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NOTE 14 – SUBSEQUENT EVENTS

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On June 27, 2022, the Company closed on the acquisition of approximately 370 acre-feet of water rights located in the Lost Creek basin in Weld County Colorado. The acquisition incorporated three water wells and related well permits, structures and various easements. The total purchase price was $3.6 million, which will be recorded in the Company’s financial statements during the fourth quarter of fiscal 2022.

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Lost Creek Loan

On June 28, 2022, the Company entered into a loan with its primary bank to fund the acquisition of approximately 370 acre-feet of water rights the Company acquired on June 27, 2022, in the Lost Creek region of Colorado (Lost Creek Loan). The Lost Creek Loan has a principal balance of $3.0 million, a ten-year maturity, monthly interest only payments of $12,250 for thirty-six months beginning on July 28, 2022, twenty-four monthly principal and interest payments of $42,254 beginning on July 28, 2025, fifty-nine monthly principal and interest payments of $31,897 beginning on July 28, 2027, and a balloon payment of $757,818 plus unpaid and accrued interest due on June 28, 2032.  The Lost Creek Loan has a thirty-year amortization period and a fixed per annum interest rate equal to 4.90%.

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