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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended
--- | --- | ---
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019
Revenues: |  |  |  |  |
Total revenues | $ 1,850,121 |  | $ 5,184,663 | $ 15,829,730 | $ 10,887,631
Expenses: |  |  |  |  |
Water service operations | (94,934) |  | (400,495) | (556,023) | (965,279)
Wastewater service operations | (62,967) |  | (14,512) | (126,479) | (21,889)
Land development construction costs | (555,780) |  | (2,588,072) | (10,436,213) | (5,715,994)
Depletion and depreciation | (385,788) |  | (225,334) | (987,795) | (537,709)
Other | (7,104) |  | (33,889) | (34,554) | (104,162)
Total cost of revenues | (1,106,573) |  | (3,262,302) | (12,141,064) | (7,345,033)
Gross profit | 743,548 |  | 1,922,361 | 3,688,666 | 3,542,598
General and administrative expenses | (800,609) |  | (665,684) | (2,638,594) | (1,864,125)
Depreciation | (85,596) |  | (97,846) | (265,950) | (276,251)
Operating (loss) income | (142,657) |  | 1,158,831 | 784,122 | 1,402,222
Other income (expense): |  |  |  |  |
Reimbursement of construction costs - related party | 0 |  | 0 | 6,275,500 | 0
Oil and gas lease income, net | 61,740 |  | 13,933 | 185,221 | 41,800
Oil and gas royalty income, net | 74,130 |  | 37,263 | 612,744 | 113,104
Interest income | 24,462 |  | 53,986 | 162,431 | 246,809
Other | 18,600 |  | (2,642) | 18,600 | (4,617)
Income from operations before income taxes | 36,275 |  | 1,261,371 | 8,038,618 | 1,799,318
Income tax expense | (8,938) |  | 0 | (1,974,898) | 0
Net income | 27,337 |  | 1,261,371 | 6,063,720 | 1,799,318
Unrealized holding losses | (233) |  | (31) | (3,891) | (53,790)
Total comprehensive income | $ 27,104 |  | $ 1,261,340 | $ 6,059,829 | $ 1,745,528
Earnings per common share: |  |  |  |  |
Basic (in dollars per share) |  | [1] | $ 0.05 | $ 0.25 | $ 0.08
Diluted (in dollars per share) |  | [1] | $ 0.05 | $ 0.25 | $ 0.07
Weighted average common shares outstanding: |  |  |  |  |
Basic (in shares) | 23,852,765 |  | 23,801,598 | 23,841,876 | 23,791,320
Diluted (in shares) | 24,052,820 |  | 24,003,242 | 24,071,018 | 23,998,254
Metered Water Usage - Municipal [Member] |  |  |  |  |
Revenues: |  |  |  |  |
Total revenues | $ 97,747 |  | $ 39,567 | $ 237,952 | $ 157,173
Metered Water Usage - Oil and Gas [Member] |  |  |  |  |
Revenues: |  |  |  |  |
Total revenues | 15,000 |  | 1,308,454 | 71,944 | 2,717,717
Wastewater Treatment Fees [Member] |  |  |  |  |
Revenues: |  |  |  |  |
Total revenues | 22,489 |  | 7,419 | 62,377 | 23,821
Water and Wastewater Tap Fees [Member] |  |  |  |  |
Revenues: |  |  |  |  |
Total revenues | 1,004,905 |  | 1,083,189 | 3,849,878 | 1,805,091
Lot Sales [Member] |  |  |  |  |
Revenues: |  |  |  |  |
Total revenues | 696,170 |  | 2,708,093 | 11,503,523 | 6,035,670
Other [Member] |  |  |  |  |
Revenues: |  |  |  |  |
Total revenues | $ 13,810 |  | $ 37,941 | $ 104,056 | $ 148,159
[1] | Amount is less than $0.01 per share

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