Quarterly report pursuant to Section 13 or 15(d)

3. WATER AND LAND ASSETS

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3. WATER AND LAND ASSETS
 3 Months Ended
Nov. 30, 2017
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 three months ended November 30, 2017.

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 November 30, 2017 and August 31, 2017: 

    November 30, 2017   August 31, 2017
    Costs   Accumulated Depreciation and Depletion   Costs   Accumulated Depreciation and Depletion
Rangeview water supply   $ 14,652,700     $ (10,700 )   $ 14,529,600     $ (10,600 )
Sky Ranch water rights and other costs     6,760,100       (461,600 )     6,725,000       (436,300 )
Fairgrounds water and water system     2,899,800       (996,900 )     2,899,900       (974,800 )
Rangeview water system     1,639,000       (220,600 )     1,639,000       (207,000 )
WISE partnership     3,114,100       —         3,114,100       —    
Water supply – other     980,900       (427,600 )     944,800       (401,300 )
Wild Pointe service rights     1,631,800       (227,000 )     1,631,700       (213,000 )
Sky Ranch pipeline     4,697,800       (78,300 )     4,700,000       (39,200 )
Construction in progress     756,900       —         673,800       —    
Totals     37,133,100       (2,422,700 )     36,857,900       (2,282,200 )
Net investments in water and water systems   $ 34,710,400             $ 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 $100 and $300 during the three months ended November 30, 2017 and 2016, respectively. During the three months ended November 30, 2017, 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 $175,000 and $115,700 of depreciation expense during the three months ended November 30, 2017 and 2016, respectively. These figures include depreciation for other equipment not included in the table above.