Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
May 31, 2023
Aug. 31, 2022
Current assets:    
Cash and cash equivalents $ 26,000 $ 34,894
Trade accounts receivable, net 2,671 2,425
Land under development 721  
Income taxes receivable 190  
Prepaid expenses and other assets 392 467
Total current assets 29,974 37,786
Restricted cash 2,332 2,328
Investments in water and water systems, net 58,146 58,763
Construction in progress 4,929 1,224
Single-family rental units 1,395 975
Land and mineral rights:    
Held for development 4,996 6,773
Held for investment purposes 451 451
Other assets 1,343 2,463
Operating leases - right of use assets 84 138
Total assets 128,165 129,229
Current liabilities:    
Accounts payable 905 849
Income taxes payable   2,530
Deferred lot sale revenues 3,475 4,275
Deferred water sales revenues 13 570
Debt, current portion 10 10
Total current liabilities 6,146 10,823
Participating interests in export water supply   323
Debt, less current portion 3,942 3,950
Deferred tax liability, net 873 1,075
Lease obligations - operating leases, less current portion 6 62
Total liabilities 10,967 16,233
Commitments and contingencies
SHAREHOLDERS' EQUITY:    
Series B preferred shares: par value $0.001 per share, 25 million authorized; 432,513 issued and outstanding (liquidation preference of $432,513)
Common shares: par value 1/3 of $.01 per share, 40.0 million authorized; 24,054,843 and 23,980,645 outstanding, respectively 80 80
Additional paid-in capital 174,709 174,150
Accumulated deficit (57,591) (61,234)
Total shareholders' equity 117,198 112,996
Total liabilities and shareholders' equity 128,165 129,229
Related Party [Member]    
Current liabilities:    
Accrued liabilities 569 560
Nonrelated Party [Member]    
Current liabilities:    
Accrued liabilities 1,174 2,029
Reimbursable public improvements and project management fees [Member] | Related Party [Member]    
Land and mineral rights:    
Notes receivable - related parties, including accrued interest: 23,118 17,208
Other [Member] | Related Party [Member]    
Land and mineral rights:    
Notes receivable - related parties, including accrued interest: $ 1,397 $ 1,120