Quarterly report pursuant to Section 13 or 15(d)

3. WATER AND LAND ASSETS

v3.3.1.900
3. WATER AND LAND ASSETS
 6 Months Ended
Feb. 29, 2016
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 2015 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 February 29, 2016.

 

The Company's Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at February 29, 2016 and August 31, 2015:

 

    February 29, 2016     August 31, 2015  
    Costs     Accumulated Depreciation and Depletion     Costs     Accumulated Depreciation and Depletion  
Rangeview water supply   $ 14,444,600     $ (9,000 )   $ 14,444,600     $ (8,800 )
Sky Ranch water rights and other costs     6,440,800       (243,500 )     6,440,800       (194,600 )
Fairgrounds water and water system     2,899,900       (842,700 )     2,899,900       (798,700 )
Rangeview water system     1,256,300       (131,000 )     1,256,300       (110,300 )
Water supply – other     4,211,000       (246,000 )     3,973,300       (193,900 )
Totals     29,252,600       (1,472,200 )     29,014,900       (1,306,300 )
Net investments in water and water systems   $ 27,780,400             $ 27,708,600          
                                 


Capitalized terms in this section not defined herein are defined in Note 4 – Water and Land Assets to the 2015 Annual Report.

Depletion and Depreciation. The Company recorded depletion charges of $40 and $3,700 during the three month periods ended February 29, 2016 and February 28, 2015, respectively. The Company recorded depletion charges of $100 and $6,200 during the six months ended February 29, 2016 and February 28, 2015, respectively. During the three and six months ended February 29, 2016, this related entirely to the Rangeview Water Supply and during the three and six months ended February 28, 2015, this related to the Rangeview Water Supply and the Sky Ranch water assets.

 

The Company recorded $104,500 and $89,600 of depreciation expense during the three months ended February 29, 2016 and February 28, 2015, respectively. The Company recorded $199,000 and $165,900 of depreciation expense during the six months ended February 29, 2016 and February 28, 2015, respectively.