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PRESENTATION OF INTERIM INFORMATION (Tables) | 6 Months Ended
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Feb. 28, 2019
PRESENTATION OF INTERIM INFORMATION [Abstract] |
Changes in Contract Asset and Deferred Revenue | The Company evaluated disaggregation of revenue and has determined that no additional disaggregation of revenue is necessary. Contract asset by segment is as follows:
|  | February 28, 2019 |  |  | August 31, 2018 |
Wholesale water and wastewater services |  | $ | — |  |  | $ | — |
Land development activities |  |  | — |  |  |  | — |
Corporate |  |  | — |  |  |  | — |
Balance, end of period |  | $ | — |  |  | $ | — |
Changes in contract asset were as follows:
|  | February 28, 2019 |  |  | August 31, 2018 |
Balance, beginning of period |  | $ | — |  |  | $ | — |
Recognition of revenue contract asset |  |  | 1,020,146 |  |  |  | — |
Contract asset invoiced |  |  | (1,020,146 | ) |  |  | — |
Balance, end of period |  | $ | — |  |  | $ | — |
Deferred revenue by segment is as follows:
|  | February 28, 2019 |  |  | August 31, 2018 |
Wholesale water and wastewater services |  | $ | — |  |  | $ | — |
Land development activities |  |  | 1,455,241 |  |  |  | 361,050 |
Oil and gas leases |  |  | 88,244 |  |  |  | 116,111 |
Balance, end of period |  |  | 1,543,485 |  |  |  | 477,161 |
Oil and gas leases, less current portion |  |  | (55,733 | ) |  |  | (55,733 | )
Oil and gas leases, long term |  |  | 32,511 |  |  |  | 60,378 |
Total oil and gas leases |  | $ | 88,244 |  |  | $ | 116,111 |
Changes in deferred revenue were as follows:
|  | February 28, 2019 |  |  | August 31, 2018 |
Balance, beginning of period |  | $ | 477,161 |  |  | $ | 1,055,488 |
Cumulative effect of adoption of ASU 2014-09 |  |  | — |  |  |  | (1,055,488 | )
Deferral of revenue |  |  | 4,121,768 |  |  |  | 2,667,200 |
Recognition of unearned revenue |  |  | (3,055,444 | ) |  |  | (2,190,039 | )
Balance, end of period |  | $ | 1,543,485 |  |  | $ | 477,161 |

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- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130551-203045 + Details
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