NOTE 17 – SUBSEQUENT EVENTS

On October 21, 2024, the Company completed the purchase of approximately 432 acres of land in Weld County together with 378 acre-feet of ditch water in the Henrylyn Irrigation District and 300 acre-feet of groundwater rights in the Lost Creek Designated Basin for a purchase price of approximately $5.4M.  The purchase adds to the Company’s Lost Creek Water Supply, which it plans to consolidate with its Rangeview Water Supply to provide service to the Rangeview District’s customers both on and off the Lowry Ranch.

On October 30, 2024, the Sky Ranch CAB sold tax-exempt, fixed rate, investment grade senior bonds in the aggregate principal amount of $18,585,000 and tax-exempt, fixed-rate subordinate bonds in the aggregate principal amount of $3,307,000 (collectively, the “2024 Bonds”). Upon the issuance of the 2024 Bonds, the Company received $10.1 million as partial reimbursement of the Company’s Note Receivable from the Sky Ranch CAB for advances the Company made to the Sky Ranch CAB to fund the construction of public improvements to the Sky Ranch property.