receivable 54,103 98,484
Prepaid expenses 262,541 242,000
Current portion of construction proceeds receivable 64,783 64,783
Total current assets 3,428,580 5,065,597
Investments in water and water systems, net 106,319,109 106,472,051
Sky Ranch land and improvements 3,738,955 3,743,305
Construction proceeds receivable, less current portion 252,481 292,493
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 540,910 531,873
Other assets 15,938 17,333
Total assets 114,295,973 116,122,652
LIABILITIES:    
Accounts payable 59,953 69,330
Accrued liabilities 169,071 118,649
Current portion of deferred revenues 55,802 55,800
Current portion of deferred oil and gas lease payment 414,480 414,480
Total current liabilities 699,306 658,259
Deferred revenues, less current portion 1,292,649 1,334,503
Deferred oil and gas lease payment, less current portion 328,130 638,990
Participating Interests in Export Water Supply 1,210,731 1,212,232
Tap Participation Fee payable to HP A&M, net of $53.2 million and $48.2 million discount, respectively 67,432,852 64,988,329
Total liabilities 70,963,668 68,832,313
SHAREHOLDERS’ EQUITY:    
Series B - par value $.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding both periods presented (liquidation preference of $432,513) 433 433
Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,596 shares outstanding both periods presented 80,130 80,130
Additional paid-in capital 103,361,121 103,176,607
Accumulated comprehensive loss (188) (2,903)
Accumulated deficit (60,109,191) (55,963,928)
Total shareholders' equity 43,332,305 47,290,339
Total liabilities and shareholders’ equity $ 114,295,973 $ 116,122,652