Quarterly report pursuant to Section 13 or 15(d)

WATER AND LAND ASSETS

v3.19.2
WATER AND LAND ASSETS
 9 Months Ended
May 31, 2019
WATER AND LAND ASSETS [Abstract]  
WATER AND LAND ASSETS
NOTE 3 – 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 2018 Annual Report. There have been no significant changes to the Company’s water rights or water and wastewater service agreements during the nine months ended May 31, 2019.

Investment in Water and Water Systems

The Company’s Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at May 31, 2019 and August 31, 2018:


   
May 31, 2019
    
August 31, 2018
  
   
Costs
    
Accumulated
Depreciation
and Depletion
    
Costs
    
Accumulated
Depreciation
and Depletion
  
Rangeview Water Supply
  
$
14,820,700
    
$
(14,000
)
  
$
14,813,800
    
$
(12,800
)
Sky Ranch water rights and other costs
    
7,361,000
      
(704,600
)
    
7,171,700
      
(561,400
)
Fairgrounds water and water system
    
2,899,900
      
(1,129,000
)
    
2,899,900
      
(1,062,900
)
Rangeview water system
    
5,578,000
      
(323,000
)
    
1,655,600
      
(261,200
)
Water Supply – Other
    
4,430,100
      
(803,400
)
    
4,337,200
      
(625,300
)
Wild Pointe service rights
    
1,631,700
      
(316,600
)
    
1,631,700
      
(267,700
)
Sky Ranch pipeline
    
5,707,000
      
(363,900
)
    
5,615,900
      
(222,000
)
Construction in progress
    
4,840,700
      
—
      
1,609,400
      
—
  
Totals
    
47,269,100
      
(3,654,500
)
    
39,735,200
      
(3,013,300
)
Net investments in water and water systems
  
$
43,614,600
            
$
36,721,900
          

Capitalized terms in this section not defined herein are defined in Note 4 – Water and Land Assets in Part II, Item 8 of the 2018 Annual Report.

Construction in progress primarily consists of capital water projects at Sky Ranch, including the wastewater facility, the water storage tank and the water pump station.

Depletion and Depreciation

The Company recorded depletion charges of $500 and $4,300 during the three months ended May 31, 2019 and 2018, respectively, and $1,300 and $5,300 during the nine months ended May 31, 2019 and 2018, respectively. The depletion was related entirely to the Rangeview Water Supply.

The Company recorded $322,700 and $211,000 of depreciation expense during the three months ended May 31, 2019 and 2018, respectively. The Company recorded $812,700 and $554,700 of depreciation expense during the nine months ended May 31, 2019 and 2018, respectively. These figures include depreciation for other equipment not included in the table above.