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SEGMENT INFORMATION | 6 Months Ended
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Feb. 28, 2021
SEGMENT INFORMATION [Abstract] |
SEGMENT INFORMATION | NOTE 12 – SEGMENT INFORMATION Because of the methods used by the Chief Operating Decision Maker (the “CODM”) to allocate resources, the Company has identified two operating segments which meet GAAP segment disclosure requirements, namely the water and wastewater resource development segment and the land development segment. A third segment, Build-to-Rent (“BTR”), will be presented once material to operations. The water and wastewater resource development business includes selling water services 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. The land development segment includes all the activities necessary to develop and sell finished lots, which as of and for the six months ended February 28, 2021 and February 29, 2020, was done exclusively at the Company’s Sky Ranch Master Planned Community. Oil and gas operations, although material in certain years, are deemed a passive activity as the CODM does not actively allocate resources to these projects; therefore, this is not classified as a reportable segment. The tables below present the measure of profit and assets the CODM uses to assess the performance of the segment for the periods presented:
|  | Three Months Ended February 28, 2021 |
|  | Water and wastewater resource development |  |  | Land development |  |  | Corporate |  |  | Total |
|  | (In thousands) |
Total revenue |  | $ | 2,676 |  |  | $ | 2,063 |  |  | $ | — |  |  | $ | 4,739 |
Cost of revenue |  |  | (640 | ) |  |  | (269 | ) |  |  | — |  |  |  | (909 | )
Depreciation and depletion |  |  | (354 | ) |  |  | — |  |  |  | — |  |  |  | (354 | )
Total cost of revenue |  |  | (994 | ) |  |  | (269 | ) |  |  | — |  |  |  | (1,263 | )
Gross margin |  | $ | 1,682 |  |  | $ | 1,794 |  |  | $ | — |  |  | $ | 3,476 |
|  | Three Months Ended February 29, 2020 |
|  | Water and wastewater resource development |  |  | Land development |  |  | Corporate |  |  | Total |
|  | (In thousands) |
Total revenue |  | $ | 1,254 |  |  | $ | 2,265 |  |  | $ | — |  |  | $ | 3,519 |
Cost of revenue |  |  | (248 | ) |  |  | (1,817 | ) |  |  | — |  |  |  | (2,065 | )
Depreciation and depletion |  |  | (383 | ) |  |  | — |  |  |  | — |  |  |  | (383 | )
Total cost of revenue |  |  | (631 | ) |  |  | (1,817 | ) |  |  | — |  |  |  | (2,448 | )
Gross margin |  | $ | 623 |  |  | $ | 448 |  |  | $ | — |  |  | $ | 1,071 |
|  | Six Months Ended February 28, 2021 |
|  | Water and wastewater resource development |  |  | Land development |  |  | Corporate |  |  | Total |
|  | (In thousands) |
Total revenue |  | $ | 5,188 |  |  | $ | 4,419 |  |  | $ | — |  |  | $ | 9,607 |
Cost of revenue |  |  | (1,301 | ) |  |  | (1,988 | ) |  |  | — |  |  |  | (3,289 | )
Depreciation and depletion |  |  | (719 | ) |  |  | — |  |  |  | — |  |  |  | (719 | )
Total cost of revenue |  |  | (2,020 | ) |  |  | (1,988 | ) |  |  | — |  |  |  | (4,008 | )
Gross margin |  | $ | 3,168 |  |  | $ | 2,431 |  |  | $ | — |  |  | $ | 5,599 |
|  | Six Months Ended February 29, 2020 |
|  | Water and wastewater resource development |  |  | Land development |  |  | Corporate |  |  | Total |
|  | (In thousands) |
Total revenue |  | $ | 3,172 |  |  | $ | 10,807 |  |  | $ | — |  |  | $ | 13,979 |
Cost of revenue |  |  | (552 | ) |  |  | (9,880 | ) |  |  | — |  |  |  | (10,432 | )
Depreciation and depletion |  |  | (602 | ) |  |  | — |  |  |  | — |  |  |  | (602 | )
Total cost of revenue |  |  | (1,154 | ) |  |  | (9,880 | ) |  |  | — |  |  |  | (11,034 | )
Gross margin |  | $ | 2,018 |  |  | $ | 927 |  |  | $ | — |  |  | $ | 2,945 |
The following table summarizes total assets for the Company’s water and wastewater resource development business and land development business by segment. The assets consist of water rights and water and wastewater systems in the Company’s water and wastewater resource development segment and land, inventories and deposits in the Company’s land development segment. The Company’s other assets (“Corporate”) primarily consist of cash, cash equivalents and restricted cash, equipment, and related party notes receivables.
|  | February 28, 2021 |  |  | August 31, 2020 |
|  | (In thousands) |
Water and wastewater resource development |  | $ | 54,949 |  |  | $ | 56,267 |
Land development |  |  | 6,338 |  |  |  | 6,975 |
Corporate |  |  | 47,239 |  |  |  | 26,519 |
Total assets |  | $ | 108,526 |  |  | $ | 89,761 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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