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

2. FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

May. 31, 2015

	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, reductions resulting from foreclosures, and HP A&M settlement		(12,038,300	)		(7,959,100	)		(4,079,200	)
Transfers in and/or out of Level 3		-			-			-
Balance at May 31, 2015	$	-		$	-		$	-