Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Aug. 31, 2013
Aug. 31, 2012
Current assets:    
Cash and cash equivalents $ 2,448,363 $ 1,623,517
Marketable securities    1,101,367
Trade accounts receivable, net 584,803 135,458
Sky Ranch receivable 57,303   
Current portion of HP A&M receivable 6,655,156 4,456,857
Prepaid expenses 154,345 279,782
Current portion of construction proceeds receivable    64,783
Total current assets 9,899,969 7,661,764
Investments in water and water systems, net 88,512,249 88,510,359
Land - Sky Ranch 3,768,029 3,778,464
Land and water held for sale 5,748,630 5,748,630
Construction proceeds receivable, less current portion    226,879
Note receivable - related party:    
Rangeview Metropolitan District, including accrued interest 555,983 543,945
HP A&M receivable, less current portion    5,093,365
Other assets 133,471 18,671
Total assets 108,618,331 111,582,077
Current liabilities:    
Accounts payable 167,775 261,383
Current portion mortgages payable, including interest payable of $122,028 4,668,943 5,340,890
Accrued liabilities 264,740 172,630
Deferred revenues 65,384 65,384
Deferred oil and gas lease payment 235,483 414,480
Total current liabilities 5,402,325 6,254,767
Deferred revenues, less current portion 1,232,220 1,297,605
Deferred oil and gas lease payment, less current portion    224,510
Mortgages payable, less current portion 3,211,112 4,209,329
Participating Interests in Export Water Supply 1,192,910 1,208,928
Tap Participation Fee payable to HP A&M, net of $42.9 million and $44.8 million discount, respectively 59,807,289 68,269,176
Total liabilities 70,845,856 81,464,315
Commitments and contingencies     
SHAREHOLDERS' EQUITY:    
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: Par value 1/3 of $.01 per share; 40 million shares authorized; 24,037,598 shares issued and outstanding 80,130 80,130
Additional paid-in capital 115,224,946 103,420,870
Accumulated comprehensive loss    (1,081)
Accumulated deficit (77,533,034) (73,382,590)
Total shareholders' equity 37,772,475 30,117,762
Total liabilities and shareholders' equity $ 108,618,331 $ 111,582,077