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SEGMENT REPORTING | 12 Months Ended
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Aug. 31, 2015
Segment Information |
SEGMENT REPORTING | The Company operates primarily in two lines of business: (i) the wholesale water and wastewater business; and (ii) the agricultural farming business. The Company provides wholesale water and wastewater services to customers using water rights owned by the Company and develops infrastructure to divert, treat and distribute that water and collect, treat and reuse wastewater. The Company's agricultural business consists of the Company leasing its Arkansas River land and water to area farmers under cash leases or in certain cases crop share leases. The following tables show information by operating segment for the fiscal years ended August 31, 2015, 2014, and 2013:
Fiscal Year Ended August 31, 2015 |
|  | Business segments |  |  |  |  |  |  |
|  | Wholesale |  |  |  |  |  |  |  |  |  |
|  | water and |  |  |  |  |  |  |  |  |  |
|  | wastewater |  |  | Agricultural |  |  | All Other |  |  | Total |
Revenues |  | $ | 1,020,100 |  |  | $ | 1,127,200 |  |  | $ | 176,500 |  |  | $ | 2,323,800 |
Gross profit |  |  | 315,800 |  |  |  | 1,000,900 |  |  |  | 121,300 |  |  |  | 1,438,000 |
Depletion and depreciation |  |  | 347,100 |  |  |  | - |  |  |  | - |  |  |  | 347,100 |
Other significant noncash items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 240,000 |  |  |  | 240,000 |
TPF interest expense |  |  | 23,800 |  |  |  | - |  |  |  | - |  |  |  | 23,800 |
Loss on sale of land and water assets |  |  | - |  |  |  | (22,108,100 | ) |  |  | - |  |  |  | (22,108,100 | )
Segment assets |  |  | 28,864,000 |  |  |  | 5,767,900 |  |  |  | 38,429,000 |  |  |  | 73,060,900 |
Expenditures for segment assets |  |  | 3,496,000 |  |  |  | 3,400 |  |  |  | - |  |  |  | 3,499,400 |
Fiscal Year Ended August 31, 2014 |
|  | Business segments |  |  |  |  |  |  |
|  | Wholesale |  |  |  |  |  |  |  |  |  |
|  | water and |  |  |  |  |  |  |  |  |  |
|  | wastewater |  |  | Agricultural |  |  | All Other |  |  | Total |
Revenues |  | $ | 1,924,900 |  |  | $ | 1,068,000 |  |  | $ | 98,200 |  |  | $ | 3,091,100 |
Gross profit |  |  | 1,189,200 |  |  |  | 979,900 |  |  |  | 58,800 |  |  |  | 2,227,900 |
Depletion and depreciation |  |  | 196,600 |  |  |  | - |  |  |  | - |  |  |  | 196,600 |
Other significant noncash items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 251,900 |  |  |  | 251,900 |
TPF interest expense |  |  | 1,445,500 |  |  |  | - |  |  |  | - |  |  |  | 1,445,500 |
Impairment of land and water rights held for sale |  |  | 402,700 |  |  |  | - |  |  |  | - |  |  |  | 402,700 |
Gain on extinguishment of contingent obligation |  |  | 832,100 |  |  |  | - |  |  |  | - |  |  |  | 832,100 |
Gain on sale of land and water rights held for sale |  |  | 1,308,600 |  |  |  | - |  |  |  | - |  |  |  | 1,308,600 |
Segment assets |  |  | 98,851,900 |  |  |  | 7,354,100 |  |  |  | 1,967,800 |  |  |  | 108,173,800 |
Expenditures for segment assets |  |  | 3,878,100 |  |  |  | - |  |  |  | - |  |  |  | 3,878,100 |
Fiscal Year Ended August 31, 2013 |
|  | Business segments |  |  |  |  |  |  |
|  | Wholesale |  |  |  |  |  |  |  |  |  |
|  | water and |  |  |  |  |  |  |  |  |  |
|  | wastewater |  |  | Agricultural |  |  | All Other |  |  | Total |
Revenues |  | $ | 544,400 |  |  | $ | 1,241,900 |  |  | $ | 71,200 |  |  | $ | 1,857,500 |
Gross profit |  |  | 248,600 |  |  |  | 1,145,600 |  |  |  | 70,000 |  |  |  | 1,464,200 |
Depletion and depreciation |  |  | 311,300 |  |  |  | - |  |  |  | - |  |  |  | 311,300 |
Other significant noncash items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 66,800 |  |  |  | 66,800 |
TPF interest expense |  |  | 3,275,400 |  |  |  | - |  |  |  | - |  |  |  | 3,275,400 |
Segment assets |  |  | 93,522,800 |  |  |  | 6,697,500 |  |  |  | 8,398,000 |  |  |  | 108,618,300 |
Expenditures for segment assets |  |  | 378,000 |  |  |  | - |  |  |  | - |  |  |  | 378,000 |

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