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SEGMENT REPORTING | 12 Months Ended
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Aug. 31, 2024
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 14 – SEGMENT REPORTING An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the CODM, or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as its Chief Executive Officer. Based on the methods used by 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. The Company’s new single-family rental business will likely be presented as a third segment in future periods when it is material to the Company’s operations. The water and wastewater resource development segment provides water and wastewater services to customers for fees. The 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 resource development segment includes all the activities necessary to develop and sell finished lots, which as of August 31, 2024 and 2023, was done exclusively at the Company’s Sky Ranch Master Planned Community. O&G 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended August 31, 2024
(In thousands) |  | Water and wastewater resource development |  | Land development | ​ | Single-family rental |  | Total
Total revenue |  | $ | 11,561 |  | $ | 16,705 | ​ | $ | 481 |  | $ | 28,747
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ |  | 3,777 | ​ |  | 3,519 | ​ |  | 188 | ​ |  | 7,484
Depreciation and depletion | ​ |  | 1,504 | ​ |  | — | ​ |  | — | ​ |  | 1,504
Total cost of revenue | ​ |  | 5,281 | ​ |  | 3,519 | ​ |  | 188 | ​ |  | 8,988
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment (loss) profit | ​ | $ | 6,280 | ​ | $ | 13,186 | ​ | $ | 293 | ​ | $ | 19,759
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended August 31, 2023
(In thousands) |  | Water and wastewater resource development |  | Land development | ​ | Single-family rental |  | Total
Total revenue | ​ | $ | 7,323 | ​ | $ | 7,098 | ​ | $ | 165 | ​ | $ | 14,586
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ |  | 2,923 | ​ |  | 1,892 | ​ |  | 73 | ​ |  | 4,888
Depreciation and depletion | ​ |  | 1,658 | ​ |  | — | ​ |  | — | ​ |  | 1,658
Total cost of revenue | ​ |  | 4,581 | ​ |  | 1,892 | ​ |  | 73 | ​ |  | 6,546
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit | ​ | $ | 2,742 | ​ | $ | 5,206 | ​ | $ | 92 | ​ | $ | 8,040
​ The following table summarizes the Company’s total assets by segment. The assets consist of water rights and water and wastewater systems in the Company’s water and wastewater resource development segment; land, land development costs and deposits in the Company’s land development segment; and the cost of the homes in the single-family rental line. The Company’s other assets (“Corporate”) primarily consist of cash, cash equivalents, restricted cash, equipment, and related party notes receivables. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | August 31, 2024 |  | August 31, 2023
Water and wastewater resource development | ​ | $ | 64,616 | ​ | $ | 63,129
Land development | ​ | ​ | 8,521 | ​ | ​ | 7,710
Single-family rental | ​ | ​ | 5,371 | ​ | ​ | 5,128
Corporate | ​ | ​ | 68,846 | ​ | ​ | 57,249
Total assets | ​ | $ | 147,354 | ​ | $ | 133,216
​

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