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SEGMENT REPORTING | 12 Months Ended
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Aug. 31, 2018
SEGMENT REPORTING [Abstract] |
SEGMENT REPORTING | NOTE 13 – SEGMENT REPORTING An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer. During the year 2018, the Company began construction of lots at Sky Ranch, which the Company has identified as a segment. Currently, the Company operates its wholesale water and wastewater services segment and land development activities at Sky Ranch as its two lines of business. The wholesale water and wastewater services business includes selling water service to customers, which water is provided by the Company using water rights owned or controlled by the Company, and developing infrastructure to divert, treat and distribute that water and collect, treat and reuse wastewater. As part of the Company’s land development activities at Sky Ranch, the Company entered into contracts for the sale of lots (see Note 2 – Summary of Significant Accounting Policies). The Company has identified land development and lot sales as a separate segment beginning in the fiscal year 2018. Oil and gas royalties and licenses are a passive activity and not an operating business activity and, therefore, are not classified as a segment. The following table summarizes wholesale water and wastewater services and land development revenue information by segment:
|  | For the Fiscal Years Ended August 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Wholesale water and wastewater services |  | $ | 4,794,749 |  |  | $ | 1,227,787 |  |  | $ | 452,161 |
Total wholesale water and wastewater services revenues |  |  | 4,794,749 |  |  |  | 1,227,787 |  |  |  | 452,161 |
Land development activities |  |  | 2,164,450 |  |  |  | — |  |  |  | — |
Total land development activities revenues |  |  | 2,164,450 |  |  |  | — |  |  |  | — |
Total revenues |  | $ | 6,959,199 |  |  | $ | 1,227,787 |  |  | $ | 452,161 |
The following table summarizes wholesale water and wastewater services and land development pretax income by segment:
|  | For the Fiscal Years Ended August 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Wholesale water and wastewater services |  | $ | 2,646,988 |  |  | $ | 424,481 |  |  | $ | (76,598 | )
Depreciation, general and administrative expenses, and other income |  |  | (1,375,338 | ) |  |  | (2,103,324 | ) |  |  | (1,153,661 | )
Total wholesale water and wastewater services pretax income (loss) |  |  | 1,271,650 |  |  |  | (1,678,843 | ) |  |  | (1,230,259 | )
Land development activities |  |  | 150,610 |  |  |  | — |  |  |  | — |
Depreciation, general and administrative expenses, and other income |  |  | (1,289,580 | ) |  |  |  |  |  |  |  |
Total land development activities pretax loss |  |  | (1,138,970 | ) |  |  | — |  |  |  | — |
Total income (loss) from continuing operations |  | $ | 132,680 |  |  | $ | (1,678,843 | ) |  | $ | (1,230,259 | )
The following table summarizes total assets for the Company’s wholesale water and wastewater services business and land development business by segment. The assets consist of water rights and water and wastewater systems in the Company’s wholesale water and wastewater services segment. The assets consist of land, inventories and deposits in the Company’s land development segment. The Company’s other assets primarily consist of cash and cash equivalents, equipment, mineral rights, related party notes receivables and a deferred tax asset.
|  | August 31, 2018 |  |  | August 31, 2017 |
Wholesale water and wastewater services |  | $ | 36,721,884 |  |  | $ | 34,575,713 |
Other water and wastewater |  |  | 25,687,625 |  |  |  | 35,211,859 |
Total wholesale water and wastewater services assets |  |  | 62,409,509 |  |  |  | 69,787,572 |
Land development activities |  |  | 9,497,106 |  |  |  | — |
Other land development |  |  | — |  |  |  | — |
Total land development activities assets |  |  | 9,497,106 |  |  |  | — |
Total assets |  | $ | 71,906,615 |  |  | $ | 69,787,572 |
For the years ended August 31, 2018 and 2017, the Company had asset additions of $2.9 million and $6.9 million, respectively, in the wholesale water and wastewater services segment. For the years ended August 31, 2018 and 2017, the Company had asset additions of $4.7 million and $0.9 million, respectively, in the land development activities segment. The Company allocated $4.8 million from other water and wastewater to its land development activities segment in fiscal 2018.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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