Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
12 Months Ended
Aug. 31, 2013
Aug. 31, 2012
Aug. 31, 2011
Revenues:      
Metered water usage $ 502,668 $ 182,802 $ 157,497
Wastewater treatment fees 41,697 45,778 68,833
Special facility funding recognized 41,508 41,508 41,508
Water tap fees recognized 14,294 14,296 14,296
Farm operations 1,241,882      
Other 15,413      
Total revenues 1,857,462 284,384 282,134
Expenses:      
Water service operations (188,309) (78,144) (51,882)
Wastewater service operations (16,958) (19,269) (19,224)
Farm operations (96,337)      
Other (1,199) (1,995)   
Depletion and depreciation (90,468) (88,576) (88,587)
Total cost of revenues (393,271) (187,984) (159,693)
Gross margin 1,464,191 96,400 122,441
General and administrative expenses (2,333,126) (2,374,106) (2,212,026)
Impairment of land and water rights held for sale    (6,457,760)   
Impairment of water assets    (5,544,022)   
Depreciation (220,834) (220,657) (212,184)
Operating loss (1,089,769) (14,500,145) (2,301,769)
Other income (expense):      
Oil and gas lease income, net 416,048 422,999 199,257
Farm income, net    71,101   
Interest income 34,583 53,339 53,133
Interest expense (245,503)      
Other 9,574 3,552 31,887
Gain on sale of assets    1,016   
Interest expensed on Convertible Note - Related Party       (151,667)
Interest imputed on the Tap Participation Fee payable to HP A&M (3,275,378) (3,470,523) (3,847,000)
Net loss $ (4,150,445) $ (17,418,661) $ (6,016,159)
Net loss per common share - basic and diluted (in Dollars per share) $ (0.17) $ (0.72) $ (0.26)
Weighted average common shares outstanding - basic and diluted (in Shares) 24,037,596 24,037,596 23,168,450