Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Nov. 30, 2020
Aug. 31, 2020
Current assets:    
Cash and cash equivalents $ 21,303 $ 21,797
Trade accounts receivable, net 713 1,124
Prepaid expenses and other assets 887 1,001
Land development inventories 0 481
Income taxes receivable 1,455 1,588
Total current assets 24,358 25,991
Investments in water and water systems, net 55,165 55,087
Land and mineral interests 5,239 4,915
Other assets 2,471 2,042
Notes receivable - related parties, including accrued interest 1,091 1,079
Long-term land investment 451 451
Operating leases - right of use assets, less current portion 178 196
Total assets 88,953 89,761
Current liabilities:    
Accounts payable 184 180
Accrued liabilities 989 1,391
Accrued liabilities - related parties 1,191 1,212
Deferred lot sale revenues 1,462 1,635
Deferred oil and gas lease payment and water sales payment 596 1,800
Total current liabilities 4,422 6,218
Deferred oil and gas lease payment and water sales payment, less current portion 117 165
Participating interests in export water supply 327 328
Deferred tax liability 1,012 886
Lease obligations - operating leases, less current portion 100 120
Total liabilities 5,978 7,717
Commitments and contingencies
SHAREHOLDERS' EQUITY:    
Preferred stock, Series B - par value $0.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513) 0 0
Common stock, Par value 1/3 of $.01 per share, 40 million shares authorized; 23,868,216 and 23,856,098 shares outstanding, respectively 80 80
Additional paid-in capital 173,013 172,927
Accumulated deficit (90,118) (90,963)
Total shareholders' equity 82,975 82,044
Total liabilities and shareholders' equity $ 88,953 $ 89,761