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PRESENTATION OF INTERIM INFORMATION (Tables) | 9 Months Ended
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May 31, 2020
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 May 31, 2020 |
|  | Costs incurred to date |  |  | Payments repaid by CAB |  |  | Net costs incurred to date |
Public Improvements |  | $ | 25,431,500 |  |  | $ | 10,505,000 |  |  | $ | 14,926,500 |
Accrued interest |  |  | 1,052,900 |  |  |  | — |  |  |  | 1,052,900 |
Project management services |  |  | 1,371,600 |  |  |  | — |  |  |  | 1,371,600 |
Construction support activities |  |  | 581,100 |  |  |  | — |  |  |  | 581,100 |
Total reimbursable costs |  | $ | 28,437,100 |  |  | $ | 10,505,000 |  |  | $ | 17,932,100 |
Changes in Contract Asset and Deferred Revenue | The Company did not have a contract asset at May 31, 2020 and 2019 or August 31, 2019. Changes in contract asset were as follows:
|  | May 31, 2020 |  |  | August 31, 2019 |
Balance, beginning of period |  | $ | — |  |  | $ | — |
Recognition of land development revenue contract asset |  |  | — |  |  |  | 1,020,146 |
Land development contract asset invoiced |  |  | — |  |  |  | (1,020,146 | )
Balance, end of period |  | $ | — |  |  | $ | — |
Deferred revenue by segment is as follows:
|  | May 31, 2020 |  |  | August 31, 2019 |
Land development activities |  | $ | 2,526,155 |  |  | $ | 3,991,535 |
Oil and gas leases and water sales payment |  |  | 2,467,649 |  |  |  | 1,067,348 |
Balance, end of period |  | $ | 4,993,804 |  |  | $ | 5,058,883 |
The current portion of deferred revenue for oil and gas leases and water sales payment as of May 31, 2020 and August 31, 2019, is $2,254,830 and $706,464, respectively. There were no water segment deferred revenues as of May 31, 2019 and August 31, 2019. Changes in deferred revenue were as follows:
|  | May 31, 2020 |  |  | August 31, 2019 |
Balance, beginning of period |  | $ | 5,058,883 |  |  | $ | 477,161 |
Deferral of revenue |  |  | 15,949,872 |  |  |  | 24,998,964 |
Recognition of unearned revenue |  |  | (16,014,951 | ) |  |  | (20,417,242 | )
Balance, end of period |  | $ | 4,993,804 |  |  | $ | 5,058,883 |

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- Definition Tabular disclosure of reimbursable costs incurred to date, payments made outstanding reimbursable amounts. + References No definition available. + Details
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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + 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=121604090&loc=SL49130551-203045 + Details
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