Quarterly report pursuant to Section 13 or 15(d)

3. WATER AND LAND ASSETS

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3. WATER AND LAND ASSETS
 9 Months Ended
May 31, 2016
Investments In Water Water Systems Land And Improvements  
WATER AND LAND ASSETS

The Company’s water rights and current water and wastewater service agreements are more fully described in Note 4 – Water and Land Assets in Part II, Item 8 of the 2015 Annual Report. There have been no significant changes to the Company’s water rights or water and wastewater service agreements during the three and nine months ended May 31, 2016.

 

The Company’s Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at May 31, 2016 and August 31, 2015:

 

    May 31, 2016     August 31, 2015  
    Costs     Accumulated Depreciation and Depletion     Costs     Accumulated Depreciation and Depletion  
Rangeview water supply   $ 14,444,600     $ (9,000 )   $ 14,444,600     $ (8,800 )
Sky Ranch water rights and other costs     6,444,500       (268,000 )     6,440,800       (194,600 )
Fairgrounds water and water system     2,899,900       (864,800 )     2,899,900       (798,700 )
Rangeview water system     1,256,300       (141,400 )     1,256,300       (110,300 )
Water supply – other     4,479,000       (271,900 )     3,973,300       (193,900 )
Totals     29,524,300       (1,555,100 )     29,014,900       (1,306,300 )
Net investments in water and water systems   $ 27,969,200             $ 27,708,600          

 

Capitalized terms in this section not defined herein are defined in Note 4 – Water and Land Assets to the 2015 Annual Report.

 

Depletion and Depreciation. The Company recorded depletion charges of $100 and $500 during the three months ended May 31, 2016 and 2015, respectively. The Company recorded depletion charges of $200 and $6,700 during the nine months ended May 31, 2016 and 2015, respectively. During the three and nine months ended May 31, 2016, this related entirely to the Rangeview Water Supply, and during the three and nine months ended May 31, 2015, this related to the Rangeview Water Supply and the Sky Ranch water assets.

 

 

The Company recorded $108,700 and $86,300 of depreciation expense during the three months ended May 31, 2016 and 2015, respectively. The Company recorded $307,600 and $252,200 of depreciation expense during the nine months ended May 31, 2016 and 2015, respectively.