Quarterly report pursuant to Section 13 or 15(d)

3. WATER AND LAND ASSETS

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3. WATER AND LAND ASSETS
 6 Months Ended
Feb. 28, 2018
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 2017 Annual Report. There have been no significant changes to the Company’s water rights or water and wastewater service agreements during the six months ended February 28, 2018.

 

Investment in Water and Water Systems

 

The Company’s Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at February 28, 2018 and August 31, 2017:

 

    February 28, 2018     August 31, 2017  
    Costs     Accumulated Depreciation and Depletion     Costs     Accumulated Depreciation and Depletion  
Rangeview water supply   $ 14,794,700     $ (11,700 )   $ 14,529,600     $ (10,600 )
Sky Ranch water rights and other costs     6,772,300       (488,400 )     6,725,000       (436,300 )
Fairgrounds water and water system     2,899,900       (1,018,900 )     2,899,900       (974,800 )
Rangeview water system     1,639,000       (234,100 )     1,639,000       (207,000 )
WISE partnership     3,114,100       -       3,114,100       -  
Water supply – other     1,049,200       (455,300 )     944,800       (401,300 )
Wild Pointe service rights     1,631,800       (227,000 )     1,631,700       (213,000 )
Sky Ranch pipeline     4,697,800       (117,500 )     4,700,000       (39,200 )
Construction in progress     861,300       -       673,800       -  
Totals     37,460,100       (2,552,900 )     36,857,900       (2,282,200 )
Net investments in water and water systems   $ 34,907,200             $ 34,575,700          

 

Capitalized terms in this section not defined herein are defined in Note 4 – Water and Land Assets in Part II, Item 8 of the 2017 Annual Report.

 

Depletion and Depreciation

 

The Company recorded depletion charges of $900 and $200 during the three months ended February 28, 2018 and 2017, respectively. The Company recorded depletion charges of $1,000 and $500 during the six months ended February 28, 2018 and 2017, respectively. During the three and six months ended February 28, 2018, the depletion was related entirely to the “Lowry Water Supply.” The Lowry Water Supply is defined as the “Rangeview Water Supply” and described in detail in Note 4 – Water and Land Assets in Part II, Item 8 of the 2017 Annual Report.

 

The Company recorded $169,700 and $141,800 of depreciation expense during the three months ended February 28, 2018 and 2017, respectively. The Company recorded $344,700 and $257,600 of depreciation expense during the six months ended February 28, 2018 and 2017, respectively. These figures include depreciation for other equipment not included in the table above.