SIGNIFICANT CUSTOMERS |
3 Months Ended |
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Nov. 30, 2018 | |
| SIGNIFICANT CUSTOMERS [Abstract] | |
| SIGNIFICANT CUSTOMERS |
NOTE 7 – SIGNIFICANT CUSTOMERS
Water and Wastewater
Pursuant to the Rangeview Water Agreements (defined in Note 4 – Water and Land Assets in Part II, Item 8 of the 2018 Annual Report) and an Export Service Agreement entered into with the Rangeview District dated June 16, 2017, the Company provides water and wastewater services on the Rangeview District’s behalf to the Rangeview District’s customers. Sales to the Rangeview District accounted for 5% and 6% of the Company’s total water and wastewater revenues for the three months ended November 30, 2018 and 2017, respectively. The Rangeview District has one significant customer, the Ridgeview Youth Services Center. The Rangeview District’s significant customer accounted for 3% and 4% of the Company’s total water and wastewater revenues for the three months ended November 30, 2018 and 2017, respectively.
Revenues from two other customers represented approximately 52% and 42%, respectively, of the Company’s water and wastewater revenues for the three months ended November 30, 2018. These two customers are in the oil and gas industry. Revenues from one other customer directly and indirectly represented approximately 54% of the Company’s water and wastewater revenues for the three months ended November 30, 2017. This customer is in the oil and gas industry.
Land Development
Revenues from two customers represented 100% of the Company’s land development revenues for the three months ended November 30, 2018. Of the two customers, one customer represented 66% and the second customer represented 34% of the Company’s land development revenues for the three months ended November 30, 2018. No revenues were recognized from the Company’s land development activities for the three months ended November 30, 2017.
Accounts Receivable
The Company had accounts receivable from the Rangeview District which accounted for 27% and 3% of the Company’s trade receivables balances at November 30, 2018 and August 31, 2018, respectively. The Company had accounts receivable from two other customers of approximately 41% and 29% at November 30, 2018. The Company had accounts receivable from two other customers of approximately 43% and 30% at August 31, 2018. Accounts receivable from the Rangeview District’s largest customer accounted for 1% and 2% of the Company’s water and wastewater trade receivables as of November 30, 2018 and August 31, 2018, respectively. Of the trade receivables from the Rangeview District, approximately 61% is related to water tap sales and 39% is related to water and wastewater service sales.
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