Pure Cycle Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION AND REIMBURSABLE COSTS (Tables)

REVENUE RECOGNITION AND REIMBURSABLE COSTS (Tables)

6 Months Ended

Feb. 28, 2021

REVENUE RECOGNITION AND REIMBURSABLE COSTS [Abstract]

The following table summarizes the amounts the Company paid, what was repaid by the Sky Ranch CAB and amounts still owed to the Company by the Sky Ranch CAB:

	As of February 28, 2021
	Costs incurred to date		Payments repaid by Sky Ranch CAB		Amounts payable to Pure Cycle by the Sky Ranch CAB
	(In thousands)
Phase 1
Public improvements	$	28,565	$	10,505	$	18,060
Accrued interest		1,433		400		1,033
Project management services		1,539		—		1,539
Construction support activities		834		—		834
Phase 1 reimbursable costs	$	32,371	$	10,905	$	21,466

Phase 2
Public improvements	$	315	$	—	$	315
Phase 2 reimbursable costs	$	315	$	—	$	315

Deferred Revenue and Changes in Deferred Revenue

Deferred revenue by segment is as follows:

	February 28, 2021		August 31, 2020
	(In thousands)
Land development segment	$	995	$	1,636
Water and wastewater resource development segment		260		1,965
Balance, end of period	$	1,255	$	3,601

Changes in deferred revenue were as follows:

	February 28, 2021
	(In thousands)
Balance, August 31, 2020	$	3,601
Deferral of revenue		2,231
Recognition of unearned revenue		(4,577	)
Balance, February 28, 2021	$	1,255