Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Aug. 31, 2013
Aug. 31, 2012
Aug. 31, 2011
Cash flows from operating activities:      
Net loss $ (4,150,445) $ (17,418,661) $ (6,016,159)
Adjustments to reconcile net loss to net cash used for operating activities:      
Share-based compensation expense 66,812 54,588 94,550
Depreciation, depletion and other non-cash items 313,137 307,507 297,212
Imputed interest on Tap Participation Fee payable to HP A&M 3,275,378 3,470,523 3,847,000
Impairment of water assets    5,544,022   
Impairment of land and water rights held for sale    6,457,760   
Interest expensed on Convertible Note - Related Party       151,667
Interest added to note receivable from Rangeview Metropolitan District (12,038) (12,072) (12,039)
Interest added to construction proceeds receivable    (19,241) (22,899)
Gain on sale of assets    (1,016)   
Changes in operating assets and liabilities:      
Trade accounts receivable (449,344) (36,974) (27,329)
Prepaid expenses 125,437 (37,782) (5,372)
HP A&M Receivable (519,934)      
Sky Ranch Receivable (57,303)      
Accounts payable and accrued liabilities 120,527 246,034 72,457
Deferred revenues (65,385) (27,314) (55,802)
Deferred income- oil & gas lease (403,507) (414,480) 1,053,470
Net cash used for operating activities (1,756,665) (1,887,106) (623,245)
Cash flows from investing activities:      
Investments in water, water systems, and land (378,008) (132,221) (6,841,255)
Purchase of marketable securities    (1,235,857) (6,357,177)
Sales and maturities of marketable securities 1,101,367 4,724,847 3,202,373
Proceeds from sale of land    1,099   
Proceeds from sale of collateral stock 3,415,000      
Purchase of property and equipment (40,300) (3,894)   
Net cash provided by (used for) investing activities 4,098,059 3,353,974 (9,996,059)
Cash flows from financing activities:      
Net proceeds from equity offering       5,401,606
Issuance of Convertible Note - Related Party       5,200,000
Arapahoe County construction proceeds 291,662 84,854 82,196
Payments to contingent liability holders (16,018)    (4,720)
Payments made on promissory notes payable (1,792,192)      
Net cash (used for) provided by financing activities (1,516,548) 84,854 10,679,082
Net change in cash and cash equivalents 824,846 1,551,722 59,778
Cash and cash equivalents - beginning of year 1,623,517 71,795 12,017
Cash and cash equivalents - end of year $ 2,448,363 $ 1,623,517 $ 71,795