| Remaining Third Party Obligation |
The Company is currently allocated approximately 88% of the total proceeds from the sale of Export Water after payment of the Land Board royalty. Additionally, as a result of the acquisitions, and the consideration from the cumulative sales of Export Water, as detailed in the table below, the remaining potential third-party obligation at August 31, 2020, is approximately $1 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, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
737,300 |
|
|
|
(593,900 |
) |
|
|
(143,400 |
) |
|
|
(49,800 |
) |
|
|
(93,600 |
) |
Balance at August 31, 2018
|
|
|
1,380,700 |
|
|
|
29,638,100 |
|
|
|
1,007,400 |
|
|
|
339,100 |
|
|
|
668,300 |
|
Fiscal 2019 activity: |
|
|
166,300 |
|
|
|
(146,500 |
) |
|
|
(19,800 |
) |
|
|
(6,900 |
) |
|
|
(12,900 |
) |
Balance at August 31, 2019
|
|
|
1,547,000 |
|
|
|
29,491,600 |
|
|
|
987,600 |
|
|
|
332,200 |
|
|
|
655,400 |
|
Fiscal 2020 activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Water sale payments |
|
|
106,600 |
|
|
|
(93,900 |
) |
|
|
(12,700 |
) |
|
|
(4,500 |
) |
|
|
(8,200 |
) |
Balance at August 31, 2020
|
|
$ |
1,653,600 |
|
|
$ |
29,397,700 |
|
|
$ |
974,900 |
|
|
$ |
327,700 |
|
|
$ |
647,200 |
|
|