| Remaining Third Party Obligation |
As a result of the acquisitions and consideration from cumulative sales of Export Water as detailed in the table below, the remaining potential third-party obligation at May 31, 2020, is less than $1.0 million.
| |
|
Export
Water
Proceeds
Received
|
|
|
Initial Export
Water
Proceeds to
Pure Cycle
|
|
|
Total
Potential
Third-Party
Obligation
|
|
|
Participating
Interests
Liability
|
|
|
Contingency |
|
Original balances |
|
$ |
— |
|
|
$ |
218,500 |
|
|
$ |
31,807,700 |
|
|
$ |
11,090,600 |
|
|
$ |
20,717,100 |
|
Activity from inception until August 31, 2019: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
— |
|
|
|
28,042,500 |
|
|
|
(28,042,500 |
) |
|
|
(9,790,000 |
) |
|
|
(18,252,500 |
) |
Relinquishment |
|
|
— |
|
|
|
2,386,400 |
|
|
|
(2,386,400 |
) |
|
|
(832,100 |
) |
|
|
(1,554,300 |
) |
Option payments - Sky Ranch and The Hills at Sky Ranch |
|
|
110,400 |
|
|
|
(42,300 |
) |
|
|
(68,100 |
) |
|
|
(23,800 |
) |
|
|
(44,300 |
) |
Arapahoe County tap fees |
|
|
533,000 |
|
|
|
(373,100 |
) |
|
|
(159,900 |
) |
|
|
(55,800 |
) |
|
|
(104,100 |
) |
Export Water sale payments |
|
|
903,600 |
|
|
|
(740,400 |
) |
|
|
(163,200 |
) |
|
|
(56,700 |
) |
|
|
(106,500 |
) |
Balance at August 31, 2019 |
|
|
1,547,000 |
|
|
|
29,491,600 |
|
|
|
987,600 |
|
|
|
332,200 |
|
|
|
655,400 |
|
Activity for the nine months ended May 31, 2020: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Water sale payments |
|
|
101,200 |
|
|
|
(89,200 |
) |
|
|
(12,000 |
) |
|
|
(4,200 |
) |
|
|
(7,800 |
) |
Balance at May 31, 2020 |
|
$ |
1,648,200 |
|
|
$ |
29,402,400 |
|
|
$ |
975,600 |
|
|
$ |
328,000 |
|
|
$ |
647,600 |
|
|