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

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Nov. 30, 2014

Schedule of fair value of assets and liabilities measured on a recurring basis

					Fair Value Measurement Using:
			Cost / Other		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Unrealized
	Fair Value		Value		(Level 1)		(Level 2)		(Level 3)		Gain
Tap Participation Fee liability	$	1,731,800	$	1,731,800	$	-	$	-	$	1,731,800	$	-

Schedule of unobservable input reconciliation of fair value liabilities measured on a recurring basis

	Fair Value Measurement using Significant Unobservable Inputs (Level 3)
	Gross Estimated Tap Participation Fee Liability			Tap Participation Fee Reported Liability			Discount - to be imputed as interest expense in future periods
Balance at August 31, 2014	$	12,038,300		$	7,935,300		$	4,103,000
Total gains and losses (realized and unrealized):		-			-			-
Imputed interest recorded as "Other Expense"		-			23,800			(23,800	)
Purchases, sales, issuances, payments, and reductions resulting from foreclosures		(10,013,900	)		(6,227,300	)		(3,786,600	)
Transfers in and/or out of Level 3		-			-			-
Balance at November 30, 2014	$	2,024,400		$	1,731,800		$	292,600

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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