CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
|
9 Months Ended |
May 31, 2019 |
May 31, 2018 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 1,799,318
|
$ 58,153
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Depreciation and depletion |
813,960
|
559,975
|
| Recovery of bad debt expense |
(31,233)
|
0
|
| Equity loss in Well Enhancement Recovery Systems, LLC |
7,846
|
7,847
|
| Share-based compensation expense |
257,813
|
241,209
|
| Interest income and other non-cash items |
(315)
|
(867)
|
| Interest added to receivable from related parties |
(30,753)
|
(46,377)
|
| Changes in operating assets and liabilities: |
|
|
| Trade accounts receivable |
504,252
|
(530,530)
|
| Prepaid expenses |
(1,261,278)
|
(926,917)
|
| Inventories |
(5,306,880)
|
(382,554)
|
| Notes receivable - related parties |
(34,223)
|
(62,611)
|
| Notes receivable |
0
|
(172,698)
|
| Other assets |
(90,097)
|
0
|
| Accounts payable and accrued liabilities |
(739,878)
|
(230,946)
|
| Deferred revenues |
1,270,747
|
0
|
| Deferred oil and gas lease payment and contracts |
98,722
|
130,044
|
| Net cash used in operating activities |
(2,741,999)
|
(1,356,272)
|
| Cash flows from investing activities: |
|
|
| Sales and maturities of short-term investments |
36,736,420
|
25,627,949
|
| Purchase of short-term investments |
(34,071,015)
|
(22,508,987)
|
| Investments in water, water systems, and land |
(7,695,968)
|
(2,989,567)
|
| Investments in Sky Ranch development |
0
|
(1,490,000)
|
| Purchase of property and equipment |
(320,014)
|
(271,146)
|
| Net cash used in investing activities |
(5,350,577)
|
(1,631,751)
|
| Cash flows from financing activities: |
|
|
| Proceeds from note receivable - related parties |
0
|
215,504
|
| Proceeds from the issuance of stock |
114,850
|
75,000
|
| Payments to contingent liability holders |
(6,002)
|
(2,152)
|
| Net cash provided by (used in) financing activities |
108,848
|
288,352
|
| Net change in cash and cash equivalents |
(7,983,728)
|
(2,699,671)
|
| Cash and cash equivalents - beginning of period |
11,565,038
|
5,575,823
|
| Cash and cash equivalents - end of period |
3,581,310
|
2,876,152
|
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
| Inventories included in accounts payable and accrued liabilities |
2,191,577
|
0
|
| Transfer of prepaid asset to other asset |
0
|
89,609
|
| Transfer of land and mineral interest to inventory |
$ 0
|
$ 1,691,989
|