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PRESENTATION OF INTERIM INFORMATION (Tables) | 3 Months Ended
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Nov. 30, 2019
PRESENTATION OF INTERIM INFORMATION [Abstract] |
Reimbursable Costs | The following table summarizes all reimbursable costs incurred to date, payments made from the CAB and any outstanding reimbursable amounts.
|  | As of November 30, 2019 |
|  | Costs incurred to date |  |  | Payments repaid by CAB |  |  | Net costs incurred to date |
Construction support activities |  | $ | 533,500 |  |  | $ | — |  |  | $ | 533,500 |
Project management services |  |  | 869,900 |  |  |  | — |  |  |  | 869,900 |
Public Improvements |  |  | 22,966,400 |  |  |  | 10,505,000 |  |  |  | 12,461,400 |
Accrued interest |  |  | 1,031,700 |  |  |  | — |  |  |  | 1,031,700 |
Total reimbursable costs |  | $ | 25,401,500 |  |  | $ | 10,505,000 |  |  | $ | 14,896,500 |
Changes in Contract Asset and Deferred Revenue | The Company did not have a contract asset at November 30, 2019 or August 30, 2019. The contract asset at November 30, 2018, related solely to the Company’s land development activities. Changes in contract asset were as follows:
|  | November 30, 2019 |  |  | August 31, 2019 |
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:
|  | November 30, 2019 |  |  | August 31, 2019 |
Land development activities |  | $ | 1,143,771 |  |  | $ | 3,991,535 |
Oil and gas leases and water sales payment |  |  | 1,861,496 |  |  |  | 1,067,348 |
Balance, end of period |  | $ | 3,005,267 |  |  | $ | 5,058,883 |
The current portion of deferred revenue for oil and gas leases and water sales payment as of November 30, 2019 and August 31, 2019, is $1,548,063 and $706,464, respectively. There were no water segment deferred revenues as of November 30, 2019 and August 31, 2019. Changes in deferred revenue were as follows:
|  | November 30, 2019 |  |  | August 31, 2019 |
Balance, beginning of period |  | $ | 5,058,883 |  |  | $ | 1,846,630 |
Deferral of revenue |  |  | 8,469,154 |  |  |  | 12,700,065 |
Recognition of unearned revenue |  |  | (10,522,770 | ) |  |  | (9,487,812 | )
Balance, end of period |  | $ | 3,005,267 |  |  | $ | 5,058,883 |

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- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130551-203045 + Details
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