| Reimbursable Costs |
The following table summarizes all reimbursable costs incurred to date, payments made from the CAB and any outstanding reimbursable amounts
| |
|
As of May 31, 2020 |
|
| |
|
Costs incurred to date |
|
|
Payments repaid by
CAB
|
|
|
Net costs incurred to date |
|
Public Improvements |
|
$ |
25,431,500 |
|
|
$ |
10,505,000 |
|
|
$ |
14,926,500 |
|
Accrued interest |
|
|
1,052,900 |
|
|
|
— |
|
|
|
1,052,900 |
|
Project management services |
|
|
1,371,600 |
|
|
|
— |
|
|
|
1,371,600 |
|
Construction support activities |
|
|
581,100 |
|
|
|
— |
|
|
|
581,100 |
|
Total reimbursable costs |
|
$ |
28,437,100 |
|
|
$ |
10,505,000 |
|
|
$ |
17,932,100 |
|
|
| Changes in Contract Asset and Deferred Revenue |
The Company did not have a contract asset at May 31, 2020 and 2019 or August 31, 2019.
Changes in contract asset were as follows:
| |
|
May 31, 2020 |
|
|
August 31, 2019 |
|
Balance, beginning of period |
|
$ |
— |
|
|
$ |
— |
|
Recognition of land development revenue contract asset |
|
|
— |
|
|
|
1,020,146 |
|
Land development contract asset invoiced |
|
|
— |
|
|
|
(1,020,146 |
) |
Balance, end of period |
|
$ |
— |
|
|
$ |
— |
|
Deferred revenue by segment is as follows:
| |
|
May 31, 2020 |
|
|
August 31, 2019 |
|
Land development activities |
|
$ |
2,526,155 |
|
|
$ |
3,991,535 |
|
Oil and gas leases and water sales payment |
|
|
2,467,649 |
|
|
|
1,067,348 |
|
Balance, end of period |
|
$ |
4,993,804 |
|
|
$ |
5,058,883 |
|
The current portion of deferred revenue for oil and gas leases and water sales payment as of May 31, 2020 and August 31, 2019, is $2,254,830 and $706,464, respectively. There were no water segment deferred revenues as of May 31, 2019 and August 31, 2019.
Changes in deferred revenue were as follows:
| |
|
May 31, 2020 |
|
|
August 31, 2019 |
|
Balance, beginning of period |
|
$ |
5,058,883 |
|
|
$ |
477,161 |
|
Deferral of revenue |
|
|
15,949,872 |
|
|
|
24,998,964 |
|
Recognition of unearned revenue |
|
|
(16,014,951 |
) |
|
|
(20,417,242 |
) |
Balance, end of period |
|
$ |
4,993,804 |
|
|
$ |
5,058,883 |
|
|