| Schedule of Segment Information |
The tables below present the measure of profit and assets as well as the interest income and expense that the CODM uses to assess the performance of the segments for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2026 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Corporate |
|
Total |
Total revenue |
|
$ |
4,659 |
|
$ |
3,332 |
|
$ |
231 |
|
$ |
— |
|
$ |
8,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
1,549 |
|
|
1,916 |
|
|
78 |
|
|
— |
|
|
3,543 |
Depreciation and depletion |
|
|
394 |
|
|
— |
|
|
— |
|
|
— |
|
|
394 |
Total cost of revenue |
|
|
1,943 |
|
|
1,916 |
|
|
78 |
|
|
— |
|
|
3,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
2,716 |
|
$ |
1,416 |
|
$ |
153 |
|
$ |
— |
|
$ |
4,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
943 |
|
$ |
943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
33 |
|
$ |
— |
|
$ |
119 |
|
$ |
5 |
|
$ |
157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2025 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Corporate |
|
Total |
Total revenue |
|
$ |
2,129 |
|
$ |
2,880 |
|
$ |
131 |
|
$ |
— |
|
$ |
5,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
786 |
|
|
648 |
|
|
40 |
|
|
— |
|
|
1,474 |
Depreciation and depletion |
|
|
409 |
|
|
— |
|
|
— |
|
|
— |
|
|
409 |
Total cost of revenue |
|
|
1,195 |
|
|
648 |
|
|
40 |
|
|
— |
|
|
1,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
934 |
|
$ |
2,232 |
|
$ |
91 |
|
$ |
— |
|
$ |
3,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
627 |
|
$ |
627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
37 |
|
$ |
— |
|
$ |
67 |
|
$ |
(3) |
|
$ |
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2026 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Corporate |
|
Total |
Total revenue |
|
$ |
10,096 |
|
$ |
11,918 |
|
$ |
512 |
|
$ |
— |
|
$ |
22,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
3,414 |
|
|
4,433 |
|
|
175 |
|
|
— |
|
|
8,022 |
Depreciation and depletion |
|
|
1,184 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,184 |
Total cost of revenue |
|
|
4,598 |
|
|
4,433 |
|
|
175 |
|
|
— |
|
|
9,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
5,498 |
|
$ |
7,485 |
|
$ |
337 |
|
$ |
— |
|
$ |
13,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
2,798 |
|
$ |
2,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
106 |
|
$ |
— |
|
$ |
282 |
|
$ |
5 |
|
$ |
393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2025 |
(In thousands) |
|
Water and wastewater resource development |
|
Land development |
|
Single-family rental |
|
Corporate |
|
Total |
Total revenue |
|
$ |
7,520 |
|
$ |
6,994 |
|
$ |
373 |
|
$ |
— |
|
$ |
14,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
2,115 |
|
|
2,941 |
|
|
133 |
|
|
— |
|
|
5,189 |
Depreciation and depletion |
|
|
1,248 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,248 |
Total cost of revenue |
|
|
3,363 |
|
|
2,941 |
|
|
133 |
|
|
— |
|
|
6,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit |
|
$ |
4,157 |
|
$ |
4,053 |
|
$ |
240 |
|
$ |
— |
|
$ |
8,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,898 |
|
$ |
1,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
113 |
|
$ |
— |
|
$ |
205 |
|
$ |
1 |
|
$ |
319 |
The following table summarizes the Company’s total assets by segment.
|
|
|
|
|
|
|
(In thousands) |
|
May 31, 2026 |
|
August 31, 2025 |
Water and wastewater resource development |
|
$ |
75,414 |
|
$ |
69,366 |
Land development |
|
|
8,327 |
|
|
11,121 |
Single-family rental |
|
|
14,688 |
|
|
5,280 |
Corporate |
|
|
77,549 |
|
|
76,512 |
Total assets |
|
$ |
175,978 |
|
$ |
162,279 |
|